Document:

Exhibit 10.2

 

Execution Version

 

 

 

 

SECOND AMENDED AND RESTATED CREDIT AND SECURITY
AGREEMENT

 

among

 

WhiteHorse
Finance Warehouse, LLC,

 

as Borrower,

 

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

 

NATIXIS, NEW YORK BRANCH,

as Facility Agent

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Collateral Agent

 

Dated as of July 8, 2015

 

 

 

    	 	i	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	Article I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS	1
	 	 	 
	Section 1.01	Definitions.	1
	Section 1.02	Rules of Construction.	53
	Section 1.03	Computation of Time Periods.	54
	Section 1.04	Collateral Value Calculation Procedures..	54
	Section 1.05	Amendment and Restatement.	56
	 	 	 
	Article II REVOLVING ADVANCES AND TERM LOAN ADVANCES UNDER THE FACILITY	57
	 	 	 
	Section 2.01	Revolving Credit and Term Loan Facility.	57
	Section 2.02	Advances.	58
	Section 2.03	Evidence of Indebtedness; Revolving Notes and Term Notes.	59
	Section 2.04	Payment of Principal and Interest on the Advances.	59
	Section 2.05	Prepayment of Advances.	62
	Section 2.06	Reductions in Commitments.	63
	Section 2.07	Maximum Lawful Rate.	63
	Section 2.08	Several Obligations.	64
	Section 2.09	Increased Costs.	64
	Section 2.10	Compensation; Breakage Payments.	66
	Section 2.11	Illegality; Inability to Determine Rates.	66
	Section 2.12	Rescission or Return of Payment.	68
	Section 2.13	Fees Payable by Borrower.	68
	Section 2.14	Post-Default Interest.	68
	Section 2.15	Payments Generally.	68
	Section 2.16	Lenders Not Satisfying the Rating Criteria.	69
	Section 2.17	Applicable Row Level.	69
	Section 2.18	Additional Advances.	69
	Section 2.19	Issuance of Subordinated Notes..	70
	Section 2.20	Payments of Interest on the Subordinated Notes.	70
	 	 	 
	Article III CONDITIONS PRECEDENT	71
	 	 	 
	Section 3.01	Conditions Precedent to the Original Closing Date.	71
	Section 3.02	Conditions Precedent to the Restatement Effective Date.	74
	Section 3.03	Conditions Precedent to the Second Restatement Effective Date.	77
	Section 3.04	Conditions Precedent to Each Borrowing.	78
	Section 3.05	Conditions Precedent to an Increased Commitment.	79
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES	82
	 	 	 
	Section 4.01	Representations and Warranties of the Borrower.	82
	Section 4.02	Representations and Warranties of the Collateral Agent.	87
	 	 	 
	Article V COVENANTS	88
	 	 	 
	Section 5.01	Affirmative Covenants of the Borrower.	88
	Section 5.02	Negative Covenants of the Borrower.	94
	Section 5.03	Certain Undertakings Relating to Separateness.	99
	Section 5.04	Credit Estimates; Failure to Have a DBRS Long Term Rating.	101
	 	 	 
	Article VI EVENTS OF DEFAULT	102
	 	 	 
	Section 6.01	Events of Default.	102
	 	 	 

 

     

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	Page
	 	 
	Article VII PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT	106
	 	 	 
	Section 7.01	Grant of Security.	106
	Section 7.02	Release of Security Interest.	107
	Section 7.03	Rights and Remedies.	109
	Section 7.04	Remedies Cumulative.	110
	Section 7.05	Related Documents.	110
	Section 7.06	Borrower Remains Liable.	110
	Section 7.07	Assignment of Collateral Management Agreement and the Master Transfer Agreement.	111
	Section 7.08	Protection of Collateral.	112
	 	 	 
	Article VIII ACCOUNTS, ACCOUNTINGS AND RELEASES	113
	 	 	 
	Section 8.01	Collection of Money.	113
	Section 8.02	Collection Account.	113
	Section 8.03	Transaction Accounts.	115
	Section 8.04	The Revolving Reserve Account; Fundings.	118
	Section 8.05	Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent.	119
	Section 8.06	Accountings.	120
	Section 8.07	Release of Collateral.	122
	Section 8.08	[Reserved].	123
	Section 8.09	Reports to DBRS.	123
	Section 8.10	[Reserved].	123
	Section 8.11	[Reserved].	123
	Section 8.12	Closing Expense Account.	123
	Section 8.13	Collateral Reporting.	124
	 	 	 
	Article IX APPLICATION OF MONIES	126
	 	 	 
	Section 9.01	Disbursements of Monies from Payment Account.	126
	 	 	 
	Article X SALE AND SUBSTITUTION OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	131
	 	 	 
	Section 10.01	Sales and Substitutions of Collateral Obligations.	131
	Section 10.02	Purchase of Additional Collateral Obligations.	135
	Section 10.03	Conditions Applicable to All Purchase, Sale and Substitution Transactions.	136
	Section 10.04	Additional Equity Contributions.	136
	 	 	 
	Article XI THE AGENTS	137
	 	 	 
	Section 11.01	Authorization and Action.	137
	Section 11.02	Delegation of Duties.	137
	Section 11.03	Agents' Reliance, Etc.	137
	Section 11.04	Indemnification.	140
	Section 11.05	Successor Agents.	140
	Section 11.06	Regarding the Collateral Agent.	142
	Section 11.07	Regarding the Collateral Agent and the Custodian.	143
	 	 	 
	Article XII MISCELLANEOUS	143
	 	 	 
	Section 12.01	No Waiver; Modifications in Writing.	143
	Section 12.02	Notices, Etc.	144
	Section 12.03	Taxes.	146

 

     

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 12.04	Costs and Expenses; Indemnification.	149
	Section 12.05	Execution in Counterparts.	150
	Section 12.06	Assignability; Participation; Register.	151
	Section 12.08	Severability of Provisions.	154
	Section 12.09	Confidentiality.	155
	Section 12.10	Merger.	155
	Section 12.11	Survival.	156
	Section 12.12	Submission to Jurisdiction; Waivers; Etc.	156
	Section 12.13	Waiver of Jury Trial.	157
	Section 12.14	Service of Process.	157
	Section 12.15	[Reserved].	157
	Section 12.16	[Reserved].	157
	Section 12.17	PATRIOT Act Notice.	157
	Section 12.18	Legal Holidays.	158
	Section 12.19	Non-Petition.	158
	Section 12.20	Custodianship; Delivery of Collateral Obligations and Eligible Investments.	158
	Section 12.21	Special Provisions Applicable to CP Conduits.	162

 

SCHEDULES

 

	Schedule 1	Commitments and Percentages
	Schedule 2	Scope of Monthly Report and Payment Date Report
	Schedule 3	Industry Diversity Score Table
	Schedule 4	DBRS Risk Scores
	Schedule 5	DBRS Industry Classifications
	Schedule 6	LIBOR Definition
	Schedule 7	DBRS Rating Procedure
	Schedule 8	Matrix

 

EXHIBITS

 

	Exhibit A-1	Form of Revolving Note  
	Exhibit A-2	Form of Term Note  
	Exhibit A-3	Form of Subordinated Note  
	Exhibit B	Form of Notice of Borrowing  
	Exhibit C	Form of Notice of Prepayment  
	Exhibit D	Form of Assignment and Acceptance  
	Exhibit E	Form of Account Control Agreement  
	Exhibit F	Approved Appraisal Firms  
	Exhibit G	Form of Retention of Net Economic Interest Letter
	Exhibit H	Form of Payoff Letter
	Exhibit I	Form of Transferee Representation Letter

 

     

     

    

 

SECOND AMENDED AND RESTATED CREDIT AND
SECURITY AGREEMENT

 

SECOND AMENDED AND RESTATED
CREDIT AND SECURITY AGREEMENT dated as of July 8, 2015 among WhiteHorse Finance Warehouse,
LLC, a Delaware limited liability company, as borrower (together with its permitted successors and assigns, the "Borrower");
the LENDERS from time to time party hereto; NATIXIS, NEW YORK BRANCH ("Natixis"), as facility agent for the Secured
Parties (as hereinafter defined) (in such capacity, together with its successors and assigns, the "Facility Agent")
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as collateral agent for the Secured Parties (as hereinafter defined) (in such
capacity, together with its successors and assigns, the "Collateral Agent").

 

WITNESSETH:

 

WHEREAS, the Borrower, the
Lenders party thereto, Natixis and the Collateral Agent are parties to that certain Revolving Credit and Security Agreement dated
as of the Original Closing Date (as defined herein) (as amended, supplemented or modified from time to time prior to the date hereof,
the "Existing Credit Agreement");

 

WHEREAS, in order to continue
the existing indebtedness of Borrower, to provide for term loan advances and to make such other amendments to the Facility as have
been agreed to by the Borrower and the Lenders, the Existing Credit Agreement was amended and restated by the parties thereto (the
"Amendment and Restatement"); and

 

WHEREAS, in order to issue
Subordinated Notes to the Equity Owners, the Amendment and Restatement is being amended and restated (the "Second Amendment
and Restatement"), and each party hereto is willing to do so on the terms and subject to the conditions set forth in this
Agreement.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 

Article
I

DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS

 

Section 1.01         Definitions.

 

As used in this Agreement,
the following terms shall have the meanings indicated:

 

"ABL Facility"
means a lending facility pursuant to which the loans thereunder are secured by a perfected, first priority security interest in
accounts receivable, inventory, machinery, equipment, real estate, oil and gas reserves, vessels, or periodic revenues, where such
collateral security consists of assets generated or acquired by the related Obligor in its business.

 

"Account"
has the meaning specified in Section 9-102(a)(2) of the UCC.

 

    	 	1	 

     

    

  

"Account Control
Agreement" means an agreement in substantially the form of Exhibit E hereto.

 

"Acquisition and
Disposition Standards" has the meaning assigned to such term in Section 10.03(b).

 

"Additional Advances"
has the meaning assigned to such term in Section 2.18(a).

 

"Additional Lender"
means a Lender that has made an Additional Advance or provided an Increased Commitment hereunder.

 

"Administrative Expense
Cap" means, for any Payment Date, an amount equal (when taken together with any Administrative Expenses paid during the
period since the preceding Payment Date or, in the case of the first Payment Date, the Original Closing Date) to the sum of:

 

(a) 0.02% per annum (prorated
for the related Collection Period on the basis of a 360-day year consisting of twelve 30-day months) of the Quarterly Asset Amount
on the related Determination Date; and

 

(b) $200,000 per annum;

 

provided that (1) if
the amount of Administrative Expenses paid under the Administrative Expense Cap (including any excess applied in accordance with
this proviso) on the three immediately preceding Payment Dates or during the related Collection Periods is less than the stated
Administrative Expense Cap in the aggregate for such three preceding Payment Dates, then the excess may be applied to the Administrative
Expense Cap with respect to the then-current Payment Date; and (2) in respect of the first three Payment Dates following the
Original Closing Date, such excess amount shall be calculated based on the Payment Dates preceding such Payment Date.

 

"Administrative Expenses"
means the fees (other than the Senior Collateral Management Fee and the Subordinated Collateral Management Fee) and expenses (including
indemnities) and other amounts due or accrued of the Borrower with respect to any Payment Date and payable in the following order
by the Borrower:

 

(a)          first,
to the Collateral Agent, the Custodian and the Securities Intermediary pursuant to the Collateral Agent Fee Letter and this Agreement;
and

 

(b)          second,
on a pro rata basis, to:

 

(i)          the
accountants, agents (other than the Collateral Manager), counsel and Professional Independent Manager of the Borrower for fees
and expenses; and

 

    	 	2	 

     

    

 

(ii)         the
Rating Agencies for fees and expenses (including any annual fee, amendment fees and surveillance fees) in connection with any rating
of the Facility or in connection with the rating of (or provision of Credit Estimates in respect of) any Collateral Obligations;

 

(iii)        the
Collateral Manager under this Agreement, the Collateral Management Agreement, any other Facility Document or any Related Document,
including (x) fees and expenses (including fees for its accountants, agents and counsel) incurred by the Collateral Manager
in connection with the acquisition, sale or disposition of any Collateral Obligations, and (y) any other expenses incurred
in connection with the Collateral Obligations (other than the Senior Collateral Management Fee and the Subordinated Collateral
Management Fee) and all other amounts payable to the Collateral Manager pursuant to the Collateral Management Agreement or any
other Facility Document;

 

(iv)        the
Lenders and the Agents (or related indemnified parties) for fees, expenses and other amounts payable by the Borrower under this
Agreement or any other Facility Document (including, notwithstanding anything herein to the contrary, but subject to Sections 2.04(f)
and 12.04, amounts sufficient to reimburse each Lender for all amounts paid by such Lender pursuant to Section 11.04
(and subject to the limitations therein)); and

 

(v)         indemnification
obligations owing by the Borrower to the Borrower's independent managers under the Borrower LLC Agreement;

 

provided that (1) for the avoidance
of doubt, amounts that are expressly payable to any Person under the Priority of Payments in respect of an amount that is stated
to be payable as an amount other than as Administrative Expenses (including, without limitation, interest and principal, other
amounts owing in respect of the Advances and the Commitments, the Senior Collateral Management Fees and Subordinated Collateral
Management Fees) shall not constitute Administrative Expenses and (2) Closing Date Expenses and Restatement Effective Date
Expenses, to the extent paid for with Cash contributed by the Collateral Manager or an Affiliate thereof under Section 10.04
or with proceeds of the Advances comprising the initial Borrowing on the Original Closing Date, shall not constitute Administrative
Expenses and shall be payable only from the Closing Expense Account pursuant to Section 8.12.

 

"Advance Rate Test"
means, as of any date of determination, a test that will be satisfied if the Row Advance Rate that is in use on such date equals
or exceeds the Portfolio Advance Rate.

 

"Advances"
has the meaning assigned to such term in Section 2.01(b).

 

"Affected Person"
means (i) each Lender, (ii) the relevant Lender's parent and/or holding company, (iii) if the relevant Lender is a CP Conduit,
the related Liquidity Bank and (iv) any Participant.

 

"Affiliate"
means, in respect of a referenced Person, another Person Controlling, Controlled by or under common Control with such referenced
Person; provided, however, that a Person shall not be deemed to be an "Affiliate" of an Obligor solely
because it is under the common ownership or control of the same financial sponsor or affiliate thereof as such Obligor (except
if any such Person or Obligor provides collateral under, guarantees or otherwise supports the obligations of the other such Person
or Obligor).

 

    	 	3	 

     

    

 

"Agents"
means, collectively, the Facility Agent and the Collateral Agent.

 

"Aggregate Funded
Spread" means, as of any date, in the case of each Collateral Obligation that is not a Fixed Rate Obligation (including,
for any PIK Loan, only the required current cash pay interest required by the Related Documents thereon and excluding the unfunded
portion of any Delayed Drawdown Collateral Loan and any Revolving Collateral Loan) the sum of the products of (i) the excess
of the scheduled coupon rate (giving effect to any floor rate) with respect to each such Collateral Obligation over Specified LIBOR
as then in effect (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the
Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Loan or Revolving
Collateral Loan).

 

"Aggregate Industry
Equivalent Unit Score" means, with respect to each DBRS Industry Classification, the sum of the Equivalent Unit Scores
for each Obligor in such DBRS Industry Classification.

 

"Aggregate Principal
Balance" means, when used with respect to all or a portion of the Collateral Obligations, the sum of the Principal Balances
of all or of such portion of such Collateral Obligations.

 

"Aggregate Unfunded
Spread" means, as of any date, the sum of the products obtained by multiplying (a) for each Delayed Drawdown Collateral
Loan and Revolving Collateral Loan, the related commitment fee or other analogous fees (expressed at a per annum rate) then in
effect as of such date by (b) the undrawn commitments under each such Delayed Drawdown Collateral Loan and Revolving Collateral
Loan as of such date.

 

"Agreement"
means this Credit and Security Agreement, as the same may from time to time be amended, amended and restated, supplemented, waived
or modified.

 

"AIFMD"
has the meaning specified in Section 2.09(a).

 

"AIFMD Retention
Requirements" means Article 17 of the AIFMD, as implemented by Section 5 of the European Union Commission Delegated Regulation
(EU) No 231/2013 of December 19, 2012 supplementing the AIFMD, including any guidance published in relation thereto and any implementing
laws or regulations in force in any Member State of the European Union, provided that references to AIFMD Retention Requirements
shall be deemed to include any successor or replacement provisions of Section 5 included in any European Union directive or regulation
subsequent to AIFMD or the European Union Delegated Regulation (EU) No 231/2013.

 

"Amendment and Restatement"
has the meaning specified in the recitals hereto.

 

"Applicable Law"
means any Law of any Authority, including all federal and state banking or securities laws, to which the Person in question is
subject or by which it or any of its assets or properties are bound.

 

    	 	4	 

     

    

 

"Applicable Row Level"
means the column of that name as set forth in the Matrix that (i) became effective after the Borrower or Collateral Manager provided
a certificate on the Original Closing Date specifying an Applicable Row Level or (ii) that will become effective after the Borrower
or Collateral Manager provides a notice specifying a different Applicable Row Level than the one in use as of the Original Closing
Date as described in Section 2.17.

 

"Appraised Value"
means, with respect to any Collateral Obligation, the value of such Collateral Obligation, as determined by the applicable Approved
Appraisal Firm, as set forth in the related appraisal (or, if a range of values is set forth therein, the midpoint of such values),
adjusted appropriately if the Borrower owns less than 100% of the total lenders' interests secured by the assets securing any Collateral
Obligation or, if it has sold participation interests in such Collateral Obligation.

 

"Approved Affiliate"
means an Affiliate whose management role is consented to in writing by the Required Lenders.

 

"Approved Appraisal
Firm" means (a) each independent appraisal firm set forth on Exhibit F hereto or (b) (i) with respect to a
Collateral Obligation that is a loan, an independent appraisal firm recognized as being experienced in conducting valuations of
secured loans and with respect to a Collateral Obligation that is a debt obligation, an independent appraisal firm recognized as
being experienced in conducting valuations of debt obligations, or (ii) an independent financial adviser of recognized standing
retained by the Borrower, the Collateral Manager or the agent or lenders under any Collateral Obligation, in the case of each of
the preceding clauses (b)(i) and (b)(ii), as approved by each of the Collateral Manager and the Facility Agent.

 

"Article 404"
means Articles 404-410 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 21, 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2102 (as amended from time to time
and as implemented by the Member States of the European Union).

 

"Assigned Moody's
Rating" has the meaning specified in Schedule 7.

 

"Assignment and Acceptance"
means an Assignment and Acceptance in substantially the form of Exhibit D hereto, entered into by a Lender, an assignee,
the Facility Agent and, if applicable, the Borrower.

 

"Assumed Reinvestment
Rate" means, at any time, the current yield (or weighted average yield) obtained by the Borrower at such time on its Eligible
Investments.

 

"Authority"
means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory
body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of government, including FINRA, the SEC, the stock
exchanges, any federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body,
branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit
or subdivision or other entity of any of the foregoing, whether domestic or foreign.

 

    	 	5	 

     

    

 

"Available Unfunded
Amount" means, at any time, the lower of (A) the Commitment minus the aggregate outstanding principal balance of the Advances
and (B) the excess of (x) the product of (i) the Borrowing Base minus the Borrower Liabilities and (ii) the Leverage Multiple
over (y) the aggregate outstanding principal balance of the Advances. For the avoidance of doubt, no amount calculated pursuant
to this definition shall be less than zero.

 

"Average Par Amount"
means the sum of the Obligor Par Amounts for all Collateral Obligations (other than Defaulted Loans), divided by the number
of Obligors in respect of such Collateral Obligations (other than Defaulted Loans); provided that, for purposes of calculating
the Average Par Amount, any Obligors that are Affiliated with one another will be considered one Obligor.

 

"Bankruptcy Code"
means the United States Bankruptcy Code, as amended.

 

"Base Rate"
means, for any day, a fluctuating rate of interest per annum equal to the highest of:

 

(a)          the
rate of interest in effect for such day that is identified and normally published by The Wall Street Journal as the "Prime
Rate" (or, if more than one rate is published as the Prime Rate, then the highest of such rates), with any change in Prime
Rate to become effective as of the date the rate of interest which is so identified as the "Prime Rate" is different
from that published on the preceding Business Day (and, if The Wall Street Journal no longer reports the Prime Rate, or
if such Prime Rate no longer exists, then the Facility Agent may select a reasonably comparable index or source to use as the basis
for the Base Rate under this clause (a));

 

(b)          the
Federal Funds Rate plus one-half of one percent (0.50%) per annum; and

 

(c)          Specified
LIBOR.

 

The Base Rate is a reference
rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest
calculated pursuant to clause (a) above will be determined based on a year of 365 days or 366 days, as
applicable, and actual days elapsed. Interest calculated pursuant to clauses (b) and (c) above will be determined based
on a year of 360 days and actual days elapsed.

 

"Base Rate Advance"
means an Advance that bears interest at the Base Rate as provided in Section 2.04 and Section 2.11.

 

"Basel III"
has the meaning assigned to such term in Section 2.09(a).

 

"BDC Election Date"
means the date upon which, after the Transferor has filed an election with the SEC on Form N-54A to be subject to the provisions
of Sections 55 through 65 of the Investment Company Act in anticipation of (or concurrent with) the effectiveness of its registration
statement with the SEC on Form N-2 for the public offering of its securities.

 

    	 	6	 

     

    

 

"Bond" any
fixed or floating rate debt security that is not a loan or an interest therein.

 

"Borrower"
has the meaning assigned to such term in the introduction to this Agreement.

 

"Borrower Liabilities"
means the sum of (a) the aggregate outstanding principal balance of the Advances plus (b) the Unfunded Amount.

 

"Borrower LLC Agreement"
means the Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of September 27, 2012, as amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.

 

"Borrower Register"
the meaning specified in Section 12.06(d).

 

"Borrowing"
means either a Revolving Borrowing or a Term Borrowing, as the context may require.

 

"Borrowing Base"
means an amount equal to the result of (i) the aggregate Loan Amounts of all Performing Collateral Obligations, plus (ii)
the aggregate amount of cash on deposit in the Principal Collection Subaccount and the Revolving Reserve Account, plus (iii)
the Portfolio Exposure Amount, plus (iv) for all Defaulted Loans that are also Eligible Senior Secured Loans, the lesser
of (x) the Market Value of such Defaulted Loan determined without reference to clause (d) of the definition thereof, unless the
Appraised Value of such Defaulted Loan has otherwise been obtained or updated (A) within the immediately preceding three months
and (B) since such Defaulted Loan became defaulted, whichever of (A) and (B) is shorter (as determined by the Collateral Manager
with notice to the Agents), and (y) 20% of the Aggregate Principal Balance of such Defaulted Loan, less (v) the Aggregate
Principal Balance of all Excess Concentration Loans that are Performing Collateral Obligations.

 

"Borrowing Date"
means the date of a Borrowing.

 

"Business Day"
means any day other than a Saturday or Sunday, provided that days on which banks are authorized or required to close in
New York, New York, Houston, Texas or London, England, and days on which commercial paper markets in the United States are closed
shall not constitute Business Days.

 

"Calculation Agent"
means the Collateral Agent, as calculation agent, for purposes of Schedule 6.

 

"Canadian Collateral
Obligation" means a Collateral Obligation of an Obligor organized in (or whose principal operations are located in) Canada
(or any province thereof).

 

"Cash" means
Dollars immediately available on the day in question.

 

    	 	7	 

     

    

 

"Certificated Security"
has the meaning specified in Section 8-102(a)(4) of the UCC.

 

"CFR" has
the meaning specified in Schedule 7.

 

"Change in Control"
means (i) the Borrower ceases to be a wholly owned direct subsidiary of the Transferor or an Approved Affiliate, (ii) any Investment
Adviser Affiliate ceases to be Controlled (collectively) by Tony Tamer and Sami Mnaymneh; provided that no "Change in Control"
will occur (x) in connection with an initial public offering of the securities of the Collateral Manager, so long as Tony Tamer
and Sami Mnaymneh (collectively) continue to beneficially own the power to vote greater than 50% of the equity interests having
direct or indirect ordinary voting power of any such Investment Adviser Affiliate or (y) if Tony Tamer and Sami Mnaymneh (collectively)
beneficially own the power to vote less than or equal to 50% of the equity interests having direct or indirect ordinary voting
power of any such Investment Adviser Affiliate, so long as the Required Lenders have given their consent to such lesser percentage
(such consent not to be unreasonably withheld or delayed) or (iii) H.I.G. Capital Management, Inc. (either directly or through
any wholly owned subsidiary of H.I.G. Capital Management, Inc. or any other Investment Advisor Affiliate so long as such personnel
are employees of H.I.G. Capital Management, Inc., any wholly owned subsidiary of H.I.G. Capital Management, Inc. or any other Investment
Advisor Affiliate) ceases to provide all or substantially all of the personnel, investment committee and other services necessary
for the Collateral Manager to perform its collateral management services under the Facility Documents.

 

"Clearing Agency"
means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

 

"Clearing Corporation"
means each entity included within the meaning of "clearing corporation" under Section 8-102(a)(5) of the
UCC.

 

"Clearing Corporation
Security" means securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee
subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed
to or registered in the name of the Clearing Corporation or such nominee.

 

"Closing Date Expenses"
means amounts due in respect of actions taken on or before the Original Closing Date or in connection with the closing of the transactions
contemplated by this Agreement, including without limitation (i) the fees to be received by Natixis on or prior to the Original
Closing Date pursuant to the Engagement Letter dated as of March 29, 2012, as amended to date, between H.I.G. Whitehorse Management,
LLC and Natixis North America LLC; (ii) the accrued fees and expenses in connection with the transactions contemplated hereby,
including, without limitation, those of (A) Ashurst LLP, counsel to the Facility Agent and the Lender(s), (B) Sidley Austin LLP,
counsel to DBRS and (C) Chapman and Cutler LLP, counsel to the Collateral Agent; and (iii) the fees to be received by DBRS on or
prior to the Original Closing Date pursuant to the Engagement Letter dated as of April 18, 2012 between H.I.G. Whitehorse Holdings,
LLC and DBRS.

 

"Closing Expense
Account" has the meaning specified in Section 8.12.

 

    	 	8	 

     

    

 

"Closing Expense
Account Amount" has the meaning specified in Fee Letter.

 

"Code" means
the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.

 

"Collateral"
has the meaning assigned to such term in Section 7.01(a).

 

"Collateral Agent"
has the meaning assigned to such term in the introduction to this Agreement.

 

"Collateral Agent
Fee Letter" means the fee letter dated April 5, 2012 between the Collateral Agent and the Borrower setting forth the fees,
expenses and indemnities payable by the Borrower to the Collateral Agent in connection with the transactions contemplated by this
Agreement, as the same may from time to time be amended, supplemented, waived or modified.

 

"Collateral Interest
Amount" means, as of any date of determination, without duplication, the sum of (a) the aggregate amount of Interest Proceeds
that has been received or that is expected to be received (other than Interest Proceeds (i) expected to be received from Defaulted
Loans, in each case unless actually received and (ii) received as equity contributions from any Equity Owner and designated as
Interest Proceeds by the Borrower) and (b) the aggregate amount of Interest Proceeds on deposit in the Interest Collection Subaccount,
in each case during the Collection Period (and, if such Collection Period does not end on a Business Day, the next succeeding Business
Day) in which such date of determination occurs.

 

"Collateral Management
Agreement" means the agreement, dated as of the Original Closing Date, between the Borrower and the Collateral Manager
relating to the Facility and the Collateral, as amended from time to time in accordance with the terms hereof and thereof.

 

"Collateral Manager"
means the Transferor, any Approved Affiliate or any successor in such capacity in accordance with the Collateral Management Agreement.

 

"Collateral Obligation"
means a loan or debt obligation (other than the Excluded Loan) that as of the date of acquisition by the Borrower (or its binding
commitment to acquire the same) meets each of the following criteria:

 

(a)          permits
purchase by, or assignment to, the Borrower and the pledge thereof to the Collateral Agent hereunder;

 

(b)          is
denominated and payable in Dollars (and is not convertible into, or payable in, any other currency) and is governed by the law
of a state of the United States;

 

(c)          is
an obligation of an Obligor organized in the United States (or any state thereof but excluding any territory thereof other
than Puerto Rico) or organized in Canada (or any province thereof);

 

(d)          is
not a Defaulted Loan or a Credit Risk Loan;

 

    	 	9	 

     

    

 

(e)          is
not a Bond, Prefunded Letter of Credit or Zero Coupon Obligation;

 

(f)          is
not a Structured Finance Obligation;

 

(g)          is
not a Real Estate Loan;

 

(h)          is
not an obligation the repayment of which is by its terms subject to material non-credit related risk (including, without limitation,
catastrophe bonds, weather-linked derivatives, commodity-linked notes, etc.);

 

(i)          no
portion thereof (including any conversion option, exchange option or other similar component thereof) is exchangeable or convertible
into equity at the option of the related Obligor;

 

(j)          is
not an Equity Security or a component of an Equity Security, does not provide for conversion into or exchange for an Equity Security
at the option of the Obligor thereof or any other Person, and does not have any attached equity warrants; provided that
a Volcker Rule Consent Event has not occurred;

 

(k)          is
not currently the subject of an offer or has not been called for redemption;

 

(l)          does
not constitute Margin Stock;

 

(m)          is
not subject to U.S. withholding tax or foreign withholding tax unless the Obligor of the obligation or security is required to
make "gross-up" payments constituting 100% of such withholding tax;

 

(n)          provides
for the full principal balance to be payable at or prior to its stated maturity;

 

(o)          is
not a Participation Interest;

 

(p)          matures
on or prior to the Final Maturity Date;

 

(q)          provides
for payment of interest at least semi-annually;

 

(r)          is
not an obligation (other than a Revolving Collateral Loan or a Delayed Drawdown Collateral Loan) pursuant to which any future advances
or payments to the Obligor may be required to be made by the Borrower;

 

(s)          will
not cause the Borrower or the pool of assets to be required to be registered as an investment company under the Investment Company
Act;

 

(t)          is
an Eligible Senior Secured Loan, an Eligible Second Lien Loan, an Eligible Mezzanine Loan or an Unsecured Loan;

 

    	 	10	 

     

    

 

(u)          other
than for Collateral Obligations transferred to the Borrower under the Master Transfer Agreement on or before the Original Closing
Date as whose price will be mutually agreed by the Collateral Manager and the Facility Agent, unless the origination or acquisition
of such Collateral Obligation has been approved in writing by the Facility Agent, is originated or acquired for an effective price
of higher than 95.0% of the principal amount thereof;

 

(v)         has
either (i) a public rating by Moody's or S&P or (ii) either (a) a Credit Estimate from DBRS or (b) is in the process of receiving
a Credit Estimate from DBRS;

 

(w)          is
not a Covenant Lite Loan;

 

(x)          pays
interest in cash of at least LIBOR + 2.00% for a Collateral Obligation that is not a Fixed Rate Obligation and at least 3.00% for
a Collateral Obligation that is a Fixed Rate Obligation; and

 

(y)          is
not a finance lease or chattel paper.

 

"Collateral Obligation
Checklist" means, with respect to a Collateral Obligation, an electronic or hard copy, as applicable, list delivered by
or on behalf of the Borrower to the Collateral Agent and the Custodian that identifies each of the items which constitute the Related
Documents, specifies whether such document is an original or a copy and includes the identification number and name of the Obligor
with respect to such Collateral Obligation.

 

"Collateral Quality
Test" means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Obligations
(excluding Excess Concentration Loans) owned (or in relation to a proposed purchase of a Collateral Obligation (excluding any Excess
Concentration Loan with respect thereto), both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth
below:

 

(a)          the
Minimum Diversity Score Test;

 

(b)          the
Minimum Weighted Average Spread Test;

 

(c)          the
Minimum Weighted Average Fixed Rate Coupon Test;

 

(d)          the
Weighted Average Maturity Test; and

 

(e)          the
Maximum DBRS Risk Score Test.

 

"Collection Account"
means the trust account established pursuant to Section 8.02, which includes the Principal Collection Subaccount and
the Interest Collection Subaccount.

 

"Collection Period"
means, with respect to any Payment Date, the period commencing immediately following the prior Collection Period (or on the Original
Closing Date, in the case of the Collection Period relating to the first Payment Date) and ending on the 9th Business Day prior
to such Payment Date or, in the case of the final Collection Period preceding the Final Maturity Date or the final Collection Period
preceding the Payment in Full Date, ending on the day preceding the Final Maturity Date or ending on such Payment in Full Date,
respectively.

 

    	 	11	 

     

    

 

"Collections"
means all cash collections, distributions, payments or other amounts received, or to be received by the Borrower from any Person
in respect of any Collateral Obligations constituting Collateral, including all principal, interest, fees, distributions and redemption
and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral Obligations and all Proceeds from
any sale or disposition of any such Collateral Obligations.

 

"Commercial Paper"
means, with respect to a CP Conduit, at any time of determination, commercial paper of such CP Conduit or its related Commercial
Paper issuer the proceeds of which are then allocated by the administrator of such CP Conduit or its related Commercial Paper issuer
as the source of funding the acquisition or maintenance of such CP Conduit's obligations hereunder.

 

"Commitment"
means the aggregate of the Revolving Commitment and the Term Commitment.

 

"Commitment Fees"
has the meaning assigned to such term in Section 2.13(a).

 

"Commitment Shortfall"
means, as of any date of determination, the positive excess, if any, of (A) the Unfunded Amount over (B) the Available Unfunded
Amount.

 

"Commitment Shortfall
Test" means a test that will be satisfied at any time if the Commitment Shortfall equals zero.

 

"Commitment Termination
Date" means the later of the last day of the Reinvestment Period or two Business Days thereafter if necessary to permit
Advances to fund the Unfunded Amount in existence at the end of the Reinvestment Period pursuant to Section 8.04; provided
that if the Commitment Termination Date would otherwise not be a Business Day, then the Commitment Termination Date shall be the
immediately succeeding Business Day.

 

"Concentration Limitations"
means limitations that are satisfied if, as of any date of determination, in the aggregate, the Aggregate Principal Balance of
the Collateral Obligations owned (or, in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the
Borrower calculated in accordance with Section 1.04 comply with all of the requirements set forth below (or, in connection
with a proposed purchase, if not in compliance, the relevant requirements are maintained or improved as a result of such purchase),
calculated as a percentage of Total Capitalization (unless otherwise specified):

 

(a)          not
more than 20% consist of Fixed Rate Obligations;

 

(b)          not
more than 5% consist of obligations of any one Obligor (and Affiliates thereof); provided that up to four Obligors (and
their respective Affiliates) may each constitute up to 7% and one Obligor (and their respective Affiliates) may constitute up to
10%; provided further that (i) with respect to Eligible Second Lien Loans, not more than 7% consist of obligations of any
one Obligor (and Affiliates thereof) and (ii) with respect to Qualified Real Estate Loans, not more than 3% consist of obligations
of any one Obligor (and Affiliates thereof);

 

    	 	12	 

     

    

 

(c)          not
more than 10% consist of Revolving Collateral Loans or Delayed Drawdown Collateral Loans;

 

(d)          not
more than 25% consist of Collateral Obligations that are Eligible Second Lien Loans, Eligible Mezzanine Loans or Unsecured Loans;

 

(e)          not
more than 10% consist of Collateral Obligations that are Eligible Mezzanine Loans or Unsecured Loans;

 

(f)          not
more than 12% consist of Collateral Obligations with Obligors in any one DBRS Industry Classification, provided that one
DBRS Industry Classification may constitute up to 17% and one DBRS Industry Classification may constitute up to 14%;

 

(g)          not
more than 10% consist of DIP Loans;

 

(h)          not
more than 10% consist of Collateral Obligations that permit the payment of interest to be made less frequently than quarterly
(it being understood that, to the extent that a Collateral Obligation provides an Obligor with the option to make interest payments
at different intervals, the longest such interval that is available to the Obligor (regardless of the interval that is in use at
any time) shall govern for purposes of this clause (h));

 

(i)          not
more than 20% consist of Collateral Obligations, measured at the time of purchase by the Borrower, that (1) (i) have a DBRS Risk
Score above 22.0296 or (ii) are in the process of receiving a Credit Estimate and (2) have a trailing twelve month EBITDA of less
than $12.5 million; provided that Collateral Obligations that receive a Credit Estimate with a DBRS Risk Score equal to or below
22.0296 will be excluded from such 20% limitation once the Credit Estimate is received;

 

(j)          not
more than 5% consist of Collateral Obligations that are PIK Loans, provided that if a Collateral Obligation has a "payment-in-kind"
component but pays interest in cash of at least LIBOR + 3.00% it will not constitute a PIK Loan;

 

(k)          not
more than 5% consist of Canadian Collateral Obligations;

 

(l)          not
more than 5% consist of Puerto Rico Collateral Obligations;

 

(m)          not
more than 5% consist of Qualified Real Estate Loans; and

 

(n)          not
more than 0% consist of Collateral Obligations with Equity Securities attached thereto as part of a "unit"; provided,
that after the occurrence of a Volcker Rule Consent Event, not more than the percentage specified in such written consent (not
to exceed 20.0%) may consist of Collateral Obligations with Equity Securities attached thereto as part of a "unit"; provided,
further that the value of any such attached Equity Security has a valuation at the time of purchase not exceeding
2.0% of the purchase price (as allocated by the Collateral Manager) paid by the Borrower for such Collateral Obligation.

 

    	 	13	 

     

    

 

"Conduit Assignee"
means any multi-seller commercial paper conduit or special purpose entity funded by a multi-seller commercial paper conduit with
respect to which, in either case, Natixis, New York Branch or an Affiliate thereof provides credit or liquidity support.

 

"Connection Taxes"
means Other Connection Taxes that are (i) imposed on or measured by net income or net profits (however denominated) or that are
franchise Taxes or branch profits Taxes, and (ii) Other Taxes.

 

"Constituent Documents"
means in respect of any Person, the certificate or articles of formation or organization, the limited liability company agreement
(including, in the case of the Borrower, the Borrower LLC Agreement), operating agreement, partnership agreement, joint venture
agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other
organizational documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership
and other agreement, similar instrument filed or made in connection with its formation or organization, in each case, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

"Control"
means, with respect to any Person, the direct or indirect beneficial ownership of the power (i) to vote more than 50% of the equity
interests having ordinary voting power for the election of directors (or the applicable equivalent) of such Person or (ii) to direct
or cause the direction of the management or policies of such Person, whether through ownership, by contract, arrangement or understanding,
or otherwise; provided, however, that an independent director or independent manager of a Person shall not be deemed to
exercise control for purposes of this definition. "Controlled" and "Controlling" have the meaning
correlative thereto.

 

"Conversion"
means the date upon which the Transferor converted by operation of law from a Delaware limited liability company to a Delaware
corporation in anticipation of its BDC Election Date.

 

"Converted Revolving
Advance" has the meaning specified in Section 2.01.

 

"Covenant Lite Loan"
means a Collateral Obligation the Related Documents for which do not (i) contain any financial covenants or (ii) require the borrower
thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise
required by such Related Documents).

 

"Coverage Test"
means each of:

 

(a)          the
Overcollateralization Ratio Test; and

 

(b)          the
Interest Coverage Ratio Test.

 

    	 	14	 

     

    

 

"Covered Account"
means each of the Collection Account (including the Interest Collection Subaccount and the Principal Collection Subaccount), the
Payment Account, the Revolving Reserve Account, the Lender Funding Account (including each Lender Funding Subaccount therein),
the Custodial Account, the Excess Concentration Loan Account and the Closing Expense Account.

 

"CP Conduit"
means any limited-purpose entity established to use the direct or indirect proceeds of the issuance of commercial paper notes to
finance financial assets and that is a Lender. For the avoidance of doubt, for all purposes under this Agreement and the other
Facility Documents, the term "CP Conduit" shall include (i) Versailles Assets LLC, (ii) Bleachers Finance 1 Limited,
(iii) any other commercial paper program or vehicle established or administered by Natixis, New York Branch, and (iv) any other
commercial paper program or vehicle established or administered by 20 Gates Management LLC.

 

"CP Rate"
means, for any CP Conduit, the per annum rate equivalent to the rate (or, if more than one rate, the weighted average of the rates)
applicable to the Commercial Paper issued by such CP Conduit or its related Commercial Paper issuer and allocated, in whole or
in part, to fund obligations hereunder, which Commercial Paper may be sold by any placement agent or commercial paper dealer selected
by such CP Conduit, and which rate shall incorporate (i) applicable commercial paper dealer and placement agent fees and commissions
and (ii) other funding costs (excluding costs associated with a Conduit Lender's liquidity fundings) of such CP Conduit relating
to the transactions under this Agreement and the Facility Documents, such as the costs of funding odd lots or small dollar amounts;
provided that if the rate (or rates) as agreed between any such agent or dealer and such CP Conduit is a discount rate,
then the CP Rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from such CP Conduit's
converting such discount rate (or rates) to an interest-bearing equivalent rate per annum; provided further, that the CP
Rate shall not exceed the CP Rate Cap.

 

"CP Rate Advance"
means an Advance that bears interest at the CP Rate as provided in Section 2.04.

 

"CP Rate Cap"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"Credit Estimate"
means, with respect to any Collateral Obligation, a numerical value representing a credit estimate obtained from DBRS.

 

"Credit Risk Loan"
means a Collateral Obligation that is not a Defaulted Loan but which, in the reasonable business judgment of the Collateral Manager
(exercised in accordance with the Servicing Standard), has a material risk of declining in credit quality and, with the lapse of
time, becoming a Defaulted Loan and is designated as a "Credit Risk Loan" by the Collateral Manager.

 

"CRR" means
Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit
institutions and investment firms and amending Regulation (EU) No 648/2012, and published in the Official Journal on June 27, 2013
including any accompanying directive and/or implementing and/or delegated regulation, technical standards and guidance related
thereto.

 

"CRR Retention Requirements"
means Article 404, together with any guidelines and technical standards published in relation thereto by the European Banking Authority
(or any successor or replacement agency or authority) as may be effective from time to time, provided that any reference to the
CRR Retention Requirements shall be deemed to include any successor or replacement provisions of Article 404 included in any European
Union directive or regulation.

 

    	 	15	 

     

    

 

"Custodial Account"
means the custodial account established pursuant to Section 8.03(b).

 

"Custodian"
means The Bank of New York Mellon Trust Company, N.A., as custodian hereunder, together with its successors.

 

"Daily Average Collateral
Obligation Commitment Amount" means, for any Payment Date, the daily average Aggregate Principal Balance of all Collateral
Obligations for the Collection Period relating to such Payment Date (as certified by the Collateral Manager to the Collateral Agent
and based on the average of the Aggregate Principal Balance of all Collateral Obligations as of the reporting dates set forth in
the last three Monthly Reports).

 

"DBRS" means
DBRS, Inc., together with its successors.

 

"DBRS Industry Classification"
means each industry identified on Schedule 5.

 

"DBRS Long Term Rating"
means a long term credit rating determined in accordance with the provisions set forth in Schedule 7.

 

"DBRS Rating"
means a credit rating determined in accordance with the procedures set forth in Schedule 7.

 

"DBRS Recovery Rate"
means for each Collateral Obligation for purposes of determining the recovery rate, a percentage based on the most appropriate
description of the Collateral Obligation's security position from the following table:

 

	Eligible Senior Secured Loan	 	 	52.00	%
	Eligible Second Lien Loan	 	 	32.50	%
	Eligible Mezzanine Loan	 	 	12.50	%
	Unsecured Loan	 	 	12.50	%

 

"DBRS Risk Score"
means the numerical value corresponding to the DBRS Long Term Rating for a Collateral Obligation in the table contained in Schedule
4.

 

"DBRS Short Term
Rating" means a short term credit rating determined in accordance with the provisions set forth in Schedule 7.

 

"Default"
means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of Default.

 

    	 	16	 

     

    

 

"Defaulted Equity
Security" means any equity security delivered to the Borrower upon acceptance of an Offer in respect of a Defaulted Loan.

 

"Defaulted Loan"
means any Collateral Obligation, (i) as to which (a) any payment due (whether scheduled, unscheduled, by way of acceleration or
otherwise) under the Related Documents is not made when due and such nonpayment is continuing for the lesser of (x) any applicable
grace period and (y) three Business Days, provided that in the event the payment is received after three Business Days but within
any applicable grace period (up to a maximum of seven Business Days), such Collateral Obligation will no longer be considered a
Defaulted Loan, (b) the nonpayment event described in clause (a) above occurs on another material obligation for borrowed money
of the Obligor that is senior or pari passu in right of payment with such Collateral Obligation, but only until such default has
been cured or waived or a forbearance agreement has been entered into and remains in effect, and such Collateral Obligation satisfies
the criteria for inclusion in the Collateral described in the definitions of the terms "Eligibility Criteria" (other
than the Coverage Tests which, if not satisfied at such time, compliance therewith is maintained or improved) or "Eligible
Investments", (c) except in the case of a Collateral Obligation which is a DIP Loan, the Obligor in respect of such Collateral
Obligation has, or others have, instituted proceedings to have such Obligor adjudicated as bankrupt or insolvent or placed into
receivership and such proceedings have not been stayed or dismissed and the Collateral Obligation has not received adequate protection
and current interest, or such Obligor has filed for protection under Chapter 11 of the Bankruptcy Code, (d) except in the
case of a Collateral Obligation which is a DIP Loan, such Collateral Obligation or the Obligor in respect of such Collateral Obligation
or another obligation for borrowed money of such Obligor is rated "D" or "SD" by a Rating Agency, (e) a Specified
Change has occurred and the Borrower has not satisfied the requirements of Section 5.02(v) with respect to such Specified
Change, other than any Specified Change resulting from an amendment that the Borrower voted against or withheld its consent or
(f) that is a loan or other debt obligation that at the time of acquisition, conversion or exchange does not satisfy the requirements
of a Collateral Obligation or Eligible Investment; or (ii) that, in the reasonable business judgment of the Collateral Manager,
is a Defaulted Loan.

 

A Collateral Obligation
that has become a Defaulted Loan shall no longer constitute a Defaulted Loan when either (a) (i) such Defaulted Loan is current
on all payments for a period of six months if such obligation pays monthly, nine months if such obligation pays quarterly and one
year if such obligation pays semiannually, (ii) such Defaulted Loan would qualify as a Collateral Obligation (other than clause
(u) of the definition thereof) and would satisfy the Eligibility Criteria if originated or purchased at such time (other than the
Coverage Tests which, if not satisfied at such time compliance therewith is maintained or improved) and (iii) the Collateral Manager
has retained an Approved Valuation Firm to assist in the performance of a valuation analysis of such Defaulted Loan or (b) the
Facility Agent has given its prior written consent that such Defaulted Loan shall no longer constitute a Defaulted Loan and the
Borrower has obtained a Rating Confirmation in connection therewith. The Borrower shall submit any such Collateral Obligation to
DBRS for an updated Credit Estimate promptly after it ceases to constitute a Defaulted Loan in accordance with the preceding sentence.

 

    	 	17	 

     

    

 

"Defaulting Lender"
means, at any time, any Lender that, at such time has failed for three or more Business Days after a Borrowing Date to fund its
portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide
dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date); provided that a CP Conduit
that has failed so to fund an Advance shall not be deemed to be a Defaulting Lender if the Liquidity Bank or any other Affiliate
of such CP Conduit has funded any such Advance to the Borrower.

 

"Deferred Interest"
has the meaning specified in Section 2.20.

 

"Deferred Senior
Collateral Management Fee" means all or a portion of the Senior Collateral Management Fee deferred by the Collateral Manager
on any Payment Date, together with any amounts so deferred on any prior Payment Date that remain unpaid, excluding any amounts
thereof that have been waived at the option of the Collateral Manager as provided in the Collateral Management Agreement.

 

"Deferred Senior
Collateral Management Fee Interest" means interest on the Deferred Senior Collateral Management Fee from and including
the related date of deferral to but excluding the date of payment thereof at an interest rate with respect to each related Interest
Accrual Period equal to the interest rate payable on the Revolving Notes and Term Notes for such Interest Accrual Period, excluding
any amounts thereof that have been waived at the option of the Collateral Manager as provided in the Collateral Management Agreement.

 

"Delayed Drawdown
Collateral Loan" means a Collateral Obligation that (a) requires the Borrower to make one or more future advances
to the borrower under the Related Documents, drawable only in the currency in which such Collateral Obligation is denominated,
(b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the
re-borrowing of any amount previously repaid by the borrower thereunder; provided that any such Collateral Obligation will
be a Delayed Drawdown Collateral Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower
to make advances on such Collateral Obligation to the borrower under the Related Documents expire or are terminated or are reduced
to zero.

 

"Deliver"
or "Delivered" or "Delivery" means the taking of the following steps:

 

(a)          in
the case of each Certificated Security (other than a Clearing Corporation Security) and Instrument:

 

(i)          causing
the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian
or its affiliated nominee or by endorsing the same to the Custodian or in blank;

 

(ii)         causing
the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the
applicable Covered Account; and

 

(iii)        causing
the Custodian to maintain continuous possession of such Certificated Security or Instrument;

 

    	 	18	 

     

    

 

(b)          in
the case of each Uncertificated Security (other than a Clearing Corporation Security), unless covered by clause (e) below:

 

(i)          causing
such Uncertificated Security to be continuously registered on the books of the issuer thereof to the Custodian; and

 

(ii)         causing
the Custodian to indicate continuously on its books and records that such Uncertificated Security is credited to the applicable
Covered Account;

 

(c)          in
the case of each Clearing Corporation Security:

 

(i)          causing
the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of the Custodian, and

 

(ii)         causing
the Custodian to indicate continuously on its books and records that such Clearing Corporation Security is credited to the applicable
Covered Account;

 

(d)          in
the case of each security issued or guaranteed by the United States or any agency or instrumentality thereof and that is maintained
in book-entry records of a Federal Reserve Bank (each such security, a "Government Security"):

 

(i)          causing
the creation of a Security Entitlement to such Government Security by the credit of such Government Security to the securities
account of the Custodian at such Federal Reserve Bank, and

 

(ii)         causing
the Custodian to indicate continuously on its books and records that such Government Security is credited to the applicable Covered
Account;

 

(e)          in
the case of each Security Entitlement not governed by clauses (a) through (d) above:

 

(i)          causing
a Securities Intermediary (x) to indicate on its books and records that the underlying Financial Asset has been credited to
the Custodian's securities account, (y) to receive a Financial Asset from a Securities Intermediary or to acquire the underlying
Financial Asset for a Securities Intermediary, and in either case, to accept it for credit to the Custodian's securities account
or (z) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Securities Intermediary's
securities account,

 

(ii)         causing
such Securities Intermediary to make entries on its books and records continuously identifying such Security Entitlement as belonging
to the Custodian and continuously indicating on its books and records that such Security Entitlement is credited to the Custodian's
securities account, and

 

    	 	19	 

     

    

 

(iii)        causing
the Custodian to indicate continuously on its books and records that such Security Entitlement (or all rights and property of the
Custodian representing such Security Entitlement) is credited to the applicable Covered Account;

 

(f)          in
the case of Cash or Money:

 

(i)          causing
the delivery of such Cash or Money to the Custodian, or in the case of Money that is not Dollars, causing the conversion thereof
to Dollars and the delivery of such Dollars to the Custodian,

 

(ii)         causing
the Custodian to credit such Dollars to a securities account maintained as a sub-account of the applicable Covered Account, and

 

(iii)        causing
the Custodian to indicate continuously on its books and records that such Dollars are credited to the applicable Covered Account;
and

 

(g)          in
the case of each Account or General Intangible, causing the filing of a Financing Statement in the office of the Secretary of State
of the State of Delaware (which Financing Statement does not need to refer to the specific Collateral that is being Delivered and
may be a Financing Statement that was previously filed).

 

In addition, the Collateral
Manager will obtain any and all consents required by the Related Documents relating to any Instruments, Accounts or General Intangibles
for the pledge hereunder (except (A) to the extent that the requirement for such consent is rendered ineffective under Section 9-406
of the UCC and (B) for any customary procedural requirements and agents' consents expected to be obtained in due course in connection
with the transfer of the Collateral Obligations to the Borrower (except, in the case of clause (B), for any such agents' consents
where the Collateral Manager of any of its Affiliates is the agent)).

 

"Determination Date"
means the last day of each Collection Period.

 

"DIP Loan"
means an obligation:

 

(a)          obtained
or incurred after the entry of an order of relief in a case pending under Chapter 11 of the Bankruptcy Code;

 

(b)          to
a debtor in possession as described in Chapter 11 of the Bankruptcy Code or a trustee (if appointment of such trustee has
been ordered pursuant to Section 1104 of the Bankruptcy Code);

 

(c)          on
which the related Obligor is required to pay interest and/or principal on a current basis;

 

(d)          approved
by a Final Order or Interim Order of the bankruptcy court so long as such obligation is (A) fully secured by a lien on the
debtor's otherwise unencumbered assets pursuant to Section 364(c)(2) of the Bankruptcy Code, (B) fully secured by a lien
of equal or senior priority on property of the debtor's estate that is otherwise subject to a lien pursuant to Section 364(d)
of the Bankruptcy Code or (C) is secured by a junior lien on the debtor's encumbered assets (so long as such loan is fully
secured based on the most recent current valuation or appraisal report, if any, of the debtor); and

 

    	 	20	 

     

    

 

(e)          that
has a DBRS Rating or is in the process of obtaining a DBRS Rating.

 

"Diversity Score"
means, with respect to the Collateral Obligations (other than Defaulted Loans), the sum of each of the Industry Diversity Scores.

 

"Dodd-Frank Act"
has the meaning assigned to such terms in Section 2.09(a).

 

"Dollars"
and "$" mean lawful money of the United States.

 

"Due Date"
means each date on which any payment is due on a Collateral Obligation in accordance with its terms.

 

"EBITDA"
means with respect to an Obligor of a Collateral Obligation, for any period, the net income of such Obligor plus the sum of interest,
taxes, depreciation, and amortization, with such adjustments as the Collateral Manager determines to be appropriate in accordance
with the Servicing Standard, in each case for such period.

 

"Eligibility Criteria"
means, in connection with each acquisition or commitment to acquire a Collateral Obligation, and after giving effect to any contribution
of additional equity by any Equity Owner occurring on or prior to such date as per Section 10.04, each of the following:

 

(a)          such
obligation is a Collateral Obligation;

 

(b)          on
a pro-forma basis, each Collateral Quality Test is satisfied after giving effect to such acquisition or commitment (or, if not
satisfied immediately prior to such acquisition or commitment, compliance with such Collateral Quality Test is maintained or improved);

 

(c)          on
a pro-forma basis, each Coverage Test is satisfied after giving effect to such acquisition or commitment (or where expressly permitted
under this Agreement, if not satisfied immediately prior to such acquisition or commitment, compliance with such Coverage Test
is maintained or improved);

 

(d)          on
a pro-forma basis, the Advance Rate Test is satisfied after giving effect to such acquisition or commitment;

 

(e)          on
a pro-forma basis, no Commitment Shortfall exists; and

 

(f)          on
and after the Restatement Effective Date, such Collateral Obligation is acquired from Retention Provider pursuant to the Master
Transfer Agreement.

 

    	 	21	 

     

    

 

"Eligible Investment
Required Ratings" means, in the case of each Eligible Investment, a DBRS Short Term Rating of at least "R-1 (middle)"
and, in the case of any Eligible Investment with a maturity of longer than 91 days, a DBRS Long Term Rating of at least
"AA".

 

"Eligible Investments"
means any Dollar investment that, at the time it is Delivered (directly or through an intermediary or bailee), is one or more of
the following obligations or securities:

 

(i)          direct
obligations of, and obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the
United States or any agency or instrumentality of the United States the obligations of which are expressly backed by the full faith
and credit of the United States;

 

(ii)         demand
and time deposits in, certificates of deposit of, trust accounts with, bankers' acceptances payable within 183 days of
issuance by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States
or any state thereof and subject to supervision and examination by federal and/or state banking authorities, so long as the commercial
paper and/or the debt obligations of such depository institution or trust company (or, in the case of the principal depository
institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such
investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings;

 

(iii)        non-extendable
commercial paper or other short-term obligations with the Eligible Investment Required Ratings and that either bear interest or
are sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of
issuance;

 

(iv)        money
market funds which have, at all times, credit ratings of "AAA" by DBRS (or, if not rated by DBRS, credit ratings of "Aaa"
and "MR1+" by Moody's and "AAAm" or "AAAm-G" by S&P, respectively); and

 

(v)         Cash;

 

    	 	22	 

     

    

 

provided that (1) Eligible Investments
purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically provided herein and
shall include only such obligations or securities, other than those referred to in clause (iv) above, as mature (or are putable
at par to the issuer thereof) no later than the earlier of (x) 90 days after the date of acquisition thereof or (y) the
next Business Day prior to the next Payment Date; and (2) none of the foregoing obligations or securities shall constitute
Eligible Investments if (a) such obligation or security has an "f", "r", "p",
"pi", "q", "sf" or "t" subscript assigned by S&P, (b) all,
or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (c) such
obligation or security is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is required
to make "gross-up" payments for the full amount of such withholding tax, (d) such obligation or security
is secured by real property, (e) such obligation or security is purchased at a price greater than 100% of the principal
or face amount thereof, (f) such obligation or security is the subject of a tender offer, voluntary redemption, exchange offer,
conversion or other similar action or (g) in the Collateral Manager's judgment, such obligation or security is subject to
material non-credit related risks. Any such investment, whether or not expressly stated above, may be issued by or with or acquired
from or through the Collateral Agent or any of its Affiliates, or any entity to which the Collateral Agent provides services or
receives compensation (provided that such investment otherwise meets the applicable requirements set forth above), and in
connection therewith the Collateral Agent may assess and receive its usual and customary fees and charges related thereto (so long
as such fees and charges are reasonable and consistent with the amounts that would be received in an arm's length transaction).
Notwithstanding the foregoing clauses, Eligible Investments shall exclude any investments not treated as "cash equivalents"
for purposes of Section .10(c)(8)(iii)(A) of the regulations implementing the Volcker Rule in accordance with any applicable interpretative
guidance thereunder.

 

"Eligible Mezzanine
Loan" means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made to a
holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets
of such equity holder and/or the equity in the operating entity and (ii) the assets of the operating entity may have been pledged
to another lender to secure loans made to such operating entity by such other lender); provided that loans to or issues by a start
up company or an Obligor with no operating history shall be excluded from the definition of "Eligible Mezzanine Loan"
unless (i) such loans or securities are fully guaranteed by an Affiliate of the Obligor which has an established operating history
or a Rating Confirmation is received; or (ii) such loans relate to the financing of a start up company that has been spun off from
a company with an established operating history) as determined by the Collateral Manager in its reasonable business judgment, or
a participation therein.

 

"Eligible Second
Lien Loan" means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to
become) subordinate in right of payment to any other obligation for borrowed money of the obligor of such loan, other than, with
respect to any valid first priority perfected security interest in specified collateral, with respect to the liquidation of such
obligor or such collateral, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specified
collateral securing the obligor's obligations under such loan (whether or not the Borrower and any other lenders are also granted
a security interest of a higher or lower priority in additional collateral), (iii) is based on the cash flow generating capability
of the Obligor and any guarantor determined as set forth below as being sufficient, together with such collateral specified in
clause (i), to pay or refinance the outstanding principal balance of such loan plus the aggregate outstanding principal balances
of all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral at
the respective maturities thereof, (iv) is not a loan which is secured solely or primarily by the common stock of its obligor or
any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to
a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the
extent that the granting by any such subsidiary of a lien on its own property would not (1) in the case of a subsidiary that is
not part of the same consolidated group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend
by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether
the obligation secured is such loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary
to suffer adverse economic consequences under capital adequacy or other similar rules, in each case, so long as (x) the Related
Documents limit the incurrence of indebtedness by such subsidiary such that the net collateral value satisfies clause (iii) above,
and (y) the aggregate amount of all such indebtedness is not greater than 60% of the aggregate value of the assets of such subsidiary,
and (v) does not qualify as an Eligible Senior Secured Loan. The determination as to whether condition (iii) of this definition
is satisfied shall be based on the Collateral Manager's judgment in accordance with the Servicing Standard at the time the loan
is acquired by the Borrower.

 

    	 	23	 

     

    

 

"Eligible Senior
Secured Loan" means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms
to become) subordinate in right of payment to any other obligation for borrowed money (other than a Working Capital Revolver) of
the obligor of such loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified
collateral securing the obligor's obligations under such loan (whether or not the Borrower and any other lenders are also granted
a security interest of lower priority in additional collateral), (iii) is based on the cash flow generating capability of the Obligor
and any guarantor determined as set forth below as being sufficient, together with such collateral specified in clause (i) and
the collateral securing all Working Capital Revolvers of the Obligor, to pay or refinance the sum of (A) the outstanding principal
balance of such loan plus (B) the aggregate outstanding principal balances of all other loans of equal seniority secured by a first
lien or security interest in the same collateral plus (C) the aggregate maximum commitments of all Working Capital Revolvers of
the Obligor, and (iv) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates
(provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that
is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting
by any such subsidiary of a lien on its own property would not (1) in the case of a subsidiary that is not part of the same consolidated
group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent
entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is such
loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic
consequences under capital adequacy or other similar rules), in each case, so long as (x) the applicable Related Documents limit
the incurrence of indebtedness by such subsidiary, such that the net collateral value satisfies clause (iii) above, and (y) the
aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such subsidiary. The
determination as to whether condition (iii) of this definition is satisfied shall be based on the Collateral Manager's judgment
in accordance with the Servicing Standard at the time the loan is acquired by the Borrower.

 

"Enforcement Event"
has the meaning set forth in Section 9.01(c).

 

"Environmental Law"
means any law, rule, regulation, order, writ, judgment, injunction or decree of the United States or any other nation, or of any
political subdivision thereof, or of any governmental Authority relating to pollution or protection of the environment or the treatment,
storage, disposal, release, threatened release or handling of hazardous materials, and all local laws and regulations related to
environmental matters and any specific agreements entered into with any competent authorities which include commitments related
to environmental matters.

 

    	 	24	 

     

    

 

"EOD OC Ratio"
means the ratio of (A) (i) the aggregate Loan Amounts of all Performing Collateral Obligations, plus (ii) the aggregate
amount of cash on deposit in the Principal Collection Subaccount and the Revolving Reserve Account, plus (iii) the Portfolio
Exposure Amount, plus (iv) for all Defaulted Loans that are also Eligible Senior Secured Loans, the lesser of (x) the Market
Value of such Defaulted Loan determined without reference to clause (d) of the definition thereof, unless the Appraised Value of
such Defaulted Loan has otherwise been obtained or updated (A) within the immediately preceding three months and (B) since such
Defaulted Loan became defaulted, whichever of (A) and (B) is shorter (as determined by the Collateral Manager with notice to the
Agents), and (y) 20% of the Aggregate Principal Balance of such Defaulted Loan, less 80% of the Aggregate Principal Balance of
all Excess Concentration Loans that are Performing Collateral Obligations to (B) the Borrower Liabilities.

 

"EOD OC Ratio Failure"
has the meaning set forth in Section 6.01(g).

 

"Equity"
means the limited liability company interests in the Borrower.

 

"Equity Owner"
means any direct owner of the Equity.

 

"Equity Security"
means any equity security that does not entitle the holder thereof to receive periodic payments of interest and one or more installments
of principal, and any other security that is not eligible for purchase by the Borrower as a Collateral Obligation and is not an
Eligible Investment (other than a Defaulted Equity Security received in exchange for a Defaulted Loan or portion thereof in connection
with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof which shall be deemed to be
a Defaulted Loan); it being understood that Equity Securities may not be purchased by the Borrower but may be received by the Borrower
in exchange for a Collateral Obligation or a portion thereof in connection with an insolvency, bankruptcy, reorganization, debt
restructuring or workout of the issuer or obligor thereof.

 

"Equivalent Unit
Score" means, with respect to each Obligor, the lesser of (a) one and (b) the Obligor Par Amount for such Obligor
divided by the Average Par Amount.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
rulings issued thereunder.

 

    	 	25	 

     

    

 

"ERISA Event"
means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure
with respect to any Plan to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302
of ERISA) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Plan;
(c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of
the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in "at
risk" status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower
or any member of its ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f)
(i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC
intends to seek termination of any Plan or to have a trustee appointed for any Plan, or (ii) the filing by the Borrower or
any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member
of its ERISA Group of any liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with
respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial
withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status
or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be
insolvent or in reorganization, within the meaning of Title IV of ERISA; (i) the failure of the Borrower or any member
of its ERISA Group to make any required contribution to a Multiemployer Plan; or (j) the incurrence of any liability (or the reasonable
expectation thereof) pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to any "employee
benefit plan" (as defined in Section 3 of ERISA), or the occurrence or existence of any event, transaction or condition that
could reasonably be expected to result in the incurrence of any such liability, or in the imposition of any lien on any right,
property or asset pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions of the Code or to Section 436(f)
of the Code or to Sections 412 and 430 of the Code; (k) the assertion of a material claim (other than routine claims for benefits)
against any Plan or the assets thereof, in connection with any Plan; (l) the receipt from the Internal Revenue Service of notice
of the failure of any Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Plan to
qualify for exemption from taxation under Section 501(a) of the Code; or (m) the occurrence of a non-exempt "prohibited transaction"
with respect to which the Borrower or any member of its ERISA Group is a "disqualified person" or a "party in interest"
(within the meaning of Section 4975 of the Code or Section 406 of ERISA, respectively) or which could reasonably be expected to
result in liability to the Borrower or any member of its ERISA Group.

 

"ERISA Group"
means each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is
treated as a single employer under Section 414(b), (c), (m) or (o) of the Code with the Borrower.

 

"Estimate Period"
has the meaning set forth in Section 2.04(b).

 

"Eurodollar Rate
Advance" means each Advance that bears interest at a rate based on LIBOR as provided in Section 2.04.

 

"Event of Default"
has the meaning set forth in Section 6.01.

 

"Excess Concentration
Loan Account" means the account established pursuant to Section 8.03(d).

 

    	 	26	 

     

    

 

"Excess Concentration
Loans" means, without duplication, any portion of the Aggregate Principal Balance of Collateral Obligations that are in
excess of the Concentration Limitations. To the extent any Collateral Obligation exceeds more than one Concentration Limitation,
the Excess Concentration Loan for such Collateral Obligation shall be the highest calculation of excess over the corresponding
Concentration Limitation. For purposes of determining the distribution of excess over a specific Concentration Limitation across
the Collateral Obligations, Borrower may from time to time distribute the total amount of excess in any amount across any combination
of Collateral Obligations that are subject to the limitation, so long as the result of subtracting Excess Concentration Loans from
the Aggregate Principal Balance satisfies each Concentration Limitation.

 

"Excess Concentration
Principal Proceeds" means, as of any date of determination and without duplication, the sum of all Principal Proceeds
received with respect to Excess Concentration Loans, including, without limitation, scheduled payments of principal, payment of
principal at maturity, prepayments and sales proceeds related to Excess Concentration Loans.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, all as from time
to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall
be deemed to be a reference to any successor statutory or regulatory provision.

 

"Excluded Loan"
means the Hilex Poly Co loan described on the loan list attached to the Master Transfer Agreement, with an outstanding principal
balance of $34,331,526.

 

"Excluded Taxes"
means (i) Taxes imposed on (or measured by) net income or net profits or franchise Taxes in the case of any Secured Party, (A)
imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in
which its principal office is located, or in the case of any Lender, in which its applicable lending office is located or (B) that
are Other Connection Taxes, (ii) branch profits Taxes imposed under Section 884 of the Code, (iii) Taxes that are imposed by reason
of FATCA, (iv) Taxes that are attributable to a Secured Party's failure to comply with the requirements of Section 12.03(g),
(v) Taxes that are attributable to a Secured Party designating a successor lending office at which it maintains its Notes other
than at the request of the Borrower and except to the extent the Secured Party was entitled, at the time that the successor lending
office is designated, to receive additional amounts from the Borrower with respect to such Taxes pursuant to Section 12.03,
(vi) U.S. withholding taxes imposed on amounts payable by the Borrower to a Secured Party at the time such Secured Party becomes
a party to this Agreement, except to the extent that such Secured Party's assignor (if any) was entitled, at the time of assignment,
to receive additional amounts from the Borrower with respect to such Taxes pursuant to Section 12.03 and (vii) taxes imposed
with respect to the Subordinated Notes.

 

"Existing Credit
Agreement" has the meaning specified in the recitals hereto.

 

"Existing Facility
Documents" has the meaning specified in Section 1.05(b).

 

"Existing Obligations"
has the meaning specified in Section 1.05(b).

 

"Facility"
means the debt facility governed by this Agreement and the other Facility Documents.

 

"Facility Agent"
has the meaning assigned to such term in the introduction to this Agreement.

 

    	 	27	 

     

    

 

"Facility Agent Fee"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"Facility Documents"
means this Agreement, the Notes, the Account Control Agreement, the Fee Letter, the Second Restatement Fee Letter, the Collateral
Agent Fee Letter, the Collateral Management Agreement, the Master Transfer Agreement, any other security agreements and other instruments
entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c) to create, perfect or otherwise
evidence the Collateral Agent's security interest and any other agreements delivered to the Facility Agent, the Borrower, the Collateral
Agent and/or the Lenders in furtherance of or pursuant to any of the foregoing.

 

"Facility Margin
Level" shall have the meaning specified in the Second Restatement Fee Letter.

 

"FAS 166/167 Regulatory
Capital Rules" has the meaning specified in Section 2.09(a).

 

"FATCA"
means Sections 1471 through 1474 of the Code, any final current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections
of the Code.

 

"Federal Funds Rate"
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day
on such transactions received by the Facility Agent from three federal funds brokers of recognized standing selected by it; provided
that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day, the Federal Funds Rate for such
Lender for such day shall be the average rate per annum at which such overnight borrowings are made on that day as promptly reported
by such Lender to the Borrower, the Calculation Agent and the Agents in writing. Each determination of the Federal Funds Rate by
a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error.

 

"Federal Reserve
Board": means the Board of Governors of the Federal Reserve System.

 

"Fee Letter"
means the amended and restated fee letter agreement dated August 13, 2014 between the Borrower, the Facility Agent and the initial
Lender.

 

"Final Maturity Date"
means September 27, 2021.

 

"Final Order"
means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or amended and as to
which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to appeal or to seek review
or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or, if filed, remains pending.

 

    	 	28	 

     

    

 

"Financial Asset"
has the meaning specified in Section 8-102(a)(9) of the UCC.

 

"Financing Statements"
has the meaning specified in Section 9-102(a)(39) of the UCC.

 

"FINRA"
means the Financial Industry Regulatory Authority, Inc. or any successor entity.

 

"Fitch"
means Fitch, Inc., together with its successors.

 

"Fixed Rate Obligation"
means any Collateral Obligation that bears a fixed rate of interest.

 

"GAAP" means
generally accepted accounting principles in effect from time to time in the United States.

 

"General Intangible"
has the meaning specified in Section 9-102(a)(42) of the UCC.

 

"Geographic Region" 
means each of the following eight geographic regions of the United States:  (i) North-East, consisting of Maine, New
Hampshire, Vermont, Massachusetts, Rhode Island, Pennsylvania, Delaware, Maryland and Washington, D.C.; (ii) NYC Metro Area,
consisting of Connecticut, New York and New Jersey; (iii) South-East, consisting of Virginia, West Virginia, Kentucky, Tennessee,
North Carolina, South Carolina, Georgia, Alabama and Mississippi; (iv) Florida; (v) Mid-West, consisting of Idaho, North
Dakota, South Dakota, Wyoming, Montana, Minnesota, Wisconsin, Iowa, Nebraska, Michigan, Indiana, Illinois and Ohio; (vi) South-West,
consisting of Utah, Colorado, Kansas, Oklahoma, Arkansas, Texas and Louisiana; (vii) West, consisting of Alaska, Washington,
Oregon, Nevada, Arizona, New Mexico and Hawaii; and (viii) California.

 

"Governmental Authorizations"
means all franchises, permits, licenses, approvals, consents and other authorizations of all Authorities.

 

"Governmental Filings"
means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties
associated with such filings with all Authorities.

 

"Increased Commitment
Date" means the date of the effectiveness of the Increased Commitment pursuant to the terms of this Agreement.

 

"Increased Commitment"
has the meaning assigned to such term in Section 2.18(a).

 

    	 	29	 

     

    

 

"Incurable Default"
means a Default that cannot be cured within the time period allowing for cure or by its nature is incapable of being cured.

 

"Incurrence Covenant"
means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating
to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower,
including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

 

"Indemnified Party"
has the meaning assigned to such term in Section 12.04(b).

 

"Indemnified Taxes"
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower under this Agreement and (b) to the extent not otherwise described in the preceding clause (a), Other Taxes.

 

"Independent Manager
Criteria" has the meaning assigned to such term in Section 5.02(u).

 

"Industry Diversity
Score" means, with respect to each DBRS Industry Classification, the number established by reference to the Industry Diversity
Score Table set forth in Schedule 3 for the related Aggregate Industry Equivalent Unit Score; provided that, if the
Aggregate Industry Equivalent Unit Score falls between any two numbers shown in the Industry Diversity Score Table set forth in
Schedule 3, the Aggregate Industry Equivalent Unit Score shall be the lesser of the two.

 

"Initial Rating"
means the "AA(sf)" rating given to the Facility by DBRS as of the Original Closing Date.

 

"Insolvency Event"
means with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code
or any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation
of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or any other applicable insolvency law
now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any
such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person
of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due, or the taking of action by such Person in furtherance of any of the foregoing.

 

"Instrument"
has the meaning specified in Section 9-102(a)(47) of the UCC.

 

"Insurance Policy"
With respect to any Collateral Obligation, an insurance policy covering liability and physical damage to or loss of the Related
Property.

 

    	 	30	 

     

    

 

"Interest Accrual
Period" means, with respect to (i) any CP Rate Advance or Eurodollar Rate Advance, the period from the relevant Borrowing
Date and (ii) the Subordinated Notes, the period from the Second Restatement Effective Date, in each case, to the next succeeding
Payment Date and, thereafter, each period commencing on the last day of the immediately preceding Interest Accrual Period to the
next succeeding Payment Date.

 

"Interest Collection
Subaccount" has the meaning specified in Section 8.02(a).

 

"Interest Coverage
Ratio Test" means a test that is satisfied at any time if the ratio of (A) the Collateral Interest Amount at such
time, to (B) the sum of all amounts payable (or expected at such time to be payable) on the following Payment Date pursuant
to clause (A), clause (B) (excluding any Senior Collateral Management Fee the Collateral Manager has determined not to pay
on the following Payment Date) and clause (C) in Section 9.01(a)(i), is greater than 200%.

 

"Interest Proceeds"
means, with respect to any Collection Period or the related Determination Date, without duplication, the sum of:

 

(a)          all
payments of interest and other income received by the Borrower during such Collection Period on the Collateral Obligations and
the other Collateral, including the accrued interest received in connection with a sale thereof during such Collection Period;

 

(b)          all
principal and interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with Interest
Proceeds; and all interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with
amounts credited to the Revolving Reserve Account or to the Excess Concentration Loan Account; and all interest payments received
by the Borrower during such Collection Period on Eligible Investments purchased with Principal Proceeds;

 

(c)          all
amendment and waiver fees, late payment fees (including compensation for delayed settlement or trades), and all protection fees
and other fees and commissions received by the Borrower during such Collection Period, unless the Collateral Manager notifies the
Agents before such Determination Date (and in no event later than 10 days following receipt thereof) that the Collateral Manager
in its sole discretion has determined that such payments are to be treated as Principal Proceeds;

 

(d)          commitment
fees, origination fees, facility fees, anniversary fees, ticking fees and other similar fees (excluding any Retained Fees) received
by the Borrower during such Collection Period unless the Collateral Manager notifies the Agents before such Determination Date
(and in no event later than 10 days following receipt thereof) that the Collateral Manager in its sole discretion has determined
that such payments are to be treated as Principal Proceeds; and

 

(e)          any
amounts deposited in the Collection Account from the Closing Expense Account in accordance with Section 8.12;

 

    	 	31	 

     

    

 

provided that:

 

(1)         as
to any Defaulted Loan (and only so long as it remains a Defaulted Loan), any amounts received in respect thereof (including without
limitation any assets received therewith or in exchange thereof, including without limitation any Equity Security) will constitute
Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Defaulted Loan since it
became a Defaulted Loan equals the outstanding principal balance of such Defaulted Loan at the time as of which it became a Defaulted
Loan, and all amounts received in excess thereof, however denominated, will constitute Interest Proceeds;

 

(2)         in
each case subject to clause (1) above, (x) any dividends paid on any Equity Security will constitute Interest Proceeds, (y) any
gain on the sale of Equity Securities in an amount, if any, equal to the excess of (A) the Cash generated by such sale plus the
Market Value on the Collateral Obligation(s) of the same Obligor over (B) the Loan Amount (after adjustment for any borrowings
or repayments and exclusive of accrued interest) for such Collateral Obligation(s) will constitute Interest Proceeds and (z) all
other payments received in respect of Equity Securities will constitute Principal Proceeds;

 

(3)         all
Cash received by the Borrower as equity contributions (however designated) from any Equity Owner will constitute Principal Proceeds,
unless otherwise directed by the Borrower by prior written notice to the Agents pursuant to Section 10.04; and

 

(4)         as
to the Excluded Loan, any amounts or collections received in respect of such Excluded Loan shall not constitute Interest Proceeds.

 

For purposes of clause (2)(y) above, "gain"
means any amounts received in the sale of an Equity Security that is in excess of the cost basis associated with such Equity Security
(excluding any amounts received in respect of an Equity Security in exchange for defaulted debt). No amounts that are required
by the terms of any participation agreement to be paid by the Borrower to any Person to whom the Borrower has sold a participation
interest shall constitute "Interest Proceeds" hereunder.

 

"Interim Order"
means an order, judgment, decree or ruling entered after notice and a hearing conducted in accordance with Bankruptcy Rule 4001(c)
granting interim authorization, the operation or effect of which has not been stayed, reversed or amended.

 

"Investment Adviser
Affiliate" means each of Bayside Capital, Inc., H.I.G. Capital Management, Inc., H.I.G. WhiteHorse Advisers, LLC and H.I.G.
WhiteHorse Administration, LLC and, prior to the BDC Election Date, H.I.G. –GP II, Inc.

 

"Investment Company
Act" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder,
as modified or interpreted by orders of, or other interpretative releases or letters issued by, any Authority, all as from time
to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall
be deemed to be a reference to any successor statutory or regulatory provision.

 

    	 	32	 

     

    

 

"Law" means
any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation,
judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public
policy, settlement agreement, statute, or writ, of any Authority, or any particular section, part or provision thereof.

 

"Lender Funding Account"
means the lender funding account established pursuant to Section 8.03(c).

 

"Lender Funding Subaccount"
has the meaning specified in Section 8.03(c).

 

"Lenders"
means any Revolving Lender or Term Lender listed on Schedule 1 and any other Revolving Lender or Term Lender that shall
have become a party hereto pursuant to an Assignment and Acceptance in accordance with the terms hereof, other than any such Revolving
Lender or Term Lender that ceases to be a party hereto pursuant to an Assignment and Acceptance.

 

"Leverage Multiple"
means, as of any date, the ratio of (A) the Row Advance Rate in effect on such date over (B) 1 minus the Row Advance Rate
in effect on such date.

 

"Liabilities"
has the meaning assigned to such term in Section 12.04(b).

 

"LIBOR"
has the meaning assigned to such term on Schedule 6.

 

"Lien" means
any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority
or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale
or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
and any filing authorized by the Borrower of any financing statement under the UCC or comparable law of any jurisdiction).

 

"Liquidity Bank"
means the Person or Persons who provide liquidity support to a Lender which is a CP Conduit pursuant to a Liquidity Facility.

 

"Liquidity Facility"
means, for any CP Conduit, a loan facility, asset purchase facility, swap transaction or other arrangement under which the providers
of such facility have agreed to provide funds to such CP Conduit for purposes of funding such CP Conduit's obligations under this
Agreement.

 

"Loan Amount"
means, with respect to a Collateral Obligation at the time of the Borrower's acquisition thereof, an amount equal to the least
of (a) if acquired by the Borrower for a purchase price equal to 95% or more of its outstanding principal amount (excluding any
capitalized interest) as of the date of acquisition, such outstanding principal amount, (b) if acquired by the Borrower for a purchase
price less than 95% of its outstanding principal amount (excluding any capitalized interest) as of the date of acquisition, such
purchase price and (c) if acquired from an Affiliate of the Borrower, (i) if acquired on or before the Original Closing Date, the
Loan Amount with respect thereto as mutually agreed by the Borrower and the Facility Agent, and (ii) otherwise, the lower of (x)
the current cost basis of the seller or transferor or (y) Market Value; provided that if the lower of (x) and (y) is equal to 95%
or more of the outstanding principal amount, such outstanding principal amount (excluding any capitalized interest).

 

    	 	33	 

     

    

 

"London Banking Day"
means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits)
in London, England.

 

"Maintenance Covenant"
means, a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating
to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, whether or not such borrower
has taken any specified action.

 

"Mandatory Revolving
Conversion Date" means any of (a) the Stage 1 Mandatory Revolving Conversion Date or (b) the Stage 2 Mandatory Revolving
Conversion Date.

 

"Margin Stock"
has the meaning assigned to such term in Regulation U by the Federal Reserve Board, including any debt security which is by
its terms convertible into "Margin Stock".

 

"Market Value"
means, with respect to any loans or other assets, the amount (determined by the Collateral Manager in accordance with the Servicing
Standard) equal to the product of the principal amount thereof and the price determined in the following manner:

 

(a)          if
such asset is sold to an unaffiliated third party in an arms' length transaction, such sales price; or

 

(b)          the
bid-side quote determined by any of Loan Pricing Corporation, LoanX Inc., MarkIt Partners, Mergent, Inc., IDC, Houlihan Lokey or
any other nationally recognized loan pricing service selected by the Collateral Manager; or

 

(c)          if
such quote described in clause (b) is not available,

 

(i)          the
average of the bid-side quotes determined by three independent broker-dealers active in the trading of such asset;

 

(ii)         if
only two such bids can be obtained, the lower of the bid-side quotes of such two bids; or

 

(iii)        if
only one such bid can be obtained, such bid; or

 

(d)          if
the Market Value of an asset cannot be determined in accordance with clause (a), (b) or (c) above, then the Market Value shall
be the Appraised Value, provided that the Appraised Value of such Collateral Obligation has been obtained or updated within the
immediately preceding three months or, if such asset is a Collateral Obligation acquired from an unaffiliated third party in an
arms' length transaction within the immediately preceding 90 days and there has been no material adverse change with respect to
the Obligor or the Collateral Obligation to the actual knowledge of a Responsible Officer of the Collateral Manager, then the original
purchase price paid for such Collateral Obligation (after adjustment for any borrowing or repayments and exclusive of interest);

 

    	 	34	 

     

    

 

(e)          
if such quote, bid or price described in clause (a), (b), (c) or (d) is not available, then the Market Value of such Collateral
Obligation shall be the lower of (i) the DBRS Recovery Rate and (ii) the Market Value determined by the Borrower exercising reasonable
commercial judgment in accordance with the Servicing Standard, consistent with the manner in which it would determine the market
value of an asset for purposes of other funds or accounts managed by it; or

 

(f)          if
the Market Value of an asset cannot be determined in accordance with clause (a), (b), (c), (d) or (e) above, then the Market Value
shall be deemed to be zero until such determination is made in accordance with clause (a), (b), (c), (d) or (e) above.

 

"Master Transfer
Agreement" means the Second Amended and Restated Loan Sale and Contribution Agreement, dated as of the Restatement Effective
Date, as amended, restated, supplemented or otherwise modified from time to time, between the Transferor, as seller, and the Borrower,
as purchaser.

 

"Material Adverse
Effect" means any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business,
assets, financial condition or operations of the Borrower (b) the ability of the Borrower or the Collateral Manager to perform
its obligations under this Agreement and the other Facility Documents or (c) the rights, interests, remedies or benefits (taken
as a whole) available to the Lenders or Agents under this Agreement and the other Facility Documents.

 

"Matrix"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"Maximum DBRS Risk
Score Test" is a test satisfied on any date of determination if the Weighted Average DBRS Risk Score of the Collateral
Obligations as of such date is less than or equal to 40.06%, provided that Defaulted Obligations shall be excluded from such calculation.

 

"Minimum Diversity
Score Test" means a test that will be satisfied on any date of determination if the Diversity Score of the Collateral
Obligations, calculated as a single number in accordance with standard diversity scoring methodology using DBRS Industry Classifications,
equals or exceeds the Row Diversity Score in the Matrix.

 

"Minimum Weighted
Average Fixed Rate Coupon Test" means a test that will be satisfied on any date of determination if the Weighted Average
Fixed Rate Coupon equals or exceeds 10.00%.

 

"Minimum Weighted
Average Spread Test" means a test that will be satisfied on any date of determination if the Weighted Average Spread equals
or exceeds 7.00%.

 

    	 	35	 

     

    

 

"Money"
has the meaning specified in Section 1-201(24) of the UCC, and shall be deemed to include "Monies" wherever
such term may be used herein.

 

"Monthly Report"
has the meaning specified in Section 8.06(a).

 

"Monthly Report Date"
means the 20th day of each calendar month in each year, the first of which occurred on October 20, 2012; provided
that, (i) if any such day is not a Business Day, then such Monthly Report Date shall be the next succeeding Business Day and (ii)
the final Monthly Report Date shall be on the Final Maturity Date.

 

"Monthly Report Determination
Date" means, with respect to any Monthly Report Date, the ninth Business Day prior to such Monthly Report Date.

 

"Monthly Report Period"
means, with respect to any Monthly Report Date, the period commencing immediately following the prior Monthly Report Period (or
on the Original Closing Date in the case of the Monthly Report Period relating to the first Monthly Report Date) and ending on
the Monthly Report Determination Date prior to such Monthly Report Date.

 

"Moody's"
means Moody's Investors Service, Inc., together with its successors.

 

"Multiemployer Plan"
means an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA that is sponsored by the Borrower
or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has
any liability.

 

"MV Modified Overcollateralization
Ratio" means the ratio of (A) the sum of (i) the MV Overcollateralization Amount plus (ii) the aggregate amount
of cash on deposit in the Principal Collection Subaccount and the Revolving Reserve Account, plus (iii) the Portfolio Exposure
Amount less (iv) with respect to all Excess Concentration Loans that are Performing Collateral Obligations, the lesser of
(x) the purchase price paid for such Performing Collateral Obligation by the Borrower; provided that, if the purchase price
paid exceeds the par amount of such Performing Collateral Obligation, the purchase price shall be deemed to be the par amount and
(y) the Market Value of such Performing Collateral Obligation determined by the Borrower in accordance with clause (e)(ii) of the
definition thereof to (B) the Borrower Liabilities.

 

"MV Modified Overcollateralization
Ratio Test" means, as of any date of determination, a test that will be satisfied on such date if the MV Modified Overcollateralization
Ratio is greater than or equal to the Row Minimum OC Level under clause (b) (during or after the Reinvestment Period) in the Matrix
on Schedule 8.

 

"MV Overcollateralization
Amount" means, with respect to all Performing Collateral Obligations, an aggregate amount equal to sum of, with respect
to each such Performing Collateral Obligation, the lesser of (x) the purchase price paid for such Performing Collateral Obligation
by the Borrower; provided that, if the purchase price paid exceeds the par amount of such Performing Collateral Obligation,
the purchase price shall be deemed to be the par amount and (y) the Market Value of such Performing Collateral Obligation determined
by the Borrower in accordance with clause (e)(ii) of the definition thereof.

 

    	 	36	 

     

    

 

"MV Overcollateralization
Ratio" means the ratio of (A) the sum of (i) the MV Overcollateralization Amount plus (ii) the aggregate amount
of cash on deposit in the Principal Collection Subaccount and the Revolving Reserve Account, plus (iii) the Portfolio Exposure
Amount, to (B) the Borrower Liabilities.

 

"MV Overcollateralization
Ratio Test" means, as of any date of determination, a test that will be satisfied on such date if the MV Overcollateralization
Ratio is greater than or equal to 350.00%.

 

"Natixis"
has the meaning assigned to such term in the introduction to this Agreement.

 

"Net Purchased Obligation
Balance" means, as of any date of determination, an amount equal to (i) the sum of (a) the Aggregate Principal Balance
of all Collateral Obligations conveyed by the Transferor to the Borrower under the Master Transfer Agreement prior to such date
and (b) the Aggregate Principal Balance of all Collateral Obligations acquired by the Borrower other than from the Transferor prior
to such date minus (b) the Aggregate Principal Balance of all Collateral Obligations optionally repurchased or substituted by the
Transferor pursuant to the Master Transfer Agreement prior to such date.

 

"Note" means
either a Revolving Note, a Term Note or a Subordinated Note.

 

"Notice of Borrowing"
has the meaning assigned to such term in Section 2.02.

 

"Notice of Prepayment"
has the meaning assigned to such term in Section 2.05.

 

"Obligations"
means, all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured
Party or any Affected Person under or in connection with this Agreement, the Notes, the Collateral Agent Fee Letter, the Second
Restatement Fee Letter or any other Facility Document, including all amounts payable by the Borrower in respect of the Advances,
with interest thereon, and all amounts payable hereunder, including any amounts payable pursuant to Section 2.10 hereof.

 

"Obligor"
means in respect of any Collateral Obligation of the Borrower, the Person primarily obligated to pay Collections in respect of
such Collateral Obligation to the Borrower.

 

"Obligor Par Amount"
means, on any date and with respect to each Obligor under a Collateral Obligation, the Aggregate Principal Balances of all Collateral
Obligations (other than Defaulted Loans) with respect to which such Obligor is the Obligor on such date; provided that,
for purposes of calculating the Obligor Par Amount, any Obligors that are Affiliated with one another will be considered one Obligor.

 

"OFAC" has
the meaning assigned to such term in Section 4.01(f).

 

"Offer"
has the meaning given in Section 8.07(c).

 

"Original Closing
Date" means September 27, 2012.

 

    	 	37	 

     

    

 

"Other Connection
Taxes" means, any Taxes imposed with respect to the Subordinated Notes and in the case of any other Secured Party, any
Taxes imposed by any jurisdiction by reason of such Secured Party having any present or former connection with such jurisdiction
(other than a connection arising solely from entering into, receiving any payment under or enforcing its rights under this Agreement,
the Notes or any other Facility Document).

 

"Other Taxes"
has the meaning given in Section 12.03(b).

 

"Overcollateralization
Ratio" means the ratio of (A) the Borrowing Base to (B) the Borrower Liabilities.

 

"Overcollateralization
Ratio Test" means, as of any date of determination, a test that will be satisfied on such date if the Overcollateralization
Ratio is greater than or equal to the Row Minimum OC Level in the Matrix.

 

"Participant"
means any Person to whom a participation is sold as permitted by Section 12.06(c).

 

"Participation Interest"
means a participation interest in a loan or obligation.

 

"PATRIOT Act"
has the meaning assigned to such term in Section 12.17.

 

"Payment Account"
means the payment account of the Collateral Agent established pursuant to Section 8.03(a).

 

"Payment Date"
means the 20th day of March, June, September and December in each year, the first of which occurred on December 20,
2012; provided that, (i) if any such day is not a Business Day, then such Payment Date shall be the next succeeding Business
Day and (ii) the final Payment Date shall be the Final Maturity Date.

 

"Payment Date Report"
has the meaning specified in Section 8.06(b).

 

"Payment in Full"
means payment in full of all Obligations (other than any unasserted contingent obligations and excluding any Obligation owed to
a Subordinated Noteholder, but only to the extent such Subordinated Noteholder has consented in writing to such exclusion), including
without limitation all principal, interest, Commitment Fees, Administrative Expenses and fees, if any, payable under the Collateral
Agent Fee Letter or the Second Restatement Fee Letter.

 

"Payment in Full
Date" means the date on which a Payment in Full occurs and the Commitments are terminated.

 

"Payoff Letter"
means a letter relating to the termination and release of the Collateral Agent's Lien on the Collateral in connection with a Payment
in Full substantially in the form of Exhibit H hereto.

 

"PBGC" means
the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions.

 

    	 	38	 

     

    

 

"Percentage"
of any Lender means, (a) with respect to any Lender party hereto on the date hereof, the percentage set forth opposite such
Lender's name on Schedule 1 hereto, as such amount is reduced by any Assignment and Acceptance entered into by such
Lender with an assignee or increased by any Assignment and Acceptance entered into by such lender with an assignor, or (b) with
respect to a lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as
the assigning Lender's Percentage, as such amount is reduced by an Assignment and Acceptance entered into between such Lender and
an assignee or increased by any Assignment and Acceptance entered into by such lender with an assignor.

 

"Performing Collateral
Obligation" means a Collateral Obligation that is not a Defaulted Loan.

 

"Permitted Assignee"
means a Lender, an Affiliate of a Lender, a CP Conduit related to a Lender or a Liquidity Bank.

 

"Permitted Lien"
means

 

(i) with respect to the interest
of the Transferor and/or of the Borrower in the Collateral Obligations, Equity Securities, Eligible Investments and the Covered
Accounts: (a) Liens in favor of the Borrower created pursuant to the Master Transfer Agreement and assigned to the Collateral Agent
for the benefit of the Secured Parties pursuant to this Agreement, (b) Liens in favor of the Collateral Agent for the benefit of
the Secured Parties pursuant to this Agreement, (c) the restrictions on transferability imposed by the Related Documents (but only
to the extent relating to customary procedural requirements and agent and Obligor consents (except where the Collateral Manager
or any of its Affiliates is the agent) expected to be obtained in due course and provided that any Obligor consents will be obtained
prior to the Delivery of the related Collateral Obligation hereunder) and (d) the restrictions on transferability imposed by any
shareholder agreements in respect of Equity Securities acquired in connection with the work-out, restructuring or exercise of remedies
with respect to a Collateral Obligation;

 

(ii)         with
respect to the interest of the Transferor and/or of the Borrower in the other Collateral (including any Related Property securing
any Collateral Obligation or which may be acquired by the Borrower when exercising rights or remedies with respect to any Collateral
Obligation): (a) materialmen's, warehousemen's, mechanics' and other Liens arising by operation of law in the ordinary course of
business for sums not due or sums that are being contested by an appropriate person in good faith by appropriate proceedings and
reserved for in accordance with GAAP; (b) purchase money security interests in specific items of equipment, (c) Liens for state,
municipal and other local taxes if such taxes shall not at the time be due and payable or the validity or amount thereof is currently
being contested by an appropriate person in good faith by appropriate proceedings and reserved for in accordance with GAAP; (d)
Liens in favor of the Borrower and assigned by the Borrower to the Collateral Agent for the benefit of the Secured Parties pursuant
to this Agreement, (e) Liens in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement,
(f) the restrictions on transferability imposed by the Related Documents (but only to the extent relating to customary procedural
requirements and agent consents (except where the Collateral Manager or any of its Affiliates is the agent) expected to be obtained
in due course and not to Obligor consents) and (g) the restrictions on transferability imposed by any shareholder agreements in
respect of Equity Securities acquired in connection with the work-out, restructuring or exercise of remedies with respect to a
Collateral Obligation, and

 

    	 	39	 

     

    

  

(iii) with respect to agented
Collateral Obligations, Liens in favor of the lead agent, the collateral agent or the paying agent for the benefit of all holders
of indebtedness of such Obligor under the related Collateral Obligation.

 

"Permitted Purchaser"
has the meaning specified in Section 12.06(e).

 

"Person"
means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association,
joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any
kind.

 

"PIK Loan"
means any loan or Collateral Obligation on which any portion of the interest accrued for a specified period of time or until the
maturity thereof is, or at the option of the Obligor may be, added to the principal balance of such loan or Collateral Obligation
or otherwise deferred rather than being paid in Cash, provided that if a Collateral Obligation has a "payment-in-kind"
component but pays interest in cash at a rate of at least LIBOR + 3.00% it will not constitute a PIK Loan.

 

"Plan" means
an employee pension benefit plan within the meaning of Section 3(2) of ERISA (other than a Multiemployer Plan) which is covered
by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the
Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions
or has any liability.

 

"Portfolio Advance
Rate" means the percentage calculated by dividing (x) the Borrower Liabilities by (y) the Borrowing Base.

 

"Portfolio Exposure
Amount" means, at any time, the excess (if any) of (x) the aggregate unfunded amounts in respect of all Revolving
Collateral Loans and Delayed Drawdown Collateral Loans at such time over (y) the aggregate amount on deposit in the
Revolving Reserve Account at such time.

 

"Post-Default Rate"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"Prefunded Letter
of Credit" means any letter of credit facility that requires a lender party thereto to pre-fund in full its obligations
thereunder, provided that any such lender (a) shall have no further funding obligation thereunder and (b) shall have a right to
be reimbursed or repaid by the borrower its pro rata share of any draws on a letter of credit issued thereunder.

 

"Principal Balance"
means:

 

(a)          with
respect to any Collateral Obligation other than a Revolving Collateral Loan or Delayed Drawdown Collateral Loan, as of any date
of determination, the Loan Amount of such Collateral Obligation (after adjustment for any repayments and exclusive of both capitalized
interest and accrued interest); and

 

    	 	40	 

     

    

 

(b)          with
respect to any Revolving Collateral Loan or Delayed Drawdown Collateral Loan, as of any date of determination, the Loan Amount
of such Revolving Collateral Loan or Delayed Drawdown Collateral Loan (after adjustment for any borrowings or repayments and exclusive
of both capitalized interest and accrued interest), plus (except as expressly set forth in this Agreement) any undrawn commitments
that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Loan or Delayed Drawdown Collateral
Loan;

 

provided, in all cases, that the Principal
Balance of any Equity Security shall be deemed to be zero.

 

"Principal Collection
Subaccount" has the meaning specified in Section 8.02(a).

 

"Principal Proceeds"
means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower during such
Collection Period that do not constitute Interest Proceeds, including sales and unapplied proceeds of the Advances and any Cash
equity contributions pursuant to Section 10.01(a)(v) or pursuant to Section 10.04 except as otherwise directed pursuant
to Section 10.04; provided, that: (1) any amounts or collections received in respect of the Excluded Loan shall not
constitute Principal Proceeds; and (2) no amounts that are required by the terms of any participation agreement to be paid by the
Borrower to any Person to whom the Borrower has sold a participation interest shall constitute "Principal Proceeds" hereunder.

 

"Priority of Payments"
has the meaning specified in Section 9.01(a).

 

"Private Authorizations"
means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Authorities) but
excluding any customary procedural requirements and agents' and Obligors' consents expected to be obtained in due course in connection
with the transfer of the Collateral Obligations to the Borrower.

 

"Proceeds"
has, with reference to any asset or property, the meaning assigned to it under the UCC and, in any event, shall include, but not
be limited to, any and all amounts from time to time paid or payable under or in connection with such asset or property.

 

"Professional Independent
Manager" has the meaning assigned to such term in Section 5.02(u).

 

"Prohibited Transaction"
means a transaction described in Section 406(a) of ERISA or Section 4975 of the Code that is not exempted by a statutory or
administrative or individual exemption pursuant to Section 408 of ERISA or Section 4975 of the Code.

 

"Puerto Rico Collateral
Obligation" means a Collateral Obligation of an Obligor organized in (or whose principal operations are located in) Puerto
Rico.

 

    	 	41	 

     

    

 

"Qualified Real Estate
Loan" Any loan or debt obligation of an Obligor that is in the business of acquiring and developing land and the construction
of residential or commercial properties on that land and that satisfies the following criteria:

 

(a)          the
primary security for such loan or debt obligation is located in at least 3 Geographic Regions;

 

(b)          the
Obligor of such loan or debt obligation, or, the ultimate operating parent of such Obligor, has been in business for a minimum
of 5 years;

 

(c)          the
last twelve months of revenues for the Obligor of such loan or debt obligation is at least $100,000,000; and

 

(d)          the
last twelve months of operating cash flow for the Obligor of such loan or debt obligation is positive.

 

"Quarterly Asset
Amount" means, for any Payment Date, the sum of (i) the Daily Average Collateral Obligation Commitment Amount for such
Payment Date and (ii) the daily average balance of cash on deposit in the Principal Collection Subaccount for the Collection Period
related to such Payment Date.

 

"Rating Agency"
means DBRS or, with respect to the Collateral generally, Moody's, Fitch, S&P or DBRS (or, if, at any time Moody's, Fitch, S&P
or DBRS ceases to provide rating services with respect to debt obligations, any other nationally recognized investment rating agency
selected by the Borrower or the Collateral Manager and consented to by the Facility Agent). In the event that at any time any of
the rating agencies referred to above ceases to be a "Rating Agency" and a replacement rating agency is selected
in accordance with the preceding sentence, then references to rating categories of such replaced rating agency in this Agreement
shall be deemed instead to be references to the equivalent categories of such replacement rating agency as of the most recent date
on which such replacement rating agency and such replaced rating agency's published ratings for the type of obligation in respect
of which such replacement rating agency is used.

 

"Rating Confirmation"
means, with respect to any action or proposed action, a condition that is satisfied (and upon satisfaction of such condition, the
related Rating Confirmation shall be deemed to have been satisfied) if DBRS has been notified in writing by the Borrower of such
action or proposed action and DBRS has confirmed in writing (which may be in the form of a letter, press release or other publication
of a change in DBRS's published ratings criteria to this effect) that such action will not cause the then-current rating of the
Revolving Notes and Term Notes rated by DBRS to be reduced or withdrawn; provided, however, that the Rating Confirmation shall
be deemed to have been satisfied if within 10 Business Days following such notification by the Borrower or the Collateral Manager
neither the Borrower nor the Collateral Manager has received a written communication relating to such action or proposed action
from DBRS or if DBRS makes a public announcement or informs the Borrower or the Collateral Manager in writing that it believes
that satisfaction of the Rating Confirmation is not required with respect to an action or its practice is not to give such confirmation.

 

    	 	42	 

     

    

  

"Rating Criteria"
is satisfied for any Person at any time if:

 

(a)          such
Person has a DBRS Short Term Rating of at least "R-1 (middle)" and a DBRS Long Term Rating of at least "A (high)"
at such time; or

 

(b)          such
Person's obligations in respect of this Agreement are fully supported by a Liquidity Facility provided by one or more Liquidity
Banks, or one or more guarantors, and each such Liquidity Bank or guarantor meets the requirements under clause (a) above
at such time; or

 

(c)          a
Rating Confirmation is obtained with respect to such Person's failure to satisfy the requirements under either of clause (a)
or (b) at such time and both the Borrower and the Facility Agent have consented thereto.

 

"Real Estate Loan"
means any debt obligation that is directly or indirectly secured by a mortgage or deed of trust or any lien interest, in each case,
on residential, commercial, office, retail or industrial property and is underwritten as a mortgage loan, except for any Qualified
Real Estate Loan.

 

"Register"
has the meaning specified in Section 12.06(d).

 

"Regulatory Change"
has the meaning specified in Section 2.09(a).

 

"Regulation T",
"Regulation U" and "Regulation X" mean Regulation T, U and X, respectively, of
the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

"Reinvestment Period"
means the period from and including the Original Closing Date to and including the earliest of (a) September 27, 2015, (b) the
date of the acceleration of the maturity of the Advances pursuant to Section 6.01, (c) the occurrence of any Change
in Control; (d) the date on which the Collateral Manager shall no longer be the Transferor unless each of the Lenders and the Facility
Agent have otherwise consented, (e) the date on which the Collateral Manager shall have notified the Borrower of its intention
to resign as Collateral Manager and the successor is not an Approved Affiliate or the occurrence of any other termination of the
Collateral Management Agreement, whether or not in accordance with its terms, (f) the date on which the Commitments are terminated
in whole pursuant to Section 2.06(b) or (g) the date on which the Borrower or the Collateral Manager (or any of its executive
officers) are indicted for a criminal offense materially related to the performance of its obligations under this Agreement or
any other Facility Document or in the performance of investment advisory services comparable to those contemplated to be provided
by the Collateral Manager in this Agreement and the other Facility Documents.

 

"Related Documents"
means, with respect to any Collateral Obligation, all agreements or documents evidencing, securing, governing or giving rise to
such Collateral Obligation. As used in this Agreement, each reference to the Related Documents to which the Borrower is a party
shall be deemed to mean the Related Documents to which the Borrower is a party or to which the Borrower is otherwise bound.

 

    	 	43	 

     

    

 

"Related Document
Modification" has the meaning assigned to such term in Section 5.02(v).

 

"Related Person"
has the meaning assigned to such term in Section 2.04(f).

 

"Related Property"
means, with respect to any Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral
to secure repayment of such Collateral Obligation (including, without limitation, a pledge of the stock, membership or other ownership
interests in the Obligor), including all proceeds from any sale or other disposition of such property or other assets.

 

"Repurchase and Substitution
Limit" has the meaning assigned to such term in Section 10.01(a)(vi).

 

"Requested Amount"
has the meaning assigned to such term in Section 2.02.

 

"Required Conversion
Amount" means, with respect to any Converted Revolving Advances required to be made under Section 2.01 hereof,
an amount equal to, (i) on the Stage 1 Mandatory Revolving Conversion Date, $50,000,000 and (ii) on the Stage 2 Mandatory Revolving
Conversion Date, the aggregate principal amount of all Revolving Advances outstanding as of such date.

 

"Required Lenders"
means, as of any date of determination, Lenders whose aggregate principal amount of outstanding Advances plus unused Commitments
aggregate more than 50% of the aggregate amount of the Commitments (used and unused) or, if the Commitments have expired or been
terminated or otherwise reduced to zero, the aggregate principal amount of all outstanding Advances; provided, however,
that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders
such Defaulting Lender's unfunded Commitments.

 

"Responsible Officer"
means (a) in the case of (i) a corporation or (ii) a partnership or limited liability company that, pursuant to
its Constituent Documents, has officers, any chief executive officer, chief financial officer, president, vice president, assistant
vice president, treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such corporation
or other entity, the second such Responsible Officer may be a secretary or assistant secretary, (b) without limitation of
clause (a)(ii), in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of
such general partner in its capacity as general partner, (c) without limitation of clause (a)(ii), in the case of a limited
liability company, the Responsible Officer of the sole member, managing member or manager, acting on behalf of the sole member
or managing member in its capacity as sole member, managing member or manager, (d) in the case of a trust, the Responsible
Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) an "authorized signatory" or
"authorized officer" that has been so authorized pursuant to customary corporate proceedings, limited partnership proceedings,
limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with
the matter for which it is acting as a Responsible Officer, and (f) when used with respect to the Custodian and the Collateral
Agent, any officer assigned to the corporate trust department (or any successor thereto) of such Person, including any Vice President,
Assistant Vice President, Trust Officer, or any other officer of the Custodian or the Collateral Agent, as the case may be, customarily
performing functions similar to those performed by any of the above designated officers, in each case having direct responsibility
for the administration of this Agreement.

 

    	 	44	 

     

    

 

"Restatement Effective
Date" means August 13, 2014.

 

"Restatement Effective
Date Expenses" means amounts due in respect of actions taken on or before the Restatement Effective Date or in connection
with the closing of the transactions contemplated by this Agreement, including without limitation (i) the fees to be received by
Natixis on or prior to the Restatement Effective Date pursuant to the Engagement Letter dated as of July 16, 2014 between Whitehorse
Finance, Inc. and Natixis Securities Americas LLC; (ii) the accrued fees and expenses in connection with the transactions
contemplated hereby, including, without limitation, those of (A) Ashurst LLP, counsel to the Facility Agent and the Lender(s),
(B) Dechert LLP, counsel to the Borrower and the Transferor and (C) Chapman and Cutler LLP, counsel to the Collateral Agent; and
(iii) the fees to be received by DBRS on the Restatement Effective Date.

 

"Restatement Effective
Date Expense Account Amount" has the meaning specified in Fee Letter.

 

"Retained Fee"
means any reasonable origination, structuring or similar closing fee charged by the Person originating a loan on behalf of its
lenders for services it has performed in connection with such origination, which is not customarily made available to the lenders
as part of their return with respect to such loan and provided such Person is entitled to retain the same in accordance with Applicable
Law.

 

"Retention Interest"
means a "net economic interest" (as defined in paragraph (d) of Article 405(1) of the CRR)
which, in any event, shall not be less than 5%(or such higher or lower amount as notified by the Facility Agent to the Retention
Provider is required by Article 404 of the CRR) of the nominal value of the Collateral calculated based on the Aggregate Principal
Balance of all of the Collateral Obligations and the outstanding principal amount of all Eligible Investments, in each case at
the time of determination without taking into account any deduction pursuant to the proviso to the definition of "Principal
Balance" of any Collateral Obligation or any deduction or discount in respect of the purchase price paid therefor by the Borrower.

 

"Retention of Net
Economic Interest Letter" means each letter relating to the retention of net economic interest in substantially the form
of Exhibit G hereto, from the Retention Provider and addressed to each Lender and the Facility Agent.

 

"Retention Provider"
means the Transferor.

 

"Retention Requirements"
means together, the CRR Retention Requirements and the AIFMD Retention Requirements.

 

"Review Criteria"
has the meaning assigned to such term in Section 12.20(b)(i).

 

"Revolving Advances"
has the meaning assigned to such term in Section 2.01(a).

 

    	 	45	 

     

    

 

"Revolving Borrowing"
has the meaning assigned to such term in Section 2.01.

 

"Revolving Collateral
Loan" means any Collateral Obligation (other than a Delayed Drawdown Collateral Loan) that is a loan (including, without
limitation, revolving credit loans, including funded and unfunded portions of revolving credit lines and letter of credit facilities,
unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more
future advances to be made to the borrower by the Borrower; provided that any such Collateral Obligation will be a Revolving
Collateral Loan only until all commitments to make revolving advances to the borrower expire or are terminated or irrevocably reduced
to zero.

 

"Revolving Commitment"
means, as to each Revolving Lender, the obligation of such Revolving Lender to make, on and subject to the terms and conditions
hereof, Revolving Advances to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one
time outstanding up to but not exceeding the amount set forth opposite the name of such Revolving Lender on Schedule 1
or in the Assignment and Acceptance pursuant to which such Revolving Lender shall have assumed its Revolving Commitment, as applicable,
as such amount may be reduced from time to time pursuant to Section 2.05(b), Section 2.06 or increased
or reduced from time to time pursuant to assignments effected in accordance with Section 12.06(a).

 

"Revolving Lender"
means, at any time, any Lender that has a Revolving Commitment at such time.

 

"Revolving Note"
means each promissory note, if any, issued by the Borrower to a Revolving Lender in accordance with the provisions of Section 2.03,
substantially in the form of Exhibit A-1 hereto, as the same may from time to time be amended, supplemented, waived
or modified.

 

"Revolving Reserve
Account" means the account established pursuant to Section 8.04.

 

"Revolving Reserve
Required Amount" has the meaning set forth in Section 8.04.

 

"Row Advance Rate"
means the applicable Row Advance Rate as set forth in the column of that name in the Matrix corresponding to the Applicable Row
Level.

 

"Row Diversity Score"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"Row Minimum OC Level"
shall have the meaning specified in the Second Restatement Fee Letter.

 

"S&P"
means Standard & Poor's Ratings Group, together with its successors.

 

"Scheduled Distribution"
means, with respect to any Collateral Obligation, for each Due Date, the scheduled payment of principal and/or interest and/or
fees due on such Due Date with respect to such Collateral Obligation.

 

    	 	46	 

     

    

 

"SEC" means
the Securities and Exchange Commission or any other governmental authority of the United States at the time administrating the
Securities Act, the Investment Company Act or the Exchange Act.

 

"Second Amendment
and Restatement" has the meaning specified in the recitals hereto.

 

"Second Restatement
Effective Date" means July 8, 2015.

 

"Second Restatement
Fee Letter" means the fee letter agreement dated July 8, 2015 between the Borrower, the Facility Agent and the Lender[s].

 

"Secured Parties"
means the Facility Agent, the Collateral Agent, the Custodian, The Bank of New York Mellon Trust Company, N.A. (in its capacity
as a Securities Intermediary under the Account Control Agreement), the Lenders, the Subordinated Noteholders and their respective
permitted successors and assigns.

 

"Securities Act"
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in
effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provisions shall be deemed
to be a reference to any successor statutory or regulatory provision.

 

"Securities Intermediary"
has the meaning specified in Section 8-102(a)(14) of the UCC.

 

"Security Entitlement"
has the meaning specified in Section 8-102(a)(17) of the UCC.

 

"Senior Collateral
Management Fee" shall have the meaning specified in the Second Restatement Fee Letter, excluding any amounts thereof that
have been waived at the option of the Collateral Manager as provided in the Collateral Management Agreement.

 

"Servicing Standard"
means the Standard of Care of the Collateral Manager specified in the Collateral Management Agreement.

 

"Settled"
means, with respect to a loan or other debt obligation (for purposes of this definition, a "loan"), that (a) such
loan is owned by the Borrower and has been fully paid for by the Borrower, (b) all requisite consents and acceptances required
in connection with the Borrower's ownership of such loan have been obtained and (c) all documentation establishing the Borrower's
ownership of such loan is valid, binding and enforceable and is in the possession (including electronically) of the Custodian.

 

"Solvent"
as to any Person means that such Person is not "insolvent" within the meaning of Section 101(32) of the Bankruptcy
Code.

 

"Special Purpose
Entity" has the meaning assigned to such term in Section 5.02(u).

 

    	 	47	 

     

    

 

"Special Purpose
Provisions" has the meaning assigned to such term in Section 1.01 of the Borrower LLC Agreement.

 

"Specified Change"
means, with respect to any Collateral Obligation, any amendment, consent, waiver or other modification with respect to a Related
Document that (a) reduces the principal amount of such Collateral Obligation, (b) reduces the rate of interest payable
on such Collateral Obligation by greater than 1.00% per annum (whether calculated based on a spread above a floating reference
rate or a fixed rate), (c) postpones the Due Date of any Scheduled Distribution in respect of such Collateral Obligation,
provided that any amendment, consent, waiver or other modification postponing the Due Date or any Scheduled Distributions will
not be a Specified Change if the Weighted Average Maturity Date of the Collateral Obligations as of such Determination Date is
earlier than or on the actual Weighted Average Maturity Date at the end of the Reinvestment Period, (d) alters the pro rata
allocation or sharing of distributions required by the Related Documents of a Collateral Obligation, (e) releases any material
guarantor or co-obligor of such Collateral Obligation from its obligations, (f) terminates or releases all or substantially
all of the assets securing such Collateral Obligation, or(g) changes any of the provisions of a Related Document specifying
the number or percentage of lenders required to effect any of the foregoing.

 

"Specified LIBOR"
means, at any time:

 

(a)          if
no Interest Accrual Period for Eurodollar Rate Advances is then in effect hereunder, LIBOR determined as if (1) Eurodollar
Rate Advances having an aggregate principal balance of $10,000,000 were outstanding hereunder and (2) the related Interest
Accrual Period were in effect for the period from the immediately preceding Payment Date (or, if prior to the first Payment Date,
the Original Closing Date) through the next following Payment Date;

 

(b)          if
only one Interest Accrual Period for Eurodollar Rate Advances is outstanding at such time, the LIBOR rate in effect with respect
to the Eurodollar Rate Advances for such Interest Accrual Period; and

 

(c)          if
more than one Interest Accrual Period for Eurodollar Rate Advances is outstanding at such time, a rate per annum equal to (1) the
sum of the products, for each such Interest Accrual Period, of the LIBOR rate in effect with respect to such Interest Accrual Period
multiplied by the outstanding principal amount of Eurodollar Rate Advances then bearing interest at a rate based on such
LIBOR rate, divided by (2) the aggregate outstanding principal amount of all Eurodollar Rate Advances outstanding at
such time, rounded to the nearest 0.01%.

 

"Stage 1 Mandatory
Revolving Conversion Date" means, prior to the Commitment Termination Date, the first date on which the aggregate outstanding
principal balance of the Revolving Advances equals or exceeds $75,000,000 for 10 consecutive Business Days.

 

"Stage 2 Mandatory
Revolving Conversion Date" means the Commitment Termination Date.

 

    	 	48	 

     

    

 

"Structured Finance
Obligation" means any debt obligation owing by a finance vehicle that is secured directly and primarily by, primarily
referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized
debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities,
"future flow" receivable transactions and other similar obligations; provided that ABL Facilities, loans to financial
service companies, factoring businesses, health care providers and other genuine operating businesses do not constitute Structured
Finance Obligations.

 

"Subject Laws"
has the meaning assigned to such term in Section 4.01(f).

 

"Subordinated Collateral
Management Fee" shall have the meaning specified in the Second Restatement Fee Letter, excluding any amounts thereof that
have been waived at the option of the Collateral Manager as provided in the Collateral Management Agreement.

 

"Subordinated Note"
means the Subordinated Notes issued by the Borrower in accordance with the provisions of Section 2.19.

 

"Subordinated Noteholder"
means with respect to any Subordinated Note, the Person who is the registered holder of such Subordinated Note.

 

Taxes" means
any and all present or future taxes, and similar levies, imposts, deductions, charges, withholdings (including backup withholding),
assessments, fees and other charges imposed by any governmental Authority, and all liabilities (including penalties, interest and
expenses) with respect thereto.

 

"Term Borrowing"
has the meaning assigned to such term in Section 2.01.

 

"Term Commitment"
means, as to each Term Lender, the obligation of such Term Lender to make, on and subject to the terms and conditions hereof, Term
Loan Advances to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding
up to but not exceeding the amount set forth opposite the name of such Term Lender on Schedule 1 or in the Assignment
and Acceptance pursuant to which such Term Lender shall have assumed its Term Commitment, as applicable, as such amount may be
reduced from time to time pursuant to Section 2.05(b), Section 2.06 or increased or reduced from time to
time pursuant to assignments effected in accordance with Section 12.06(a).

 

"Term Lender"
means, at any time, any Lender that has a Term Commitment or Term Loan, as applicable, at such time.

 

"Term Loan Advances"
has the meaning assigned to such term in Section 2.01(b).

 

"Term Note"
means each promissory note, if any, issued by the Borrower to a Term Lender in accordance with the provisions of Section 2.03,
substantially in the form of Exhibit A-2 hereto, as the same may from time to time be amended, supplemented, waived
or modified.

 

    	 	49	 

     

    

 

"Total Capitalization"
means an amount equal to, without duplication (i) the Aggregate Principal Balance of all Performing Collateral Obligations, plus
(ii) the aggregate amount of cash on deposit in the Principal Collection Subaccount and the Revolving Reserve Account, plus (iii)
the aggregate undrawn amount (if any) of the Commitments hereunder, plus (iv) for all Defaulted Loans that are also Eligible Senior
Secured Loans, the lesser of (x) the Market Value of such Defaulted Loan determined without reference to clause (d) of the definition
thereof, unless the Appraised Value of such Defaulted Loan has otherwise been obtained or updated (A) within the immediately preceding
three months and (B) since such Defaulted Loan became defaulted, whichever of (A) and (B) is shorter (as determined by the Collateral
Manager with notice to the Agents), and (y) 20% of the Aggregate Principal Balance of such Defaulted Loan, and (v) minus the Portfolio
Exposure Amount.

 

"Total Commitment"
means (a) on or prior to the Commitment Termination Date, the sum of the Total Revolving Credit Commitment and the Total Term
Loan Commitment (which sum shall not exceed $150,000,000 and as such amount may be reduced from time to time pursuant to Section 2.06)
and (b) following the Commitment Termination Date, zero.

 

"Total Revolving
Credit Commitment" means (i) prior to the Commitment Termination Date, (x) if the Stage 1 Mandatory Revolving Conversion
Date has not occurred, $150,000,000 and (y) if the Stage 1 Mandatory Revolving Conversion Date has occurred, $100,000,000; and
(ii) on and following the Commitment Termination Date, zero.

 

"Total Term Loan
Commitment" means (i) on or prior to the Commitment Termination Date, (x) if the Stage 1 Mandatory Revolving Conversion
Date has not occurred, $0 and (y) if the Stage 1 Mandatory Revolving Conversion Date has occurred, $50,000,000, (ii) on the Stage
2 Mandatory Revolving Conversion Date, the aggregate principal amount of the Revolving Advances and the Term Loan Advances outstanding
as of such date; provided that such amount shall not exceed $150,000,000; and (iii) following the Commitment Termination
Date, zero.

 

"Trade Ticket"
means a confirmation of the purchase and/or sale of a Collateral Obligation as provided by the Collateral Manager to the Collateral
Agent and the Custodian in connection with such purchase or sale.

 

"Transferee Representation
Letter" means an transferee representation letter in substantially the form of Exhibit I hereto, entered into
by a transferee of Subordinated Notes and the Borrower.

 

"Transferor"
means WhiteHorse Finance, Inc.

 

"Treasury Regulations"
means the regulations issued by the Internal Revenue Service under the Code, as such regulations may be amended from time to time.

 

"UCC" means
the Uniform Commercial Code, as from time to time in effect in the State of New York; provided that, if by reason of
any mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of the security interests
granted to the Collateral Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction
of the United States other than the State of New York, then "UCC" means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or
priority.

 

    	 	50	 

     

    

 

"Uncertificated Security"
has the meaning specified in Section 8-102(a)(18) of the UCC.

 

"Unfunded Amount"
means the sum of (a) the Portfolio Exposure Amount and (b) all amounts due for unsettled purchases of Collateral Obligations at
such time.

 

"United States"
and "U.S." mean the United States of America.

 

"Unsecured Loan"
A loan that is not secured by a valid perfected security interest on specified collateral.

 

"Volcker Rule"
means Section 619 of the Dodd-Frank Act.

 

"Volcker Rule Consent
Event" The receipt by the Borrower (with notice to the Agents) of (i) the written consent of 100% of the Lenders and (ii)
a written opinion of counsel of national reputation experienced in collateralized loan obligation transactions that (1) (x) the
Borrower should not constitute a "covered fund" under the Volcker Rule or (y) the acquisition or ownership of the obligations
specified in clause (n) of the definition of the term Concentration Limitations by the Borrower should not cause the Borrower to
constitute or be deemed a "covered fund" as defined in and subject to the Volcker Rule, (2) the Revolving Notes and Term
Notes should not be deemed to constitute "ownership interests" under the Volcker Rule or (3) ownership of the Revolving
Notes and Term Notes will be otherwise exempt from the Volcker Rule.

 

"Weighted Average
DBRS Risk Score" means, as of any date of determination, the number (rounded to the nearest hundredth) determined by summing
the products obtained by multiplying:

 

	
        

        The Principal Balance of each Collateral Obligation
	X	The DBRS Risk Score of such Collateral Obligation (as determined as provided on Schedule 4 hereto)

 

and dividing such sum by:

 

The Aggregate Principal
Balance of all such Collateral Obligations.

 

"Weighted Average
Fixed Rate Coupon" means, as of any date, the number, expressed as a percentage, determined by summing the products obtained
by multiplying:

 

	
        The sum, for each Fixed Rate Obligation,
of the stated interest coupon on such Collateral Obligation
	X	The Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans)

 

    	 	51	 

     

    

 

and dividing such sum
by:

 

the Aggregate Principal
Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral
Loans or Revolving Collateral Loans that are Fixed Rate Obligations);

 

provided that if the
foregoing amount is less than 10.00%, then all or a portion of the Weighted Average Fixed Rate Coupon Adjustment, if any, as of
such date, to the extent not exceeding such shortfall, shall be added to such result.

 

"Weighted Average
Fixed Rate Coupon Adjustment" means, as of any date of determination, a fraction (expressed as a percentage), the numerator
of which is equal to the product of (i) the excess, if any, of the Weighted Average Spread for such date over 7.00%, and (ii) the
Aggregate Principal Balance of all Collateral Obligations that are not Fixed Rate Obligations as of such date, and the denominator
of which is the Aggregate Principal Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded
portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans that are Fixed Rate Obligations). In computing the
Weighted Average Fixed Rate Coupon Adjustment on any date, the Weighted Average Spread for such date shall be computed as if the
Weighted Average Spread Adjustment was equal to zero.

 

"Weighted Average
Maturity Date":  As of any date of determination with respect to all Collateral Obligations other than Defaulted
Loans, the date calculated by adding to the Original Closing Date the weighted average maturity of such Collateral Obligations
(expressed as a number of months from the Original Closing Date) calculated by (a) summing the products obtained by multiplying
(i) the Principal Balance (or portion thereof) of each such Collateral Obligation that is then held (or in relation to a proposed
purchase of such a Collateral Obligation, proposed to be held) by the Borrower and that matures or amortizes on any date subsequent
to such date of determination by (ii) the number of months from the Original Closing Date to the date of such maturity or
amortization and (b) dividing such sum by the Aggregate Principal Balance of all such Collateral Obligations identified
in clause (a)(i) above.

 

"Weighted Average
Maturity Test":  A test that will be satisfied on any date of determination if the Weighted Average Maturity Date
of all Collateral Obligations (excluding Defaulted Loans) as of such date is on or before September 27, 2019.

 

"Weighted Average
Spread" means, as of any date, the number determined by summing the number obtained by adding:

 

	
        The Aggregate Funded Spread
(with respect to all Collateral Obligations that are not Fixed Rate Obligations)
	+	The Aggregate Unfunded Spread

 

    	 	52	 

     

    

 

and dividing
such sum by:

 

The Aggregate Principal
Balance of all Collateral Obligations that are not Fixed Rate Obligations as of such date;

 

provided that if the
foregoing amount is less than 7.00%, then all or a portion of the Weighted Average Spread Adjustment, if any, as of such date,
to the extent not exceeding such shortfall, shall be added to such result.

 

"Weighted Average
Spread Adjustment" means, as of any date, a fraction (expressed as a percentage), the numerator of which is equal to the
product of (i) the excess, if any, of the Weighted Average Fixed Rate Coupon for such date over 10.00% and (ii) the Aggregate Principal
Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral
Loans or Revolving Collateral Loans that are Fixed Rate Obligations), and the denominator of which is the Aggregate Principal Balance
of all Collateral Obligations that are not Fixed Rate Obligations as of such date. In computing the Weighted Average Spread Adjustment
on any date, the Weighted Average Fixed Rate Coupon for such date shall be computed as if the Weighted Average Fixed Rate Coupon
Adjustment was equal to zero.

 

"Withdrawal Liability"
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

 

"Working Capital
Revolver" means a revolving lending facility secured by all or a portion of the current assets of the related obligor.

 

"Zero Coupon Obligation"
means a Collateral Obligation that does not provide for periodic payments of interest in Cash or that pays interest only at its
stated maturity.

 

Section 1.02         Rules
of Construction.

 

For all purposes of this
Agreement, except as otherwise expressly provided or unless the context otherwise requires (i) singular words shall connote
the plural as well as the singular, and vice versa (except as indicated), as may be appropriate, (ii) the words "herein,"
"hereof" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement
as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision, (iii) the
headings, subheadings and table of contents set forth in this Agreement are solely for convenience of reference and shall not
constitute a part of this Agreement nor shall they affect the meaning, construction or effect of any provision hereof, (iv) references
in this Agreement to "include" or "including" shall mean include or including, as applicable, without limiting
the generality of any description preceding such term, and for purposes hereof the rule of ejusdem generis shall not be applicable
to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically
mentioned, (v) each of the parties to this Agreement and its counsel have reviewed and revised, or requested revisions to,
this Agreement, and the rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable
in the construction and interpretation of this Agreement, (vi) any definition of or reference to any Facility Document, agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (vii) any reference herein to any Person shall be construed to include such Person's successors (including
any such successors by merger, consolidation or sale of all or substantially all of such Person's assets) and assigns (subject
to any restrictions set forth herein or in any other applicable agreement), (viii) any reference to any law or regulation
herein shall refer to such law or regulation as amended, modified or supplemented from time to time, (ix) unless otherwise
specified herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made
in accordance with GAAP as in effect from time to time and (x) unless otherwise specified herein and unless the context requires
a different meaning, all terms used herein that are defined in Articles 8 and 9 of the UCC are used herein as so defined.

 

    	 	53	 

     

    

 

Section 1.03         Computation
of Time Periods.

 

Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from"
means "from and including" and the words "to" and "until" both mean "to
but excluding". Periods of days referred to in this Agreement shall be counted in calendar days unless Business Days are
expressly prescribed. Unless otherwise indicated herein, all references to time of day refer to Eastern Standard Time or Eastern
daylight saving time, as in effect in New York City on such day.

 

Section 1.04         Collateral
Value Calculation Procedures..

 

In connection with all calculations
required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral Obligations, or any payments
on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Obligations, and with
respect to the income that can be earned on Scheduled Distributions on such Collateral Obligations and on any other amounts that
may be received for deposit in the Collection Account, the provisions set forth in this Section 1.04 shall be applied.
The provisions of this Section 1.04 shall be applicable to any determination or calculation that is covered by this
Section 1.04, whether or not reference is specifically made to Section 1.04, unless some other method of
calculation or determination is expressly specified in the particular provision.

 

(a)          All
calculations with respect to Scheduled Distributions on the Collateral Obligations securing the Advances shall be made on the basis
of information as to the terms of each of such Collateral Obligations and upon reports of payments, if any, received on such Collateral
Obligations that are furnished by or on behalf of the Obligor of such Collateral Obligations and, to the extent they are not manifestly
in error, such information or reports may be conclusively relied upon in making such calculations.

 

(b)          For
purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not include
ticking fees in respect of Collateral Obligations, and other similar fees, unless or until such fees are actually paid.

 

    	 	54	 

     

    

 

(c)          For
each Collection Period and as of any date of determination, the Scheduled Distribution on any Collateral Obligations (other than
Defaulted Loans, which, except as otherwise provided herein, shall be assumed to have Scheduled Distributions of zero) shall be
the sum of (i) the total amount of payments and collections to be received during such Collection Period in respect of such
Collateral Obligations (including the proceeds of the sale of such Collateral Obligations received and, in the case of sales which
have not yet settled, to be received during the Collection Period) and not reinvested in additional Collateral Obligations or retained
in the Collection Account for subsequent reinvestment pursuant to Section 10.02 that, if received as scheduled, will
be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received in prior Collection
Periods that were not disbursed on a previous Payment Date or retained in the Collection Account for subsequent reinvestment pursuant
to Section 10.02.

 

(d)          Each
Scheduled Distribution receivable with respect to a Collateral Obligation shall be assumed to be received on the applicable Due
Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest
at the Assumed Reinvestment Rate (as determined on each relevant date of determination). All such funds shall be assumed to continue
to earn interest until the date on which they are required to be available in the Collection Account for application, in accordance
with the terms hereof, to payments of principal of or interest on the Advances or other amounts payable pursuant to this Agreement.

 

(e)          References
in the Priority of Payments to calculations made on a "pro forma basis" shall mean such calculations after giving
effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause
in which such calculation is made.

 

(f)          For
purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration
Limitations, Defaulted Loans will be treated as having a Principal Balance equal to zero, except that Defaulted Loans that are
also Eligible Senior Secured Loans will be treated as having a Principal Balance equal to the lesser of (i) the Market Value of
such Defaulted Loan determined without reference to clause (d) of the definition thereof, unless the Appraised Value of such Defaulted
Loan has otherwise been obtained or updated (A) within the immediately preceding three months and (B) since such Defaulted Loan
became defaulted, whichever of (A) and (B) is shorter (as determined by the Collateral Manager with notice to the Agents), and
(ii) 20% of the Aggregate Principal Balance of such Defaulted Loan.

 

(g)          Except
as otherwise provided herein, Defaulted Loans will not be included in the calculation of the Collateral Quality Tests.

 

(h)          For
purposes of determining the Minimum Weighted Average Spread Test (and related computations of stated interest coupons and Aggregate
Funded Spread), capitalized or deferred interest (and any other interest that is not paid in cash) will be excluded.

 

    	 	55	 

     

    

 

(i)          Except
as otherwise expressly set forth with respect to substitutions in Section 10.01(a)(vi), references in this Agreement to the Borrower's
"purchase" or "acquisition" of a Collateral Obligation include references to the Borrower's acquisition of
such Collateral Obligation by way of contribution from any Equity Owners thereof. Portions of the same Collateral Obligation acquired
by the Borrower on different dates (whether through purchase or receipt by contribution, but excluding subsequent draws under Revolving
Collateral Loans or Delayed Drawdown Collateral Loans) will, for purposes of determining the purchase price of such Collateral
Obligation, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral
Obligation). The "purchase price" for any Collateral Obligation acquired from an Affiliate of the Borrower, paid in the
aggregate in the form of cash and/or a contribution to the capital of the Borrower, shall be consistent with the amount that would
be paid in an arms-length transaction with a non-Affiliate.

 

(j)          For
the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest
0.01%.

 

(k)          Any
Specified Change that results in the transfer or release of all or substantially all of the assets securing a Collateral Obligation
shall, for purposes of the Concentration Limitations, result in the recategorizing of such Collateral Obligation as an Unsecured
Loan.

 

(l)          For
purposes of calculating the Coverage Tests, the Advance Rate Test, the Commitment Shortfall Test, the Concentration Limits, the
Collateral Quality Tests and the EOD OC Ratio, the effect of the acquisition or disposition of Collateral Loans and Eligible Investments
shall be calculated on a trade date basis. For the avoidance of doubt, the Excluded Loan shall not be included in any calculations
of the Coverage Tests, the Advance Rate Test, the Commitment Shortfall Test, the Concentration Limits, the Collateral Quality Tests
and the EOD OC Ratio.

 

Section 1.05         Second
Amendment and Restatement..

 

In order to facilitate the
Second Amendment and Restatement:

 

(a)          Amendment
and Restatement Superseded. The Borrower, the Administrative Agent and the Lenders hereby agree that upon the effectiveness of
this Agreement, the terms and provisions of the Amendment and Restatement shall be and hereby are amended and restated in their
entirety by the terms, conditions and provisions of this Agreement, and the terms and provisions of the Amendment and Restatement,
shall be superseded by this Agreement.

 

(b)          All
of the "Obligations" (as defined in the Amendment and Restatement, the "Existing Obligations") outstanding
under the Amendment and Restatement and other "Facility Documents" (as defined in the Amendment and Restatement, the
"Existing Facility Documents") shall continue as Obligations hereunder to the extent not repaid on the Second
Restatement Effective Date, and each of this Agreement and any other Facility Document that is amended and restated in connection
with this Agreement is given as a substitution of and modification of, and not as a payment of or novation of, the indebtedness,
liabilities and Existing Obligations of the Borrower under the Amendment and Restatement or any Existing Facility Document, and
neither the execution and delivery of such documents nor the consummation of any other transaction contemplated hereunder is intended
to constitute a novation of the Amendment and Restatement or of any of the other Existing Facility Documents or any obligations
thereunder.

 

    	 	56	 

     

    

 

Article
II

REVOLVING ADVANCES AND TERM LOAN ADVANCES UNDER THE FACILITY

 

Section 2.01         Revolving
Credit and Term Loan Facility.

 

On the terms and subject
to the conditions hereinafter set forth, including Article III:

 

(a)          each
Revolving Lender (i) has made, pursuant to the Existing Credit Agreement, certain advances to the Borrower from the Original Closing
Date to the Restatement Effective Date which remain outstanding and (ii) severally agrees to continue to make advances to the Borrower
(each existing and future revolving advance described in subclauses (i) and (ii), a "Revolving Advance") from
time to time on any Business Day during the period from the Second Restatement Effective Date until the Commitment Termination
Date, in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Revolving Lender's
Commitment and, as to all Revolving Lenders, in an aggregate principal amount up to but not exceeding the Total Revolving Credit
Commitment; provided, that no such Revolving Advances and no prepayment of any Revolving Advances shall be made on the Business
Day immediately preceding (but not including) any Payment Date.

 

(b)          each
Term Lender severally agrees to make advances to the Borrower (each, a "Term Loan Advance" and, together with
the Revolving Advances, the "Advances") on each Mandatory Revolving Conversion Date in the applicable Required
Conversion Amount and in an aggregate principal amount up to but not exceeding such Term Lender's Commitment and, as to all Term
Lenders, in an aggregate principal amount up to but not exceeding the Total Term Loan Commitment on such Mandatory Revolving Conversion
Date. As of the Second Restatement Effective Date, the Term Lenders has made a Term Loan Advance in the amount of $50,000,000 on
the Stage 1 Mandatory Revolving Conversion Date.

 

Each such borrowing of a
Revolving Advance on any single day is referred to herein as a "Revolving Borrowing"; each such borrowing of a
Term Loan Advance on any single day is referred to herein as a "Term Borrowing"; and Revolving Borrowings and
Term Borrowings are referred to herein collectively as "Borrowings".

 

Within such limits and subject
to the other terms and conditions of this Agreement, the Borrower may borrow (and, with respect to Revolving Advances, re-borrow)
any Advances under this Section 2.01 and prepay such Advances under Section 2.05. For the avoidance of
doubt, Term Loan Advances once repaid may not be re-borrowed.

 

    	 	57	 

     

    

 

Notwithstanding the foregoing
provisions of this Section 2.01 or any other provision herein or in any other Facility Document to the contrary, on
each Mandatory Revolving Conversion Date, the Revolving Advances outstanding as of such date shall without further action or consent
of any kind be converted to Term Loan Advances in an amount equal to the Required Conversion Amount (which Required Conversion
Amount shall be allocated to each Revolving Lender proportionately based on the outstanding principal balance of such Revolving
Lender’s Revolving Advances to the total aggregate outstanding principal balance of Revolving Advances at such time) and,
upon such conversion, (i) each Term Lender shall fund its Percentage of the applicable Required Conversion Amount in accordance
with Section 2.02(c) (and the Collateral Agent shall remit these amounts to the Borrower pursuant to Section 8.02(e))
and (ii) the Borrower shall make a corresponding deposit into the Principal Collection Subaccount to repay each Revolving Lender
in an amount equal to its Percentage of the Required Conversion Amount (and the Collateral Agent shall remit these amounts to each
Revolving Lender pursuant to Section 8.02(e)); provided, however, that any amounts described in subclauses
(i) and (ii) shall automatically be netted if a Revolving Lender is also a Term Lender on such Mandatory Revolving Conversion Date;
provided, further, that each Revolving Lender and the Borrower shall cooperate to evidence the repayment and cancellation
of any Revolving Note, as well as the issuance of any Term Note pursuant to Section 2.03(c). For all purposes hereunder,
the Revolving Advances converted on each Mandatory Revolving Conversion Date shall constitute and be referred to as a Term Loan
Advance hereunder (each such Term Loan Advance referred to herein at times as a "Converted Revolving Advance").
On each Mandatory Revolving Conversion Date, the Total Revolving Credit Commitment shall automatically be reduced by the aggregate
principal amount of all Converted Revolving Advances and converted into Term Loan Advances on such date.

 

Section 2.02         Advances.

 

(a)          If
the Borrower desires to make a Revolving Borrowing under this Agreement, it shall give each Lender and the Facility Agent (with
a copy to the Collateral Agent) a written notice (each, a "Notice of Borrowing") for such Revolving Borrowing
(which notice shall be irrevocable and effective upon receipt by the Facility Agent) not later than 11:00 a.m. at least two Business
Days prior to the day of the requested Revolving Borrowing.

 

Each Notice of Borrowing
shall be substantially in the form of Exhibit B hereto, dated the date the request for the related Revolving Borrowing is
being made, signed by a Responsible Officer of the Borrower, and otherwise be appropriately completed. The proposed Borrowing Date
specified in each Notice of Borrowing shall be a Business Day falling on or prior to the Commitment Termination Date, and the amount
of the Revolving Borrowing requested in such Notice of Borrowing (the "Requested Amount") shall be equal to at
least $1,000,000 or an integral multiple of $250,000 in excess thereof (or, if less, the remaining unfunded Revolving Commitments
hereunder).

 

(b)          Each
Revolving Lender shall not later than 2:00 p.m. on each Borrowing Date in respect of a Revolving Advance make its Percentage of
the applicable Requested Amount available to the Borrower by disbursing such funds in Dollars to the Principal Collection Subaccount.

 

(c)          In
accordance with Section 2.01 hereof, without further action or consent of any kind, each Term Lender shall not later than
2:00 p.m. on any Mandatory Revolving Conversion Date in respect of a Converted Revolving Advance make its Percentage of the applicable
Required Conversion Amount available to the Borrower by disbursing such funds in Dollars to the Principal Collection Subaccount;
provided that if any Term Lender is also a Revolving Lender, it shall net the Borrower's repayment of its Percentage of
the Required Conversion Amount.

 

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Section 2.03         Evidence
of Indebtedness; Revolving Notes and Term Notes.

 

(a)          Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal
and interest thereon and paid to it, from time to time hereunder.

 

(b)          Any
Lender may request that its Commitment to the Borrower be evidenced by a Revolving Note or Term Note, as applicable. In such event,
the Borrower shall promptly prepare, execute and deliver to such Lender a Revolving Note or Term Note, as applicable, payable to
such Lender and otherwise appropriately completed. Thereafter, the Advances of such Lender evidenced by such Revolving Note or
Term Note, as applicable, and interest thereon shall at all times (including after any assignment pursuant to Section 12.06(a))
be represented by a Revolving Note or Term Note payable to such Lender (or registered assigns pursuant to Section 12.06(a)),
except to the extent that such Lender (or assignee) subsequently returns any such Revolving Note or Term Note, as applicable, for
cancellation and requests that such Advances once again be evidenced as described in clauses (a) and (b) of this Section 2.03.

 

(c)          With
respect to any Mandatory Revolving Conversion Date, each Revolving Lender that holds a Revolving Note in respect of a Converted
Revolving Advance shall cooperate with the Borrower to either (i) deliver such Revolving Note for cancellation to the extent that
the Revolving Commitment of such Revolving Lender is terminated in full or (ii) make a notation on Schedule I to the Revolving
Note to reduce the principal amount of Revolving Advances outstanding thereunder in respect of any Converted Revolving Advances,
and simultaneously with any such cancellation or notation described in subclauses (i) and (ii) above, the Borrower shall cooperate
with each respective Term Lender to execute and deliver a Term Note in respect of the Converted Revolving Advance that is payable
to such Term Lender.

 

Section 2.04         Payment
of Principal and Interest on the Advances.

 

The Borrower shall pay principal
and interest on the Advances as follows:

 

(a)          100%
of the outstanding principal amount of each Advance, together with all accrued and unpaid interest thereon, shall be payable on
the Final Maturity Date.

 

(b)          Interest
shall accrue on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in
full, at the following rates per annum:

 

(i)          Base
Rate Advances. While an Advance is a Base Rate Advance, a rate per annum equal to the sum of the Base Rate in effect from time
to time plus the applicable Facility Margin Level.

 

    	 	59	 

     

    

 

(ii)         Eurodollar
Rate Advances. While an Advance is a Eurodollar Rate Advance, a rate per annum for each Interest Accrual Period for such Advance
equal to the sum of LIBOR for such Interest Accrual Period plus the applicable Facility Margin Level.

 

(iii)        CP
Rate Advances. While an Advance is a CP Rate Advance, (i) a rate per annum for each Interest Accrual Period for such Advance
equal to the CP Rate for such Interest Accrual Period plus the applicable Facility Margin Level; and (ii) each CP Rate Advance
funded by a CP Conduit through its liquidity provider shall bear interest on the outstanding principal amount thereof for each
Interest Accrual Period for such Advance equal to the sum of LIBOR for such Interest Accrual Period plus the applicable
Facility Margin Level, for each day in such Interest Accrual Period prior to the day on which such funding has been refinanced
through the issuance of Commercial Paper at the CP Rate for the remainder of such Interest Accrual Period plus the applicable
Facility Margin Level.

 

All Advances shall constitute
CP Rate Advances if made by a CP Conduit established or administered by Natixis, New York Branch and Eurodollar Rate Advances if
made by any other Lender (subject to their conversion to Base Rate Advances pursuant to Section 2.11), provided that,
in the event the Borrower is no longer able to borrow CP Rate Advances or Eurodollar Rate Advances as a result of the occurrence
of any of the circumstances set forth in Section 2.11, the Borrower may request Base Rate Advances hereunder until such
time as Eurodollar Rate Advances are available.

 

The Calculation Agent shall
provide notice to the Facility Agent, the Lenders, the Borrower and the Collateral Manager of any and all LIBOR rate sets on the
date that any such rate set is determined. Each CP Conduit (or its administrator) shall notify the Facility Agent, the Calculation
Agent, the Collateral Agent, the Borrower and the Collateral Manager of the CP Rate for the related Interest Accrual Period on
or prior to the related Determination Date in connection with the provision of its invoice or otherwise upon written request. 
The CP Rate for each CP Conduit shall be calculated, for each day during the period between the date of such notice and the last
day of each Interest Accrual Period (the "Estimate Period"), on the basis of such CP Conduit's good faith estimate
of its funding costs for such Estimate Period, and the amount of interest payable to such CP Conduit in respect of the following
Interest Accrual Period shall be increased by the amount, if any, by which interest at the actual CP Rates for such CP Conduit
for the Estimate Period exceeds the amount estimated or shall be decreased by the amount, if any, by which the amount of interest
at the estimated CP Rates for such Estimate Period exceeds the amount of interest accrued at the actual CP Rates.  However,
on the Final Maturity Date of the Advances, any such increase or decrease that would be due pursuant to the preceding sentence
shall instead be settled and paid on such Final Maturity Date.  Each CP Conduit shall supply a reconciliation of such amounts
as provided in this Section 2.04(b) for each such period to the Facility Agent, the Borrower and the Collateral Manager
and, absent manifest error, such reconciliation shall be conclusive and binding on all parties hereto.  The interest rate
payable to a CP Conduit shall reflect proportionately the different sources of funding used during each Interest Accrual Period
by the CP Conduit to finance its outstanding revolving loans.

 

    	 	60	 

     

    

 

(c)          Accrued
interest on each Advance shall be payable in arrears (x) on each Payment Date, and (y) on each date of prepayment of
principal thereof, on the principal amount so prepaid to but excluding the date of prepayment.

 

(d)          Subject
in all cases to Section 2.04(f), the obligation of the Borrower to pay the Obligations, including the obligation of
the Borrower to pay the Lenders the outstanding principal amount of the Advances and accrued interest thereon, shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including Section 2.15),
under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment (other than payment) which the
Borrower or any other Person may have or have had against any Secured Party or any other Person.

 

(e)          As
a condition to the payment of principal of and interest on any Advance without the imposition of withholding tax, each Agent and
the Borrower may require certification acceptable to such Agent or the Borrower from any recipient to enable the Borrower and the
Agents to determine their duties and liabilities with respect to any taxes or other charges that they may be required to deduct
or withhold from payments in respect of such Advance under any present or future law or regulation of the United States and any
other applicable jurisdiction, or any present or future law or regulation of any political subdivision thereof or taxing authority
therein or to comply with any reporting or other requirements under any such law or regulation.

 

(f)          Notwithstanding
any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited recourse obligations of
the Borrower only payable solely from the Collateral and, following realization of the Collateral, and application of the proceeds
thereof in accordance with the Priority of Payments and, subject to Section 2.12, all obligations of and any claims
against the Borrower hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter
revive. No recourse shall be had against any officer, director, employee, shareholder, Affiliate, member, manager, agent, partner,
principal or incorporator of the Borrower or their respective successors or assigns (any "Related Person") for
any amounts payable under this Agreement. It is understood that the foregoing provisions of this clause (f) shall not (i) prevent
recourse to (x) the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the
Collateral or (y) any Affiliate of the Borrower under any Facility Document to which it is party thereto or (ii) constitute
a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized.
It is further understood that the foregoing provisions of this clause (f) shall not limit the right of any Person to name
the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no
judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against
any such Related Person.

 

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Section 2.05         Prepayment
of Advances.

 

(a)          Optional
Prepayments. Other than in connection with a Payment in Full and termination of the Facility which is subject to Section
2.06(b), the Borrower may from time to time on any Business Day other than the Business Day immediately preceding any Payment
Date, voluntarily prepay the Revolving Advances and/or the Term Loan Advances together with accrued interest thereon in whole or
in part using Principal Proceeds, without penalty or premium; provided that the Borrower shall have delivered to the Lenders
and the Facility Agent (with a copy to the Collateral Agent) written notice of such prepayment (such notice, a "Notice
of Prepayment") in the form of Exhibit C hereto not later than 12:00 noon on the Business Day that is (i) in
the case of CP Rate Advances or Eurodollar Rate Advances, three Business Days prior to the date of such prepayment, and (ii) in
the case of Base Rate Advances, one Business Day prior to the date of such prepayment. Each such Notice of Prepayment shall be
irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer
of the Borrower and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.05(a)
shall in each case be in a principal amount of at least $1,000,000 or a whole multiple of $250,000 in excess thereof or, if less,
the entire outstanding principal amount of the related type of Advances of the Borrower. If a Notice of Prepayment is given by
the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable
on the date specified therein. Any optional prepayment of Revolving Advances may be re-borrowed in accordance with Section 2.02.
Term Loan Advances once repaid may not be re-borrowed.

 

(b)          Mandatory
Prepayments. The Borrower shall prepay the Revolving Advances and/or the Term Loan Advances and make deposits in the Revolving
Reserve Account on each Payment Date in the manner and to the extent provided in the Priority of Payments. The Borrower shall provide,
in each Payment Date Report, notice of the aggregate amounts of the Revolving Advances and/or the Term Loan Advances that are to
be prepaid on the related Payment Date and amounts to be deposited in the Revolving Reserve Account in accordance with the Priority
of Payments. Notwithstanding the foregoing, the Borrower shall repay, subject to the automatic netting of amounts between any Revolving
Lender that is also a Term Lender, (i) $50,000,000 in aggregate principal amount of the Revolving Advances outstanding on the Stage
1 Mandatory Revolving Conversion Date, if applicable and (ii) the entire aggregate principal amount of the Revolving Advances outstanding
on the Stage 2 Mandatory Revolving Conversion Date, and in either case, re-issue such Revolving Advances as Term Loan Advances
in accordance with Section 2.01 and Section 2.03(c). Term Loan Advances once repaid may not be re-borrowed.

 

(c)          Additional
Prepayment Provisions. Each prepayment pursuant to this Section 2.05 shall be (i) subject to Sections 2.04(c)
and 2.10 and (ii) applied to the Advances of the Lenders in accordance with their respective Percentages.

 

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Section 2.06         Reductions
in Commitments.

 

(a)          Automatic
Reduction and Termination. The Total Commitment (and the applicable Term Commitment or Revolving Commitment of each Term Lender
or Revolving Lender) shall be automatically reduced (i) in part, with respect to the Term Commitment of each Term Lender, to the
extent provided in connection with any optional or mandatory prepayments of Term Loan Advances made pursuant to Section 2.05(a)
or Section 2.05(b), as applicable, and (ii) to zero at the close of business on the Commitment Termination Date. The Borrower
shall not terminate or reduce the Total Commitment if, to the extent that after giving effect to such reduction or termination,
a Commitment Shortfall shall exist.

 

(b)          Optional
Termination in Whole. Prior to the Commitment Termination Date, the Borrower shall have the right at any time to terminate
the Commitments in their entirety upon not less than 5 Business Days' prior notice to the Lenders and the Facility Agent of any
such termination, which notice shall specify the effective date of such termination, provided that Payment in Full (excluding
any amount owed to the Subordinated Noteholders) occurs on such date. The Borrower may use amounts in the Covered Accounts to effect
any such Payment in Full. Such notice of termination shall be irrevocable and effective only upon receipt and shall terminate and
cancel the Commitments of each Lender on the date specified in such notice.

 

(c)          Optional
Reductions in Part. Prior to the Commitment Termination Date, the Borrower shall have the right at any time to reduce permanently
in an aggregate amount of at least $10,000,000 the unused amount of the Total Commitment or any portion thereof upon not less than
5 Business Days' prior notice to the Lenders and the Facility Agent of any such reduction, which notice shall specify the effective
date of such reduction, the amount of any such reduction and the allocation to the Term Commitment and/or Revolving Commitment,
as applicable, provided that no such reduction will reduce the Total Commitments below the aggregate principal amount
of Advances outstanding at such time. Any such notice of reduction shall be irrevocable.

 

(d)          Effect
of Termination or Reduction. Any reduction (i) with respect to the Term Commitment (and the Term Commitment of each Term Lender),
pursuant to Section 2.06(a)(i) or (ii) with respect to the Total Commitment (and the applicable Term Commitment or Revolving
Commitment of each Term Lender or Revolving Lender), to the extent provided in connection with any optional reduction of the Total
Commitment made pursuant to Section 2.06(c), once reduced may not be reinstated. Any termination of the Total Commitment
(and the Commitment of each Lender) under Section 2.06(b) and Section 2.06 (c), once terminated may not be reinstated.

 

Section 2.07         Maximum
Lawful Rate.

 

It is the intention of the
parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly,
anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received
from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess
of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured
Parties under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of
the outstanding principal amount of the Advances of the Borrower.

 

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Section 2.08         Several
Obligations.

 

The failure of any Lender
to make any Advance to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make
its Advance on such date, neither Agent shall be responsible for the failure of any Lender to make any Advance, and no Lender shall
be responsible for the failure of any other Lender to make an Advance to be made by such other Lender.

 

Section 2.09         Increased
Costs.

 

(a)          Except
with respect to Taxes which shall be governed exclusively by Section 12.03, and without duplication of amounts required to be paid
or indemnified by Borrower pursuant to Section 12.04, if, due to either (i) the introduction of or any change in or in the
interpretation, application or implementation of any Applicable Law (a "Regulatory Change") after the date hereof,
or (ii) the compliance with any guideline or change in the interpretation, application or implementation of any guideline
or request from any central bank or other Authority (whether or not having the force of law) after the date hereof, there shall
be any increase in the cost to any Affected Person of agreeing to make or making, funding or maintaining Advances to the Borrower,
then the Borrower shall from time to time, on the Payment Dates (but subject in all cases to Section 2.04(f)), following
such Affected Person's demand, pay in accordance with the Priority of Payments to such Affected Person such additional amounts
as may be sufficient to compensate such Affected Person for such increased cost. A certificate setting forth in reasonable detail
the amount of such increased cost, submitted to the Borrower by an Affected Person (with a copy to the Agents and DBRS), shall
be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything herein to the contrary, each of (A)
the Dodd–Frank Wall Street Reform and Consumer Protection Act and all rules and regulations promulgated thereunder or issued
in connection therewith (the "Dodd-Frank Act"), (B) Article 404 of the CRR and all rules and regulations promulgated
thereunder or issued in connection therewith, (C) any law, request, rule, guideline or directive promulgated by the Bank of International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III ("Basel III"), (D) the EU Directive 2011/61/EU on Alternative
Investment Fund Managers (as amended from time to time and as implemented by Member States of the European Union) together with
any implemented or delegated regulation, technical standards and guidance related thereto as may be amended, supplemented 
or replaced from time to time ("AIFMD"), (E) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy
Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation
of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by the Office of the Comptroller of the Currency,
Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office
of Thrift Supervision, Department of Treasury on December 15, 2009 (the "FAS 166/167 Regulatory Capital Rules"),
or any rules, regulations, guidance, interpretations or directives from bank regulatory agencies promulgated in connection therewith
and (F) any existing or future rules, regulations, guidance, interpretations or directives from the U.S. bank regulatory agencies
relating to the Dodd-Frank Act, Basel III, Article 404 of the CRR, AIFMD or FAS 166/167 Regulatory Capital Rules (whether or not
having the force of law), and all rules and regulations promulgated thereunder or issued in connection therewith shall be deemed
to have been introduced after the Original Closing Date, thereby constituting a Regulatory Change hereunder with respect to the
Affected Parties as of the Original Closing Date, regardless of the date enacted, adopted or issued provided, however, that the
Borrower shall not be responsible for any increased costs relating to Article 404 of the CRR and all rules and regulations promulgated
thereunder or issued in connection therewith so long as the Borrower is in compliance with Section 5.01(l) hereunder.

 

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(b)          If
an Affected Person determines that (i) the applicability of any law, rule, regulation or guideline adopted after the date hereof
pursuant to or arising out of Basel III or (ii) the adoption after the date hereof of any other law, rule, regulation or guideline
regarding capital adequacy affecting such Affected Person or any holding company for such Affected Person or (iii) compliance,
implementation or application, whether commenced prior to or after the date hereof, by any Affected Person with the Dodd-Frank
Act, Basel III, Article 404 of the CRR, AIFMD or FAS 166/167 Regulatory Capital Rules or any rules, regulations, guidance, interpretations
or directives from bank regulatory agencies promulgated in connection therewith or (iv) any change arising after the date hereof
in the foregoing or in the interpretation or administration of any of the foregoing by any governmental Authority, central bank
or comparable agency charged with the interpretation or administration thereof, or (v) compliance by any Affected Person (or any
lending office of such Affected Person), or any holding company for such Affected Person which is subject to any of the capital
requirements described above, with any request or directive issued after the date hereof regarding capital adequacy (whether or
not having the force of law) of any such authority, central bank or comparable agency, (A) affects the amount of capital required
to be maintained by such Affected Person and that the amount of such capital is increased by or based upon the existence of such
Affected Person's Commitment under this Agreement or upon such Affected Person's making, funding or maintaining Advances or (B) reduces
the rate of return of an Affected Person to a level below that which such Affected Person could have achieved but for such compliance
(taking into consideration such Affected Person's policies with respect to capital adequacy), then the Borrower shall from time
to time, on the Payment Dates (but subject in all cases to Section 2.04(f)), following such Affected Person's demand, pay
in accordance with the Priority of Payments such additional amounts which are sufficient to compensate such Affected Person for
such increase in capital or reduced return. If any Affected Person becomes entitled to claim any additional amounts pursuant to
this Section 2.09(b), it shall promptly notify the Borrower (with a copy to the Agents and DBRS) of the event by reason
of which it has become so entitled. A certificate setting forth in reasonable detail such amounts submitted to the Borrower by
an Affected Person shall be conclusive and binding for all purposes, absent manifest error.

 

Upon the occurrence of any
event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to clauses (a) or (b) of
this Section 2.09, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy
considerations of such Lender) to designate a different lending office if such designation would reduce or obviate the obligations
of the Borrower to make future payments of such additional amounts; provided that such designation is made on such terms
that such Lender and its lending office suffer no unreimbursed cost or legal or regulatory disadvantage (as reasonably determined
by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision.

 

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Upon the occurrence of any
event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to clauses (a) or (b) of
this Section 2.09, the Borrower shall have the right to replace such Lender (the "Replaced Lender")
with one or more other assignees meeting the requirements set forth in Section 12.06 hereof which will not result in additional
amounts being payable pursuant to clauses (a) or (b) of this Section 2.09 (collectively, the "Replacement Lender"),
provided that (i) all fees and expenses incurred by the Replaced Lender in connection with such assignment shall be paid
by the Borrower and (ii) the Replacement Lender shall acquire all of the Commitments and outstanding Advances of the Replaced Lender
and, in connection therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the principal of, and all
accrued interest on, all outstanding Advances of the Replaced Lender and all related fees and expenses in connection with the Facility
Documents.

 

Section 2.10         Compensation;
Breakage Payments.

 

The Borrower agrees to compensate
each Affected Person from time to time, on the Payment Dates, following such Affected Person's written request (which request shall
set forth the basis for requesting such amounts), in accordance with the Priority of Payments, for all reasonable losses, expenses
and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed by the Borrower to make or carry
a CP Rate Advance or a Eurodollar Rate Advance made to the Borrower and any loss sustained by such Affected Person in connection
with the re-employment of such funds but excluding loss of anticipated profits or margin), which such Affected Person may sustain:
(i) if for any reason (including any failure of a condition precedent set forth in Article III but excluding a
default by the applicable Lender) a Borrowing of any CP Rate Advance or Eurodollar Rate Advance by the Borrower does not occur
on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if any payment,
prepayment or conversion of any of the Borrower's CP Rate Advances or Eurodollar Rate Advances occurs on a date that is not the
last day of the relevant Interest Accrual Period, (iii) if any payment or prepayment of any CP Rate Advance or Eurodollar
Rate Advance is not made on any date specified in a Notice of Prepayment given by the Borrower, (iv) if any Eurodollar Rate
Advance is converted into a Base Rate Advance on a date other than the last day of the Interest Accrual Period therefor or (v) as
a consequence of any other default by the Borrower to repay its CP Rate Advances or Eurodollar Rate Advances when required by the
terms of this Agreement. A certificate as to any amounts payable pursuant to this Section 2.10 submitted to the Borrower
by any Lender (with a copy to the Agents and DBRS, and accompanied by a reasonably detailed calculation of such amounts and a description
of the basis for requesting such amounts) shall be conclusive in the absence of manifest error.

 

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Section 2.11         Illegality;
Inability to Determine Rates.

 

(a)          Notwithstanding
any other provision in this Agreement, in the event that it becomes unlawful for a Lender to (i) honor its obligation to make
CP Rate Advances or Eurodollar Rate Advances hereunder, or (ii) maintain CP Rate Advances or Eurodollar Rate Advances hereunder,
then such Lender shall promptly notify the Agents and the Borrower thereof (with a copy to DBRS), and such Lender's obligation
to make or maintain CP Rate Advances or Eurodollar Rate Advances hereunder shall be suspended until such time as such Lender may
again make and maintain CP Rate Advances or Eurodollar Rate Advances, and such Lender's outstanding CP Rate Advances or Eurodollar
Rate Advances shall be automatically converted into Base Rate Advances on the date that such Lender shall specify to the Agents
and the Borrower. Promptly after the reason for such suspension no longer applies, the Lender shall send written notice to the
Facility Agent, the Collateral Agent and the Borrower, at which time, as soon as reasonably practicable after such Lender has specified
to the Facility Agent, the Collateral Agent and the Borrower that it may again make and maintain such Advances, all outstanding
Base Rate Advances shall be converted back into CP Rate Advances or Eurodollar Rate Advances, as applicable.

 

(b)          Upon
the occurrence of any event giving rise to a Lender's suspending its obligation to make or maintain CP Rate Advances or Eurodollar
Rate Advances, as applicable pursuant to Section 2.11(a), such Lender will, if requested by the Borrower, use reasonable
efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would
enable such Lender to again make and maintain CP Rate Advances or Eurodollar Rate Advances ,as applicable; provided that
such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or material legal or
regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event
giving rise to the operation of any such provision.

 

(c)          Upon
the occurrence of any event giving rise to a Lender's suspending its obligation to make or maintain CP Rate Advances or Eurodollar
Rate Advances, the Borrower shall have the right to replace such Lender (the "Replaced Lender") with one or more
other assignees meeting the requirements set forth in Section 12.06 hereof and whose obligation to make or maintain CP Rate
Advances or Eurodollar Rate Advances is not suspended (collectively, the "Replacement Lender"), provided that
(i) all fees and expenses incurred by the Replaced Lender in connection with such assignment shall be paid by the Borrower and
(ii) the Replacement Lender shall acquire all of the Commitments and outstanding Advances of the Replaced Lender and, in connection
therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the principal of, and all accrued interest on,
all outstanding Advances of the Replaced Lender and all related fees and expenses in connection with the Facility Documents.

 

(d)          If
prior to the first day of any Interest Accrual Period, (i) the Lender determines and notifies the Calculation Agent that for
any reason adequate and reasonable means do not exist for determining the rate for such Interest Accrual Period for any CP Rate
Advances or Eurodollar Rate Advances, or (ii) the Facility Agent determines and notifies the Calculation Agent that the CP
Rate or Eurodollar Rate with respect to such Interest Accrual Period for any CP Rate Advances or Eurodollar Rate Advances, as applicable
does not adequately and fairly reflect the cost to such Lender of funding such CP Rate Advances or Eurodollar Rate Advances, the
Calculation Agent will promptly so notify the Borrower, the Agents, each Lender and DBRS. Thereafter, the obligation of the Lender
to make or maintain CP Rate Advances or Eurodollar Rate Advances, as applicable, shall be suspended until the Lender or Facility
Agent, as applicable revokes such notice, and all outstanding CP Rate Advances or Eurodollar Rate Advances, as applicable, shall
be converted into Base Rate Advances on the date that such Lender or Facility Agent, as applicable, shall specify to the Borrower.
Promptly After the reason for such suspension no longer applies, the Lender or Facility Agent, as applicable, shall send written
notice to the Borrower, the Facility Agent, the Collateral Agent, the Calculation Agent and each Lender, at which time, as soon
as reasonably practicable thereafter, all outstanding Base Rate Advances shall be converted back into CP Rate Advances or Eurodollar
Rate Advances, as applicable.

 

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Section 2.12         Rescission
or Return of Payment.

 

The Borrower agrees that,
if at any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it
to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including
the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make
such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded
or returned, be deemed to have continued in existence and this Agreement shall continue to be effective or be reinstated, as the
case may be, as to such obligations, all as though such payment had not been made.

 

Section 2.13         Fees
Payable by Borrower.

 

(a)          The
Borrower hereby agrees to pay to each Lender, other than a Defaulting Lender, a commitment fee (a "Commitment Fee")
as set forth in the Second Restatement Fee Letter. Commitment Fees accrued during each Collection Period shall be payable in accordance
with Section 9.01(a) on the related Payment Date.

 

(b)          All
payments by or on behalf of the Borrower under this Section 2.13 shall be made in accordance with the Priority of Payments.

 

Section 2.14         Post-Default
Interest.

 

The Borrower shall pay interest
on all Obligations that are not paid when due for the period from the due date thereof until the date the same is paid in full
at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the
Priority of Payments.

 

Section 2.15         Payments
Generally.

 

(a)          All
amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and other
Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement,
shall be paid by the Borrower (through the Collateral Agent) to the applicable recipient in Dollars, in immediately available funds,
in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or
deferment. Each Lender shall provide wire instructions to the Borrower and the Collateral Agent. Payments received after 1:00 p.m.
on a Business Day will be deemed to have been paid on the next following Business Day.

 

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(b)          Except
as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of
a year of 360 days for the actual number of days elapsed in computing interest on any Advance, the date of the making of an
Advance shall be included and the date of payment shall be excluded; provided that, if an Advance is repaid on the same day on
which it is made, one day's interest shall be paid on such Advance. All computations made by the Calculation Agent or the Facility
Agent under this Agreement shall be conclusive absent manifest error.

 

Section 2.16         Lenders
Not Satisfying the Rating Criteria.

 

If and for so long as any
Lender fails to satisfy the Rating Criteria, such Lender may deposit, in accordance with Section 8.03(c), an amount equal
to such Lender's undrawn Commitment at such time in the appropriate Lender Funding Subaccount, and all principal payments in respect
of the Advances which would otherwise be made to such Lender shall be diverted to the appropriate Lender Funding Subaccount, in
accordance with Section 8.03(c), and any amounts in such Lender Funding Subaccount shall be applied to any future funding
obligations of such Lender. If, within 20 Business Days after the date as of which any Lender has ceased to satisfy the Rating
Criteria, such Lender has not deposited an amount equal to such Lender's undrawn Commitment in the appropriate Lender Funding Subaccount,
(i) the Facility Agent will provide written notice thereof to DBRS, and (ii) the Borrower may, at its option, replace such Lender
(all the costs incurred by the Borrower in connection with such replacement being for the account of such Lender) with another
entity that meets the Rating Criteria and that is eligible to be an assignee of the Commitments under the terms of this Agreement
(by requiring the replaced Lender to transfer all of its rights and obligations in respect of its Commitment to the transferee
entity at a price equal to the principal of, and all accrued interest on, all outstanding Advances of the replaced Lender). Each
of the Collateral Agent, the Facility Agent and the Lender being replaced will agree to cooperate with all reasonable requests
of the Borrower for the purpose of effecting such transfer.

 

Section 2.17         Applicable
Row Level.

 

The Borrower or the Collateral
Manager may specify a different Applicable Row Level than the one currently selected by the Collateral Manager by delivery of written
notice to the Agents (with a copy to DBRS, the Collateral Agent and the Lenders), signed by a Responsible Officer of the Borrower
or Collateral Manager, as applicable, upon not more than five Business Days and not less than one Business Day prior to the day
on which such different Applicable Row Level is to become effective for purposes of the Matrix certifying that (i) each Collateral
Quality Test is satisfied at such time, (ii) each Coverage Test is satisfied at such time, (iii) the Row Advance Rate that is in
use at such time equals or exceeds the Portfolio Advance Rate at such time; and (iv) no Commitment Shortfall exists at such time,
together with a report demonstrating compliance with each requirement set forth in the aforementioned clauses (i) through (iv)
as well as compliance with all columns in the Matrix for the proposed Applicable Row Level.

 

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Section 2.18         Additional
Advances.

 

(a)          Subject
to the terms and conditions set forth herein, the Borrower shall have the right, at any time during the Reinvestment Period, to
incur additional indebtedness in the form of a one time only increase to the Revolving Commitment and/or the Term Commitment (such
increase, an "Increased Commitment" and any loans made to the Borrower pursuant to such Increased Commitment,
"Additional Advances") by notice to the Agents and DBRS, up to an aggregate maximum amount equal to $50,000,000;
provided that (i) the Borrower shall satisfy the conditions of Section 3.05 (including the DBRS rating letter
described in 3.05(e)), (ii) any such request for an increase shall be in a minimum amount of $5,000,000; (iii) the net proceeds
of any Additional Advances are used (x) to purchase or originate additional Collateral Obligations, (y) to pay fees and expenses
of the Agents in connection therewith and/or (z) as Principal Proceeds for purposes permitted hereunder; and (iv) the written consent
of the Lenders has been obtained.

 

(b)          The
terms and conditions (other than the Facility Margin Level) of the Additional Advances issued pursuant to this Section 2.18
will be identical to those of the initial Advances (except that the interest due on the Additional Advances will accrue from the
issue date of such Additional Advances). Interest on the Additional Advances will be payable commencing on the first applicable
Payment Date following the issue date of such Additional Advances. The Additional Advances will rank pari passu in all respects
with the initial Advances.

 

(c)          Any
Increased Commitment issued pursuant to this Section 2.18 will be offered first to the existing Lenders, in such amounts as
are necessary to preserve their pro rata holdings of the Advances.

 

(d)          Each
Additional Lender shall satisfy the Rating Criteria and, upon the making of an Additional Advance or the extension of an Increased
Commitment, shall be deemed to be a Lender for all purposes hereunder.

 

Section 2.19         Issuance
of Subordinated Notes..

 

On the Second Restatement
Effective Date, in consideration for the reduction of the value of a portion of its Equity by the Equity Owner pursuant to the
subscription and exchange agreement entered into between the Borrower and the Equity Owner, the Borrower shall issue Subordinated
Notes to the Equity Owner with an initial principal amount equal to $15,000,000. Unless a Subordinated Noteholder requests to receive
a definitive Subordinated Note, Subordinated Notes will be uncertificated interests recorded on the Borrower Register. If any Subordinated
Noteholder requests a definitive Subordinated Note, the Borrower shall execute a definitive Subordinated Note substantially in
the form of Exhibit A-3 hereto and deliver such definitive Subordinated Note to such Subordinated Noteholder.

 

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Section 2.20         Payments
of Interest on the Subordinated Notes.

 

(a)          The
Subordinated Notes shall accrue interest during each Interest Accrual Period at an interest rate of 5.0% per annum and such interest
will be payable in arrears on each Payment Date on the principal amount thereof on the first day of the related Interest Accrual
Period (after giving effect to payments of principal thereof on such date), except as otherwise set forth below. Payment of interest
on the Subordinated Notes will be subordinated to the payment of principal and interest on the Advances. Any payment of interest
due on Subordinated Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance
with the Priority of Payments on such Payment Date shall constitute "Deferred Interest". Deferred Interest on
the Subordinated Notes shall be payable on the first Payment Date on which funds are available to be used for such purpose in accordance
with the Priority of Payments, but in any event no later the Final Maturity Date. To the extent that funds are not available on
any Payment Date (other than with respect to the Final Maturity Date) to pay previously accrued Deferred Interest, such previously
accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such previously accrued Deferred
Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on the Subordinated Notes or, in the
case of a partial repayment, on such repaid part, from the date of repayment. To the extent lawful and enforceable, (x) interest
on Deferred Interest with respect to the Subordinated Notes and (y) interest on any interest that is not paid when due and payable
on the Subordinated Notes shall accrue at 5.0% per annum.

 

Article
III

CONDITIONS PRECEDENT

 

Section 3.01         Conditions
Precedent to the Original Closing Date.

 

The obligation of the Lenders
to have made Advances hereunder comprising the initial Borrowing was subject to the conditions precedent that the Facility Agent
shall have received on or before the Original Closing Date the following, each in form and substance satisfactory to the Facility
Agent:

 

(a)          each
of the Facility Documents duly executed and delivered by the parties thereto, which shall each be in full force and effect;

 

(b)          true
and complete copies of the Constituent Documents of the Borrower and the Collateral Manager as in effect on the Original Closing
Date;

 

(c)          true
and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations
and Governmental Filings (other than the UCC financing statements to be filed pursuant to clause (f) below), if any, required in
connection with the transactions contemplated by this Agreement;

 

(d)          a
certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions
or other action of its board of directors or members or manager approving this Agreement and the other Facility Documents to which
it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility
Documents to which it is a party are true and correct in all material respects as of the Original Closing Date (except to the extent
such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default has occurred and
is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute
the Facility Documents to which it is a party;

 

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(e)          a
certificate of a Responsible Officer of the Collateral Manager certifying (i) as to its Constituent Documents, (ii) as
to its resolutions or other action of its board of directors or manager approving this Agreement and the other Facility Documents
to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth
in the Facility Documents to which it is a party are true and correct in all material respects as of the Original Closing Date
(except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date), (iv) to the best of its knowledge,
no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each
of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

 

(f)          proper
financing statements, under the UCC in all jurisdictions that the Facility Agent deems necessary or desirable in order to perfect
the interests in the Collateral contemplated by this Agreement;

 

(g)          copies
of proper financing statements, amendments, if any, necessary to release all security interests and other rights of any Person
in the Collateral previously granted by the Borrower or any predecessor in interest (including any transferor);

 

(h)          legal
opinions (addressed to each of the Secured Parties and DBRS) of (i) Dechert LLP, counsel to the Borrower and the Collateral
Manager and (ii) Chapman and Cutler LLP, counsel to the Collateral Agent, covering such matters as the Facility Agent and its counsel
shall reasonably request;

 

(i)          evidence
satisfactory to it that all of the Covered Accounts shall have been established; and the Account Control Agreement shall have been
executed and delivered by the Borrower, the Collateral Agent and the Custodian and shall be in full force and effect;

 

(j)          evidence
satisfactory to it that the Borrower shall have paid (i) the fees to be received by Natixis on or prior to the Original Closing
Date pursuant to this Agreement and each other Facility Document; (ii) the accrued fees and expenses in connection with the transactions
contemplated hereby of (A) Ashurst LLP, counsel to the Facility Agent and Lenders, (B) Sidley Austin LLP, counsel to DBRS, and
(C) Chapman and Cutler LLP, counsel to the Collateral Agent; and (iii) the fees to be received by DBRS on or prior to the Original
Closing Date pursuant to the engagement letter dated as of April 18, 2012 between H.I.G. Whitehorse Holdings, LLC and DBRS.

 

(k)          a
Retention of Net Economic Interest Letter substantially in the form of Exhibit G;

 

(l)          Delivery
of the Collateral (including any promissory note, executed assignment agreements and copies of any other Related Documents in Microsoft
Word format or portable document format (.pdf) available to the Borrower for each initial Collateral Obligation) in accordance
with Section 12.20 shall have been effected;

 

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(m)          a
certificate of a Responsible Officer of the Borrower, dated as of the Original Closing Date, to the effect that, in the case of
each item of Collateral pledged to the Collateral Agent, on the Original Closing Date and immediately prior to the delivery thereof
on the Original Closing Date:

 

(i)          the
Borrower is the owner of such Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for
(A) those which are being released on the Original Closing Date, (B) those granted pursuant to this Agreement and the
Account Control Agreement and (C) Permitted Liens;

 

(ii)         the
Borrower has acquired its ownership in such Collateral in good faith without notice of any adverse claim, except as described in
clause (i) above;

 

(iii)        the
Borrower has not assigned, pledged or otherwise encumbered its interest in such Collateral (or, if any such interest has been assigned,
pledged or otherwise encumbered, it has been released) other than interests granted pursuant to this Agreement and the Account
Control Agreement;

 

(iv)        the
Borrower has full right to grant a security interest in and assign and pledge such Collateral to the Collateral Agent; and

 

(v)         upon
grant by the Borrower, Delivery of the Collateral and execution of the Account Control Agreement, the Collateral Agent has a first
priority (subject to clause (ii) of the definition of Permitted Liens) perfected security interest in the Collateral;

 

(n)          the
Facility Agent has received a rating letter satisfactory to the Facility Agent, delivered and signed by DBRS and confirming that
the Facility has been assigned at least a "AA(sf)" rating by DBRS;

 

(o)          such
other opinions, instruments, certificates and documents from the Borrower as the Agents or any Lender shall have reasonably requested;
and

 

(p)          all
legal and due diligence matters incident to this Agreement and the other Facility Documents shall be satisfactory to the Borrower,
the Facility Agent, the Lenders and their respective counsel;

 

(q)          a
certificate of a Responsible Officer of the Borrower, dated as of the Original Closing Date, to the effect that, in the case of
the Collateral Obligations owned by the Borrower on the Original Closing Date:

 

(i)          each
Collateral Quality Test is satisfied;

 

(ii)         each
Coverage Test is satisfied;

 

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(iii)        the
Advance Rate Test is satisfied;

 

(iv)        no
Commitment Shortfall exists; and

 

(v)         with
respect to any Collateral Obligation with a Credit Estimate, such Credit Estimate has been assigned by DBRS within one year prior
to the Original Closing Date.

 

(r)          evidence
that the Borrower has directed the Collateral Agent to deposit the Closing Expense Account Amount into the Closing Expense Account
for use pursuant to Section 8.12;

 

(s)          a
certificate of a Responsible Officer of the Borrower or the Collateral Manager, dated as of the Original Closing Date, specifying
the Applicable Row Level to be in effect for purposes of the Matrix; and

 

(t)          a
certificate of a Responsible Officer of the Collateral Manager, dated as of the Original Closing Date, certifying that each Collateral
Obligation owned by the Borrower as of the Original Closing Date satisfies the requirements of the definition of "Collateral
Obligation".

 

Section 3.02         Conditions
Precedent to the Restatement Effective Date.

 

The obligation of the Lenders
to make Advances hereunder comprising the Borrowing shall be subject to the conditions precedent that the Facility Agent shall
have received on or before the Restatement Effective Date the following, each in form and substance satisfactory to the Facility
Agent:

 

(a)          each
of the amended and restated Facility Documents duly executed and delivered by the parties thereto, which shall each be in full
force and effect;

 

(b)          true
and complete copies of the Constituent Documents of the Borrower and the Collateral Manager as in effect on the Restatement Effective
Date;

 

(c)          true
and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations
and Governmental Filings (other than the UCC financing statements to be filed pursuant to clause (f) below and any filings required
to be made by WhiteHorse Finance, Inc. after the Restatement Effective Date under the Investment Company Act, the Investment Advisers
Act of 1940, as amended, the Securities Act or the Exchange Act, which shall be made in accordance with Applicable Law), if any,
required in connection with the transactions contemplated by this Agreement;

 

(d)          a
certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions
or other action of its board of directors or members or manager approving this Agreement and the other Facility Documents to which
it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility
Documents to which it is a party are true and correct in all material respects as of the Restatement Effective Date (except to
the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default has occurred
and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute
the Facility Documents to which it is a party;

 

    	 	74	 

     

    

 

(e)          a
certificate of a Responsible Officer of the Collateral Manager certifying (i) as to its Constituent Documents, (ii) as
to its resolutions or other action of its board of directors or manager approving this Agreement and the other Facility Documents
to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth
in the Facility Documents to which it is a party are true and correct in all material respects as of the Restatement Effective
Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date), (iv) to the best of its knowledge,
no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each
of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

 

(f)          proper
financing statements (including amendments to existing financing statements), under the UCC in all jurisdictions that the Facility
Agent deems necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement;

 

(g)          copies
of proper financing statements, amendments, if any, necessary to release all security interests and other rights of any Person
in the Collateral previously granted by the Borrower or any predecessor in interest (including any transferor);

 

(h)          legal
opinions (addressed to each of the Secured Parties and DBRS) of (i) Dechert LLP, counsel to the Borrower and the Collateral
Manager and (ii) Chapman and Cutler LLP, counsel to the Collateral Agent, covering such matters as the Facility Agent and its counsel
shall reasonably request;

 

(i)          [reserved];

 

(j)          evidence
satisfactory to it that the Borrower shall have paid (i) the fees to be received by Natixis on or prior to the Restatement Effective
Date pursuant to this Agreement and each other Facility Document; (ii) the accrued fees and expenses in connection with the transactions
contemplated hereby of (A) Ashurst LLP, counsel to the Facility Agent and Lenders, (B) Dechert LLP, counsel to the Borrower and
the Transferor and (C) Chapman and Cutler LLP, counsel to the Collateral Agent; and (iii) the fees to be received by DBRS on the
Restatement Effective Date;

 

(k)          a
Retention of Net Economic Interest Letter substantially in the form of Exhibit G;

 

(l)          Delivery
of the Collateral (including any promissory note, executed assignment agreements and copies of any other Related Documents in Microsoft
Word format or portable document format (.pdf) available to the Borrower for each Collateral Obligation) in accordance with Section 12.20
shall have been effected;

 

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(m)          a
certificate of a Responsible Officer of the Borrower, dated as of the Restatement Effective Date, to the effect that, in the case
of each item of Collateral pledged to the Collateral Agent, as of the Restatement Effective Date:

 

(i)          the
Borrower is the owner of such Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for
(A) those which are being released on the Restatement Effective Date, (B) those granted pursuant to this Agreement and
the Account Control Agreement and (C) Permitted Liens;

 

(ii)         the
Borrower has acquired its ownership in such Collateral in good faith without notice of any adverse claim, except as described in
clause (i) above;

 

(iii)        the
Borrower has not assigned, pledged or otherwise encumbered its interest in such Collateral (or, if any such interest has been assigned,
pledged or otherwise encumbered, it has been released) other than interests granted pursuant to this Agreement and the Account
Control Agreement;

 

(iv)        the
Borrower has full right to grant a security interest in and assign and pledge such Collateral to the Collateral Agent; and

 

(v)         upon
grant by the Borrower, Delivery of the Collateral and execution of the Account Control Agreement, the Collateral Agent has a first
priority (subject to clause (ii) of the definition of Permitted Liens) perfected security interest in the Collateral;

 

(n)          the
Facility Agent has received a rating letter satisfactory to the Facility Agent, delivered and signed by DBRS and confirming that
the rating of the Revolving Notes is not lower than the Initial Rating, and assigning a rating that is not lower than the Initial
Rating to the Term Notes;

 

(o)          such
other opinions, instruments, certificates and documents from the Borrower as the Agents or any Lender shall have reasonably requested;
and

 

(p)          all
legal and due diligence matters incident to this Agreement and the other Facility Documents shall be satisfactory to the Borrower,
the Facility Agent, the Lenders and their respective counsel;

 

(q)          a
certificate of a Responsible Officer of the Borrower, dated as of the Restatement Effective Date, to the effect that, in the case
of the Collateral Obligations owned by the Borrower on the Restatement Effective Date:

 

(i)          each
Collateral Quality Test is satisfied;

 

(ii)         each
Coverage Test is satisfied;

 

(iii)        the
Advance Rate Test is satisfied;

 

(iv)        no
Commitment Shortfall exists; and

 

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(v)         with
respect to any Collateral Obligation with a Credit Estimate, such Credit Estimate has been assigned by DBRS within one year prior
to the Restatement Effective Date.

 

(r)          evidence
that the Borrower has directed the Collateral Agent to deposit the Restatement Effective Date Expense Account Amount into the Closing
Expense Account for use pursuant to Section 8.12;

 

(s)          [reserved];
and

 

(t)           a
certificate of a Responsible Officer of the Collateral Manager, dated as of the Restatement Effective Date, certifying that each
Collateral Obligation owned by the Borrower as of the Restatement Effective Date satisfies the requirements of the definition of
"Collateral Obligation".

 

Section 3.03         Conditions
Precedent to the Second Restatement Effective Date.

 

The obligation of the Lenders
to make Advances hereunder comprising the Borrowing shall be subject to the conditions precedent that the Facility Agent shall
have received on or before the Second Restatement Effective Date the following, each in form and substance satisfactory to the
Facility Agent:

 

(a)          each
of the amended and restated Facility Documents duly executed and delivered by the parties thereto, which shall each be in full
force and effect;

 

(b)          true
and complete copies of the Constituent Documents of the Borrower as in effect on the Second Restatement Effective Date;

 

(c)          true
and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations
and Governmental Filings (other than the UCC financing statements to be filed subsequent to the Second Restatement Effective Date
and any filings required to be made by WhiteHorse Finance, Inc. after the Second Restatement Effective Date under the Investment
Company Act, the Investment Advisers Act of 1940, as amended, the Securities Act or the Exchange Act, which shall be made in accordance
with Applicable Law), if any, required in connection with the transactions contemplated by this Agreement;

 

(d)          a
certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions
or other action of its board of directors or members or manager approving this Agreement and the other Facility Documents to which
it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility
Documents to which it is a party are true and correct in all material respects as of the Second Restatement Effective Date (except
to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default
has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized
to execute the Facility Documents to which it is a party;

 

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(e)          proper
financing statements (including amendments to existing financing statements), under the UCC in all jurisdictions that the Facility
Agent deems necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement;

 

(f)          legal
opinions (addressed to each of the Secured Parties and DBRS) of Dechert LLP, counsel to the Borrower and the Collateral Manager
as to corporate and security interest matters;

 

(g)          [Reserved.];

 

(h)          the
Facility Agent has received evidence satisfactory to the Facility Agent, that the Borrower has received Rating Confirmation in
connection with the execution of this Agreement;

 

(i)          such
other opinions, instruments, certificates and documents from the Borrower as the Agents or any Lender shall have reasonably requested;

 

(j)          all
legal and due diligence matters incident to this Agreement and the other Facility Documents shall be satisfactory to the Borrower,
the Facility Agent, the Lenders and their respective counsel; and

 

(k)          a
certificate of a Responsible Officer of the Borrower, dated as of the Second Restatement Effective Date, to the effect that, in
the case of the Collateral Obligations owned by the Borrower on the Second Restatement Effective Date:

 

(i)          each
Collateral Quality Test is satisfied;

 

(ii)         each
Coverage Test is satisfied;

 

(iii)        the
Advance Rate Test is satisfied;

 

(iv)        no
Commitment Shortfall exists; and

 

(v)         with
respect to any Collateral Obligation with a Credit Estimate, such Credit Estimate has been assigned by DBRS within one year prior
to the Second Restatement Effective Date.

 

Section 3.04         Conditions
Precedent to Each Borrowing.

 

The obligation of the Lenders
to make each Advance on each Borrowing Date shall be subject to the fulfillment of the following conditions; provided that
(1) except as otherwise expressly permitted in Section 8.04, such Borrowing Date shall occur prior to the end of the Reinvestment
Period, and (2) the conditions described in clauses (d), (e) and (f) (other than a Default or Event of Default described in
Sections 6.01(c), (e) or (f)) below need not be satisfied if the proceeds of the Borrowing are used
to fund Revolving Collateral Loans or Delayed Drawdown Collateral Loans then owned by the Borrower or to fund the Revolving Reserve
Account to the extent required under Section 8.04:

 

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(a)          [reserved.]

 

(b)          the
Lenders and the Agents shall have received a Notice of Borrowing with respect to such Advance delivered in accordance with Section 2.02;

 

(c)          immediately
after the making of such Advance on the applicable Borrowing Date, the Commitment Shortfall Test shall be satisfied (on a pro-forma
basis);

 

(d)          immediately
after the making of such Advance on the applicable Borrowing Date, each Coverage Test shall be satisfied (on a pro-forma basis)
and the Row Advance Rate that is in use at such time equals or exceeds the Portfolio Advance Rate;

 

(e)          each
of the representations and warranties of the Borrower contained in this Agreement and the other Facility Documents shall be true
and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly
relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date);

 

(f)          no
Default or Event of Default shall have occurred and be continuing at the time of the making of such Advance or shall result upon
the making of such Advance; and

 

(g)          other
than in connection with Advances obtained on the Original Closing Date which are used for purposes other than the acquisition of
additional Collateral Obligations, the provisions of Section 10.02 have been satisfied as of the date of purchase in connection
with any acquisition of additional Collateral Obligations with the proceeds of the applicable Advance; and;

 

(h)          immediately
after the making of such Advance on the applicable Borrowing Date, the aggregate outstanding amount of Revolving Advances shall
not exceed applicable Total Revolving Credit Commitment then in effect.

 

Section 3.05         Conditions
Precedent to an Increased Commitment.

 

The effectiveness of the
Increased Commitment and the obligation of any Lender to make an initial Additional Advance of either a Term Borrowing or a Revolving
Borrowing during the Reinvestment Period is subject to the satisfaction of the following conditions:

 

(a)          The
Agents shall have received a certificate of a Responsible Officer of the Borrower:

 

(i)          to
the effect that, as of the Increased Commitment Date (A) all conditions set forth in this Section 3.05 have been fulfilled; (B)
all representations and warranties of the Borrower set forth in this Agreement and each of the other Facility Documents are true
and correct in all material respects, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they are true and correct as of such earlier date; and (C) no Default or Event of Default has occurred and
is continuing on the part of such Borrower; and (D) as to the incumbency and specimen signature of the Responsible Officer
authorized to execute such certificate to which it is a party; and

 

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(ii)         certifying
as to and attaching (A) its Constituent Documents; (B) its resolutions or other action of its board of directors or members approving
the Increased Commitments, the Additional Advances and any other matters related thereto; and (C) a good standing certificate from
its state or jurisdiction of incorporation or organization and any other state or jurisdiction in which it is qualified to do business
in which the failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

 

(b)          The
Agents shall have received a certificate of a Responsible Officer of the Collateral Manager certifying as to and attaching (A)
its Constituent Documents; (B) its resolutions or other action of its board of directors or members approving the Increased Commitment,
the Additional Advances and any other matters related thereto; (C) the incumbency and specimen signature of the Responsible Officer
authorized to execute such certificate to which it is a party; and (D) a good standing certificate from its state or jurisdiction
of incorporation or organization and any other state or jurisdiction in which it is qualified to do business in which the failure
to be so qualified could reasonably be expected to have a Material Adverse Effect.

 

(c)          The
Agents shall have received legal opinions (addressed to each of the Secured Parties) from counsel to the Borrower and the Collateral
Manager, dated the Increased Commitment Date, substantially in the form of the legal opinions delivered at the Original Closing
Date, each with additions or deletions reflecting the Increased Commitment and Additional Advances.

 

(d)          The
Agents shall have received a certificate of a Responsible Officer of the Borrower, to the effect that, in the case of each item
of Collateral pledged to the Collateral Agent, as of the Increased Commitment Date:

 

(i)          the
Borrower is the owner of such Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for
(A) those which are being released on the Increased Commitment Date, (B) those granted pursuant to this Agreement and
the Account Control Agreement and (C) Permitted Liens;

 

(ii)         the
Borrower has acquired its ownership in such Collateral in good faith without notice of any adverse claim, except as described in
clause (i) above;

 

(iii)        the
Borrower has not assigned, pledged or otherwise encumbered its interest in such Collateral (or, if any such interest has been assigned,
pledged or otherwise encumbered, it has been released) other than interests granted pursuant to this Agreement and the Account
Control Agreement;

 

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(iv)        the
Borrower has full right to grant a security interest in and assign and pledge such Collateral to the Collateral Agent; and

 

(v)         upon
grant by the Borrower, Delivery of the Collateral and execution of the Account Control Agreement, the Collateral Agent has a first
priority (subject to clause (ii) of the definition of Permitted Liens) perfected security interest in the Collateral;

 

(e)          The
Facility Agent shall have received a letter from DBRS addressed to the Facility Agent and the Borrower confirming that the rating
of the existing Revolving Notes and Term Notes is not lower than the Initial Rating and assigning a rating that is not lower than
the Initial Rating for the Revolving Notes and Term Notes issued in connection with the Additional Advances.

 

(f)          The
Agents shall have received from each of the Borrower and the Collateral Manager either (A) a certificate thereof or other
official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having
jurisdiction in the premises, together with an opinion of counsel of Borrower and the Collateral Manager, as applicable, that no
other authorization, approval or consent of any governmental body is required for the making of the Advances contemplated hereby,
or (B) an opinion of counsel of each of the Borrower and the Collateral Manager that no such authorization, approval or consent
of any governmental body is required for the making of the Advances contemplated hereby except as have been given.

 

(g)          The
Facility Agent and the Lenders shall have received a Retention of Net Economic Interest Letter including with any changes determined
to be necessary or prudent by the Lenders or the Facility Agent to comply with then-existing risk retention requirements; provided
that if the Facility Agent, Lenders and Retention Provider cannot agree on such changes, the Borrower may withdraw its request
for an Increased Commitment.

 

(h)          The
Borrower shall have paid all fees and expenses (including reasonable fees and expenses of respective counsel to the Agents and
the Lenders) in connection with the Increased Commitment.

 

(i)          The
Facility Agent and the Lenders shall have received a certificate of a Responsible Officer of the Borrower, dated as of the Increased
Commitment Date, to the effect that, in the case of the Collateral Obligations owned by the Borrower on the Increased Commitment
Date:

 

(i)          each
Collateral Quality Test is satisfied;

 

(ii)         each
Coverage Test is satisfied;

 

(iii)        the
Advance Rate Test is satisfied;

 

(iv)        no
Commitment Shortfall exists; and

 

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(v)         with
respect to any Collateral Obligation with a Credit Estimate, such Credit Estimate has been assigned by DBRS within one year prior
to the Increased Commitment Date.

 

(j)          The
Agents shall have received such other documents as they may reasonably require in connection with the Increased Commitment.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01         Representations
and Warranties of the Borrower.

 

The Borrower represents and
warrants to each of the Secured Parties on and as of the Original Closing Date, the Restatement Effective Date, each Determination
Date, the date each Advance is made and, with respect to clauses (a) through (h), (j), (k), (l), (o), (p) and (s) through (w),
the Second Restatement Effective Date, as follows:

 

(a)          Due
Organization. The Borrower is a limited liability company duly organized and validly existing under the laws of the State of
Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged
and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

 

(b)          Due
Qualification and Good Standing. The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified
to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business,
assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which
it is a party and its Constituent Documents to which it is a party, requires such qualification, except where the failure to be
so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

 

(c)          Due
Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Borrower
of, and the performance of its obligations under, the Facility Documents to which it is a party and the other instruments, certificates
and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have
been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance
with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in
a proceeding in equity or at law.

 

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(d)          Non-Contravention.
None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents to which it is a party, the
Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or performance
and compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach
or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable
Law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including
any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its
assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration
of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute
such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation
or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation,
agreement or document relates).

 

(e)          Governmental
Authorizations; Private Authorizations; Governmental Filings. The Borrower has obtained, maintained and kept in full force
and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business,
and made all Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party,
the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the
performance by the Borrower of its obligations under this Agreement and the other Facility Documents, and no Governmental Authorization,
Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection
with the execution and delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this
Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its obligations under this Agreement
and the other Facility Documents to which it is a party.

 

(f)          Compliance
with Agreements, Laws, Etc. The Borrower has duly observed and complied with all Applicable Laws, including the Securities
Act and the Investment Company Act, relating to the conduct of its business and its assets. The Borrower has preserved and kept
in full force and effect its legal existence. The Borrower has preserved and kept in full force and effect its rights, privileges,
qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse
Effect. Without limiting the foregoing, (x) to the extent applicable, the Borrower is in compliance in all material respects
with the regulations and rules promulgated by the U.S. Department of Treasury and/or administered by the U.S. Office
of Foreign Asset Controls ("OFAC"), including U.S. Executive Order No. 13224, and other related statutes,
laws and regulations (collectively, the "Subject Laws"), (y) the Borrower has adopted internal controls
and procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws and, to the extent
applicable, will adopt procedures consistent with the PATRIOT Act and implementing regulations, and (z) no investor in the
Borrower is a Person whose name appears on the "List of Specially Designated Nationals" and "Blocked Persons"
maintained by the OFAC.

 

(g)          Location.
The Borrower maintains the majority of its books and records in the State of Florida. The Borrower's registered office and the
jurisdiction of organization of the Borrower is the jurisdiction referred to in Section 4.01(a).

 

(h)          Investment
Company Act. The Collateral Manager is a "business development company" subject to the provisions of Sections 55
through 65 of the Investment Company Act but exempt from Sections 1 through 53 thereof except to the extent provided in Sections
59 through 65 of the Investment Company Act. Neither the Borrower nor the pool of Collateral is required to register as an "investment
company" under the Investment Company Act.

 

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(i)          Information
and Reports. Each Notice of Borrowing, each Monthly Report, each Payment Date Report and all other written information, reports,
certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with
this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby taken as a whole, and all such
written information provided by or on behalf of the Borrower to any Secured Party taken as a whole, do not contain any material
misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which it was made, not misleading as of the date such information is stated or certified provided that neither the Borrower
nor the Collateral Manager shall be responsible for any factual information furnished or omitted to be furnished to it by any third
party not affiliated with it, except to the extent that a Responsible Officer thereof has actual knowledge that such factual information
is inaccurate in any material respect or such Responsible Officer's lack of actual knowledge is a violation of the standard of
care of the Collateral Manager or is the result of bad faith, gross negligence or willful misconduct. Promptly after a Responsible
Officer has actual knowledge thereof, the Borrower or the Collateral Manager on the Borrower's behalf shall notify the Facility
Agent and the Collateral Agent in writing.

 

(j)          ERISA.
Neither the Borrower nor any member of its ERISA Group has, or during the past five years had, any liability or obligation with
respect to any Plan or Multiemployer Plan.

 

(k)          Taxes.
The Borrower and its sole owner has filed all income tax returns and all other tax returns which are required to be filed by it,
if any, and has paid all taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any
such Person.

 

(l)          Tax
Status. The Borrower is (i) disregarded as an entity separate from its owner or a partnership for U.S. federal income tax purposes
and (ii) has not made (and will not make) an election under U.S. Treasury Regulation Section 301.7701-3 to be treated as other
than a disregarded entity or partnership and is not (and will not be) otherwise treated as an association taxable as a corporation. 
The Borrower's direct or indirect owners for U.S. federal income tax purposes are and will remain United States persons that are,
for the avoidance of doubt, not disregarded entities, as defined in Section 7701(a)(30) of the Code.

 

The Borrower shall at all
times maintain its status as, (i) so long as it has a single equity owner, an entity disregarded as an entity separate from its
owner for U.S. federal income tax purposes, and (ii) as long as it has more than one single equity owner, a partnership (other
than publicly traded partnership treated as a corporation) that is a U.S. person under section 7701(a)(30) of the Code for U.S.
federal income tax purposes.  The Borrower's direct or indirect owners for U.S. federal income tax purposes are and will remain
United States persons as defined in Section 7701(a)(30) of the Code that are, for the avoidance of doubt, not disregarded entities
deemed owned by a non-U.S. person.

 

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(m)          Collections.
All Collections have been remitted directly to the Interest Collection Subaccount (in the case of Interest Proceeds) or the Principal
Collection Subaccount (in the case of Principal Proceeds) as required by this Agreement.

 

(n)          Environmental
Matters. The operations and property of the Borrower comply with all applicable Environmental Laws.

 

(o)          Plan
Assets. The assets of the Borrower are not treated as "plan assets" for purposes of Section 3(42) of
ERISA and the Collateral is not deemed to be "plan assets" for purposes of Section 3(42) of ERISA. The Borrower
has not taken, or omitted to take, any action which would result in any of the Collateral being treated as "plan assets"
for purposes of Section 3(42) of ERISA or the occurrence of any Prohibited Transaction in connection with the transactions
contemplated hereunder.

 

(p)          Solvency.
After giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is and will be
Solvent.

 

(q)          Collateral
Obligations. Each loan or debt obligation sold and/or contributed by the Collateral Manager to the Borrower on or before the
Original Closing Date, as of the Restatement Effective Date and as of each Purchase Date (as defined in the Master Transfer Agreement)
complies with the criteria set forth in the definition of "Collateral Obligation".

 

(r)          Representations
Relating to the Collateral. The Borrower hereby represents and warrants that:

 

(i)          it
owns and has legal and beneficial title to all Collateral Obligations and other Collateral free and clear of any Lien, claim or
encumbrance of any Person, other than Permitted Liens;

 

(ii)         other
than the security interest granted to the Collateral Agent pursuant to this Agreement, the Borrower has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Collateral; the Borrower has not authorized the filing of
and is not aware of any Financing Statements against the Borrower that include a description of collateral covering the Collateral
other than any Financing Statement relating to the security interest granted to the Collateral Agent hereunder or that has been
terminated; and the Borrower is not aware of any judgment, PBGC liens or tax lien filings against the Borrower;

 

(iii)        the
Collateral constitutes Money, Cash, Accounts, Instruments, General Intangibles, securities accounts, deposit accounts, Uncertificated
Securities, Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets
to a "securities account" (as defined in Section 8-501(a) of the UCC);

 

(iv)        all
Covered Accounts constitute "securities accounts" under Section 8-501(a) of the UCC or "deposit accounts"
under Section 9-102(a)(29) of the UCC;

 

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(v)         this
Agreement creates a valid, continuing and, upon Delivery of Collateral and execution of the Account Control Agreement, perfected
security interest (as defined in Section 1-201(37) of the UCC) in the Collateral in favor of the Collateral Agent, for the
benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances and is
enforceable as such against creditors of and purchasers from the Borrower;

 

(vi)        the
Borrower has received all consents and approvals required by the terms of the Collateral to the pledge hereunder to the Collateral
Agent of all of its interest and rights in the Collateral;

 

(vii)       with
respect to the Collateral that constitutes Security Entitlements, all such Collateral has been and will have been credited to the
Custodial Account;

 

(viii)      with
respect to Collateral that constitutes Accounts or General Intangibles, the Borrower has caused or will have caused, on or prior
to the Original Closing Date, the filing of all appropriate Financing Statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Collateral Agent,
for the benefit and security of the Secured Parties, hereunder, and the Borrower hereby agrees that any such Financing Statement
may be an "all assets" filing; and

 

(ix)         each
loan owned by the Borrower on the Original Closing Date and each loan acquired after the Original Closing Date, in each case as
of the date of the acquisition by the Borrower thereof, complies with the criteria set forth in the definition of "Collateral
Obligation."

 

(s)          Retention
Requirements. As of the Second Restatement Effective Date, the Borrower shall ensure (by obtaining a signed Retention of Net
Economic Interest Letter from a Responsible Officer of the Retention Provider) that the Retention Provider (i) at all times holds
the Retention Interest in accordance with paragraph (d) of Article 405(1) of the CRR and Article 51(d) of the AIFMD Level 2 Regulation,
(ii) has not changed and will not change the manner in which it retains the Retained Interest, except to the extent permitted under
the Retention Requirements and (iii) has not entered and will not enter into any credit risk mitigation, short position or any
other credit risk hedge or credit risk hedging arrangement of any kind with respect to the Retention Interest, except to the extent
permitted under the Retention Requirements.

 

(t)          Financial
Information. Since the Original Closing Date and as of the Second Restatement Effective Date, (a) there has been no change
that has had a Material Adverse Effect and (b) the Borrower has not incurred any Indebtedness or Contingent Obligation except pursuant
to the Facility Documents.

 

(u)          Litigation.
There is no action, suit or proceeding pending against, threatened against or adversely affecting, (i) the Borrower, (ii) the
Facility Documents or any of the transactions contemplated by the Facility Documents or (iii) any of the Borrower's assets,
before any court, arbitrator or any governmental body, agency or official which has had or could reasonably be expected to have
a Material Adverse Effect.

 

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(v)         Patents,
Trademarks, Etc. The Borrower has obtained and holds in full force and effect all patents, trademarks, service marks, trade
names, copyrights and other such rights, free from any burdensome restrictions, which are necessary for the operation of its business
as presently conducted, the impairment of which has had or could reasonably be expected to have a Material Adverse Effect.

 

(w)          No
Default. No Default or Event of Default exists under or with respect to any Transaction Document other than any with respect
to which the Borrower has given notice as required pursuant to this Agreement. The Borrower is not in default under or with respect
to any agreement, instrument or undertaking to which it is a party or by which it or any of its properties is bound in any respect,
the existence of which default has had or could reasonably be expected to have a Material Adverse Effect.

 

Section 4.02         Representations
and Warranties of the Collateral Agent.

 

Each of the Collateral Agent
and Custodian represents and warrants as follows:

 

(a)          Due
Organization. The Collateral Agent and Custodian is a duly organized and validly existing national banking association under
the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations
as Collateral Agent and Custodian, as applicable, under this Agreement.

 

(b)          Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Agent
or Custodian, as the case may be.

 

(c)          No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of any of the material terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust,
or other instrument to which the Collateral Agent or Custodian is a party or by which it or any of its property is bound.

 

(d)          No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law governing the banking or trust
powers of the Collateral Agent.

 

(e)          All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Authority applicable to
the Collateral Agent or Custodian, required in connection with the execution and delivery of this Agreement, the performance by
the Collateral Agent or Custodian, as applicable, of the transactions contemplated hereby and the fulfillment by the Collateral
Agent or Custodian, as applicable, of the terms hereof have been obtained.

 

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(f)          Validity,
Etc. This Agreement constitutes the legal, valid and binding obligation of the Collateral Agent and Custodian, enforceable
against the Collateral Agent and Custodian in accordance with their respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(g)          Non-Affiliated.
Neither the Collateral Agent nor Custodian is affiliated, as that term is defined in Rule 405 under the Securities Act, with the
Borrower or with any Person involved in the organization or operation of the Borrower.

 

Article
V

COVENANTS

 

Section 5.01         Affirmative
Covenants of the Borrower.

 

The Borrower covenants and
agrees that, until the Payment in Full Date:

 

(a)          Compliance
with Agreements, Laws, Etc. It shall (i) duly observe, comply with and conform to all Applicable Laws, (ii) preserve
and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges,
qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse
Effect, (iv) comply in all respects with the terms and conditions applicable to it of each Facility Document, the Borrower
LLC Agreement and each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect
all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry out its
business and the transactions contemplated to be performed by it under the Facility Documents, the Borrower LLC Agreement and the
Related Documents to which it is a party.

 

(b)          Enforcement.
(i) It shall not take any action, and will use its commercially reasonable best efforts not to permit any action to be taken by
others, that would release any Person from any of such Person's covenants or obligations under any instrument included in the Collateral,
except in the case of (A) repayment of Collateral Obligations, (B) subject to the other terms of this Agreement, (i) amendments
not restricted by Section 5.02(v) or as required under any Related Documents or amendments to Related Documents that govern Defaulted
Loans and (ii) enforcement actions taken or work-outs with respect to any Defaulted Loan in accordance with the provisions
hereof, and (C) actions by the Collateral Manager under the Collateral Management Agreement and in conformity with this Agreement.

 

(ii)         It
will not, without the prior written consent of the Facility Agent (at the direction of the Required Lenders) (except in the case
of the Collateral Management Agreement, in which case no consent shall be required), contract with other Persons for the performance
of actions and obligations to be performed by the Borrower hereunder and under the Collateral Management Agreement by such Persons.
Notwithstanding any such arrangement, the Borrower shall remain primarily liable with respect to the Borrower's obligations under
any Facility Document to which it is a party. In the event of such contract, the performance of any of Borrower's actions and obligations
by such Persons shall be deemed to be performance of such actions and obligations by the Borrower. The Borrower will punctually
perform, and use its best efforts to cause the Collateral Manager and such other Person to perform in all material respects, all
of their obligations and agreements contained in the Collateral Management Agreement, this Agreement or any such other agreement.

 

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(c)          Further
Assurances. It shall promptly upon the request of either Agent, at the Borrower's expense, execute and deliver such further
instruments and take such further action in order to maintain and protect the Collateral Agent's first-priority perfected security
interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than
Permitted Liens). At the reasonable request of either Agent, the Borrower shall promptly take, at the Borrower's expense, such
further action in order to establish and protect the rights, interests and remedies created or intended to be created under this
Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured
Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the
intent and purpose of, and to carry out the terms of, the Facility Documents. Subject to Section 7.02, the Borrower
authorizes the Collateral Agent and the Facility Agent to file or record, without the Borrower's signature, UCC-1 financing statements
(including financing statements describing the Collateral as "all assets" or the equivalent) that name the Borrower as
debtor and the Collateral Agent as secured party, and ratifies any such filings or recordings made within 30 days prior to
the date hereof, and other filing or recording documents or instruments with respect to the Collateral in such form and in such
offices as such Agent determines appropriate to perfect the security interests of the Collateral Agent under this Agreement.

 

In addition, the Borrower
will take such reasonable action from time to time as shall be necessary to ensure that all assets (including all Covered Accounts)
of the Borrower constitute "Collateral" hereunder. Subject to the foregoing, the Borrower will upon the reasonable request
of either Agent, at the Borrower's expense, take such other action (including executing and delivering or authorizing for filing
any required UCC financing statements) as shall be necessary to create and perfect a valid and enforceable first-priority security
interest on all Collateral acquired by the Borrower as collateral security for the Obligations and will in connection therewith
deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those
delivered by the Borrower pursuant to Section 3.03 on the Second Restatement Effective Date or as either Agent shall
have reasonably requested.

 

(d)          Financial
Statements; Other Information. It shall provide to the Facility Agent or cause to be provided to the Facility Agent:

 

(i)          within
120 days after the end of each fiscal year of the Transferor (or such other Person with whom the Borrower is consolidated)
(on a consolidated basis) (beginning with the year ended December 31, 2012), from a firm of independent certified public accountants
of nationally recognized standing, audited financial statements of the Transferor (or such other Person with whom the Borrower
is consolidated) (on a consolidated basis), including balance sheet, income statement, statement of cash flows and the accompanying
footnotes for such fiscal year prepared in accordance with GAAP, setting forth in the case of each fiscal year ending after 2012
in comparative form the figures for the previous fiscal year;

 

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(ii)         within
60 days after the end of each of the first three fiscal quarters of each fiscal year of the Transferor (or such other Person with
whom the Borrower is consolidated) (on a consolidated basis) (beginning with the quarter ended December 31, 2012), unaudited financial
statements of the Transferor (or such other Person with whom the Borrower is consolidated) (on a consolidated basis), including
balance sheet, income statement, statement of cash flows (and the accompanying footnotes, solely relating to "related transactions"
and any swap transactions, if any) for such fiscal quarter and for the portion of the fiscal year ended at the end of such fiscal
quarter setting forth in the case of each fiscal quarter ending on or after December 31, 2012 in comparative form the figures for
the corresponding fiscal quarter and the corresponding portion of the previous fiscal year, all certified as to fairness of presentation,
GAAP and consistency by the Transferor (or such other Person with whom the Borrower is consolidated);

 

(iii)        simultaneously
with the delivery of each set of annual financial statements referred to in clause (i) above, (x) a certificate of the Transferor
(or such other Person with whom the Borrower is consolidated) certifying that such financial statements fairly present the financial
condition and the results of operations of the Transferor (or such other Person with whom the Borrower is consolidated) on the
dates and periods indicated in such financial statements and (y) a certificate of the Borrower and the Collateral Manager certifying
that no Default or Event of Default occurred during such period or if any Default or Event of Default occurred during such period,
setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto;

 

(iv)        as
soon as possible, and in any event within five Business Days (in the case of clauses (A), (B), (C) and (D) below) or within one
Business Day (in the case of clause (E) below) after a Responsible Officer of the Collateral Manager or the Borrower obtains actual
knowledge of the occurrence and continuance of any (A) Default, (B) Event of Default, (C) early termination of the
Reinvestment Period as a result of the occurrence of an event referred to in clause (d) of the definition of Reinvestment
Period, (D) litigation or governmental proceeding pending or actions threatened against the Borrower's rights in the Collateral
Obligations; or (E) EOD OC Ratio Failure, a certificate of a Responsible Officer of the Borrower setting forth the details thereof
and the action which the Borrower is taking or proposes to take, if any, with respect thereto;

 

(v)         from
time to time such additional information regarding the Borrower's financial position or business and the Collateral (including
reasonably detailed calculations of each Coverage Test and Collateral Quality Test) as the Facility Agent or the Required Lenders
(through the Facility Agent) may request, or as the Lenders may require in order to comply with the FAS 166/167 Regulatory Capital
Rules or Basel III or their respective obligations under Article 404 of the CRR or AIFMD, in each such case, if reasonably available
to the Borrower; and, on each Monthly Report Date, a confirmation from the Collateral Agent whether or not it has received during
the Collection Period confirmation (which may be by way of email) from the Retention Provider of its continued compliance with
the covenants set out at Section 2(a) and (b) of the Retention of Net Economic Interest Letter as the Lenders shall require in
order to comply with their respective obligations under Article 404 of the CRR or AIFMD;

 

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(vi)        promptly
after the occurrence of any ERISA Event, notice of such ERISA Event and copies of any communications with all Authorities or any
Multiemployer Plan with respect to such ERISA Event; and

 

(vii)       promptly
after the receipt thereof, a copy of any financial statements with respect to the Obligor under any Collateral Obligation received
by the Borrower pursuant to the Related Documents.

 

(e)          Access
to Records and Documents. It shall cause the Collateral Manager to permit (at the Borrower's expense) the Facility Agent, or
its designees, to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies of (i) the
Collateral Manager's books, records and accounts relating to the Collateral and the Borrower's business, financial condition, operations,
assets and the Collateral Manager's and the Borrower's performance under the Facility Documents and the Related Documents and to
discuss the foregoing with the Collateral Manager's officers, partners, employees and accountants, and (ii) all of the Related
Documents available to the Collateral Manager; provided that neither the Borrower nor the Collateral Manager shall be required
to disclose any information which it is required by law or contract to keep confidential unless a confidentiality agreement is
otherwise entered into and provided, further, that except if (i) an Event of Default has occurred and is continuing
or (ii) any person involved in the management or administration of the Collateral Manager, the Borrower or the Collateral Obligations
is alleged to have engaged in fraud or illegal activity by a governmental or self-regulatory authority or in a civil complaint
materially related to the performance by such person of investment advisory services comparable to those contemplated to be provided
by the Collateral Manager in this Agreement and the other Facility Documents, each Person entitled to so visit and inspect the
Collateral Manager's records under this clause (e) may exercise its rights under this clause (e) no more than twice in
any consecutive twelve month period and only one such visit per annum shall be at the Borrower's expense;

 

(f)          Use
of Proceeds. It shall use the proceeds of each Advance made hereunder solely:

 

(i)          to
fund or pay the purchase price of Collateral Obligations or Eligible Investments acquired or originated by the Borrower in accordance
with the terms and conditions set forth herein;

 

(ii)         to
fund additional extensions of credit under Revolving Collateral Loans and Delayed Drawdown Collateral Loans purchased in accordance
with the terms of this Agreement;

 

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(iii)        to
fund the Revolving Reserve Account on or prior to the Commitment Termination Date to the extent the Revolving Reserve Account is
required to be funded pursuant to Section 8.04 (and the Borrower shall submit a Notice of Borrowing requesting a Borrowing
for a Borrowing Date falling no more than five Business Days and no less than one Business Day prior to the Commitment Termination
Date with a Requested Amount sufficient to fully fund the Revolving Reserve Account under Section 8.04);

 

(iv)        with
respect to the initial Borrowing made on the Original Closing Date, solely in respect of the proceeds of the Advances hereunder
comprising such initial Borrowing, to fund the Closing Expense Account in an amount sufficient to pay all Closing Date Expenses
on any Business Day from the Original Closing Date to and including the Determination Date relating to the initial Payment Date
following the Original Closing Date and to fund distributions to the Equity Owner;

 

(v)         [reserved];

 

(vi)        to
fund disbursements to any Equity Owner on any day during the Reinvestment Period occurring after the BDC Election Date provided
that the Borrower requests that any such Advance be deposited in the Principal Collection Subaccount and complies with the provisions
of Section 9.01(e) of this Agreement in connection with any such disbursement thereof.

 

Without limiting the foregoing,
it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent
Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X.

 

(g)          Opinions
as to Collateral. On or before December 31st in each calendar year, commencing in 2013, the Borrower shall furnish
to the Agents, the Lenders and DBRS an opinion of counsel, addressed to the Agents, the Lenders and DBRS, relating to the continued
perfection of the security interest granted by the Borrower to the Collateral Agent hereunder.

 

(h)          Rating
Monitoring. On or before December 31st in each calendar year, commencing in 2013, the Borrower shall pay for the
ongoing monitoring of the rating of the Facility from DBRS. Promptly after a Responsible Officer of the Borrower has actual knowledge
thereof, the Borrower shall promptly notify the Agents and the Collateral Manager in writing (and the Facility Agent shall promptly
provide the Lenders with a copy of such notice) if at any time the rating of the Facility has been changed or withdrawn or the
rating outlook on the Facility has been changed.

 

(i)          No
Other Business. Since the Original Closing Date, the Borrower has not and shall not engage in any business or activity other
than borrowing Advances pursuant to this Agreement, originating, funding, acquiring, owning, holding, administering, selling, enforcing,
lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Obligations,
Eligible Investments and the other Collateral in connection therewith (including assets received upon enforcement or work-out)
and entering into and performing its obligations under the Facility Documents, any applicable Related Documents and any other agreements
contemplated by this Agreement and any business incidental or ancillary thereto.

 

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(j)          Tax
Matters. The Borrower shall (and each Lender and Subordinated Noteholders hereby agree to) treat the Facility, the Revolving
Notes and Term Notes as debt of, and the Subordinated Notes as preferred equity in, the Borrower for U.S. federal income tax
purposes and will take no contrary position unless otherwise required by appropriate taxing authorities. The Borrower shall at
all times maintain its status as either an entity disregarded as an entity separate from its owner or as a U.S. partnership (other
than publicly traded partnership treated as a corporation) for U.S. federal income tax purposes. The Borrower shall at all times
ensure that for U.S. federal income tax purposes its membership interests and Subordinated Notes are owned or deemed owned within
the meaning of Treasury Regulation 301.7701-3  by a U.S. person (as defined by Section 7701(a)(30) of the Code). Notwithstanding
any contrary agreement or understanding, the Collateral Manager, the Borrower, the Facility Agent, the Collateral Agent and the
Lenders (and each of their respective employees, representatives or other agents) may disclose to any and all Persons, without
limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials
of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure.
The foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment
of a transaction is the purported or claimed tax treatment of the transaction under applicable U.S. federal, state or local law,
and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed tax treatment
of the transaction under applicable U.S. federal, state or local law.

 

(k)          Provision
of Information. With respect to each Collateral Obligation, the Borrower will provide to each Rating Agency, each Agent or
any Lender all information reasonably requested by such Rating Agency, such Agent or such Lender that is in its possession in its
capacity as a lender under such Collateral Obligation or can be obtained by it in such capacity without unreasonable expense provided
that neither the Borrower nor the Collateral Manager will be required to disclose any information which it is required by law or
contract to keep confidential.

 

(l)          Retention
Requirements. The Borrower shall ensure (by obtaining a signed Retention of Net Economic Interest Letter from a Responsible
Officer of the Retention Provider from time to time upon the written request of the Facility Agent) that the Retention Provider
(i) at all times holds the Retention Interest in accordance with paragraph (d) of Article 405(1) of the CRR and Article 51(d) of
the AIFMD Level 2 Regulation, (ii) has not changed and will not change the manner in which it retains the Retention Interest, except
to the extent permitted under the Retention Requirements and (iii) has not entered and will not enter into any credit risk mitigation,
short position or any other credit risk hedge or credit risk hedging arrangement of any kind with respect to the Retention Interest,
except to the extent permitted under the Retention Requirements.

 

(m)          Credit
Estimate. With respect to each Collateral Obligation which has received a Credit Estimate from DBRS, the Borrower, on or prior
to the 367th day after the date of assignment of such Credit Estimate, shall provide updated information available to it relating
to such Collateral Obligation as may reasonably be requested by DBRS, and apply to DBRS for an updated Credit Estimate within such
367 day period. Promptly upon the Borrower's receipt of any such updated Credit Estimate from DBRS, the Borrower shall deliver
such updated Credit Estimate to the Collateral Agent.

 

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(n)          Ordinary
Course of Business. Each repayment of principal or interest under this Agreement shall be (x) in payment of a debt incurred
by the Borrower in the ordinary course of business or financial affairs of the Borrower and (y) made in the ordinary course of
business or financial affairs of the Borrower.

 

(o)          Excess
Concentration Loans. Upon any change in the Principal Balance of any Excess Concentration Loan, including, without limitation,
as a result of any purchase or sale of an Excess Concentration Loan, the Borrower shall provide the Collateral Agent and the Facility
Agent with an updated list of each Excess Concentration Loan and the Principal Balance thereof.

 

(p)          Subordinated
Notes; Priority of Interests. All Subordinated Notes are expressly subordinated to all the Obligations (other than those owed
to the Subordinated Noteholders) and shall be subject to the Priority of Payments set forth in Article IX hereof and the Subordinated
Noteholder shall take no action to dispute or otherwise seek to modify such terms.

 

Section 5.02         Negative
Covenants of the Borrower.

 

The Borrower covenants and
agrees that, until the Payment in Full Date:

 

(a)          Restrictive
Agreements. It shall not enter into or suffer to exist or become effective any agreement that prohibits, limits or imposes
any condition upon its ability to create, incur, assume or suffer to exist any Lien upon any of its property or revenues constituting
Collateral, whether now owned or hereafter acquired, to secure its obligations under the Facility Documents other than this Agreement
and the other Facility Documents.

 

(b)          Liquidation;
Merger; Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation
(or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of its
assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its
assets, except as expressly permitted by this Agreement or the other Facility Documents.

 

(c)          Amendments
to Constituent Documents and Facility Documents. Except as otherwise provided in this Agreement, it shall not amend, change,
waive or otherwise modify or take any action inconsistent with any of the Special Purpose Provisions, any of its Constituent Documents
or any Facility Document (other than the Collateral Agent Fee Letter), in each case, without the consent of the Facility Agent.
In the event any action is taken in connection with the foregoing, it will promptly notify DBRS of such action.

 

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(d)          ERISA.
It shall not (i) establish any Plan or Multiemployer Plan and shall not become a member of an ERISA Group and (ii) take, or omit
to take, any action which would result in any of the assets of the Borrower or any of the Collateral being treated as "plan
assets" for purposes of Section 3(42) of ERISA or the occurrence of any Prohibited Transaction in connection with the
transactions contemplated hereunder.

 

(e)          Liens.
It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired, except for Permitted
Liens and as otherwise expressly permitted by this Agreement and the other Facility Documents.

 

(f)          Margin
Requirements. It shall not (i) extend credit to others for the purpose of buying or carrying any Margin Stock in such
a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance,
whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that violates any provision
of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and Regulation X, or
for any purpose that would cause any of the Lenders to be in violation of Regulation T or Regulation U.

 

(g)          Changes
to Filing Information. It shall not change its name or its jurisdiction of organization from that referred to in Section 4.01(a),
unless it gives thirty days' prior written notice to the Agents and takes all actions that either Agent reasonably determines
to be necessary to protect and perfect the Collateral Agent's perfected security interest in the Collateral of the Borrower contemplated
by this Agreement.

 

(h)          Transactions
with Affiliates. Except as permitted in this Agreement and the other Facility Documents, it shall not sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in
any other transactions with, any of its Affiliates (including, without limitation, sales of Defaulted Loans, Credit Risk Loans
and other Collateral Obligations), unless such transaction is upon terms no less favorable to the Borrower than it would obtain
in a comparable arm's length transaction with a Person that is not an Affiliate.

 

(i)          Investment
Company Restriction. It shall not and it shall not permit the pool of Collateral to become required to register as an "investment
company" under the Investment Company Act.

 

(j)          Subject
Laws. It shall not utilize, directly or indirectly, the proceeds of any Advance for the benefit of any Person controlling,
controlled by, or under common control with any other Person whose name appears on the List of Specially Designated Nationals and
Blocked Persons maintained by OFAC or otherwise in violation of any Subject Laws.

 

(k)          No
Claims Against Advances. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the
enforceability of payment of the principal or interest payable (or any other amount) in respect of the Facility or assert any claim
against any present or future Lender, by reason of the payment of any taxes levied or assessed upon any part of the Collateral.

 

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(l)          Indebtedness;
Guarantees; Securities; Other Assets. It shall not incur, assume, suffer to exist or guarantee any indebtedness or other liabilities,
or issue any securities (other than its Equity), whether debt or equity, in each case other than (i) as expressly permitted by
this Agreement and the other Facility Documents (ii) obligations under its Constituent Documents or (iii) pursuant to indemnification,
expense reimbursement and similar provisions under the Related Documents. The Borrower shall not acquire any Collateral Obligations
or other property other than as expressly permitted under the Facility Documents.

 

(m)          Validity
of this Agreement. It shall not (i) permit the validity or effectiveness of this Agreement or any grant of Collateral
hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged,
or permit any Person to be released from any covenants or obligations with respect to this Agreement, except as may be permitted
hereby or by the Collateral Management Agreement and (ii) except for Permitted Liens and as otherwise permitted by this Agreement,
take any action that would result in the lien of this Agreement to no longer constitute a valid first priority security interest
in the Collateral.

 

(n)          Collateral
Management Agreement. It shall not amend the Collateral Management Agreement except pursuant to the terms thereof and Sections 5.02(c)
and 7.07 of this Agreement.

 

(o)          Priority
of Payments. Except for the payment of transaction expenses payable in connection with the Original Closing Date and the Restatement
Effective Date as contemplated in Section 3.01(j) and Section 3.02(r), respectively, the funding of the Closing Expense
Account and distributions made to the Equity Owner on the Original Closing Date, it (or the Collateral Agent on its behalf) shall
not disburse any amounts from the Collection Account or Payment Account other than in accordance with the Priority of Payments
or as otherwise expressly permitted by this Agreement.

 

(p)          Subsidiaries.
It shall not have or permit the formation of any subsidiaries without (i) the prior written consent of the Facility Agent not to
be unreasonably withheld, delayed or conditioned and (ii) satisfaction of the then-current general criteria of DBRS for bankruptcy
remote entities which includes, in its Constituent Documents, provisions analogous to the Special Purpose Provisions (as defined
in the Borrower LLC Agreement).

 

(q)          Name.
It shall not conduct business under any name other than its own.

 

(r)          Employees.
It shall not have any employees (other than officers and directors to the extent they are employees).

 

(s)          Non-Petition.
The Borrower shall not be party to any agreement without including customary "non-petition" and "limited recourse"
provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any Related
Document or any other agreement related to the purchase and sale of any Collateral Obligations which contains customary purchase
or sale terms or which is documented using customary loan trading documentation, in each case, if such Related Document or agreement
does not contain any provision providing for recourse to the Borrower, including, without limitation, any indemnification obligation.

 

(t)          Bearer
Securities. The Borrower shall not acquire or hold any securities in bearer form (other than securities not required to
be in registered form under Section 163(f)(2)(A) of the Code) in a manner that does not satisfy the requirements of United
States Treasury Regulations Section 1.165-12(c) (as determined by the Collateral Manager).

 

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(u)          Independent
Managers. Without limiting anything in the Borrower LLC Agreement, the Borrower shall at all times maintain at least two independent
managers or independent directors, each of who (A) for the five year period prior to his or her appointment as independent manager
or independent director has not been, and during the continuation of his or her service as independent manager is not: (i) a
stockholder (or other interest holder), director, officer, manager, owner, agent, trustee, employee, partner, member, attorney
or counsel of the Borrower, the Collateral Manager or any of their Affiliates; (ii) a creditor, customer, supplier of (other
than as a supplier of registered agent or registered offices services) of Borrower or any of its Affiliates (other than his or
her services as an independent manager, independent director or special member of the Borrower or other Affiliates that are structured
to be "bankruptcy remote"), or other Person who derives any of its purchases or revenues from its activities with, the
Borrower, the Collateral Manager or any of their Affiliates; (iii) a Person controlling or under common control with any Person
excluded from serving as independent manager or independent director under clause (i) or (ii) above; or (iv) a member of the
immediate family by blood or marriage of any Person excluded from serving as independent manager or independent director under
clause (i), (ii) or (iii) above; and (B) is a Professional Independent Manager (as defined below). The criteria set forth
above in this Section 5.02(u) are referred to herein as the "Independent Manager Criteria".

 

A natural person who
satisfies the Independent Manager Criteria other than clause (i) above solely by reason of being the independent director or independent
manager of a Special Purpose Entity affiliated with the Borrower shall not be disqualified from serving as an independent manager
or independent director of the Borrower if such individual is a Professional Independent Manager. A natural person who satisfies
the Independent Manager Criteria other than clause (ii) above shall not be disqualified from serving as an independent manager
or independent director of the Borrower if such individual is a Professional Independent Manager. For purposes of this Section
5.02(u):

 

"Professional
Independent Manager" means an individual who is employed by a nationally-recognized company that provides professional
independent directors or independent managers for Special Purpose Entities and other corporate services in the ordinary course
of its business.

 

"Special
Purpose Entity" means a limited liability company or other business entity that is created with the purpose of being "bankruptcy
remote" and whose organizational documents contain restrictions on its activities and impose requirements intended to
preserve such entity's separateness that are substantially similar to the special purpose provisions of the Borrower LLC Agreement.

 

Without limiting anything
in the Borrower LLC Agreement, in the event that the manager of the Borrower intends to appoint a new independent manager or independent
director, the manager or sole member of the Borrower shall provide written notice to the Facility Agent not less than ten days
prior to the effective date of such appointment and shall certify in such notice that the designated Person satisfies the Independent
Manager Criteria, provided that, if:

 

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(i)          an
independent manager or independent director of the Borrower dies, becomes incapacitated or no longer is employed by the firm that
is then providing independent managers or independent directors for the Borrower; or

 

(ii)         the
firm referred to in clause (i) is no longer in the business of providing independent managers or independent directors for
Special Purpose Entities generally,

 

(either of the circumstances in clause (i)
or (ii) above, an "Unexpected Replacement") then the manager or sole member of the Borrower shall (A) provide
written notice to the Facility Agent as soon as possible thereafter and (B) unless the Facility Agent otherwise objects in
writing within 10 days of receipt of such notice, promptly appoint a new independent manager or independent director from the same
firm as the deceased or incapacitated or formerly employed independent manager or independent director (in the case of clause (i))
or from another firm that is in the business of providing independent managers or directors for Special Purpose Entities generally
(in the case of clause (ii)), in each case as to which the manager or sole member of the Borrower shall certify that the designated
Person satisfies the Independent Manager Criteria.

 

The Borrower hereby confirms
that, since the Original Closing Date and as of the Second Restatement Effective Date, each independent manager or independent
director of the Borrower (initially, Jennifer A. Schwartz and Ricardo Beausoleil) satisfies the Independent Manager Criteria.

 

(v)         Changes
to Related Documents. The Borrower shall not enter into any amendment, consent, waiver or other modification with respect to
a Related Document without the prior written consent of the Facility Agent if such amendment, consent, waiver or other modification
would effect a Specified Change, other than any Specified Change resulting from an amendment that the Borrower voted against or
withheld its consent (a "Related Document Modification"); provided that during the Reinvestment Period
the consent of the Facility Agent shall not be required if, after giving effect to such Related Document Modification, (w) the
relevant Collateral Obligation would be eligible to be acquired by the Borrower hereunder, (x) a DBRS Rating is obtained, or updated,
for such Collateral Obligation, (y) all Coverage Tests and Collateral Quality Tests would be satisfied (or if any such Collateral
Quality Test is not satisfied, such Collateral Quality Test shall be maintained or improved) and (z) no Default or Event of Default
shall have occurred and be continuing; provided further that if the Borrower requests the consent of the Facility
Agent in connection with a Related Document Modification and the Borrower does not receive a response (either consenting or declining
to consent) from the Facility Agent within 10 Business Days of its receipt of such request, then the Facility Agent shall be deemed
to have consented to the relevant action.

 

(w)         Investments;
Retention of Funds.

 

(i)          The
Borrower shall not make any investment or acquire any property other than in (A) Collateral Obligations, (B) Eligible Investments
and (C) any Equity Securities.

 

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(ii)         All
Interest Proceeds and Principal Proceeds will be applied by the Borrower (or the Collateral Agent on its behalf) only as provided
in Sections 2.05, 2.06 and 9.01 and in Article X.

 

(x)          Hedge
Agreements. The Borrower shall not enter into any hedge agreement without (i) the prior written consent of the Facility Agent
and (ii) obtaining a Rating Confirmation.

 

(y)          Fiscal
Year; Fiscal Quarter. The Borrower shall not change its fiscal year or any of its fiscal quarters, without the Facility Agent's
prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned.

 

Section 5.03         Certain
Undertakings Relating to Separateness.

 

(a)          Without
limiting any, and subject to all, other covenants of the Borrower contained in this Agreement, the Borrower shall conduct its business
and operations separate and apart from that of any other Person (including the Collateral Manager and any Equity Owners and their
respective Affiliates) and in furtherance of the foregoing:

 

(1)         The
Borrower shall maintain its accounts, financial statements, books, accounting and other records, and other Borrower documents separate
from those of any other Person (without limiting the foregoing, it is acknowledged that for accounting purposes, the Borrower may
be consolidated with another Person as required by GAAP and included in such Person's consolidated financial statements).

 

(2)         The
Borrower shall not commingle or pool any of its funds or assets with those of any Affiliate or any other Person, and it shall hold
all of its assets in its own name, except as otherwise permitted or required under the Facility Documents.

 

(3)         The
Borrower shall conduct its own business in its own name and, for all purposes, shall not operate, or purport to operate, collectively
as a single or consolidated business entity with respect to any Person (except as may be required for U.S. federal income tax purposes
and except for accounting purposes and Investment Company Act purposes, the Borrower may be consolidated with another Person as
required by GAAP and included in such Person's consolidated financial statements).

 

(4)         The
Borrower shall pay its own debts, liabilities and expenses (including overhead expenses, if any) only out of its own assets as
the same shall become due.

 

(5)         The
Borrower has observed, and shall observe all (A) Delaware limited liability company formalities and (B) other organizational
formalities, in each case to the extent necessary or advisable to preserve its separate existence, and shall preserve its existence,
and it shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its limited liability
company agreement in a manner that would adversely affect the existence of the Borrower as a bankruptcy-remote special purpose
entity without the prior written consent of the Required Lenders.

 

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(6)         The
Borrower does not, and shall not, (A) guarantee, become obligated for, or hold itself or its credit out to be responsible
for or available to satisfy, the debts or obligations of any other Person or (B) control the decisions or actions respecting
the daily business or affairs of any other Person except as permitted by or pursuant to the Facility Documents.

 

(7)         Except
for income tax and consolidated accounting purposes, the Borrower shall, at all times, hold itself out to the public as a legal
entity separate and distinct from any other Person.

 

(8)         Except
for income tax purposes, the Borrower shall not identify itself as a division of any other Person.

 

(9)         The
Borrower shall maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any Affiliate or any other Person.

 

(10)        The
Borrower shall not use its separate existence to perpetrate a fraud in violation of applicable law.

 

(11)        The
Borrower shall not, in connection with the Facility Documents, act with an intent to hinder, delay or defraud any of its creditors
in violation of applicable law.

 

(12)        Except
as permitted by this Agreement and the other Facility Documents, the Borrower shall maintain an arm's length relationship with
its Affiliates and the Collateral Manager.

 

(13)        Except
as permitted by or pursuant to the Facility Documents, the Borrower shall not grant a security interest or otherwise pledge its
assets for the benefit of any other Person.

 

(14)        Except
as provided in the Facility Documents, the Borrower shall not acquire any securities or debt instruments of the Collateral Manager,
its Affiliates or any other Person.

 

(15)        The
Borrower shall not make loans or advances to any Person, except for the Collateral Obligations and as permitted by or pursuant
to the Facility Documents.

 

(16)        The
Borrower shall make no transfer of its assets except as permitted by or pursuant to the Facility Documents.

 

(17)        The
Borrower shall file its own tax returns separate from those of any other Person or entity, except to the extent that the Borrower
is not required to file tax returns under applicable law or is not permitted to file its own tax returns separate from those of
any other Person.

 

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(18)        The
Borrower shall not acquire obligations or securities issued by its members.

 

(19)        The
Borrower shall use separate stationary, invoices and checks.

 

(20)        The
Borrower shall correct any known misunderstanding regarding its separate identity.

 

(21)        The
Borrower shall intend to maintain adequate capital in light of its contemplated business operations.

 

(22)        The
Borrower shall at all times be organized as a single-purpose entity with organizational documents substantially similar to those
in effect on the Original Closing Date together with any amendments or modifications thereto as permitted thereunder.

 

(23)        The
Borrower shall at all times conduct its business so that any assumptions made with respect to the Borrower in any "substantive
non-consolidation" opinion letter delivered in connection with the Facility Documents will continue to be true and correct
in all respects.

 

Section 5.04         Credit
Estimates; Failure to Have a DBRS Long Term Rating.

 

(a)          If
at any time a Collateral Obligation does not have a DBRS Long Term Rating, then the Borrower shall, within 10 Business Days after
(x) the origination or purchase of such Collateral Obligation or (y) the withdrawal of a DBRS Long Term Rating from such Collateral
Obligation, apply to DBRS for a Credit Estimate, which shall be the DBRS Risk Score for such Collateral Obligation; provided
that if the DBRS Risk Score of a Collateral Obligation is determined based on a Credit Estimate, such Credit Estimate must be updated
at least annually.

 

(b)          If
the Borrower is in the process of obtaining a Credit Estimate in respect of a Collateral Obligation, at all times until the DBRS
Risk Score for such Collateral Obligation (based on a Credit Estimate) is assigned, the DBRS Risk Score of such Collateral Obligation
shall be:

 

(i)          40.0600
for the first 90 days from the acquisition of such Collateral Obligation; provided that if two or more Credit Estimate has been
received by the Borrower since the Second Restatement Effective Date of 48.2625 or higher (for the avoidance of doubt, this proviso
shall not include any Collateral Obligations that DBRS declines to, or is unable to, provide a Credit Estimate), then the DBRS
Risk Score for all subsequently acquired Collateral Obligations for which Credit Estimates shall have been requested and not obtained
shall be 48.2625 for the first 90 days from the acquisition of such Collateral Obligation; and further provided that if three or
more Credit Estimate has been received consecutively by the Borrower of 31.8670 or lower, then the DBRS Risk Score for the next
acquired Collateral Obligation for which Credit Estimates shall have been requested and not obtained shall be 40.0600 for the first
90 days from the acquisition of such Collateral Obligation and the DBRS Risk Score for any subsequently acquired Collateral Obligation
shall be determined by referencing the beginning of this clause; and

 

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(ii)         after
90 days from the acquisition of such Collateral Obligation, unless such Collateral Obligation has received a Credit Estimate, the
DBRS Risk Score shall be 77.4104.

 

(c)          If
the Borrower is not in the process of obtaining a Credit Estimate or DBRS declines to, or is unable to, provide a Credit Estimate
in respect of any Collateral Obligation and such Collateral Obligation does not have a DBRS Long Term Rating, such Collateral Obligation
will be deemed to have a DBRS Risk Score of 77.4104.

 

Article
VI

EVENTS OF DEFAULT

 

Section 6.01         Events
of Default.

 

"Event of Default",
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

 

(a)          a
default in the payment, when due and payable, of (i) any interest on the Advances or any Commitment Fee in respect of the
Facility and such default continues for three Business Days, (ii) any principal of any Advance on the Final Maturity Date
or (iii) any principal of, or interest or Deferred Interest on the Subordinated Notes, on the Final Maturity Date (which default
pursuant this clause (iii) may be waived in writing by 100% of the Subordinated Noteholders); provided that, in the case
of a failure to pay due to an administrative error or omission by the Collateral Agent, such failure continues for three Business
Days after a Responsible Officer of the Collateral Agent or Collateral Manager receives written notice or has actual knowledge
of such administrative error or omission; or

 

(b)          (i)
the failure on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of Payments,
and such default continues for three Business Days; or (ii) a default in the payment of any amounts due and owing on any Payment
Date in respect of the Facility, other than any amounts described under clauses (a) and (b)(i) of this Section 6.01, and
such default continues for three Business Days; provided that, in the case of a failure to disburse due to an administrative
error or omission by the Collateral Agent, such failure continues for three Business Days after a Responsible Officer of the Collateral
Agent or Collateral Manager receives written notice or has actual knowledge of such administrative error or omission; or

 

(c)          either
of the Borrower or the pool of Collateral becomes an investment company required to be registered under the Investment Company
Act; or

 

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(d)          except
as otherwise provided in this Section 6.01, a default in a material respect in the performance, or breach in a material
respect, of any other covenant or other agreement of the Borrower or the Collateral Manager under any Facility Document to which
it is party (it being understood, without limiting the generality of the foregoing, that any failure to meet any Concentration
Limitation, Collateral Quality Test, Coverage Test or the Advance Rate Test is not an Event of Default), or the failure of any
representation or warranty of the Borrower or the Collateral Manager made in any Facility Document to which it is a party or in
any certificate or other writing delivered by it pursuant thereto or in connection therewith to be correct in each case in all
material respects when the same shall have been made (other than any such defaults, breaches or failures that individually or collectively
could not reasonably be expected to have a Material Adverse Effect, and the continuation of such default, breach or failure for
a period of thirty days after the earlier of (x) written notice thereof to the Borrower or the Collateral Manager, as applicable
(which may be by e-mail) by either Agent or the Collateral Manager, in each case specifying such default, breach or failure and
requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder and (y) actual knowledge
by any Responsible Officer of the Borrower or the Collateral Manager, as applicable; or

 

(e)          the
entry of a decree or order by a court having competent jurisdiction adjudging the Borrower as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Borrower under
the Bankruptcy Code or any other similar applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other
similar official) of the Borrower or of any substantial part of its property, respectively, or ordering the winding up or liquidation
of its affairs, respectively, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days; or

 

(f)          the
institution by the Borrower of proceedings to be adjudicated as bankrupt or insolvent, or the consent of the Borrower to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Bankruptcy Code or any other similar applicable law, or the consent by the Borrower to the filing of any such
petition or to the appointment in a proceeding of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official)
of the Borrower or of any substantial part of its property, respectively, or the making by Borrower of an assignment for the benefit
of creditors, or the admission by the Borrower in writing of its inability to pay its debts generally as they become due, or the
taking of any action by the Borrower in furtherance of any such action; or

 

(g)          the
EOD OC Ratio is less than 120% (an "EOD OC Ratio Failure") for more than three consecutive Business Days; or

 

(h)          (1)
the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment
of money in excess individually or in the aggregate of $1,000,000 against the Borrower (exclusive of judgment amounts fully covered
by insurance), and the Borrower shall not have either (x) discharged or provided for the discharge of any such judgment, decree
or order in accordance with its terms or (y) perfected a timely appeal of such judgment, decree or order and caused the execution
of same to be stayed during the pendency of the appeal, in each case, within 15 days from the date of entry thereof, or (2) the
Borrower shall have made payments of amounts in excess of $1,000,000 in the settlement of any litigation, claim or dispute (excluding
payments made from insurance proceeds or if funded solely with new contributions of cash equity or amounts that are available to
be disbursed to the Borrower pursuant to the Priority of Payments); or

 

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(i)          a
default in the performance of or compliance with or a breach of any obligation of the Borrower contained in any of the Special
Purpose Provisions or Section 5.02(u) such that reputable counsel of national standing could no longer render a substantive
non-consolidation opinion with respect thereto; or

 

(j)          an
Insolvency Event relating to the Collateral Manager occurs; or

 

(k)          (1)
any Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid,
binding and enforceable obligation of the Borrower or the Collateral Manager, (2) the Borrower or the Collateral Manager shall,
directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document
or any Lien or security interest thereunder, or (3) any Lien or security interest securing any obligation under any Facility
Document shall, in whole or in part (other than in respect of a de minimis amount of Collateral), cease to be a first priority
perfected security interest of the Collateral Agent except for Permitted Liens and as otherwise expressly permitted in accordance
with the applicable Facility Document; or

 

(l)          (1)
the Internal Revenue Service shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of
the Borrower and such Lien shall not have been released within ten Business Days of the date that the Borrower is notified in writing
of such Lien, (2) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets
of the Borrower and such Lien shall not have been released within five Business Days, unless in each case a reserve has been established
therefor in accordance with GAAP and such action is being diligently contested in good faith by appropriate proceedings (except
to the extent that the amount secured by such Lien exceeds $500,000), or (3) the occurrence of an ERISA Event; or

 

(m)         the
occurrence of a Change in Control; or

 

(n)          the
occurrence of an act (or failure to act) by the Borrower or any subsidiary of the Borrower, if any, that constitutes gross negligence,
willful misconduct or fraud or the Borrower or any subsidiary of the Borrower being indicted for a criminal offense materially
related to the performance of its obligations under this Agreement or any other Facility Document or in the performance by it,
if any, of investment advisory services comparable to those contemplated to be provided by the Collateral Manager in connection
with this Agreement and the other Facility Documents; or

 

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(o)          (1)
the occurrence of one or more acts (including any failure(s) to act) by the Collateral Manager or any of its executive officers
that constitutes fraud (as determined in an adjudication by a court of competent jurisdiction) in the performance of its, his or
her obligations under this Agreement or any other Facility Document or in the performance of investment advisory services comparable
to those contemplated to be provided by the Collateral Manager under this Agreement and any other Facility Document; or (2) the
Collateral Manager, or any executive officer of the Collateral Manager is indicted for a criminal felony offense materially related
to the performance of its, his or her obligations under this Agreement or any other Facility Document or in the performance of
investment advisory services comparable to those contemplated to be provided by the Collateral Manager in this Agreement and the
other Facility Documents; or (3) the occurrence of one or more acts (including any failure(s) to act) by any Investment Adviser
Affiliate or any executive officer thereof or any employee thereof who acts as an executive officer of the Collateral Manager that
constitutes fraud (as determined in an adjudication by a court of competent jurisdiction) in the performance of investment advisory
services comparable to those contemplated to be provided by the Collateral Manager under this Agreement and the other Facility
Documents and such event would reasonably be expected to have a Material Adverse Effect; or (4) any Investment Adviser Affiliate
or any executive officer thereof is indicted for a criminal felony offense materially related to the performance of investment
advisory services comparable to those contemplated to be provided by the Collateral Manager in this Agreement and the other Facility
Documents and such event would reasonably be expected to have a Material Adverse Effect; or

 

(p)          None
of the Transferor, an Approved Affiliate or any successor Collateral Manager appointed in accordance with the provisions of the
Collateral Management Agreement is the Collateral Manager.

 

Upon a Responsible Officer
thereof obtaining written notice or actual knowledge of the occurrence of an Event of Default, each of (i) the Borrower, (ii) the
Collateral Agent and (iii) the Collateral Manager shall notify each other, specifying the specific Event of Default(s) that
occurred as well as all other Events of Default that are then known to be continuing. Upon the occurrence of an Event of Default
known to the Collateral Agent, the Collateral Agent shall promptly notify the Facility Agent (which will notify the Lenders promptly)
and DBRS of such Event of Default in writing, specifying the specific Event of Default(s) that occurred as well as all other Events
of Default that are then known to be continuing. Upon a Responsible Officer thereof obtaining actual knowledge of a failure to
pay or a failure to disburse due to an administrative error or omission, each of the Collateral Agent and the Collateral Manager
shall notify the other party within one Business Day of obtaining such actual knowledge.

 

Upon the occurrence of
any Event of Default, in addition to all rights and remedies specified in this Agreement and the other Facility Documents, including
Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Facility Agent
(at the direction of 100% of the Lenders or, to the extent there are no Advances or Commitments outstanding (or the Event of Default
occurred under Section 6.01(a)(iii)), 100% of the Subordinated Noteholders), by notice to the Collateral Agent and the Borrower,
may do any one or more of the following: (1) declare the Commitments to be terminated forthwith, whereupon the Commitments
shall forthwith terminate, and (2) declare the principal of and the accrued interest on the Advances and the Notes and all
other amounts whatsoever payable by the Borrower hereunder (including any amounts payable under Section 2.10) to be
forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or
other formalities of any kind, all of which are hereby waived by the Borrower, and any such amounts payable shall be paid in accordance
with Section 9.01(c); provided that, upon the occurrence of any Event of Default described in clause (e) or
(f) of this Section 6.01, the Commitments shall automatically terminate and the Advances and all such other amounts
shall automatically become due and payable, without any further action by any party.

 

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Article
VII

PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT

 

Section 7.01         Grant
of Security.

 

(a)          The
Borrower hereby grants, pledges, transfers and collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties,
as security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower's right, title and interest
in, to and under the following property, in each case whether tangible or intangible, wheresoever located, and whether now owned
by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described
in this Section 7.01(a) being collectively referred to herein as the "Collateral"):

 

(i)          all
Collateral Obligations, Equity Securities and Eligible Investments, both now and hereafter owned, including all collections and
other proceeds thereon or with respect thereto;

 

(ii)         each
Covered Account and all money, all instruments, all investment property (including all securities, all security entitlements with
respect to such Covered Account and all financial assets carried in such Covered Account), and all other property from time to
time on deposit in or credited to each Covered Account;

 

(iii)        all
interest, dividends, stock dividends, stock splits, distributions and other money or property of any kind distributed in respect
of the Collateral Obligations, Equity Securities and Eligible Investments which the Borrower is entitled to receive, including
all Collections;

 

(iv)        each
Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto (whether arising pursuant
to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such Facility
Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or
with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral
Agent under this Agreement;

 

(v)         all
Cash or Money in possession of the Borrower or delivered to the Collateral Agent (or its bailee);

 

(vi)        all
accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit
rights and other supporting obligations of the Borrower, including any of the same relating to the assets and property described
in the foregoing clauses (i) through (v) (in each case as defined in the UCC);

 

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(vii)       all
other property of the Borrower, including any such other property otherwise delivered to the Collateral Agent by or on behalf of
the Borrower (whether or not constituting Collateral Obligations, Equity Securities or Eligible Investments);

 

(viii)      all
security interests, liens, collateral, property, guaranties, supporting obligations, insurance and other agreements or arrangements
of whatever character from time to time supporting or securing payment of the assets, investments and properties described above;
and

 

(ix)         all
Proceeds of any and all of the foregoing.

 

For the avoidance of
doubt, the Excluded Loan shall not be a part of the Collateral granted to the Collateral Agent pursuant to this Section 7.01(a).

 

(b)          All
terms used in this Section 7.01 that are defined in the UCC shall have the respective meanings assigned to such terms
in the UCC.

 

Section 7.02         Release
of Security Interest.

 

(a)          Upon
deposit into the Payment Account of all required amounts then required to be deposited to effect a Payment in Full in accordance
with this Agreement and termination of all Commitments in accordance with this Agreement, and upon receipt of a certificate of
a Responsible Officer of the Borrower or of the Collateral Manager on behalf of the Borrower as provided in Section 8.07(e)
and written request therefor, the Collateral Agent, on behalf of the Secured Parties, shall, upon execution of the Payoff Letter,
terminate and release its Lien on the Collateral and transfer, assign and set-over to the Borrower, without recourse, representation
or warranty, all the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties in, to and under
the related Collateral and all future monies due or to become due with respect thereto, any Related Property and all Proceeds of
such Collateral, and recoveries relating thereto, all rights to security for any such Collateral, and all Proceeds and products
of the foregoing. In addition, the Collateral Agent, at the expense of the Borrower, will (i) execute such instruments of
release with respect to the Collateral in recordable form if necessary, in favor of the Borrower or its designees as the Borrower
or the Collateral Manager may reasonably request, (ii) deliver to the Borrower or its designees any portion of the Collateral
(including the applicable Related Documents) in its possession as identified to it by the Borrower or by the Collateral Manager
and (iii) otherwise take such actions as requested by the Borrower or by the Collateral Manager in writing as are necessary and
appropriate to release the Lien of the Collateral Agent for the benefit of the Secured Parties in the Collateral and transfer the
same to the Borrower or its designees.

 

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(b)        
Except as otherwise provided in Section 7.02(a) in connection with a Payment in Full and the termination of the Commitments,
upon the sale, substitution or disposition of any Collateral by the Borrower or by the Collateral Manager on behalf of the Borrower
in compliance with the terms and conditions of this Agreement (including Article 10 and the delivery of the certification required
by Section 10.01(a)), on the date of any such sale, substitution or other disposition upon deposit into the Collection Account
of all required amounts then required to be deposited with respect thereto under this Agreement, the Collateral Agent, on behalf
of the Secured Parties, shall automatically and without further action be deemed to and hereby does terminate and release its Lien
on the related Collateral and, at the expense and the written direction of the Borrower, transfer, assign and set-over to the Borrower,
without recourse, representation or warranty, all the right, title and interest of the Collateral Agent, for the benefit of the
Secured Parties in, to and under the related Collateral and all future monies due or to become due with respect thereto, any Related
Property and all Proceeds of such Collateral, and recoveries relating thereto, all rights to security for any such Collateral,
and all Proceeds and products of the foregoing. In addition, the Collateral Agent, at the expense of the Borrower, will (i) execute
such instruments of release with respect to the portion of the Collateral to be so sold, substituted or transferred in recordable
form if necessary, in favor of the Borrower or its designee as the Borrower or the Collateral Manager may reasonably request, (ii) deliver
to the Borrower or its designee any portion of the Collateral (including the applicable Related Documents) to be so sold, substituted
or transferred in its possession as identified to it by the Borrower or by the Collateral Manager and (iii) otherwise take such
actions as requested by the Borrower or the Collateral Manager in writing as are necessary and appropriate to release the Lien
of the Collateral Agent for the benefit of the Secured Parties on the portion of the Collateral to be so sold, substituted or transferred.

 

(c)          Any
and all actions under this Section 7.02 in respect of the Collateral shall be without any recourse to, or representation
or warranty by, the Collateral Agent or any Secured Party and shall be at the sole cost and expense of the Borrower.

 

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Section 7.03         Rights
and Remedies.

 

The Collateral Agent
(for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party under the
UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent or its
designees may, and shall at the direction of the Facility Agent (at the direction of 100% of the Lenders or, to the extent there
are no Advances or Commitments outstanding, 100% of the Subordinated Noteholders), and in each case, where applicable subject to
the terms of the Related Documents (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents
and any other documents relating to the Collateral to the Collateral Agent or its designees and otherwise give all instructions
for the Borrower regarding the Collateral; (ii) if Advances have been accelerated following an Event of Default, sell or otherwise
dispose of the Collateral, all without judicial process or proceedings, unless the Borrower (x) within five Business Days of such
acceleration gives written notice to the Agents that it intends to make a Payment in Full and (y) makes a Payment in Full within
five Business Days of giving such notice; provided that, for the avoidance of doubt, the Borrower and any of its Affiliate
may bid for the Collateral in any such sale; (iii) take control of the Proceeds of any such Collateral; (iv) subject
to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (v) release,
make extensions, discharges, exchanges or substitutions for, or surrender, all or any part of the Collateral; (vi) enforce
the Borrower's rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings
to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower immediately take all actions
necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations,
in accordance with the terms of the Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any
asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of all books, records
and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to
the Collateral or upon any proof of claim in bankruptcy against an account debtor. The Collateral Agent and the Secured Parties
agree that the Collateral Agent will not, nor will any Secured Party direct the Collateral Agent to, deliver a Notice of Exclusive
Control (as such term is defined in the Account Control Agreement) or instruction under the Account Control Agreement until the
occurrence of an Event of Default.

 

The Borrower hereby agrees
that, upon the occurrence and during the continuance of an Event of Default, at the request of the Collateral Agent or the Facility
Agent but subject to the requirements of the Related Documents, it shall execute all documents and agreements which are necessary
or appropriate to have the Collateral to be assigned to the Collateral Agent or its designee. For purposes of taking the actions
described in clauses (i) through (xi) of this Section 7.03 the Borrower hereby irrevocably appoints the Collateral
Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable while any of the Obligations
remain unpaid and which can be exercised only if such Event of Default is continuing), with power of substitution, in the name
of the Collateral Agent or in the name of the Borrower or otherwise, for the use and benefit of the Collateral Agent for the benefit
of the Secured Parties, but at the cost and expense of the Borrower and, except as permitted by applicable law, without notice
to the Borrower.

 

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All sums paid or advanced
by the Collateral Agent or the Lenders in connection with the foregoing and all out-of-pocket costs and expenses (including reasonable
and documented attorneys' fees and expenses) incurred in connection therewith, together with interest thereon at the Post-Default
Rate from the date of payment until repaid in full, shall be paid by the Borrower to the Collateral Agent or the Lenders, as applicable,
from time to time on demand in accordance with Section 9.01(c) and shall constitute and become a part of the Obligations
secured hereby.

 

To the extent permitted
by law, without the prior written consent of all of the Lenders, credit bidding by any Lender (or any other Person) in connection
with any foreclosure sale hereunder shall not be permitted.

 

Section 7.04         Remedies
Cumulative.

 

Each right, power, and
remedy of the Agents and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility
Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall
be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now
or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by either of
the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous
or later exercise by such Persons of any or all such other rights, powers, or remedies.

 

Section 7.05         Related
Documents.

 

(a)          The
Borrower hereby agrees that after the occurrence and during the continuance of an Event of Default, it shall (i) upon the
written request of either Agent promptly forward to such Agent all information and notices which it receives under or in connection
with the Related Documents relating to the Collateral within two Business Days of receipt and (ii) upon the written request
of either Agent, act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Related
Documents relating to the Collateral only in accordance with the direction of such Agent.

 

(b)          The
Borrower agrees that, to the extent the same shall be in the Borrower's possession, it will hold all Related Documents in trust
for the Collateral Agent on behalf of the Secured Parties, and upon request of either Agent following the occurrence and during
the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral Agent or its
designee.

 

Section 7.06         Borrower
Remains Liable.

 

(a)          Except
as may be necessary in connection with any assignment of the Collateral to the Collateral Agent or its designee pursuant to the
first sentence of the second paragraph of Section 7.03, (i) the Borrower shall remain liable under the contracts and
agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall
perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been
executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any
of its duties or obligations under any such contracts or agreements included in the Collateral.

 

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(b)          No
obligation or liability of the Borrower is intended to be assumed by either Agent or any other Secured Party under or as a result
of this Agreement or the other Facility Documents, and the transactions contemplated hereby and thereby, including under any Related
Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted under provisions of
law, the Agents and the other Secured Parties expressly disclaim any such assumption. The Borrower agrees to indemnify, defend
and hold harmless the Agents and the other Secured Parties from any loss, liability or expense incurred as a result of any claim
that any such obligation or liability has been so assumed.

 

Section 7.07         Assignment
of Collateral Management Agreement and the Master Transfer Agreement.

 

(a)          The
Borrower hereby acknowledges that its grant contained in Section 7.01 includes all of the Borrower's estate, right,
title and interest in, to and under the Collateral Management Agreement and the Master Transfer Agreement, including (i) the
right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take
any legal action upon the breach of an obligation of the Collateral Manager thereunder, including the commencement, conduct and
consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and
statements thereunder and (iv) the right to do any and all other things whatsoever that the Borrower is or may be entitled
to do thereunder; provided that notwithstanding anything herein to the contrary, the Agents shall not have the authority
to exercise any of the rights set forth in (i) through (iv) above or that may otherwise arise as a result of the grant
until the occurrence of an Event of Default hereunder, and such authority shall terminate at such time, if any, as such Event of
Default is cured or waived.

 

(b)          The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Borrower under the provisions of the Collateral Management Agreement or the other documents referred
to in paragraph (a) above, nor shall any of the obligations contained in the Collateral Management Agreement or such other
documents be imposed on the Agents.

 

(c)          Upon
the occurrence of the Final Maturity Date (or, if earlier, the Payment in Full of all of the Obligations and the termination of
all of the Commitments), the payment of all Obligations and the release of the Collateral from the lien of this Agreement, this
assignment and all rights herein assigned to the Collateral Agent for the benefit of the Secured Parties shall cease and terminate
and all the estate, right, title and interest of the Collateral Agent in, to and under the Collateral Management Agreement and
the other documents referred to in this Section 7.07 shall revert to the Borrower, and no further instrument or act
shall be necessary to evidence such termination and reversion but the Collateral Agent will provide such instruments upon request
of the Borrower or the Collateral Manager on its behalf pursuant to Section 7.02(a).

 

(d)          The
Borrower represents that the Borrower has not executed any other assignment of the Collateral Management Agreement or the Master
Transfer Agreement.

 

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(e)          The
Borrower agrees that this assignment is irrevocable until the Payment in Full of all Obligations (other than unasserted contingent
obligations) and the terminations of all Commitments, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Borrower will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness
of such assignment.

 

(f)          The
Borrower hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral Management
Agreement, to the following:

 

(i)          The
Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Agreement applicable
to the Collateral Manager subject to the terms of the Collateral Management Agreement.

 

(ii)         The
Collateral Manager shall acknowledge that the Borrower is assigning all of its right, title and interest in, to and under the Collateral
Management Agreement to the Collateral Agent for the benefit of the Secured Parties.

 

(iii)        Neither
the Borrower nor the Collateral Manager will enter into any agreement amending, modifying or terminating the Collateral Management
Agreement without complying with the applicable terms thereof.

 

Section 7.08         Protection
of Collateral.

 

The Borrower shall from
time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such UCC-1
financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other
action as may be necessary or advisable to secure the rights and remedies of the Secured Parties hereunder and to:

 

(i)          grant
security more effectively on all or any portion of the Collateral;

 

(ii)         maintain,
preserve and perfect any grant of security made or to be made by this Agreement including, without limitation, the first priority
nature of the lien (subject to clause (ii) of the definition of Permitted Liens) or carry out more effectively the purposes hereof;

 

(iii)        perfect,
publish notice of or protect the validity of any grant made or to be made by this Agreement (including, without limitation, any
and all actions necessary or desirable as a result of changes in law or regulations)

 

(iv)        enforce
any of the Collateral or other instruments or property included in the Collateral;

 

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(v)         preserve
and defend title to the Collateral and the rights therein of the Collateral Agent and the other Secured Parties in the Collateral
against the claims of all Persons and parties;

 

(vi)        pay
or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral; and

 

(vii)       file
precautionary UCC-1 financing statements and related continuation statements, in each case, naming the Borrower as secured party
and the assignor under the Master Transfer Agreement as debtor in respect of the Collateral Obligations from time to time purchased
by the Borrower thereunder.

 

The Borrower hereby designates
the Collateral Agent as its agent and attorney in fact to prepare and file all UCC-1 financing statements, continuation statements
and other instruments, and take all other actions, required pursuant to this Section 7.08. Such designation shall not
impose upon the Collateral Agent, or release or diminish, the Borrower's obligations under this Section 7.08.

 

Article
VIII

ACCOUNTS, ACCOUNTINGS AND RELEASES

 

Section 8.01         Collection
of Money.

 

Except as otherwise expressly
provided herein, the Collateral Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention
or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Collateral
Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of
such Collateral. The Collateral Agent shall segregate and hold all such Money and property received by it in a Covered Account
and in trust for the Secured Parties and shall apply it as provided in this Agreement. Each Covered Account shall be established
as a single segregated securities account held in trust and maintained under the Account Control Agreement with (a) a federal
or state-chartered depository institution having DBRS Ratings of at least "A (high)" and "R-1 (middle)" and,
if such institution's DBRS Ratings falls below such levels, then the assets held in such Covered Account shall, upon direction
of the Facility Agent following notice to the Facility Agent, the Borrower and the Collateral Manager from the Collateral Agent,
be moved within 30 days to another institution that has such DBRS Ratings or (b) in segregated securities accounts held in
trust with the corporate trust department of a federal or state-chartered deposit institution subject to regulations regarding
fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b). Any Covered Account
may contain any number of subaccounts for the convenience of the Collateral Agent or as required by the Collateral Manager for
convenience in administering the Covered Account or the Collateral.

 

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Section 8.02         Collection
Account.

 

(a)          In
accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Original Closing Date,
has established at the Custodian a single, segregated securities account held in trust and titled the "WhiteHorse Finance
Warehouse, LLC Collection Account, subject to the lien of the Collateral Agent", which was designated as the "Collection
Account", which has been and shall be maintained with the Custodian in accordance with the Account Control Agreement and
which has been and shall be subject to the lien of the Collateral Agent. In addition, the Collateral Agent has maintained within
the Collection Account two segregated subaccounts, one of which has been designated the "Interest Collection Subaccount"
and one of which has been designated the "Principal Collection Subaccount". The Collateral Agent shall from time
to time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to Section 8.05(a),
immediately upon receipt thereof all Interest Proceeds received by the Collateral Agent. The Collateral Agent shall deposit immediately
upon receipt thereof all other amounts remitted to the Collection Account into the Principal Collection Subaccount including, in
addition to the deposits required pursuant to Section 8.05(a), all Principal Proceeds received by the Collateral Agent,
unless, as directed by the Collateral Manager, simultaneously reinvested in additional Collateral Obligations in accordance with
Article X or in Eligible Investments or required to be deposited in the Revolving Reserve Account pursuant to Section 8.04
or required to be deposited into the Excess Concentration Loan Account pursuant to Section 8.03(d)). All Monies deposited
from time to time in the Collection Account pursuant to this Agreement shall be held by the Collateral Agent as part of the Collateral
and shall be applied to the purposes herein provided. All amounts in the Collection Account shall be reinvested pursuant to Section 8.05(a).
The Borrower shall instruct all Obligors to remit all their payments in respect of the Collateral Obligations into the Collection
Account in accordance with this Agreement. If the Borrower receives any Collections directly, the Borrower shall remit any such
Collections to the Collection Account (or one or more subaccounts thereof) within 2 Business Days of receipt thereof. In the event
the Collateral Agent receives any amounts or collections in respect of the Excluded Loan, the Collateral Agent shall, upon receiving
a written direction of the Collateral Manager, which may be in the form of standing instructions, remit such amounts or collections
to an account to be designated by the Collateral Manager.

 

(b)          [reserved].

 

(c)          At
any time when reinvestment is permitted pursuant to Article X, the Collateral Manager may by delivery of a certificate
of a Responsible Officer of the Collateral Manager direct the Collateral Agent to, and upon receipt of such certificate the Collateral
Agent shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and from Interest
Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Obligation and reinvest such funds
in additional Collateral Obligations, in each case in accordance with the requirements of Article X and such certificate.
At any time as of which no funds are on deposit in the Revolving Reserve Account, the Collateral Manager may by delivery of a certificate
of a Responsible Officer direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw
funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and remit such funds as so directed by
the Collateral Manager to meet the Borrower's funding obligations in respect of Delayed Drawdown Collateral Loans or Revolving
Collateral Loans.

 

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(d)          The
Collateral Agent shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 9.01(a),
on or before the Business Day preceding each Payment Date, any amounts then held in the Collection Account other than Interest
Proceeds or Principal Proceeds received after the end of the Collection Period with respect to such Payment Date (and not otherwise
designated for deposit into the Revolving Reserve Account or the Excess Concentration Loan Account or for reinvestment by the Collateral
Manager or to be used to settle binding commitments (entered into prior to the Determination Date) for the purchase of Collateral
Obligations) and as described in the Payment Date Report for such Payment Date.

 

(e)          In
connection with any Mandatory Revolving Conversion Date, subject to the automatic netting of amounts between any Revolving Lender
that is also a Term Lender pursuant to Section 2.01, the Collateral Agent shall, at the direction of the Borrower, (i) withdraw
funds on deposit in the Principal Collection Subaccount representing the Borrower's repayment of the Required Conversion Amount
to the applicable Revolving Lenders and remit such funds as directed by the applicable Revolving Lender; and (ii) disburse funds
on deposit in the Principal Collection Subaccount representing each Term Lender's Percentage of the applicable Required Conversion
Amount to and as directed by the Borrower.

 

Section 8.03         Transaction
Accounts.

 

(a)          Payment
Account. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Original
Closing Date, has established at the Custodian a single, segregated securities account held in trust and titled the "WhiteHorse
Finance Warehouse, LLC Payment Account, subject to the lien of the Collateral Agent", which has been designated as the "Payment
Account", which has been and shall be maintained by the Borrower with the Custodian in accordance with the Account Control
Agreement and which has been and shall be subject to the lien of the Collateral Agent. The only permitted withdrawal from or application
of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable under the Priority
of Payments on the Payment Dates in accordance with their terms and the provisions of this Agreement. The Borrower shall have legal,
equitable and beneficial interest in the Payment Account in accordance with this Agreement and the Priority of Payments.

 

(b)          Custodial
Account. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Original
Closing Date, has established at the Custodian a single, segregated securities account held in trust and titled the "WhiteHorse
Finance Warehouse, LLC Custodial Account, subject to the lien of the Collateral Agent", which has been designated as the "Custodial
Account", which has been and shall be maintained by the Borrower with the Custodian in accordance with this Agreement
and the Account Control Agreement and which has been and shall be subject to the lien of the Collateral Agent. All Collateral Obligations
shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with
the provisions of this Agreement. The Borrower shall have legal, equitable and beneficial interest in the Custodial Account in
accordance with this Agreement and the Priority of Payments.

 

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(c)          Lender
Funding Account.

 

(i)          The
Collateral Agent, on or prior to the Original Closing Date, has established at the Custodian a single, segregated securities account
held in trust and titled the "WhiteHorse Finance Warehouse, LLC Lender Funding Account, subject to the lien of the Collateral
Agent", which shall be designated as the "Lender Funding Account", which has been and shall be maintained
by the Borrower with the Custodian and which has been and shall be subject to the lien of the Collateral Agent. The Lender Funding
Account may contain any number of subaccounts for the purposes described in this Section 8.03(c). The only permitted deposits
to or withdrawals from the Lender Funding Account shall be in accordance with the provisions of this Agreement. The Borrower shall
have legal, equitable and beneficial interest in the Lender Funding Account in accordance with this Agreement.

 

(ii)         If
any Lender shall at any time deposit any amount in the Lender Funding Account in accordance with Section 2.16, then (x) the
Collateral Agent shall create a segregated subaccount of the Lender Funding Account with respect to such Lender (the "Lender
Funding Subaccount" of such Lender) and (y) the Collateral Agent shall deposit all funds received from such Lender
into such Lender Funding Subaccount. The only permitted withdrawal from or application of funds credited to a Lender Funding Subaccount
shall be as specified in this Section 8.03(c).

 

(iii)        With
respect to any Lender, the deposit of any funds in the applicable Lender Funding Subaccount by such Lender shall not constitute
a Borrowing by the Borrower and shall not constitute a utilization of the Commitment of such Lender, and the funds so deposited
shall not constitute principal outstanding under the Advances. However, from and after the establishment of a Lender Funding Subaccount,
the obligation of such Lender to advance funds as part of any Borrowing under this Agreement shall be satisfied by the Collateral
Agent withdrawing funds from such Lender Funding Subaccount in the amount of such Lender's pro rata share of such Borrowing
as directed by the Facility Agent. All payments of principal from the Borrower with respect to Advances made by such Lender (whether
or not originally funded from such Lender Funding Subaccount) shall be made by depositing the related funds into such Lender Funding
Subaccount and all other payments from the Borrower (including without limitation all interest and Commitment Fees) shall be made
to such Lender in accordance with the order specified in the Priority of Payments. The Collateral Agent shall have full power and
authority to withdraw funds from each such Lender Funding Subaccount at the time of, and in connection with, the making of any
such Borrowing and to deposit funds into each such Lender Funding Subaccount, all in accordance with the terms of and for the purposes
set forth in this Agreement.

 

(iv)        On
any Business Day, any Lender may provide written notice to the Collateral Agent, certifying as to the amount of such Lender's undrawn
Commitment as of such date.  If the sum of the amount of funds on deposit in the applicable Lender Funding Subaccount with
respect to such Lender as of such date exceeds such Lender's undrawn Commitment at such time (whether due to a reduction in the
Total Commitment or otherwise), then the Collateral Agent shall remit to such Lender a portion of the funds then held in the related
Lender Funding Subaccount in an aggregate amount equal to such excess. 

 

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(v)         If
at any time a Lender provides written notice to the Borrower and the Agents that it no longer wishes to maintain funds in its Lender
Funding Subaccount, then all funds then held in the relevant Lender Funding Subaccount (after giving effect to any Borrowings in
respect of the Advances that are to be made on such date) shall be withdrawn from such Lender Funding Subaccount and remitted to
such Lender, and thereafter all payments with respect to Advances made by such Lender shall be paid directly to such Lender in
accordance with the terms of this Agreement; provided that such Lender has provided prior written notice to DBRS and the
Collateral Agent and is no longer subject to Section 2.16.

 

(vi)        Except
as otherwise provided in this Agreement, for so long as any amounts are on deposit in any Lender Funding Subaccount, the Collateral
Agent shall invest and reinvest such funds in the BNY Mellon Cash Reserve, which is an Eligible Investment of the type described
in clause (ii) of the definition of the term "Eligible Investments" that mature overnight. Interest received on
such Eligible Investments shall be retained in such Lender Funding Subaccount and be invested and reinvested as aforesaid. Any
gain realized from such investments shall be credited to such Lender Funding Subaccount, and any loss resulting from such investments
shall be charged to such Lender Funding Subaccount. None of the Borrower, the Collateral Manager or the Collateral Agent shall
in any way be held liable by reason of any insufficiency of such Lender Funding Subaccount resulting from any loss relating to
any such investment.

 

(d)          Excess
Concentration Loan Account.

 

(i)          The
Collateral Agent, on or prior to the Original Closing Date, has established at the Custodian a single, segregated securities account
held in trust and titled the "WhiteHorse Finance Warehouse, LLC Excess Concentration Loan Account, subject to the lien of
the Collateral Agent", which has been designated as the "Excess Concentration Loan Account", which has been
and shall be maintained by the Borrower with the Custodian and which has been and shall be subject to the lien of the Collateral
Agent. The only permitted deposits to or withdrawals from the Excess Concentration Loan Account shall be in accordance with the
provisions of this Agreement. The Borrower shall have legal, equitable and beneficial interest in the Excess Concentration Loan
Account in accordance with this Agreement.

 

(ii)         The
Collateral Agent shall from time to time deposit into the Excess Concentration Loan Account immediately upon notice from the Collateral
Manager to do so, that portion of the Excess Concentration Principal Proceeds received by the Collateral Agent and held in the
Principal Collection Subaccount that are directed by the Collateral Manager to be deposited into the Excess Concentration Loan
Account. All Monies deposited from time to time in the Excess Concentration Loan Account pursuant to this Agreement shall be held
by the Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided. If the Borrower receives
any Excess Concentration Principal Proceeds directly, the Borrower shall remit any such Excess Concentration Principal Proceeds
to the Collection Account within two (2) Business Days after receipt thereof.

 

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(iii)        The
Collateral Agent shall transfer to the Principal Collection Subaccount any Excess Concentration Principal Proceeds remaining on
deposit in the Excess Concentration Loan Account on the Determination Date following deposit of such Excess Concentration Principal
Proceeds to the extent that such amounts have not been distributed pursuant to Section 9.01(d).

 

Section 8.04         The
Revolving Reserve Account; Fundings.

 

In accordance with this
Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Original Closing Date, has established at
the Custodian a single, segregated securities account held in trust and titled the "WhiteHorse Finance Warehouse, LLC Revolving
Reserve Account, subject to the lien of the Collateral Agent", which has been designated as the "Revolving Reserve
Account", which has been and shall be maintained by the Borrower with the Custodian in accordance with the Account Control
Agreement and which has been and shall be subject to the lien of the Collateral Agent. The only permitted deposits to or withdrawals
from the Revolving Reserve Account shall be in accordance with the provisions of this Agreement. The Borrower shall have legal,
equitable and beneficial interest in the Revolving Reserve Account in accordance with this Agreement and the Priority of Payments.

 

Upon the purchase of
any Delayed Drawdown Collateral Loan or Revolving Collateral Loan or, if necessary, within two Business Days following the Commitment
Termination Date, funds shall be withdrawn by the Collateral Agent at the direction of the Collateral Manager from the Principal
Collection Subaccount and deposited in the Revolving Reserve Account, (i) during the Reinvestment Period, in an amount sufficient
to ensure no Commitment Shortfall exists as of such time, and (ii) at all times, within two Business Days after the last day of
the Reinvestment Period, equal to the aggregate unfunded commitments in respect of all Revolving Collateral Loans and Delayed Drawdown
Collateral Loans; provided that, if funds in the Principal Collection Subaccount are not sufficient under this clause (ii)
then an Advance under this Facility shall be made (the amount required to be on deposit at all times in the Revolving Reserve Account
pursuant to such clause (i) or (ii), as applicable, the "Revolving Reserve Required Amount").

 

Fundings of Revolving
Collateral Loans and Delayed Drawdown Collateral Loans shall be made using, first, amounts on deposit in the Revolving Reserve
Account, then amounts on deposit in the Principal Collection Subaccount and finally, prior to or on the Commitment Termination
Date, available Borrowings.

 

Amounts on deposit in
the Revolving Reserve Account will be invested in overnight funds that are Eligible Investments selected by the Collateral Manager
pursuant to Section 8.05, and earnings from all such investments will be deposited in the Interest Collection Subaccount
as Interest Proceeds. So long as no Event of Default pursuant to Section 6.01(e) or (f) has occurred and is then continuing, all
funds in the Revolving Reserve Account (other than earnings from Eligible Investments therein) will be available solely to cover
drawdowns on the Delayed Drawdown Collateral Loans and Revolving Collateral Loans; provided that, to the extent that the
aggregate amount of funds on deposit therein at any time exceeds the Revolving Reserve Required Amount, the Collateral Manager
shall promptly notify the Collateral Agent in writing of the amount thereof, the Collateral Agent shall remit such excess to the
Principal Collection Subaccount, and such amounts will be treated as Principal Proceeds.

 

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Section 8.05         Reinvestment
of Funds in Covered Accounts; Reports by Collateral Agent.

 

(a)          Prior
to the occurrence of an Event of Default, unless otherwise directed by the Collateral Manager, the Collateral Agent shall invest
all funds on deposit in the Collection Account and the Revolving Reserve Account in the BNY Mellon Cash Reserve, which is an Eligible
Investment of the type described in clause (ii) of the definition of the term "Eligible Investments" maturing not later
than the earlier of (i) thirty days after the date of such investment (unless putable at par to the issuer thereof) or (ii) the
Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). If, after the
occurrence of an Event of Default, the Facility Agent shall not have given investment directions to the Collateral Agent for three
consecutive days, the Collateral Agent shall invest and reinvest such Monies as fully as practicable in the BNY Mellon Cash Reserve,
which is an Eligible Investment of the type described in clause (ii) of the definition of the term "Eligible Investments"
maturing not later than the earlier of (i) thirty days after the date of such investment (unless putable at par to the issuer
thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided
herein). Should any such specific Eligible Investment be unavailable, and in the absence of another proper investment instruction,
all such funds shall be held uninvested. Except to the extent expressly provided otherwise herein, all interest and other income
from such investments shall be deposited in the Interest Collection Subaccount, any gain realized from such investments shall be
credited to the Principal Collection Subaccount upon receipt, and any loss resulting from such investments shall be charged to
the Principal Collection Subaccount. The Collateral Agent shall not in any way be held liable by reason of any insufficiency of
such accounts which results from any loss relating to any such investment, except with respect to investments in obligations of
the Collateral Agent or any Affiliate thereof.

 

(b)          The
Collateral Agent agrees to promptly give the Borrower any notice a Responsible Officer of it receives relating to any Covered Account
or any funds on deposit in any Covered Account, or otherwise to the credit of a Covered Account, including any notice that states
any Covered Account or any funds on deposit or otherwise credited to a Covered Account has become subject to any writ, order, judgment,
warrant of attachment, execution or similar process. All Covered Accounts shall remain at all times with the Custodian or an entity
organized and doing business under the laws of the United States or of any state thereof, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least $200,000,000, subject to supervision or examination by
federal or state authority, having DBRS Ratings of at least "A (high)" and "R-1 (middle)" and having an office
within the United States.

 

(c)          The
Collateral Agent shall supply, in a timely fashion, to the Borrower, DBRS and the Collateral Manager any information regularly
maintained by the Collateral Agent that the Borrower, DBRS or the Collateral Manager may from time to time reasonably request with
respect to the Collateral Obligations, the Covered Accounts and the other Collateral and provide any other requested information
reasonably available to the Collateral Agent by reason of its acting as Collateral Agent hereunder and required to be provided
by Section 8.06 or to permit the Collateral Manager to perform its obligations under the Collateral Management Agreement
or the Borrower's obligations hereunder that have been delegated to the Collateral Manager. The Collateral Agent shall promptly
forward to the Collateral Manager copies of notices, requests for consent and other writings received by it from the Obligor or
guarantor of any Collateral Obligation, the issuer of any Equity Security or from any Clearing Agency with respect to any Eligible
Investment (including, without limitation, requests to vote, requests for consent with respect to amendments or waivers and notices
of prepayments and redemptions) as well as all periodic financial reports received from any such Obligor, guarantor or issuer.

 

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Section 8.06         Accountings.

 

(a)          Monthly.
On each Monthly Report Date, the Borrower (or the Collateral Agent on its behalf) shall compile and provide (or cause to be compiled
and provided) to DBRS, the Agents, the Collateral Manager and the Lenders, a monthly report on a settlement basis (each a "Monthly
Report"), determined as of the close of business on the related Monthly Report Determination Date. The first Monthly Report
was delivered in October 2012 and the final Monthly Report shall be delivered on the Final Maturity Date. The Monthly Report for
a Monthly Report Period shall contain the information with respect to the Facility and the Collateral Obligations and Eligible
Investments included in the Collateral set forth in Part 1 of Schedule 2 hereto, and shall be determined as of the
Monthly Report Determination Date for such Monthly Report Period.

 

Simultaneous with the
delivery of each Monthly Report, the Borrower (or the Collateral Manager) shall provide a certificate to DBRS, the Lenders and
the Agents certifying that no Default or Event of Default occurred during the Monthly Report Period covered by such Monthly Report
or if any Default or Event of Default occurred during such Monthly Report Period, setting forth the details thereof and the action
which the Borrower is taking or proposes to take with respect thereto.

 

In addition, the Collateral
Manager shall provide for inclusion in each Monthly Report a statement setting forth in reasonable detail each amendment, modification
or waiver under any Related Document for each Collateral Obligation that became effective during the Monthly Report Period.

 

Three Business Days prior
to each Monthly Report Date, the Borrower (or the Collateral Agent on its behalf) shall deliver to the Collateral Manager a draft
of the Monthly Report relating to such Monthly Report Date. Upon receipt of each draft Monthly Report, the Collateral Manager shall
compare the information contained in such Monthly Report to the information contained in its records with respect to the Collateral
and shall, within two Business Days after receipt of such draft Monthly Report, notify the Borrower and the Collateral Agent if
the information contained in the draft Monthly Report does not conform to the information maintained by the Collateral Manager
with respect to the Collateral. In the event that any discrepancy exists, the Collateral Agent and the Collateral Manager shall
attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Collateral Manager shall within one Business
Day request that a firm of independent certified public accountants of nationally recognized standing appointed by the Borrower
review such draft Monthly Report and the records of the Collateral Agent to determine the cause of such discrepancy. If such review
reveals an error in the Monthly Report or the records of the Collateral Agent, the Monthly Report or the records of the Collateral
Agent shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Agreement
and notice of any error in the Monthly Report shall be sent as soon as practicable by the Borrower to all recipients of such report
which may be accomplished by making a notation of such error in the subsequent Monthly Report.

 

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(b)          Payment
Date Accounting. The Borrower (or the Collateral Agent on its behalf) shall render an accounting (each, a "Payment
Date Report"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver
such Payment Date Report to the Agents, the Collateral Manager, DBRS and each Lender not later than the Business Day preceding
the related Payment Date. The Payment Date Report shall contain the information set forth in Part 2 of Schedule 2 hereto.

 

(c)          Interest
Rate Notice. The Collateral Agent shall include in each Payment Date Report a notice setting forth the interest rate for the
Advances for the Interest Accrual Period preceding the next Payment Date as established by the Calculation Agent pursuant to Section
2.04(b).

 

(d)          Failure
to Provide Accounting. If the Collateral Agent shall not have received any accounting provided for in this Section 8.06
on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify
the Collateral Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent
the Collateral Manager is required to provide any information or reports pursuant to this Section 8.06 as a result
of the failure of the Borrower (or the Collateral Agent on its behalf) to provide such information or reports, the Collateral Manager
shall be entitled to retain an independent certified public accountant in connection therewith and the reasonable costs incurred
by the Collateral Manager for such independent certified public accountant shall be paid by the Borrower.

 

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Section 8.07         Release
of Collateral.

 

(a)          If
no Event of Default has occurred and is continuing, the Borrower or the Collateral Manager may, by delivery of a certificate of
a Responsible Officer, deliver to the Collateral Agent at least one Business Day prior to the settlement date for any sale or substitution
of Collateral certifying that the sale or substitution of such Collateral is being made in accordance with Section 10.01
and such sale complies with all applicable requirements of Section 10.01, direct the Collateral Agent to release or
cause to be released such Collateral from the Lien of this Agreement and, upon receipt of such certificate, the Collateral Agent
shall promptly deliver any such Collateral, if an instrument in physical form, duly endorsed to the Person designated in such certificate
or, if such security is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against
receipt of the sales price or replacement Collateral Obligation therefor as specified by the Borrower or the Collateral Manager
in such certificate; provided that the Collateral Agent may deliver any Collateral which is a security in physical form
for examination in accordance with street delivery custom.

 

(b)          Subject
to the terms of this Agreement, the Collateral Agent shall upon the delivery of a certificate of a Responsible Officer of the Borrower
(or the Collateral Manager) (i) deliver any Collateral, and release or cause to be released such Collateral from the Lien
of this Agreement, which is set for any mandatory call or redemption or payment in full to the appropriate paying agent on or before
the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full
thereof and (ii) provide notice thereof to the Collateral Manager.

 

(c)          Upon
receiving actual notice of any tender offer, voluntary redemption, exchange offer, conversion or other similar action (an "Offer")
or any request for a waiver, consent, amendment or other modification, in each case, with respect to any Collateral, the Collateral
Agent shall notify the Collateral Manager of such Offer or request. Unless the Advances have been accelerated following an Event
of Default, the Collateral Manager may direct (x) the Collateral Agent to accept or participate in or decline or refuse to
participate in such Offer and, in the case of acceptance or participation, to release from the lien of this Agreement such Collateral
in accordance with the terms of the Offer against receipt of payment or exchange therefor, or (y) the Borrower or the Collateral
Agent to agree to or otherwise act with respect to such consent, waiver, amendment or modification.

 

(d)          As
provided in Section 8.02(a), the Collateral Agent shall deposit any proceeds received by it from the disposition of
any Collateral in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase or substitution
of additional Collateral Obligations or Eligible Investments as permitted under and in accordance with the requirements of this
Article VIII and Article X.

 

(e)          The
Collateral Agent shall, upon receipt of a certificate of a Responsible Officer of the Borrower to the effect that Payment in Full
has occurred or will contemporaneously occur in connection with the release of the Collateral from the Lien of this Agreement and
that all other conditions precedent to the release of the Collateral from the Lien of this Agreement have been satisfied, and upon
written request therefor, release any remaining Collateral from the Lien of this Agreement in accordance with Section 7.02(a).

 

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(f)          Any
security, Collateral Obligation or amounts that are released pursuant to Section 8.07(a), (b) or (c) shall
be and hereby are released from the Lien of this Agreement.

 

Section 8.08         [Reserved].

 

Section 8.09         Reports
to DBRS.

 

In addition to the information
and reports specifically required to be provided to DBRS pursuant to the terms of this Agreement, the Borrower shall provide DBRS
with all information or reports delivered to the Collateral Agent hereunder, and such additional information with respect to the
Borrower or the Collateral as DBRS may from time to time reasonably request; provided that the Borrower shall not be required to
deliver any information which it is required by law or contract to keep confidential.

 

Section 8.10         [Reserved].

 

Section 8.11         [Reserved].

 

Section 8.12         Closing
Expense Account.

 

In accordance with this
Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Original Closing Date, has established at
the Custodian a single, segregated securities account held in trust and titled the "WhiteHorse Finance Warehouse, LLC Closing
Expense Account, subject to the lien of the Collateral Agent", which has been designated as the "Closing Expense Account",
which has been and shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and
which has been and shall be subject to the lien of the Collateral Agent. The only permitted withdrawals from or application of
funds on deposit in, or otherwise to the credit of, the Closing Expense Account shall be in accordance with the provisions of this
Section 8.12. The Borrower shall not have any legal, equitable or beneficial interest in the Closing Expense Account other
than in accordance with this Agreement and the Priority of Payments.

 

On the Original Closing
Date, the Borrower deposited the Closing Expense Account Amount into the Closing Expense Account. On any Business Day from the
Original Closing Date to and including the Determination Date relating to the initial Payment Date following the Original Closing
Date, the Collateral Agent applied funds from the Closing Expense Account, as directed by the Borrower, to pay all Closing Date
Expenses; provided that the fees and expenses of Natixis, Ashurst LLP, Sidley Austin LLP, Chapman and Cutler LLP and DBRS
that have been invoiced for payment on the Original Closing Date in respect of Closing Date Expenses were paid by the Borrower
on the Original Closing Date. On the Determination Date relating to the initial Payment Date following the Original Closing Date,
all funds remaining in the Closing Expense Account after payment of the Closing Date Expenses on or prior to such Determination
Date were deposited in the Collection Account as Interest Proceeds.

 

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On the Restatement Effective
Date, the Borrower shall deposit the Restatement Date Expense Account Amount into the Closing Expense Account. On any Business
Day from the Restatement Effective Date to and including the Determination Date relating to the Payment Date following the Restatement
Effective Date, the Collateral Agent shall apply funds from the Closing Expense Account, as directed by the Borrower, to pay all
Restatement Effective Date Expenses; provided that the fees and expenses of Natixis, Ashurst LLP, Dechert LLP, Chapman and
Cutler LLP and DBRS that have been invoiced for payment on the Restatement Effective Date in respect of Restatement Effective Date
Expenses shall be paid by the Borrower on the Restatement Effective Date. On the Determination Date relating to the second Payment
Date following the Restatement Effective Date, all funds remaining in the Closing Expense Account after payment of the Restatement
Effective Date Expenses on or prior to such Determination Date shall be deposited in the Collection Account as Interest Proceeds
and the Closing Expense Account will be closed.

 

By delivery of a certification
of a Responsible Officer (which may be in the form of standing instructions), the Borrower or the Collateral Manager may at any
time direct the Collateral Agent to, and, upon receipt of such certification, the Collateral Agent shall, invest all funds remaining
in the Closing Expense Account as so directed in Eligible Investments. Any income earned on amounts deposited in the Closing Expense
Account will be deposited in the Interest Collection Account as Interest Proceeds as it is received.

 

Section 8.13         Collateral
Reporting.

 

(a)          The
Collateral Agent shall perform (or shall have performed in the case of clause (i) below) the following functions:

 

(i)          create
a Collateral database within 30 days of the Original Closing Date;

 

(ii)         permit
access to the information in the Collateral database to the Collateral Manager and the Borrower;

 

(iii)        update
the Collateral database promptly for ratings changes;

 

(iv)        update
the Collateral database promptly for Collateral Obligations, Equity Securities and Eligible Investments acquired or sold or otherwise
disposed of and for any amendments or changes to loan amounts or interest rates;

 

(v)         prepare
and arrange for the delivery of each Monthly Report and Payment Date Report; and

 

(vi)        provide
the Collateral Manager with such other information as may be reasonably requested by the Collateral Manager and as is within the
possession of the Collateral Agent.

 

(b)          Not
later than 3 Business Days prior to each Monthly Report Date or the close of business on each Determination Date preceding a Payment
Date with respect to each Monthly Report or Payment Date Report required to be provided by the Borrower pursuant to Sections
8.06(a) and 8.06(b)), as applicable, the Collateral Agent shall calculate, using the information contained in the Collateral
database created by the Collateral Agent and any other Collateral information normally maintained by the Collateral Agent, and
subject to the Collateral Agent's receipt from the Collateral Manager of information with respect to the Collateral that is not
contained in such Collateral database or normally maintained by the Collateral Agent, each item required to be stated in such Monthly
Report or Payment Date Report.

 

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(c)          Upon
notification by the Collateral Manager of a proposed purchase of any Collateral Obligation pursuant to this Agreement (accompanied
by such information concerning the Collateral Obligation to be purchased as may be necessary to make the calculations referred
to below), the Collateral Agent shall calculate each criterion included in the Eligibility Criteria (other than clause (a) thereof)
as a condition to such purchase in accordance with this Agreement, in all cases, based upon information contained in the Collateral
database and information furnished by the Borrower and Collateral Manager, and provide the results of such calculations to the
Collateral Manager so that the Collateral Manager may determine whether such purchase is permitted by this Agreement. The Collateral
Agent shall deliver a draft of such calculation to the Collateral Manager reasonably promptly but in no event later than two Business
Days after the later of (i) notification of such proposed purchase by the Collateral Manager and (ii) delivery of all information
to the Collateral Agent necessary to complete such calculations. For the avoidance of doubt, the Collateral Agent shall have no
obligation to determine (and the Collateral Manager will timely advise the Collateral Agent) whether any item of Collateral meets
the definition of "Collateral Obligation", "Credit Risk Loan", "Equity Security", "Defaulted
Loan" or "Excess Concentration Loan".

 

(d)          Upon
written notification by the Collateral Manager of a proposed sale of any Collateral Obligation pursuant to Section 10.01
of this Agreement, the Collateral Agent shall calculate each criterion set forth in the Section 10.01, if any, as a condition
to such disposition and provide the results of such calculations to the Collateral Manager so that the Collateral Manager may determine
whether such sale is permitted by this Agreement. The Collateral Agent shall deliver a draft of such calculations to the Collateral
Manager reasonably promptly but in no event later than two Business Days after the later of (i) notification of such proposed sale
by the Collateral Manager and (ii) delivery of all information to the Collateral Agent necessary to complete such calculations.

 

(e)          With
respect to the calculations to be provided by the Collateral Agent set forth in Sections 8.13(c) and (d) above, in
no event shall the Collateral Agent be required to deliver such calculations earlier than one Business Day following the receipt
by the Collateral Agent of all information necessary to complete such calculations. In the event the Collateral Manager does not
provide the Collateral Agent the items necessary to complete the calculations required by Sections 8.13(c) and (d)
above and/or the Collateral Manager proceeds with a sale or purchase of the applicable Collateral prior to the time the Collateral
Agent delivers such calculations, the Collateral Agent shall not be responsible for determining whether the provisions of this
Agreement have been satisfied (including compliance with the Eligibility Criteria) and the Collateral Agent shall be entitled to
rely upon the instructions of the Collateral Manager in all respects, including but not limited to instructions (which may be in
the form of trade tickets) to release the applicable Collateral from the lien of this Agreement or to acquire the applicable Collateral.
In the event the Collateral Manager consummates a sale or purchase prior to receiving the calculations of the Collateral Agent,
the Collateral Agent shall be under no duty, and shall incur no liability, to perform the calculations set forth in Sections
8.13(c) and (d) above.

 

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(f)          Subject
to the mutual agreement of the parties hereto regarding reasonable compensation for the Collateral Agent, perform such other calculations
and prepare such other reports as the Collateral Manager may reasonably request in writing and that are required by this Agreement
and as the Collateral Agent may agree to in writing, which agreement shall not be unreasonably withheld.

 

(g)         Nothing
herein shall prevent the Collateral Agent or any of its Affiliates from engaging in other businesses or from rendering services
of any kind to any Person.

 

(h)         The
Collateral Agent shall have no obligation to determine Market Value or price in connection with any actions or duties under this
Agreement.

 

Article
IX

APPLICATION OF MONIES

 

Section 9.01         Disbursements
of Monies from Payment Account.

 

(a)          Notwithstanding
any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date,
the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02
in accordance with the following priorities (the "Priority of Payments"), as set forth in the Payment Date Report
prepared by the Borrower.

 

(i)          Unless
an Enforcement Event has occurred and is continuing, on each Payment Date, Interest Proceeds on deposit in the Interest Collection
Subaccount, to the extent received by the Collateral Agent on or before the related Determination Date (or, if such Determination
Date is not a Business Day, the next succeeding Business Day) and that are transferred into the Payment Account, shall be applied
in the following order of priority:

 

(A)         (1)
first, to pay taxes, registration and filing fees, if any, of the Borrower; (2) second, to pay all out-of-pocket
costs and expenses of the Collateral Agent (in each case expressly excluding any amounts in respect of indemnities) payable under
Section 7.03; (3) third, to pay other Administrative Expenses payable to the Collateral Agent, the Custodian
and the Securities Intermediary; and (4) fourth, to pay all other Administrative Expenses in accordance with the priorities
specified in the definition thereof; provided that the aggregate amount applied under clauses (A)(3) and (4) for each
Payment Date prior to the Commitments terminating and the principal of and the accrued interest on the Revolving Advances, Term
Loan Advances, the Revolving Notes and the Term Notes and all other amounts whatsoever payable by the Borrower hereunder becoming
due and payable pursuant to Section 6.01, shall not exceed the Administrative Expense Cap for such Payment Date;

 

(B)         at
the discretion of the Collateral Manager, to the payment of the Senior Collateral Management Fee (excluding any waived Senior Collateral
Management Fee, at the Collateral Manager's discretion for such Payment Date, or any Deferred Senior Collateral Management Fee);

 

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(C)         to
the payment, on a pro rata basis, of accrued and unpaid interest on the Revolving Advances, Term Loan Advances and Commitment
Fees due to the Lenders and amounts payable to the Lenders or any Affected Person under Section 2.10;

 

(D)         if
the Coverage Tests are not satisfied as of the related Determination Date, (1) to the repayment of principal on the Revolving Advances
and/or the Term Loan Advances (such repayment to be allocated among the outstanding Revolving Advances and/or Term Loan Advances
at the direction of the Collateral Manager) or (2) solely at the discretion of the Collateral Manager, if, but only if the outstanding
principal amount of the Revolving Advances and Term Loan Advances equals zero (both before and after giving effect to any payment
made pursuant to clause (1)), to deposit in the Revolving Reserve Account, in each case in the amount necessary to result in the
satisfaction of the Coverage Tests (on a pro forma basis as of such Determination Date);

 

(E)         to
the payment or application of amounts referred to in clauses (A) (3) and (4) above (in the same order of priority specified
therein), to the extent not paid in full pursuant to applications under said clauses (A)(3) and (4) and without regard to
the Administrative Expense Cap;

 

(F)         to
pay accrued and unpaid amounts owing to the Secured Parties and any other Affected Person (if any) under Sections 2.09
and 12.03;

 

(G)         at
the discretion of the Collateral Manager, to the payment of the Subordinated Collateral Management Fee and the Deferred Senior
Collateral Management Fee (excluding any waived Subordinated Collateral Management Fee and/or any waived Deferred Senior Collateral
Management Fee, at the Collateral Manager's discretion for such Payment Date);

 

(H)         during
the Reinvestment Period and so long as no Event of Default has occurred and is continuing, the remainder to be allocated in the
following order of priority:

 

(x)          to
the payment of accrued and unpaid interest (excluding Deferred Interest, but including interest on Deferred Interest) on the Subordinated
Notes;

 

(y)          to
the payment of any Deferred Interest on the Subordinated Notes; and

 

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(z)          at
the discretion of the Collateral Manager (as evidenced in a written notice delivered to the Agents delivered on or prior to the
related Determination Date) to any one or more of the following payments: (1) to the Principal Collection Subaccount for the
purchase of additional Collateral Obligations (including funding Revolving Collateral Loans and Delayed Drawdown Collateral Loans),
and/or (2)  to prepay in accordance with Section 2.05(a) hereof any Revolving Advances and/or Term Loan Advances (such
repayment to be allocated among the outstanding Revolving Advances and/or Term Loan Advances at the direction of the Collateral
Manager) and/or (3) for deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure
Amount equaling zero, (4) for distribution to the Borrower including for distributions with respect to its Equity and/or (5) for
payment of the Deferred Senior Collateral Management Fee Interest (excluding any thereof waived at the Collateral Manager's discretion
for such Payment Date);

 

(I)         so
long as an Event of Default has occurred and is continuing and the maturity of the Advances has not been accelerated, to the repayment
of the Revolving Advances and/or the Term Loan Advances (such repayment to be allocated among the outstanding Revolving Advances
and/or Term Loan Advances at the direction of the Collateral Manager) until paid in full;

 

(J)         after
the Reinvestment Period, in the following order priority:

 

(x)          to
the payment of accrued and unpaid interest (excluding Deferred Interest, but including interest on Deferred Interest) on the Subordinated
Notes;

 

(y)          to
the payment of any Deferred Interest on the Subordinated Notes; and

 

(z)          at
the discretion of the Collateral Manager, to any one or more of the following payments: (1) to prepay in accordance with Section
2.05(a) the Advances, (2) for deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio
Exposure Amount equaling zero, (3) for distribution to the Borrower including for distributions with respect to its Equity and/or
(4) for payment of the Deferred Senior Collateral Management Fee Interest (excluding any thereof waived at the Collateral Manager's
discretion for such Payment Date);

 

(ii)         Unless
an Enforcement Event has occurred and is continuing, on each Payment Date, Principal Proceeds on deposit in the Principal Collection
Subaccount that are received by the Collateral Agent on or before the related Determination Date (or if such Determination Date
is not a Business Day, the next succeeding Business Day) and that are transferred to the Payment Account and not designated for
reinvestment or transfer to the Excess Concentration Loan Account by the Collateral Manager shall be applied, except for any Principal
Proceeds that will be used to settle binding commitments (entered into prior to the Determination Date) for the purchase of Collateral
Obligations, in the following order of priority:

 

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(A)         to
the payment of unpaid amounts under clauses (A) through (D) in clause (i) above (in the same order of priority specified
therein), to the extent not paid in full thereunder;

 

(B)         during
the Reinvestment Period, at the discretion of the Collateral Manager, (1) to the Principal Collection Subaccount for the purchase
of additional Collateral Obligations (including funding Revolving Collateral Loans and Delayed Drawdown Collateral Loans), and/or
(2) to prepay in accordance with Section 2.05(a) hereof any Revolving Advances and/or Term Loan Advances (such repayment
to be allocated among the outstanding Revolving Advances and/or Term Loan Advances at the direction of the Collateral Manager),
and/or (3) for deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure Amount
equaling zero;

 

(C)         after
the Reinvestment Period, to the repayment of the Advances until paid in full;

 

(D)         for
deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure Amount equaling zero;

 

(E)         to
the payment of amounts referred to in clauses (E), (F) and (G) of clause (i) above, to the extent not paid in full thereunder,
and to the payment of the Deferred Senior Collateral Management Fee Interest excluding any waived Deferred Senior Collateral Management
Fee Interest, at the Collateral Manager's discretion for such Payment Date;

 

(F)         to
the payment of principal of the Subordinated Notes until the principal amount thereof is paid in full; and

 

(G)         the
remainder to the Borrower.

 

(b)          If
on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required
by the Payment Date Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority
set forth under Section 9.01(a) to the extent funds are available therefor.

 

(c)          Notwithstanding
the provisions of the foregoing Sections 9.01(a)(i), 9.01(a)(ii), 9.01(d) and 9.01(e), if declaration of acceleration of the maturity
of the Advances has occurred following an Event of Default and such Event of Default is continuing and has not been cured or waived
(an "Enforcement Event"), on each date or dates fixed by the Collateral Agent at the written direction of the
Required Lenders, all Interest Proceeds, Principal Proceeds and any other proceeds from the liquidation of the Collateral will
be applied in the following order of priority:

 

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(A)         (1)
first, to pay taxes, registration and filing fees, if any, of the Borrower; (2) second, to pay all out-of-pocket
costs and expenses of the Collateral Agent (in each case expressly excluding any amounts in respect of indemnities) payable under
Section 7.03; (3) third, to pay other Administrative Expenses payable to the Collateral Agent; and (4) fourth,
to pay all other Administrative Expenses in accordance with the priorities specified in the definition thereof; provided
that the aggregate amount applied under clauses (A)(3) and (4) for such Payment Date, shall not exceed the Administrative
Expense Cap for such Payment Date;

 

(B)         to
the payment, on a pro rata basis, of accrued and unpaid interest on the Revolving Advances, Term Loan Advances and Commitment
Fees due to the Lenders and amounts payable to the Lenders or any Affected Person under Section 2.10;

 

(C)         for
deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure Amount equaling zero;

 

(D)         to
the repayment of principal in respect of the Advances;

 

(E)         to
the payment or application of amounts referred to in clauses (A)(3) and (4) above, to the extent not paid in full pursuant to applications
under said clauses (A)(3) and (4);

 

(F)         to
pay accrued and unpaid amounts owing to the Secured Parties and any other Affected Person (if any) under Sections 2.09
and 12.03;

 

(G)         to
the payment of accrued and unpaid Senior Collateral Management Fees, Subordinated Collateral Management Fees, Deferred Senior Collateral
Management Fees and Deferred Senior Collateral Management Fee Interest (excluding any waived Senior Collateral Management Fee,
waived Subordinated Collateral Management Fee, any waived Deferred Senior Collateral Management Fee or any waived Deferred Senior
Collateral Management Fee Interest ) from and including that date each such amount would have been payable according to this Section
9.01 to but not including the date of payment;

 

(H)         to
the payment of costs and expenses of the Borrower (including any costs and expenses to be reimbursed or other amounts owed to the
Collateral Manager in accordance with the Facility Documents);

 

(I)         with
notice to the Facility Agent, to pay any obligations of the Borrower or to establish any reserves determined by the Borrower to
be necessary or desirable;

 

(J)         to
the payment of accrued and unpaid interest (including Deferred Interest and interest on Deferred Interest) on the Subordinated
Notes;

 

    	 	130	 

     

    

 

(K)         to
the payment of principal of the Subordinated Notes until the principal amount thereof is paid in full; and

 

(L)         the
remainder to the Borrower including for distributions with respect to its Equity.

 

(d)          Notwithstanding
any other provision in this Agreement but subject to Section 9.01(c), the Collateral Agent shall at the direction of the
Collateral Manager on any day transfer Excess Concentration Principal Proceeds to the Excess Concentration Loan Account and/or
disburse amounts on deposit in the Excess Concentration Loan Account to any Equity Owner on any day at the written direction of
the Borrower, together with a certification with respect to any such disbursement signed by a Responsible Officer of the Borrower
certifying that, on a pro forma basis after giving effect to such distribution, (i) each Collateral Quality Test is satisfied,
or, if not satisfied on such day, is maintained or improved, (ii) the Advance Rate Test is satisfied, (iii) each Coverage Test
is satisfied; (iv) no Commitment Shortfall exists; and (v) no Default or Event of Default has occurred and is continuing, together
with a certificate to such effect from the Borrower and a report delivered by the Collateral Agent demonstrating compliance with
each requirement set forth in the aforementioned clauses (i) through (iv) (which report may be based on information provided to
the Collateral Agent by the Borrower or the Collateral Manager).

 

(e)          Notwithstanding
any other provision in this Agreement but subject to Section 9.01(c), the Collateral Agent shall disburse amounts on deposit
in the Principal Collection Subaccount to any Equity Owner on any day during the Reinvestment Period occurring after the BDC Election
Date at the written direction of the Borrower, together with a certification signed by a Responsible Officer of the Borrower certifying
that, on a pro forma basis after giving effect to such distribution, (i) each Collateral Quality Test is satisfied, or, if not
satisfied on such day, is maintained or improved, (ii) the Advance Rate Test is satisfied, (iii) each Coverage Test is satisfied;
(iv) no Commitment Shortfall exists; (v) no Default or Event of Default has occurred and is continuing and (vi) the MV Overcollateralization
Ratio Test is satisfied, together with a certificate to such effect from the Borrower and a report delivered by the Collateral
Agent demonstrating compliance with each requirement set forth in the aforementioned clauses (i) through (iv) and (vi) (which report
may be based on information provided to the Collateral Agent by the Borrower or the Collateral Manager).

 

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Article
X

SALE AND SUBSTITUTION OF COLLATERAL OBLIGATIONS;

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS

 

Section 10.01         Sales
and Substitutions of Collateral Obligations.

 

(a)          Sales
and Substitutions. Subject to the satisfaction of the conditions specified in Section 10.03 and provided
that (A) no Default or Event of Default has occurred and is continuing or would result upon giving effect thereto (unless, in the
case of a Default, (1) such Default will be cured upon giving effect to such sale and the application of the proceeds thereof,
(2) a Responsible Officer of the Borrower or the Collateral Manager certifies to the Facility Agent that it is in the process of
curing such Default (unless it is a Default that is an Incurable Default), (3) such sale or substitution is of a Credit Risk
Loan, Defaulted Loan or Equity Security or (4) the Facility Agent consents to such sale or substitution), (B) on or prior to the
trade date for such sale, transfer, exchange, substitution or other disposition, the Collateral Manager has certified to the Collateral
Agent and the Facility Agent that each of the conditions applicable to such sale, transfer, exchange, substitution or other disposition
has been satisfied (including without limitation those set forth in clauses (i) through (viii) of this Section 10.01(a)
that are applicable to it), (C) during the Reinvestment Period, other than with respect to sales or substitutions pursuant to clauses
(i), (ii), (iii), (iv) and (vi) below, upon giving effect thereto and the application of the proceeds thereof, each Coverage Test
is satisfied and each Collateral Quality Test is satisfied (or if any such Collateral Quality Test is not satisfied, such test
is maintained or improved after giving effect to such sale), and (D) except as provided in clause (v) below, such sale is made
for a purchase price at least equal to the purchase price of such Collateral Obligations paid by the Borrower (after adjustment
for any borrowings or repayments and exclusive of accrued interest) or, in the case of assets sold pursuant to clauses (i), (ii),
(iii) and (iv) below, the Market Value thereof, the Borrower (or, in each case described in this Section 10.01, the Collateral
Manager on the Borrower's behalf) may, but will not be required to, direct the Collateral Agent to sell and the Collateral Agent
shall sell or substitute in the manner directed thereby any Collateral Obligation (or any portion thereof) or other asset described
below provided that such sale or substitution also meets the requirements of clauses (i) through (viii) of this Section
10.01(a) that are applicable to it:

 

(i)          Credit
Risk Loans. The Borrower may direct the Collateral Agent in writing to sell any Credit Risk Loans at any time during or after
the Reinvestment Period.

 

(ii)         Defaulted
Loans. The Borrower may direct the Collateral Agent in writing to sell any Defaulted Loan at any time during or after the Reinvestment
Period.

 

(iii)        Equity
Securities and Certain Other Property. The Borrower at any time during or after the Reinvestment Period (A) may direct the
Collateral Agent in writing to sell any Equity Security (other than Margin Stock) and (B) shall direct the Collateral Agent in
writing to sell (x) any Margin Stock and (y) any Equity Security or property (other than Cash, Eligible Investments or Collateral
Obligations), which, in the sole judgment of the Facility Agent by written notice to the Borrower and the Collateral Manager, may
expose the Facility to any material claims or liabilities or otherwise could have a Material Adverse Effect), in each case, regardless
of price, within 30 days of receipt by the Borrower of such Margin Stock or such notice from the Facility Agent, as applicable,
unless such sale is prohibited by Applicable Law, in which case such Margin Stock, property or Equity Security, as applicable,
shall be sold as soon as such sale is permitted by Applicable Law.

 

(iv)        Excess
Concentration Loans. The Borrower may direct the Collateral Agent in writing to sell any Excess Concentration Loan at any time
during or after the Reinvestment Period and shall specify in writing to the Collateral Agent and the Facility Agent the amount
of proceeds of any such sale.

 

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(v)         Discretionary
Sales by the Borrower. The Borrower may direct the Collateral Agent in writing to sell any Collateral Obligation at any time
during or after the Reinvestment Period provided that, the Collateral Manager may sell a Collateral Obligation for a price
below the amount specified in clause (D) above if (1) after giving effect to such sale the Aggregate Principal Balance of all Collateral
Obligations (excluding Credit Risk Loans, Defaulted Loans and Excess Concentration Loans) sold pursuant to this Section 10.01(a)(v)
during the calendar year is not greater than 15% during the Reinvestment Period (or after the Reinvestment Period, is not greater
than 10%) of the maximum Total Capitalization at the beginning of the calendar year (which applicable limitation shall accrue pro
rata for each calendar year or any part thereof during and after the Reinvestment Period, starting at 1/12 of the limitation then
in effect for the first month and increasing by 1/12 of the limitation for each subsequent month of such calendar year or part
thereof) and (2) the Collateral Manager reasonably believes prior to any such sale during the Reinvestment Period that it will
be able to enter into binding commitments to reinvest proceeds of such sale within the next 10 Business Days in one or more additional
Collateral Obligations; provided that, with respect to any such sale during or after the Reinvestment Period, (a) on a pro
forma basis, the MV Modified Overcollateralization Ratio Test is satisfied and (b) the sales price of such Collateral Obligation
(exclusive of interest) is equal to or greater than 85% of the outstanding principal amount of such Collateral Obligation that
has been sold; provided further that, notwithstanding anything herein to the contrary, the Collateral Manager may also sell
a Collateral Obligation for a price below the amount specified in clause (D) above if an Equity Owner, at its sole option, makes
an equity contribution in Cash to the Borrower in an amount equal to the difference between such sale price and the purchase price
(after adjustment for any borrowings and repayments and exclusive of accrued interest) of such Collateral Obligation that has been
sold and such equity contribution is treated as Principal Proceeds.

 

(vi)        Optional
Repurchases or Substitutions by the Transferor Pursuant to the Master Transfer Agreement. Subject to Section 10.03,
the Transferor may optionally repurchase or substitute Credit Risk Loans, Defaulted Loans and Excess Concentration Loans pursuant
to and in accordance with the Master Transfer Agreement and, if the Transferor exercises such option, the Borrower shall sell and
transfer Credit Risk Loans, Defaulted Loans and Excess Concentration Loans to the Transferor in connection therewith at any time
during or after the Reinvestment Period provided that, as certified to the Collateral Agent and the Facility Agent by a
Responsible Officer of the Borrower and the Collateral Manager, (A) the Aggregate Principal Balance of all Credit Risk Loans, Defaulted
Loans and Excess Concentration Loans optionally repurchased or substituted by the Transferor pursuant to the Master Transfer Agreement
may not exceed an amount equal to, as of any date of determination, 15% of the Net Purchased Obligation Balance, (B) any such substituted
loan meets the definition of Collateral Obligation, (C) the outstanding aggregate principal balance of such substituted loan(s)
is greater than or equal to that of the replaced Credit Risk Loan, Defaulted Loan or Excess Concentration Loan, (D) such optional
repurchase or substitution will not cause a Default or an Event of Default (unless, in the case of a Default, (1) such Default
will be cured upon giving effect to such optional repurchase or substitution and the application of the proceeds thereof, (2) a
Responsible Officer of the Borrower or the Collateral Manager certifies to the Facility Agent that it is in the process of curing
such Default (unless it is a Default that is an Incurable Default) or (3) the Facility Agent consents to such optional repurchase
or substitution), (E) each Coverage Test and each Collateral Quality Test is maintained or improved after giving effect to such
repurchase or substitution (irrespective of whether such Coverage Test or Collateral Quality Test is passing or not), (F) such
substituted loan either exceeds or maintains the lien priority of the replaced Credit Risk Loan, Defaulted Loan or Excess Concentration
Loan, (G) such substituted loan will not fall under clauses (g), (i), (j), (k) or (l) of the definition of Concentration Limitations
herein, unless the replaced Credit Risk Loan, Defaulted Loan or Excess Concentration Loan was among those categories and (H) such
substituted loan meets the requirements in Section 10.02(c) (the limitations set forth in clauses (A) through (H) referred to herein
as the "Repurchase and Substitution Limits").

 

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(vii)       Sales
of Collateral Obligations to Non-Affiliates. One or more (or any portion of any) Collateral Obligations may be sold from time
to time by the Borrower, or the Collateral Manager, to Persons who are not Affiliates of the Borrower or the Collateral Manager,
on an arm's length basis;

 

(viii)      Sales
of Collateral Obligations to Affiliates. One or more (or any portion of any) Collateral Obligations may be sold from time to
time by the Borrower, or the Collateral Manager, to the Collateral Manager or any of its Affiliates only if (A) the terms and conditions
thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate,
(B) the transactions are effected in accordance with all Applicable Laws, (C) the Collateral Obligation is a Defaulted Loan, a
Credit Risk Loan or an Excess Concentration Loan, such sale shall be for an amount equal to the Market Value (exclusive of clauses
(e) and (f) of the definition thereof) with respect to such Collateral Obligation and (D) the Collateral Obligation is not a Defaulted
Loan, Credit Risk Loan or Excess Concentration Loan, the higher of (1) the Market Value thereof and (2) except with the prior written
consent of the Facility Agent, an amount no less than the original purchase price paid by the Borrower (after adjustment for any
borrowings or repayments and exclusive of interest) with respect to such Collateral Obligation.

 

(b)          Terms
of Sales. All sales of Collateral Obligations and other property of the Borrower under the provisions above in this Section 10.01
(excluding any substitution permitted pursuant to clause (vi) thereof) must be exclusively for Cash provided that so long as no
Default or Event of Default is continuing or would result upon giving effect thereto and the applications thereof (unless, in the
case of a Default, (1) such Default will be cured upon giving effect to such sale and the application of the proceeds thereof,
(2) a Responsible Officer of the Borrower or the Collateral Manager certifies to the Facility Agent that it is in the process of
curing such Default (unless it is a Default that is an Incurable Default), (3) such sale or substitution is of a Credit Risk
Loan, Defaulted Loan or Equity Security or (4) the Facility Agent consents to such sale or substitution) (i) a sale of a Collateral
Obligation that is otherwise permitted by the terms above in this Section 10.01 may be effected by the sale by the
Borrower of participation interests in such Collateral Obligation, provided that no participations may be sold by the Borrower
in any Revolving Collateral Loan or Delayed Drawdown Collateral Loan, and (ii) any sale or substitution of Collateral Obligations
or other property of the Borrower to or with the Equity Owner of the Borrower may be made in Cash, as capital contributions or
as substitution of assets, and in accordance with the applicable provisions of the Facility Documents.

 

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(c)          Sales
in Connection with Payment in Full and Termination of the Facility. Notwithstanding any other provision in the Facility Documents,
the Borrower or the Collateral Manager on behalf of the Borrower, may direct the Collateral Agent in writing to sell, assign, transfer
and release all or any portion of the Collateral in connection with the Payment in Full of all Obligations (other than any unasserted
contingent obligations), termination of the Commitments and release of the Lien of the Collateral Agent for the benefit of the
Secured Parties in the Collateral as provided in Section 7.02(a) of this Agreement.

 

Section 10.02         Purchase
of Additional Collateral Obligations.

 

On any date during the
Reinvestment Period (or after the Reinvestment Period, with the consent of the Required Lenders and satisfaction of the Rating
Confirmation), if no Default or Event of Default has occurred and is continuing or would result therefrom (unless, in the case
of a Default, (1) such Default will be cured upon giving effect to such purchase of additional Collateral Obligations, (2) a Responsible
Officer of the Borrower or the Collateral Manager certifies to the Facility Agent that it is in the process of curing such Default
(unless it is a Default that is an Incurable Default) or (3) the Facility Agent consents to such purchase of additional Collateral
Obligations), the Borrower, or the Collateral Manager, may, if each of the conditions specified in this Section 10.02
and Section 10.03 is met, direct the Collateral Agent to invest Principal Proceeds (and accrued interest received with
respect to any Collateral Obligation to the extent used to pay for accrued interest on additional Collateral Obligations) in additional
Collateral Obligations, and the Collateral Agent shall invest such proceeds in accordance with such instructions. The Borrower
shall ensure that all such investments in Collateral Obligations are Settled during the Reinvestment Period such that no amounts
are payable thereunder in respect of the purchase price thereof after the end of the Reinvestment Period other than with respect
to any Collateral Obligations which the Borrower is permitted to purchase after the Reinvestment Period in accordance with this
Section 10.02. Any contemporaneous sale of a Collateral Obligation and purchase of another Collateral Obligation in accordance
with the Facility Documents by the Borrower with the same counterparty may be settled by netting the sales and purchase prices
against each other as directed by the Collateral Manager.

 

(a)          Investment
Criteria. No Collateral Obligation may be purchased pursuant to this Section 10.02 unless such loan or debt obligation satisfies
the Eligibility Criteria as of the date the Borrower, or the Collateral Manager, commits to make such purchase, in each case after
giving effect to such purchase and all other sales or purchases previously or simultaneously committed to.

 

(b)          Investment
in Eligible Investments. Cash on deposit in any Covered Account may be invested at any time in Eligible Investments in accordance
with Article VIII. To the extent Article VIII does not provide for cash on deposit in a Covered Account to be
invested in Eligible Investments, such cash will remain uninvested.

 

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(c)          Purchase
of Additional Collateral Obligations from Affiliates. Additional Collateral Obligations may be purchased from time to time
by the Borrower, or the Collateral Manager, from the Collateral Manager or any of its Affiliates only if (v) if the purchase is
from the Transferor, such purchase or acquisition is effected pursuant to the Master Transfer Agreement, (w) the terms and conditions
thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate,
(x) the transactions are effected in accordance with all Applicable Laws, (y) if such purchase is for an amount greater than the
original purchase price paid by the Collateral Manager or such Affiliate (after adjustment for any borrowings or repayments and
exclusive of interest) with respect to such Collateral Obligation, either (i) the prior written consent of the Facility Agent is
obtained or (ii) the Borrower or the Collateral Manager provides to the Facility Agent an appraisal conducted no earlier than 90
days prior to such proposed purchase from an Approved Appraisal Firm reflecting a value not lower than the purchase price to be
paid by the Borrower and (z) written notice thereof is provided to DBRS.

 

Section 10.03         Conditions
Applicable to All Purchase, Sale and Substitution Transactions.

 

(a)          Delivery
of Collateral. Upon any acquisition of a Collateral Obligation pursuant to this Article X, a security interest in all
of the Borrower's right, title and interest to the Collateral shall be granted to the Collateral Agent pursuant to this Agreement,
such Collateral shall be Delivered to the Collateral Agent, and, if applicable, the Borrower shall receive the Collateral for which
the Collateral was substituted, free and clear of the lien of this Agreement.

 

(b)          Acquisition
and Disposition Standards. The Borrower shall not, nor shall the Collateral Manager on behalf of the Borrower, acquire (whether
by purchase or substitution) or dispose of any Collateral Obligation unless each of the following conditions is met: (i) the Collateral
Obligation is acquired or disposed of in accordance with the terms of this Agreement (ii) the Borrower reasonably believes that
such acquisition and disposition will not result in a downgrade or withdrawal of any rating assigned by a Rating Agency and (iii)
the Collateral Manager shall certify in writing delivered to the Collateral Agent and Facility Agent on the date of the relevant
acquisition or disposition to the satisfaction of the foregoing as a condition precedent to each such acquisition or disposition.
The requirements set forth in clauses (i), (ii) and (iii) of this Section 10.03(b) are referred to as the "Acquisition
and Disposition Standards."

 

Section 10.04         Additional
Equity Contributions.

 

Subject to Section 10.03,
any Equity Owner may, but shall have no obligation to, at any time or from time to time contribute additional equity to the Borrower
for the purpose specified by such Equity Owner, including without limitation for the purpose of curing any Default (but, for the
avoidance of doubt, no such contribution shall cure any Event of Default without the consent of the Required Lenders), satisfying
any Coverage Test or Collateral Quality Test, enabling the acquisition or sale of any Collateral Obligation or satisfying any conditions
under Section 3.04. Each equity contribution shall either be made (i) in Cash or (ii) by assignment and contribution
of an Eligible Investment or (iii) by assignment and contribution of a Collateral Obligation (in compliance with the Eligibility
Criteria specified in clauses (a), (b) and (e) of the definition of Eligibility Criteria). Unless otherwise directed by the Borrower,
with the prior written consent of the Facility Agent and prior written notice to the Collateral Agent, all Cash contributed to
the Borrower shall be treated as Principal Proceeds except to the extent that such Cash was used to pay expenses incurred in connection
with the occurrence of the Original Closing Date.

 

    	 	136	 

     

    

  

Article
XI

THE AGENTS

 

Section 11.01         Authorization
and Action.

 

Each Lender hereby irrevocably
appoints and authorizes the Facility Agent and each Lender and each Subordinated Noteholder hereby irrevocably authorizes and appoints
the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent
applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers
as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those
expressly set forth herein or in the other Facility Documents, or any fiduciary relationship with any Secured Party, and no implied
covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this
Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed.
No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement and the transactions
contemplated hereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall
be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders; provided
that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost
or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment,
contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance
in which the Facility Documents provide that an Agent's consent may not be unreasonably withheld, provide for the exercise of such
Agent's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or, by refusing to provide instruction)
to such Agent withhold its consent or exercise its discretion in an unreasonable manner.

 

Section 11.02         Delegation
of Duties.

 

Each Agent may execute
any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

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Section 11.03         Agents'
Reliance, Etc.

 

(a)          Neither
Agent nor any of its respective directors, officers, agents or employees shall be liable for any action taken or omitted to be
taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their
own gross negligence or willful misconduct. Without limiting the generality of the foregoing, each Agent: (i) may consult
with legal counsel (including, without limitation, counsel for the Borrower or the Collateral Manager or any of their Affiliates)
and independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to
be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty
or representation to any Secured Party or any other Person and shall not be responsible to any Secured Party or any Person for
any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other
Facility Documents; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of
the terms, covenants or conditions of this Agreement, the other Facility Documents or any Related Documents on the part of the
Borrower, the Lenders or the Collateral Manager or any other Person or to inspect the property (including the books and records)
of the Borrower or the Collateral Manager; (iv) shall not be responsible to any Secured Party or any other Person for the
due execution, legality, validity, enforceability, genuineness, sufficiency or value of any Collateral, this Agreement, the other
Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto; and (v) shall
incur no liability under or in respect of this Agreement or any other Facility Document by relying on, acting upon (or by refraining
from action in reliance on) any notice, consent, certificate, instruction or waiver, report, statement, opinion, direction or other
instrument or writing (which may be delivered by facsimile, email, cable or telex, if acceptable to it) believed by it to be genuine
and believed by it to be signed or sent by the proper party or parties. No Agent shall have any liability to the Borrower, the
Collateral Manager or any Lender or any other Person for the Borrower's, Collateral Manager's or any Lender's, as the case may
be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility
Document.

 

(b)          No
Agent shall be liable for the actions or omissions of any other Agent (including without limitation concerning the application
of funds), or under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements
of this Agreement, any Facility Document or any Related Document, or their duties thereunder. Each Agent shall be entitled to assume
the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including,
without limitation, each Notice of Borrowing received hereunder). No Agent shall be liable for any action taken in good faith and
reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by
which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action
(including without limitation for refusing to exercise discretion or for withholding its consent in the absence of its receipt
of, or resulting from a failure, delay or refusal on the part of any Lender, the Borrower or the Collateral Manager to provide,
written instruction to exercise such discretion or grant such consent from any such Lender, the Borrower or the Collateral Manager,
as applicable). No Agent shall be liable for any error of judgment made in good faith unless it shall be proven that such Agent
was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Documents or Related Documents shall
obligate any Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it
to incur any expense or financial or other liability for which it is not indemnified to its reasonable satisfaction. No Agent shall
be liable for any indirect, special or consequential damages (included but not limited to lost profits) whatsoever, even if it
has been informed of the likelihood thereof and regardless of the form of action. No Agent shall be charged with knowledge or notice
of any matter unless actually known to a Responsible Officer of such Agent responsible for the administration of this Agreement,
or unless and to the extent written notice of such matter is received by such Agent at its address in accordance with Section 12.02.
Any permissive grant of power to an Agent hereunder shall not be construed to be a duty to act. Before acting hereunder, an Agent
shall be entitled to request, receive and rely upon such certificates and opinions as it may reasonably determine appropriate with
respect to the satisfaction of any specified circumstances or conditions precedent to such action.

 

    	 	138	 

     

    

 

(c)          No
Agent shall be responsible or liable for delays or failures in performance resulting from acts beyond its control. Such acts shall
include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed
after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

 

(d)          To
the extent required by any applicable law (or pursuant to a voluntary agreement entered into with the IRS or any other taxing
authority), the  Agents may withhold from any payment to any Lender or any Subordinated Noteholder an amount equivalent to
any applicable withholding tax (including any taxes imposed in respect of, or in connection with, FATCA). If any payment has
been made to any Lender or any Subordinated Noteholder by the Agents without the applicable withholding tax being withheld
from such payment and the Agents have paid over the applicable withholding tax to the IRS or any other tax authority, or the
IRS or any other tax authority asserts a claim that the Agents did not properly withhold tax from amounts paid to or
for the account of any Lender or any Subordinated Noteholder because the appropriate form was not delivered or was not properly
executed or because such Lender or Subordinated Noteholder failed to notify the Agents of a change in circumstance which rendered
the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender or Subordinated Noteholder
shall indemnify the Agents fully for all amounts paid, directly or indirectly, by the Agents as tax or otherwise, including
any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket
expenses) incurred.  Each Lender and Subordinated Noteholder hereby authorizes the Agents to set off and apply any and all
amounts at any time owing to such Lender or Subordinated Noteholder under any Note, Facility Document, or otherwise payable by
the Agents to the Lender or Subordinated Noteholder from any other source against any amount due to the Agents under this
paragraph (d).

 

    	 	139	 

     

    

  

Section 11.04         Indemnification.

 

Subject to the terms
of Section 12.21 with respect to any CP Conduit, each of the Lenders agrees to indemnify and hold the Agents harmless (to
the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise) from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, claims, expenses (including,
without limitation, attorneys fees and expenses) or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by, or asserted against the Agents in any way relating to or arising out of this Agreement or any other Facility Document or any
Related Document or any action taken or omitted by the Agents under this Agreement or any other Facility Document or any Related
Document; provided that:

 

(i)          no
Lender shall be liable to any Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, claims, expenses or disbursements resulting from such Agent's gross negligence, willful misconduct; and

 

(ii)         no
Lender or Lenders shall be liable to the Collateral Agent for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, claims, expenses or disbursements (for purposes hereof, "Liabilities") unless
such Liabilities are imposed on, incurred by, or asserted against the Collateral Agent as a result of any action taken, or not
taken, by the Collateral Agent at the direction of such Lender or Lenders, as the case may be, in accordance with the terms and
conditions set forth in this Agreement (it being understood that the Collateral Agent shall be under no obligation to exercise
or to honor any of the rights or powers vested in it by this Agreement at the request or direction of any of the Lenders (or other
Persons authorized or permitted under the terms hereof to make such request or give such direction) pursuant to this Agreement
or any of the other Facility Documents, unless such Lenders shall have provided to the Collateral Agent security or indemnity reasonably
satisfactory to it against the costs, expenses (including reasonable and documented attorney's fees and expenses) and Liabilities
which might reasonably be incurred by it in compliance with such request or direction, whether such indemnity is provided under
this Section 11.04 or otherwise).

 

The rights of the Agents
and obligations of the Lenders under or pursuant to this Section 11.04 shall survive the termination of this Agreement,
and the earlier removal or resignation of any Agent hereunder.

 

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Section 11.05         Successor
Agents.

 

(a)          Subject
to the terms of this Section 11.05(a), each Agent may, upon thirty days' notice to the Lenders and the Borrower, resign
as Facility Agent or Collateral Agent, as applicable. If the Collateral Agent shall be in material breach of its obligations hereunder,
the Required Lenders or, with the prior written consent of the Required Lenders, the Collateral Manager, may, following a period
of fifteen days during which the Collateral Agent may cure such breach, remove the Collateral Agent upon notice to the Borrower,
the Collateral Manager, the Lenders and the Agents. If the Collateral Agent shall resign or be removed pursuant to this Section
11.05(a), then the Facility Agent (at the direction of the Required Lenders), during such thirty- or fifteen-day period (as
applicable), shall appoint a successor agent. If the Facility Agent shall resign or be removed pursuant to this Section 11.05(a),
then the Required Lenders, during such thirty- or fifteen-day period (as applicable), shall appoint a successor agent with written
notice thereof and evidence of the acceptance of such appointment by such successor Facility Agent to the Borrower, the Collateral
Agent and the Collateral Manager. If for any reason a successor agent is not so appointed and does not accept such appointment
during such thirty period (the last day of such period, the "Appointment Cut-off Date"), such Agent may appoint
a successor Agent. The appointment of any successor Agent pursuant to this Section 11.05(a) shall be subject to the prior
written consent of the Borrower (which consent shall not be unreasonably withheld or delayed); provided that the consent
of the Borrower or the Collateral Manager to any such appointment shall not be required if (i) an Event of Default shall have
occurred and be continuing, (ii) if such assignee is a Lender or an Affiliate of such Agent or any Lender; or (iii) for
any reason no successor after the resignation of the Collateral Agent has been appointed within 30 days after the relevant
Appointment Cut-off Date and the Borrower has theretofore not entered into an agreement in principle with a potential successor
that would be qualified to act as such Agent hereunder. Any resignation or removal of an Agent pursuant to this Section 11.05(a)
shall be effective upon the appointment of a successor Agent pursuant to this Section 11.05(a) and the acceptance of
such appointment by such successor. The Collateral Manager shall provide DBRS notice of the acceptance of such appointment by such
successor. After the effectiveness of any retiring Agent's resignation hereunder as Agent, the retiring Agent shall be discharged
from its duties and obligations hereunder (other than any such duties and obligations arising prior to the effective date of its
retirement) and under the other Facility Documents (but not in its capacity as a Lender, if applicable) and the provisions of this
Article XI and Section 11.05(a) shall continue in effect for its benefit with respect to any actions taken
or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents.

 

(b)          Subject
to the terms of this Section 11.05(b), the Collateral Manager may, upon thirty days' notice to the Collateral Agent, the
Lenders and the Borrower, remove and discharge the Collateral Agent from the performance of its obligations under this Agreement
and under the other Facility Documents without cause at any time.  If the Collateral Agent shall be removed pursuant to this
Section 11.05(b), then the Collateral Manager during such thirty-day period shall appoint a successor Collateral Agent.
The appointment of any successor Collateral Agent pursuant to this Section 11.05(b) shall be subject to the prior written
consent of the Facility Agent (which consent shall not be unreasonably withheld or delayed). If the Collateral Agent is removed
pursuant to this Section 11.05(b), the Collateral Agent shall be removed in all other capacities in which it serves under
this Agreement and under any of the other Facility Documents (including, without limitation, in its capacity as Calculation Agent
and Custodian).  Any removal of the Collateral Agent pursuant to this Section 11.05(b) shall be effective upon
the appointment of a successor Collateral Agent pursuant to this Section 11.05(b) and the acceptance of such appointment
by such successor. If acceptance by a successor collateral agent has not have been effected within 60 days after the giving of
such removal, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral
Agent. The Collateral Manager shall provide DBRS notice of the acceptance of such appointment by such successor. After the effectiveness
of any removal of the Collateral Agent pursuant to this Section 11.05(b), the Collateral Agent shall be discharged from
its duties and obligations hereunder (other than any such duties and obligations arising prior to the effective date of its retirement)
and under the other Facility Documents (but not in its capacity as Lender, if applicable) and the provisions of this Article
XI and Section 11.05(b) shall continue in effect for its benefit with respect to any actions taken or omitted to be
taken by it while it was Collateral Agent under this Agreement and under the other Facility Documents. In the event that the Collateral
Agent is removed pursuant to this Section 11.05(b), the Borrower shall bear any costs related to such removal and appointment
of a successor Collateral Agent.

 

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Section 11.06         Regarding
the Collateral Agent.

 

(a)          The
Collateral Agent shall have no liability for losses arising from (i) any cause beyond its control, (ii) any delay, error,
omission or default of any mail, telegraph, cable or wireless agency or operator, or (iii) the acts or edicts of any government
or governmental agency or other group or entity exercising governmental powers.

 

(b)          The
Collateral Agent shall not be responsible for any indirect, special, exemplary, punitive or consequential damages of any kind whatsoever,
including but not limited to lost profits, whether or not foreseeable, even if the Collateral Agent has been advised of the possibility
thereof and regardless of the form of action in which such damages are sought.

 

(c)          The
Collateral Agent shall not be responsible for the preparation or filing of any UCC financing statements or continuation statement
or the correctness of any financing statements or continuation statement filed in connection with this Agreement or the validity,
adequacy, sufficiency or perfection of any lien or security interest created pursuant to this Agreement.

 

(d)          The
Collateral Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties.

 

(e)          The
Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Collateral
Agent, in its discretion, may, and upon the written direction of any Lender, shall make such further inquiry or investigation into
such facts or matters as it may see fit or as it shall be directed.

 

(f)          Except
as otherwise expressly set forth herein, nothing herein shall be construed to impose an obligation on the part of the Collateral
Agent to recalculate, evaluate, verify or independently determine the accuracy of any report, certificate or information received
from the Borrower, any Lender, any Subordinated Noteholder, the Facility Agent or the Collateral Manager.

 

(g)          Except
as otherwise expressly set forth herein, the Collateral Agent shall be under no obligation to monitor, supervise or perform the
functions of the Borrower, the Collateral Manager or the Facility Agent under any Facility Document and shall be entitled to assume
that the Borrower, the Collateral Manager and the Facility Agent are properly performing their functions and obligations thereunder
and the Collateral Agent shall not be responsible for any diminution in the value of or loss occasioned to the assets subject thereto
by reason of the act or omission by the Borrower, the Collateral Manager and the Facility Agent in relation to their functions
thereunder.

 

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(h)          The
Collateral Agent shall have no responsibility whatsoever to the Borrower, any Lender, any Subordinated Noteholder, the Facility
Agent or the Collateral Manager for any deficiency which might arise because the Collateral Agent is subject to any tax in respect
of the Facility Documents, the security created thereby or any part thereof or any income therefrom or any proceeds thereof.

 

(i)          The
delivery of reports, certificates or other information required to be provided hereunder to a Person other than a Responsible Officer
of the Collateral Agent shall not constitute actual or constructive notice or knowledge of the contents thereof.

 

(j)          No
later than 11:00 a.m. on each Business Day, the Collateral Agent shall deliver to the Collateral Manager via such means of communication
as they shall mutually agree a daily "cash availability report" which will detail all cash receipts with respect to the
Collateral Obligations received as of the close of business of the prior Business Day, identifying which portion thereof constitutes
Interest Proceeds, which portion thereof constitutes Principal Proceeds and any other amounts received not classified as either
Interest Proceeds or Principal Proceeds. No later than the close of business on the Business Day the Collateral Manager receives
such a daily cash availability report, the Collateral Manager shall review the same and identify any discrepancies that it becomes
aware of between the cash receipts shown on the Collateral Agent's daily cash availability report and the cash receipts relating
to the Collateral Obligations shown on the Collateral Manager's records. Thereafter the Collateral Agent and the Collateral Manager
will cooperate to promptly resolve any discrepancies.

 

Section 11.07         Regarding
the Collateral Agent and the Custodian.

 

The Collateral Agent
and the Custodian shall each maintain all necessary or appropriate records, operating procedures and systems with respect to their
respective duties under this Agreement and any other Facility Document and shall provide with reasonable promptness such additional
reports and information (which information is reasonably available to any thereof as may be reasonably requested from time to time
by the Collateral Manager or the Borrower.

 

Article
XII

MISCELLANEOUS

 

Section 12.01         No
Waiver; Modifications in Writing.

 

(a)          No
failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder or with respect to the Advances
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement,
and any consent to any departure by any party to this Agreement from the terms of any provision of this Agreement, shall be effective
only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower in any case
shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.

 

    	 	143	 

     

    

 

(b)          No
amendment, modification, supplement or waiver of this Agreement or the Second Restatement Fee Letter shall be effective unless
(i) it is signed by the Borrower and the Required Lenders (or the Facility Agent on behalf of the Required Lenders), (ii) if it
diminishes the rights or increases the obligations of the Collateral Manager, it is consented to by the Collateral Manager, (iii)
if it diminishes the rights or increases the obligations of the Transferor with respect to any Facility Documents, it is consented
to by the Transferor, (iv) if it diminishes the rights or increases the obligations of the Subordinated Noteholders hereunder,
it is consented to by Subordinated Noteholders that hold at least a majority of the principal amount of the Subordinated Notes
and (v) a Rating Confirmation is obtained, provided that:

 

(i)          no
such amendment, modification, supplement or waiver shall, unless by an instrument signed by all of the Lenders (or the Facility
Agent on behalf of all of the Lenders), (A) increase or extend the term of the Commitments or change the Final Maturity Date,
(B) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (C) reduce
the amount of any such payment of principal, (D) reduce the rate at which interest is payable thereon or any fee is payable
hereunder, (E) release all or substantially all of the Collateral, except in connection with dispositions permitted hereunder,
(F) alter the terms of Section 9.01 or this Section 12.01(b), (G) modify in any manner the number or percentage
of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof or (H) extend
the Reinvestment Period; and

 

(ii)         any
amendment, modification, supplement or waiver of Article VIII, Article XI, or of any of the other rights or
duties of either Agent (including the Collateral Agent in its role as Custodian) hereunder, shall require the consent of such Agent.

 

(c)          Notwithstanding
anything to the contrary set forth herein, no amendment or waiver under this Agreement or any other Facility Document that would
affect a CP Conduit, a support provider of a CP Conduit or an Advance made by such CP Conduit in a manner that is disproportionate
and adverse relative to other Lenders shall be effective without the consent of such CP Conduit.

 

Section 12.02         Notices,
Etc.

 

Except where telephonic
instructions are authorized herein to be given, all notices, demands, instructions and other communications required or permitted
to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered, certified
or express mail, postage prepaid, or by facsimile transmission, or by prepaid courier service, or by electronic mail, and shall
be deemed to be given for purposes of this Agreement on the day that such writing is received by the intended recipient thereof
in accordance with the provisions of this Section 12.02. Unless otherwise specified in a notice sent or delivered in
accordance with the foregoing provisions of this Section 12.02, notices, demands, instructions and other communications
in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile
numbers) indicated below, and, in the case of telephonic instructions or notices, by calling the telephone number or numbers indicated
for such party below:

 

    	 	144	 

     

    

 

	If to the Facility Agent:	Natixis, New York Branch
	 	1251 Avenue of the Americas
	 	New York, New York 10020
	 	Attention:  Yazmin Vasconez
	 	Telephone No.: 212-891-6176
	 	Facsimile No.:  646-282-2361
	 	Email:  Versaillestransaction@us.natixis.com
	 	fiona.chan@db.com
	 	rajesh.rampersaud@db.com
	 	 
	If to the Collateral Agent:	The Bank of New York Mellon Trust Company, N.A.
	 	601 Travis Street, 16th Floor
	 	Houston, TX 77002
	 	Attention: Corporate Trust- WhiteHorse Finance Warehouse, LLC- Kod Odimgbe
	 	Tel:  713-483-6464
	 	Fax:  713-483-6004
	 	Email:  kod.odimgbe@bnymellon.com
	 	 
	If to the Borrower:	WhiteHorse Finance Warehouse, LLC
	 	1450 Brickell Avenue
	 	Miami, FL 33131
	 	Attention: Mr. Richard Siegel
	 	Tel:  (305) 379-2322
	 	Fax:  (305) 381-4180
	 	Email: rsiegel@higcapital.com
	 	 
	 	With a copy to:
	 	 
	 	WhiteHorse Finance, Inc.
	 	600 Fifth Avenue, 19th Floor
	 	New York, NY 10020
	 	Attention: Gerhard Lombard
	 	Tel:  (212) 314-1053
	 	Fax:  (212) 314-1016
	 	Email: glombard@whitehorsefinance.com

 

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	If to the Lender:	Versailles Assets LLC
	 	c/o Global Securitization Services, LLC
	 	68 South Service Road, Suite 120
	 	Melville, NY 11747
	 	Attention:  Bernard J. Angelo
	 	Telephone No.:  (631) 930-7203
	 	Facsimile No.:  (212) 302-8267
	 	Email:  jrangelo@gssnyc.com and dveidt@gssnyc.com
	 	 
	If to any other Lender:	As provided in the Assignment and Acceptance pursuant to which such other Lender becomes a Lender hereunder.
	 	 
	If to a Subordinated Noteholder:	As provided in any subscription agreement or Transferee Representation Letter executed in connection with the acquisition of the Subordinated Note.
	 	 
	If to DBRS:	DBRS, Inc.
	 	Structured Credit Surveillance
	 	140 Broadway, 35th Floor
	 	New York, NY  10005 United States
	 	Phone: +1 (212) 806-3277 (main reception)
	 	Fax: +l (212) 806-3201
	 	SC_Surveillance@dbrs.com

 

Section 12.03         Taxes.

 

(a)          Any
and all payments by or on behalf of the Borrower under this Agreement and the Notes shall be made, in accordance with this Agreement,
free and clear of and without deduction for Taxes unless such deduction is required by law or in connection with FATCA (or by the
interpretation or administration thereof). If the Borrower shall be required by law or in connection with FATCA (or by the interpretation
or administration thereof) to deduct any Taxes from or in respect of any sum payable by it hereunder, under any Note or under any
other Facility Document to any Secured Party other than a Subordinated Noteholder, (i) if any such deductions are in respect of
Indemnified Taxes, the sum payable by the Borrower shall be increased as may be necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section 12.03) such Secured Party receives an amount
equal to the sum it would have received had no such deductions in respect of Indemnified Taxes been made, (ii) the Borrower shall
make such deductions, and (iii) the Borrower shall timely pay the full amount deducted to the relevant Authority in accordance
with Applicable Law. For the avoidance of doubt, no increased amounts will be paid under this section 12.03 with respect to the
Subordinated Notes.

 

(b)          In
addition, the Borrower agrees to timely pay any present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies which arise from any payment made by the Borrower hereunder, under the Notes or under any other Facility
Document or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, the Notes or under
any other Facility Document except any such Taxes that are Other Connection Taxes (hereinafter referred to as "Other Taxes").

 

    	 	146	 

     

    

 

(c)          The
Borrower agrees to indemnify each of the Secured Parties for the full amount of Indemnified Taxes (including any Indemnified Taxes
imposed or asserted by any jurisdiction on amounts payable under this Section 12.03), together with all interest, penalties,
reasonable costs and expenses arising therefrom, paid by any Secured Party in respect of the Borrower, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted. Payments by the Borrower pursuant to this indemnification shall
be made promptly following the date the Secured Party makes written demand therefor, which demand shall be accompanied by a certificate
describing in reasonable detail the basis thereof. Such certificate shall be conclusive absent manifest error.

 

(d)          The
Borrower shall not be required to indemnify any Secured Party, or pay any additional amounts to any Secured Party, in respect of
United States federal withholding tax or United States federal backup withholding tax to the extent that (i) the obligation to
pay such additional amounts would not have arisen but for a failure by such Secured Party to comply with paragraphs (g) or
(h) below, except to the extent that the relevant Lender's assignor or transferor (if any) was entitled at the time of assignment
or transfer to receive an increased amount under paragraph (c) with respect to such Indemnified Taxes; provided that, any Indemnified
Taxes resulting from any change in law (or interpretation, administration or application of any law or treaty or any published
practice or published concession of any relevant taxing authority) after the date such relevant Lender becomes a Lender shall be
compensated pursuant to paragraph (c) above or (ii) such amount is imposed under FATCA.

 

(e)          Promptly
after the date of any payment of Taxes or Other Taxes, the Borrower will furnish to each Agent the original or a certified copy
of a receipt issued by the relevant Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory
to such Agent).

 

(f)          If
any payment is made by or on behalf of the Borrower to or for the account of any Secured Party after deduction for or on account
of any Taxes or Other Taxes, and an indemnity payment or additional amounts are paid by the Borrower pursuant to this Section 12.03,
then, if such Secured Party in its sole discretion exercised in good faith determines that it has received a refund of such Taxes
or Other Taxes, such Secured Party shall, to the extent that it can do so without prejudice to the retention of the amount of such
refund, reimburse to the Borrower such amount of any refund received (net of out-of-pocket expenses incurred) as such Secured Party
shall determine in its reasonable discretion to be attributable to the relevant Taxes or Other Taxes, provided that in the
event that such Secured Party is required to repay such refund to the relevant taxing Authority, the Borrower agrees to return
the refund to such Secured Party. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Secured
Party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the Secured
Party in a less favorable net after-tax position than the Secured Party would have been in if the indemnification payments
or additional amounts giving rise to such refund had never been paid.

 

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(g)          Each
Secured Party (other than the Collateral Agent or the Custodian) that is a United States person as that term is defined in Section 7701(a)(30)
of the Code (a "U.S. Person") hereby agrees that it shall, no later than the Original Closing Date or, in
the case of a Secured Party that becomes a party hereto after the Original Closing Date or pursuant to Section 12.06,
the date upon which such Secured Party becomes a party hereto, deliver to each Agent and the Borrower, if applicable, two accurate,
complete and signed originals of U.S. Internal Revenue Service Form W-9 or successor form, certifying that such Secured
Party is a U.S. Person under the Code and on the date of delivery thereof entitled to an exemption from United States backup withholding
tax or, after any change after the date it became a Lender under this Agreement in (or in the interpretation, administration or
application of) any law or treaty or any published practice or published concession of any relevant taxing authority, the
greatest amount of such exemption as is then available to be claimed by such Lender. Each Secured Party that is not a U.S. Person
under the Code (a "Non-U.S. Lender") shall deliver, no later than the Original Closing Date or, in the case
of a Secured Party that becomes a party hereto after the Original Closing Date or pursuant to Section 12.06, the date
upon which such Secured Party becomes a party hereto, to each Agent and the Borrower two properly completed and duly executed originals
of either U.S. Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY or any subsequent versions thereof or
successors thereto or other applicable forms prescribed by the IRS, in each case, claiming complete exemption from, U.S. Federal
withholding tax (other than any tax imposed under FATCA) with respect to payments hereunder or, after any change after the date
it became a Lender or Subordinated Noteholder under this Agreement in (or in the interpretation, administration or application
of) any law or treaty or any published practice or published concession of any relevant taxing authority, the greatest amount
of such exemption as is then available to be claimed by such Lender or Subordinated Noteholder. In addition, in the case of a Non-U.S. Lender
claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender
hereby represents, and will provide a certification, that such Non-U.S. Lender is not a bank described in Section 881(c)(3)(A)
of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and
is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and
such Non-U.S. Lender agrees that it shall promptly notify each Agent and the Borrower in the event any such representation
is no longer accurate. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this
Agreement. In addition, each Non-U.S. Lender and U.S. Lender shall deliver such forms as promptly as practicable after receipt
of a written request therefor from an Agent or the Borrower (but only if such Non-U.S. Lender is legally able to deliver such forms).
Each Lender and Subordinated Noteholder agrees that when it is aware that a change in circumstances has rendered any previous
delivered documentation pursuant to this paragraph (g) obsolete or inaccurate, it shall notify the Borrower and each Agent
in writing and promptly deliver to the Borrower and each Agent a properly completed and executed documentation as may be required
in order to confirm or establish the entitlement to a continued exemption from or reduction in Tax, if that Lender or Subordinated
Noteholder continues to be so entitled to such exemption or reduction.

 

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(h)          If
any Lender requires the Borrower to pay any additional amount to any Secured Party or any taxing Authority for the account of any
Lender or to indemnify a Secured Party pursuant to this Section 12.03, then such Secured Party shall use reasonable
efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if such Lender determines, in its sole discretion, exercised in good
faith, that such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.09
or Section 12.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment.

 

Upon the occurrence of
any event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to this Section 12.03(h),
the Borrower shall have the right to replace such Lender with one or more other assignees meeting the requirements set forth in
Section 12.06 hereof which will not result in additional amounts being payable pursuant to this Section 12.03(h),
provided that (i) all fees and expenses incurred by such replaced Lender in connection with such assignment shall be paid
by the Borrower and (ii) the assignee(s) shall acquire all of the Commitments and outstanding Advances of such replaced Lender
and, in connection therewith, shall pay to the replaced Lender in respect thereof an amount equal to the principal of, and all
accrued interest on, all outstanding Advances of the replaced Lender and all related fees and expenses in connection with the Facility
Documents.

 

(i)          If
a payment made to a Lender or Subordinated Noteholder under any Note or other Facility Document would be subject to United
States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and each Agent (at such time or times reasonably requested by the Borrower or an Agent) such documentation reasonably
requested by the Borrower or an Agent as may be necessary for the Borrower or an Agent to comply with
their obligations under FATCA and to determine either that such Lender or Subordinated Noteholder has complied with such Lender's
or Subordinated Noteholder's obligations under FATCA or the amount to deduct and withhold from such payment.  Solely
for purposes of this clause (i), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

 

(j)          Nothing
in this Section 12.03 shall be construed to require the Secured Party to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrower or any other Person.

 

Section 12.04         Costs
and Expenses; Indemnification.

 

(a)          The
Borrower agrees to promptly pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agents in connection
with the administration and any waiver, consent, modification, amendment or similar agreement in respect of this Agreement, the
Notes or any other Facility Document and advising the Agents as to their respective rights, remedies and responsibilities. The
Borrower agrees to promptly pay on demand all costs and expenses of each of the Secured Parties (other than the Subordinated Noteholders)
in connection with the enforcement of this Agreement, the Notes, any Related Document or any other Facility Document, including
the reasonable and documented fees and disbursements of one outside counsel and one local counsel in each relevant jurisdiction
for each of the Facility Agent and the Collateral Agent in connection therewith.

 

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(b)          The
Borrower agrees to indemnify and hold harmless each Secured Party (other than the Subordinated Noteholders) and each of their Affiliates
and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each,
an "Indemnified Party") from and against any and all claims, damages, losses, liabilities, obligations, expenses,
penalties, actions, suits, judgments and disbursements of any kind or nature whatsoever (including the reasonable and documented
fees and disbursements of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising
out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or otherwise
arising out of or incurred in connection with this Agreement, any other Facility Document, any Related Document (and, in the case
of any Related Document, only after the occurrence and during the continuance of an Event of Default) or any transaction contemplated
hereby or thereby (and regardless of whether or not any such transactions are consummated) (collectively, the "Liabilities"),
including any such Liability that is incurred or arises out of or in connection with, or by reason of, any one or more of the following:
(i) preparation for a defense of any investigation, litigation or proceeding arising out of, related to or in connection with
this Agreement, any other Facility Document, any Related Document or any of the transactions contemplated hereby or thereby; (ii) any
breach or alleged breach of any covenant by the Borrower contained in any Facility Document; (iii) any representation or warranty
made or deemed made by the Borrower contained in any Facility Document or in any certificate, statement or report delivered in
connection therewith is, or is alleged to be, false or misleading; (iv) any failure by the Borrower to comply with any Applicable
Law or contractual obligation binding upon it; (v) any failure to vest, or delay in vesting, in the Secured Parties a first-priority
perfected security interest in all of the Collateral free and clear of all Liens, other than Permitted Liens; (vi) any action
or omission, not expressly authorized by the Facility Documents or otherwise permitted or required by the Facility Documents, by
the Borrower or any Affiliate of the Borrower which has the effect of reducing or impairing the Collateral or the rights of the
Agents or the Secured Parties with respect thereto; and (vii) any Default or Event of Default; except to the extent any such
Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party's gross negligence or willful misconduct provided that any payment hereunder which related to taxes, levies, imposes, deductions,
charges and withholdings, and all liabilities (including penalties, interest and expenses) with respect thereto, or additional
sums described in Section 12.03, shall be covered by Section 12.03 and shall not be covered by this Section 12.04(b).

 

Section 12.05         Execution
in Counterparts.

 

This Agreement may be
executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when
so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but
one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission
shall be effective as delivery of a manually executed counterpart hereof.

 

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Section 12.06         Assignability;
Participation; Register.

 

(a)          Each
Lender may assign to an assignee all or a portion of its rights and obligations under this Agreement (including all or a portion
of its outstanding Advances or interests therein owned by it, together with ratable portions of its Commitment); provided
that:

 

(i)          if
such assignment occurs prior to the Commitment Termination Date, such assignee satisfies the Rating Criteria at the time of the
assignment (except in the case of an assignment to the Facility Agent);

 

(ii)         such
assignment is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made
in accordance with the Securities Act and such laws, and is made only to (A) either an "accredited investor" as defined
in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the Securities Act (or any entity in which all of the
equity owners are entities described within such paragraphs) or to a "qualified institutional buyer" as defined in Rule
144A under the Securities Act and (B) a "qualified purchaser" for purposes of the Investment Company Act;

 

(iii)        the
Facility Agent has consented thereto;

 

(iv)        any
assignment of a Revolving Commitment that occurs prior to the Stage 2 Mandatory Revolving Conversion Date and involves a Revolving
Lender that is also a Term Lender, shall require that such Lender assign a pro rata share of its Term Commitment at the
time of such assignment;

 

(v)         any
assignment by a Revolving Lender of its Revolving Commitment or its Revolving Advances prior to the Stage 2 Mandatory Revolving
Conversion Date, shall require that such Revolving Lender assign the same percentage of both its Revolving Commitment and its Revolving
Advances; and

 

(vi)        the
Borrower has consented thereto (such consent not to be unreasonably withheld, delayed or conditioned), provided that the
consent of the Borrower shall not be required if (A) the assignee is a Permitted Assignee with respect to such assignor, (B) the
assignee is Natixis, an Affiliate of Natixis, or any commercial paper program or vehicle established or administered by Natixis
or an Affiliate of Natixis or for which Natixis or an Affiliate of Natixis provides liquidity support that in each case satisfies
the Rating Criteria, or (C) an Event of Default has occurred and is continuing.

 

The parties to each such
assignment shall execute and deliver to the Facility Agent and the Borrower an Assignment and Acceptance. Notwithstanding any other
provision of this Section 12.06, any Lender may at any time pledge or grant a security interest in all or any portion
of its rights (including rights to payment of principal and interest) under this Agreement to secure obligations of such Lender,
including any pledge or security interest granted to a Federal Reserve Bank, without notice to or consent of the Borrower or the
Facility Agent; provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or grantee for such Lender as a party hereto. Any purported assignment to an assignee
that does not comply with the requirements of this Section 12.06 will be null and void ab initio.

 

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(b)          The
Borrower may not assign any of its rights hereunder or any interest herein or delegate any of its obligations hereunder without
the prior written consent of the Agents and the Lenders which can be withheld for any reason in their sole and absolute discretion.

 

(c)          Any
Lender may sell participations to one or more banks or other entities (a "Participant") in all or a portion of
such Lender's rights and obligations under this Agreement; provided that (A) such Lender's obligations under this Agreement
shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, (C) the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender's rights and obligations under this Agreement and (D) each Participant shall have agreed
to be bound by this Section 12.06, Section 12.09 and Section 12.03. In the event that any Lender
sells participations in any portion of its rights and obligations hereunder:

 

(i)          the
agreement pursuant to which such Lender sells such participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification,
supplement or waiver that requires the consent of all of the Lenders. Sections 2.09, 2.10 and 12.03 shall
apply to each Participant as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of
this Section; provided that no Participant shall be entitled to any amount under Section 2.09, 2.10 or
12.03 which is greater than the amount the related Lender would have been entitled to under any such Sections or provisions
if the applicable participation had not occurred; and

 

(ii)         such
Lender, as nonfiduciary agent for the Borrower, shall maintain a register on which it enters the name of all participants in the
Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance which is the subject of
the participation (the "Participant Register"). An Advance may be participated in whole or in part only by registration
of such participation on the Participant Register (and each Term Note and Revolving Note, if any, shall expressly so provide).
Any participation of such Advance may be effected only by the registration of such participation on the Participant Register. The
Participant Register shall be available for inspection by the Borrower and the Collateral Manager at any reasonable time and from
time to time upon reasonable prior notice.

 

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(d)          (1)
The Facility Agent, on behalf of and acting solely for this purpose as the nonfiduciary agent of the Borrower, shall maintain
at its address specified in Section 12.02 or such other address as the Facility Agent shall designate in writing to
the Lenders, a copy of this Agreement and each signature page hereto and each Assignment and Acceptance delivered to and accepted
by it and a register (the "Register") for the recordation of (i) the names and addresses of the Lenders (ii) the
amount of each Advance made hereunder by and any Commitments of each Lender to the Borrower, (iii) the amount of any principal
due and payable or to become due and payable from the Borrower to each Lender hereunder, (iv) the amount of any principal
sum paid by the Borrower hereunder and each Lender's share thereof and (v) the aggregate outstanding principal amount of the outstanding
Advances maintained by each Lender under this Agreement (and any stated interest thereon) after giving effect to any assignment
hereunder. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower,
the Collateral Manager, the Agents and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder
for all purposes of this Agreement. The entries maintained in the accounts and Register maintained pursuant Section 2.03(a)
and Section 12.06(d) shall be prima facie evidence of the existence and amounts of the Advances therein provided;
provided that the failure of the Facility Agent or any Lender to maintain such accounts or any error therein shall not in
any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement. The Register
shall be available for inspection by the Borrower, the Collateral Manager or any Lender at any reasonable time and from time to
time upon reasonable prior notice. An Advance (and a Note, if any, evidencing the same) may be assigned or sold in whole or in
part only by registration of such assignment or sale on the Register (and each Note, if any, shall expressly so provide). The Facility
Agent shall update and furnish to the Collateral Agent, the Borrower and the Collateral Manager from time to time at the request
of the Collateral Agent, the Borrower or the Collateral Manager an updated version of Schedule 1 reflecting the then-current
allocation of the Commitments.

 

(2)         The
Borrower, shall maintain at its address specified in Section 12.02 or such other address as the Borrower shall designate
in writing to the Subordinated Noteholders, a copy of this Agreement and each Transferee Representation Letter delivered to and
accepted by it and a register (the "Borrower Register") for the recordation of (i) the names and addresses of
the Subordinated Noteholders, (ii) the outstanding principal amount of the Subordinated Notes, the amount of any principal and
Deferred Interest due and payable or to become due and payable from the Borrower to each Subordinated Noteholder hereunder and
(iii) the amount of any principal and Deferred Interest paid by the Borrower to each Subordinated Noteholder hereunder. The entries
in the Borrower Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Collateral
Manager, the Agents and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all
purposes of this Agreement. The entries maintained in the accounts and Register maintained pursuant Section 2.20 and
Section 12.06(d) shall be prima facie evidence of the the Subordinated Note principal amount and the Deferred
Interest therein recorded; provided that the failure of the Borrower to maintain such accounts or any error therein shall
not in any manner affect the obligation of the Borrower to repay the Subordinated Note principal amount and the Deferred Interest
in accordance with the terms of this Agreement. The Borrower Register shall be available for inspection by the Borrower, the Collateral
Manager or any Lender at any reasonable time and from time to time upon reasonable prior notice. A Note, if any, evidencing a Subordinated
Note may be assigned or sold in whole or in part only by registration of such assignment or sale on the Borrower Register (and
each Note, if any, shall expressly so provide).

 

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(e)          Notwithstanding
anything to the contrary set forth herein or in any other Facility Document, each Lender hereunder, and each Participant, must
at all times be (A) either an "accredited investor" as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of
Regulation D under the Securities Act (or any entity in which all of the equity owners are entities described within such paragraphs)
or to a "qualified institutional buyer" as defined in Rule 144A under the Securities Act and (B) a "qualified purchaser"
as defined in the Investment Company Act (a "Permitted Purchaser"). Accordingly:

 

(i)          each
Lender represents to the Borrower, (A) on the date that it becomes a party to this Agreement (whether by being a signatory
hereto or by entering into an Assignment and Acceptance) and (B) on each date on which it makes an Advance hereunder, that
it is a Permitted Purchaser;

 

(ii)         each
Lender agrees that it shall not assign, or grant any participations in, any of its Advances or its Commitment to any Person unless
such Person is a Permitted Purchaser; and

 

(iii)        the
Borrower agrees that, to the extent it has the right to consent to any assignment or participation herein, it shall not consent
to such assignment or participation hereunder unless it reasonably believes that the assignee or participant is a "qualified
purchaser" as defined in the Investment Company Act and that such assignment or participation will not cause the Borrower
or the pool of Collateral to be required to register as an investment company under the Investment Company Act.

 

(f)          A
Subordinated Note may be transferred or otherwise assigned; provided that:

 

(i)          such
transfer or assignment is exempt from the registration requirements of the Securities Act and any applicable state securities laws
or is made in accordance with the Securities Act and such laws, and is made only to (A) either an "accredited investor"
as defined in paragraphs (a)(1), (2), (3), or (7) of Rule 501 of Regulation D under the Securities Act (or any entity in which
all of the equity owners are entities described within such paragraphs) or to a "qualified institutional buyer" as defined
in Rule 144A under the Securities Act and (B) a "qualified purchaser" for purposes of the Investment Company Act; and

 

(ii)         the
transferee agrees with the representations set forth in the Transferee Representation Letter and executes and delivers a Transferee
Representation Letter to the Borrower.

 

Any purported transfer
to an transferee that does not comply with the requirements of this Section 12.06 will be null and void ab initio.

 

Section 12.07         Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

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Section 12.08         Severability
of Provisions.

 

Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction.

 

Section 12.09         Confidentiality.

 

Each Secured Party and
each Participant agrees to keep confidential all information provided to it by the Borrower or the Collateral Manager with respect
to the Borrower, the Collateral Manager, their respective Affiliates, the Collateral, the Related Documents, the Obligors or any
other information furnished to any other Secured Party pursuant to this Agreement or any other Facility Document (collectively,
the "Borrower Information"); provided that nothing herein shall prevent any Secured Party from disclosing
any Borrower Information (a) to any Secured Party or any Affiliate of a Secured Party, any of their respective Affiliates,
employees, directors, agents, attorneys, accountants and other professional advisors (collectively, the "Secured Party
Representatives"), it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Borrower Information and instructed to keep such Borrower Information confidential, (b) subject to an agreement
to comply with the provisions of this Section and to use the Borrower Information only in connection with this Agreement and the
other Facility Documents and not for any other purpose, to any actual or bona fide prospective permitted assignees and Participants
in any of the Secured Parties' interests under or in connection with this Agreement, (c) upon the request or demand of any
Authority with jurisdiction over any Secured Party or any of its Affiliates or any Secured Party Representative, (d) in response
to any order of any court or other Authority or as may otherwise be required to be disclosed pursuant to any Applicable Law, (e) that
is a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured
Party or any Secured Party Representative, (f) any nationally recognized rating agency that requires access to information
about a Secured Party's investment portfolio in connection with ratings issued with respect to such Secured Party, it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower Information and instructed
to keep such Borrower Information confidential, (g) in connection with the exercise of any remedy hereunder or under any other
Facility Document (including, without limitation, under Article VII) or (h) in connection with any suit, action, proceedings
or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Facility Documents).

 

Section 12.10         Merger.

 

This Agreement, the Notes
and the other Facility Documents executed by the Borrower, the Collateral Manager, the Agents or the Lenders taken as a whole incorporate
the entire agreement between the parties thereto concerning the subject matter thereof and such Facility Documents supersede any
prior agreements among the parties relating to the subject matter thereof.

 

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Section 12.11         Survival.

 

All representations and
warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection
herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The
agreements in Sections 2.04(f), 2.09, 2.10, 2.12, the penultimate paragraph of 7.03, 7.06(b),
11.04, 12.03, 12.04, 12.09, 12.16 and 12.19 and this Section 12.11 shall
survive the termination of this Agreement in whole or in part and the payment in full of the principal of and interest on the Advances.

 

Section 12.12         Submission
to Jurisdiction; Waivers; Etc.

 

Each party hereto hereby
irrevocably and unconditionally:

 

(a)          submits
for itself and its property in any legal action or proceeding relating to this Agreement or the other Facility Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States for the Southern District of New York and the appellate
courts of any of them;

 

(b)          consents
that any such action or proceeding may be brought in any court described in Section 12.12(a) and waives to the fullest
extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding
in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such party at its address set forth in Section 12.02
or at such other address as may be permitted thereunder;

 

(d)          agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction or court; and

 

(e)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding against
any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive
or consequential damages.

 

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Section 12.13         Waiver
of Jury Trial.

 

EACH OF THE PARTIES
HERETO and any Lender AND ANY SUBORDINATED
NOTEHOLDER that may become a party hereto HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM THEREIN OR RELATING THERETO.

 

Section 12.14         Service
of Process.

 

The Borrower hereby irrevocably
designates, appoints and empowers CT Corporation, (the "Process Agent"), with an office on the date hereof at
111 Eighth Avenue, New York, NY 10011, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf,
and its properties, assets and revenues, service for any and all legal process, summons, notices and documents which may be served
in any action, suit or proceeding brought in the courts listed in Section 12.12 in connection with or arising out of
this Agreement or any other Facility Document. If for any reason the Process Agent shall cease to act as such, the Borrower agrees
to promptly designate new designees, appointees and agents in New York, New York on the terms and for the purposes of this Section 12.14
satisfactory to the Facility Agent, which new designees, appointees and agents shall thereafter be deemed to be the Process Agent
for all purposes of this Agreement and the other Facility Documents. The Borrower further hereby irrevocably consents and agrees
to the service of any and all legal process, summonses, notices and documents out of any of the aforesaid courts in any such action,
suit or proceeding by serving a copy thereof upon the Process Agent (whether or not the appointment of the Process Agent shall
for any reason prove to be ineffective or the Process Agent shall accept or acknowledge such service) or by mailing copies thereof
by overnight mail, postage prepaid, to the Process Agent at its address specified above in this Section 12.14, with
a copy thereof contemporaneously mailed by overnight mail to the Borrower at its address specified in Section 12.02. The
Borrower agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any
way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any
way be deemed to limit the ability of any Secured Party to serve any such legal process, summons, notices and documents in any
other manner permitted by Applicable Law or to obtain jurisdiction over the Borrower or bring actions, suits or proceedings against
the Borrower in such other jurisdictions, and in a manner, as may be permitted by Applicable Law.

 

Section 12.15         [Reserved].

 

Section 12.16         [Reserved].

 

Section 12.17         PATRIOT
Act Notice.

 

Each Lender and the Collateral
Agent hereby notify the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law on October 26, 2001)) (the "PATRIOT Act"), it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow
the Lenders to identify the Borrower in accordance with the PATRIOT Act. The Borrower shall provide, to the extent commercially
reasonable, such information and take such actions as are reasonably requested by any Lender or the Collateral Agent in order to
assist such Person in maintaining compliance with the PATRIOT Act.

 

    	 	157	 

     

    

 

Section 12.18         Legal
Holidays.

 

In the event that the
date of any Payment Date, date of prepayment or Final Maturity Date shall not be a Business Day, then notwithstanding any other
provision of this Agreement or any Facility Document, payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of any such Payment Date, date of prepayment or Final
Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date
to but excluding such next succeeding Business Day.

 

Section 12.19         Non-Petition.

 

Each of the Agents, each
Lender and each Secured Party hereby agrees not to institute against, or join, cooperate with or encourage any other Person in
instituting against, the Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation
proceedings or other proceedings under federal or state bankruptcy or similar laws until at least one year and one day, or if longer,
the applicable preference period then in effect plus one day, after the Payment in Full Date; provided that nothing in this
Section 12.19 shall preclude, or be deemed to stop, each Agent and each Lender (i) 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 (a) any case or proceeding voluntarily filed or commenced by the Borrower or (b) any involuntary insolvency
proceeding filed or commenced against the Borrower by a Person other than any Agent, Lender or Secured Party, or (ii) from
commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization, receivership,
arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar
laws. The provisions of this Section 12.19 shall survive the termination of this Agreement.

 

Section 12.20         Custodianship;
Delivery of Collateral Obligations and Eligible Investments.

 

(a)          The
Collateral Manager shall deliver or cause to be delivered to The Bank of New York Mellon Trust Company, N.A., as custodian (in
such capacity, the "Custodian") and which is so appointed hereby by the Borrower, all Collateral in accordance
with the definition of the term "Deliver". The Custodian shall at all times be a Securities Intermediary. Any
successor custodian shall be a state or national bank or trust company that has capital and surplus of at least $200,000,000, has
DBRS Ratings of at least "A (high)" and "R-1 (middle)" and is a Securities Intermediary. The Collateral Agent
or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other investments
purchased in accordance with this Agreement and (ii) any other property of the Borrower otherwise Delivered to the Collateral
Agent or the Custodian, as applicable, by or on behalf of the Borrower, in the relevant Covered Account established and maintained
pursuant to Article VIII; as to which in each case the Borrower and the Collateral Agent shall have entered into an
agreement with the Custodian substantially in the form of Exhibit E providing, inter alia, that the establishment and
maintenance of such Covered Account will be governed by a law of a jurisdiction satisfactory to the Borrower and the Facility Agent.

 

    	 	158	 

     

    

 

(b)          The
Collateral Agent or the Custodian, as applicable, shall perform on behalf of the Facility Agent and the Lenders the following duties
and obligations:

 

(i)          The
Custodian hereunder, shall take and retain custody of the Related Documents delivered by the Borrower pursuant to Article III
hereof in accordance with the terms and conditions of this Agreement, as custodian for the benefit of the Borrower subject to the
lien of the Collateral Agent for the benefit of the Secured Parties hereunder. In connection with each delivery of Related Documents
hereunder to the Custodian, the Collateral Manager shall provide to the Custodian an electronic file (in EXCEL or a comparable
format) that contains the related Collateral Obligation Checklist or that otherwise contains the Collateral Obligation identification
number, the original principal balance of such Collateral Obligation and the name of the Obligor with respect to each related Collateral
Obligation.

 

(ii)         In
taking and retaining custody of the Related Documents, the Custodian shall be deemed to be acting as the agent of the Borrower,
subject to the lien of the Collateral Agent for the benefit of the Secured Parties hereunder, and as agent for the Collateral Agent
for the benefit of the Secured Parties as necessary to perfect the security interest of the Collateral Agent in the Related Documents,
and the Collateral Agent shall be deemed to be acting as the agent of the Facility Agent and the Secured Parties; provided
that the Collateral Agent makes no representations as to the existence, perfection or priority of any Lien on the Related Documents
or the instruments therein; and provided further that the Collateral Agent's and Custodian's duties as agent hereunder shall
be limited to those expressly contemplated herein.

 

(iii)        [Reserved].

 

(iv)        [Reserved].

 

(v)         Prior
to acquiring a Collateral Obligation, the Borrower or the Collateral Manager will provide the Collateral Agent and Custodian with
a Trade Ticket, together with the Notice of Borrowing to be used in connection therewith.

 

(vi)        [Reserved].

 

(vii)       Promptly
after receipt thereof, the Collateral Agent or the Custodian, as applicable, shall provide to the Collateral Manager a copy of
all written notices and written communications identified as being sent to it in connection with the Collateral held hereunder
which it receives from the related Obligor or any other Person. In no instance shall the Collateral Agent be under any duty or
obligation to take any action on behalf of the Collateral Manager (or Borrower) in respect of the exercise of any voting or consent
rights, or similar actions, unless it timely receives specific written instructions from the Collateral Manager (prior to the occurrence
of an Event of Default) or the Facility Agent (after the occurrence of an Event of Default) in which event the Collateral Agent
shall vote, consent or take such other action in accordance with such instructions.

 

    	 	159	 

     

    

 

(viii)      In
performing its duties, the Collateral Agent and Custodian, as applicable, shall use the same degree of care and attention as it
employs with respect to similar collateral that it holds as Collateral Agent or as Custodian, as applicable, for others.

 

(c)        Each
time that the Collateral Manager directs or causes the acquisition of any Collateral Obligation, Eligible Investment, or other
investment, the Borrower shall, if the Collateral Obligation, Eligible Investment, or other investment is required to be, but has
not already been, transferred to the relevant Covered Account, cause the Collateral Obligation, Eligible Investment, or other investment
to be Delivered to the Custodian to be held in the Custodial Account (or, in the case of any such investment that is not a Collateral
Obligation, in the Covered Account in which the funds used to purchase the investment are held in accordance with Article X)
for the benefit of the Borrower subject to the lien of the Collateral Agent for the benefit of the Secured Parties in accordance
with this Agreement. The security interest of the Collateral Agent in the funds or other property used in connection with the acquisition
shall, immediately and without further action on the part of the Collateral Agent, be released. The security interest of the Collateral
Agent shall nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment, or other investment
so acquired, including all interests of the Borrower in any contracts related to and proceeds of such Collateral Obligation, Eligible
Investment, or other investment.

 

(d)        The
Custodian hereby agrees to accept the Collateral Delivered to it as set forth in Sections 12.20(a) and (c),
to hold the Collateral in safekeeping in the applicable Account or Accounts and to invest, release and transfer the same only in
accordance with the written instructions of the Collateral Manager (prior to the occurrence of an Event of Default) or the Collateral
Agent (after the occurrence and continuation of an Event of Default) or as otherwise provided herein or in the Account Control
Agreement; provided, however that in the event of any conflict, the provisions of the Account Control Agreement shall
control. Interest, dividends and any other proceeds received by the Custodian with respect to the Collateral shall be distributed
by the Collateral Agent in accordance with this Agreement.

 

(e)        The
Custodian shall be obligated only for the performance of such duties as are specifically set forth in this Agreement and the Account
Control Agreement and may rely and shall be protected in acting or refraining from acting on any written notice, request, waiver,
consent or instrument believed by it to be genuine and to have been signed or presented by the proper party or parties. The Custodian
shall have no duty to determine or inquire into the happening or occurrence of any event or contingency, and it is agreed that
its duties hereunder are purely ministerial in nature. The Custodian may consult with and obtain advice from legal counsel as to
any provision hereof or its duties hereunder. The Custodian shall not be liable for any action taken or omitted by it in good faith
and believed by it to be authorized hereby or taken or omitted by it in accordance with the advice of its counsel, except, in each
case, to the extent such action or omission constitutes gross negligence or willful misconduct by the Custodian. Except as otherwise
expressly set forth in this Section 12.20, the Custodian shall have all of the rights and protections afforded to the Collateral
Agent pursuant to this Agreement.

 

    	 	160	 

     

    

 

(f)         Should
any controversy arise between the undersigned with respect to the Collateral held by the Custodian, the Custodian shall have the
right to consult with counsel and/or follow the instructions of the Collateral Agent acting at the direction of the Facility Agent
on behalf of the Secured Parties.

 

(g)        The
Custodian may at any time resign hereunder by giving written notice of its resignation to the Borrower and the Facility Agent at
least ninety days prior to the date specified for such resignation to take effect, and, upon the effective date of such resignation,
the Collateral held by the Custodian shall be delivered by it to such successor Custodian as shall be appointed by the Borrower,
with the prior written consent of the Facility Agent (such consent not to be unreasonably withheld or delayed), whereupon all the
Custodian's obligations hereunder shall cease and terminate; provided that no such resignation shall be effective until a successor
has accepted such appointment. The Custodian's sole responsibility thereafter shall be to keep safely all Collateral then held
by it and to deliver the same to a Person designated by, the Collateral Agent acting at the direction of the Facility Agent on
behalf of the Secured Parties or in accordance with the direction of a final order or judgment of a court of competent jurisdiction.

 

(h)        The
Custodian shall have no responsibility under this Agreement other than to render the services called for hereunder in good faith
and without willful misfeasance, gross negligence or reckless disregard of its duties hereunder. The Custodian shall incur no liability
to anyone in acting upon any signature, instrument, statement, notice, resolution, request, direction, consent, order, certificate,
report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed
by the proper party or parties. Neither the Custodian nor any of its affiliates, directors, officers, shareholders, agents or employees
shall be liable to any other party hereto, except by reason of acts or omission constituting bad faith, willful misfeasance, gross
negligence or reckless disregard of the Custodian's duties hereunder. Anything in this Agreement notwithstanding, in no event shall
the Custodian be liable for special, indirect or consequential loss or damage of any kind whatsoever (including lost profits),
even if the Custodian has been advised of such loss or damage and regardless of the form of action.

 

(i)         The
Custodian shall have no liability for losses arising from (i) any cause beyond its control, including, but not limited to,
the act, failure or neglect of any agent or correspondent selected with due care by the Custodian for the remittance of funds,
(ii) any delay, error, omission or default of any mail, telegraph, cable or wireless agency or operator, or (iii) the
acts or edicts of any government or governmental agency or other group or entity exercising governmental powers.

 

    	 	161	 

     

    

 

Section 12.21         Special
Provisions Applicable to CP Conduits.

 

Each of the parties hereby covenants
and agrees that:

 

(a)        It
shall not institute against, or encourage, cooperate with or join any other Person in instituting against, any CP Conduit any bankruptcy,
examination, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under bankruptcy or similar
law until at least one year and one day after the latest maturing commercial paper notes or other rated indebtedness issued by
(x) any limited purpose entity providing funding to any CP Conduit or (y) such CP Conduit, is paid in full; provided that
nothing in this Section 12.21 shall preclude, or be deemed to stop, (i) 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
(a) any case or proceeding voluntarily filed or commenced by such CP Conduit or (b) any involuntary insolvency proceeding
filed or commenced against such CP Conduit by a Person other than it, or (ii) from commencing against such CP Conduit or any
properties of the CP Conduit any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency,
moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws.

 

(b)        It
waives any right to set-off and to appropriate and apply any and all deposits and any other indebtedness at any time held or owing
thereby to or for the credit or the account of any CP Conduit against and on account of the obligations and liabilities of such
CP Conduit to such party under this Agreement.

 

(c)        Notwithstanding
any provisions contained in this Agreement or the other Facility Documents to the contrary, the Commitment of any CP Conduit and
any other amounts payable by such CP Conduit under this Agreement and the other Facility Documents shall be without recourse to
any officer, director, employee, stockholder, member, agent or manager of such CP Conduit and shall be solely the corporate obligations
of such CP Conduit.

 

(d)        Notwithstanding
any provisions contained in this Agreement or the other Facility Documents to the contrary, no CP Conduit shall, or shall be obligated
to, fund or pay any amount pursuant to its Commitment or any other obligation under this Agreement unless such CP Conduit has received
funds which may be used to make such funding or other payment and which funds are not required to repay commercial paper notes
or other short term funding backing its commercial paper notes issued by a conduit providing funding to such CP Conduit, or finance
activities of, such CP Conduit when due, and after giving effect to such payment, either (i) such CP Conduit (or, if applicable,
the limited purpose entity which finances the CP Conduit) could issue commercial paper to refinance all of such CP Conduit's outstanding
commercial paper (assuming such outstanding commercial paper matured at such time) in accordance with the program documents governing
its commercial paper program or (ii) all of the commercial paper of such CP Conduit (or, if applicable, the limited purpose
entity which finances such CP Conduit) is paid in full. Any amount which such CP Conduit does not advance pursuant to the operation
of this paragraph shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or obligation of
such CP Conduit for any such insufficiency.

 

In the event neither
a CP Conduit nor its Liquidity Provider is able to fund or pay a CP Conduit's Commitment required to be paid or funded in accordance
with the terms of this Agreement, and the inability to fund continues for 3 Business Days after the expiration of a CP Conduit's
obligation to fund an Advance on any Borrowing Date, the Borrower shall have the right to replace such CP Conduit with one or more
other assignees meeting the requirements set forth in Section 12.06 hereof, provided that (i) all fees and expenses
incurred by such replaced CP Conduit in connection with such assignment shall be paid by the Borrower and (ii) the assignee(s)
shall acquire all of the Commitments and outstanding Advances of such replaced CP Conduit and, in connection therewith, shall pay
to the replaced CP Conduit in respect thereof an amount equal to the principal of, and all accrued interest on, all outstanding
Advances of the replaced CP Conduit and all related fees and expenses in connection with the Facility Documents.

 

    	 	162	 

     

    

 

(e)        Notwithstanding
any provisions contained in this Agreement, a CP Conduit may, from time to time, with prior or concurrent notice to the Borrower
and the Facility Agent, in one transaction or a series of transactions, assign all or a portion of its rights and obligations under
this Agreement and the other Facility Documents (including all or a portion of its Commitment and the Loans at the time owing to
it) to a Conduit Assignee which meets the Rating Criteria. Upon and to the extent of such assignment by the CP Conduit to a Conduit
Assignee (i) such Conduit Assignee shall become a CP Conduit, (ii) such Conduit Assignee (as Lender) shall be the owner of
the assigned portion of the rights and obligations under this Agreement and the other Facility Documents (iii) such Conduit
Assignee, any multi-seller commercial paper conduit that issues commercial paper, the proceeds of which are loaned to or are otherwise
the CP Conduit's source of funding the CP Conduit's acquisition or maintenance of its funding obligations hereunder, if such Conduit
Assignee does not itself issue commercial paper, and other related parties shall have the benefit of all the rights and protections
provided to the CP Conduit and in the other Facility Documents (including any limitation on recourse against such Conduit Assignee
or related parties, any agreement not to file or join in the filing of a petition to commence an insolvency proceeding against
such Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph), (iv) such Conduit
Assignee shall assume all (or the assigned or assumed portion) of the CP Conduit's obligations, if any, hereunder or any other
Facility Document, and the Conduit Lender shall be released from such obligations, in each case to the extent of such assignment,
and the obligations of the CP Conduit and such Conduit Assignee shall be several and not joint, (v) all distributions in respect
of the obligations hereunder assigned shall be made to the Facility Agent, on behalf of the CP Conduit and such Conduit Assignee
on a pro rata basis according to their respective interests, and (vi) if requested by the Facility Agent with respect to the
Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as such
Facility Agent may reasonably request to evidence and give effect to the foregoing.

 

(f)          Notwithstanding
any provisions contained in this Agreement or the other Facility Documents to the contrary, but subject in all respects to Section
12.09 hereof, each CP Conduit may disclose to its respective support providers, any Affiliates of any such party and Authorities
having jurisdiction over such CP Conduit, such support provider, any Affiliate of such party and any rating agency that issues
a rating on such CP Conduit's commercial paper notes, the identities of (and other material information regarding) the Borrower,
any other obligor on, or in respect of, an Advance made by such CP Conduit, collateral for such an Advance, its monthly transaction
surveillance reports, and any of the terms and provisions of the Facility Documents that it may deem necessary or advisable and
such other information as may be requested by a rating agency.

 

(g)        The
provisions of Sections 12.21(a), (c) and (d) shall survive the termination of this Agreement.

 

    	 	163	 

     

    

 

(h)        No
pledge and/or collateral assignment by any CP Conduit to a support provider under a support facility of an interest in the rights
of such CP Conduit in any Advance made by such CP Conduit and the Obligations shall constitute an assignment and/or assumption
of such CP Conduit's obligation under this Agreement, such obligations in all cases remaining with such CP Conduit. Moreover, any
such pledge and/or collateral assignment of the rights of such CP Conduit shall be permitted hereunder without further action or
consent and any such pledgee may foreclose on any such pledge and perfect an assignment of such interest and enforce such CP Conduit's
right hereunder notwithstanding anything to the contrary in this Agreement.

 

(i)          Each
CP Conduit may act hereunder by and through its Collateral Manager or its administrator.

 

(j)         This
Section 12.21 shall not be amended or waived without the written consent of each CP Conduit.

 

[SIGNATURES COMMENCE
ON THE FOLLOWING PAGE]

 

    	 	164	 

     

    

 

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

 

	 	WhiteHorse Finance Warehouse, LLC,
	 	as Borrower
	 	 	 
	 	By:    WHITEHORSE FINANCE, INC., its Designated Manager
	 	 	 
	 	By:	/s/ Gerhard Lombard
	 	 	Name: Gerhard Lombard
	 	 	Title: CFO

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	as Collateral Agent and Calculation Agent
	 	 	 
	 	By: 	/s/ Nissa Dell
	 	 	Name: Nissa Dell
	 	 	Title: Vice President
	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	as Custodian
	 	 	 
	 	By:	/s/ Nissa Dell
	 	 	Name: Nissa Dell
	 	 	Title: Vice President

 

[SIGNATURES CONTINUE
ON THE FOLLOWING PAGE]

 

     

     

    

 

	 	VERSAILLES ASSETS LLC
	 	as Lender
	 	 	 
	 	By:	/s/ Bernard J. Angelo
	 	 	Name: Bernard J. Angelo
	 	 	Title: Senior Vice President
	 	 	 
	 	NATIXIS, NEW YORK BRANCH,
	 	as Facility Agent
	 	 	 
	 	By: 	/s/ Michael E. Hopson
	 	 	Name: Michael E. Hopson
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Henry J. Sandlass
	 	 	Name: Henry J. Sandlass
	 	 	Title: Managing Director

 

     

     

    

 

SCHEDULE 1

 

Commitments And Percentages 

Prior to the Stage 1 Mandatory Revolving Conversion Date

 

	Name
of Lender
	 	Revolving

 Commitment	 	 	Term

 Commitment	 	 	Percentage	 
	Versailles Assets LLC	 	$	150,000,000	 	 	$	0	 	 	 	100.00	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	150,000,000	 	 	$	0	 	 	 	100.00	%

  

Commitments And Percentages 

on and after a Stage 1 Mandatory Revolving Conversion Date

 

	Name
of Lender
	 	Revolving

 Commitment	 	 	Term

 Commitment	 	 	Percentage	 
	Versailles Assets LLC	 	$	100,000,000	 	 	$	50,000,000	 	 	 	100.00	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	100,000,000	 	 	$	50,000,000	 	 	 	100.00	%

 

Commitments And Percentages 

on the Stage 2 Mandatory Revolving Conversion Date

 

	Name
of Lender
	 	Revolving

 Commitment	 	 	Term

 Commitment	 	 	Percentage	 
	Versailles Assets LLC	 	$	0	 	 	$	150,000,000	 	 	 	100.00	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	0	 	 	$	150,000,000	*	 	 	100.00	%

 

*The Total Term Commitment of the Term
Lenders shall be the lesser of (i) the aggregate principal amount of all of the Revolving Advance and Term Loan Advances outstanding
as of such date and (ii) $150,000,000.

 

    	 	1	 

     

    

 

SCHEDULE 2

 

Scope of Monthly Report and Payment Date
Report 

 

Part 1: Monthly Reporting
Scope

 

		1.	The Aggregate Principal Balance of all Collateral Obligations
and Equity Securities

		2.	The balance of all Eligible Investments and cash in each
of:

		a.	The Collection Account (including the Interest Collection
Subaccount and the Principal Collection Subaccount)

		b.	The Payment Account

		c.	The Revolving Reserve Account

		d.	The Lender Funding Account (including each Lender Funding
Subaccount therein)

		e.	The Custodial Account

		f.	The Closing Expense Account

		g.	The Excess Concentration Loan Account

		3.	Commitment and aggregate outstanding principal amount
of all Advances, aggregate outstanding principal amount of the Subordinated Notes and the amount of Deferred Interest payable
on the Subordinated Notes

		4.	The nature, source and amount of any proceeds in the
Collection Account (including Principal Proceeds and Interest Proceeds received since the Monthly Report Determination Date or
Determination Date relating to the last Monthly Report or Payment Date Report, respectively), the Excess Concentration Loan Account
and the Revolving Reserve Account

		5.	Compliance level of Coverage Tests vs. test level

		a.	Calculation of Overcollateralization Ratio Test

		b.	Calculation of Interest Coverage Ratio Test

		c.	Calculation of MV Overcollateralization Ratio Test

		6.	Compliance with Advance Rate Test

		a.	Calculation of Advance Rate Test

		7.	Compliance with Collateral Quality Tests

		a.	the Minimum Diversity Score Test

		b.	the Minimum Weighted Average Spread Test

		c.	the Minimum Weighted Average Fixed Rate Coupon Test

		d.	the Weighted Average Maturity Test

		e.	the Maximum DBRS Risk Score Test

		8.	Compliance with Concentration Limitations

		a.	Fixed Rate Obligations

		b.	Obligor concentrations

		c.	Revolving Collateral Loans or Delayed Drawdown Collateral
Loans

		d.	Eligible Second Lien Loans, Eligible Mezzanine Loan and
Unsecured Loans

		e.	Eligible Mezzanine Loan and Unsecured Loans

		f.	DBRS Industry Classification

		g.	DIP Loans

		h.	Collateral Obligations that permit payment of interest
less frequently than quarterly

		i.	Collateral Obligations with DBRS Risk Score above 22.0296/
Credit Estimate and trailing 12 month EBITDA of less than 12.5 million

		j.	PIK Loans

		k.	Covenant Lite Loans

		9.	Listing of all Collateral Obligations with attributes
including

		a.	Obligor name and identifying number

 

    	 	1	 

     

    

  

		b.	Principal Balance

		c.	DBRS rating (if public) and the last date of the Credit
Estimate (if a Credit Estimate)

		d.	Fitch rating (if public)

		e.	Moody's rating (if public)

		f.	S&P rating (if public)

		g.	DBRS Industry Classification

		h.	lien position (Eligible Senior Secured Loan, Eligible
Second Lien Loan, Eligible Mezzanine Loan, Unsecured Loan)

		i.	Whether the Collateral Obligation is fixed or floating

		j.	For floating rate obligations, the index over which interest
is calculated (e.g., LIBOR, prime or other)

		k.	Cash-pay coupon (for Fixed Rate Obligations)

		l.	Cash-pay spread (for floating rate obligations)

		m.	Maturity date

		n.	Whether the Collateral Obligation is a Credit Risk Loan
or Defaulted Loan

		o.	Country of domicile

		p.	Frequency of interest payment

		q.	Whether such Collateral Obligation is a Revolving Collateral
Loan or a Delayed Drawdown Collateral Loan

		r.	The unfunded amount, if any, in respect of a Revolving
Collateral Loan or a Delayed Drawdown Collateral Loan

		s.	Derived method of DBRS Long Term Rating (from DBRS Rating
Procedure, Part A: (1), (2), (3), or (4)) (or Credit Estimate)

		t.	Credit Estimate issue date (if applicable)

		u.	Date of expiry of Credit Estimate (if applicable)

		v.	Date of last amendment

		10.	Listing of all Collateral Obligations with Specified
Changes including

		a.	Obligor name and identifying number

		b.	Principal Balance

		c.	The date of such Specified Change

		d.	Nature of Specified Change

		11.	Listing of all Excess Concentration Loans with attributes
including

		a.	Obligor name and identifying number

		b.	Principal Balance

		c.	DBRS rating (if public) and the last date of the Credit
Estimate (if a Credit Estimate)

		d.	Fitch rating (if public)

		e.	Moody's rating (if public)

		f.	S&P rating (if public)

		g.	DBRS Industry Classification

		h.	lien position (Eligible Senior Secured Loan, Eligible
Second Lien Loan, Eligible Mezzanine Loan, Unsecured Loan)

		i.	Whether the Excess Concentration Loan is fixed or floating

		j.	For floating rate obligations, the index over which interest
is calculated (e.g., LIBOR, prime or other)

		k.	Cash-pay coupon (for Fixed Rate Obligations)

		l.	Cash-pay spread (for floating rate obligations)

		m.	Maturity date

		n.	Whether the Excess Concentration Loan is a Credit Risk
Loan or Defaulted Loan

		o.	Country of domicile

		p.	Frequency of interest payment

 

    	 	2	 

     

    

  

		q.	Whether such Excess Concentration Loan is a Revolving
Collateral Loan or a Delayed Drawdown Collateral Loan

		r.	The unfunded amount, if any, in respect of a Revolving
Collateral Loan or a Delayed Drawdown Collateral Loan

		12.	For Defaulted Loans

		a.	Default Date

		b.	Days in default

		c.	Principal Balance

		d.	If an appraisal has been received in last 3 months

		e.	Appraised Value

		f.	Borrowing Base

		13.	Assets purchased or sold within the Collection Period
including

		a.	Facility name

		b.	Trade/settlement dates

		c.	Reason for sale / Transaction motivation (e.g. Discretionary,
Credit Risk, Credit Improved.)

		d.	Purchaser or seller is an affiliate of the Borrower?

		e.	Par amount

		f.	Price

		g.	Proceeds

		h.	Accrued interest

		i.	Whether such asset is an Excess Concentration Loan

		14.	Interest rate for the Advances and Subordinated Notes
for the Interest Accrual Period preceding the next Payment Date

		15.	Confirmation from the Collateral Agent whether or not
it has received during the Collection Period confirmation (which may be by way of email) from the Retention Provider of its continued
compliance with the covenants set out at Section 2(a) and (b) of the Retention of Net Economic Interest Letter in the form of
Exhibit G to this Agreement.

 

Part 2:    Payment
Date Reporting Scope

 

		1.	All information included in a Monthly Report under Part
1 above

		2.	Payment Date waterfall list application of all Interest
Proceeds and Principal Proceeds (including, the aggregate amounts of Revolving Advances and/or Term Loan Advances that are to
be prepaid on the related Payment Date and amounts to be deposited in the Revolving Reserve Account)

		3.	Beginning and ending aggregate outstanding principal
amount of all Advances

		4.	Beginning and ending balance of all Covered Accounts

		5.	Beginning and ending principal amount of the Subordinated
Notes

		6.	Beginning and ending amount of Deferred Interest payable
on the Subordinated Notes

 

    	 	3	 

     

    

 

SCHEDULE 3

 

Industry Diversity Score Table

 

	AAggregate

 Industry/

 Regional
 Equivalent
 Unit Score	 	 	Industry
 Diversity

 Score	 	 	AAggregate

 Industry/

 Regional

 Equivalent

 Unit 

Score	 	 	Industry
 Diversity

 Score	 	 	AAggregate

 Industry/

 Regional

 Equivalent

 Unit Score	 	 	Industry
 Diversity

 Score	 	 	AAggregate

 Industry/

 Regional

 Equivalent

 Unit 

Score	 	 	Industry
 Diversity

 Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	 	 	4.2300	 	 	 	17.3500	 	 	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	 	 	4.2400	 	 	 	17.4500	 	 	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	 	 	4.2500	 	 	 	17.5500	 	 	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	 	 	4.2600	 	 	 	17.6500	 	 	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	 	 	4.2700	 	 	 	17.7500	 	 	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	 	 	4.2800	 	 	 	17.8500	 	 	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	 	 	4.2900	 	 	 	17.9500	 	 	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	 	 	4.3000	 	 	 	18.0500	 	 	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	 	 	4.3100	 	 	 	18.1500	 	 	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	 	 	4.3200	 	 	 	18.2500	 	 	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	 	 	4.3300	 	 	 	18.3500	 	 	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	 	 	4.3400	 	 	 	18.4500	 	 	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	 	 	4.3500	 	 	 	18.5500	 	 	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	 	 	4.3600	 	 	 	18.6500	 	 	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	 	 	4.3700	 	 	 	18.7500	 	 	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	 	 	4.3800	 	 	 	18.8500	 	 	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	 	 	4.3900	 	 	 	18.9500	 	 	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	 	 	4.4000	 	 	 	19.0500	 	 	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	 	 	4.4100	 	 	 	19.1500	 	 	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	 	 	4.4200	 	 	 	19.2500	 	 	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	 	 	4.4300	 	 	 	19.3500	 	 	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	 	 	4.4400	 	 	 	19.4500	 	 	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	 	 	4.4500	 	 	 	19.5500	 	 	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	 	 	4.4600	 	 	 	19.6500	 	 	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	 	 	4.4700	 	 	 	19.7500	 	 	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	 	 	4.4800	 	 	 	19.8500	 	 	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	 	 	4.4900	 	 	 	19.9500	 	 	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	 	 	4.5000	 	 	 	 	 	 	 	 	 
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	 	 	4.5100	 	 	 	 	 	 	 	 	 
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	 	 	4.5200	 	 	 	 	 	 	 	 	 

 

    	 	1	 

     

    

 

SCHEDULE 4

 

DBRS Risk Scores

 

The "DBRS Risk Score " relating to any Collateral
Obligation at any time is the percentage set forth in the table below opposite the DBRS Long Term Rating of such Collateral Obligation
at such time:

  

	DBRS Long Term Rating	 	DBRS Risk Score	 
	AAA	 	 	0.0987	%
	AA (high)	 	 	0.1539	%
	AA	 	 	0.2091	%
	AA (low)	 	 	0.2994	%
	A (high)	 	 	0.4801	%
	A	 	 	0.5704	%
	A (low)	 	 	0.9643	%
	BBB (high)	 	 	1.7521	%
	BBB	 	 	2.1460	%
	BBB (low)	 	 	2.9528	%
	BB (high)	 	 	6.9863	%
	BB	 	 	8.5997	%
	BB (low)	 	 	11.9572	%
	B (high)	 	 	17.3292	%
	B	 	 	22.0296	%
	B (low)	 	 	31.8670	%
	CCC (high)	 	 	48.2625	%
	CCC	 	 	54.8208	%
	CCC (low)	 	 	77.4104	%
	C	 	 	100.0000	%

 

    	 	1	 

     

    

 

SCHEDULE 5

 

DBRS Industry Classifications

 

		 	Name	 

 

		1	Aerospace & Defense

		2	Air transport

		3	Automotive

		4	Beverage & Tobacco

		5	Radio & Television

		6	Brokers, Dealers & Investment houses

		7	Building & Development

		8	Business equipment & services

		9	Cable & satellite television

		10	Chemicals & plastics

		11	Clothing/textiles

		12	Conglomerates

		13	Containers & glass products

		14	Cosmetics/toiletries

		15	Drugs

		16	Ecological services & equipment

		17	Electronics/electrical

		18	Equipment leasing

		19	Farming/agriculture

		20	Financial intermediaries

		21	Food/drug retailers

		22	Food products

		23	Food service

		24	Forest products

		25	Health care

		26	Home furnishings

		27	Lodging & casinos

		28	Industrial equipment

		29	Insurance

		30	Leisure goods/activities/movies

		31	Nonferrous metals/minerals

		32	Oil & gas

		33	Publishing

		34	Rail industries

		35	Retailers (except food & drug)

		36	Steel

		37	Surface transport

		38	Telecommunications

		39	Utilities

		40	Miscs

		41	Sovereign

    	 	1	 

     

    

 

SCHEDULE 6

 

LIBOR

 

With respect to each
Interest Accrual Period, LIBOR will be determined by the Calculation Agent in accordance with the following provisions:

 

(i)          LIBOR
for such Interest Accrual Period shall equal the offered rate, as determined by the Calculation Agent, for Dollar deposits in Europe
of the Designated Maturity which appears on Reuters Screen LIBOR01 Page (or such other page as may replace such Reuters Screen
LIBOR01 Page for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News
(or, in the event that Bloomberg Financial Markets Commodities News ceases to report LIBOR for Dollar deposits, by another recognized
financial reporting service) (the "Screen Page") as of 11:00 a.m. (London time) on the applicable LIBOR Determination
Date. "LIBOR Determination Date" means, with respect to any Interest Accrual Period, the second London Banking
Day prior to the first day of such Interest Accrual Period.

 

(ii)         If,
on any LIBOR Determination Date, such rate does not appear on the Screen Page, the Calculation Agent shall determine the arithmetic
mean of the offered quotations of the Reference Banks to prime banks in the London interbank market for U.S. Dollar deposits
in Europe of the Designated Maturity (except that in the case where such Interest Accrual Period shall commence on a day that is
not a LIBOR Business Day, for a term of the Designated Maturity commencing on the next following LIBOR Business Day), by reference
to requests for quotations as of approximately 11:00 a.m. (London time) on such LIBOR Determination Date made by the Calculation
Agent to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations,
LIBOR shall equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, fewer than two Reference Banks
provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that leading banks in New York
City selected by the Calculation Agent (after consultation with the Borrower) are quoting on the relevant LIBOR Determination Date
for Dollar deposits in Europe for the term of such Interest Accrual Period (except that in the case where such Interest Accrual
Period shall commence on a day that is not a LIBOR Business Day, for a term of the Designated Maturity commencing on the next following
LIBOR Business Day), to the principal London offices of leading banks in the London interbank market.

 

(iii)        In
respect of any Interest Accrual Period having a Designated Maturity other than three months, LIBOR shall be determined through
the use of straight line interpolation by reference to two rates calculated in accordance with clauses (i) and (ii) above,
one of which shall be determined as if the maturity of the Dollar deposits referred to therein were the period of time for which
rates are available next shorter than the Interest Accrual Period and the other of which shall be determined as if such maturity
were the period of time for which rates are available next longer than the Interest Accrual Period; provided that, if an
Interest Accrual Period is less than or equal to seven days, then LIBOR shall be determined by reference to a rate calculated in
accordance with clauses (i) and (ii) above as if the maturity of the Dollar deposits referred to therein were a period
of time equal to seven days.

 

    	 	1	 

     

    

  

(iv)       If
the Calculation Agent is unable to determine a rate in accordance with at least one of the procedures described above, LIBOR with
respect to such Interest Accrual Period shall be the arithmetic mean of the Base Rate for each day during such Interest Accrual
Period.

 

For purposes of clauses (i),
(iii) and (iv) above, all percentages resulting from such calculations shall be rounded, if necessary, to the nearest
one hundred thousandth of a percentage point. For the purposes of clause (ii) above, all percentages resulting from such calculations
shall be rounded, if necessary, to the nearest one thirty second of a percentage point.

 

As used herein:

 

"Designated Maturity"
means, in respect of any Interest Accrual Period, the length of such Interest Accrual Period.

 

"LIBOR Business
Day" means a day on which commercial banks and foreign exchange markets settle payments in Dollars in New York and London.

 

"Reference Banks"
means four major banks in the London interbank market selected by the Calculation Agent.

 

    	 	2	 

     

    

 

SCHEDULE 7

 

DBRS Rating Procedure

 

The "DBRS Rating"
for an Obligor, Lender or other Person (collectively referred to as the "Obligor" for purposes of this Schedule)
means the DBRS Long Term Rating for such Obligor determined in accordance with Part A of this Schedule or the DBRS Short Term Rating
for such Obligor determined in accordance with Part B of this Schedule, in each case as the context requires. The DBRS Rating of
the Obligors shall be updated at least annually.

 

Part A:Long Term Ratings

 

The "DBRS Long Term Rating"
for an Obligor will, on any date, be the rating of such Obligor determined as provided below:

 

		(1)	if there is a DBRS public long term rating of such Obligor
at such date, such DBRS public long term rating;

 

		(2)	if a DBRS Long Term Rating for such Obligor cannot be determined
under clause (1) above, but a Moody's Rating, S&P Rating and Fitch Rating (each, a "public long term rating")
are all available at such date, the DBRS Long Term Rating will be the DBRS Equivalent of such public long term rating remaining
after disregarding the highest and lowest such public long term ratings from such Rating Agencies. For this purpose, if more than
one public long term rating has the same highest DBRS Equivalent or the same lowest DBRS Equivalent, then in each case one of
such public long term ratings shall be so disregarded;

 

		(3)	if a DBRS Long Term Rating for such Obligor cannot be determined
under clauses (1) through (2) above, but public long term ratings of such Obligor by any two of Moody's, Fitch and S&P
are available at such date, the DBRS Equivalent of the lower such public long term rating;

 

		(4)	if a DBRS Long Term Rating for such Obligor cannot be determined
under clauses (1) through (3) above, but a public long term rating of such Obligor by only one of Moody's, Fitch or
S&P is available at such date, the DBRS Equivalent of such available public long term rating; and

 

		(5)	if at any time a DBRS Long Term Rating for an Obligor cannot
be determined under clauses (1) through (4) above, then such Obligor will be deemed not to have a DBRS Long Term Rating at such
time and the Borrower shall be required to comply with Section 5.04 in respect of such Obligor.

 

Part
B: Short Term Ratings

 

The "DBRS Short Term Rating"
for a Lender or other Person (collectively referred to as the "Obligor" for purposes of this definition) will,
on any date, be the rating of such Obligor determined as provided below:

 

    	 	1	 

     

    

 

		(1)	if there is a DBRS public short term rating of such Obligor
at such date, such DBRS public short term rating;

 

		(2)	if a DBRS Short Term Rating for such Obligor cannot be
determined under clause (1) above, but public short term ratings of such Obligor by each of Moody's, Fitch and S&P are
all available at such date, the DBRS Short Term Rating will be the DBRS Equivalent of the public short term rating remaining after
disregarding the highest and lowest public short term ratings from such Rating Agencies. For this purpose, if more than one public
short term rating has the same highest DBRS Equivalent or the same lowest DBRS Equivalent, then in each case one of such public
short term ratings shall be so disregarded;

 

		(3)	if a DBRS Short Term Rating for such Obligor cannot be
determined under clauses (1) through (2) above, but public short term ratings of such Obligor by any two of Moody's,
Fitch and S&P are available at such date, the DBRS Equivalent of the lower such short term rating;

 

		(4)	if a DBRS Short Term Rating for such Obligor cannot be
determined under clauses (1) through (3) above, but a public short term rating of such Obligor by only one of Moody's,
Fitch or S&P is available at such date, the DBRS Equivalent of such available short term rating; and

 

		(5)	if a DBRS Short Term Rating for such Obligor cannot be
determined under clauses (1) through (4) above, then for purposes of this Agreement there shall be no DBRS Short Term
Rating for such Obligor as at such date.

 

Part
C: Other Definitions

 

The "DBRS Equivalent"
of any rating by Moody's, Fitch or S&P will be the rating set forth below under the heading "DBRS Rating"
opposite the applicable rating by Moody's, Fitch or S&P:

 

Long Term Rating Equivalents

 

	
        DBRS
        Rating
	
	
        Moody's
	
	
        S&P
	
	
        Fitch

	AAA	 	Aaa	 	AAA	 	AAA
	AA (high)	 	Aa1	 	AA+	 	AA+
	AA	 	Aa2	 	AA	 	AA
	AA (low)	 	Aa3	 	AA-	 	AA-
	A (high)	 	A1	 	A+	 	A+
	A	 	A2	 	A	 	A
	A (low)	 	A3	 	A-	 	A-
	BBB (high)	 	Baa1	 	BBB+	 	BBB+
	BBB	 	Baa2	 	BBB	 	BBB
	BBB (low)	 	Baa3	 	BBB-	 	BBB-
	BB (high)	 	Ba1	 	BB+	 	BB+
	BB	 	Ba2	 	BB	 	BB
	BB (low)	 	Ba3	 	BB-	 	BB-
	B (high)	 	B1	 	B+	 	B+
	B	 	B2	 	B	 	B
	B (low)	 	B3	 	B-	 	B-
	CCC (high)	 	Caa1	 	CCC+	 	CCC+
	CCC	 	Caa2	 	CCC	 	CCC
	CCC (low)	 	Caa3	 	CCC-	 	CCC-
	CC	 	Ca	 	CC	 	CC
	D	 	D	 	D	 	D

 

    	 	2	 

     

    

 

Short Term Rating Equivalents

 

	
        DBRS
        Rating
	
	
        Moody's
	
	
        S&P
	
	
        Fitch

	R-1 (high)A-1+	 	F1+	 	 	 	 
	R-1 (middle)	 	P-1	 	A-1	 	F1
	R-1 (low)	 	 	 	 	 	 
	R-2 (high)	 	 	 	 	 	 
	R-2 (middle)	 	P-2	 	A-2	 	F2
	R-2 (low)	 	 	 	 	 	 
	R-3 (high)	 	 	 	 	 	 
	R-3 (middle)	 	P-3	 	A-3	 	F3
	R-3 (low)	 	 	 	 	 	 
	—B	 	B	 	 	 	 
	—C	 	C	 	 	 	 
	D	 	NP	 	D	 	D

 

"Fitch Rating"
means, for any Obligor at any time, the rating determined as follows:

 

		(i)	if there is a publicly available issuer rating or senior
unsecured rating by Fitch, such issuer rating, if no issuer rating is available then the senior unsecured rating; and

 

		(ii)	if the rating is not available as defined in the first
clause above, but there is a rating by Fitch on another obligation of the same Obligor, then the rating will be as follows:

 

		(a)	if such rating is on a senior secured obligation, one subcategory
below such rating; and

 

		(b)	if such rating in on a subordinate obligation, one subcategory
above such rating.

 

If a Fitch Rating for an Obligor cannot
be determined under clause (i) or (ii) above at any time, then such Obligor will be deemed not to have a Fitch Rating
at such time.

 

"Moody's Rating"
means, with respect to any Obligor as of any date of determination, the rating determined in accordance with the following methodology:

 

    	 	3	 

     

    

 

		(i)	with respect to an Obligor on a Collateral Obligation that
is an Eligible Senior Secured Loan (or an Obligor that is a Lender or other Person), if such Obligor has a corporate family rating
by Moody's, then such corporate family rating;

 

		(ii)	with respect to an Obligor on a Collateral Obligation that
is an Eligible Senior Secured Loan, if not determined pursuant to clause (i) above, if such Collateral Obligation is publicly
rated by Moody's, such public rating; and

 

		(iii)	with respect to an Obligor on a Collateral Obligation,
if not determined pursuant to clause (i) or (ii) above, (A) if such Obligor has one or more senior unsecured obligations
publicly rated by Moody's, then the Moody's public rating on any such obligation (or, if such Obligor is an Obligor on a Collateral
Obligation that is an Eligible Senior Secured Loan, the Moody's rating that is one subcategory higher than the Moody's public
rating on any such senior unsecured obligation) as selected by the Collateral Manager in its sole discretion or, if no such rating
is available, (B) if such Collateral Obligation is publicly rated by Moody's, such public rating or, if no such rating is
available, (C) if such Collateral Obligation is a DIP Loan, with respect to any DIP Loan, one subcategory below the facility
rating (whether public or private) of such DIP Loan rated by Moody's,

 

provided that,
for purposes of calculating a Moody's Rating, each applicable rating on credit watch by Moody's with positive or negative implication
at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory, as the case may be,
and each applicable rating with negative outlook by Moody's at the time of calculation will be treated as having been downgraded
by one rating subcategory. If a Moody's Rating for an Obligor cannot be determined under clause (i), (ii) or (iii) above
at any time, then such Obligor will be deemed not to have a Moody's Rating at such time.

 

"S&P Rating"
means, with respect to any Obligor, as of any date of determination, the rating determined in accordance with the following methodology:

 

		(iv)	(a) if there is an issuer credit rating of such Obligor
by S&P as published by S&P, or the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation
pursuant to a form of guaranty approved by S&P, then the S&P Rating shall be such rating (regardless of whether there
is a published rating by S&P on the Collateral Obligations of such Obligor held by the Borrower) or (b) if there is no
issuer credit rating of the Obligor by S&P but (1) there is a senior secured rating on any obligation or security of
the Obligor, then the S&P Rating of such Obligor shall be one sub-category below such rating; (2) if clause (1)
above does not apply, but there is a senior unsecured rating on any obligation or security of the Obligor, the S&P Rating
of such Obligor shall equal such rating; and (3) if neither clause (1) nor clause (2) above applies, but there
is a subordinated rating on any obligation or security of the Obligor, then the S&P Rating of such Collateral Obligation shall
be one sub-category above such rating if such rating is higher than "BB+", and shall be two sub-categories above
such rating if such rating is "BB+" or lower; and

 

		(v)	with respect to any Collateral Obligation that is a DIP
Loan, the S&P Rating thereof shall be the credit rating assigned to such issue by S&P; provided
that, for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an Obligor
or its obligations is on "credit watch positive" by S&P, such rating will be treated as being one sub-category
above such assigned rating and (y) if the applicable rating assigned by S&P to an Obligor or its obligations is on "credit
watch negative" by S&P, such rating will be treated as being one sub-category below such assigned rating. If a S&P
Rating for an Obligor cannot be determined under clause (i) or (ii) above at any time, then such Obligor will be deemed
not to have an S&P Rating at such time.

 

    	 	4	 

     

    

 

SCHEDULE 8

 

Matrix

 

"Matrix" shall mean:

 

(a) until the date occurring 1 year following
the end of the Reinvestment Period:

 

	Applicable
 Row Level	 	Row
 Advance
 Rate	 	 	Row
 Diversity
 Score	 	 	Row
 Minimum
 OC Level	 
	1	 	 	40.00	%	 	 	0	 	 	 	200.00	%
	2	 	 	45.00	%	 	 	5	 	 	 	177.78	%
	3	 	 	50.00	%	 	 	10	 	 	 	160.00	%
	4	 	 	55.00	%	 	 	15	 	 	 	145.45	%

 

and

 

(b) thereafter:

 

	Applicable
 Row Level	 	Row
 Advance
 Rate	 	 	Row
 Diversity
 Score	 	 	Row
 Minimum
 OC Level	 
	1	 	 	40.00	%	 	 	0	 	 	 	250.00	%
	2	 	 	45.00	%	 	 	5	 	 	 	222.22	%
	3	 	 	50.00	%	 	 	10	 	 	 	200.00	%
	4	 	 	55.00	%	 	 	15	 	 	 	181.82	%

 

    	 	1	 

     

    

 

EXHIBIT A-1

 

[FORM OF REVOLVING NOTE]

 

	$__________	_________, ____

 

FOR VALUE RECEIVED,
the undersigned (the "Borrower") hereby promises to pay to [INSERT NAME OF REVOLVING LENDER] (the "Lender")
and its registered assigns on the Stage 2 Mandatory Revolving Conversion Date (as defined in the Credit Agreement hereinafter referred
to), the principal sum of [DOLLAR AMOUNT] Dollars (or such lesser amount as shall equal the aggregate unpaid principal amount of
the Revolving Advances made by the Lender to the Borrower under the Credit Agreement), in immediately available funds and in lawful
money of the United States, and to pay interest on the unpaid principal amount of each such Revolving Advance, in like funds and
money, from the Borrowing Date thereof until the principal amount thereof shall have been paid in full, at the rates per annum
and on the dates provided in the Credit Agreement. Capitalized terms used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Credit Agreement.

 

This promissory note
is a Revolving Note referred to in the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 (as the
same has been and may further be amended, amended and restated, supplemented, waived or otherwise modified from time to time, the
"Credit Agreement") among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time
parties thereto, Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral
agent. The date and principal amount of each Revolving Advance (and stated interest thereon) made to the Borrower and of each repayment
of principal thereon shall be recorded by the Lender or its designee on Schedule I attached to this Revolving Note, and the
aggregate unpaid principal amount shown on such schedule shall be prima facie evidence of the principal amount owing and unpaid
on the Revolving Advances made by the Lender. The failure to record or any error in recording any such amount on such schedule
shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the Credit Agreement to repay
the principal amount of the Revolving Advances together with all interest accrued thereon.

 

Except as permitted by
Section 12.06 of the Credit Agreement, this Revolving Note may not be participated by the Lender to any other Person. Without limiting
the generality of the foregoing, this Revolving Note may be participated in whole or in part only by registration of such participation
on the Participant Register.

 

Except as permitted by
Section 12.06 of the Credit Agreement, this Revolving Note may not be assigned by the Lender to any other Person. Without
limiting the generality of the foregoing, this Revolving Note may be assigned or sold in whole or in part only by registration
of such assignment or sale on the Register.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	1	 

     

    

 

THIS Revolving
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	WhiteHorse Finance Warehouse, LLC
	 	 	 
	 	By:	WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

SCHEDULE I

 

This Revolving Note evidences
Revolving Advances made by [INSERT NAME OF REVOLVING LENDER], (the "Lender") to WhiteHorse Finance Warehouse,
LLC (the "Borrower") under the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015
among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto, Natixis, New York
Branch, as Facility Agent, and The Bank of New York Mellon Trust Company, N.A., as collateral agent, in the principal amounts and
on the dates set forth below, subject to the payments and prepayments of principal set forth below:

 

	
        DATE
	 	
        PRINCIPAL

        AMOUNT

        ADVANCED
	 	
        PRINCIPAL

        AMOUNT PAID

        OR PREPAID
	 	
        PRINCIPAL

        BALANCE

        OUTSTANDING
	 	
        NOTATION BY

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	3	 

     

    

 

EXHIBIT A-2

 

[FORM OF TERM NOTE]

 

	$__________	_________, ____

 

FOR VALUE RECEIVED,
the undersigned (the "Borrower") hereby promises to pay to [INSERT NAME OF TERM LENDER] (the "Lender")
and its registered assigns on the Final Maturity Date (as defined in the Credit Agreement hereinafter referred to) the principal
sum of [DOLLAR AMOUNT] Dollars (or such lesser amount as shall equal the aggregate unpaid principal amount of the Term Loan Advances
made by the Lender to the Borrower under the Credit Agreement), in immediately available funds and in lawful money of the United
States, and to pay interest on the unpaid principal amount of each such Term Loan Advance, in like funds and money, from the applicable
Mandatory Revolving Conversion Date thereof until the principal amount thereof shall have been paid in full, at the rates per annum
and on the dates provided in the Credit Agreement. Capitalized terms used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Credit Agreement.

 

This promissory note
is a Term Note referred to in the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 (as the same
has been and may further be amended, amended and restated, supplemented, waived or otherwise modified from time to time, the "Credit
Agreement") among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto,
Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent. The date
and principal amount of each Term Loan Advance (and stated interest thereon) made to the Borrower and of each repayment of principal
thereon shall be recorded by the Lender or its designee on Schedule I attached to this Term Note, and the aggregate unpaid
principal amount shown on such schedule shall be prima facie evidence of the principal amount owing and unpaid on the Term Loan
Advances made by the Lender. The failure to record or any error in recording any such amount on such schedule shall not, however,
limit or otherwise affect the obligations of the Borrower hereunder or under the Credit Agreement to repay the principal amount
of the Term Loan Advances together with all interest accrued thereon.

 

Except as permitted by
Section 12.06 of the Credit Agreement, this Term Note may not be participated by the Lender to any other Person. Without limiting
the generality of the foregoing, this Term Note may be participated in whole or in part only by registration of such participation
on the Participant Register.

 

Except as permitted by
Section 12.06 of the Credit Agreement, this Term Note may not be assigned by the Lender to any other Person. Without limiting
the generality of the foregoing, this Term Note may be assigned or sold in whole or in part only by registration of such assignment
or sale on the Register.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	1	 

     

    

 

THIS TERM NOTE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	WhiteHorse Finance Warehouse, LLC
	 	 	 
	 	By:	WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

SCHEDULE I

 

This Term Note evidences
Term Loan Advances made by [INSERT NAME OF TERM LENDER], (the "Lender") to WhiteHorse Finance Warehouse, LLC (the
"Borrower") under the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 among
the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto, Natixis, New York Branch,
as Facility Agent, and The Bank of New York Mellon Trust Company, N.A., as collateral agent, in the principal amounts and on the
dates set forth below, subject to the payments and prepayments of principal set forth below:

 

	
        DATE
	 	
        PRINCIPAL

        AMOUNT

        ADVANCED
	 	
        PRINCIPAL

        AMOUNT PAID

        OR PREPAID
	 	
        PRINCIPAL

        BALANCE

        OUTSTANDING
	 	
        NOTATION BY

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	3	 

     

    

 

EXHIBIT A-3

 

[FORM OF SUBORDINATED NOTE]

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED, REOFFERED, SOLD, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS EXPRESSLY
PERMITTED UNDER SECTION 12.06 OF THE CREDIT AGREEMENT REFERRED TO BELOW.

 

DISTRIBUTIONS OF AVAILABLE AMOUNTS TO THE
HOLDER OF THE SUBORDINATED NOTES REPRESENTED HEREBY ARE SUBORDINATE TO THE PAYMENT OF PRINCIPAL OF AND INTEREST AND OTHER AMOUNTS
OWING ON THE ADVANCES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, IN EACH CASE IN THE MANNER AND TO THE EXTENT AND AS DESCRIBED IN
THIS NOTE AND IN THE CREDIT AGREEMENT REFERRED TO BELOW.

 

THE FAILURE TO PROVIDE THE BORROWER AND
THE COLLATERAL AGENT WITH THE PROPERLY COMPLETED AND SIGNED TAX CERTIFICATIONS (GENERALLY, IN THE CASE OF U.S. FEDERAL INCOME TAX,
AN INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) IN THE CASE OF A PERSON THAT IS A "UNITED STATES PERSON"
WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE OR THE APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR APPLICABLE SUCCESSOR
FORM) IN THE CASE OF A PERSON THAT IS NOT A "UNITED STATES PERSON" WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE)
OR THE FAILURE TO PROVIDE OR UPDATE ITS HOLDER FATCA INFORMATION MAY RESULT IN WITHHOLDING FROM, OR REDUCTION IN, PAYMENTS IN RESPECT
OF SUCH NOTE, INCLUDING U.S. FEDERAL WITHHOLDING OR BACK-UP WITHHOLDING. "Holder FATCA
Information" means information requested by the Borrower or an Intermediary (or an agent thereof) to be provided by the
holders OR BENEFICIAL OWNERS OF NOTES to the Borrower or an Intermediary that IN THE REASONABLE DETERMINATION OF THE borrower
OR AN INTERMEDIARY is required TO BE REQUESTED by FATCA (INCLUDING PURSUANT TO AN INTERGOVERNMENTAL AGREEMENT). "FATCA"
means Sections 1471 through 1474 of the Code, any final current or future regulations or official interpretations thereof, any
agreement entered into IN CONNECTION THEREWITH, or any u.s. or non-u.s. fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with either the implementation of such sections of the code.

 

BY ITS ACCEPTANCE OF THIS SUBORDINATED
NOTE, EACH HOLDER HEREOF AGREES TO TREAT THE FACILITY, THE REVOLVING NOTES AND TERM NOTES AS DEBT OF, AND THE SUBORDINATED NOTES
AS PREFERRED EQUITY IN, THE BORROWER FOR U.S. FEDERAL INCOME TAX PURPOSES AND WILL TAKE NO CONTRARY POSITION UNLESS OTHERWISE REQUIRED
BY APPROPRIATE TAXING AUTHORITIES.

 

    	 	1	 

     

    

 

SUBORDINATED NOTE

 

	S-[__]	July 8, 2015
	 	 
	$__________	_________, ____

 

FOR VALUE RECEIVED,
the undersigned (the "Borrower") hereby promises to pay to [INSERT NAME OF HOLDER] (the "Holder")
and its registered assigns on the Final Maturity Date (as defined in the Credit Agreement hereinafter referred to) the principal
amount of [DOLLAR AMOUNT] Dollars, in immediately available funds and in lawful money of the United States, and to pay interest
on the unpaid principal amount, in like funds and money, thereof until the principal amount thereof shall have been paid in full,
at the rates per annum and on the dates provided in the Credit Agreement. Capitalized terms used but not otherwise defined herein
shall have the respective meanings assigned to such terms in the Credit Agreement.

 

This promissory note
is a Subordinated Note referred to in the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 (as
the same has been and may further be amended, amended and restated, supplemented, waived or otherwise modified from time to time,
the "Credit Agreement") among the Borrower, as borrower, the Lender, as lender, the other lenders from time to
time parties thereto, Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral
agent.

 

Except as permitted by
Section 12.06 of the Credit Agreement, this Subordinated Note may not be transferred or otherwise assigned by the Holder to
any other Person. Without limiting the generality of the foregoing, this Subordinated Note may be assigned or sold in whole or
in part only by registration of such assignment or sale on the Borrower Register.

 

Anything in this Note
or the Credit Agreement to the contrary notwithstanding, the Holder agrees for the benefit of the Lenders and the Collateral Agent
that this Note and the Subordinated Notes represented hereby shall be subordinate and junior to the Advances and all other amounts
owing in respect of the Advances, including principal, interest thereon, fees, expenses and other amounts, as well as all other
applicable amounts specified in the Credit Agreement (collectively, the "Senior Obligations") to the extent and
in the manner set forth herein and in the Credit Agreement.

 

If, notwithstanding
the provisions of this Note and the Credit Agreement, the Holder shall have received any payment or distribution in respect of
this Note contrary to the provisions of this Note and the Credit Agreement, then, unless and until the Senior Obligations shall
have been paid in full in cash or, to the extent the Lenders consent, other than in cash, such payment or distribution shall be
received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Lenders; provided
that if any such payment or distribution is made other than in cash, it shall be held by the Collateral Agent as part of the Collateral
and subject in all respects to the provisions of this Note and the Credit Agreement (including these subordination provisions).

 

    	 	2	 

     

    

 

By its acceptance of
this Note, the Holder agrees with the Lenders and the Facility Agent that the Holder shall not demand, accept, or receive any payment
or distribution in respect of the Subordinated Notes in violation of the provisions of this Note and the Credit Agreement, including
these subordination provisions; provided that after the Lenders have been paid in full, the Holder shall be fully subrogated
to the rights of the Lenders. Nothing in these subordination provisions shall affect the obligation of the Borrower to pay the
Holder of the amounts outstanding under this Note.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	3	 

     

    

 

THIS SUBORDINATED NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	WhiteHorse Finance Warehouse, LLC
	 	 	 
	 	By:	WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	4	 

     

    

 

EXHIBIT B

 

[FORM OF NOTICE OF BORROWING]

 

[Date]

 

Natixis, New York Branch,

as Facility Agent

1251 Avenue of the Americas

New York, New York 10020

 

The Lenders party to the

Credit Agreement referred to below

 

Cc:

The Bank of New York Mellon Trust
Company, N.A.

601 Travis Street, 16th Floor

Houston, TX 77002

Attention: Corporate Trust- WhiteHorse Finance Warehouse, LLC- Kod Odimgbe

 

NOTICE OF BORROWING

 

This Notice of Borrowing
is made pursuant to Section 2.02 of that certain Second Amended and Restated Credit and Security Agreement dated as of July
8, 2015 (as the same has been and may further be amended, amended and restated, supplemented, waived or otherwise modified from
time to time, the "Credit Agreement") among WhiteHorse Finance Warehouse, LLC, as borrower (the "Borrower"),
the Lenders from time to time parties thereto (collectively, the "Lenders"), Natixis, New York Branch, as facility
agent (the "Facility Agent"), and The Bank of New York Mellon Trust Company, N.A., as collateral agent. Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit Agreement.

 

		1.	The Borrower hereby requests that on ______________, ____
(the "Borrowing Date") it receive a Revolving Borrowing under the Credit Agreement in an aggregate principal
amount of _____________ Dollars ($_______) (the "Requested Amount").

 

		2.	The Borrower hereby gives notice of its request for Revolving
Advances in the aggregate principal amount equal to the Requested Amount to the Lenders and the Facility Agent pursuant to Section 2.02
of the Credit Agreement and requests the Lenders to remit, or cause to be remitted, the proceeds thereof to the Principal
Collection Subaccount in its respective Percentage of the Requested Amount.

 

		3.	The Borrower certifies that immediately after giving effect
to the proposed Revolving Borrowing on the Borrowing Date each of the applicable conditions precedent set forth in Section 3.04
of the Credit Agreement is satisfied, including:

 

    	 	1	 

     

    

 

		(1)	in the case of the initial Borrowing on the Original Closing
Date under the Credit Agreement, the conditions precedent set forth in Section 3.01, shall have been fully satisfied
on or prior to the Borrowing Date referred to above;

 

		(2)	immediately after the making of the Revolving Advance requested
herein on the Borrowing Date, the Commitment Shortfall Test shall be satisfied (on a pro-forma basis);

 

		(3)	[immediately after the making of such Revolving Advance
on the Borrowing Date, each Coverage Test shall be satisfied (on a pro-forma basis) and the Row Advance Rate that is in use at
such time equals or exceeds the Portfolio Advance Rate;] 1

 

		(4)	[each of the representations and warranties of the Borrower
contained in Article IV of the Credit Agreement and the other Facility Documents is true and correct in all material respects
as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which
case such representations and warranties are true and correct in all material respects as of such earlier date);] 2

 

		(5)	[no Default or Event of Default shall have occurred and
be continuing at the time of making of the Revolving Advance or shall result upon the making of such Revolving Advance;]/[no
Default or Event of Default described in Sections 6.01(c), (e) or (f) of the Credit Agreement shall have occurred
and be continuing at the time of the making of such Revolving Advance or shall result upon the making of such Revolving Advance;]3

 

		(6)	[other than in connection with Revolving Advances obtained
on the Original Closing Date which are used for purposes other than the acquisition of additional Collateral Obligations,]4
the provisions of Section 10.02 have been satisfied as of the date of acquisition in connection with any acquisition
of additional Collateral Obligations with the proceeds of the applicable Revolving Advance.

 

WITNESS my hand
on this ____ day of _________, ____.

 

	 	WhiteHorse Finance Warehouse, LLC,
	 	as Borrower
	 	By:  WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1 Paragraphs (3) may be omitted
if, and only if, not required under Section 3.04.

 

2 Paragraphs (4) may be omitted
if, and only if, not required under Section 3.04.

 

3 Choose between bracketed text
in paragraph (5) depending on requirements under Section 3.04.

 

4 Insert bracketed text only in
connection with the Notice of Borrowing on the Original Closing Date.

 

    	 	2	 

     

    

 

EXHIBIT C

 

[FORM OF NOTICE OF PREPAYMENT]

 

Natixis, New York Branch,

as Facility Agent

1251 Avenue of the Americas

New York, New York 10020

 

The Lenders party to the

Credit Agreement referred to below

 

Cc:

The Bank of New York Mellon Trust
Company, N.A.

601 Travis Street, 16th Floor

Houston, TX 77002

Attention: Corporate Trust- WhiteHorse Finance Warehouse, LLC- Kod Odimgbe

 

NOTICE OF PREPAYMENT

 

This Notice of Prepayment
is made pursuant to Section 2.05 of that certain Second Amended and Restated Credit and Security Agreement dated as of July
8, 2015 among WhiteHorse Finance Warehouse, LLC, as borrower (the "Borrower"), the lenders from time to time parties
thereto (collectively, the "Lenders"), Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon
Trust Company, N.A., as collateral agent (as the same has been and may further be amended, amended and restated, supplemented,
waived or otherwise modified from time to time, the " Credit Agreement"). Capitalized terms used but not otherwise
defined herein shall have the respective meanings assigned to such terms in the Credit Agreement.

 

		1.	The Borrower hereby gives notice that on ______________,
____ (the "Prepayment Date") it will make a prepayment of a [Revolving Advance][and a][Term Loan Advance] under
the Credit Agreement in the principal amount of [_____________ Dollars ($_______)with respect to such Revolving Advance][and][_____________
Dollars ($_______) with respect to such Term Loan Advance] (the "Prepayment Amount").

 

		2.	The Borrower hereby gives notice of intent to prepay (through
the Collateral Agent) a [Revolving Advance][and a][Term Loan Advance] in the aggregate principal amount equal to the Prepayment
Amount to the [Revolving Lenders][and][Term Lenders] pursuant to Section 2.05 of the Credit Agreement and will remit, or
cause to be remitted through the Collateral Agent, the proceeds thereof to the account of each [Revolving Lender][and][Term Lender]
set forth in Schedule I hereto in an amount equal to its respective Percentage of the Prepayment Amount.

 

WITNESS my hand on this
____ day of _________, ____.

 

    	 	1	 

     

    

 

	 	WhiteHorse Finance Warehouse, LLC,
	 	as Borrower
	 	 	 
	 	By:	WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

Schedule I

 

[Describe accounts of the Lenders]

 

    	 	3	 

     

    

 

EXHIBIT D

 

[FORM OF ASSIGNMENT AND ACCEPTANCE]

 

Reference is made to
the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 (as the same has been and may further be
amended, amended and restated, supplemented, waived or otherwise modified from time to time, the " Credit Agreement")
among [INSERT NAME OF ASSIGNING LENDER] (the "Assignor"), the other lenders from time to time parties thereto
(together with the Assignor, the "Lenders"), The Bank of New York Mellon Trust Company, N.A., as Collateral Agent,
Natixis, New York Branch, as Facility Agent for the Lenders (in such capacity, together with its successors and assigns, the "Facility
Agent"), and WhiteHorse Finance Warehouse, LLC, as borrower (the "Borrower"). Capitalized terms used
but not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit Agreement.

 

The Assignor and the
"Assignee" referred to on Schedule I hereto agree as follows:

 

1.          As
of the Effective Date (as defined below), the Assignor hereby absolutely and unconditionally sells and assigns, without recourse,
to the Assignee, and the Assignee hereby purchases and assumes, without recourse to or representation of any kind (except as set
forth below) from Assignor, an interest in and to the Assignor's rights and obligations under the Credit Agreement and under the
other Facility Documents equal to the percentage interest specified on Schedule I hereto, including the Assignor's percentage
interest specified on Schedule I hereto of the outstanding principal amount of the [Revolving][Term Loan] Advances to the
Borrower (such rights and obligations assigned hereby being the "Assigned Interests"). After giving effect to
such sale, assignment and assumption, the Assignee's "Percentage" will be as set forth on Schedule I hereto.

 

2.          The
Assignor (i) represents and warrants that immediately prior to the Effective Date it is the legal and beneficial owner of
the Assigned Interest free and clear of any Lien created by the Assignor; (ii) makes no representation or warranty and assumes
no responsibility with respect to any statements, warranties or representations made in or in connection with the Facility Documents
or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any
lien or security or ownership interest created or purported to be created under or in connection with, the Facility Documents or
any other instrument or document furnished pursuant thereto or the condition or value of the Assigned Interest, Collateral relating
to the Borrower, or any interest therein; and (iii) makes no representation or warranty and assumes no responsibility with
respect to the condition (financial or otherwise) of the Borrower, the Facility Agent, the Collateral Manager or any other Person,
or the performance or observance by any Person of any of its obligations under any Facility Document or any instrument or document
furnished pursuant thereto.

 

    	 	1	 

     

    

 

3.          The
Assignee (i) confirms that it has received a copy of the Credit Agreement and the other Facility Documents, together with
copies of any financial statements delivered pursuant to Section 5.01 of the Credit Agreement and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance;
(ii) agrees that it will, independently and without reliance upon the Facility Agent, the Assignor, or any other Lender and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under or in connection with any of the Facility Documents; (iii) appoints and authorizes the Facility
Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Facility Documents as are
delegated to the Facility Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
and (iv) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Facility
Documents are required to be performed by it as a [Revolving][Term] Lender.

 

4.          The
Assignee, by checking the box below, (i) acknowledges that it is required to be a Qualified Purchaser for purposes of the
Investment Company Act at the time it becomes a [Revolving][Term] Lender and on each date on which a [Revolving][Term Loan] Advance
is made under the Credit Agreement and (ii) represents and warrants to the Assignor, the Borrower and the Agents that the
Assignee is a Qualified Purchaser:

 

		 ̈	By checking this box, the Assignee represents and warrants that it is a Qualified Purchaser.

 

5.          The
Assignee, by checking the box below, (i) acknowledges that the Assigned Interests are not registered under the Securities
Act of 1933, as amended (the "Securities Act") or any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Securities Act and any applicable state securities laws, and (ii) represents
and warrants to the Assignor, the Borrower the Administrative Agent and the Trustee that the Assignee is (a) a "qualified
institutional buyer" as defined in Rule 144A under the Securities Act, or (b) we are an "accredited investor" as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act:

 

		 ̈	is (a) a "qualified institutional buyer" as defined in Rule 144A under the Securities
Act, or (b) we are an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

6.          The
Assignee specifies that its Liquidity Provider, if any, is ________________ and its jursidiction of incorporation is ______________. 
The [Revolving][Term] Lender's holding company is _____________ and its jursidiction of incorporation is ____________.  The
Liquidity Provider's, if any, holding company is _____________ and its jurisdiction of incorporation is ____________.

 

7.          Following
the execution of this Assignment and Acceptance, it will be delivered to the Facility Agent for acceptance and recording by the
Facility Agent. The effective date for this Assignment and Acceptance (the "Effective Date") shall be the date
of acceptance hereof by the Facility Agent, unless a later effective date is specified on Schedule I hereto.

 

    	 	2	 

     

    

 

8.          Upon
such acceptance and recording by the Facility Agent, as of the Effective Date, (i) the Assignee shall be a party to and bound
by the provisions of the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations
of a [Revolving][Term] Lender thereunder and under any other Facility Document, (ii) without limiting the generality of the
foregoing, the Assignee expressly acknowledges and agrees to its obligations of indemnification to the Agents pursuant to and as
provided in Section 11.04 thereof, and (iii) the Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit Agreement and under any other Facility Document.

 

9.          Upon
such acceptance and recording by the Facility Agent, from and after the Effective Date, the Borrower shall make all payments under
the Credit Agreement in respect of the Assigned Interest to the Assignee. The Assignor and Assignee shall make all appropriate
adjustments in payments under the Credit Agreement and the Assigned Interests for periods prior to the Effective Date directly
between themselves.

 

10.         This
Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York.

 

11.         This
Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of Schedule I to this Assignment and Acceptance by facsimile shall be effective
as a delivery of a manually executed counterpart of this Assignment and Acceptance.

 

IN WITNESS WHEREOF, the
Assignor and the Assignee have caused Schedule I to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

 

    	 	3	 

     

    

 

Schedule I

 

	Percentage interest

transferred by Assignor:	___%
	 	 
	Assignor:	[INSERT NAME OF ASSIGNOR],

as Assignor
	 	 
	 	By:	 	 
	 	 	Authorized Signatory,	 
	 	 	 	 
	Assignee:	[INSERT NAME OF ASSIGNEE]

as Assignee
	 	 
	 	By:	 	 
	 	 	Authorized Signatory	 

 

	Accepted this ___ day of

_______________, ____	 
	 	 
	NATIXIS, NEW YORK BRANCH,

as Facility Agent	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 

 

	[Consented to this ___ day of	 
	_______________, ____	 
	 	 
	WhiteHorse Finance Warehouse, LLC,	 
	as Borrower	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:]1	 

 

 

1 Insert in an Assignment and
Acceptance if Borrower consent is required

 

    	 	4	 

     

    

 

EXHIBIT E

 

[FORM OF ACCOUNT CONTROL AGREEMENT]

 

(see Account Control Agreement)

 

    	 	1	 

     

    

 

EXHIBIT F

 

APPROVED APPRAISAL FIRMS

 

A. G. Edwards & Sons, Inc.

Axiom Valuation Solutions

Bank of America

Barclays Capital

Cantor Fitzgerald

CIBC World Markets

Citigroup

Credit Research & Trading

Credit Suisse

Dabney Flannigan

Delaware Bay, Inc.

Deutsche Bank

Dresdner Kleinwort Wasserstein

Duff & Phelps

Empire Valuation Consultants

Goldman Sachs & Co.

Houlihan Lokey Howard & Zukin

J.P. Morgan Chase

Jefferies & Company, Inc.

Lazard Freres

Lincoln Partners Advisors, an affiliate
of Lincoln International

Morgan Stanley

Murray Devine

Raymond James

TD Securities

The Blackstone Group

Union Bank

Wells Fargo

William Blair & Company

 

    	 	1	 

     

    

 

EXHIBIT G

 

Retention
of Net Economic Interest Letter

 

[To be provided]

 

    	 	1	 

     

    

 

EXHIBIT H

 

FORM OF PAYOFF LETTER

 

NOTICE, PAYOFF AND RELEASE AGREEMENT

 

[Date]

 

The Bank of New York Mellon Trust Company, N.A.,

as Collateral Agent and Calculation Agent

601 Travis Street, 16th Floor

Houston, TX 77002

Attention: Corporate Trust- WhiteHorse Finance Warehouse, LLC- Kod Odimgbe

 

The Bank of New York Mellon Trust Company, N.A.,

as Custodian

601 Travis Street, 16th Floor

Houston, TX 77002

Attention: Corporate Trust- WhiteHorse Finance Warehouse, LLC- Kod Odimgbe

 

Natixis, New York Branch,

as Facility Agent

1251 Avenue of the Americas

New York, New York 10020

Attention: Yazmin Vasconez

 

[Versailles Assets LLC, as Lender

c/o Global Securitization Services LLC

68 South Service Road, Suite 120

Melville, New York 11747

Attention: Andrew Stidd]

 

Ladies and Gentlemen:

 

Pursuant to Section 2.06(b) of the Second
Amended and Restated Credit and Security Agreement, dated as of July 8, 2015, among WhiteHorse Finance Warehouse, LLC ("Borrower"),
as borrower (in such capacity, the "Borrower"), the Lenders from time to time parties thereto, Natixis, New York
Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent for the Secured Parties (in
such capacity as trustee, the "Collateral Agent") (as the same has been and may further be amended, amended and
restated, supplemented, waived or otherwise modified from time to time, the " Credit Agreement"); capitalized
terms not defined herein are used as defined in the Credit Agreement), the Borrower hereby (i) notifies the above addressees of
its intention to cause a Payment in Full (which shall exclude any amount owed to the Subordinated Noteholders) and a termination
of the Commitments in their entirety on ___________ (the "Payment in Full Date") and (ii) requests a release of
all of the Collateral Obligations and of all other Collateral (other than the Payment Account) from the Lien of the Credit Agreement
upon such Payment in Full as provided herein. This letter agreement constitutes notice of termination under Section 2.06(b) of
the Credit Agreement, a certificate of a Responsible Officer of the Borrower and written request as provided in Section 7.02(a)
and Section 8.07(e) of the Credit Agreement and a direction as provided in Section 10.01(c) of the Credit Agreement. This notice
is irrevocable as provided in Section 2.06(b) of the Credit Agreement.

 

    	 	1	 

     

    

 

The Borrower hereby represents and warrants
that (i) all conditions precedent under the Credit Agreement to the Payment in Full described herein have been or will be satisfied
by the applicable parties on the Payment in Full Date (except to the extent expressly waived herein by the Collateral Agent and
the Facility Agent), and (ii) all conditions precedent under the Credit Agreement to the Payment in Full, termination of the Commitments,
release of Collateral (other than the Payment Account) and release and delivery of the Related Documents (as modified by this letter
agreement) have been or will be satisfied on the Payment in Full Date (except to the extent expressly waived herein by the Collateral
Agent and the Facility Agent).

 

The Borrower hereby certifies to the Collateral
Agent and the Facility Agent that the Borrower will have sufficient funds on the Payment in Full Date to effect the contemplated
Payment in Full and termination of the Commitments in accordance with the Credit Agreement and this letter agreement. The Borrower
hereby certifies that upon remittance by the Collateral Agent of the amounts set forth in Exhibit A to the applicable parties
set forth in Exhibit A, all Obligations owing the Secured Parties under the Credit Agreement or under the other Facility
Documents will have been paid in full.

 

The Facility Agent hereby confirms that
[Versailles Assets LLC is the sole Lender][____________ are the only Lenders] under the Credit Agreement.

 

The Borrower agrees to pay to the Collateral
Agent, for remittance by the Collateral Agent (in accordance with Exhibit A) to the Lender(s), the Facility Agent,
the Custodian and itself, as applicable, on the Payment in Full Date, each of the amounts set forth on Exhibit A attached
hereto (collectively, the "Payoff Amount") and may transfer funds to the Payment Account from the Collection Account
and the Revolving Reserve Account as directed by the Collateral Manager to pay such Payoff Amount. Upon receipt by the Collateral
Agent of the Payoff Amount:

 

(i) each of the Collateral Agent,
the Custodian, the Facility Agent and the Lender, acknowledges and agrees that such payment will constitute payment in full of
all of the obligations under the Facility Documents owed to it and that all Obligations under the Facility Documents shall be fully
satisfied and the Facility Documents shall be terminated (other than the provisions of the Facility Documents which by their terms
expressly survive the termination thereof);

 

(ii) the Borrower confirms that
all of its Obligations under the Credit Agreement or under the other Facility Documents have been satisfied and the Commitments
have been terminated in their entirety. The Borrower confirms that all conditions precedent provided for in the Credit Agreement
related to all of the proposed actions in this letter agreement, as modified or waived by this letter agreement, have been satisfied,
and (as referenced above) this letter agreement shall serve as a certificate of a Responsible Officer of the Borrower;

 

    	 	2	 

     

    

 

(iii) the Collateral Agent shall
be deemed to have released the Lien of the Credit Agreement on the Collateral (other than the Payment Account) in favor of the
Collateral Agent and the other Secured Parties and hereby does automatically (a) release, transfer, assign and convey any and all
right, title, claim and interest in the Collateral to the Borrower free and clear of all liens and encumbrances created by or through
it, (b) authorize the Borrower or the Collateral Manager on its behalf to file any requisite UCC-3 termination statements in respect
thereof, and (c) direct the Custodian to release the Related Property and other Collateral held by it, at the expense of the Borrower,
to the Borrower or its designee(s) as directed by the Borrower; and

 

(iv) without limiting clause
(iii) above, the Collateral Agent agrees to execute and deliver to the Borrower any assignment and release of Collateral and
UCC-3 termination statements reasonably requested by the Borrower, at the expense of the Borrower.

 

The Facility Agent agrees that it has or
will cause the Note[s] to be cancelled and returned to the Borrower upon Payment in Full.

 

THIS LETTER
AGREEMENT, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL
FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 

This letter agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page by telecopier or other electronic transmission shall be effective
as delivery of a manually executed counterpart.

 

    	 	3	 

     

    

 

	 	Very truly yours,
	 	 
	 	WHITEHORSE FINANCE WAREHOUSE LLC, as Borrower
	 	 	 
	 	By:	WhiteHorse Finance, Inc., its Designated Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	4	 

     

    

 

THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.,

as Collateral Agent, Calculation Agent and Custodian

 

	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	NATIXIS, NEW YORK BRANCH,	 
	as Facility Agent	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	[VERSAILLES ASSETS, LLC, as Lender]	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	[[   ], as Lender]	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 	5	 

     

    

 

EXHIBIT A

 

Payoff Amount in Detail

 

	Principal to the Lenders:	 	$	[_]	 
	 	 	 	 	 
	Interest on the Advances:	 	$	[_]	 
	 	 	 	 	 
	Commitment Fees:	 	$	[_]	 
	 	 	 	 	 
	Funded Fee:	 	$	[_]	 
	 	 	 	 	 
	Administrative Expenses:	 	 	 	 
	Collateral Agent, Custodian & Securities Intermediary Fees:	 	$	[_]	 
	Facility Agent Fee:	 	$	[_]	 
	Total Administrative Expenses Due:	 	$	[_]	 
	 	 	 	 	 
	Total Payoff Amount:	 	$	[_]	 

 

To be wired to [Versailles Assets, LLC]-                                   $[_]

Account Title: [____________]

Bank Name: [____________]

Account Number: [____________]

ABA/Routing Number: [____________]

Reference: [____________]

 

To be wired to Collateral Agent, the Custodian
and the Securities Intermediary-              $[_]

Account Title: [____________]

Bank Name: [____________]

Account Number: [____________]

ABA/Routing Number: [____________]

Reference:  [____________]

 

    	 	1	 

     

    

 

EXHIBIT I

 

FORM OF TRANSFEREE REPRESENTATION LETTER

 

Reference is made to
the Second Amended and Restated Credit and Security Agreement dated as of July 8, 2015 (as the same has been and may further be
amended, amended and restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”)
among the lenders from time to time parties thereto (the “Lenders”), The Bank of New York Mellon Trust Company,
N.A., as Collateral Agent, Natixis, New York Branch, as Facility Agent for the Lenders (in such capacity, together with its successors
and assigns, the “Facility Agent”), and WhiteHorse Finance Warehouse, LLC, as borrower (the “Borrower”).
Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit
Agreement.

 

In consideration of its
acquisition of the Subordinated Notes shown on Schedule I hereto, the undersigned transferee of Subordinated Notes (the “Transferee”)
referred to on Schedule I hereto hereby represents, warrants and agrees as follows for the benefit of the Person transferring
such Subordinate Notes to the Transferee (the “Transferor”), the Borrower, the Facility Agent and the Collateral
Agent:

 

1.          The
Transferee (i) confirms that it has received a copy of the Credit Agreement and the other Facility Documents, together with
copies of any financial statements delivered pursuant to Section 5.01 of the Credit Agreement and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Transferee Representation
Letter; (ii) agrees that it will, independently and without reliance upon the Facility Agent, or any other Lender and based
on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under or in connection with any of the Facility Documents; and (iii) appoints and authorizes the Facility
Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Facility Documents as are
delegated to the Facility Agent with respect to the Subordination Notes by the terms thereof, together with such powers and discretion
as are reasonably incidental thereto;.

 

2.          The
Transferee represents and warrants that it is a “qualified purchaser” as such term is defined in Section 2(a)(51)(A)
of the Investment Company Act.

 

3.          The
Transferee (i) acknowledges that the Subordinated Notes are not registered under the Securities Act of 1933, as amended (the
“Securities Act”) or any state securities laws and are being transferred to it in a transaction that is exempt from
the registration requirements of the Securities Act and any applicable state securities laws, and (ii) represents and warrants
that it is (a) a “qualified institutional buyer” as defined in Rule 144A under the Securities Act, and/or (b) an “accredited
investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, that it has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of investments in the Subordinate Notes
and that it is acquiring the Subordinated Notes for investment for its own account and not with a view to any distribution thereof
but without prejudice to its right to sell or otherwise dispose of its Subordinated Notes in accordance with the Credit Agreement
and this Transferee Representation Letter.

 

    	 	1	 

     

    

 

4.          The
Transferee is not a “benefit plan investor” as defined in Section 3(42) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) and includes (a) an employee benefit plan (as defined in Section 3(3) of Title I
of ERISA) that is subject to Part 4 of Title I of ERISA, (b) a plan as defined in Section 4975(e)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”) that is subject to Section 4975 of the Code or (c) any entity whose underlying assets
include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity.

 

5.            If
the Borrower is not or, as a result of the transfer, the Borrower may no longer be an entity disregarded as separate from the Transferee
for U.S. federal income tax purposes, the Transferee agrees that:

 

(a)           It
may not (A) acquire or directly or indirectly sell, encumber, assign, participate, pledge, hypothecate, rehypothecate, exchange,
or otherwise dispose of, suffer the creation of a lien on, or transfer or convey in any manner (each, a “Transfer”)
its Subordinated Notes (or any interest therein that is described in Treasury regulations section 1.7704-1(a)(2)(i)(B)) (i) if
such acquisition, sale, transfer, assignment, participation, pledge or other disposition would cause the membership interests of
the Borrower and Subordinated Notes or interests therein (or a derivative thereof within the meaning of Treasury Regulation section
1.7704-1(a)(2)(i)(B)) to be held by more than 90 persons or (ii) on or through (x) a United States national, regional or local
securities exchange, (y) a foreign securities exchange or (z) an over the counter or interdealer quotation system that regularly
disseminates firm buy or sell quotations by identified brokers or dealers ((x), (y) and (z), collectively, an “Exchange”),
or (B) cause any of its Subordinated Notes or any interest therein to be marketed on or through an Exchange.

 

(b)           It
may not enter into any financial instrument payments on which, or the value of which, is determined in whole or in part by reference
to the Subordinated Notes or the Borrower (including the amount of Borrower distributions on Subordinated Notes, the value of the
Borrower’s assets, or the result of the Borrower’s operations), or any contract that otherwise is described in Treasury
regulations section 1.7704-1(a)(2)(i)(B).

 

(c)           If
it is a partnership, grantor trust or S corporation, less than 40% of the value of any person’s interest in the Transferee
must be attributable to the Subordinated Notes, or the Borrower must receive an opinion of nationally recognized U.S. tax counsel
that such transfer will not cause the Borrower to be unable to rely on the “private placement” safe harbor of Treasury
regulations section 1.7704-1(h).

 

(d)          Any
Transfer that would cause the Issuer to be unable to rely on the “private placement” safe harbor of Treasury regulations
section 1.7704 1(h) will be void and of no force or effect.

 

    	 	2	 

     

    

 

6.           The
Transferee represents and warrants that it is a U.S. person under Section 7701(a)(30) the Code that is not a disregarded entity
unless such disregarded entity is deemed owned (directly and indirectly) under Treasury regulation 301.7701-3 solely by U.S. persons
under Section 7701(a)(30) of the Code.

 

7.           The
Transferee agrees that:

 

(a)          It
may not Transfer all or any portion of its Subordinated Notes unless: (A) the transferee agrees to be bound by the restrictions
and conditions set forth herein and in the Subordinated Note, such transferee represents, warrants and agrees as provided herein,
and such transferee executes and delivers a Transferee Representations Letter to the transferor, the Borrower, the Facility Agent
and the Collateral Agent, (B) such Transfer does not violate the Credit Agreement or the terms of such Subordinated Note and (C)
the Borrower has consented in writing thereto;

 

(b)          No
transfer of the Subordinated Notes will be effective unless the Borrower receives an opinion of nationally recognized U.S. tax
counsel that such transfer will not cause the Borrower to be a taxable mortgage pool under the Code; and

 

(c)          Any
Transfer made in violation of the Credit Agreement or such Subordinated Note will be ineffective and void and will not bind or
be recognized by the Borrower or any other person, and no transferee of Subordinated Notes will become a registered owner thereof
unless such transferee executes and delivers a Transferee Representation Letter to the transferor, the Borrower, the Facility Agent
and the Collateral Agent.

 

IN WITNESS WHEREOF, the
Transferee has caused to this Transferee Representation Letter to be executed by a person thereunto duly authorized as of the date
specified thereon.

 

    	 	3	 

     

    

 

Schedule I

	Principal Amount

transferred by Transferor:	$__________
	 	 
	Transferee:	[INSERT NAME TRANSFEREE]

as Transferee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

	Acknowledged this ___ day of _______, ____
	 
	WhiteHorse Finance Warehouse, LLC,
	as Borrower
	 
	By: WHITEHORSE FINANCE, INC., its Designated Manager

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	4Exhibit

Exhibit 10.1
	
			
	EXECUTION VERSION
DATED September 30, 2015

	

WYNN RESORTS (MACAU) S.A.
the Company
CERTAIN FINANCIAL INSTITUTIONS 
as Term Facility Lenders, Revolving Credit Facility Lenders, Additional Lenders and Hedging Counterparties
THE FINANCIAL INSTITUTIONS NAMED HEREIN 
as Outgoing Global Coordinating Lead Arrangers
THE FINANCIAL INSTITUTIONS NAMED HEREIN 
as Mandated Lead Arrangers and Bookrunners, Mandated Lead Arrangers, Lead Arrangers and Arrangers
BANK OF CHINA LIMITED, MACAU BRANCH
as Term Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH
as Revolving Credit Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH
as Additional Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH
as Intercreditor Agent
BANK OF CHINA LIMITED, MACAU BRANCH
as Security Agent and POA Agent
BANCO NACIONAL ULTRAMARINO, S.A. 
as Second Ranking Finance Party 

	 
	COMMON TERMS AGREEMENT 
FIFTH AMENDMENT AGREEMENT
	 

    

	
		
	CONTENTS

	Clause
	 

	1.Definitions and Interpretation
	 

	2.Resignation of Additional Facility Agent
	 

	3.Global Coordinating Lead Arrangers
	 

	4.Amendment
	 

	5.Facility Advances
	 

	6.Order of Events on the Fifth Amendment Effective Date
	 

	7.Representations
	 

	8.Release of Security
	 

	9.Continuity and Further Assurance
	 

	10.Miscellaneous
	 

	11.Wong Share Substitution
	 

	12. Governing Law
	 

	Schedule 1 Conditions Precedent
	 

	Schedule 2 Amended Common Terms Agreement
	 

	SIGNATURES
	 

    

    
    
    
    

THIS AGREEMENT is dated September 30, 2015 and made between:
		
	(1)
	WYNN RESORTS (MACAU) S.A. (the "Company"); 

		
	(1)
	THE FINANCIAL INSTITUTION named on the signing pages as the Term Facility Lender; 

		
	(2)
	THE FINANCIAL INSTITUTION named on the signing pages as the Revolving Credit Facility Lender; 

		
	(3)
	THE FINANCIAL INSTITUTION named on the signing pages as the Additional Lender; 

		
	(4)
	THE FINANCIAL INSTITUTIONS named on the signing pages as the Hedging Counterparties;

		
	(5)
	THE FINANCIAL INSTITUTIONS named on the signing pages as, and in their capacities as, the outgoing Global Coordinating Lead Arrangers (the "Outgoing Global Coordinating Lead Arrangers"); 

		
	(6)
	THE FINANCIAL INSTITUTIONS named on the signing pages as, and in their capacities as, the Mandated Lead Arrangers and Bookrunners (the "Mandated Lead Arrangers and Bookrunners"); 

		
	(7)
	THE FINANCIAL INSTITUTIONS named on the signing pages as, and in their capacities as, the Mandated Lead Arrangers (the "Mandated Lead Arrangers");

		
	(8)
	THE FINANCIAL INSTITUTIONS named on the signing pages as, and in their capacities as, the Lead Arrangers (the "Lead Arrangers");

		
	(9)
	THE FINANCIAL INSTITUTIONS named on the signing pages as, and in their capacities as, the Arrangers (the "Arrangers");

		
	(10)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the Term Facility Agent (the "Term Facility Agent");

		
	(11)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the Revolving Credit Facility Agent (the "Revolving Credit Facility Agent");

		
	(12)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the Additional Facility Agent (the "Additional Facility Agent");

		
	(13)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the Intercreditor Agent (the "Intercreditor Agent");

		
	(14)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the Security Agent (the "Security Agent"); 

		
	(15)
	BANCO NACIONAL ULTRAMARINO, S.A. as Second Ranking Finance Party (the "Second Ranking Finance Party"); and 

		
	(16)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as the POA Agent (the "POA Agent"). 

RECITALS:
		
	(A)
	The parties hereto have agreed to amend certain Senior Finance Documents and enter into additional Senior Finance Documents.

		
	(B)
	It has been agreed to further amend the Common Terms Agreement as set out below.

IT IS AGREED as follows:

		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.1
	Definitions and incorporation of defined terms

		
	(i)
	In this Agreement:

"Amended Common Terms Agreement" means the Original Common Terms Agreement, as amended by this Agreement, the terms of which are set out in Schedule 2 (Amended Common Terms Agreement);
"Amendment to Company Floating Charge" means the Amendment to Floating Charge dated on or about the date hereof between the Company and the Security Agent;
"Amendment to Company Mortgage" means the Amendment to Mortgage dated on or about the date hereof between the Company and the Security Agent;
"Amendment to Palo Floating Charge" means the Amendment to Floating Charge dated on or about the date hereof between Palo and the Security Agent;
"Amendment to Palo Mortgage" means the Amendment to Palo Mortgage dated on or about the date hereof between Palo and the Security Agent;
"Amendment to Pledge over Gaming Equipment and Utensils" means the Amendment to Pledge over Gaming Equipment and Utensils dated on or about the date hereof between the Company and the Security Agent;
"Completion Memorandum" means the completion memorandum relating to the matters contemplated in this Agreement, in the Agreed Form;
"Completion Request" means a request in the Agreed Form for Advances denominated in HKD and USD under the Term Facility to be made on the Fifth Amendment Effective Date;
"Confirmation of Company Share Pledge" means the Confirmation of Company Share Pledge dated on or about the date hereof between Wynn HK, Wynn International, the Company and the Security Agent;
"Confirmation of Palo Share Pledge" means the Confirmation of Palo Share Pledge dated on or about the date hereof between Wynn HK, Wynn International, the Company, Palo and the Security Agent;
"Confirmation of Executive Director Share Pledge" means, if the Relevant Executive Director is Ms Linda Chen prior to the Fifth Amendment Effective Date, the Confirmation of Executive Director Share Pledge dated on or about the date hereof between Ms Linda Chen, the Company and the Security Agent;
"Deed of Appointment and Priority Fourth Deed of Amendment" means the Deed of Appointment and Priority Fourth Deed of Amendment dated on or about the date hereof between, among others, the Original First Ranking Lenders, the 

Hedging Counterparties, the Second Ranking Finance Party, the Company, the Security Agent, the Intercreditor Agent and the POA Agent;
"English Security Confirmation" means the document so entitled dated on or about the Fifth Amendment Effective Date between the Company and the Security Agent;
"Executive Director Shares" means the 20,010 ordinary class A shares in the Company (of MOP1,000 par value per share) which are represented by shares certificates numbers 5 through 24 and share certificate number 205;
"Executive Director Share Pledge" means the document entitled "Wong Share Pledge" dated on or about 14 September 2004 between the Relevant Executive Director and the Security Agent;
"First Macau Security Confirmation" means the document so entitled dated on or about the Fifth Amendment Effective Date between the Company and the Security Agent;
"Fifth Amendment Effective Date" has the meaning given to such term in Clause 4 (Amendment);
"Guarantee Fourth Deed of Amendment and Acknowledgement" means the Guarantee Fourth Deed of Amendment and Acknowledgement dated on or about the date hereof between Wynn Asia 2, Wynn International, Wynn Holdings, Wynn HK, Palo and the Security Agent; 
"Holding Company" in relation to a Person, means an entity of which that Person is a Subsidiary;
"Hong Kong Security Confirmation" means the document so entitled dated on or about the Fifth Amendment Effective Date between the Company, Wynn Holdings and the Security Agent;
"Livrança Covering Letter" means the letter from the Company to the Security Agent dated on or about the Fifth Amendment Effective Date in relation to the Livranças, duly acknowledged by Palo;  
"Macau Security Confirmations" means the First Macau Security Confirmation, the Second Macau Security Confirmation, the Confirmation of Company Share Pledge, the Confirmation of Palo Share Pledge and (if applicable) the Confirmation of Executive Director Share Pledge;
"Nevada Security Release Agreement" means the release and termination agreement between the Company and the Security Agent dated on or about the Fifth Amendment Effective Date in relation to the US Operating Account Control Agreement;

"New Company Power of Attorney" means the irrevocable power of attorney dated on or about the date hereof granted by the Company in favour of the Security Agent;
"New Palo Power of Attorney" means the irrevocable power of attorney dated on or about the date hereof granted by Palo in favour of the Security Agent;
"Original Common Terms Agreement" means the Common Terms Agreement as amended from time to time prior to the date of this Agreement;
"Palo" means Palo Real Estate Company Limited a company with limited liability incorporated in the Macau SAR with registration number 27319 SO;
"POA Agent" has the meaning given to such term in the Deed of Appointment and Priority; 
"Post-Amendment Global Transfer Agreement" means the agreement so entitled dated on or about the date of this Agreement between, among others, the Company and the Intercreditor Agent;
"Pre-Amendment Global Transfer Agreement" means the agreement so entitled dated on or about the date of this Agreement between, among others, the Company and the Intercreditor Agent;
"Relevant Executive Director" means:
		
	(i)
	if the Wong Share Substitution has not been completed in accordance with this Agreement on or before the Fifth Amendment Effective Date, Mr. Wong Chi Seng; and

		
	(i)
	if the Wong Share Substitution has been completed in accordance with this Agreement on or before the Fifth Amendment Effective Date, Ms. Linda Chen;

"Required Filings" means any filing, notification, recording, stamping and registration required in respect of any of the Senior Finance Documents referred to in paragraph 2 of Schedule 1 (Conditions Precedent) at Companies House in England and Wales, the Companies Registry in Hong Kong, the Companies Registration Office in Ireland, the Financial Supervision Commission in the Isle of Man, the Gaming Inspection and Coordination Bureau in Macau and in the register of charges of Wynn Asia 2;
"Revocation Powers of Attorney" means:
		
	(i)
	the revocation of the irrevocable power of attorney dated on or about the Fourth Amendment Effective Date granted by Palo in favour of the Security Agent; and

		
	(ii)
	the revocation of the irrevocable power of attorney dated on or about the Fourth Amendment Effective Date granted by the Company in favour of the Security Agent;

"Revolving Credit Facility Agreement Amendment Agreement" means the agreement so entitled dated on or about the date of this Agreement between the Company, the Revolving Credit Facility Agent and the Revolving Credit Facility Lenders;
"Second Macau Security Confirmation" means the document so entitled dated on or about the Fifth Amendment Effective Date between Palo and the Security Agent;
"Security Amendment Documents" means:
		
	(i)
	the Amendment to Company Floating Charge;

		
	(ii)
	the Amendment to Company Mortgage; 

		
	(iii)
	the Amendment to Palo Floating Charge;

		
	(iv)
	the Amendment to Palo Mortgage; and

		
	(v)
	the Amendment to Pledge over Gaming Equipment and Utensils;

"Security Confirmation Documents" means:
		
	(i)
	each Macau Security Confirmation;

		
	(ii)
	the Hong Kong Security Confirmation; and

		
	(iii)
	the English Security Confirmation; 

"Subordination Deed Fourth Deed of Amendment and Acknowledgement of Security" means the Subordination Deed Fourth Deed of Amendment and Acknowledgement of Security dated on or about the date hereof between, among others, the Company, Wynn Resorts, Wynn Resorts Holdings, LLC, Wynn Asia 2, Wynn International, Wynn Holdings, Wynn HK, Worldwide Wynn, LLC, Wynn Design & Development, LLC, Wynn International Marketing, Ltd., WML Finance I Limited, Palo and the Security Agent; 
"Term Facility Agreement Fourth Amendment Agreement" means the agreement so entitled dated on or about the date of this Agreement between the Company, the Term Facility Agent and the Term Facility Lenders; 
"Tranche A Facility" has the meaning given to it in the Term Facility Agreement (as amended by the Term Facility Agreement Fourth Amendment Agreement, and as further amended from time to time);

"Tranche B Facility" has the meaning given to it in the Term Facility Agreement (as amended by the Term Facility Agreement Fourth Amendment Agreement, and as further amended from time to time);
"Tranche C Facility" has the meaning given to it in the Term Facility Agreement (as amended by the Term Facility Agreement Fourth Amendment Agreement, and as further amended from time to time);
"US Operating Account" means an account denominated in US dollars opened in Nevada and designated "USD Operating Account" prior to the date of this Agreement;
"US Operating Account Control Agreement" means the bank account control agreement so entitled dated 14 September 2005 between the Company, the Security Agent and Bank of America, N.A.;
"Wong Share Substitution" means the substitution of Ms. Linda Chen for Mr. Wong Chi Seng as the holder and pledgor of the Executive Director Shares.
		
	(j)
	Unless a contrary indication appears, a term defined in or by reference in Schedule 2 (Amended Common Terms Agreement) or, if not defined in or by reference in such Schedule, the Deed of Appointment and Priority, has the same meaning in this Agreement and in the Amended Common Terms Agreement.

		
	(k)
	The principles of construction and rules of interpretation set out in Schedule 2 (Amended Common Terms Agreement) shall have effect as if set out in this Agreement.

		
	1.2
	Clauses

In this Agreement any reference to a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause or a Schedule to this Agreement.
		
	1.3
	Designation

In accordance with the Common Terms Agreement, each of the Company and the Intercreditor Agent designates:
		
	(i)
	the Term Facility Agreement Fourth Amendment Agreement as a Senior Finance Document; 

		
	(j)
	the Revolving Credit Facility Agreement Amendment Agreement as a Senior Finance Document; 

		
	(k)
	this Agreement as a Senior Finance Document; 

		
	(l)
	the Subordination Deed Fourth Deed of Amendment and Acknowledgement of Security as a Security Document; 

		
	(m)
	the Guarantee Fourth Deed of Amendment and Acknowledgement as a Security Document;

		
	(n)
	the Deed of Appointment and Priority Fourth Deed of Amendment as a Security Document; 

		
	(o)
	the New Company Power of Attorney as a Security Document; 

		
	(p)
	the New Palo Power of Attorney as a Security Document;

		
	(q)
	each of the Security Confirmation Documents as a Security Document; 

		
	(r)
	each of the Security Amendment Documents as a Security Document; and

		
	(s)
	the Livrança Covering Letter as a Security Document.

		
	2.
	RESIGNATION OF ADDITIONAL FACILITY AGENT

		
	2.1
	Resignation

Bank of China Limited, Macau Branch hereby resigns as Additional Facility Agent with effect on and from the Fifth Amendment Effective Date (but subject to Clause 6 (Order of Events on the Fifth Amendment Effective Date)).
		
	2.2
	Notice Period

The parties hereto agree that the resignation referred to in Clause 2.1 (Resignation) shall be effective notwithstanding the notice period specified in sub-clause 23.12.1 of clause 23.12 (Resignation) of the Original Common Terms Agreement or any other provision of the Senior Finance Documents.  
		
	3.
	GLOBAL COORDINATING LEAD ARRANGERS

With effect on and from the Fifth Amendment Effective Date (subject to Clause 6 (Order of Events on the Fifth Amendment Effective Date)), each Outgoing Global Coordinating Lead Arranger, in its capacity as an original Global Coordinating Lead Arranger (under and as defined in the Original Common Terms Agreement), shall be discharged from any further obligations towards the other parties to the Original Common Terms Agreement and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to the Fifth Amendment Effective Date) and, as from that date, each Mandated Lead Arranger and Bookrunner, Mandated Lead Arranger, Lead Arranger and Arranger shall assume the same obligations, and become entitled to the same rights, as if it had been an original Global Coordinating Lead Arranger (under and as defined in the Original Common Terms Agreement) and party to the Original Common Terms Agreement.
		
	4.
	AMENDMENT

With effect from the date upon which the Intercreditor Agent confirms to the Lenders and the Company that it has received (or the Intercreditor Agent has waived receipt of, as the case may be) each of the documents or evidence listed in Schedule 1 (Conditions Precedent) in a form and substance satisfactory to the Intercreditor Agent, (such date being the "Fifth Amendment Effective Date"), the Original Common Terms Agreement 

shall be amended so that it shall be read and construed for all purposes as set out in Schedule 2 (Amended Common Terms Agreement).  
		
	5.
	FACILITY ADVANCES 

		
	5.1
	Completion Request

Subject to the occurrence of the Fifth Amendment Effective Date and receipt by the Intercreditor Agent and the Term Facility Agent of the Completion Request, the requirements specified in clause 3.1 (Drawdown conditions) of the Amended Common Terms Agreement (and clause 11.1 (Advances) of the Term Facility Agreement) shall, with effect from the Fifth Amendment Effective Date, be deemed to have been satisfied in respect of the Advances requested in the Completion Request as if such requests comprised Advance Requests and had been delivered (and notified) in accordance with the provisions thereof and each of the other provisions of clause 3 (Drawdown of Advances) of the Amended Common Terms Agreement and the other Senior Finance Documents shall apply accordingly.  Each Advance under the Term Facility, in each case which is outstanding on the Fifth Amendment Effective Date, shall have an initial Interest Period set out opposite that Advance in the Completion Memorandum.
		
	5.2
	Repayment of Facilities

The Term Facility Agent, the Revolving Credit Facility Agent and the Additional Facility Agent are each hereby directed by the Company (with the agreement and acknowledgement of the parties hereto) to pay:
		
	(i)
	an amount of each Advance requested in the Completion Request equal to all amounts then outstanding and denominated in USD and HKD, as the case may be, under the Additional Lender Facility directly to the Additional Facility Lender, to be applied in repayment in full of the Additional Lender Facility, whereupon the Additional Lender Facility shall be permanently cancelled and the Available Facility (as defined in the Additional Lender Facility Agreement) in respect thereof shall be zero; 

		
	(j)
	an amount of each Advance requested in the Completion Request equal to all amounts then outstanding and denominated in USD and HKD, as the case may be, under the Revolving Credit Facility directly to the Revolving Credit Facility Lender, to be applied in repayment in full of the Revolving Credit Facility; and

		
	(k)
	such amount of each such Advance remaining after the application referred to in paragraph (a) above, as the Company directs in the Completion Request.

		
	5.3
	[Not used]

		
	5.4
	Additional Lender 

Upon the repayment in full of the Additional Lender Facility in accordance with paragraph (a) of Clause 5.2 (Repayment of Facilities) each of the Additional Lender and the Additional Facility Agent shall cease to be a Lender and Facility Agent (respectively) for the purpose of the Amended Common Terms Agreement and the other Senior Finance 

Documents and, in the case of the Additional Lender, shall be released from the indemnity set out in clause 15.3 (Indemnity to the Additional Facility Agent) of the Additional Lender Facility Agreement (as defined in the Original Common Terms Agreement) (other than to the extent of any claims arising thereunder prior to the Fifth Amendment Effective Date). 
		
	5.5
	Waiver of notice and pro-rata payments requirements

		
	(a)
	The parties hereto waive (a) the notice requirement specified in sub-clause 8.2.1 of clause 8.2 (Voluntary Prepayment of the Term Loan Facilities) of the Original Common Terms Agreement and (b) the requirement in sub-clause 8.2.2 of clause 8.2 (Voluntary Prepayment of the Term Loan Facilities) of the Original Common Terms Agreement for payments or prepayments to be made pro rata as between the Advances outstanding under the Term Loan Facilities, in each case, in respect of the repayment in full of the Additional Lender Facility referred to in Clause 5.2 (Repayment of Additional Lender Facility).

		
	(b)
	The parties hereto agree that, in connection with the actions, events and other steps that are set out in the Pre-Amendment Global Transfer Agreement, the Company may repay each Revolving Credit Facility Advance (as defined in the Revolving Credit Facility Agreement) on a date other than the last day of its Interest Period (in accordance with, and as contemplated by, the Completion Memorandum).

		
	5.6
	Breakfunding and accrued interest

		
	(a)
	The Company shall pay to Bank of China Limited, Macau Branch (for its own account) the amounts (at the times) contemplated by a letter dated on or prior to the date hereof and made between Company and Bank of China Limited, Macau Branch in connection with the roles of Bank of China Limited, Macau Branch under the Pre-Amendment Global Transfer Agreement and the Post-Amendment Global Transfer Agreement (the "Letter"). 

		
	(b)
	Notwithstanding clause 26.1 (Payments under the Senior Finance Documents) of the Original Common Terms Agreement, payments of accrued interest as contemplated by the Letter shall be made to Bank of China Limited, Macau Branch by the time contemplated in the Completion Memorandum (in the applicable currency or currencies) and not to the Term Facility Agent for the account of the Term Facility Lender or the Revolving Credit Facility Agent for the account of the Revolving Credit Facility Lender, as the case may be.

		
	6.
	ORDER OF EVENTS ON THE FIFTH AMENDMENT EFFECTIVE DATE

The parties hereto agree in respect of the actions, events and other steps that are set out in the Pre-Amendment Global Transfer Agreement, Clauses 2 (Resignation of Additional Facility Agent), 3 (Global Coordinating Lead Arrangers), 4 (Amendment) and 5 (Facility Advances) of this Agreement and in the Post-Amendment Global Transfer Agreement which are stated to occur on the Fifth Amendment Effective Date, that such actions, events and other steps shall (where those actions, events and other steps have been carried 

out in accordance with the Completion Memorandum) occur on the Fifth Amendment Effective Date in the order set out in the Completion Memorandum.
		
	7.
	REPRESENTATIONS

		
	7.1
	Prior to the Fifth Amendment Effective Date

The representations and warranties set out in schedule 4 of the amended Common Terms Agreement set out as Schedule 2 (Amended Common Terms Agreement) are deemed to be made by the Company (by reference to the facts and circumstances then existing) on the date of this Agreement.
		
	7.2
	On the Fifth Amendment Effective Date

The representations and warranties set out in schedule 4 of the amended Common Terms Agreement set out as Schedule 2 (Amended Common Terms Agreement) are deemed to be made by the Company (by reference to the facts and circumstances then existing) on the Fifth Amendment Effective Date, as if any reference therein to any Senior Finance Document in respect of which any amendment, acknowledgement, confirmation, consolidation, novation, restatement, replacement or supplement is expressed to be made by any of the documents referred to in Clause 1.3 (Designation) included, to the extent relevant, such document and the Senior Finance Document as so amended, acknowledged, confirmed, consolidated, novated, restated, replaced or supplemented.
		
	7.3
	[Not used]

		
	8.
	RELEASE OF SECURITY

		
	(a)
	The Intercreditor Agent (acting on the instructions of each of the Term Facility Lender and the Revolving Credit Facility Lender) and the Second Ranking Finance Party hereby instruct the Security Agent to release the Security created or purported to be created under the US Operating Account Control Agreement by executing and dating the Nevada Security Release Agreement, such release to be effective on and from the Fifth Amendment Effective Date. 

		
	(b)
	The Company shall ensure that, at all times on and from the Fifth Amendment Effective Date, the amount standing to the credit of the US Operating Account is no greater than US$10,000 at any time and shall provide the Intercreditor Agent with evidence reasonably satisfactory to the Intercreditor Agent that the US Operating Account has been closed and all amounts standing to the credit thereof (if any) have been transferred to an Account on or prior to such closure by no later than the date falling 90 days from the Fifth Amendment Effective Date.

		
	9.
	CONTINUITY AND FURTHER ASSURANCE

		
	9.1
	Continuing obligations

The provisions of the Common Terms Agreement shall, save as amended by this Agreement, continue in full force and effect.  In particular, nothing in this Agreement 

shall affect the rights of the Senior Secured Creditors in respect of the occurrence of any Default which is continuing or which arises on or after the date of this Agreement.
		
	9.2
	Further assurance

The Company shall, upon the written request of the Intercreditor Agent and the Company's expense, do all such acts and things reasonably necessary to give effect to the amendments effected or to be effected pursuant to this Agreement.
		
	10.
	MISCELLANEOUS

		
	10.1
	Incorporation of terms

The provisions of Clauses 1.5.1(e), 1.5.2 and 1.5.3 (Third Party Rights), Clause 16.2 (Transaction Expenses), Clause 16.4 (Enforcement costs), Clause 28 (Non-recourse Liability), Clause 29.1 (Communications in Writing) to 29.5 (Electronic communication), Clause 31 (Partial Invalidity), Clause 32 (Remedies and Waivers) and Clause 38 (Jurisdiction) of Schedule 2 (Amended Common Terms Agreement) shall be incorporated into this Agreement as if set out in full herein and as if references in those clauses to "Agreement" are references to this Agreement and cross-references to specified clauses thereof are references to the equivalent clauses set out or incorporated herein.  
		
	10.2
	Counterparts

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
		
	10.3
	[Not used]

		
	11.
	WONG SHARE SUBSTITUTION

By their execution of this Agreement, the Required Lenders grant their consent to the Wong Share Substitution with effect from the date upon which the Intercreditor Agent confirms to the Required Lenders and the Company that it has received (or the Intercreditor Agent has waived receipt of, as the case may be) each of the following documents or evidence in a form and substance satisfactory to the Intercreditor Agent:
		
	(a)
	approval of the Wong Share Substitution by the Government of the Macau SAR (in accordance with Clause 16(1) of the Concession Contract) in the letter from the DICJ to the Company dated 26 August 2015;

		
	(b)
	due execution of the following agreements by the parties thereto:

		
	(i)
	a transfer of the Executive Director Shares between Mr. Wong Chi Seng (as transferor), Ms. Linda Chen (as transferee), the Company, the Intercreditor Agent and the Security Agent in substantially the form distributed to the Intercreditor Agent prior to the date of this Agreement;

		
	(ii)
	any other contracts and accessions to existing contracts by Ms. Linda Chen, the Company and any other relevant Obligor as are necessary or desirable in order for Ms. Linda Chen to step into Mr. Wong Chi Seng's 

position and role as executive director of the Company and owner of the Executive Director Shares; and 
		
	(iii)
	Ms. Linda Chen duly executing and, (where applicable) the Company providing the Intercreditor Agent with, any acknowledgement, confirmation and/or such other documents as the Intercreditor Agent, acting on the advice of its legal counsel, shall deem appropriate in connection with the pledge of the Executive Director Shares to ensure such shares are pledged after the date of this Agreement in the same manner as such shares are pledged as at the date of this Agreement, such that Ms. Linda Chen will be the "Pledgor" under the Executive Director Share Pledge (as defined in the Amended Common Terms Agreement) and Mr. Wong Chi Seng will no longer be the Pledgor thereunder and be released from any obligations thereunder; and

		
	(c)
	a legal opinion with respect to the above matters from Mr Henrique Saldanha, Macanese legal adviser to the Senior Secured Creditors.

		
	12.
	GOVERNING LAW

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.
This Agreement has been entered into on the date stated at the beginning of this Agreement.

Schedule 1 
CONDITIONS PRECEDENT
		
	1.
	Due establishment, authority and certification

In relation to each Obligor, receipt by the Intercreditor Agent of a certificate signed by a duly authorised signatory of that Person and which:
		
	(a)
	either (A) attaches a copy of that Person's Governing Documents or (B) certifies that the copy of that Person's Governing Documents (which was previously delivered to the Intercreditor Agent on or about 14 September 2004 or subsequently) remains correct, complete and in full force and effect as at a date no earlier than the Fifth Amendment Effective Date;

		
	(b)
	attaches a copy of a board resolution or such other equivalent corporate authorisation approving the execution, delivery and performance of the Senior Finance Documents referred to in paragraph 2 below to which it is a party, the terms and conditions thereof and the transactions contemplated thereby, authorising a named person or persons to sign such Senior Finance Documents and any document to be delivered by that Person pursuant to such Senior Finance Documents and authorising the signatory of the relevant certificate to sign certificates in connection therewith;

		
	(c)
	(in the case of the Company only) certifies that each document listed in this Schedule 1 and delivered by an Obligor is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the Fifth Amendment Effective Date;

		
	(d)
	confirms that borrowing, guaranteeing or securing as appropriate, the total commitments of all Lenders in respect of the Term Facility and the Revolving Credit Facility would not cause any borrowing, guarantee, security or similar limit binding on any such Person to be exceeded; and

		
	(e)
	certifies that no Material Adverse Effect has occurred and is continuing nor could reasonably be expected to occur.

		
	2.
	Senior Finance Documents

		
	(a)
	Receipt by the Intercreditor Agent of an original of each of the following Senior Finance Documents, in each case duly executed by the parties thereto:

		
	(i)
	the Term Facility Agreement Fourth Amendment Agreement;

		
	(ii)
	the Revolving Credit Facility Agreement Amendment Agreement;

		
	(iii)
	this Agreement;

		
	(iv)
	the Subordination Deed Fourth Deed of Amendment and Acknowledgement of Security;

		
	(v)
	the Guarantee Fourth Deed of Amendment and Acknowledgement;

		
	(vi)
	the Deed of Appointment and Priority Fourth Deed of Amendment; 

		
	(vii)
	each of the Security Confirmation Documents;

		
	(viii)
	each of the Security Amendment Documents;

		
	(ix)
	the New Company Power of Attorney;

		
	(x)
	the New Palo Power of Attorney;

		
	(xi)
	a Fee Letter between the Term Facility Agent, the Revolving Credit Facility Agent, the Intercreditor Agent, the Security Agent and the Company;

		
	(xii)
	a Fee Letter between the Intercreditor Agent and the Company relating to the payment by the Company of an up-front fee to each Person that, immediately following the consummation of the transactions set out in the Post-Amendment Global Transfer Agreement, shall be a Lender; 

		
	(xiii)
	the Livranças and the Livrança Covering Letter (in each case signed by the Company and duly endorsed by Palo); and 

		
	(xiv)
	any other document entered into which the Intercreditor Agent and the Company agree prior to the Fifth Amendment Signing Date to designate as a Senior Finance Document.

		
	(b)
	Each Senior Finance Document referred to in this paragraph 2 has been duly authorised, executed and delivered by such of the Obligors party thereto and (save in respect of any registration required in respect of the Subordination Deed Fourth Deed of Amendment and Acknowledgement of Security, each of the Security Confirmation Documents and each of the Security Amendment Documents at the Companies House in England and Wales, the Hong Kong Companies Registry, the Conservatória dos Registos Comercial e de Bens Móveis in Macau SAR, the Conservatória do Registo Predial in Macau SAR, the applicable Uniform Commercial Code filing office for local/county, state and federal Uniform Commercial Code filings and the Isle of Man Companies Registry, as applicable, based on the Senior Finance Document subject to the filing) duly filed, notified, recorded, stamped and registered as necessary. 

		
	(c)
	All conditions precedent to the effectiveness thereof (other than any such conditions relating to the occurrence of the Fifth Amendment Effective Date) have been satisfied or waived in accordance with their respective terms and each such Senior Finance Document (save as provided in paragraph (b)) is in full force and effect accordingly.  

		
	3.
	Legal opinions

Receipt by the Intercreditor Agent of legal opinions (substantially in the form distributed to the Intercreditor Agent prior to the Fifth Amendment Signing Date) from:

		
	(a)
	Mr Henrique Saldanha, Macanese legal adviser to the Senior Secured Creditors;

		
	(b)
	M&P Legal, Isle of Man legal adviser to the Senior Secured Creditors;

		
	(c)
	Walkers, Cayman legal adviser to the Senior Secured Creditors;

		
	(d)
	Clifford Chance, Hong Kong SAR legal advisers to the Senior Secured Creditors; and

		
	(e)
	Clifford Chance, English legal advisers to the Senior Secured Creditors. 

		
	4.
	Fees and expenses

Receipt by the Intercreditor Agent of evidence that:
		
	(a)
	all taxes, fees and other costs payable in connection with the execution, delivery, filing, recording, stamping and registering of the documents referred to in this Schedule 1; and

		
	(b)
	all fees, costs and expenses due to the Senior Secured Creditors and their advisers under the Senior Finance Documents on or before the Fifth Amendment Effective Date, 

have been paid or shall be paid (to the extent that such amounts have been duly invoiced) by no later than the Fifth Amendment Effective Date.
		
	5.
	[Not used]

		
	6.
	Security

Receipt by the Intercreditor Agent of evidence that each Security Document has been (save as provided in paragraph 2(b) above) duly filed, notified, recorded, stamped and registered as necessary and all other actions necessary in the reasonable opinion of the Intercreditor Agent or the Security Agent to perfect the Security have been carried out.
		
	7.
	Process agents

Confirmation from the process agent of each Obligor that, where such appointment is required under any Senior Finance Document referred to in paragraph 2 above, the process agent has accepted its appointment by such Obligor for the acceptance of legal proceedings.
		
	8.
	Other documents and evidence

		
	(a)
	Evidence that all those things specified as being required to be done on or prior to the Fifth Amendment Effective Date in the Completion Memorandum have been done in accordance with the Completion Memorandum.  

		
	(b)
	Receipt by the Intercreditor Agent and the Term Facility Agent of the Completion Request.

		
	(c)
	Receipt by the Intercreditor Agent of a copy of:

		
	(i)
	the Pre-Amendment Global Transfer Agreement; and

		
	(ii)
	the Post-Amendment Global Transfer Agreement,

in each case, duly executed by the parties thereto.
		
	(d)
	Receipt by the Intercreditor Agent of evidence that:

		
	(i)
	the transfers and acquisitions referred to in the Pre-Amendment Global Transfer Agreement have been completed; and 

		
	(ii)
	the transfers and acquisitions referred to in the Post-Amendment Global Transfer Agreement will be completed on the Fifth Amendment Effective Date.

		
	(e)
	A copy of any other authorisation or other document, opinion or assurance which the Intercreditor Agent considers to be necessary or desirable (if it has notified the Company accordingly prior to the Fifth Amendment Effective Date) in connection with the entry into and performance of the transactions contemplated by any Senior Finance Document or for the validity and enforceability of any Senior Finance Document.

		
	(f)
	The valuation report by Jones Lang LaSalle Limited relating to the land and buildings comprised in the Site and the Cotai Site.

		
	(g)
	Receipt by the Intercreditor Agent of a copy of the letter dated 8 September 2015 issued by the Macau SAR government in which the Macau SAR government has: 

		
	(i)
	consented to the increase in the Company's financial indebtedness contemplated by the Senior Finance Documents (including, without limitation, as the same may be entered into, amended, consolidated, supplemented, novated or replaced on or about the Fifth Amendment Effective Date); and 

		
	(ii)
	confirmed that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement (as amended, consolidated, supplemented, novated or replaced from time to time prior to the Fifth Amendment Effective Date) continue to apply with respect to at least USD2,500,000,000 (or equivalent) of such financial indebtedness.

		
	(h)
	Each Revocation Power of Attorney.

SCHEDULE 2     
AMENDED COMMON TERMS AGREEMENT
DATED 14 SEPTEMBER 2004
WYNN RESORTS (MACAU) S.A. 
the Company
CERTAIN FINANCIAL INSTITUTIONS 
as Term Facility Lenders, Revolving Credit Facility Lenders 
and Hedging Counterparties
CERTAIN FINANCIAL INSTITUTIONS 
as Mandated Lead Arrangers and Bookrunners, Mandated Lead Arrangers, Lead Arrangers and Arrangers
BANK OF CHINA LIMITED, MACAU BRANCH 
as Term Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
as Revolving Credit Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
as Intercreditor Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
as Security Agent
                                            
COMMON TERMS AGREEMENT 
(As amended by the Common Terms Agreement Amendment Agreement  
dated 14 September 2005, 
the Common Terms Agreement Second Amendment Agreement 
dated 27 June 2007 
the Common Terms Agreement Third Amendment Agreement
dated 8 September 2009 
the Common Terms Agreement Fourth Amendment Agreement 
dated 31 July 2012 
and the Common Terms Agreement Fifth Amendment Agreement 
dated September 30, 2015)
                                            

	
		
	CONTENTS

	 

	
		
	Clause

	 

	1. Definitions And Interpretation
	 

	2. Conditions Precedent
	 

	3. Drawdown of Advances
	 

	4. Availability Periods
	 

	5. Purpose
	 

	6. Pro Rata Drawings
	 

	7.  [NOT USED]
	 

	8. Repayments, Prepayments And Cancellation
	 

	9.Interest, Interest Periods And Default Interest
	 

	10.Changes To The Calculation Of Interest
	 

	11.Tax Gross Up And Indemnities
	 

	12.Increased Costs
	 

	13.Currency And Other Indemnities
	 

	14.Illegality
	 

	15.Mitigation By The Senior Secured Creditors
	 

	16.Fees, Costs And Expenses
	 

	17. Representations And Warranties
	 

	18.Covenants
	 

	19.Events Of Default
	 

	20.Application Of Enforcement Proceeds
	 

	21. Changes To The Parties
	 

	22. Hedging Counterparties
	 

	23.Agents And Global Coordinating Lead Arrangers
	 

	24.Conduct Of Business By The Senior Secured Creditors
	 

	25. Sharing Among The Senior Secured Creditors
	 

	26.Payment Mechanics
	 

	27.Set-Off
	 

	28.Non-Recourse Liability
	 

	29.Notices
	 

	30.Calculations And Certificates
	 

	31.Partial Invalidity
	 

	32.Remedies And Waivers
	 

	33.Intercreditor Arrangements
	 

	34.Amendments And Waivers
	 

	35.Counterparts
	 

	36.Language
	 

	37.Governing Law
	 

	38.Jurisdiction
	 

	39.Confidentiality
	 

	40.Gaming Authorities
	 

	41.Waiver of Immunity
	 

	Schedule 1 The Lenders and Hedging Counterparties
	 

	Schedule 2 Conditions Precedent
	 

	Schedule 3 Form of Advance Request
	 

	Schedule 4 Representations and Warranties
	 

	
		
	Schedule 5 Covenants
	 

	Schedule 6 Accounts
	 

	Schedule 7 Insurance
	 

	Schedule 8 Hedging Arrangements
	 

	Schedule 9 Mandatory Prepayment
	 

	Schedule 10 Events of Default
	 

	Schedule 11 Transfers and Accession
	 

	Schedule 12 [NOT USED]
	 

	Schedule 13 [NOT USED]
	 

	Schedule 14 Form of Additional Lender's Accession Deed
	 

	Schedule 15 Form of Compliance Certificate
	 

	Schedule 16 [NOT USED]
	 

	Schedule 17 [NOT USED]
	 

	Schedule 18 [NOT USED]
	 

	Schedule 19 [NOT USED]
	 

THIS AGREEMENT is made on the 14th day of September 2004
BETWEEN:
		
	(1)
	WYNN RESORTS (MACAU) S.A. (the "Company");

		
	(2)
	THE FINANCIAL INSTITUTIONS defined below as Term Facility Lenders;

		
	(3)
	THE FINANCIAL INSTITUTIONS defined below as Revolving Credit Facility Lenders;

		
	(4)
	THE FINANCIAL INSTITUTIONS defined below as Hedging Counterparties;

		
	(5)
	THE FINANCIAL INSTITUTIONS named on the signing pages to the Common Terms Agreement Fifth Amendment Agreement as, and in their capacities as, the Mandated Lead Arrangers and Bookrunners; 

		
	(6)
	THE FINANCIAL INSTITUTIONS named on the signing pages to the Common Terms Agreement Fifth Amendment Agreement as, and in their capacities as, the Mandated Lead Arrangers;

		
	(7)
	THE FINANCIAL INSTITUTIONS named on the signing pages to the Common Terms Agreement Fifth Amendment Agreement as, and in their capacities as, the Lead Arrangers;

		
	(8)
	THE FINANCIAL INSTITUTIONS named on the signing pages to the Common Terms Agreement Fifth Amendment Agreement as, and in their capacities as, the Arrangers;

		
	(9)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as Term Facility Agent;

		
	(10)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as Revolving Credit Facility Agent;

		
	(11)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as Intercreditor Agent; and

		
	(12)
	BANK OF CHINA LIMITED, MACAU BRANCH in its capacity as Security Agent.

WHEREAS:
		
	(A)
	The Senior Secured Creditors have agreed, subject to the terms and conditions contained in the Senior Finance Documents, to make available to the Company certain loan facilities for Wynn Macau, the Cotai Project and for general corporate purposes and/or to enter into other agreements or arrangements associated therewith.

		
	(B)
	The parties have agreed to enter into this Agreement to set out certain terms and conditions which are common to all the Facility Agreements and to agree certain terms and conditions upon and subject to which the Senior Secured Creditors shall or may enjoy, 

	
			
	520703-4-32-v8.1
	520703-4-32-v8.1
	520703-4-32-v8.1

exercise or enforce their rights, discretions and remedies under the Senior Finance Documents.
NOW IT IS HEREBY AGREED as follows:

		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.2
	Definitions

In this Agreement, except as otherwise defined herein or to the extent the context otherwise requires, capitalised terms used shall have the following meanings:
"Acceptable Bank" means: 
		
	(a)
	a bank notified by the Company to the Security Agent which: 

		
	(i)
	is licensed by the Hong Kong Monetary Authority, the Monetary Authority of Macao, the Monetary Authority of Singapore, the Financial Supervisory Commission in Taiwan, the Office of the Superintendent of Financial Institutions in Canada, the Federal Reserve System in the United States of America and/or the Financial Services Agency in Japan; and

		
	(ii)
	has, at all times, general obligations rated at least BBB-, Baa3 or BBB from one or more of S&P, Moody's or Fitch respectively; or

		
	(b)
	any of Banco Comercial de Macau, S.A., Banco Nacional Ultramarino, S.A., Bank of China Limited, Macau Branch, Industrial and Commercial Bank of China (Macau) Limited or Tai Fung Bank Limited; or

		
	(c)
	any bank which is confirmed by the Security Agent (acting reasonably) as acceptable (including any bank confirmed by the Security Agent or its predecessor as acceptable prior to the Fifth Amendment Effective Date).

"Account" means an account (other than an Excluded Account):
		
	(a)
	held by a member of the Restricted Group with an Acceptable Bank in Macau, Hong Kong, the United States or any other jurisdiction on terms reasonably acceptable to the Security Agent; and

		
	(b)
	subject to Liens in favour of the Security Agent in form and substance satisfactory to the Security Agent.

"Account Bank" means, in relation to an Account, the bank with which the Account is maintained.
"Account Bank Notices and Acknowledgements" mean the notices and acknowledgements to be delivered to and executed by each Account Bank in respect of each Account in accordance with the Charges over Accounts and this Agreement.
"Additional Facility Agent" means: 
		
	(a)
	each bank or financial institution appointed as a facility agent for Additional Lenders under an Additional Lender Facility Agreement and which has executed and delivered to the Intercreditor Agent:

		
	(i)
	a duly completed Agent's Deed of Accession; and

		
	(ii)
	a duly completed Finance Party Accession Undertaking executed by such party, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent and which the Intercreditor Agent shall promptly deliver to the Security Agent),

each of which the Intercreditor Agent shall promptly copy to the Company and the other Senior Secured Creditors; or 
		
	(b)
	each successor to any such bank or financial institution appointed in accordance with this Agreement.

"Additional Lender Facility" means each term loan facility and each revolving credit facility provided by the Additional Lenders to the Company.
"Additional Lender Facility Agreement" means an agreement between the Additional Lenders, the Additional Facility Agent and the Company for the provision of an Additional Lender Facility.
"Additional Lender Facility Availability Period" means, in relation to the Additional Lender Facility, the period specified in respect thereof in Clause 4.3 (Additional Lender Facility Availability Period).
"Additional Lender's Accession Deed" means a deed of accession in substantially the form set out in Schedule 14 (Form of Additional Lender's Accession Deed).
"Additional Lenders" means the parties who have agreed to provide the Company with loan facilities permitted by paragraph 2.1(f) of Part B of Schedule 5 (Covenants) and who have each executed and delivered to the Intercreditor Agent:
		
	(a)
	a duly completed Additional Lender's Accession Deed; and

		
	(b)
	a duly completed Finance Party Accession Undertaking executed by such party, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent and which the Intercreditor Agent shall promptly deliver to the Security Agent),

each of which the Intercreditor Agent shall promptly copy to the Company and the other Senior Secured Creditors.
"Additional Lending Group" means, with respect to an Additional Lender Facility Agreement, the Additional Lenders party to such Additional Lender Facility Agreement, acting as a lending group in accordance with, and subject to the decision making rules under, such Additional Lender Facility Agreement.
"Advance" means an advance (as from time to time reduced by repayment or prepayment) made or to be made under a Facility.

"Advance Date" means the date on which an Advance is required to be made. 
"Advance Request" means, in relation to an Advance under the Term Loan Facilities, a request for an Advance in substantially the form set out in Schedule 3 (Form of Advance Request) and, in relation to an Advance under the Revolving Credit Facilities, in substantially the form set out in schedule 2 to the Revolving Credit Facility Agreement or the equivalent schedule to the Additional Lender Facility Agreement setting out the form of advance request, as the case may be.
"Affected Lender Decision" means an amendment or waiver that has the effect of changing or which relates to:
		
	(a)
	a reduction in the interest margin applicable to a Lender's participation in an Advance or a reduction in the amount of any payment of principal, interest or fees owing or payable under any Senior Finance Document; or

		
	(b)
	(save for any change in the currency of any fees payable under a Senior Finance Document to any Secured Party as expressly permitted pursuant to such Senior Finance Document) a change in the currency of payment of any amount under the Senior Finance Document.

"Affiliate" as applied to any Person, means any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" (including, with correlative meanings, the terms "controlling," "controlled by," and "under common control with") as applied to any Person means the power, directly or indirectly, to (a) vote 10% or more of the shares or other securities having ordinary voting power for the election of the Board of Directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise (provided that the Executive Director shall not, by virtue of fulfilling either of these requirements alone as a result of the Executive Director Shares held by such individual in the Company or as a result of such individual's role as executive director of the Company, be an Affiliate of the Company). 
"Affiliate Agreement" means any agreement entered into by any Obligor with an Affiliate of that Obligor involving expenditures by any party thereto or any other flow of funds of not less than USD1,000,000 or its equivalent, but excluding any agreement entered into between the Company and a Subsidiary Obligor.
"Agent" means the Intercreditor Agent or a Facility Agent, as the case may be.
"Agent's Deed of Accession" means a deed of accession in substantially the form of Part A of Schedule 11 (Transfers and Accession). 
"Agreed Form" means, in relation to any document, the form most recently initialled for the purposes of identification as such by the Company and the Intercreditor Agent with such changes as the Intercreditor Agent may agree with the Company. 
"Ancillary Finance Documents" means the Fee Letters.

"Anti-Bribery Laws" has the meaning given to that term in paragraph 32 of Part A of Schedule 5 (Covenants).
"Anti-Terrorism Laws" means the Executive Order, the Bank Secrecy Act (31 U.S.C. §§ 5311 et seq.), the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.), the USA Patriot Act, the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq.), the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), any other applicable law or regulation administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or other Governmental Authority, in each case for the purpose of controlling or preventing terrorism and related activities and any law enacted in the United States of America after the Fifth Amendment Effective Date for such purposes.
"Approved Corporate Administrative Fees" means, for any Fiscal Year, an amount, when added to any other Corporate Administrative Fees paid by or on behalf of the Company during such Fiscal Year, as does not exceed 50% of the corporate administrative overhead costs incurred by Wynn Resorts during such Fiscal Year in relation to its management of the Wynn Resorts Group.
"Approved IP Fees" means the IP Fees as set out in the IP Agreement but without regard to any amendment, variation or supplement that would have the effect of increasing such IP Fees pursuant to the terms of the IP Agreement.
"Asset Sale" means any Disposition of Property other than:
		
	(a)
	the granting of any Lien permitted by paragraph 3 of Part B of Schedule 5 (Covenants);

		
	(b)
	any Disposition permitted by paragraph 5 of Part B of Schedule 5 (Covenants) (provided that, in the case of paragraph 5(a) of Part B of Schedule 5 (Covenants), Dispositions of Property thereunder shall be considered "Asset Sales" to the extent of any proceeds thereof not applied to the replacement of Property pursuant to paragraph 5(a)(ii) of Part B of Schedule 5 (Covenants)).

"Assignment of Rights" means the assignment so entitled dated on or about the date of this Agreement between the Company and the Security Agent.
"Assignment of Insurances" means the Assignment of Onshore Insurance Policies dated on or about the date of this Agreement between the Company and the Security Agent.
"Assignments of Reinsurances" means each assignment of Reinsurance so entitled between the relevant Direct Insurer and the Security Agent.
"Auditors" means Ernst & Young LLP or such other firm of independent accountants of international recognised standing as may be appointed by the Company.
"Availability Period" means, as the case may be, the Term Facility Availability Period, the Additional Lender Facility Availability Period or the Revolving Credit Facility Availability Period.

"Available Commitment", in relation to each Lender under each Facility Agreement, has the meaning given in that Facility Agreement.
"Board of Directors" means:
		
	(a)
	with respect to a corporation, the board of directors of the corporation; 

		
	(b)
	with respect to a limited partnership, the board of directors of the general partner of the partnership; and 

		
	(c)
	with respect to any other Person (other than a natural person), the board or committee of such Person serving a similar function. 

"Break Costs" means the amount (if any) by which:
		
	(a)
	the additional interest which a Lender should have received for the period from the date of receipt by such Lender of all or any part of its participation in an Advance or Unpaid Sum to the last day of the current Interest Period in respect of that Advance or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

exceeds:
		
	(b)
	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market (or, in the case of any principal amount or Unpaid Sum denominated in HK dollars, the Hong Kong interbank market) for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period,

provided that Break Costs shall not include any loss of margin.
"Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in the Macau SAR, Hong Kong SAR and New York and, save for the purposes of Clause 3.1.1 (Drawdown conditions), London and Singapore.
"Capital Expenditure" means, in relation to any Person, for any period, the aggregate of all expenditures by such Person for the acquisition or leasing (pursuant to a capital lease or a finance lease) of fixed or capital assets (including, without limitation, real property) or additions to equipment (including replacements, capitalized repairs and improvements during such period) which should be capitalized under applicable GAAP.
"Capital Lease Obligations" means, as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or finance leases under applicable GAAP, and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with applicable GAAP. 

"Capital Stock" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all classes of membership interests in a limited liability company, any and all classes of partnership interests in a partnership, any and all equivalent ownership interests in a Person and any and all warrants, rights or options to purchase any of the foregoing. 
"Cash Flow Available for Debt Service" or "CFADS" means, in relation to any period, EBITDA for such period plus, without duplication, the sum of:
		
	(a)
	decreases in Working Capital for such period; and

		
	(b)
	any other non-cash charges,

and minus, without duplication, the sum of:
		
	(c)
	increases in Working Capital for such period;

		
	(d)
	any other non-cash credits;

		
	(e)
	the aggregate amount actually paid by each member of the Restricted Group in cash during such period on account of Capital Expenditure; 

		
	(f)
	the aggregate amount actually paid by each member of the Restricted Group in cash during such period on account of any accrued charges from any prior period; and

		
	(g)
	Tax paid by each member of the Restricted Group during such period,

determined on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of increasing Cash Flow Available for Debt Service and (ii) is in any way derived from or attributable or otherwise related to or connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof).
"Change of Control" means the occurrence of any of the following: 
		
	(a)
	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of any Wynn Obligor to any Person (except as may be permitted by this Agreement or any Security Document and excluding any disposition forming part of a Permitted Cotai Reorganisation);

		
	(b)
	the adoption of a plan relating to the liquidation or dissolution of any Wynn Obligor or any successor thereto, but excluding any voluntary liquidation, winding-up, dissolution of, or similar action with respect to, Palo after a Permitted Cotai Reorganisation; or

		
	(c)
	a Wynn Event.

"Charge over HK Accounts" means the charge so entitled between the Company and the Security Agent in the Agreed Form.
"Charges over Accounts" means the Pledge over Onshore Accounts, the Charge over HK Accounts, the Palo Pledge over Onshore Accounts and the documents granting the Liens referred to in the definition of "Account" in this Clause 1.1 (Definitions).
"Claim Proceeds" means the proceeds of a claim (a "Recovery Claim") against any party to a Major Project Document (or a Cotai Resort Management Agreement) or any of such party's Affiliates (or any employee, officer or adviser) in relation to such Major Project Document (or a Cotai Resort Management Agreement) except for Excluded Claim Proceeds, and after deducting:
		
	(a)
	any reasonable expenses which are incurred by any member of the Restricted Group to Persons who are not members of the Restricted Group; and

		
	(b)
	any Tax incurred and required to be paid by a member of the Restricted Group (as reasonably determined by the relevant member of the Restricted Group on the basis of existing rates and taking into account any available credit, deduction or allowance), 

in each case in relation to that Recovery Claim.
"Code" means the Internal Revenue Code of 1986 of the United States of America, as amended from time to time.
"Common Terms Agreement Amendment Agreement" means the agreement so entitled dated 14 September 2005 between the Company, Banc of America Securities Asia Limited, Deutsche Bank AG, Hong Kong Branch, Société Générale Asia Limited, Société Générale Hong Kong Branch and certain other financial institutions.
"Common Terms Agreement Fifth Amendment Agreement" means the agreement so entitled dated 30 September 2015 between the parties thereto.
"Common Terms Agreement Fourth Amendment Agreement" means the agreement so entitled dated 31 July 2012 between the parties thereto.
"Common Terms Agreement Second Amendment Agreement" means the agreement so entitled dated 27 June 2007 between the parties thereto.
"Common Terms Agreement Third Amendment Agreement" means the agreement so entitled dated 8 September 2009 between the parties thereto.
"Commonly Controlled Entity" means an entity, whether or not incorporated, which is under common control with any Obligor within the meaning of section 4001 of ERISA or is part of a group that includes such Person and that is treated as a single employer under section 414 of the Code.

"Company Share Pledge" means the pledge over shares in the Company dated on or about the date of this Agreement between Wynn HK, Wynn International, the Company and the Security Agent.
"Compensation Proceeds Account" means the account so designated in Schedule 6 (Accounts).
"Completion Memorandum" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement.  
"Completion Request" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement.
"Compliance Certificate" means a certificate in substantially the form set out in Schedule 15 (Form of Compliance Certificate).
"Concession Contract" means the concession contract dated 24 June 2002 between the Macau SAR and the Company for the operation of games of chance and other games in casinos in the Macau SAR.
"Concession Contract Performance Bond" means the guarantee to be provided under article 61 of the Concession Contract.
"Confidentiality Undertaking" means a confidentiality undertaking in substantially the form set out in Part C of Schedule 11 (Transfers and Accession) or any other form agreed between the Company and the Intercreditor Agent.
"Construction Disbursement Account" means the account so designated in Schedule 6 (Accounts).
"Contractual Obligation" means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 
"Contribution" has the meaning given to such term in paragraph (a) of the definition of "Specified Equity Contributions" in this Clause 1.1 (Definitions).
"Corporate Administrative Fees" means any fees payable by the Company to Wynn Resorts pursuant to the Corporate Administrative Fees Agreement in respect of any corporate administrative overhead costs incurred by Wynn Resorts in relation to its management of the Wynn Resorts Group.
"Corporate Administrative Fees Agreement" means any agreement between the Company and Wynn Resorts regarding, among other things, the payment of the Company's portion of any Corporate Administrative Fees.
"Corporate Services Provider" means Wynn Resorts in its capacity as a party to the Corporate Administrative Fees Agreement.
"Cotai Land Concession Contract" means the land concession contract agreed to by and between Palo, the Company and the Macau SAR dated 2 May 2012 pursuant to 

Dispatch number 16/2012, and includes any novation, assignment, transfer or other Disposition to the Company or replacement thereof in the name of the Company in connection with a Permitted Cotai Reorganisation.
"Cotai Mortgage" means the mortgage relating to the Cotai Site dated 15 October 2012 between Palo (or, if Palo's interest in the Cotai Site is transferred to the Company pursuant to a Permitted Cotai Reorganisation, the Company) and the Security Agent. 
"Cotai Opening Date" means the date upon which all Licenças de Ocupação required pursuant to applicable Legal Requirements in respect of the Cotai Project have been issued by the Macau SAR and the Cotai Project is open for business to the general public.
"Cotai Power of Attorney" means the irrevocable power of attorney dated on or about the Fifth Amendment Effective Date granted by Palo (or, if Palo's interest in the Cotai Site is transferred to the Company pursuant to a Permitted Cotai Reorganisation, the Company) in favour of the Security Agent in connection with the Cotai Mortgage. 
"Cotai Project" means a luxury hotel resort, retail and entertainment complex and casino facilities known as "Wynn Palace" being designed, developed and constructed, and to be operated and maintained, on land leased under the Cotai Land Concession Contract (excluding any Excluded Project located on a portion of the Cotai Site). 
"Cotai Resort Management Agreement" means any agreement entered into by the Company and/or Palo (that does not conflict with the Cotai Land Concession Contract and all other applicable Legal Requirements) with an Excluded Subsidiary or other third party in connection with the use by such Excluded Subsidiary or other third party of a portion of the Cotai Site for the purposes of an Excluded Project.
"Cotai Site" means the land described in the Cotai Land Concession Contract. 
"Cotai Site Easements" means the easements appurtenant, easements in gross, licence agreements and other rights running for the benefit of Palo (or, if Palo's interest in the Cotai Site is transferred to the Company pursuant to a Permitted Cotai Reorganisation, the Company) and/or appurtenant to the Cotai Site.
"Cotai Site Facilities" means
		
	(a)
	the Cotai Site; and

		
	(b)
	the Project Works (whether completed or uncompleted) in respect of the Cotai Project.

"CP Satisfaction Date" means the date on which all conditions precedent (as set out in Part A of Schedule 2 (Conditions Precedent) as at the Fourth Amendment Effective Date) have been satisfied in accordance with (and as set out in) sub-clause 2.1.2 of Clause 2.1 (Conditions Precedent to the CP Satisfaction Date) as at the Fourth Amendment Effective Date.
"Current Assets" means, at any date, all amounts (other than cash) which would, in conformity with applicable GAAP, be set forth opposite the caption "total current 

assets" (or any like caption) on a balance sheet of the Restricted Group at such date prepared on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of increasing Current Assets and (ii) is in any way derived from or attributable or otherwise connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof).
"Current Liabilities" means, at any date, all amounts that would, in conformity with applicable GAAP, be set forth opposite the caption "total current liabilities" (or any like caption) on a balance sheet of the Restricted Group at such date prepared on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of reducing Current Liabilities and (ii) is in any way derived from or attributable or otherwise connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof), but excluding:
		
	(a)
	the current portion of any Funded Debt of any member of the Restricted Group; and

		
	(b)
	without duplication of paragraph (a) above, all Financial Indebtedness consisting of Revolving Credit Facilities Advances to the extent otherwise included therein.

"Debenture" means the debenture so entitled dated on or about the date of this Agreement between the Company and the Security Agent.
"Decision" means the giving of a consent, the making of an agreement or the exercise of any other right, power, discretion or determination in respect of any matter which, under this Agreement or any other Senior Finance Document, requires such consent, agreement or exercise to be given or made by more than one Senior Secured Creditor or by the Required Lenders.
"Decision Date" has the meaning given in Clause 33.1 (Notices of Required Decisions).
"Deed of Appointment and Priority" means the deed so entitled dated on or about the date of this Agreement between, among others, the Lenders, the Performance Bond Provider, the Company, the Agents and the Security Agent.
"Default" means an Event of Default or any event or circumstance specified in Schedule 10 (Events of Default) hereto which would become (with the expiry of a grace period, the giving of notice, the making of any determination as permitted under the Senior Finance Documents or any combination of any of the foregoing) an Event of Default.
"Defaulting Lender" means any Lender:
		
	(a)
	which has rescinded or repudiated a Finance Document; or

		
	(b)
	with respect to which an Insolvency Event has occurred and is continuing.

"Derivatives Counterparty" has the meaning given in paragraph 6 of Part B of Schedule 5 (Covenants).
"Designated Jurisdiction" means, at any time, any country, region or territory to the extent that such country, region or territory (or portion thereof) itself is the subject of any Sanctions.
"Designated Person" means a Person:
		
	(a)
	listed in the annex to, or otherwise subject to the provisions of, the Executive Order;

		
	(b)
	named as a "Specially Designated National and Blocked Person" on the most current list published by Office of Foreign Assets Control of the U.S. Department of the Treasury at its official website or any replacement website or other replacement official publication of such list; or

		
	(c)
	with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law or who or which is the subject of any Sanctions provided that such Person is named as a "prohibited person", "prohibited entity" or equivalent or, as the case may be, who or which is named as a Person that is the subject of any Sanctions (in each case) on any list published by any Governmental Authority (including, without limitation, the authorities referred to in the definition of "Sanctions" in this Clause 1.1 (Definitions)) pursuant to or otherwise in connection with any Anti-Terrorism Laws or any Sanctions. 

"Development Accounts" means each Development Account (as defined in each of the Term Facility Agreement and the Revolving Facility Agreement).
"DICJ Authorisation" means:
		
	(a)
	the approval by the Macau SAR government of the financial indebtedness in respect of the Term Facility and the Revolving Credit Facility, as set forth in the submission made by the Company to the Macau SAR government on 24 August 2015; 

		
	(b)
	the Macau SAR government having confirmed that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement (as amended, consolidated, supplemented, novated or replaced from time to time) continue to apply with respect to such financial indebtedness; and

		
	(c)
	if the Company requests an Advance under an Additional Lender Facility:

		
	(i)
	the approval by the Macau SAR government of the financial indebtedness in respect of the Additional Lender Facility, as set forth in the submission made by the Company to the Macau SAR government in connection therewith; and

		
	(ii)
	the Macau SAR government having confirmed that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement (as amended, consolidated, supplemented, novated or replaced from time to time) continue to apply with respect to such financial indebtedness.

"Direct Agreements" means each of the following documents:
		
	(a)
	the Gaming Concession Consent Agreement;

		
	(b)
	the Land Concession Consent Agreement;

		
	(c)
	the Account Bank Notices and Acknowledgements; and

		
	(d)
	the Insurer Notices and Acknowledgements.

"Direct Insurances" means a contract or policy of insurance of any kind from time to time taken out or effected by on behalf of or in favour of the Company or any other member of the Restricted Group (whether or not in conjunction with any other Person) with one or more insurers in accordance with the terms of paragraph 10 of Part A of Schedule 5 (Covenants).
"Direct Insurer" means the insurer(s) with whom a Direct Insurance is placed from time to time in accordance with paragraph 10 of Part A of Schedule 5 (Covenants)
"Disposition" means, with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof (whether legal or equitable); and the terms "Dispose", "Disposed" and "Disposed of" shall have correlative meanings.
"Disqualified Stock" means any Capital Stock or other ownership or profit interest of any Obligor that any Obligor is or, upon the passage of time or the occurrence of any event, may become obligated to redeem, purchase, retire, defease or otherwise make any payment in respect thereof for consideration other than Capital Stock (other than Disqualified Stock).
"EBITDA" means, in relation to any period, the Net Income of the Restricted Group for such period plus, without duplication and to the extent reflected as a charge in the Company's statement of such Net Income for such period, the sum of:
		
	(a)
	income Tax expense (whether or not paid during such period) other than Tax on gross gaming revenue;

		
	(b)
	amortization or write-off of debt discount and debt issuance costs and interest, commissions, discounts and other fees and charges associated with Financial Indebtedness (including the Advances);

		
	(c)
	depreciation and amortization expense;

		
	(d)
	amortization of intangibles (including goodwill);

		
	(e)
	an amount equal to the aggregate net non-cash loss on the Disposition of Property during such period (other than sales of inventory in the ordinary course of business); 

		
	(f)
	any extraordinary expenses or losses;  

		
	(g)
	any foreign currency translation losses;

		
	(h)
	any corporate expenses;

		
	(i)
	any expense that is non-recurring in nature; 

		
	(j)
	stock-based compensation;  

		
	(k)
	pre-opening and development expenses;

		
	(l)
	Approved IP Fees paid in accordance with paragraph 6.1 of Part B of Schedule 5 (Covenants); and

		
	(m)
	Specified Equity Contributions, 

and minus, without duplication and to the extent included in the statement of such Net Income for such period, the sum of:
		
	(n)
	interest income;

		
	(o)
	an amount equal to the aggregate net non-cash gain on the Disposition of Property during such period (other than sales of inventory in the ordinary course of business);

		
	(p)
	any extraordinary income or gains;

		
	(q)
	any foreign currency translation gains; and 

		
	(r)
	any upfront premium or similar income or gains derived from, or in connection with the grant of, any Subconcession,

all (including Net Income) as determined on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of increasing EBITDA and (ii) is in any way derived from or attributable or otherwise related to or connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof) and otherwise in accordance with applicable GAAP. 
"ECF Percentage" means, with respect to any period:
		
	(a)
	25% of the Excess Cash Flow if the Leverage Ratio as of the last day of such period is greater than 4.5:1; or

		
	(b)
	zero if the Leverage Ratio as of the last day of such period is 4.5:1 or less.

"Effective Date" means the Fifth Amendment Effective Date.
"Eminent Domain Proceeds" means all amounts and proceeds (including monetary instruments) received in respect of any Event of Eminent Domain relating to any member of the Restricted Group or any of its assets, less any costs or expenses incurred by any member of the Restricted Group or its agents in collecting such amounts and proceeds.
"Enforcement Notice" has the meaning given in the Deed of Appointment and Priority.
"Enforcement Proceeds" means all moneys received or recovered by the Security Agent after the Security has become enforceable in accordance with the terms of the Security Documents from the exercise or enforcement of the Security.
"Environment" means land, including any natural or man-made structures; water; and air.
"Environmental Claim" means any formal claim by any Person as a result of or in connection with any material violation of Environmental Law which claim could reasonably be expected to give rise to any remedy or penalty (whether interim or final) or liability for any member of the Restricted Group or any Senior Secured Creditor (in its capacity as such in the transactions contemplated by the Senior Finance Documents).
"Environmental Law" means any law or regulation of the Macau SAR with regard to:
		
	(a)
	harm to the health of humans; or

		
	(b)
	the pollution or protection of the Environment.

"Environmental Licence" means any material permit, licence, approval, registration, notification, exemption or any other authorisation required under any Environmental Law.
"Equity" means, at any time, the aggregate of the US dollar equivalents of:
		
	(a)
	the amounts paid up by the Shareholders by way of subscription for shares in the Company; and

		
	(b)
	the amounts advanced to the Company and outstanding at such time by way of Shareholder Loans.

"Equity Issuance" means:
		
	(a)
	any allotment or issuance (or the entering into by the Company or any other member of the Restricted Group of any agreement to allot or issue), or any grant to any Person of any right (whether conditional or unconditional) to call for or require the allotment or issuance of, any share or equity interest, or other securities (including without limitation bonds, notes, debentures, stock or similar instrument) which are convertible (whether at the option of the holder(s) thereof, the Company or otherwise) into shares or equity interests in the Company or other member of the Restricted Group, or any depositary receipt(s) in respect of any such share or equity interest; or

		
	(b)
	any grant of any option, warrant or other right of acquisition in respect of any such share, equity interest, other security or depositary receipt,

provided that for the avoidance of doubt, "Equity Issuance" shall not include (i) any secondary sales of any shares, equity interests or other securities of the Company or any other member of the Restricted Group by any or all of the holders of such shares, equity interests or other securities or (ii) any allotment or issuance or other grant to the Company or any other member of the Restricted Group of shares, equity interests or other securities in a Subsidiary Obligor.
"Equity Issuance Proceeds" means the amount of the proceeds (if not in cash, the monetary value thereof) of any Equity Issuance after deducting:
		
	(a)
	fees and expenses reasonably incurred in connection with such Equity Issuance by the Company or other member of the Restricted Group; and

		
	(b)
	any Taxes incurred or required to be paid by the Company or other member of the Restricted Group in connection with such Equity Issuance (as reasonably determined by the Company, on the basis of existing rates and taking account of any available credit, deduction or allowance).

"ERISA" means the Employee Retirement Income Security Act of 1974 of the United States of America, as amended from time to time.
"Event of Default" means any event or circumstance set out in Schedule 10 (Events of Default).
"Event of Eminent Domain" means, with respect to any Property: 
		
	(a)
	any compulsory transfer or taking by condemnation, seizure, eminent domain or exercise of a similar power, or transfer under threat of such compulsory transfer or taking or confiscation of such Property or the requisition of the use of such Property, by any agency, department, authority, commission, board, instrumentality or political subdivision of any Governmental Authority having jurisdiction; or 

		
	(b)
	any settlement in lieu of paragraph (a) above.

"Event of Loss" means, with respect to any property or asset (tangible or intangible, real or personal), any of the following: 
		
	(a)
	any loss, destruction or damage of such property or asset; 

		
	(b)
	any actual condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of such property or asset; or 

		
	(c)
	any settlement in lieu of paragraph (b) above.

"Excess Cash Flow" means, in relation to any period, CFADS for such period plus, without duplication the US dollar equivalents of:

		
	(a)
	to the extent included in Net Income for such period, interest income received during such period,

minus, without duplication, the US dollar equivalents of:
		
	(b)
	the aggregate amount of Financing Costs paid by the Company or any other member of the Restricted Group in cash during such period;

		
	(c)
	the aggregate amount of all prepayments of Advances under the Revolving Credit Facilities during such period to the extent accompanying permanent voluntary reductions of the commitments thereunder and all voluntary prepayments of Term Loan Facility Advances during such period;

		
	(d)
	the aggregate amount of all scheduled principal payments of the Company under the Facility Agreements made during such period (other than in respect of any Revolving Credit Facility to the extent there is not an equivalent permanent reduction in commitments thereunder such that after giving effect to such commitment reduction the Company would not be able to reborrow all or any of the amount so prepaid); and

		
	(e)
	the aggregate of all other scheduled payments of any Financial Indebtedness permitted to be incurred by a member of the Restricted Group pursuant to paragraphs 2.1(e) and 2.1(f) of Part B of Schedule 5 (Covenants) falling due and any voluntary prepayments thereof made during such period (other than in respect of any overdraft or revolving facility to the extent there is not an equivalent permanent reduction in commitments thereunder such that after giving effect to such commitment reduction the relevant member of the Restricted Group would not be able to reborrow all or any of the amount so prepaid),

determined on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of increasing Excess Cash Flow and (ii) is in any way derived from or attributable or otherwise related to or connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof).
"Excluded Account" means any account held by a member of the Restricted Group which: 
		
	(a)
	is used exclusively for the remittance of remuneration to employees;

		
	(b)
	is a zero-balance disbursement account used exclusively for the remittance of vendor payments;

		
	(c)
	is established for the exclusive purpose of receiving funds for customers and patrons to establish credit;

		
	(d)
	is established for the exclusive benefit of officers, directors and employees in connection with share option schemes, welfare benefit schemes, pension schemes or other similar arrangements; and

		
	(e)
	the granting of a Lien in favour of a Senior Secured Creditor in respect thereof would violate applicable law or regulations provided that the Intercreditor Agent has received legal advice (in form and substance reasonably satisfactory to the Intercreditor Agent) to confirm the relevant violation of applicable law or regulation and that such relevant violation cannot be overcome by the relevant member of the Restricted Group (using all commercially reasonable efforts).

"Excluded Amount" means any amount referred to in paragraphs (a) to (e) (inclusive) of the definition of "Excluded Account" in this Clause 1.1 (Definitions) that is deposited into an Excluded Account provided that such amount must, within five days of such deposit, be applied solely towards the purpose for which that account has been established.
"Excluded Claim Proceeds" means any proceeds of a Recovery Claim which the Company notifies the Intercreditor Agent are, or are to be, applied:
		
	(a)
	to satisfy (or reimburse a member of the Restricted Group which has discharged) any liability, charge or claim upon a member of the Restricted Group by a Person which is not a member of the Restricted Group; or

		
	(b)
	in the replacement, reinstatement and/or repair of assets of members of the Restricted Group which have been lost, destroyed or damaged,

in each case as a result of the events or circumstances giving rise to that Recovery Claim, if those proceeds are deposited into and retained in an Account pending such application and are so applied within 6 months, or such longer period as the Intercreditor Agent may agree, after receipt.
"Excluded Project" means any gaming, hotel or resort related business, development or undertaking of any kind (including any business, development or undertaking referred to in clause (c) of the definition of "Permitted Businesses" in this Clause 1.1 (Definitions)) in the Macau SAR (other than Wynn Macau or the Cotai Project) and, save as contemplated by any Resort Management Agreement therefor in the case of the Company or Palo, neither involving nor permitting any claim, interest, liability, right of recourse of any kind in connection therewith against or in any member of the Restricted Group or its assets, including Wynn Macau and the Cotai Project. For the avoidance of doubt, an Excluded Project may be located on a portion of the Cotai Site provided that to the extent any such Excluded Project located on a portion of the Cotai Site is funded by the proceeds of any Advance, such funding is applied solely towards the financing or refinancing of the development costs incurred in relation to such Excluded Project (it being agreed that such development costs include, but are not limited to, costs and expenses related to design, development, land acquisition, construction, site preparation, equipping, pre-opening expenses and capitalized interest), and further provided that the following additional conditions are met prior to the earlier of entry into of any contract for and the commencement of the construction of an Excluded Project on the Cotai Site: 
		
	(i)
	the entire Cotai Site shall remain part of the Project Security and subject to the Cotai Mortgage and there shall be no adverse effect on the validity or 

enforceability of, or the effectiveness or ranking of any Security of the Finance Parties as a result of the Excluded Project being located on the Cotai Site; 
		
	(ii)
	the development, operation and maintenance of such Excluded Project: 

		
	(A)
	complies in all material respects with all applicable Legal Requirements (including, without limitation, Environmental Laws), the Cotai Land Concession Contract and the Concession Contract; and 

		
	(B)
	does not materially interfere with or materially obstruct (or otherwise have any material adverse effect on) the development, operation and maintenance of the Cotai Project; and

		
	(iii)
	any claim, interest or liability, or right of recourse of any kind of any counterparty to any Resort Management Agreement, in respect of such Excluded Project against or in the Company, Palo or any other member of the Restricted Group or any of their respective assets (including, without limitation, Wynn Macau and the Cotai Project) is limited to an aggregate amount equal to all revenues derived by the Company (or, as the case may be, Palo) in respect of that Excluded Project and any other assets of the Company (or, as the case may be, Palo) comprised in that Excluded Project (and which do not form part of and are not necessary to ensure to the Restricted Group the full benefit of Wynn Macau or the Cotai Project).  

"Excluded Subsidiary" means a Subsidiary of the Company exclusively engaged in the development, financing, ownership, leasing or operation of Excluded Projects on terms which, save as contemplated by any Resort Management Agreement to which such Subsidiary is party in the case of the Company, neither involve nor permit any claim, interest, liability, right of recourse of any kind in connection therewith against or in any member of the Restricted Group or its assets.
"Executive Director" means an individual:
		
	(a)
	who is an executive director of the Company, is a Macau permanent resident and holds the Executive Director Shares, pursuant to Clause 2 of Article 19 of Macau SAR Law 16/2001; and

(b)    
		
	(i)
	whose Executive Director Shares are subject to the Executive Director Option Agreement and the Executive Director Share Pledge, in each case entered into by that individual prior to the Fifth Amendment Effective Date; or

		
	(ii)
	(other than the person referred to in sub-paragraph (i) above) who has satisfied all the requirements pursuant to an Executive Director Substitution.

"Executive Director Event" means any of the following events:

		
	(a)
	any representation or warranty made or deemed to be made by the Executive Director under the Executive Director Share Pledge proves to have been incorrect in any material respect on or as of the date made or deemed made;

		
	(b)
	the Executive Director defaults in the observance or performance of any covenant or agreement contained in the Executive Director Share Pledge in any material respect and such default continues unremedied for a period of 30 days or, provided the Executive Director is diligently pursuing action to remedy the default and it is of a nature that is capable of being remedied, 60 days after the earlier of (i) the Executive Director becoming aware of such default and (ii) receipt by the Executive Director of notice from the Security Agent of such default; or

		
	(c)
	the Executive Director commences or there is commenced against the Executive Director any case, proceeding or other action relating to his or her bankruptcy or (ii) the death or incompetency of the Executive Director.

"Executive Director Option Agreement" means the option agreement between Mr Wong Chi Seng, Wynn International and the Company delivered on or about 14 September 2004 or such other option agreement entered into between the Company, Wynn International and the Executive Director from time to time.
"Executive Director Share Pledge" means the document formerly entitled "Wong Share Pledge" dated on or about 14 September 2004 between the Executive Director and the Security Agent. 
"Executive Director Shares" means (as the context requires): 
		
	(a)
	the Existing Executive Director Shares; or

		
	(b)
	the New Executive Director Shares. 

"Executive Director Substitution" means each of the following having occurred:
		
	(a)
	the Macau SAR government has approved a new executive director of the Company in accordance with the Concession Contract (the "New Executive Director") and, if applicable, the issuance of the New Executive Director Shares to the New Executive Director (including the Security over such New Executive Director Shares as contemplated by paragraph (d) below) and the cancellation of the Existing Executive Director Shares;

		
	(b)
	the Executive Director has transferred all of the Existing Executive Director Shares to the New Executive Director or New Executive Director Shares have been issued to the New Executive Director and the Existing Executive Director Shares have been cancelled on or prior to such issuance;

		
	(c)
	any other contracts and accessions to existing contracts by the New Executive Director, the Company and any other relevant Obligor as are necessary or desirable in order for the New Executive Director to step into the Executive Director's position and role as executive director of the Company and owner of the Executive Director Shares have been entered into; and 

		
	(d)
	the New Executive Director has duly executed and, (where applicable) the Company has provided the Intercreditor Agent with, any acknowledgement, confirmation and/or such other documents as the Intercreditor Agent, acting on the advice of its legal counsel, shall deem appropriate to ensure (1) the Existing Executive Director Shares are pledged in the same manner after the occurrence of the steps set out in paragraphs (a) to (c) (inclusive) above as such shares are pledged prior to the occurrence of the steps set out in paragraphs (a) to (c) (inclusive) above, such that the New Executive Director will be the "Pledgor" under the Executive Director Share Pledge and the outgoing Executive Director will no longer be the Pledgor thereunder and will be released from any obligations thereunder or (2) the New Executive Director Shares when issued are pledged in the same manner as the Existing Executive Director Shares are pledged prior to the occurrence of the steps set out in paragraphs (a) to (c) (inclusive) above, 

in each case, in form and substance satisfactory to the Intercreditor Agent (acting reasonably), and following the occurrence of each of the steps set out in paragraphs (a) to (d) above and the Intercreditor Agent confirming its satisfaction thereto, the New Executive Director shall be (for the purposes of the Senior Finance Documents) the Executive Director (pursuant to paragraph (b)(ii) of the definition set out in Clause 1.1 (Definition)) (it being agreed and acknowledged that the Intercreditor Agent is not obliged to obtain any further instructions, authorizations or consents from the Lenders (or any of them) or from any other Senior Secured Creditor in respect of confirming its satisfaction as so contemplated by this paragraph (and that the Lenders and the other Senior Secured Creditors party to this Agreement so authorise the Intercreditor Agent to provide such confirmation on being so satisfied)).
"Executive Order" means Executive Order 13224 on Terrorist Financing: Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, Or Support Terrorism issued September 23, 2001, as amended by Order 13268.
"Existing Executive Director Shares" means the shares in the Company held by the Executive Director as at the Fifth Amendment Effective Date and having de minimis economic interest. 
"Facility" means any of:
		
	(a)
	the Term Loan Facilities; or

		
	(b)
	the Revolving Credit Facilities.

"Facility Agents" means the Term Facility Agent, the Revolving Credit Facility Agent and each Additional Facility Agent.
"Facility Agreements" means:
		
	(a)
	the Term Facility Agreement;

		
	(b)
	the Revolving Credit Facility Agreement; and

		
	(c)
	each Additional Lender Facility Agreement.

"Facility Office" means the office or offices notified by a Senior Secured Creditor to the relevant Facility Agent under the Facilities and by the relevant Facility Agent to the Company and the Intercreditor Agent in writing on or before the date it becomes a Senior Secured Creditor (or, following that date, by not less than 10 Business Days' written notice) as the office or offices through which it shall perform its obligations under the relevant Facility.
"Fee Letters" means each of the fee letters entered into from time to time between the Company on the one hand and any of the Agents and the Security Agent on the other hand.
"Fifth Amendment Effective Date" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement.
"Fifth Amendment Effective Date Fee Letters" means the Fee Letters referred to in Schedule 1 (Conditions Precedent) of the Common Terms Agreement Fifth Amendment Agreement.  
"Fifth Amendment Signing Date" means the date of the Common Terms Agreement Fifth Amendment Agreement.
"Final Repayment Date" means: 
		
	(a)
	in relation to the Term Facility, the sixth anniversary of the Fifth Amendment Effective Date; and

		
	(b)
	in relation to an Additional Lender Facility providing for a term loan, the date set forth in the applicable Additional Lender Facility Agreement.

"Finance Document" has the meaning given in the Deed of Appointment and Priority.
"Finance Party Accession Undertaking" has the meaning given in the Deed of Appointment and Priority.
"Financial Indebtedness" means, in relation to any Person at any date, without duplication:
		
	(a)
	all indebtedness of such Person for borrowed money;

		
	(b)
	all obligations of such Person for the purchase price of Property or services to the extent the payment of such obligations is deferred for a period in excess of 90 days (other than trade payables incurred in the ordinary course of such Person's business);

		
	(c)
	all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments;

		
	(d)
	all indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (unless the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such Property);

		
	(e)
	all Capital Lease Obligations (to the extent treated as finance or capital lease obligations in accordance with applicable GAAP) or Synthetic Lease Obligations of such Person;

		
	(f)
	any indebtedness of such Person for or in respect of receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis or on a basis where recourse is limited solely to warranty claims relating to title or objective characteristics of the relevant receivables);

		
	(g)
	any indebtedness of such Person in respect of any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

		
	(h)
	all indebtedness of such Person, contingent or otherwise, as an account party under acceptance, letter of credit, completion guaranties, performance bonds or similar facilities;

		
	(i)
	all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person;

		
	(j)
	all obligations of such Person in respect of Swap Agreements or any other derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price; 

		
	(k)
	all Guarantee Obligations of such Person in respect of obligations (whether of such Person or another Person) of the kind referred to in paragraphs (a) through (j) above; 

		
	(l)
	all obligations of the kind referred to in paragraphs (a) through (k) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation; and

		
	(m)
	the liquidation value of any preferred Capital Stock of such Person or its Subsidiaries held by any Person other than such Person and its Wholly Owned Subsidiaries. 

"Financing Costs" means:
		
	(a)
	interest, fees, commissions, costs and expenses payable by the Company under the Senior Finance Documents;

		
	(b)
	interest, fees, commissions, costs and expenses payable by the Company under the Performance Bond Facility;

		
	(c)
	amounts payable by the Company under Clause 10 (Changes to the Calculation of Interest), Clause 11 (Tax Gross Up and Indemnities), Clause 12 (Increased Costs) and Clause 13 (Currency and Other Indemnities);

		
	(d)
	any other amounts of interest, fees, commissions, discounts, prepayment penalties or premiums and other finance payments payable in respect of Financial Indebtedness permitted to be incurred by a member of the Restricted Group pursuant to paragraphs 2.1(e) and 2.1(f) of Part B of Schedule 5 (Covenants);

		
	(e)
	any amounts of dividends, disbursements or other payments payable for the purpose of paying any amount with respect to Guaranteed WML Debt (pursuant to paragraph 6.1(v) of Part B of Schedule 5 (Covenants)); 

		
	(f)
	net amounts payable by the Company under any Hedging Agreement and Permitted Swap Transaction; and

		
	(g)
	any value added or other taxes payable by the Company or any other member of the Restricted Group in respect of paragraphs (a) through (f) above and, save to the extent already included in paragraph (c) above, any withholding tax on a party under a Senior Finance Document, the Performance Bond Facility or any other agreement relating to the provision of Financial Indebtedness referred to above in respect of which the Company or any other member of the Restricted Group has an obligation to gross up.

"FinCEN" means the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.
"Fiscal Quarter" means any one of the four consecutive three calendar month periods comprised in a Fiscal Year.
"Fiscal Year" means the fiscal year of the Company, the Restricted Group and the Wynn Obligors ending on 31 December of each calendar year.
"Fitch" means Fitch Ratings Ltd.
"Floating Charge" means the charge so entitled dated on or about the date of this Agreement between the Company and the Security Agent. 
"Fourth Amendment Effective Date" has the meaning given in the Common Terms Agreement Fourth Amendment Agreement.
"Fundamental Term" means, in respect of a Senior Finance Document: 
		
	(a)
	the definitions of Required Lenders and Fundamental Term in Clause 1.1 (Definitions) and Clause 34 (Amendments and Waivers);

		
	(b)
	the provisions setting out the date for, or the amount of, or the currency of, any payment of principal (other than Clause 8.2 (Voluntary Prepayment of the Term Loan Facilities)) or interest under a Senior Finance Document or any interest rate hedging payment to a Hedging Counterparty (but excluding, in each case, any amendment bringing forward the date of any such interest rate hedging payment or increasing the amount of any such interest rate hedging payment);

		
	(c)
	[Not used]; 

		
	(d)
	the provisions setting out the amount of a Lender's Available Commitment under a Facility (otherwise than by a transfer in accordance with the terms of this Agreement) or the duration of its availability or any additional obligation on a Lender to lend money or provide any other form of credit;

		
	(e)
	a term which expressly requires the consent of each Lender or Senior Secured Creditor;

		
	(f)
	the priority or ranking of any Security or the Secured Obligations (and any other provisions which, if amended, would have the effect of changing the priority or ranking thereof);

		
	(g)
	the provisions dealing with the order of distribution on partial payment by the Company or the proceeds of Security; 

		
	(h)
	paragraph 2.1(e) of Part B of Schedule 5 (Covenants) or paragraph 2.1(f) of Part B of Schedule 5 (Covenants); 

		
	(i)
	Clause 25 (Sharing Among the Senior Secured Creditors); and

		
	(j)
	Clause 33 (Intercreditor Arrangements).

Notwithstanding the above:
		
	(i)
	unanimity among the Lenders and Hedging Counterparties shall not be required with respect to any changes, additions, deletions, modifications or supplements (herein "changes") comprised in any amendment to the Deed of Appointment and Priority made in accordance with paragraph (c) of clause 24.1 (Required Consents) of the Deed of Appointment and Priority with respect to subparagraphs (a), (e), (f), (g), (h) and (j) above and any Decision related to such changes shall be effected pursuant to subparagraph (a) of the definition of "Required Lenders" in this Clause 1.1 (Definitions) (and as if a Hedging Voting Right Event had occurred and was continuing in relation to each Hedging Counterparty) provided that, in each case, the Senior Secured Creditors' rights, benefits and interests in respect of the First Ranking Liabilities (as defined in the Deed of Appointment and Priority) and the Security, the enforcement thereof and the priority and ranking of their claims in respect thereof and the subordination thereto of all other claims, remain unaffected by any such changes; and 

		
	(ii)
	any amendment or waiver that is an Affected Lender Decision may be made in accordance with Clause 34.5 (Amendment and Waiver of an Affected Lender Decision). 

"Funded Debt" means, in relation to any Person, all Financial Indebtedness of such Person of the types described in sub-clauses (a) through (g) of the definition of "Financial Indebtedness" in this Clause 1.1 (Definitions).

"Funds" means any funds that are unconditionally available and have been made available, raised, procured or obtained in a manner that does not breach the terms of this Agreement, including such amount of Financial Indebtedness permitted to be created, incurred, assumed or allowed to remain outstanding pursuant to paragraph 2.1(e) of Part B of Schedule 5 (Covenants) as, when aggregated with all other amounts of Financial Indebtedness permitted to be created, incurred, assumed or allowed to remain outstanding pursuant to paragraph 2.1(e), does not exceed USD500,000,000 or its equivalent. 
"GAAP" means, in respect of the Company and other members of the Restricted Group, IFRS and, in respect of any Wynn Obligor, generally accepted accounting principles in the United States of America as in effect from time to time.
"Gaming Concession Consent Agreement" means the Agreement Relating to Security (with the Exclusion of Land Concession and Immovable Property) between the Government of the Macau SAR, the Company and the Security Agent and the Supplement in respect thereof dated 14 September 2005.
"Global Coordinating Lead Arrangers" or "GCLAs" means the Mandated Lead Arrangers and Bookrunners, the Mandated Lead Arrangers, the Lead Arrangers and the Arrangers (each a "Global Coordinating Lead Arranger" or "GCLA").
"Governing Documents" means, collectively, as to any Person, the certificate of incorporation, the memorandum and articles of association or bylaws, any shareholders agreement, certificate of formation, limited liability company agreement, partnership agreement or other formation or constituent documents applicable to such Person.
"Governmental Authority" means, as to any Person, the government of the Macau SAR, any other national, state, provincial or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, in each case having jurisdiction over such Person, or any arbitrator with authority to bind such Person at law.
"Group" means the Company and each of the Company's Subsidiaries (other than any Excluded Subsidiary) for the time being (including, without limitation, Palo and any other Subsidiary of the Company which becomes an Obligor pursuant to paragraph 27 of Part A of Schedule 5 (Covenants)).
"Guarantee" means the guarantee formerly entitled the "Wynn Pledgors' Guarantee" dated on or about the date of this Agreement between Wynn Asia 2, Wynn Holdings, Wynn HK, Wynn International, Palo and the Security Agent, as amended, restated, supplemented and novated by, inter alia, the Guarantee Fourth Deed of Amendment and Acknowledgement.
"Guarantee Fourth Deed of Amendment and Acknowledgement" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement.
"Guaranteed WML Debt" means WML Debt in respect of which the Company or any Obligor has incurred, assumed or allowed to remain outstanding any Guarantee 

Obligations in compliance with paragraph 2.1(i) of Part B of Schedule 5 (Covenants) of this Agreement.  
"Guarantee Obligation" means any guarantee, indemnity, letter of credit or other legally binding assurance against loss granted by one Person in respect of any Financial Indebtedness or other liability or obligation of another Person, or any agreement to assume any Financial Indebtedness of any other Person or to supply funds or to invest in any manner whatsoever in such other Person by reason of Financial Indebtedness of such Person; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing Person shall be deemed to be the lower of (1) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (2) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation (unless such primary obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing Person's maximum reasonably anticipated liability in respect thereof as determined by the Company in good faith). 
"Hedging Agreements" means any agreement entered into by the Company in accordance with paragraph 1 of Schedule 8 (Hedging Arrangements) but, for the avoidance of doubt, excludes any Permitted Swap Transaction.
"Hedging Arrangements" means the requirements concerning interest rate hedging set out in Schedule 8 (Hedging Arrangements).
"Hedging Counterparties" means a financial institution identified as such in Part C of Schedule 1 (The Lenders and Hedging Counterparties) and the parties, other than the Company, to the Hedging Agreements and who have executed a Hedging Counterparty's Deed of Accession.
"Hedging Counterparty's Deed of Accession" means a deed of accession in substantially the form set out in Appendix 1 to Schedule 8 (Hedging Arrangements).
"Hedging Voting Right Event" means, in relation to any Hedging Counterparty, the occurrence and continuation of both of the following events:
		
	(a)
	the serving of any notice given by the Intercreditor Agent pursuant to sub-clause 19.2.2 of Clause 19.2 (Remedies following an Event of Default); and 

		
	(b)
	a Realised Hedge Loss is not paid when due under the Hedging Agreement to which such Hedging Counterparty is party.

"HIBOR" in relation to any Facility Agreement, has the meaning given in such Facility Agreement.
"HKD" or "HK dollars" denotes the lawful currency of the Hong Kong SAR.

"HKD Debt Service Account" means the account so designated in Schedule 6 (Accounts).
"HKD Debt Service Reserve Account" means the account so designated in Schedule 6 (Accounts).
"HKD Operating Account" means the account so designated in Schedule 6 (Accounts).
"Hong Kong SAR" means the Hong Kong Special Administrative Region.
"IFRS" means the International Financial Reporting Standards issued by the International Accounting Standards Board or its successor.
"Increased Costs" has the meaning given in Clause 12 (Increased Costs).
"Information Memorandum" means the information memorandum dated August 2015 prepared by the Company in relation to Wynn Macau and the Cotai Project for the purposes of the financing of any or all of the Facilities, and sent to the Lenders on 19 August 2015 by the Intercreditor Agent.
"Initial Advance" means the first Advance made under each of the Facilities.
"Insolvency Event" in relation to an entity means that the entity:
		
	(a)
	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

		
	(b)
	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;

		
	(c)
	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

		
	(d)
	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

		
	(e)
	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

		
	(i)
	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or

		
	(ii)
	(is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

		
	(f)
	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

		
	(g)
	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above);

		
	(h)
	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;

		
	(i)
	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

		
	(j)
	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

"Insurance" means a Direct Insurance or a Reinsurance.
"Insurance Proceeds" means all amounts and proceeds (including monetary instruments) paid under any insurance policy maintained by the Company or Palo (including, without limitation, any insurance policy required to be maintained by the Company or Palo under any Transaction Document but excluding any public liability, third party liability, workers compensation and legal liability insurances and also excluding any other insurance the proceeds of which are payable to the employees of the Company or Palo) less any costs or expenses incurred by the Company, Palo or their respective agents in collecting such amounts and proceeds. 
"Insurer" means a Direct Insurer or a Reinsurer.
"Insurer Notices and Acknowledgements" means the notices and acknowledgements to be delivered to and executed by each Insurer and Reinsurer in accordance with the Assignment of Insurances and the Assignments of Reinsurances, respectively.
"Intellectual Property" means the collective reference to all rights, priorities and privileges relating to intellectual property, including copyrights, patents, trademarks, service-marks, technology, know-how and processes, formulas, trade secrets or licenses (under which the applicable Person is licensor or licensee) relating to any of the foregoing and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

"Intercreditor Agent" means Bank of China Limited, Macau Branch in its capacity as intercreditor agent for the Senior Secured Creditors or its successor appointed in accordance with this Agreement.
"Interest Coverage Ratio" means, in relation to any period, the ratio of EBITDA to Financing Costs for such period.
"Interest Payment Date" means each date on which an Interest Period ends.
"Interest Period" means, in relation to any Advance, each period for the calculation of interest in respect thereof ascertained in accordance with Clause 9 (Interest, Interest Periods and Default Interest).
"Investment Income" means any interest, dividends or other income arising from or in respect of a Permitted Investment.
"Investment Proceeds" means any net proceeds received upon any disposal, realisation or redemption of a Permitted Investment, but excluding any Investment Income.
"Investments" has the meaning given to it in paragraph 8 of Part B of Schedule 5 (Covenants).
"IP Agreement" means the Amended and Restated Fourth Amendment to Intellectual Property Licence Agreement dated 19 September 2009. 
"IP Fees" means the "Licensing Fee" as defined in the IP Agreement.
"ISDA Master Agreement" has the meaning given in Schedule 8 (Hedging Arrangements).
"ISDA Schedule" means the schedule to the ISDA Master Agreement in form and substance reasonably satisfactory to the Intercreditor Agent.
"Land Concession Contract" means the land concession contract agreed to by the Company with the Macau SAR on 4 June 2004 which forms an integral part of Dispatch number 81/2004.
"Land Concession Consent Agreement" means the Agreement relating to Security under the Land Concession Contract between the Government of the Macau SAR, the Company and the Security Agent and the Supplement in respect thereof dated 14 September 2005.
"Land Security Assignment" means the assignment so entitled dated on or about the date of this Agreement between the Company and the Security Agent.
"Legal Requirements" means all laws, statutes, orders, decrees, injunctions, licenses, permits, approvals, agreements and regulations of any Governmental Authority having jurisdiction over the matter in question.
"Lender" means a Term Facility Lender, a Revolving Credit Facility Lender or an Additional Lender.

"Lending Group" means the Term Lending Group, each Revolving Lending Group and each Additional Lending Group.
"Leverage Ratio" means, in relation to any period, the ratio of Total Debt on the last day of such period to EBITDA for such period.
"LIBOR", in relation to any Facility Agreement, has the meaning given in such Facility Agreement.
"Licensor" has the meaning given in the IP Agreement.  
"Lien" means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes of any jurisdiction)).
"Listing Rules" means the rules as in effect from time to time governing the listing of securities on The Stock Exchange of Hong Kong Limited. 
"Livrança Covering Letter" means the letter from the Company to the Security Agent dated on or about the Fifth Amendment Effective Date in relation to the Livranças, duly acknowledged by Palo.  
"Livranças" means the promissory notes dated on or about the date of this Agreement issued by the Company and endorsed and payable to the Security Agent. 
"London Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in London.
"Macau Gaming Laws" means Law No. 16/2001 and Administrative Regulation No. 26/2001, as amended from time to time, and other laws promulgated by any Governmental Authority of the Macau SAR and applying to gaming operations in the Macau SAR.
"Macau SAR" means the Macau Special Administrative Region.
"Major Project Document" means any of:
		
	(a)
	the Concession Contract;

		
	(b)
	the Land Concession Contract;

		
	(c)
	the IP Agreement;

		
	(d)
	the Performance Bond Facility Agreement;

		
	(e)
	the Concession Contract Performance Bond;

		
	(f)
	any Resort Management Agreement; and

		
	(g)
	the Cotai Land Concession Contract.

"Major Project Participants" means:
		
	(a)
	each Obligor; 

		
	(b)
	the Macau SAR; and

		
	(c)
	each other Person who is party to a Major Project Document (other than any Resort Management Agreement).

"Market Disruption Event" has the meaning given in Clause 10.2 (Market disruption).
"Material Adverse Effect" means a material adverse condition or material adverse change in or affecting:
		
	(a)
	the business, assets, liabilities, property, condition (financial or otherwise), results of operations, prospects, value or management of the Company or Palo or the Company, the Restricted Group and the Wynn Obligors, taken as a whole;

		
	(b)
	the ability of the Company or any other Obligor to perform its obligations under the Senior Finance Documents; 

		
	(c)
	[not used]; 

		
	(d)
	the validity or enforceability of any Senior Finance Document (other than any Palo Security Document provided that such material adverse condition or material adverse change in or affecting the validity or enforceability of that Palo Security Document arises as a result of the matters contemplated by Clause 18.3.4(a) (Permitted Cotai Reorganisation; Release of Palo Security) of this Agreement following a Permitted Cotai Reorganisation); 

		
	(e)
	the validity, enforceability or priority of any of the Liens purported to be created under any of the Security Documents (other than any of the Palo Security Documents, provided that such material adverse condition or material adverse change in or affecting the validity, enforceability or priority of any of the Liens purported to be created under that Palo Security Document arises as a result of the matters contemplated by Clause 18.3.4(a) (Permitted Cotai Reorganisation; Release of Palo Security) of this Agreement following a Permitted Cotai Reorganisation); or  

		
	(f)
	the rights and remedies of any Senior Secured Creditor under any Senior Finance Document (other than any Palo Security Document provided that such material adverse condition or material adverse change in or affecting the rights or remedies of any Senior Secured Creditor under that Palo Security Document arises as a result of the matters contemplated by Clause 18.3.4(a) (Permitted Cotai Reorganisation; Release of Palo Security) of this Agreement following a Permitted Cotai Reorganisation).

"Money Laundering Laws" has the meaning given to that term in paragraph 33 of Part A of Schedule 5 (Covenants).
"Moody's" means Moody's Investors Service, Inc or its successor.
"MOP Operating Account" means the account so designated in Schedule 6 (Accounts).
"Mortgage" means the mortgage so entitled dated on or about the date of this Agreement between the Company and the Security Agent.
"Multiemployer Plan" means a Plan that is a multiemployer plan as defined in section 3(37) or 4001(a)(3) of ERISA.
"Net Cash Proceeds" means:
		
	(a)
	in connection with any Asset Sale, the proceeds thereof in the form of cash (including any such proceeds received by way of deferred payment of principal pursuant to a note or instalment receivable or purchase price adjustment receivable or otherwise, but only as and when received) of such Asset Sale, net of attorneys' fees, accountants' fees, investment banking fees, amounts required to be applied to the repayment of Financial Indebtedness secured by a Lien expressly permitted hereunder on any asset which is the subject of such Asset Sale (other than any Lien pursuant to a Security Document) and other fees and expenses, in each case, to the extent actually incurred in connection with such Asset Sale and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any tax credits or deductions and any tax sharing arrangements, in each case reducing the amount of taxes so paid or estimated to be payable); and 

		
	(b)
	in connection with any issuance or sale of debt securities or instruments or the incurrence of loans, the cash proceeds received from such issuance or incurrence, net of attorneys' fees, investment banking fees, accountants' fees, underwriting discounts and commissions and other fees and expenses, in each case, to the extent actually incurred by the Company or any other member of the Restricted Group in connection therewith.

"Net Income" means, in relation to any period, the net income (or loss) of the Restricted Group for such period, determined on a consolidated basis which includes members of the Restricted Group only (and which, for the avoidance of doubt, does not take account of any amount to the extent it (i) would otherwise have the effect of increasing Net Income and (ii) is in any way derived from or attributable or otherwise related to or connected with an Excluded Project, an Excluded Subsidiary, a Resort Management Agreement, the grant of any Subconcession or any interest, right or claim in respect thereof) and otherwise in accordance with GAAP without taking account of any amount of cash or cash proceeds paid or received in respect of the grant or entry into any Subconcession and before any reduction in respect of preferred equity dividends.
"New Executive Director Shares" means the shares in the Company which constitute a ten percent (10%) non-blocking voting interest in the Company (and having de minimis economic interest) issued to a New Executive Director in connection with an Executive 

Director Substitution on or prior to the cancellation of the Existing Executive Director Shares.   
"Notional Amount", in relation to a Hedging Agreement or a Permitted Swap Transaction, has the meaning referred to in paragraph 10 of Schedule 8 (Hedging Arrangements).
"Novation Certificate" means a novation certificate in substantially the form set out in Part B of Schedule 11 (Transfers and Accession). 
"Obligations" means:
		
	(a)
	all loans, advances, debts, liabilities and obligations howsoever arising, owed by the Company or any other Obligor under the Senior Finance Documents to any Senior Secured Creditors of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, pursuant to the terms of the Senior Finance Documents or any of the other Transaction Documents, including all interest (including interest accruing after the maturity of any Advance and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Obligor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, premiums, if any, and any charges, expenses, attorneys' fees and accountants' fees, in each case chargeable to any Obligor in connection with its dealings with such Obligor and payable by such Obligor thereunder; 

		
	(b)
	any and all sums advanced by any Agent or any Lender in order to preserve the Project Security or preserve any Senior Secured Creditor's security interest in the Project Security as permitted by the Senior Finance Documents; and 

		
	(c)
	in the event of any proceeding for the collection or enforcement of the Obligations after issuance of an Enforcement Notice, the expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realising on the Project Security, or of any exercise by any Senior Secured Creditor of its rights under the Security Documents, together with attorneys' fees and court costs, in each case as permitted by the Senior Finance Documents.

"Obligors" means the Company, the Wynn Obligors, Palo, the other members of the Restricted Group (in each case, on and from the date on which the requirements of paragraph 27.1 of Part A of Schedule 5 (Covenants) have been satisfied in respect of such other member of the Restricted Group) and any party to a Senior Finance Document referred to in paragraph (f) of the definition of "Senior Finance Document" in this Clause 1.1 (Definitions) (other than, in each case, the Wynn Non-Obligor Subordination Deed Parties, any Person that accedes to the Subordination Deed on or after the Fifth Amendment Effective Date as a "Wynn Non-Obligor" (or in any additional capacity at the same time as such Person's accession as a "Wynn Non-Obligor"), a Secured Party or a Person who is solely party to an acknowledgement of Security).

"OFAC" has the meaning given to that term in paragraph 31 of Part A of Schedule 5 (Covenants).
"Open Market Purchases" means the purchase of outstanding Advances from a Lender or Lenders by the Company pursuant to secondary market purchases entered into with such a Lender or Lenders as the Company shall see fit.
"Operatives" means a shareholder, officer, employee, servant, controlling Person, executive, director, agent, authorised representative or Affiliate of any of the Obligors.
"Palo" means Palo Real Estate Company Limited a company with limited liability incorporated in the Macau SAR with registration number 27319 SO.
"Palo Assignment of Insurances" means the Palo Assignment of Onshore Insurance Policies entered into between Palo and the Security Agent on 15 October 2012.
"Palo Floating Charge" means the charge so entitled entered into between Palo and the Security Agent on 15 October 2012.
"Palo Pledge over Onshore Accounts" means the pledge so entitled dated on or about the Fourth Amendment Effective Date and made between Palo and the Security Agent.
"Palo Share Pledge" means the Share Pledge entered into between the Company, Wynn International, Wynn HK, Palo and the Security Agent on 15 October 2012.
"Palo Security Documents" means (in each case, from the date thereof):
		
	(a)
	the Cotai Mortgage;

		
	(b)
	the Cotai Power of Attorney;

		
	(c)
	the Palo Assignment of Insurances;

		
	(d)
	the Palo Floating Charge;

		
	(e)
	the Palo Pledge over Onshore Accounts; and

		
	(f)
	the Palo Share Pledge.

"Patacas" or "MOP" denotes the lawful currency of the Macau SAR.
"Performance Bond Facility" means a facility extended to the Company by the Performance Bond Provider in accordance with the terms of the Performance Bond Facility Agreement for the issuance of the Concession Contract Performance Bond and subordinated to amounts owed to the Senior Secured Creditors under the Senior Finance Documents in accordance with the Deed of Appointment and Priority.
"Performance Bond Facility Agreement" means the agreement dated as of 14 September 2004 between the Performance Bond Provider and the Company.

"Performance Bond Provider" means Banco Nacional Ultramarino, S.A. or such other Person as may be acceptable to the Intercreditor Agent.
"Permits" means all approvals, licences, consents, permits, authorisations, registrations and filings, necessary in connection with the execution, delivery or performance, admission into evidence or enforcement of the Transaction Documents and all material approvals, licences, consents, permits, authorisations, registrations and filings required for the development, construction, ownership or operation of Wynn Macau and the Cotai Project, in each case, as contemplated under the Transaction Documents.
"Permitted Businesses" means: 
		
	(a)
	the development, construction, ownership, operation, management, maintenance, refurbishment, enhancement and financing of hotel resorts and casinos in the Macau SAR as permitted under the Concession Contract;

		
	(b)
	the operation of casino games of chance or other forms of gaming in one or more locations in the Macau SAR in connection with Wynn Macau, the Cotai Project or any Excluded Project, in each case as permitted under the Concession Contract and, in the case of any Excluded Project, as contemplated by the Resort Management Agreement entered into by the Company in respect thereof; and

		
	(c)
	the ownership, operation or oversight of food and beverage, spa, entertainment production, convention, retail, residential, foreign exchange, transportation and outsourcing of in-house facilities, businesses or other activities which are necessary for, incident to, arising out of, supportive of or connected to the development, construction, financing, ownership, operation, maintenance, refurbishment or enhancement of such hotel resorts and casinos,

and, in the case of the Company and other members of the Restricted Group, the holding of shares and other interests permitted hereunder in Subsidiary Obligors and Excluded Subsidiaries.
"Permitted Cotai Reorganisation" means any transaction or series of transactions in which Palo Disposes to the Company Palo's interest in the Cotai Site (whether by assignment, novation, transfer or replacement of the Cotai Land Concession Contract or otherwise) and Palo's ownership of, and interest in, all of Palo's other assets (including, without limitation, assets relating to the Cotai Site and/or the Cotai Project) provided that, in any such case: 
		
	(i)
	such Disposal, does not conflict with the Cotai Land Concession Contract, the Concession Contract and applicable Legal Requirements (taking into account any relevant Macau SAR Permits obtained or to be obtained as a condition to any such Permitted Cotai Reorganisation); 

		
	(ii)
	the Company gives prompt written notice to the Intercreditor Agent of the occurrence of such Disposal (and such written notice includes a confirmation that both the Company and Palo are then (and will, following the completion of such Disposal, be) Solvent); 

		
	(iii)
	the entire Cotai Site shall remain at all times part of the Project Security and there shall be no adverse effect on the validity or enforceability of, or the effectiveness or ranking of any Security as a result of such Disposal; and

		
	(iv)
	(without prejudice to paragraph (iii) above) the Company complies with paragraph 15 of Part A of Schedule 5 (Covenants) with respect to its acquisition of any Disposed Property.

"Permitted Financial Indebtedness" has the meaning given in paragraph 2.1 of Part B of Schedule 5 (Covenants).
"Permitted Investments" means the following:
		
	(a)
	securities issued, or directly and fully guaranteed or insured, by the United States government or any agency or instrumentality of the United States government (as long as the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than nine months from the date of acquisition;

		
	(b)
	securities issued, or directly and fully guaranteed or insured, by the government of the Hong Kong SAR or any agency or instrumentality of the government of the Hong Kong SAR (as long as the full faith and credit of the Hong Kong SAR is pledged in support of those securities) having maturities of not more than nine months from the date of acquisition;

		
	(c)
	interest-bearing demand or time deposits (which may be represented by certificates of deposit) issued by banks having general obligations rated (on the date of acquisition thereof) at least "A" or the equivalent by S&P or Moody's or, if not so rated, secured at all times, in the manner and to the extent provided by law, by collateral security in paragraph (a) or (b) above, of a market value of no less than the amount of monies so invested; 

		
	(d)
	repurchase obligations with a term of not more than seven days for underlying securities of the types described in paragraphs (a), (b) and (c) above entered into with any financial institution meeting the qualifications specified in paragraph (c) above; 

		
	(e)
	commercial paper having a rating of A-1, P-1 or F1 from one or more of S&P, Moody's or Fitch respectively and in each case maturing within nine months after the date of acquisition; 

		
	(f)
	corporate bonds having a rating of at least BBB-, Baa3 or BBB from two or more of S&P, Moody's or Fitch respectively, with an aggregate principal amount not exceeding (when aggregated with the principal amount of any Dim Sum Bonds then held by any Obligor pursuant to paragraph (h) below) USD250,000,000 or its equivalent at any time; 

		
	(g)
	money market or mutual funds which are rated at least AAA by S&P or Aaa by Moody's or have an equivalent rating from another internationally recognised rating agency; and

		
	(h)
	corporate bonds denominated in Renminbi (commonly known as "offshore RMB" or "Dim Sum" bonds) which do not satisfy the ratings requirements set out in paragraph (f) above ("Dim Sum Bonds") with an aggregate principal amount not exceeding USD100,000,000 or its equivalent at any time.

"Permitted Liens" means the collective reference to:
		
	(a)
	in the case of any Property other than any Pledged Stock, Liens permitted by paragraph 3 of Part B of Schedule 5 (Covenants) hereto (but only of the priority and to the extent of coverage expressly set forth in paragraph 3 of Part B of Schedule 5 (Covenants) hereto); and 

		
	(b)
	in the case of any Property consisting of Pledged Stock, non-consensual Liens permitted by paragraph 3 of Part B of Schedule 5 (Covenants) hereto to the extent arising by operation of law.

"Permitted Loan Repurchase" means any purchase of Advances by the Company made in accordance with Clause 21.10 (Permitted Loan Repurchases); provided that:
		
	(a)
	the aggregate amount paid by the Company for such purchases (excluding payments of accrued interest) during the period commencing on the Fifth Amendment Effective Date and ending on (and including) the Release Date shall not exceed the Permitted Loan Repurchase Amount; and 

		
	(b)
	each such purchase is either an Open Market Purchase or is consummated pursuant to a written offer made to all Term Facility Lenders (if the Company proposes to purchase Advances under the Term Facility), all Revolving Credit Facility Lenders (other than Additional Lenders) (if the Company proposes to purchase Advances under a Revolving Credit Facility that is not an Additional Lender Facility), all Additional Lenders party to the applicable Additional Lender Facility (if the Company proposes to purchase Advances under such Additional Lender Facility), and delivered to the Intercreditor Agent concurrently with the delivery of such offer to the applicable Lenders.

"Permitted Loan Repurchase Amount" means USD200,000,000. 
"Permitted Swap Transaction" means any derivative transaction entered into to protect against or benefit from any Obligor's exposure to fluctuations in any rate, price, index or credit rating (whether in relation to interest rates, commodity prices, currency exchange or otherwise) but excluding any transaction entered into for purely speculative purposes.
"Person" means any natural person, corporation, partnership, firm, association, Governmental Authority or any other entity whether acting in an individual, fiduciary or other capacity. 
"Plan" means, at a particular time, any employee benefit plan that is subject to the requirements of section 412 of the Code or that is a Single Employer Plan and which any Obligor or any Commonly Controlled Entity maintains, administers, contributes to 

or is required to contribute to or under which any Obligor or any Commonly Controlled Entity could reasonably be expected to incur any liability.
"Pledge over Gaming Equipment and Utensils" means the pledge so entitled dated on or about the date of this Agreement between the Company and the Security Agent.
"Pledge over Onshore Accounts" means the pledge so entitled dated on or about the date of this Agreement between the Company and the Security Agent. 
"Pledged Stock" means any Property expressed to be subject to any Lien created or purported to be created under all and any of the Company Share Pledge, the Palo Share Pledge, the Wynn International Share Charge and the Wynn HK Share Charge.
"Post-Amendment Global Transfer Agreement" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement. 
"Power of Attorney" means the irrevocable power of attorney dated on or about the Fifth Amendment Effective Date granted by the Company in favour of the Security Agent in connection with the Mortgage.
"Pre-Amendment Global Transfer Agreement" has the meaning given in the Common Terms Agreement Fifth Amendment Agreement.
"Proceedings" has the meaning given to it in paragraph 12(i) of Part A of Schedule 5 (Covenants) hereto.
"Project Security" means any Property expressed to be subject to any Lien created or purported to be created under any of the Security Documents.
"Project Works" means the design, development and construction of the Cotai Project.
"Projections" has the meaning given in paragraph 2(c) of Part A of Schedule 5 (Covenants).
"Property" means any property or assets including without limitation any right or interest (whether legal or equitable) in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock.
"Quarterly Date" means:
		
	(a)
	with respect to the first Quarterly Date, the last day of the first full Fiscal Quarter falling after the Fifth Amendment Effective Date; and 

		
	(b)
	with respect to each subsequent Quarterly Date, the last day of the next succeeding Fiscal Quarter.

"Quotation Day" means, in relation to any period for which an interest rate is to be determined, two London Business Days before the first day of that period or, in the case of any interest rate determined using HIBOR, the first day of that period.

"Realised Hedge Loss" has the meaning given in paragraph 7 of Schedule 8 (Hedging Arrangements).
"Recovering Senior Secured Creditor" has the meaning given in Clause 25.1 (Payments to Senior Secured Creditors).
"Reference Banks", in relation to any Facility Agreement, has the meaning given in such Facility Agreement.
"Reinsurance" means any contract or policy of reinsurance from time to time taken out or effected in respect of any Direct Insurance.
"Reinsurer" means an international reinsurer of good standing and responsibility with whom a Reinsurance is placed from time to time in accordance with paragraph 10 of Part A of Schedule 5 (Covenants).
"Release Date" means the date on which the Intercreditor Agent notifies the Company that the following conditions have been satisfied:
		
	(a)
	receipt by the Intercreditor Agent of confirmation from each Agent and Hedging Counterparty that all liabilities to its Lending Group or, as the case may be, to it have been discharged in full under the Senior Finance Documents; and

		
	(b)
	unless the discharge in paragraph (a) above is effected using the proceeds of Financial Indebtedness incurred pursuant to paragraph 2.1(d) of Part B of Schedule 5 (Covenants), receipt by the Intercreditor Agent of a legal opinion from the Lenders' Macanese counsel in a form satisfactory to the Intercreditor Agent on the basis of which the Intercreditor Agent is able to determine that the risk of the discharge of the Financial Indebtedness owed by the Company to the Senior Secured Creditors in accordance with the Senior Finance Documents not being recognised or deemed to be discharged under the insolvency laws of the Macau SAR is acceptable to the Intercreditor Agent.

"Renminbi " or "RMB" denotes the lawful currency of the People's Republic of China.
"Repair Plan" has the meaning given in paragraph 5 of Schedule 9 (Mandatory Prepayment).
"Repayment Date" means:
		
	(a)
	in relation to the Term Facility, each of the dates on which repayments of principal are scheduled to be made, as set forth in the Term Facility Agreement; and

		
	(b)
	in relation to an Additional Lender Facility providing for a term loan, each of the dates on which repayments of principal are scheduled to be made, as set forth in the applicable Additional Lender Facility Agreement.

"Reportable Event" means any of the events set forth in section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under regulations under ERISA.

"Required Filings" has the meaning given to that term in the Common Terms Agreement Fifth Amendment Agreement.
"Required Lenders" means: 
		
	(a)
	in relation to any Decision other than on a Fundamental Term, Lenders (and, after the occurrence and continuation of a Hedging Voting Right Event in relation to any Hedging Counterparty, that Hedging Counterparty) who:

		
	(i)
	have notified the Intercreditor Agent of their vote in respect of such Decision within the time required by the Intercreditor Agent pursuant to this Agreement; and

		
	(ii)
	hold, in aggregate, more than 50% of the Voting Entitlements of all such Senior Secured Creditors who have so notified their votes; and

		
	(b)
	in relation to a Decision on a Fundamental Term, all Lenders (and, after the occurrence of a Hedging Voting Rights Event in relation to a Hedging Counterparty that is continuing, that Hedging Counterparty).

"Resort Management Agreement" means (a) any agreement entered into by the Company (that does not conflict with the Concession Contract and all other applicable Legal Requirements) with an Excluded Subsidiary or other third party for the management or operation by the Company in compliance with the Concession Contract and all other applicable Legal Requirements of an Excluded Project or any part thereof (other than an Excluded Project or any part thereof located on the Cotai Site) and/or (b) any Cotai Resort Management Agreement. 
"Responsible Officer" means, as to any Person in respect of any matter, the chief executive officer, president, managing director, chief financial officer, chief operating officer or treasurer of such Person duly authorised in respect of such matter, but in any event, with respect to financial matters, the chief financial officer or treasurer of such Person or the chief financial officer of WML or Wynn Resorts. Unless otherwise qualified, all references to a "Responsible Officer" shall refer to a Responsible Officer of the Company.
"Restricted Group" means the Group other than any Excluded Subsidiary.
"Restricted Payments" has the meaning given to it in paragraph 6 of Part B of Schedule 5 (Covenants) hereto.
"Revolving Credit Facilities" means each of the revolving loan facilities to be provided under the Revolving Credit Facility Agreements.
"Revolving Credit Facility Agent" means Bank of China Limited, Macau Branch as facility agent for the Revolving Credit Facility Lenders.
"Revolving Credit Facility Agreements" means:

		
	(a)
	the agreement so entitled between the Company, the Revolving Credit Facility Agent and the Revolving Credit Facility Lenders; and

		
	(b)
	each Additional Lender Facility Agreement providing for a revolving credit facility.

"Revolving Credit Facility Availability Period" means the period specified in Clause 4.2 (Revolving Credit Facility Availability Period). 
"Revolving Credit Facility Lender" means: 
		
	(a)
	a lender identified as such in Part B of Schedule 1 (The Lenders and the Hedging Counterparties) or in an Additional Lender Facility Agreement providing for a revolving credit facility; or 

		
	(b)
	a Transferee in respect of a Revolving Credit Facility made available pursuant to a Revolving Credit Facility Agreement.

"Revolving Credit Facility Termination Date" means, in relation to the Revolving Credit Facilities, the fifth anniversary of the Fifth Amendment Effective Date.
"Revolving Lending Group" means the Revolving Credit Facility Lenders under a Revolving Credit Facility Agreement, acting as a lending group in accordance with, and subject to the decision making rules under, that Revolving Credit Facility Agreement.
"Sanctions" means any sanctions administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Federal Government of Canada or other relevant sanctions authority.
"Secured Obligations" has the meaning given in the Deed of Appointment and Priority.
"Secured Parties" has the meaning given in the Deed of Appointment and Priority.
"Security" means the Liens created or purported to be created under the Security Documents.
"Security Agent" means Bank of China Limited, Macau Branch in its capacity as agent and security trustee for the Secured Parties or its successor appointed in accordance with the Deed of Appointment and Priority.
"Security Confirmation Documents" has the meaning given to that term in the Common Terms Agreement Fifth Amendment Agreement.
"Security Documents" means:
		
	(a)
	the Mortgage;

		
	(b)
	the Cotai Mortgage;

		
	(c)
	the Power of Attorney;

		
	(d)
	the Cotai Power of Attorney;

		
	(e)
	the Land Security Assignment;

		
	(f)
	the Assignment of Rights;

		
	(g)
	the Pledge over Gaming Equipment and Utensils;

		
	(h)
	the Pledge over Onshore Accounts;

		
	(i)
	the Assignment of Insurances;

		
	(j)
	the Palo Assignment of Insurances;

		
	(k)
	the Assignment(s) of Reinsurances;

		
	(l)
	the Floating Charge;

		
	(m)
	the Palo Floating Charge;

		
	(n)
	the Livranças and the Livrança Covering Letter;

		
	(o)
	the Debenture;

		
	(p)
	the Palo Pledge over Onshore Accounts;

		
	(q)
	the Guarantee;

		
	(r)
	the Executive Director Share Pledge;

		
	(s)
	the Company Share Pledge;

		
	(t)
	the Palo Share Pledge;

		
	(u)
	the Wynn International Share Charge;

		
	(v)
	the Wynn HK Share Charge;

		
	(w)
	the Charge over HK Accounts;

		
	(x)
	the Subordination Deed;

		
	(y)
	the Deed of Appointment and Priority; 

		
	(z)
	each Direct Agreement;

		
	(aa)
	(with effect from the date thereof) each Supplemental Security Document;

		
	(bb)
	any other document from time to time creating, evidencing or entered into as security for or guaranteeing the Obligations of the Company or any other Obligor or member of the Restricted Group and any documents entered into pursuant to any of the documents referred to in this definition, including any such document 

notifying or acknowledging the granting or creation of such security or creating or evidencing security over an Account; and
		
	(cc)
	any document entered into pursuant to any further assurance provisions set out in any of the documents referred to in this definition which the Intercreditor Agent and the Company (both acting reasonably) agree to designate as a Security Document and any other document which the Intercreditor Agent and the Company (both acting reasonably) agree to designate as a Security Document.

"Senior Finance Documents" means:
		
	(a)
	each Facility Agreement;

		
	(b)
	this Agreement;

		
	(c)
	each Security Document;

		
	(d)
	the Ancillary Finance Documents;

		
	(e)
	each Hedging Agreement; and

		
	(f)
	any other document entered into which the Intercreditor Agent and the Company (both acting reasonably) agree to designate as a Senior Finance Document.

"Senior Secured Creditors" means the GCLAs, the Agents, the Security Agent, the Lenders and the Hedging Counterparties.
"Senior Secured Indebtedness" means all Financial Indebtedness (actual or contingent) of the Company to the Senior Secured Creditors under the Senior Finance Documents together with all other amounts payable by the Company to the Senior Secured Creditors (or any of them) under or arising out of the Senior Finance Documents.
"Shareholder Guarantees" means the Guarantee and the Executive Director Share Pledge.
"Shareholder Loans" means Financial Indebtedness advanced by one or more of the Shareholders, the Wynn Obligors or Affiliates of the Wynn Obligors (including, without limitation, Wynn Resorts, WML or any Affiliate of any of Wynn Resorts or WML) to the Company or any other member of the Group that is subordinated in accordance with the terms provided by the Subordination Deed.
"Shareholders" means Wynn HK, Wynn International and the Executive Director.
"Shareholders' Agreement" means the amended and restated shareholders' agreement entered into between the Shareholders and the Company dated 16 September 2004.
"Sharing Payment" has the meaning given in Clause 25.1 (Payments to Senior Secured Creditors).

"Signing Date" means the date of signing of this Agreement being 14 September 2004 (and any reference in this Agreement to the date of this Agreement shall be construed accordingly).
"Single Employer Plan" means any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer Plan.
"Site" means the land described in the Land Concession Contract.
"Site Easements" the easements appurtenant, easements in gross, licence agreements and other rights running for the benefit of the Company and/or appurtenant to the Site.
"Solvent" means, when used with respect to any Person, as of any date of determination, (a) the amount of the "present fair saleable value" of the assets of such Person will, as of such date, exceed the amount of all "liabilities of such Person, contingent or otherwise", as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, (d) such Person will be able to pay its debts as they mature, and (e) such Person is not insolvent within the meaning of any applicable Legal Requirements.  For purposes of this definition, (i) "debt" means liability on a "claim", and (ii) "claim" means any (A) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, legal, equitable, secured or unsecured or (B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, secured or unsecured.
"Special Gaming Tax Account" means the account so designated in Schedule 6 (Accounts).
"Specified Equity Contributions" means:
		
	(a)
	on and prior to 30 June 2016, any cash contribution (whether by way of equity, debt or otherwise) the proceeds of which are paid to the Company or Palo (each such cash contribution being a "Contribution"); and

		
	(b)
	after 30 June 2016, any Contribution at any time,

designated by the Company as a "Specified Equity Contribution" in writing to the Intercreditor Agent and made, in each case, in accordance with and as permitted by (and which shall be treated, for all purposes under the Senior Finance Documents, as specified in) the Specified Equity Contributions Conditions.
"Specified Equity Contributions Conditions" means each of the following conditions, stipulations and other requirements:

		
	(a)
	no more than two Contributions may be made in any period of four consecutive Fiscal Quarters (commencing with the Fiscal Quarter ending on 30 September 2016);

		
	(b)
	when two Contributions are made in any period of four consecutive Fiscal Quarters (commencing with the Fiscal Quarter ending on 30 September 2016), no Contribution is permitted to be made at any time during the immediately succeeding period of four consecutive Fiscal Quarters (commencing with the Fiscal Quarter immediately succeeding the Fiscal Quarter in which the second of the two Contributions referenced in this paragraph was made);

		
	(c)
	each Contribution shall be deemed to be made on the first day of the relevant Fiscal Quarter in which it is made; 

		
	(d)
	each Contribution shall only be included in EBITDA where EBITDA is calculated for the purposes of testing compliance with the financial covenants set out in paragraphs 1(a) and 1(b) of Part B of Schedule 5 (Covenants) and in EBITDA where EBITDA is calculated for the purposes of determining the Leverage Ratio used in ascertaining the ECF Percentage;

		
	(e)
	no Contribution shall be included or taken into account for any purpose (other than as set out in paragraph (d) above) and (without limitation) the effect of each Contribution shall be ignored or excluded (to the extent it would otherwise be taken into account or included under the terms of any Senior Finance Document) in any calculation (other than those specified in paragraph (d) above) for the purposes of (or definitions set out in) the Senior Finance Documents; 

		
	(f)
	without prejudice to paragraph (e) above, the aggregate amount of all Contributions standing to the credit of any Account or Accounts (as well as the aggregate amount of all Permitted Investments made using such Contributions) shall be excluded for the purposes of paragraph (f) of the definition of "Total Debt" in this Clause 1.1 (Definitions); and

		
	(g)
	any Contribution:

		
	(i)
	(where made by way of loan or the incurrence of other Financial Indebtedness), constitutes Subordinated Debt; and

		
	(ii)
	(where made by way of equity, being the provision of cash consideration for the issuance of Capital Stock by the relevant Obligors), such issuance of Capital Stock is made, in each case, to the existing direct shareholder of such Obligor and is either subject to the existing first ranking fixed Lien in favour of the Security Agent over the Capital Stock of the Obligor or, if needed (in the opinion of the Intercreditor Agent, acting reasonably), is otherwise in such form and on such terms as the Intercreditor Agent may require.

"Standard & Poor's" or "S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., or its successor

"Subconcession" means any subconcession for the operation of games of chance and other games in casinos in the Macau SAR granted by the Company under the Concession Contract with the approval of Macau SAR and in accordance with paragraph 17 of Part B of Schedule 5 (Covenants).
"Subordinated Debt" means Financial Indebtedness that is subordinated in accordance with the terms provided by the Subordination Deed.
"Subordination Deed" means the deed formerly entitled the "Sponsor's Subordination Deed" and dated on or about the Signing Date between the Wynn Obligors, the Company, Wynn Resorts, Wynn Holdings and the Security Agent as further amended, restated, supplemented and novated by, inter alia, the Subordination Deed Third Deed of Amendment and Acknowledgement of Security (as such term is defined in the Common Terms Agreement Fourth Amendment Agreement), the Sponsors' Subordination Deed Second Deed of Amendment and Acknowledgment of Security (as such term is defined in the Common Terms Agreement Third Amendment Agreement) and the Sponsors' Subordination Deed of Release, Amendment and Acknowledgement of Security (as such term is defined in the Common Terms Agreement Second Amendment Agreement) . 
"Subsidiary" means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
"Subsidiary Obligor" has the meaning given to it in paragraph 2.1(g) of Part B of Schedule 5 (Covenants).
"Substitution" has the meaning given to that term in the Common Terms Agreement Third Amendment Agreement.
"Supplemental Security Documents" has the meaning given to it in Part H of Schedule 2 (Conditions Precedent) to the Common Terms Agreement Fifth Amendment Agreement.
"Swap Agreements" means interest rate swaps, caps or collar agreements or similar arrangements providing for protection against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies.
"Synthetic Lease Obligations" means all monetary obligations of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations which do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the Financial Indebtedness of such Person (without regard to accounting treatment). 

"Tax" means any tax (including, without limitation, value-added and income), levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).
"Tax Credit" means a credit against, relief or remission for, or repayment of any Tax.
"Tax Deduction" means any deduction or withholding for or on account of Tax.
"Tax Payment" means an increased payment made by the Company to a Senior Secured Creditor under Clause 11.2 (Tax gross-up) or a payment under Clause 11.3 (Tax indemnity).
"Term Facility" means the term loan facilities provided pursuant to the Term Facility Agreement.
"Term Facility Agent" means Bank of China Limited, Macau Branch as facility agent for the Term Facility Lenders or its successor appointed in accordance with this Agreement.
"Term Facility Agreement" means the agreement formerly entitled the "Hotel Facility Agreement" between the Company, the Term Facility Agent and the Term Facility Lenders as further amended, restated, supplemented and novated from time to time by, inter alia, the Term Facility Agreement Fourth Amendment Agreement.  
"Term Facility Agreement Fourth Amendment Agreement" has the meaning given to such term in the Common Terms Agreement Fifth Amendment Agreement.
"Term Facility Availability Period" means the period specified in Clause 4.1 (Term Facility Availability Period).
"Term Facility HKD Disbursement Account" means the account so designated in Schedule 6 (Accounts).
"Term Facility Lender" means a lender identified as such in Part A of Schedule 1 (The Lenders and Hedging Counterparties) or a Transferee in respect of the Term Facility.
"Term Facility USD Disbursement Account" means the account so designated in Schedule 6 (Accounts).
"Term Lending Group" means the Term Facility Lenders, acting as a lending group in accordance with, and subject to the decision making rules under, the Term Facility Agreement.
"Term Loan Facilities" means each of the term loan facilities provided pursuant to the Term Loan Facilities Agreements.
"Term Loan Facilities Agreements" means: 
		
	(a)
	the Term Facility Agreement; and 

		
	(b)
	each Additional Lender Facility Agreement providing for a term loan facility.

"Term Loan Facility Lender" means a Term Facility Lender or an Additional Lender party to an Additional Lender Facility Agreement providing for a term loan facility.
"Termination Event" has the meaning given in paragraph 2 (Certificates; Other Information) of Part A of Schedule 5 (Covenants).
"Termination Proceeds" means compensation or other proceeds paid by the Macau SAR in relation to the termination or rescission of the Concession Contract.
"Total Debt" means, in relation to the Restricted Group at any time, the aggregate principal amount of all Financial Indebtedness of each member of the Restricted Group at such time (without double counting) but:
		
	(a)
	excluding Financial Indebtedness referred to in paragraph (j) of the definition thereof (save in relation to any Realised Hedge Loss);

		
	(b)
	excluding Financial Indebtedness arising in respect of the Performance Bond Facility (save in relation to any drawing under the Concession Contract Performance Bond);

		
	(c)
	excluding Financial Indebtedness arising in respect of any Shareholder Loans;

		
	(d)
	excluding such Financial Indebtedness to the extent it is owed to another member of the Restricted Group;

		
	(e)
	including the amount of any liability or obligation, whether or not contingent, assumed by the Company under any Resort Management Agreement and quantified in the same manner as though it were a Guarantee Obligation, in accordance with the deeming provision set out in the definition thereof in this Clause 1.1; and

		
	(f)
	subject to paragraph (f) of the definition of "Specified Equity Contributions Conditions" in this Clause 1.1 (Definitions), deducting the aggregate amount of any balances standing to the credit of, amounts on deposit in and any Permitted Investments held, in each case, in any Account.

"Transaction Document" means a Senior Finance Document or a Major Project Document (other than any Resort Management Agreement).
"Transfer Date" means, in relation to a Transferee, the later of:
		
	(a)
	the proposed Transfer Date specified in the Novation Certificate; and

		
	(b)
	the date on which the Intercreditor Agent executes the Novation Certificate.

"Transferee" means a Person to whom the rights and obligations of a Lender under the Senior Finance Documents to which that Lender is a party are transferred in accordance with Clause 21.6 (Transfers by Lenders).

"UCC" means the Uniform Commercial Code of any State in the United States of America, as in effect from time to time. 
"Unpaid Sum" means any sum due and payable by an Obligor but unpaid under the Senior Finance Documents.
"Upfront Premium Account" means the account so designated in Schedule 6 (Accounts).
"Upsize Advance" has the meaning given to it in Clause 3.1.3.
"Upsized Amount" has the meaning given to it in paragraph 1 of Part H of Schedule 2 (Conditions Precedent).
"USD" or "US dollars" or "US$" denotes the lawful currency of the United States of America.
"USD Debt Service Account" means the account so designated in Schedule 6 (Accounts).
"USD Debt Service Reserve Account" means the account so designated in Schedule 6 (Accounts).
"USD Operating Account" means the account so designated in Schedule 6 (Accounts).
"Voting Entitlement" means, in respect of a Decision:
		
	(a)
	in relation to a Lender, the sum of the US dollar equivalent amounts, as at the Decision Date for such Decision, of its participations in the outstanding Advances and the aggregate undrawn Available Commitments of such Lender under the Facilities;

		
	(b)
	in relation to each Hedging Counterparty (after a Hedging Voting Right Event has occurred in relation to such Hedging Counterparty and is continuing), the US dollar equivalent value, as at the Decision Date for such Decision, of the Realised Hedge Loss due and payable but unpaid by the Company to such Hedging Counterparty under the Hedging Agreement to which such Hedging Counterparty is party.

"Voting Stock" means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.
"WML" means Wynn Macau, Limited.
"WML Debt" means Financial Indebtedness of WML (or a Subsidiary of WML, other than an Obligor, any Excluded Subsidiary or any member of the Group).
"Wholly Owned Subsidiary" means, as to any Person, any other Person in which all (or, in the case of a Sociedade Anonima incorporated in Macau, not less than 99.8%) of the Capital Stock (other than directors' qualifying shares required by any Legal 

Requirement) of such other Person is beneficially owned by such first-mentioned Person directly and/or through other Wholly Owned Subsidiaries. 
"Working Capital" means, at any date, an amount equal to Current Assets on such date minus Current Liabilities on such date.
"Wynn Asia 2" means WM Cayman Holdings Limited II.
"Wynn Event" means:
		
	(a)
	the first day on which Wynn Resorts ceases to beneficially own, directly or indirectly, 51% of the outstanding Capital Stock of the Company (measured by both voting power and size of equity interests); or

		
	(b)
	the first day on which Wynn Resorts otherwise ceases to have, directly or indirectly, the ability or the right to direct or procure the direction of the management and policies of the Company.

"Wynn HK" means Wynn Resorts (Macau), Limited.
"Wynn HK Share Charge" means the share charge so entitled dated on or about the date of this Agreement between Wynn Holdings and the Security Agent.
"Wynn Holdings" means Wynn Resorts (Macau) Holdings, Ltd.
"Wynn International" means Wynn Resorts International, Ltd.
"Wynn International Share Charge" means the share charge so entitled dated on or about the date of this Agreement between Wynn Asia 2 and the Security Agent.
"Wynn Macau" means the luxury hotel resort, casino, retail and entertainment complex located in peninsular Macau, owned and operated by the Company, and including "Encore at Wynn Macau".
"Wynn Non-Obligor Subordination Deed Party" means each of Worldwide Wynn, LLC, Wynn Design & Development, LLC Wynn International Marketing, Ltd., WML Finance I Limited, the Corporate Services Provider and the Licensor.
"Wynn Obligor" means Wynn Holdings, Wynn Asia 2, Wynn International and Wynn HK.
"Wynn Resorts" means Wynn Resorts, Limited.
"Wynn Resorts Group" means Wynn Resorts and each of its Subsidiaries for the time being.
		
	1.3
	Principles of Construction

Any reference in this Agreement to:

		
	1.3.1
	"continuing", in relation to a Default or an Event of Default, shall be construed as a reference to a Default or an Event of Default which has not been remedied or waived;

		
	1.3.2
	the "equivalent" of one currency (the "original currency") in another currency (the "conversion currency") shall (unless otherwise specified) be determined by the Intercreditor Agent or such Person nominated by the Intercreditor Agent for that purpose by reference to its spot rate of exchange in Hong Kong for the purchase of the conversion currency with the original currency at or about 11:00 a.m. on the date of the determination or if no such spot rate of exchange exists on that date, by such other method as the Intercreditor Agent (in consultation with the Company) shall reasonably determine;

		
	1.3.3
	"include", "includes" and "including" is without limitation;

		
	1.3.4
	a "month" is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next succeeding calendar month save that:

		
	(a)
	if any such numerically corresponding day is not a Business Day, such period shall end on the immediately succeeding Business Day to occur in that next succeeding calendar month or, if none, it shall end on the immediately preceding Business Day; and

		
	(b)
	if there is no numerically corresponding day in that next succeeding calendar month, that period shall end on the last Business Day in that next succeeding calendar month,

(and references to "months" shall be construed accordingly);
		
	1.3.5
	"repay" (or any derivative form thereof) shall, subject to any contrary indication, be construed to include "prepay" (or, as the case may be, the corresponding derivative form thereof); and

		
	1.3.6
	a document being in "substantially the Agreed Form" or in substantially a specified form shall be construed as meaning such document being in the same form as the Agreed Form or the specified form save for the insertion of information left in blank or the correction of typographical errors.

		
	1.4
	Rules of Interpretation

In this Agreement, unless the context otherwise requires:
		
	1.4.1
	words importing the singular include the plural and vice versa;

		
	1.4.2
	words importing a gender include every gender;

		
	1.4.3
	references to any document (including this Agreement) are references to that document as amended, consolidated, supplemented, confirmed, novated or replaced from time to time;

		
	1.4.4
	references to this Agreement are references to this Agreement and the Schedules;

		
	1.4.5
	references to clauses and Schedules are references to clauses of, and Schedules to, this Agreement;

		
	1.4.6
	headings are for convenience only and shall be ignored in construing this Agreement;

		
	1.4.7
	references to any party to this Agreement include references to its respective successors, permitted transferees and permitted assigns;

		
	1.4.8
	references to law shall be construed as references to any constitutional provision, treaty, decree, convention, statute, act, regulation, rule, ordinance, subordinate legislation, rule of common law and of equity and judgement;

		
	1.4.9
	references to any law are references to that law as amended, consolidated, supplemented or replaced from time to time; 

		
	1.4.10
	references to any judgement include references to any order, injunction, decree, determination or award of any court or tribunal; 

		
	1.4.11
	a time of day is a reference to Hong Kong time unless otherwise stated.

Following the Fourth Amendment Effective Date, any reference to the Hotel Facility Agent or a Hotel Facility Lender in any Senior Finance Document, shall be deemed to be a reference to the Term Facility Agent or a Term Facility Lender, as the case may be.
Following the Fifth Amendment Effective Date, unless the context otherwise requires, the terms "Wong Option Agreement" and "Shareholders Agreement" shall have the meaning given to each such term in clause 1.5 (Other Definitions) of the Deed of Appointment and Priority. 
In this Agreement, on and following the date on which (a) a Permitted Cotai Reorganisation and (b) the first to occur of (i) a voluntary liquidation, winding up or dissolution (or similar action) of, or in respect of, Palo and (ii) the date on which all rights, title and interests in, or to, the assets of Palo have been transferred, novated  or assigned (as the case may be) to the Company and the Company has assumed all of the rights and obligations of Palo under all contracts to which Palo is party, have each occurred, Palo's obligations under this Agreement shall be deemed to be (and shall be construed as) obligations of the Company.
		
	1.5
	Conflict with a Senior Finance Document

In the case of any conflict between:
		
	1.5.1
	the terms of this Agreement and the terms of any other Senior Finance Document (save for the Facility Agreements and the Deed of Appointment and Priority), the terms of this Agreement shall prevail;

		
	1.5.2
	the terms of this Agreement and the terms of any Facility Agreement, the terms of that Facility Agreement shall prevail (save in the case of Clause 33 

(Intercreditor Arrangements), which shall prevail over the terms of the Facility Agreement); 
		
	1.5.3
	the terms of this Agreement and the terms of the Deed of Appointment and Priority, the terms of the Deed of Appointment and Priority shall prevail; or

		
	1.5.4
	the terms of the Deed of Appointment and Priority and the terms of any Facility Agreement, the terms of the Deed of Appointment and Priority shall prevail.

		
	1.6
	Third party rights

		
	1.6.1
	The Contracts (Rights of Third Parties) Act 1999 applies to:

		
	(c)
	sub-clause 3.2.5 of Clause 3.2 (Completion of an Advance Request) but only for the benefit of the relevant officer of the Company;

		
	(d)
	Clause 23.10 (No Actions) but only for the benefit of any director, officer or employee of any of the Agents or any of the GCLAs;

		
	(e)
	[Not used];

		
	(f)
	paragraph 1 of Part A of Schedule 5 (Covenants) but only for the benefit of the relevant Responsible Officers of the Company; 

		
	(g)
	Clause 18.3 (Permitted Cotai Reorganisation; Release of Palo Security), paragraph 15.3 (Additional Collateral, Discharge of Liens, etc.) of Part A of Schedule 5 (Covenants), paragraph 6 (Limitation on Restricted Payments) of Part B of Schedule 5 (Covenants), paragraph 15.2(a) (Other Contracts) of Part B of Schedule 5 (Covenants) and paragraphs 1 and 3.7 of Schedule 6 (Accounts) but, in each case, only for the benefit of the Obligors and the Wynn Non-Obligor Subordination Deed Parties; 

		
	(h)
	Clause 23.9 (Exclusion of Liabilities) but only for the benefit of any officer, employee or agent of an Agent or GCLA; and 

		
	(i)
	Clause 28 (Non-Recourse Liability) but only for the benefit of the Operatives,

subject always to the terms of Clause 37 (Governing Law) and Clause 38 (Jurisdiction).
		
	1.6.2
	Except as provided in sub-clause 1.5.1 above, a Person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

		
	1.6.3
	Notwithstanding any term of any Senior Finance Document, the consent of any Person who is not a party to this Agreement is not required to rescind or vary this Agreement.

		
	1.7
	[Not used]

		
	1.8
	Application of Agreement

The parties acknowledge that this Agreement contains references to certain obligations and contracts which have been performed and references to certain matters and circumstances that have occurred, in each case, prior to the Fifth Amendment Effective Date.  The existence of such references shall not be construed so as to imply (in respect of such obligations, contracts, matters and circumstances) additional or continuing obligations beyond the express terms of this Agreement.
		
	2.
	CONDITIONS PRECEDENT

		
	2.1
	[Not used]

		
	2.2
	Conditions Precedent to each Advance

The obligation of each Lender to participate in each Advance under a Term Loan Facility and a Revolving Credit Facility is subject to the Company having satisfied the conditions set out in Part B2 of Schedule 2 (Conditions Precedent) in respect of each Facility in form and substance acceptable to the Intercreditor Agent.
		
	2.3
	Independent rights and obligations of Lenders

		
	2.3.12
	The obligations of each Senior Secured Creditor under the Senior Finance Documents are several.  Failure by a Senior Secured Creditor to perform its obligations under the Senior Finance Documents does not affect the obligations of any other party under the Senior Finance Documents.  No Senior Secured Creditor is responsible for the obligations of any other Senior Secured Creditor under the Senior Finance Documents.

		
	2.3.13
	The rights of each Senior Secured Creditor under or in connection with the Senior Finance Documents are separate and independent rights and any debt arising under the Senior Finance Documents to a Senior Secured Creditor from an Obligor shall be a separate and independent debt.  Each participation by a Lender in an Advance shall constitute a separate and independent debt arising under the Senior Finance Documents to such Lender from the Company of an amount equal to such participation, and references to repayment of an Advance by the Company or to the payment by the Company of interest or any fee or other amount in respect of or in connection with an Advance or determined by reference to the amount of an Advance or a Facility shall be construed accordingly.

		
	2.3.14
	A Senior Secured Creditor may, except as otherwise stated in the Senior Finance Documents, separately enforce its rights under the Senior Finance Documents.  In relation to any amount due and payable by any Obligor to any Senior Secured Creditor under any Senior Finance Document (whether on account of such Senior Secured Creditor's participation in any Advance that has become due and payable or otherwise), nothing in any Senior Finance Document shall (or shall be construed so as to) prevent or restrict such Senior Secured Creditor (whether alone or with any other Senior Secured Creditor) from (without limitation) seeking any judicial remedy or commencing or taking any legal proceeding or 

other procedure or step under the laws of any jurisdiction (including any application for a winding-up, bankruptcy or moratorium of or for any Obligor).  
		
	3.
	DRAWDOWN OF ADVANCES

		
	3.1
	Drawdown conditions

Subject to the terms of this Agreement and the Facility Agreements, the Company may request, and the relevant Lending Group shall make, Advances under a Facility if:
		
	3.1.7
	not later than 5:00 p.m. on the tenth Business Day before the proposed Advance Date (in the case of an Advance under the Term Loan Facilities and with any necessary amendments thereto made and received by the Intercreditor Agent and the relevant Facility Agent not later than 3:00 p.m. on the sixth Business Day before the proposed Advance Date) or the fourth day before the proposed Advance Date (in the case of an Advance under a Revolving Credit Facility), the Intercreditor Agent and the relevant Facility Agent have received a completed Advance Request; 

		
	3.1.8
	in the case of the Term Loan Facilities, no other Advance Request has been served by the Company in respect of any Term Loan Facility in the same month; and

		
	3.1.9
	in the case of the Revolving Credit Facility and the Term Loan Facilities, if any Advance to be requested under the Advance Request, when drawn on the proposed Advance Date, would result in the aggregate US dollar equivalent amount of all Advances outstanding under the Facilities to exceed USD2,500,000,000 (such Advance being an "Upsize Advance"), the Intercreditor Agent has received (prior to the duly completed Advance Request in respect of such Advance being received) all documents and other evidence listed in either paragraph 1 of Part H of Schedule 2 (Conditions Precedent) or paragraphs 2 to 8 (inclusive) of Part H of Schedule 2 (Conditions Precedent), in each case, in form and substance satisfactory to the Intercreditor Agent.

		
	3.2
	Completion of an Advance Request

Each Advance Request is irrevocable and shall not be regarded as having been completed unless:
		
	3.2.15
	it is signed by a Responsible Officer of the Company whose specimen signature has been delivered to the Intercreditor Agent and who is identified as being authorised to so sign on behalf of the Company by a resolution of its Board of Directors, a copy of which, together with a certification in relation thereto by a Responsible Officer, has also been delivered to the Intercreditor Agent;

		
	3.2.16
	the proposed Advance Date is a Business Day within the relevant Availability Period;

		
	3.2.17
	it specifies:

		
	(a)
	the amount and currency of the Advances to be made;

		
	(b)
	the Facility under which each such Advance shall be made;

		
	(c)
	the first Interest Period for such Advances (which shall be the same for each such Advance requested under a Term Loan Facility);

		
	(d)
	(in the case of Advances under the Term Facility) the purpose for which such Advances shall be applied; and

		
	(e)
	(in the case of Advances under the Revolving Credit Facility) the purpose for which such Advances shall be applied.

		
	3.2.18
	the amount requested under each Facility is not more than the aggregate for the time being of each Lender's Available Commitment under such Facility and, in the case of: 

		
	(a)
	any Term Loan Facility, the amount requested is either a minimum amount of USD5,000,000 or (as the case may be) its HK dollar equivalent which is less than the aggregate for the time being of each Lender's Available Commitment under such Facility or, if less than such minimum amount, equal to this latter amount; 

		
	(b)
	the Revolving Credit Facilities, the aggregate amount requested is either a minimum amount of USD5,000,000 or (as the case may be) its HK dollar equivalent which is less than the aggregate for the time being of each Lender's Available Commitment under such Facility or, if less than such minimum amount, equal to this latter amount; and

		
	3.2.19
	it certifies, among other things and without any personal liability on the part of the officer of the Company signing such Advance Request, that:

		
	(a)
	no Default (or, in the case of any Rollover Advance (as defined in each Revolving Credit Facility Agreement), Event of Default) is continuing or would result from the proposed Advances; and

		
	(b)
	the representations and warranties contained in Schedule 4 (Representations and Warranties) which are repeated by the Company at the Advance Date are true and correct in all material respects with reference to the facts and circumstances existing on the date of the Advance Request. 

		
	3.3
	Funding of Development Account from Revolving Credit Facility and the Term Facility

The Company shall ensure that an aggregate US dollar equivalent amount at least equal to:
		
	3.3.5
	(in respect of the Term Facility) US$414,934,426 (the "Term Facility Portion"); and

		
	3.3.6
	(in respect of the Revolving Credit Facility) US$135,065,574 (the "RCF Portion"),

is paid (immediately upon utilisation) from the first Advance made under each tranche of the Term Facility and the Revolving Credit Facility and the Company shall ensure that it submits Advance Requests such that Advances under:
		
	(a)
	the Term Facility are drawn on a pro rata basis between each of the Tranche A Facility, the Tranche B Facility and the Tranche C Facility in an aggregate amount equal to the Term Facility Portion as further set out in the Completion Memorandum; and

		
	(b)
	the Revolving Credit Facility are drawn on a pro rata basis between each of the tranches thereunder in an aggregate amount equal to the RCF Portion,

in order to fund an aggregate equivalent amount of not less than US$550,000,000 into a Development Account in accordance with each relevant Facility Agreement. 
		
	4.
	AVAILABILITY PERIODS

		
	4.1
	Term Facility Availability Period

Subject to other terms of the Senior Finance Documents, the Term Facility shall be made available from the Fifth Amendment Effective Date until the date falling 5 Business Days from the Fifth Amendment Effective Date.
		
	4.2
	Revolving Credit Facility Availability Period

Subject to other terms of the Senior Finance Documents, the Revolving Credit Facility shall be made available pursuant to the Revolving Credit Facility Agreement from the Fifth Amendment Effective Date until the earliest of:
		
	4.2.7
	the Termination Date (as defined in the Revolving Credit Facility Agreement); and

		
	4.2.8
	the date upon which the Advances thereunder are declared to be immediately due and payable pursuant to Clause 19.2 (Remedies following an Event of Default).

		
	4.3
	Additional Lender Facility Availability Period

Subject to other terms of the Senior Finance Documents, each Additional Lender Facility shall be made available from the date of such Additional Lender Facility Agreement until the earliest of:
		
	(a)
	the termination date (as set out in the applicable Additional Lender Facility Agreement); and

		
	(b)
	the date upon which the Advances thereunder are declared to be immediately due and payable pursuant to Clause 19.2 (Remedies following an Event of Default).

		
	5.
	PURPOSE

		
	5.1
	Purpose - General

The Company shall apply the proceeds of each Advance under a Facility in accordance with the relevant Facility Agreement and this Agreement.
		
	5.2
	No Obligation to be Concerned with Application

None of the Senior Secured Creditors shall be obliged to concern themselves with the application of proceeds of the Facilities.
		
	5.3
	Limitation on Advances

		
	5.3.1
	The proceeds of the Advances shall not be applied towards the acquisition (or maintenance or repair) of any equipment or utensils used in the operation of casino games of chance or other forms of gaming.

		
	5.3.2
	The Company shall ensure that, in the case of the Revolving Credit Facility, the first Advance thereunder is sufficient to ensure that an amount equal to the RCF Portion (as defined in Clause 3.3.2) is paid into a Development Account pursuant to Clause 3.3 (Funding of Development Account from Revolving Credit Facility and the Term Facility).

		
	6.
	PRO RATA DRAWINGS

The Company shall ensure that:
		
	(a)
	where an Advance is requested under a Term Loan Facility, an Advance, as a proportion of the Available Commitments under such Facility, in a US dollar equivalent amount pro rata with that requested has also been requested to be made on the same Advance Date under each of the other Term Loan Facilities; and

		
	(b)
	where an Advance is requested under a Revolving Credit Facility, an Advance, as a proportion of the Available Commitments under such Facility, in a US dollar equivalent amount pro rata with that requested has also been requested to be made on the same Advance Date under each of the other Revolving Credit Facilities.

		
	7.
	[NOT USED]

		
	8.
	REPAYMENTS, PREPAYMENTS AND CANCELLATION

		
	8.1
	Repayments

The Company may repay principal amounts falling due under any Facility Agreement only in accordance with that Facility Agreement and this Agreement.
		
	8.2
	Voluntary Prepayment of the Term Loan Facilities

		
	8.2.1
	Subject to the other provisions of this Clause 8 and any applicable terms in the Facility Agreements, the Company may, on at least 30 days' prior written notice to the Intercreditor Agent (which notice shall, if not withdrawn prior thereto, become irrevocable on the tenth Business Day prior to the proposed prepayment date), make voluntary prepayments under the Term Loan Facilities on the last day of any Interest Period, provided that for each voluntary prepayment, the amount prepaid under the Term Loan Facilities must exceed an aggregate of USD10,000,000 or its equivalent or, if less, the balance of the principal amount owing to all Term Loan Facility Lenders.

		
	8.2.2
	Amounts prepaid under sub-clause 8.2.1 above shall be applied on the Interest Payment Date on which they are made pro rata between the Advances outstanding under the Term Loan Facilities and applied pro rata against the repayment instalments of those Advances.

		
	8.2.3
	For purposes of clarification, Permitted Loan Repurchases shall not constitute payments or prepayments of any amount under the Term Loan Facilities and shall not be subject to the provisions of this Clause 8.

		
	8.3
	Mandatory Prepayment

		
	8.3.1
	The Company shall prepay Advances and/or cancel Available Commitments under the Facilities on the dates and in the amounts specified in Schedule 9 (Mandatory Prepayment) and this Clause 8.3.

		
	8.3.2
	Any amount prepaid under this Clause 8.3 and Schedule 9 (Mandatory Prepayment) shall be applied in the following order: 

		
	(a)
	first, pro rata between the Advances outstanding under the Term Loan Facilities and then in inverse order of maturity against the remaining repayment instalments of those Advances;

		
	(b)
	second, in cancellation of the Available Commitments under the Revolving Credit Facilities (and the Available Commitments of the Lenders under the Revolving Credit Facilities will be cancelled rateably); and

		
	(c)
	thirdly, in prepayment pro rata of Advances outstanding under the Revolving Credit Facilities (and any Available Commitments of the Lenders under the Revolving Credit Facilities associated therewith shall be automatically cancelled). 

		
	8.3.3
	Each of the Facilities (and any Available Commitments thereunder) shall be automatically cancelled upon the Company being required to make prepayment pursuant to paragraph 7 of Schedule 9 (Mandatory Prepayment).

		
	8.4
	Cancellation

		
	(a)
	Save as provided in Clause 8.5 (Prepayment and Cancellation of Individual Lenders) and Clause 14 (Illegality), the Company may only cancel the whole or any part (being a minimum amount of USD25,000,000) of the Available Commitments under the Revolving Credit Facilities made available pursuant to the Revolving Credit Facility Agreements on not less than seven Business Days' prior irrevocable written notice to the Intercreditor Agent and the relevant Facility Agent, in all cases without penalty or payment of fees or charges save as provided for in Clause 8.6.2 (Restrictions) or the relevant Facility Agreement. Such cancellation shall apply pro rata across all Revolving Credit Facilities made available under the Revolving Credit Facility Agreements.

		
	(b)
	The Available Commitments of each Lender under each of the Term Loan Facilities will be automatically cancelled at the close of business in Hong Kong on the last day of the relevant Availability Period for that Term Loan Facility to the extent undrawn at that date.

		
	8.5
	Prepayment and Cancellation of Individual Lenders

If:
		
	(a)
	any sum payable to any Lender by the Company is required to be increased under Clause 11.2 (Tax gross-up); and/or

		
	(b)
	any Lender claims indemnification from the Company under Clause 11.3 (Tax Indemnity) or Clause 12 (Increased costs); and/or

		
	(c)
	a Market Disruption Event occurs in relation to any Advance for any Interest Period pursuant to Clause 10.2 (Market disruption); and/or

		
	(d)
	any Lender withholds its consent to the incurrence of any Financial Indebtedness by the Company such that the Intercreditor Agent is unable to approve the incurrence of additional Financial Indebtedness in accordance with paragraph 2.1(j) of Part B of Schedule 5 (Covenants) or the amendment or waiver of paragraph 2.1 of Part B of Schedule 5 (Covenants); and/or

		
	(e)
	any Lender becomes a Non-Consenting Lender (as defined in Clause 8.8.3 below) and that Non-Consenting Lender has not, within 10 Business Days of being supplied with the same, executed (and returned to the Intercreditor Agent) all agreements and other instruments (to which it is required to be a party) needed to effect the transfer contemplated by (and in accordance with) Clause 8.8 (Replacement of Non-Consenting Lender); and /or

		
	(f)
	any Lender becomes an Outgoing Lender (as defined in Clause 8.9 (Anti-Terrorism and Restricted Party Events) below) and that Outgoing Lender has not, within 10 Business Days of being supplied with the same, executed (and returned to the Intercreditor Agent) all agreements and other instruments (to which it is required to be a party) needed to effect the transfer contemplated by (and in accordance with) Clause 8.9 (Anti-Terrorism and Restricted Party Events),

then, the Company may, subject to the other provisions hereof and, in the case of paragraph (d) above, whilst the circumstances described therein continue, and on giving at least fifteen days' prior irrevocable written notice to the Intercreditor Agent:
		
	(i)
	prepay that Lender's participation in the Advances outstanding under the relevant Facility Agreement on the Interest Payment Date which immediately ends after the Company's notice; and/or

		
	(ii)
	cancel that Lender's undrawn and uncancelled Available Commitments under the relevant Facility Agreement.

		
	8.6
	Restrictions

		
	8.6.1
	Any notice of cancellation or prepayment given under this Clause 8 shall be irrevocable if not withdrawn in accordance with Clause 8.2.1 (Voluntary Prepayment of the Term Loan Facilities) and shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of the cancellation or prepayment.

		
	8.6.2
	Any prepayment or cancellation pursuant to this Clause 8 shall be made together with accrued interest and fees on the amount prepaid or cancelled and without premium or penalty, save that the Company shall pay any Break Costs and any other fees specified in the relevant Facility Agreement.

		
	8.6.3
	The Company shall not repay or prepay all or any part of the Advances or cancel all or any part of the Available Commitments under any Facility Agreement except in accordance with that Facility Agreement and this Clause 8.

		
	8.6.4
	The Company may not reborrow any part of the Term Loan Facilities which is prepaid.

		
	8.6.5
	No amount of the Available Commitments cancelled under this Clause 8 may be subsequently reinstated.

		
	8.6.6
	If the Intercreditor Agent receives a notice under this Clause 8, it shall promptly forward a copy of that notice to either the Company or the affected Lender (or the Facility Agent acting for such Lender), as appropriate.

		
	8.6.7
	[Not used]

		
	8.7
	Replacement of Lender

If any Lender:
		
	(a)
	claims any amounts from the Company under Clauses 11.2 (Tax gross-up), 11.3 (Tax indemnity) or 12 (Increased costs) hereof;

		
	(b)
	fails to make its portion of any Advance to be made by it on the relevant Advance Date; 

		
	(c)
	withholds its consent in any of the circumstances contemplated in Clause 8.5(d) (Prepayment and Cancellation of Individual Lenders); or

		
	(d)
	is a Defaulting Lender,

(an "Affected Lender"), the Company may (after paying all amounts then due under Clauses 11.2 (Tax gross-up), 11.3 (Tax indemnity) or 12 (Increased costs) hereof to the Affected Lender and, in the case of paragraph (c) above, whilst the circumstances referred to therein continue) designate a non-Affected Lender, any commercial bank or any other financial institution or bank reasonably satisfactory to the Intercreditor Agent (the "Replacement Lender") to accept a transfer in accordance with Clause 21.6 (Transfers by Lenders) of the Affected Lender's rights, benefits and obligations hereunder, and, promptly following such designation, the Affected Lender shall be obliged to execute the Novation Certificate required for such transfer in accordance with Clause 21.6 (Transfers by Lenders) and the non-Affected Lender may, but shall not be obliged to, execute such Novation Certificate and, if it does so, shall be obliged to accept such transfer in accordance with Clause 21.6 (Transfers by Lenders).  Any such acceptance of transfer shall be for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Affected Lender's participation in the outstanding Advances and all accrued interest, Break Costs and other amounts payable in relation thereto under the Senior Finance Documents.
		
	8.8
	Replacement of Non-Consenting Lender

		
	8.8.1
	If at any time any Lender becomes a Non-Consenting Lender (as defined in Clause 8.8.3 below), then the Company may, on 5 Business Days' prior written notice to the Intercreditor Agent and such Lender, replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 21 (Changes to the Parties) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender") selected by the Company, and which is acceptable to the Intercreditor Agent (acting reasonably) which confirms its willingness to assume and does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender's participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Advances and all accrued interest, Break Costs and other amounts payable in relation thereto under the Senior Finance Documents. Such Non-Consenting Lender shall provide all reasonable assistance to effect the foregoing transfer.

		
	8.8.2
	The replacement of a Lender pursuant to this Clause shall be subject to the following conditions:

		
	(a)
	neither the Intercreditor Agent nor the Lender shall have any obligation to the Company to find a Replacement Lender;

		
	(b)
	such replacement of a Non-Consenting Lender must take place no later than 60 days after the date the Lender was deemed a Non-Consenting Lender under Clause 8.8.3; and

		
	(c)
	in no event shall the Lender replaced under this Clause 8.8.2 be required to pay or surrender to such Replacement Lender any of the fees previously received by such Lender pursuant to the Senior Finance Documents.

		
	8.8.3
	In the event that:

		
	(a)
	the Intercreditor Agent (at the request of the Company) has pursuant to sub-clause 33.1.2 of Clause 33.1 (Notices of Required Decisions) notified the relevant Senior Secured Creditors of a Decision required in respect of a waiver or amendment of any provisions of the Senior Finance Documents;

		
	(b)
	the waiver or amendment in question requires the consent of all Lenders and, after the occurrence of a Hedging Voting Rights Event in relation to a Hedging Counterparty that is continuing, that Hedging Counterparty; and

		
	(c)
	Lenders and, after the occurrence and continuation of a Hedging Voting Right Event in relation to any Hedging Counterparty, that Hedging Counterparty, who hold, in aggregate, more than 66 2/3% of the Voting Entitlements of all such Senior Secured Creditors have voted in favour of that Decision,  

then any Lender who does not and continues not to vote in favour of such Decision shall be deemed a "Non-Consenting Lender".
		
	8.9
	Anti-Terrorism and Restricted Party Events

		
	(a)
	If any litigation, governmental, regulatory or other proceedings by OFAC, FinCEN, the Monetary Authority of Macao, the Hong Kong Monetary Authority or any other United States, European Communities, Macau or Hong Kong Governmental Authority (or any divisions of any of them or authority deriving power from any of them) is pending or adversely determined against a Lender (an "Outgoing Lender") as a direct result of that Outgoing Lender's (i) receipt of funds or other property from a Designated Person, (ii) breach of any Anti-Terrorism Law, (iii) breach of any anti-money laundering law or (iv) breach of any anti-corruption law, the Company may on 5 Business Days' prior written notice to the Intercreditor Agent and such Outgoing Lender, replace such Outgoing Lender by requiring such Outgoing Lender to (and such Outgoing Lender shall) transfer pursuant to Clause 21.4 (Assignment and Transfer by Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (an "Incoming Lender") selected by the Company and which is acceptable to the Intercreditor Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations of the transferring Outgoing Lender (including the assumption of the transferring Outgoing Lender's participations on the same basis as the transferring Outgoing Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Outgoing Lender's participation in the outstanding Advances and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Senior Finance Documents.

		
	(b)
	The replacement of an Outgoing Lender pursuant to this Clause shall be subject to the following conditions:

		
	(i)
	neither the Intercreditor Agent nor the Outgoing Lender shall have any obligation to the Company to find an Incoming Lender;

		
	(ii)
	in the event of a replacement of an Outgoing Lender such replacement must take place no later than 60 days after the date the Outgoing Lender notifies the Company and the Intercreditor Agent, or the Company notifies the Intercreditor Agent, as the case may be, of the occurrence of any event set out in paragraph (a) above; and

		
	(iii)
	in no event shall the Outgoing Lender replaced under this paragraph (b) be required to pay or surrender to such Incoming Lender any of the fees previously received by such Outgoing Lender pursuant to the Senior Finance Documents.

		
	9.
	INTEREST, INTEREST PERIODS AND DEFAULT INTEREST

		
	9.1
	Calculation of interest

The Company shall pay interest under each Facility Agreement at the rate specified in that Facility Agreement.
		
	9.2
	Payment of interest

		
	9.2.4
	Subject to Clause 9.2.2 below, interest on each Advance shall be due on each Interest Payment Date relating to that Advance.

		
	9.2.5
	If an Interest Period for a Revolving Credit Facility Advance is 6 months or longer, interest on that Advance shall be due on the dates falling on three month intervals after the first day of that Interest Period provided that the last such due date shall be brought forward or postponed (as the case may be) so as to coincide with the Interest Payment Date relating to that Advance. 

		
	9.3
	Interest Periods

The duration of each Interest Period shall be determined as follows:
		
	9.3.1
	Each Interest Period for a Term Loan Facility Advance shall start on the Advance Date for such Advance or (if already made) on the last day of its preceding Interest Period. A Revolving Credit Facility Advance has one Interest Period only which shall start on the Advance Date for such Advance.

		
	9.3.2
	Subject to this Clause 9, the duration of each Interest Period for each Advance under: 

		
	(a)
	a Term Loan Facility shall be one, two, three or six months; and

		
	(b)
	a Revolving Credit Facility shall be one, two, three or six months, 

in each case as the Company may, by not less than five (or, in the case of any Term Loan Facility Advance made on or prior to the Fifth Amendment Effective Date, two) Business Days' prior notice to the Facility Agent for such Facility, select, provided that Term Loan Facility Advances with the same Advance Date shall have the same Interest Period and, save in the case of each Initial Advance made thereunder, the first Interest Period for each Advance made under a Term Loan Facility shall end on the same day as the end of the current Interest Period of any other outstanding Advance made under the same Facility.
		
	9.3.3
	If the Company fails to give such notice of its selection in relation to an Interest Period, the duration of such Interest Period shall, subject to this Clause 9, be 3 months.

		
	9.3.4
	Any Interest Period which would otherwise extend beyond:

		
	(a)
	a Repayment Date (in the case of any Interest Period relating to an Advance under the Term Facility); or

		
	(b)
	the Revolving Credit Facility Termination Date (in the case of any Interest Period relating to an Advance under a Revolving Credit Facility), 

shall be of such duration that it shall end on such date.
		
	9.3.5
	If two or more Interest Periods relating to Advances in the same currency under the same Term Loan Facility end at the same time, then, on the last day of such Interest Periods, such Advances shall be consolidated into and treated as a single Advance.

		
	9.3.6
	The Company shall use reasonable efforts to at all times select the duration of Interest Periods so as to ensure that, in respect of such of the Advances outstanding under the Facilities as is from time to time equal to the Notional Amounts specified in the Hedging Agreements or, as the case may be, any Permitted Swap Transaction (to the extent that such Permitted Swap Transaction relates to hedging an Obligor's exposure to interest rate fluctuations under the Term Loan Facilities), the Interest Payment Dates for such Advances coincide with (and are no more frequent than) the selected dates for payment of amounts to the Company under the Hedging Agreements or, if applicable, a Permitted Swap Transaction.

		
	9.3.7
	Any Interest Period which would end on a day which is not a Business Day shall be extended to the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

		
	9.3.8
	Interest on an Advance shall accrue from and including the first day of an Interest Period relating to such Advance up to but excluding the last day of such Interest Period.

		
	9.4
	Default interest

		
	9.4.1
	If the Company fails to pay any amount payable by it under a Senior Finance Document on its due date, interest shall accrue on such Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to sub-clause 9.4.2 below, is 2% higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted an Advance under the relevant Facility Agreement in the currency of the overdue amount (or, where there is no such relevant Facility Agreement, an Advance in the relevant currency under the Term Facility Agreement) for successive Interest Periods, each of a duration selected by the relevant Facility Agent (each acting reasonably). Any interest accruing under this sub-clause 9.4.1 shall be immediately payable by the Company on demand in writing by the Intercreditor Agent or the relevant Facility Agent.

		
	9.4.2
	If any Unpaid Sum consists of all or part of an Advance which became due on a day which was not the last day of an Interest Period relating to that Advance:

		
	(a)
	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Advance; and

		
	(b)
	the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 2% per annum higher than the rate which would have applied if the overdue amount had not become due.

		
	9.4.3
	Default interest (if unpaid) arising on an Unpaid Sum shall be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but shall remain immediately due and payable.

		
	10.
	CHANGES TO THE CALCULATION OF INTEREST

		
	10.1
	Absence of quotations

Subject to Clause 10.2 (Market disruption), if LIBOR or HIBOR is to be determined by reference to the Reference Banks under any Facility Agreement but a Reference Bank does not supply a quotation on the Quotation Day under such Facility Agreement, the applicable LIBOR or HIBOR for the purpose of such Facility Agreement shall be determined on the basis of the quotations of the remaining Reference Banks under such Facility Agreement.  Where LIBOR or HIBOR is to be determined by reference to the Reference Banks under any Facility Agreement and none or only one Reference Bank supplies a quotation, then LIBOR or, as the case may be, HIBOR shall be treated as incapable of being determined under such Facility Agreement.
		
	10.2
	Market disruption

		
	10.2.5
	If a Market Disruption Event occurs in relation to an Advance under a Facility for any Interest Period, the relevant Facility Agent shall promptly notify the Intercreditor Agent of the fact and that this Clause 10.2 is in operation and the Intercreditor Agent shall promptly notify the Company and the other Lenders.

		
	10.2.6
	For the purpose of this Clause 10.2, "Market Disruption Event" means:

		
	(d)
	in the case of a US dollar Advance:

		
	(i)
	it is not possible, in respect of the Facility under which such Advance is made, to determine LIBOR in accordance with the provisions of the relevant Facility Agreement and Clause 10.1 (Absence of quotations); or

		
	(ii)
	before the close of business in London on the Quotation Day for the relevant Interest Period, the Intercreditor Agent has been notified by a Lender or Lenders (whose participations in such Advance exceed 50 per cent of the Advance) that the cost to it/them of obtaining matching deposits in the London interbank market would be in excess of LIBOR;

		
	(e)
	in the case of a HK dollar Advance:

		
	(i)
	it is not possible, in respect of the Facility under which such Advance is made, to determine HIBOR in accordance with the provisions of the relevant Facility Agreement and Clause 10.1 (Absence of quotations); or

		
	(ii)
	before the close of business in Hong Kong on the Quotation Day for the relevant Interest Period, the Intercreditor Agent has been notified by a Lender or Lenders (whose participations in such Advance exceed 50 per cent of the Advance) that the cost to it/them of obtaining matching deposits in the Hong Kong interbank market would be in excess of HIBOR.

		
	10.2.7
	Within five Business Days of the Intercreditor Agent notifying the Company in accordance with sub-clause 10.2.1 above, the Company and the Intercreditor Agent shall enter into good faith negotiations for a period of up to thirty days with a view to agreeing an alternative basis for determining the rate of interest applicable to the relevant Advances.  Any alternative basis agreed shall be binding on all parties hereto until (subject to the terms of such agreement) the Market Disruption Event referred to in sub-clause 10.2.1 above is at an end and the Intercreditor Agent has notified the Facility Agents and the Company accordingly.

		
	10.2.8
	If no alternative basis is agreed pursuant to sub-clause 10.2.3 above by the earlier of (i) the thirty-day period provided in sub-clause 10.2.3 above and (ii) the Advance Date (where the notification under sub-clause 10.2.1 applies to any Advance which has not been made) or the last day of the Interest Period (where the notification under sub-clause 10.2.1 applies to an Advance which is outstanding), then each Lender participating in the relevant Advance shall, acting reasonably, certify an alternative basis for maintaining its participation in the relevant Advance which may include an alternative method of fixing the interest rate, alternative Interest Periods or alternative currencies but such alternative basis must reflect its cost of funding its participation in the relevant Advance from whatever sources it may in good faith select plus the applicable interest margin applicable to that Lender's participation in the relevant Advance.  Each alternative basis so certified shall be binding on the Company and the certifying Lender and treated as part of this Agreement and the relevant Facility Agreement.

		
	10.3
	Break Costs

		
	10.3.4
	The Company shall, within three Business Days of demand by a Senior Secured Creditor, pay to that Senior Secured Creditor its Break Costs attributable to all or any part of an Advance or Unpaid Sum being paid by the Company on a day other than an Interest Payment Date for that Advance or Unpaid Sum.

		
	10.3.5
	Each Lender shall, as soon as reasonably practicable after a demand by the Intercreditor Agent or the Company, provide a certificate confirming the amount and providing reasonable supporting evidence of its Break Costs for any Interest Period in which they accrue.

		
	11.
	TAX GROSS UP AND INDEMNITIES

		
	11.1
	Construction

Unless a contrary indication appears, in this Clause 11 a reference to "determines" or "determined" means a determination made in the absolute discretion of the Person making the determination.
		
	11.2
	Tax gross-up

		
	11.2.6
	The Company shall make all payments to be made by it under the Senior Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law.

		
	11.2.7
	The Company or a Senior Secured Creditor shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Intercreditor Agent accordingly.  Similarly, a Senior Secured Creditor shall notify the Intercreditor Agent on becoming so aware in respect of a payment payable to that Senior Secured Creditor.  If the Intercreditor Agent receives such notification from a Senior Secured Creditor it shall promptly notify the Company.

		
	11.2.8
	If a Tax Deduction is required by law to be made by the Company, the amount of the payment due from the Company shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the amount which would have been due if no Tax Deduction had been required.

		
	11.2.9
	If the Company is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

		
	11.2.10
	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Company shall deliver to the Intercreditor Agent the payment evidence reasonably satisfactory to the relevant Senior Secured Creditor that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority (provided that the Company shall not be obliged to provide any such evidence from a Governmental Authority to the extent that it is not provided by such Governmental Authority).

		
	11.3
	Tax indemnity

		
	11.3.8
	The Company shall (within fifteen days of demand by the Intercreditor Agent) pay to a Senior Secured Creditor an amount equal to the loss, liability or cost which that Senior Secured Creditor determines has been (directly or indirectly) suffered for or on account of Tax by that Senior Secured Creditor in respect of a Senior Finance Document including Tax arising on payment of any premia or other sums payable on an Ancillary Finance Document whether or not such payment is required to be made by such Senior Secured Creditor.

		
	11.3.9
	Sub-clause 11.3.1 above shall not apply:

		
	(c)
	with respect to any Tax assessed on a Senior Secured Creditor:

		
	(i)
	under the law of the jurisdiction in which that Senior Secured Creditor is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Senior Secured Creditor is treated as resident for tax purposes; or

		
	(ii)
	under the law of the jurisdiction in which that Senior Secured Creditor's Facility Office is located in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Senior Secured Creditor; or
		
	(d)
	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 11.2 (Tax gross-up).

		
	11.3.10
	A Senior Secured Creditor making, or intending to make a claim under sub-clause 11.3.1 above shall promptly notify the Intercreditor Agent of the event which shall give, or has given, rise to the claim, following which the Intercreditor Agent shall promptly notify the Company.

		
	11.3.11
	A Senior Secured Creditor shall, on receiving a payment from the Company under this Clause 11.3, notify the Intercreditor Agent.

		
	11.3.12
	Each Senior Secured Creditor shall, as soon as practicable after a demand by the Intercreditor Agent, provide a certificate confirming the amount of the loss, liability or cost referred to in sub-clause 11.3.1 above and the basis thereof.

		
	11.4
	Tax Credit

If the Company makes a Tax Payment and the relevant Senior Secured Creditor determines that:
		
	11.4.1
	a Tax Credit is attributable to that Tax Payment; and

		
	11.4.2
	that Senior Secured Creditor has obtained, utilised and retained that Tax Credit, 

that Senior Secured Creditor shall pay an amount to the Company which that Senior Secured Creditor determines shall leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by the Company.
		
	11.5
	Stamp taxes

The Company shall pay and, within fifteen days of demand, indemnify each Senior Secured Creditor against any cost, loss or liability that a Senior Secured Creditor incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Senior Finance Document.
		
	12.
	INCREASED COSTS

		
	12.1
	Increased costs

		
	12.1.11
	Subject to Clause 12.3 (Exceptions), the Company shall, within fifteen days of a demand by the Intercreditor Agent, pay for the account of a Lender the amount of any Increased Costs incurred by that Lender or any Affiliate of that Lender as a result of:

		
	(c)
	the introduction of or change in (or in the interpretation, administration or application of) any law or regulation after the Fifth Amendment Signing Date; 

		
	(d)
	compliance with any request or requirement relating to the maintenance of capital or any other request from or requirement of any central bank or other fiscal, monetary, regulatory or other authority; 

		
	(e)
	the implementation or application of, or compliance with, Basel III or any law or regulation that implements or applies Basel III; or

		
	(f)
	the implementation or application of, or compliance with, the Dodd-Frank Wall Street Reform and Consumer Protection Act of the United States of America (whether enacted, adopted or issued before, on or after the date of this Agreement) and/or all requests, rules, guidelines or directives in connection therewith (in each case whether enacted, adopted or issued before, on or after the date of this Agreement) and all amendments thereto from time to time.

		
	12.1.12
	In this Agreement:

		
	(a)
	"Increased Costs" means:

		
	(iii)
	a reduction in the rate of return from a Facility or on a Lender's (or its Affiliate's) overall capital (including as a result of any reduction in the rate of return on capital brought about by more capital being required to be allocated by such Lender or Affiliate);

		
	(iv)
	an additional or increased cost; or

		
	(v)
	a reduction of any amount due and payable under any Senior Finance Document,

which is incurred or suffered by a Lender or any of its Affiliates to the extent that it is attributable to that Lender's having entered into or maintaining its commitment or funding or performing its obligations under any Senior Finance Document; and
		
	(b)
	"Basel III" means:

		
	(i)
	the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; and

		
	(ii)
	any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

		
	12.2
	Increased cost claims

		
	12.2.13
	When a Senior Secured Creditor intends to make a claim pursuant to Clause 12.1 (Increased costs), it shall notify the Intercreditor Agent of the event giving rise to the claim, following which the Intercreditor Agent shall promptly notify the Company.

		
	12.2.14
	Each Senior Secured Creditor shall, as soon as practicable after a demand by the Intercreditor Agent, provide a certificate confirming the amount of its Increased Costs and the basis thereof.

		
	12.3
	Exceptions

Clause 12.1 (Increased costs) does not apply to the extent any Increased Cost is:
		
	12.3.3
	attributable to a Tax Deduction required by law to be made by the Company and compensated for by payment under Clause 11 (Tax Gross Up and Indemnities);

		
	12.3.4
	compensated for by Clause 11.3 (Tax indemnity) (or would have been compensated for under Clause 11.3 (Tax indemnity) but was not so compensated solely because one of the exclusions in sub-clause 11.3.2 of Clause 11.3 (Tax indemnity) applied); or

		
	12.3.5
	attributable to the wilful breach by the relevant Senior Secured Creditor or their Affiliates of any law or regulation.

		
	13.
	CURRENCY AND OTHER INDEMNITIES

		
	13.1
	Currency Indemnity

If any Senior Secured Creditor receives an amount in respect of the Company's liability to that Senior Secured Creditor under any Senior Finance Document or if that liability is converted into a claim, proof, judgment or order in a currency other than the currency (the "contractual currency") in which the amount is expressed to be payable under that Senior Finance Document:
		
	13.1.15
	the Company shall indemnify that Senior Secured Creditor as an independent obligation against any costs, loss or liability arising out of or as a result of the conversion; and

		
	13.1.16
	if the amount received by that Senior Secured Creditor, when converted into the contractual currency at a market rate in the usual course of its business is less than the amount owed in the contractual currency and such is specified to the Company in reasonable detail, the Company shall, within 3 Business Days of its receipt of a written demand by such Senior Secured Creditor, pay to that Senior Secured Creditor an amount in the contractual currency equal to the deficit.

		
	13.2
	Other Indemnities

The Company shall, within fifteen days of demand, indemnify each Senior Secured Creditor against any cost, loss or liability incurred by that Senior Secured Creditor as a result of:
		
	13.2.6
	the occurrence of any Event of Default;

		
	13.2.7
	funding, or making arrangements to fund, its participation in an Advance requested by the Company in an Advance Request but not made by reason of the operation of any one or more of the provisions of the Senior Finance Documents (other than by reason of default or negligence by that Senior Secured Creditor alone);

		
	13.2.8
	an Advance (or part of an Advance) not being prepaid in accordance with a notice of prepayment given by the Company; and

		
	13.2.9
	any claim concerning Wynn Macau or the Cotai Project (including, in each case, its participation therein) to the extent that loss or liability is suffered or incurred by that Senior Secured Creditor (other than by reason of default or negligence by a Senior Secured Creditor),

provided that, prior to the delivery of an Enforcement Notice, any such cost, loss or liability shall be reasonable.
		
	13.3
	Indemnity to the Agents

The Company shall, within fifteen days of demand, indemnify each of the Agents against any cost, loss or liability incurred by such Agent (acting reasonably) as a result of:
		
	13.3.4
	investigating any event which it reasonably believes is a Default; or

		
	13.3.5
	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised,

provided that, prior to the delivery of an Enforcement Notice, any such cost, loss or liability shall be reasonable.
		
	14.
	ILLEGALITY

If it becomes, or shall become, unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by the Senior Finance Documents to which it is a party or to fund or maintain its participation in any Advance:
		
	14.1.10
	that Lender shall promptly notify the Company through the Intercreditor Agent and the relevant Facility Agent upon becoming aware of that event; and

		
	14.1.11
	by the latest date necessary to ensure compliance with the relevant law or regulation:

		
	(a)
	if the relevant Facility Agent so requires, the Company shall prepay that Lender's participation in all the Advances (or such lesser amount if required to comply with the relevant law or regulation) together with all other relevant amounts payable by it to that Lender under the Senior Finance Documents to which it is a party; and

		
	(b)
	that Lender's undrawn Available Commitment (or such lesser amount if permitted by the relevant law or regulation) shall be cancelled.

		
	15.
	MITIGATION BY THE SENIOR SECURED CREDITORS

		
	15.1
	Mitigation

		
	15.1.6
	Each Lender shall, in consultation with the Company, take all reasonable steps to mitigate or remove any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 10 (Changes to the calculation of interest), Clause 11 (Tax Gross Up and Indemnities), Clause 12 (Increased Costs) or Clause 14 (Illegality) including (but not limited to) transferring its rights and obligations under the Senior Finance Documents to another Affiliate or Facility Office.

		
	15.1.7
	Sub-clause 15.1.1 above does not in any way limit the obligations of any Obligor under the Senior Finance Documents.

		
	15.2
	Indemnity by Company

		
	15.2.2
	The Company shall indemnify each Senior Secured Creditor for all costs and expenses reasonably incurred by that Senior Secured Creditor as a result of steps taken by it under Clause 15.1 (Mitigation).

		
	15.2.3
	A Senior Secured Creditor is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Senior Secured Creditor (acting reasonably), to do so might be prejudicial to it.

		
	16.
	FEES, COSTS AND EXPENSES

		
	16.1
	Agency Fees

The Company shall pay to each Agent for its own account a fee in amounts and on dates separately agreed between that Agent and the Company in the relevant Fee Letter.
		
	16.2
	Transaction expenses

The Company shall, within fifteen days of receipt of a written demand, pay the Agents the amount of all reasonable costs and expenses (including legal fees) incurred by any of them in connection with the review, negotiation, preparation, printing and execution of:
		
	16.2.1
	this Agreement, the other Senior Finance Documents and any other documents referred to herein or therein; and

		
	16.2.2
	any other Senior Finance Documents executed after the Fifth Amendment Signing Date,

in accordance with, in the case of any fees, costs and expenses of the legal advisers appointed on or prior to the Fifth Amendment Signing Date, the appointment or engagement letters (if any) executed by the Company on or prior to the Fifth Amendment Signing Date.
		
	16.3
	Amendment costs

If the Company or any other Obligor requests an amendment, waiver or consent under any Senior Finance Document, the Company shall, within thirty days of demand, reimburse the Agents for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agents in responding to, evaluating, negotiating or complying with that request.
		
	16.4
	Enforcement costs

The Company shall, within fifteen days of written demand, pay to each Senior Secured Creditor the amount of all costs and expenses (including legal fees) incurred by that Senior Secured Creditor in connection with the enforcement of, or the preservation of, any rights under and in accordance with any Senior Finance Document provided that, prior to the delivery of an Enforcement Notice, such costs and expenses shall be reasonable.
		
	17.
	REPRESENTATIONS AND WARRANTIES

		
	17.1
	Matters represented

The Company makes the representations and warranties set out in Schedule 4 (Representations and Warranties) to each Senior Secured Creditor as at each of the dates specified in Clause 17.2 (Timing).
		
	17.2
	Timing

		
	17.2.1
	Each of the representations and warranties set out in Schedule 4 (Representations and Warranties) are deemed to be made by the Company (by reference to the facts and circumstances then existing) on the Fifth Amendment Signing Date.

		
	17.2.2
	Unless otherwise stated to have been made as of a specific date, each of the representations and warranties set out in Schedule 4 (Representations and Warranties) is made by the Company (with reference to the facts and circumstances then existing) on the Fifth Amendment Effective Date and (other than the representations and warranties set out in paragraphs 10.5 (Taxes), 21.1 to 21.6 (inclusive) (Subsidiaries and Beneficial Interest) and 36 (Wynn Asia 2) of Schedule 4 (Representations and Warranties)) is deemed to be repeated by the Company on each subsequent Advance Date (with reference to the facts and circumstances then existing), as if any reference therein to any Senior Finance Document in respect of which any amendment, acknowledgement, confirmation, consolidation, novation, restatement, replacement or supplement is expressed to be made by any of the documents referred to in Clause 1.3 (Designation) of the Common Terms Agreement Fifth Amendment Agreement or by the Common Terms Agreement Fifth Amendment Agreement included, to the extent relevant, such document and the Senior Finance Document as so amended, acknowledged, confirmed, consolidated, novated, restated, replaced or supplemented.

		
	18.
	COVENANTS

		
	18.1
	Content

The Company undertakes to each of the Senior Secured Creditors that it shall comply with the covenants set out in Schedule 5 (Covenants).
		
	18.2
	Duration

The covenants in Schedule 5 (Covenants) shall remain in force from the Fifth Amendment Signing Date until the Senior Secured Indebtedness has been fully discharged.
		
	18.3
	Permitted Cotai Reorganisation; Release of Palo Security 

		
	18.3.1
	Notwithstanding any other provision of this Agreement or the other Senior Finance Documents to the contrary, the Company shall be permitted to undertake a Permitted Cotai Reorganisation. If, for the purposes of carrying out such Permitted Cotai Reorganisation, where Palo has created a Lien over any of its assets or business under the Palo Security Documents (save for the Palo Share Pledge) in favour of the Security Agent and such Lien is required (in order to effect such Permitted Cotai Reorganisation) to be released, the Security Agent shall, at the cost and request of the Company, promptly release such Liens.  

		
	18.3.2
	The Company may, in writing to the Intercreditor Agent, request that Palo be the subject of a voluntary liquidation, winding up or dissolution (or similar action) after a Permitted Cotai Reorganisation. Such written request from the Company shall also confirm that Palo has no (and shall not have any) assets, no Default is continuing or would result from such voluntary liquidation, winding up or dissolution (or similar action) and any payments or assets to be distributed as a result of such voluntary liquidation, winding up or dissolution (or similar action) shall be distributed to the Company.

		
	18.3.3
	Palo may, following such written request, be the subject of such voluntary liquidation, winding up or dissolution (or similar action) if the Intercreditor Agent confirms in writing that it is satisfied that the matters contemplated by paragraphs (i) to (iv) (inclusive) of the definition of "Permitted Cotai Reorganisation" in Clause 1.1 (Definitions) have occurred in a form and substance satisfactory to it (acting reasonably) and that no payment is due from Palo pursuant to the Guarantee or any Palo Security Document.

		
	18.3.4
	If Palo is or is proposed to be, pursuant to Clause 18.3.3 above, the subject of such voluntary liquidation, winding up or dissolution (or similar action) then:

		
	(c)
	where Palo has created a Lien over any of its assets or business under the Security Documents in favour of the Security Agent, or any Lien in favour of the Security Agent was created over the shares (or equivalent) of Palo, the Security Agent shall, at the cost and request of the Company, promptly release such Liens and the Security Agent (and/or, as required, the Intercreditor Agent) shall promptly release Palo from its obligations under the Senior Finance Documents (including, without limitation, any obligations Palo has as an Obligor) and Palo shall, upon such release occurring, no longer be an Obligor for the purposes of the Senior Finance Documents; 

		
	(d)
	the releases referred to in paragraph (a) above shall not become effective until the date of such voluntary liquidation, winding up or dissolution (or similar action); and 

		
	(e)
	if such voluntary liquidation, winding up or dissolution (or similar action) does not occur in respect of Palo, the releases referred to in paragraph (a) above shall have no effect and the obligations of Palo under the Senior Finance Documents (including, without limitation, its obligations as an Obligor) and the Liens created or intended to be created by or over Palo shall continue in such force and effect (and Palo shall continue to be an Obligor for the purposes of the Senior Finance Documents) as if those releases had not been effected. 

		
	18.4
	Release of Security over the Existing Executive Director Shares

If the Existing Executive Director Shares are (or are proposed) to be cancelled in connection with an Executive Director Substitution then:
		
	18.4.1
	where there is a Lien over such Existing Executive Director Shares under the Security Documents in favour of the Security Agent, the Security Agent shall, at the cost and request of the Company, promptly release such Liens; 

		
	18.4.2
	the releases referred to in Clause 18.4.1 above shall not become effective until immediately prior to the cancellation of such Existing Executive Director Shares; and 

		
	18.4.3
	if such cancellation of the Existing Executive Director Shares does not occur, the releases referred to in Clause 18.4.1 above shall have no effect and the Liens created or intended to be created over such Existing Executive Director Shares shall continue in such force and effect as if those releases had not been effected. 

		
	19.
	EVENTS OF DEFAULT

		
	19.1
	Events of Default

Each of the events set out in Schedule 10 (Events of Default) is an Event of Default.
		
	19.2
	Remedies following an Event of Default  

Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing or following issuance of an Enforcement Notice (as the case may be), the Intercreditor Agent shall, if so instructed by the Required Lenders, by written notice to the Company:
		
	19.2.5
	declare that the Available Commitments under any of the Facility Agreements be cancelled or suspended, whereupon they shall be cancelled or suspended;

		
	19.2.6
	declare that all or any part of the Advances, together with accrued interest, and all other amounts accrued or outstanding under the Senior Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;

		
	19.2.7
	declare that all or part of the Advances be payable on demand, whereupon they shall immediately become payable on demand by the Intercreditor Agent;

		
	19.2.8
	notify the Security Agent that an Event of Default has occurred and is continuing and instruct the Security Agent to issue an Enforcement Notice;

		
	19.2.9
	following the issue of an Enforcement Notice, require the Security Agent to take action to enforce all or any part of the Security or all or any of the Shareholder Guarantees (subject to the expiration of any cure periods contained therein), whereupon any such action shall be taken;

		
	19.2.10
	following the issue of an Enforcement Notice, instruct the Security Agent to require the perfection of the Liens granted pursuant to the Land Security Assignment and the Assignment of Rights;

		
	19.2.11
	following the issue of an Enforcement Notice, give (or require the Security Agent to give) notices regarding the payment of insurance proceeds in accordance with the terms of the Senior Finance Documents;

		
	19.2.12
	following the issue of an Enforcement Notice, give (or require the Security Agent to give) notice to any Account Bank in relation to the operation of the Accounts in accordance with paragraph 3.3 (Default) of Schedule 6 (Accounts); and/or

		
	19.2.13
	exercise any or all other remedies available at law not inconsistent with the foregoing,

provided that the foregoing shall not in any way affect the Intercreditor Agent's or the Security Agent's right to separately enforce its rights under the Senior Finance Documents.
		
	19.3
	Remedies following an Executive Director Event

Without prejudice to Clause 19.2 (Remedies following an Event of Default) or in any way affecting the Intercreditor Agent's or the Security Agent's right to separately enforce its rights under the Senior Finance Documents, upon the occurrence of an Executive Director Event and at any time thereafter whilst it is continuing or following issuance of an Enforcement Notice (as the case may be), the Intercreditor Agent shall, if so instructed by the Required Lenders, require the Security Agent to take action to enforce all or any part of the Security granted pursuant to the Executive Director Share Pledge.
		
	20.
	APPLICATION OF ENFORCEMENT PROCEEDS

After delivery of an Enforcement Notice and notwithstanding the provisions of Schedule 6 (Accounts), all Enforcement Proceeds shall be applied in accordance with the Deed of Appointment and Priority and Clause 33.6 (Application of Enforcement Proceeds).
		
	21.
	CHANGES TO THE PARTIES

		
	21.1
	Binding Agreement

This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent successors and transferees. 
		
	21.2
	Assignment and Transfer by the Company or the GCLAs

		
	21.2.1
	The Company may not assign, transfer, novate or dispose of any of its rights or obligations under this Agreement or the other Senior Finance Documents.

		
	21.2.2
	The GCLAs may not assign or transfer its rights and/or obligations under this Agreement without the prior written consent of the Company.

		
	21.3
	Assignment and Transfer by Agents

Each Agent may assign or transfer any of its rights and obligations under any Senior Finance Document to which it is party only in accordance with its voluntary or requested resignation under and subject to the relevant Senior Finance Document and this Agreement and then only if it first procures that its assignee or transferee executes a duly completed Agent's Deed of Accession and Finance Party Accession Undertaking (also executed, in the case of the latter, by such Agent, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent) and promptly delivered by the Intercreditor Agent to the Security Agent) and enters into such other acknowledgements as may be necessary or desirable to protect the Security. 
		
	21.4
	Assignment and Transfer by Lenders

		
	21.4.1
	Subject to the provisions of the Facility Agreement to which it is a party and execution and delivery by the assignee or Transferee of a Finance Party Accession Undertaking, any Lender may, at any time, assign in accordance with Clause 21.5 (Assignments by Lenders) all or any of its rights and benefits under the Senior Finance Documents or transfer in accordance with Clause 21.6 (Transfers by Lenders) all or any of its rights, benefits and obligations under the Senior Finance Documents to:

		
	(c)
	another Lender or an Affiliate of a Lender;

		
	(d)
	any commercial bank;

		
	(e)
	any other bank or financial institution or trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets;

		
	(f)
	in the case of a Permitted Loan Repurchase, the Company; or

		
	(g)
	any other entity with the consent of the Company (such consent not to be unreasonably withheld or delayed and which consent shall not be required in respect of any assignment or transfer after the occurrence of an Event of Default which is continuing),

provided that all transactional costs (including any stamp duties, transfer taxes and any costs attributable to any transfer of Security) of such assignment or transfer shall be borne by the relevant Lender or assignee or Transferee except for: 
		
	(i)
	any transfer in connection with the syndication of the Facilities, all such costs of which (including those set forth in Clause 21.7 (Assignment and Transfer Fees)) shall be borne by the Company; and

		
	(ii)
	any transfer contemplated by the Pre-Amendment Global Transfer Agreement or the Post-Amendment Global Transfer Agreement, all such costs of which shall be borne by the Company. 

		
	21.4.2
	Any assignment or transfer of a Lender's participations in Advances outstanding or, as the case may be, Available Commitments under:

		
	(a)
	the Term Facility shall be in a minimum amount of USD1,000,000 or its equivalent or, if less, equal to the aggregate of such Lender's participations or Available Commitments under such Facility; or

		
	(b)
	a Revolving Credit Facility shall be in a minimum amount of USD1,000,000 or its equivalent or, if less, equal to the aggregate of such Lender's participations or Available Commitments under such Facility.

		
	21.4.3
	Each assignee or Transferee, by executing a Finance Party Accession Undertaking (including, without limitation, the Pre-Amendment Global Transfer Agreement and the Post-Amendment Global Transfer Agreement), confirms, for the avoidance of doubt, that the Intercreditor Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the assigning or transferring Lender would have been had it remained a Lender. 

		
	21.5
	Assignments by Lenders

If any Lender assigns all or any of its rights and benefits under the Senior Finance Documents in accordance with Clause 21.4 (Assignment and Transfer by Lenders), then, unless and until the assignee has delivered:
		
	(a)
	a notice to the Intercreditor Agent (which the Intercreditor Agent shall promptly copy to the Company and the other Senior Secured Creditors) confirming in favour of the Senior Secured Creditors that it shall be under the same obligations towards each of them as it would have been under if it had been an original party hereto as a Lender and to the relevant Facility Agreement as a Term Facility Lender, Additional Lender or Revolving Credit Facility Lender (as the case may be); and

		
	(b)
	a duly completed Finance Party Accession Undertaking executed by such Lender, such assignee, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent and which the Intercreditor Agent shall promptly deliver to the Security Agent),

(whereupon such assignee shall become a party hereto as a "Lender" or thereto as a "Term Facility Lender", "Additional Lender" or "Revolving Credit Facility Lender"), the Company and the Senior Secured Creditors shall not be obliged to recognise such assignee as having the rights against each of them which it would have had if it had been such a party hereto or thereto. This Clause 21.5 shall not apply to the Company's acquisition of an Advance pursuant to a Permitted Loan Repurchase.
		
	21.6
	Transfers by Lenders

Except in the case of a Permitted Loan Repurchase, if any Lender wishes to transfer all or any of its rights, benefits and/or obligations under this Agreement and the corresponding rights, benefits and/or obligations under the other Senior Finance Documents as contemplated in Clause 21.4 (Assignment and Transfer by Lenders), then such transfer shall only be effective if the procedure set out in this Clause 21.6 is complied with.  Such transfer shall be effected by the delivery to the Intercreditor Agent (which the Intercreditor Agent shall promptly copy to the Company and the other Senior Secured Creditors) of:
		
	(a)
	a duly completed Novation Certificate executed by such Lender, the relevant Transferee, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent); and

		
	(b)
	a duly completed Finance Party Accession Undertaking executed by such Lender, the relevant Transferee, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent and which the Intercreditor Agent shall promptly deliver to the Security Agent),

in which event, on the later of the Transfer Date specified in such Novation Certificate and the fifth Business Day after (or such earlier Business Day endorsed by the Intercreditor Agent on such Novation Certificate falling on or after) the date of delivery of such Novation Certificate and Finance Party Accession Undertaking to the Intercreditor Agent:
		
	21.6.1
	to the extent that in such Novation Certificate the Lender party thereto seeks to transfer by novation its rights, benefits and obligations under this Agreement and the corresponding rights, benefits and obligations under the other Senior Finance Documents, the Company and such Lender shall be released from further obligations towards one another under this Agreement and the corresponding rights, benefits and/or obligations under the other Senior Finance Documents and their respective rights against one another shall be cancelled (such rights and obligations being referred to in this Clause 21.6 as "discharged rights and obligations");

		
	21.6.2
	each of the Company and the Transferee shall assume obligations towards one another and/or acquire rights against one another which differ from such discharged rights and obligations only insofar the Company and such Transferee have assumed and/or acquired the same in place of such other party and such Lender;

		
	21.6.3
	the Agents, the GCLAs, such Transferee and the other Lenders shall acquire the same rights and benefits and assume the same obligations between themselves as they would have acquired and assumed had such Transferee been an original party to this Agreement and the other relevant Senior Finance Documents as a Lender with the rights, benefits and/or obligations acquired or assumed by it as a result of such transfer and to that extent the Agents, the GCLAs and the relevant Lender shall each be released from further obligations to each other under this Agreement and the other relevant Senior Finance Documents; and

		
	21.6.4
	such Transferee shall become a party hereto as a "Lender" and to the relevant Facility Agreement as a "Term Facility Lender", "Additional Lender" or "Revolving Credit Facility Lender" (as the case may be).

		
	21.7
	Assignment and Transfer Fees

On the date upon which an assignment takes effect pursuant to Clause 21.5 (Assignments by Lenders) or a transfer takes effect pursuant to Clause 21.6 (Transfers by Lenders), the relevant assignee or Transferee shall pay to the Intercreditor Agent for its own account a fee of USD2,000.
		
	21.8
	Disclosure of Information

Any Senior Secured Creditor may disclose to any of its Affiliates and any other Person:
		
	21.8.1
	to (or through) whom such Senior Secured Creditor assigns or transfers (or may potentially assign or transfer) all or any of its rights, benefits and obligations in accordance with the Senior Finance Documents; 

		
	21.8.2
	in the case of a Lender, with (or through) whom such Lender enters into (or may potentially enter into) any sub-participation in relation to the Senior Finance Documents or any Obligor; or

		
	21.8.3
	to whom information may be required to be disclosed by any applicable law or pursuant to any regulatory or stock exchange requirement;

such information about any Obligor, Wynn Macau, the Cotai Project and the Senior Finance Documents as such Senior Secured Creditor may consider appropriate, provided that the Person to whom such information is provided under sub-clause 21.8.1 or 21.8.2 first enters into a Confidentiality Undertaking (or, in the case of the Security Agent, the confidentiality undertaking referred to in clause 18.9 (Disclosure of Information by Security Agent) of the Deed of Appointment and Priority) and that the Company has received a copy of such signed undertaking.
		
	21.9
	Change of Facility Office

Any Lender may change its Facility Office provided that the Company shall have no liability (or no increase in liability) under Clause 11 (Tax gross-up and Indemnities) or Clause 12 (Increased costs) which would not exist as at the date of such change but for such change, unless such change was requested by the Company pursuant to Clause 15 (Mitigation by the Senior Secured Creditors).
		
	21.10
	Permitted Loan Repurchases 

		
	21.10.1
	Notwithstanding anything to the contrary contained in this Agreement or the other Senior Finance Documents, the Company shall be permitted to acquire Advances pursuant to a Permitted Loan Repurchase (including through Open Market Purchases), so long as any Advances so acquired are cancelled and retired immediately upon such Permitted Loan Repurchase becoming effective, the consideration for such Permitted Loan Repurchase is not funded from any Advance (or the proceeds thereof) and where such Permitted Loan Repurchase is made by way of Open Market Purchase, no Event of Default has occurred and is continuing or might reasonably be expected to occur as a result of such Permitted Loan Repurchase.  For all purposes under this Agreement and the other Senior Finance Documents, upon a Permitted Loan Repurchase becoming effective:

		
	(a)
	any Advances acquired by the Company pursuant to such Permitted Loan Repurchase: 

		
	(ii)
	shall be deemed not to be outstanding and to have no principal amount (or any other amount owing in respect thereof); 

		
	(iii)
	shall be deemed to be automatically cancelled and retired without any further action by the Company, the Intercreditor Agent, the Lenders or any other Person; and

		
	(iv)
	shall be deemed not to constitute payments (or prepayments) of Advances for any purpose hereunder;

		
	(b)
	for the purposes of testing compliance with the financial covenants in paragraph 1 of Part B of Schedule 5 (Covenants), any impact of such Permitted Loan Repurchase on EBITDA shall be ignored;

		
	(c)
	for the avoidance of doubt and without otherwise limiting the definition or interpretation of "Permitted Business", the Company shall be deemed not to be in breach of paragraph 14 of Part B of Schedule 5 (Covenants) solely by virtue of carrying out a Permitted Loan Repurchase;

		
	(d)
	Clause 25 (Sharing Among The Senior Secured Creditors) shall not be applicable to the consideration paid under such Permitted Loan Repurchase;

		
	(e)
	no Obligor shall be permitted to receive any payment or prepayment under this Agreement which is payable to any Lender by virtue of the Company having made a Permitted Loan Repurchase; and 

		
	(f)
	the Company shall not be permitted to sell, transfer or otherwise dispose of the subject matter of such Permitted Loan Repurchase.

		
	21.10.2
	The Company shall take such actions and execute such documents and agreements as may be reasonably requested by the Intercreditor Agent to further evidence the cancellation and retirement referred to in Clause 21.10.1 above.

		
	21.10.3
	The Company shall promptly notify the Intercreditor Agent of any Permitted Loan Repurchase made by way of an Open Market Purchase and the identity of the Facilities to which they relate.  The Intercreditor Agent shall disclose such information to any Lender that requests the same.

		
	21.10.4
	For so long as the Company beneficially owns or has any Voting Entitlements following a Permitted Loan Repurchase, those Voting Entitlements shall be deemed to be zero and the Company shall be deemed not to be a Lender.  The Company agrees that, following a Permitted Loan Repurchase by it, it shall not, in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, attend or participate in the same or be entitled to receive the agenda or any minutes of the same and it shall not be entitled to receive any report or other document prepared at the request of, or on the instructions of, the Intercreditor Agent or one or more of the Lenders or any other Secured Party or Secured Parties.  

		
	22.
	HEDGING COUNTERPARTIES 

		
	22.1
	Accession

Each Hedging Counterparty shall execute and deliver to the Intercreditor Agent a Hedging Counterparty's Deed of Accession and shall execute and deliver to the Security Agent in accordance with the Deed of Appointment and Priority a Finance Party Accession Undertaking.  A Hedging Counterparty may, at any time, assign all or any of its rights and benefits or transfer all or any of its rights, benefits and obligations under and in accordance with the Senior Finance Documents subject to delivery to the Intercreditor Agent of a duly completed:
		
	(a)
	Hedging Counterparty's Deed of Accession executed by the assignee or transferee; and

		
	(b)
	Finance Party Accession Undertaking executed by the assignee or transferee, the Hedging Counterparty, the Intercreditor Agent and all other parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent and which the Intercreditor Agent shall promptly deliver to the Security Agent).

		
	22.2
	Interest in the Security

The obligations of the Company owed to each Hedging Counterparty shall be secured by the Security and each Hedging Counterparty shall be entitled to share in the Enforcement Proceeds in accordance with the Deed of Appointment and Priority and Clause 33.6 (Application of Enforcement Proceeds).
		
	22.3
	Voting rights

Nothing in this Clause 22 nor any other provisions of any Senior Finance Document shall be deemed to entitle any Hedging Counterparty in its capacity as such under any Hedging Agreement to exercise any voting, consent, approval or similar right under the Senior Finance Documents (other than the Hedging Agreements) including any right to participate in any Decision provided that:
		
	22.3.1
	each Hedging Counterparty shall have the right to participate in all Decisions after the occurrence of a Hedging Voting Right Event in relation to such Hedging Counterparty that is continuing; and

		
	22.3.2
	the consent of all Hedging Counterparties shall be required for any change to the matters referred to in paragraphs (a), (b), (f), (g), (h), (i) and (j) in the definition of "Fundamental Term" in Clause 1.1 (Definitions) and for any amendment to Clause 33.6 (Application of Enforcement Proceeds) and this Clause 22.

		
	22.4
	Restrictions on Amendment

Each Hedging Counterparty agrees that, except with the prior written consent of the Intercreditor Agent, no amendment may be made to a Hedging Agreement to an extent which would result in:

		
	22.4.1
	any payment under that Hedging Agreement being required to be made by the Company on any date other than the dates originally provided for in that Hedging Agreement; or

		
	22.4.2
	the Company becoming liable to make an additional payment under any Hedging Agreement which liability does not arise from the original provisions of that Hedging Agreement; or

		
	22.4.3
	the Company becoming liable to make any payment under that Hedging Agreement in any currency other than in the currency provided for under the original provisions of that Hedging Agreement.

		
	22.5
	Restrictions on Termination 

No Hedging Counterparty may terminate a hedging facility or close out any hedging transaction under a Hedging Agreement prior to its stated maturity except in accordance with the terms of the ISDA Master Agreement and the ISDA Schedule (each as may be amended pursuant to paragraph 4 of Schedule 8 (Hedging Arrangements).
		
	22.6
	Termination at request of Intercreditor Agent

After a notice has been given by the Intercreditor Agent pursuant to sub-clause 19.2.2 of Clause 19.2 (Remedies following an Event of Default), a Hedging Counterparty shall, at the written request of the Intercreditor Agent, terminate the hedging facility or close out any hedging transaction under the Hedging Agreement to which it is party in accordance with the terms of such Hedging Agreement.
		
	23.
	AGENTS AND GLOBAL COORDINATING LEAD ARRANGERS

		
	23.1
	Appointment and duties of the Agents

		
	23.1.1
	Each of:

		
	(f)
	the Senior Secured Creditors appoints the Intercreditor Agent;

		
	(g)
	the Term Facility Lenders appoints the Term Facility Agent;

		
	(h)
	the Revolving Credit Facility Lenders appoints the Revolving Credit Facility Agent; and

		
	(i)
	the Additional Lenders under each Additional Lender Facility Agreement appoint the applicable Additional Facility Agent as facility agent for those Additional Lenders (or its successor approved in accordance with this Agreement), 

to act as its agent under and in connection with the Senior Finance Documents and irrevocably authorises it on its behalf to perform the duties and to exercise the rights, powers and discretions that are specifically delegated to it under or in connection with the Senior Finance Documents, together with any other incidental rights, powers and discretions.
		
	23.1.2
	None of the Agents may begin any legal action or proceeding in the name of a Senior Secured Creditor (other than itself) without that Senior Secured Creditor's consent.

		
	23.1.3
	Each Agent has only those duties which are expressly specified in the Senior Finance Documents, and those duties are solely of a mechanical and administrative nature.

		
	23.2
	Relationship

		
	23.2.3
	The relationship between each Agent and the relevant Senior Secured Creditors is that of principal and agent only.  Nothing in this Agreement constitutes any Agent as trustee or fiduciary for any other Person and no Agent need hold in trust any moneys paid to it for a Person or be liable to account for interest on those moneys except to the extent expressly stated in a Senior Finance Document.

		
	23.2.4
	No Agent shall in any respect be the agent of the Company by virtue of this Agreement.

		
	23.2.5
	No Agent shall be liable to the Company for any breach by any other Senior Secured Creditor of any Senior Finance Document or be liable to any other Senior Secured Creditor for any breach by the Company of the Senior Finance Documents. 

		
	23.3
	Role of the GCLAs

Except as specifically provided in the Senior Finance Documents, none of the GCLAs has any obligations of any kind to any other party to a Senior Finance Document under or in connection with any Senior Finance Document.
		
	23.4
	Delegation

Each Agent may act through its personnel and agents.
		
	23.5
	Instructions

		
	23.5.1
	Unless otherwise expressly provided in the Senior Finance Documents, the Intercreditor Agent shall act (and shall be fully protected if it so acts) in accordance with the instructions of the Required Lenders in connection with the exercise of any right, power or discretion under or in connection with the Senior Finance Documents.

		
	23.5.2
	Each Facility Agent shall be fully protected if it acts in accordance with the instructions of its Lending Group in connection with the exercise of any right, power or discretion under or in connection with any matter not expressly provided for in the Senior Finance Documents.

		
	23.5.3
	In the absence of such instructions each Agent may act, subject to the terms of the Senior Finance Documents, as that Agent, in its sole discretion, considers to be in the best interests of all the Senior Secured Creditors or, in the case of each Facility Agent, its Lending Group.

		
	23.6
	Discretions

Notwithstanding any provision of the Senior Finance Documents, each Agent may:
		
	23.6.4
	assume, unless it has, in its capacity as Agent, received written notice to the contrary from any other Party, that (a) any representation made or deemed to be made by an Obligor in connection with the Senior Finance Documents is true, (b) no Default has occurred, (c) no Obligor is in breach of or default under its obligations under the Senior Finance Documents and (d) any right, power, authority or discretion vested in the Senior Finance Documents upon the Required Lenders, a Lending Group, the Lenders or any other Person or group of Persons has not been exercised;

		
	23.6.5
	assume that (a) the Facility Office of each Lender is that notified to it by such Lender in writing and (b) the information provided by each Lender pursuant to Clause 29 (Notices) is true and correct in all respects until it has received from such Lender notice of a change to the Facility Office or any such information and act upon any such notice until the same is superseded by a further notice;

		
	23.6.6
	engage and pay for the advice or services of any lawyers, accountants, surveyors or other experts whose advice or services may to it seem necessary, expedient or desirable and rely upon any advice so obtained;

		
	23.6.7
	rely as to any matters of fact which might reasonably be expected to be within the knowledge of an Obligor upon a certificate signed by or on behalf of such Obligor;

		
	23.6.8
	rely upon any communication or document believed by it to be genuine;

		
	23.6.9
	refrain from exercising any right, power or discretion vested in it as Agent under the Senior Finance Documents unless and until instructed as described in Clause 23.5 (Instructions) as to whether or not such right, power or discretion is to be exercised and, if it is to be exercised, as to the manner in which it should be exercised;

		
	23.6.10
	refrain from acting in accordance with any instructions to begin any action or proceeding arising out of or in connection with the Senior Finance Documents until it shall have received such security as it may require (whether by way of payment in advance or otherwise) for all costs, claims, losses, expenses (including legal fees) and liabilities which it shall or may expend or incur in complying with such instructions;

		
	23.6.11
	refrain from acting where to do so would put it in breach of an applicable Legal Requirement;

		
	23.6.12
	treat each Facility Agent as the duly appointed and authorised agent of the relevant Lenders until it receives written notice to the contrary from the relevant Lenders; and

		
	23.6.13
	(in the case of the Intercreditor Agent) in applying any moneys received by it under any Security Document under Clause 33.6 (Application of Enforcement Proceeds), rely on any certificate made by the relevant Facility Agent or Hedging Counterparty as to the identity of, and the amounts owing to, any of the Senior Secured Creditors and shall be protected in so relying.

		
	23.7
	Agents' Obligations

		
	23.7.1
	Each Agent shall:

		
	(a)
	promptly inform each Senior Secured Creditor (in the case of the Intercreditor Agent) or the Intercreditor Agent and the Lenders in its Lending Group (in the case of each Facility Agent) of the contents of any notice or document received by it pursuant to the terms of any Senior Finance Document in its capacity as Agent from the Security Agent or an Obligor under the Senior Finance Documents; and

		
	(b)
	promptly notify each Senior Secured Creditor (in the case of the Intercreditor Agent) or the Intercreditor Agent and the Lenders in its Lending Group (in the case of each Facility Agent) of the occurrence of any Event of Default or any default by an Obligor in the due performance of or compliance with its obligations under the Senior Finance Documents of which such Agent has notice from any other party.

		
	23.7.2
	The Intercreditor Agent shall promptly inform the Security Agent of the occurrence of the Release Date.

		
	23.8
	Excluded Obligations

Notwithstanding anything to the contrary expressed or implied herein, none of the Agents nor any of the GCLAs shall:
		
	23.8.5
	be bound to enquire as to (a) whether or not any representation made or deemed to be made by an Obligor in connection with the Senior Finance Documents is true, (b) the occurrence or otherwise of any Default, (c) the performance by an Obligor of its obligations under the Senior Finance Documents or (d) any breach of or default by an Obligor of or under its obligations under the Senior Finance Documents;

		
	23.8.6
	be bound to account to any Senior Secured Creditor for any sum or the profit element of any sum received by it for its own account;

		
	23.8.7
	be bound to disclose to any other Person any information relating to any Obligor, any party to a Major Project Document or any of their respective related entities if (a) such Person, on providing such information, expressly stated to such Agent or, as the case may be, such GCLA, that such information was confidential or (b) such disclosure would or might in its opinion constitute a breach of any law or be otherwise actionable at the suit of any Person; or

		
	23.8.8
	be under any obligations other than those for which express provision is made herein or in any other Senior Finance Document to which such Agent or GCLA is a party.

		
	23.9
	Exclusion of Liabilities

None of the Agents and the GCLAs accepts any responsibility:
		
	23.9.1
	for the adequacy, accuracy and/or completeness of the Information Memorandum or any other information supplied by the Agents or the GCLAs, by an Obligor or by any other Person in connection with the Senior Finance Documents, the transactions therein contemplated or any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents;

		
	23.9.2
	for the legality, validity, effectiveness, adequacy or enforceability of the Senior Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents; or

		
	23.9.3
	for the exercise of, or the failure to exercise, any judgement, discretion or power given to any of them by or in connection with the Senior Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents.

Accordingly, none of the Agents and the GCLAs shall be under any liability (whether in negligence or otherwise) in respect of such matters.  
No party hereto (other than the applicable Agent or GCLA) may take any proceedings against any officer, employee or agent of an Agent or a GCLA in respect of any claim it might have against such Agent or such GCLA, as the case may be, or in respect of any act or omission of any kind by that officer, employee or agent (other than by reason of the fraud, gross negligence or wilful misconduct of such officer, employee or agent) in relation to any Senior Finance Document and any officer, employee or agent of such Agent or GCLA may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.  
		
	23.10
	No Actions

Each of the Lenders and the Hedging Counterparties agrees that it shall not assert or seek to assert against any director, officer or employee of any of the Agents or any of the GCLAs any claim it might have against any of them.
		
	23.11
	Business with the Obligors

Each Agent and GCLA may accept deposits from, lend money to and generally engage in any kind of banking or other business with any of the Obligors or their Affiliates.
		
	23.12
	Resignation

		
	23.12.1
	An Agent may resign its appointment hereunder at any time without assigning any reason therefor by giving not less than 25 Business Days' prior notice to that effect to the Senior Secured Creditors and the Company, in which case:

		
	(a)
	the Required Lenders (in the case of the Intercreditor Agent) may appoint a successor Agent and, unless an Event of Default has occurred and is continuing, such appointment shall be subject to the prior agreement of the Required Lenders and the Company or, failing such agreement within 15 Business Days after such notice of resignation, the Required Lenders may appoint a successor Agent on the same terms and conditions as previously applied to the outgoing Agent; and

		
	(b)
	the relevant Lending Group under a Facility (in the case of a Facility Agent for that Facility) may appoint a successor Agent and, unless an Event of Default has occurred and is continuing, such appointment shall be subject to the prior agreement of such Lending Group and the Company or, failing such agreement within 15 Business Days after such notice of resignation, the Lending Group may appoint a successor Agent on the same terms and conditions as previously applied to the outgoing Agent.

		
	23.12.2
	If the Required Lenders have not, within 15 Business Days after notice of resignation, appointed a successor Intercreditor Agent which accepts the appointment, the outgoing Agent may appoint a successor Agent and, unless an Event of Default has occurred and is continuing, such appointment shall be subject to the prior agreement of the Intercreditor Agent and the Company or, failing such agreement within 25 Business Days after notice of resignation, the Intercreditor Agent may appoint a successor Agent on the same terms and conditions as previously applied to it.

		
	23.12.3
	If a Lending Group has not, within 15 Business Days after notice of resignation appointed a successor Facility Agent which accepts the appointment, the outgoing Facility Agent may appoint a successor Facility Agent and, unless an Event of Default has occurred and is continuing, such appointment shall be subject to the prior agreement of the outgoing Facility Agent and the Company or, failing such agreement within 25 Business Days after notice of resignation, the outgoing Facility Agent may appoint a successor Facility Agent on the same terms and conditions as previously applied to it.

		
	23.12.4
	If, at the time of expiry of the period specified in sub-clause 23.12.2 or, as the case may be, sub-clause 23.12.3 above, the outgoing Agent cannot find a successor owing to the unwillingness of any proposed successor to accept the terms and conditions which apply to the outgoing Agent, the Company shall offer to any proposed successor such terms and conditions as are consistent with the role to be performed, taking into account the current market for the performance of such duties and the then existing circumstances of Wynn Macau and the Cotai Project.

		
	23.12.5
	If the Agent has not been paid an amount due to it under the Senior Finance Documents and gives notice thereof as its reason for resigning together with its notice pursuant to Clause 23.12.1, it shall not be obliged to appoint a successor.  If, at the time of expiry of the period specified in clause 23.12.1, the Required Lenders or, as the case may be, the relevant Lending Group, cannot find a successor owing to the unwillingness of any proposed successor to accept the terms and conditions which apply to the outgoing Agent, the Company shall offer to any proposed successor such terms and conditions as are consistent with the role to be performed, taking into account the current market for the performance of such duties and the then existing circumstances of the Company.

		
	23.12.6
	The resignation of an Agent and the appointment of any successor Agent shall both become effective only upon the successor Agent executing an Agent's Deed of Accession provided that, where the Agent has notified the reason for its resignation pursuant to Clause 23.12.5, its resignation shall become effective upon the expiry of the period notified by it pursuant to Clause 23.12.1.  Upon the execution of an Agent's Deed of Accession, the successor Agent shall succeed to the position of the retiring Agent (as the case may be) under the Senior Finance Documents and the term "Agent" shall mean the successor Agent.  

		
	23.12.7
	The Intercreditor Agent agrees that it shall, if so requested in writing by the Required Lenders, tender its resignation in accordance with this Clause 23.12.

		
	23.12.8
	Each Facility Agent agrees that it shall, if so requested in writing by its Lending Group, tender its resignation in accordance with this Clause 23.12.

		
	23.12.9
	Upon the appointment of a successor (or, as the case may be, its resignation becoming effective), the retiring Agent shall be discharged from any future (but not accrued) obligations in respect of the Senior Finance Documents but shall remain entitled to the benefit of Clause 13.2 (Other Indemnities) and sub-clauses 23.1, 23.2, 23.5.2, 23.5.3, 23.6.10, 23.8, 23.9, 23.10 and 23.15 of this Clause 23.

		
	23.13
	Own Responsibility

It is understood and agreed by each Senior Secured Creditor that at all times it has itself been, and shall continue to be, solely responsible for making its own independent appraisal of, and investigation into, all risks arising under or in connection with the Senior Finance Documents including, but not limited to:
		
	23.13.1
	the financial condition, creditworthiness, condition, affairs, status and nature of Wynn Macau, the Cotai Project and each Obligor;

		
	23.13.2
	the legality, validity, effectiveness, adequacy and enforceability of the Senior Finance Documents and any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents;

		
	23.13.3
	whether such Senior Secured Creditor has recourse, and the nature and extent of that recourse, against an Obligor or any other Person or any of their respective assets under or in connection with the Senior Finance Documents, the transactions therein contemplated or any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents; and

		
	23.13.4
	the adequacy, accuracy and/or completeness of the Information Memorandum and any other information provided by the Agents or the GCLAs, an Obligor, or by any other Person in connection with the Senior Finance Documents, the transactions contemplated therein or any other agreement, arrangement or document entered into, made or executed in anticipation of, pursuant to or in connection with the Senior Finance Documents.

Accordingly, each Senior Secured Creditor acknowledges to the Agents and the GCLAs that it has not relied on and shall not hereafter rely on the Agents and the GCLAs or any of them in respect of any of these matters.
		
	23.14
	Agency Division Separate

In acting as Agent under the Senior Finance Documents, each of the Agents shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments and, notwithstanding the foregoing provisions of this Clause 23, any information received by some other division or department of such Agent may be treated as confidential and shall not be regarded as having been given to such Agent's agency division.
		
	23.15
	Indemnity to Intercreditor Agent

		
	23.15.1
	Each Senior Secured Creditor shall rateably in accordance with the proportion that the US dollar equivalent of the sum of its Available Commitments and its participations in any outstanding Advances bear to the US dollar equivalent of the aggregate of the Available Commitments and such participations of all the Senior Secured Creditors (or, if all such amounts have been reduced to zero, such proportion determined immediately prior to such reduction) for the time being, indemnify the Intercreditor Agent, within fifteen days of demand (accompanied by reasonable written certification), against cost, loss or liability incurred by the Intercreditor Agent (other than by reason of fraud, negligence or wilful misconduct of the Intercreditor Agent) in acting as Intercreditor Agent in accordance with the terms of the Senior Finance Documents (unless the Intercreditor Agent has been reimbursed by, or indemnified to its satisfaction by, an Obligor pursuant to a Senior Finance Document or otherwise in writing).  For the purposes of this Clause 23.15.1, each Hedging Counterparty shall, in respect of each Hedging Agreement entered into by it, be deemed to have made an Advance to the Company in an amount equal to the Realised Hedge Loss (if any) under the Hedging Agreement to which such Hedging Counterparty is party.

		
	23.15.2
	Clause 23.15.1 shall not apply to the extent that the Intercreditor Agent is otherwise actually indemnified or reimbursed by any party to a Senior Finance Document under any other provision of the Senior Finance Documents.

		
	23.15.3
	Provided that the Company is required to reimburse or indemnify the Intercreditor Agent for such cost, loss or liability in accordance with the terms of the Senior Finance Documents, the Company shall, within fifteen days of demand in writing by any Senior Secured Creditor, indemnify such Senior Secured Creditor in relation to any payment actually made by such Senior Secured Creditor pursuant to Clause 23.15.1 above.

		
	24.
	CONDUCT OF BUSINESS BY THE SENIOR SECURED CREDITORS

No provision of the Senior Finance Documents shall:
		
	24.1.6
	interfere with the right of any Senior Secured Creditor to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

		
	24.1.7
	subject to Clause 15 (Mitigation by Senior Secured Creditors), oblige any Senior Secured Creditor to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

		
	24.1.8
	oblige any Senior Secured Creditor to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

		
	25.
	SHARING AMONG THE SENIOR SECURED CREDITORS

		
	25.1
	Payments to Senior Secured Creditors

If a Senior Secured Creditor (a "Recovering Senior Secured Creditor") receives or recovers any amount from an Obligor other than in accordance with the provisions of the Senior Finance Documents (excluding any such provision which permits the setting off of obligations owed by such Obligor against obligations owed to it by such Recovering Senior Secured Creditor but allowing, for the avoidance of doubt, any such provision in any Hedging Agreement permitting netting off between transactions under such Hedging Agreement) and applies that amount to a payment due under the Senior Finance Documents then:
		
	25.1.4
	the Recovering Senior Secured Creditor shall, within 5 Business Days, notify details of the receipt or recovery, to the Intercreditor Agent;

		
	25.1.5
	the Intercreditor Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Senior Secured Creditor would have been paid had the receipt or recovery been received and distributed in accordance with this Agreement, without taking account of any Tax which would be imposed on that Agent in relation to the receipt, recovery or distribution; and

		
	25.1.6
	the Recovering Senior Secured Creditor shall, within 10 Business Days of demand by the Intercreditor Agent, pay to the Intercreditor Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Intercreditor Agent determines may be retained by the Recovering Senior Secured Creditor as its share of any payment to be made, in accordance with this Agreement.

For purposes of clarification, Permitted Loan Repurchases shall not constitute payments (or prepayments) of Advances or the recovery of any amount from an Obligor for any purpose hereunder.
		
	25.2
	Redistribution of payments

The Intercreditor Agent shall treat the Sharing Payment as if it had been paid by the Company and distribute it between the Senior Secured Creditors (other than the Recovering Senior Secured Creditor) in accordance with this Agreement.
		
	25.3
	Recovering Senior Secured Creditor's Rights

		
	25.3.4
	On a distribution by the Intercreditor Agent under 25.2 (Redistribution of payments), the Recovering Senior Secured Creditor shall be subrogated to the rights of the Senior Secured Creditors which have shared in the redistribution.

		
	25.3.5
	If and to the extent that the Recovering Senior Secured Creditor is not able to rely on its rights under sub-clause 25.3.1 above, the Company shall be liable to the Recovering Senior Secured Creditor for a debt equal to the Sharing Payment which is immediately due and payable.

		
	25.4
	Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Senior Secured Creditor becomes repayable and is repaid by such Recovering Senior Secured Creditor, then:
		
	25.4.14
	each Senior Secured Creditor which has received a share of such Sharing Payment pursuant to Clause 25.2 (Redistribution of payments) shall, upon request of the Intercreditor Agent, pay to the Intercreditor Agent for account of that Recovering Senior Secured Creditor an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Senior Secured Creditor for its proportion of any interest on the Sharing Payment which that Recovering Senior Secured Creditor is required to pay); and

		
	25.4.15
	that Recovering Senior Secured Creditor's rights of subrogation in respect of any reimbursement shall be cancelled and the Company shall be liable to the reimbursing Senior Secured Creditor for the amount so reimbursed. 

		
	25.5
	Exceptions

This Clause 25 shall not apply to the extent that the Recovering Senior Secured Creditor would not, after making any payment pursuant to this Clause 25, have a valid and enforceable claim against the relevant Obligor.
		
	25.6
	Benefit

The provisions of this Clause 25 are for the sole benefit of the Senior Secured Creditors and may be waived or amended by the Required Lenders without the consent of the Company provided there is no increase in the liability of the Company as a result.
		
	26.
	PAYMENT MECHANICS

		
	26.1
	Payments under the Senior Finance Documents

		
	26.1.5
	Prior to an Event of Default

Unless and until an Event of Default has occurred and is continuing and except with respect to any payments pursuant to a Permitted Loan Repurchase:
		
	(g)
	all payments to be made by the Company to or for the account of any Lender under the Facility Agreement to which that Lender is a party shall be made to the relevant Facility Agent under that Facility Agreement for the account of that Lender, in the manner stipulated in the relevant Facility Agreement; and

		
	(h)
	all payments to be made by a Lender under a Facility Agreement shall be made to the relevant Facility Agent, not later than the time (if any) specified in the relevant Facility Agreement, to its account at such office or bank as it may notify to that Lender from time to time for this purpose.

		
	26.1.6
	After the occurrence of an Event of Default

Subject to the Deed of Appointment and Priority, after the occurrence of an Event of Default that is continuing and unless the Intercreditor Agent agrees in writing that payment should continue to be made in accordance with sub-clause 26.1.1 (Prior to an Event of Default) and except with respect to any payments pursuant to a Permitted Loan Repurchase:
		
	(a)
	all payments to be made by the Company to or for the account of any Senior Secured Creditor or under any Senior Finance Document shall be made to the Intercreditor Agent (other than any such payments to be made to or for the account of the Security Agent which shall continue to be made to the Security Agent);

		
	(b)
	all payments to be made by any Lender under any Senior Finance Document (whether pursuant to Clause 25 (Sharing Among the Senior Secured Creditors) or otherwise) shall be paid to the Intercreditor Agent; and

		
	(c)
	all payments received by the Intercreditor Agent under this sub-clause 26.1.2 shall be distributed in accordance with Clause 33.6 (Application of Enforcement Proceeds) to the Person(s) specified therein or, where any such Person is a Lender, to the relevant Facility Agent for the account of that Lender.

		
	26.2
	Payments by an Agent

		
	26.2.6
	Save as otherwise provided herein, each payment received by an Agent as agent for or otherwise for the benefit of another Person shall, subject to Clause 26.3 (Distributions to an Obligor) and Clause 26.4 (Clawback), be made available by that Agent to the Person entitled to receive such payment for value the same day by transfer to such account of such Person with such bank in the principal financial centre of the country of the relevant currency as such Person shall have previously notified to that Agent.

		
	26.2.7
	A payment shall be deemed to have been made by an Agent on the date on which it is required to be made under the Senior Finance Documents if such Agent has, on or before that date, taken steps to make that payment in accordance with the regulations or operating procedures of the clearing or settlement system used by such Agent in order to make the payment.

		
	26.3
	Distributions to an Obligor

Each Agent may (with the consent of the relevant Obligor or in accordance with Clause 27 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Senior Finance Documents or in or towards purchase of any amount of any currency to be so applied at a market rate of exchange in its usual course of business.
		
	26.4
	Clawback

		
	26.4.3
	Where a sum is to be paid to an Agent under the Senior Finance Documents for another Person, that Agent is not obliged to pay that sum to that Person until it has been able to establish to its satisfaction that it has actually received that sum.

		
	26.4.4
	If an Agent pays an amount to another Person and it proves to be the case that that Agent had not actually received that amount, then the Person to whom that amount was paid by that Agent shall on demand refund the same to that Agent together with interest on that amount from the date of payment to the date of receipt by that Agent, calculated by that Agent to reflect its cost of funds.

		
	26.5
	No Set-off by Obligors

All payments to be made by an Obligor under the Senior Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.
		
	26.6
	Business Days

		
	26.6.4
	Any payment which is due to be made under any Senior Finance Document on a day that is not a Business Day shall be made on the next Business Day in the calendar month (if there is one) or the preceding Business Day (if there is not).

		
	26.6.5
	During any extension of the due date for payment of any principal pursuant to sub-clause 26.6.1 above, interest is payable on that principal at the rate payable on the original due date.

		
	26.7
	Currency of account

		
	26.7.1
	A repayment of an Advance or Unpaid Sum or a part of an Advance or Unpaid Sum shall be made in the currency in which the Advance or Unpaid Sum is denominated on its due date.

		
	26.7.2
	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.

		
	26.7.3
	Each payment in respect of costs, expenses or Taxes under the Senior Finance Documents shall be made in the currency in which the costs, expenses or Taxes are incurred.

		
	26.7.4
	Any other amount payable under any of the Senior Finance Documents is, except as otherwise provided elsewhere in the Senior Finance Documents, payable in US dollars.

		
	27.
	SET-OFF

Without prejudice to the provisions of Schedule 6 (Accounts) and subject to the terms of Clause 25 (Sharing Among the Senior Secured Creditors) and Clause 33 (Intercreditor Arrangements), a Senior Secured Creditor may, upon the occurrence of an Event of Default and for so long as it is continuing, set off any matured obligations owed by the Company under the Senior Finance Documents (to the extent beneficially owned by that Senior Secured Creditor) against any obligation (which, for the purpose of this provision only, shall be treated as due and payable, save for unmatured obligations under the Hedging Agreements) owed by that Senior Secured Creditor to the Company, regardless of the place of payment, booking branch or currency of either obligation.  If the obligations are in different currencies, the Senior Secured Creditor may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.
		
	28.
	NON-RECOURSE LIABILITY

Notwithstanding any provision in the Senior Finance Documents to the contrary no Operative shall be personally liable for payments due hereunder or under any of the Senior Finance Documents or for the performance of any obligation hereunder or thereunder, save, in relation to any Operative, pursuant to any Senior Finance Document to which such Operative is party.  The sole recourse of the Senior Secured Creditors for satisfaction of any of the obligations of any of the Obligors hereunder and under the other Senior Finance Documents shall be against the Obligors, and not against any assets or property of any Operative save to the extent such Operative is party to a Senior Finance Document and is expressed to be liable for such obligation thereunder.  In the case of an individual holding the Executive Director Shares, his or her liability shall be limited to his or her shares in the Company.

		
	29.
	NOTICES

		
	29.1
	Communications in Writing

Any notice, demand or other communication (each, for the purposes of this Clause 29, a "communication") to be made under or in connection with the Senior Finance Documents shall be made in writing but, unless otherwise stated, may be made by fax or letter.
		
	29.2
	Addresses

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with the Senior Finance Documents is:
		
	29.2.9
	in the case of the Company, each of the GCLAs, each of the Agents, each of the Lenders and each of the Hedging Counterparties party to the Common Terms Agreement Fifth Amendment Agreement, identified with its name on the signing pages thereto; and

		
	29.2.10
	in the case of each other Lender, each other Hedging Counterparty and each other Obligor, that notified in writing to the Intercreditor Agent prior to the date it becomes a party to the Senior Finance Documents,

or any substitute address, fax number or department or officer as the party may notify to the Intercreditor Agent (or the Intercreditor Agent may notify to the other parties, if a change is made by the Intercreditor Agent) by not less than 10 Business Days' notice.
		
	29.3
	Delivery

		
	29.3.6
	Any communication or document made or delivered by one Person to another under or in connection with the Senior Finance Documents shall only be effective:

		
	(a)
	if delivered personally or by overnight courier, when left at the relevant address;

		
	(b)
	if by way of fax, when received in legible form; or

		
	(c)
	if by way of letter, when it has been left at the relevant address or 10 Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 29.2 (Addresses), if addressed to that department or officer.
		
	29.3.7
	Any communication or document to be made or delivered to an Agent shall be effective only when actually received by that Agent and then only if it is expressly marked for the attention of the department or officer specified as part of its address details provided under Clause 29.2 (Addresses) (or any substitute department or officer as that Agent shall specify for this purpose).

		
	29.3.8
	All notices to an Obligor shall be sent through a Facility Agent or the Intercreditor Agent (but always with a copy to the Intercreditor Agent).  All notices from an Obligor under the Senior Finance Documents shall be sent to the Intercreditor Agent who shall distribute them to the Senior Secured Creditors.

		
	29.4
	Notification of address and fax number 

Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 29.2 (Addresses) or changing its own address or fax number, the Intercreditor Agent shall notify the other parties.
		
	29.5
	Electronic communication

		
	29.5.1
	Any communication to be made between an Agent and a Lender or between an Agent and another Agent under or in connection with the Senior Finance Documents may be made by electronic mail or other electronic means, if that Agent and the relevant Lender or Agent:

		
	(a)
	agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

		
	(b)
	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

		
	(c)
	notify each other of any change to their address or any other such information supplied by them.

		
	29.5.2
	Any electronic communication made between an Agent and a Lender or another Agent shall be effective only when actually received in readable form and in the case of any electronic communication made by a Lender to an Agent or by an Agent to another Agent only if it is addressed in such a manner as the relevant Agent shall specify for this purpose.

		
	29.6
	Electronic supply of materials

		
	29.6.10
	The Company shall (and shall ensure that each other Obligor shall), unless otherwise requested by the Intercreditor Agent, provide to the Intercreditor Agent all information, documents and other materials that such Obligor is obligated to furnish to the Intercreditor Agent pursuant to the Senior Finance Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Advance or other extension of credit (including any election of an interest rate or Interest Period relating thereto), (ii) relates to the payment of any principal or other amount due under any Senior Finance Document prior to the scheduled date therefor, (iii) provides notice of any Default under any Senior Finance Document, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of any Senior Finance Document and/or any Advance or other extension of credit hereunder or (v) initiates or responds to 

legal process (all such non-excluded information being referred to herein collectively as the "Communications") by transmitting the Communications in an electronic/soft medium (provided such Communications contain any required signatures) in a format acceptable to the Intercreditor Agent to each of Loan_Agency@bocmacau.com, ieong_lengchan@bocmacau.com and wong_iaokun@bocmacau.com (or such other e-mail address or addresses designated by the Intercreditor Agent from time to time).
		
	29.6.11
	Each party hereto agrees that the Intercreditor Agent may make the Communications available to the any Senior Secured Creditor by posting the Communications on IntraLinks or another relevant website, if any, to which such Senior Secured Creditor has access (whether a commercial, third-party website or whether sponsored by the Intercreditor Agent) (the "Platform").  Nothing in this Clause 29.6 shall prejudice the right of the Intercreditor Agent to make the Communications available to any Senior Secured Creditor in any other manner specified in this Agreement or any other Senior Finance Documents.

		
	29.6.12
	Each Senior Secured Creditor agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Senior Secured Creditor for purposes of this Agreement and the other Senior Finance Documents.  Each Senior Secured Creditor agrees (i) to notify the Intercreditor Agent in writing (including by electronic communication) from time to time to ensure that the Intercreditor Agent has on record an effective e-mail address for such Senior Secured Creditor to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.

		
	29.6.13
	Notwithstanding sub-clause 29.6.5 below, each party hereto agrees that any electronic communication referred to in this Clause 29.6 shall be deemed delivered upon the posting of a record of such communication (properly addressed to such party at the e-mail address provided to the Intercreditor Agent) as "sent" in the e-mail system of the sending party or, in the case of any such communication to the Intercreditor Agent, upon the posting of a record of such communication as "received" in the e-mail system of the Intercreditor Agent; provided that if such communication is not so received by the Intercreditor Agent during the normal business hours of the Intercreditor Agent, such communication shall be deemed delivered at the opening of business on the next Business Day for the Intercreditor Agent.

		
	29.6.14
	Each party hereto acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Communications and the Platform are provided "as is" and "as available", (iii) none of the Intercreditor Agent, its affiliates nor any of their respective officers, directors, employees, agents, advisors or representatives (collectively, the "Intercreditor Parties") warrants the adequacy, accuracy or completeness of the Communications or the Platform, and each Intercreditor Party expressly 

disclaims liability for errors or omissions in any Communications or the Platform and (iv) no representation or warranty of any kind, express, implied or statutory, including any representation or warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Intercreditor Party in connection with any Communications or the Platform.
		
	29.7
	English language

		
	29.7.5
	Any notice given under or in connection with any Senior Finance Document must be in English.

		
	29.7.6
	All other documents provided under or in connection with any Senior Finance Document must be in English or, if not in English, and if so required by the relevant Agent, accompanied by a certified English translation and, in this case, the English translation shall prevail unless the document is a constitutional, statutory or other official document.

		
	30.
	CALCULATIONS AND CERTIFICATES

		
	30.1
	Accounts

In any litigation or arbitration proceedings arising out of or in connection with a Senior Finance Document, the entries made in the accounts maintained by a Senior Secured Creditor are prima facie evidence of the matters to which they relate.
		
	30.2
	Certificates and Determination

Any certification or determination by a Senior Secured Creditor of a rate or amount under any Senior Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.
		
	30.3
	Day count convention

Any interest, commission or fee accruing under a Senior Finance Document shall accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days (where due in US dollars) and 365 days (where due in HK dollars).
		
	31.
	PARTIAL INVALIDITY

If, at any time, any provision of the Senior Finance Documents is or becomes illegal, invalid, or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
		
	32.
	REMEDIES AND WAIVERS

No failure to exercise, nor any delay in exercising, on the part of any Senior Secured Creditor, any right or remedy under the Senior Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy.  The rights and remedies provided in the Senior Finance Documents are cumulative and not exclusive of any rights or remedies provided by law.
		
	33.
	INTERCREDITOR ARRANGEMENTS

		
	33.1
	Notices of Required Decisions

		
	33.1.3
	If, at any time, a matter requiring a Decision comes to the notice of a Senior Secured Creditor, that Senior Secured Creditor shall promptly inform the Intercreditor Agent and, where relevant, its Facility Agent in writing.

		
	33.1.4
	If, at any time, a matter requiring a Decision comes to the notice of the Intercreditor Agent, the Intercreditor Agent shall promptly notify in writing each Facility Agent (and, after the occurrence of a Hedging Voting Right Event in relation to any Hedging Counterparty that is continuing, that Hedging Counterparty) of that matter specifying:

		
	(i)
	whether the matter concerns a Fundamental Term and, if not, which Senior Secured Creditors may vote in respect of the Decision and the aggregate Voting Entitlement required for the Decision to be made;

		
	(ii)
	the date and time by which the Intercreditor Agent requires receipt of all votes in respect of the Decision (the "Decision Date"); and

		
	(iii)
	following a Hedging Voting Right Event, the identity of the relevant Hedging Counterparty.

		
	33.2
	Notice of Votes

Each Senior Secured Creditor shall copy notice of its vote to the Intercreditor Agent, to each Facility Agent and each Hedging Counterparty notified by the Intercreditor Agent pursuant to Clause 33.1.2(iii) (Notices of Required Decisions).
		
	33.3
	Decisions under the Senior Finance Documents

Subject to the other provisions of this Agreement, the exercise of any right, power, discretion or determination which has been delegated to the Intercreditor Agent under the Senior Finance Documents (save for any such right, power, discretion or determination to be exercised by any such party for its own account) shall require the consent or agreement of the Required Lenders provided that the Intercreditor Agent may exercise any such right, power, discretion or determination (including giving instructions to the Security Agent) without requiring any Decision which the Intercreditor Agent, acting reasonably, considers is a minor, administrative or technical matter which does not adversely affect the rights of the Senior Secured Creditors under the Senior Finance Documents.
		
	33.4
	Restrictions On Remedies

Subject to this Clause 33 (Intercreditor Arrangements), no Senior Secured Creditor may, at any time:
		
	33.4.1
	set off, or purport to set off, at any time, any amount owing to it under the Senior Finance Documents against any amount payable by it to an Obligor (except that any Hedging Counterparty may net off between transactions under a single Hedging Agreement); 

		
	33.4.2
	take any action or commence any legal proceedings of whatsoever nature against an Obligor under or in respect of a Senior Finance Document to which that Obligor is a party including taking any steps or legal proceedings for the winding-up, dissolution or administration of any of the Obligors or for the appointment of a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of any of the Obligors or of any or all of its assets or revenues; or

		
	33.4.3
	foreclose on, or enforce or seek an order of the court to enforce all or any of the Security.

		
	33.5
	Notice of Default 

		
	33.5.4
	If any Lender has actual knowledge of a Default which has occurred, it shall so advise the Intercreditor Agent and, where relevant, its Facility Agent in writing.

		
	33.5.5
	If any Facility Agent has actual knowledge, or has received notice, of a Default which has occurred, it shall so advise the Intercreditor Agent and, where relevant, each Lender in its Lending Group in writing.

		
	33.5.6
	If the Intercreditor Agent has actual knowledge, or has received notice, of a Default which has occurred, it shall notify each Facility Agent and each Hedging Counterparty in writing and, in the case of an Event of Default, it shall issue a notice under Clause 33.1 (Notices of Required Decisions) in respect of that Event of Default.

		
	33.6
	Application of Enforcement Proceeds

Following the delivery of an Enforcement Notice, all Enforcement Proceeds paid to the Intercreditor Agent in accordance with the Deed of Appointment and Priority shall be applied by it (together with any other payments received by it pursuant to sub-clause 26.1.2 of Clause 26.1 (Payments under the Senior Finance Documents)) in the following order:
		
	(iv)
	first, in payment of all costs and expenses incurred by or on behalf of the Intercreditor Agent in connection with such enforcement or recovery and which have been certified, in writing, as having been incurred by the Intercreditor Agent;

		
	(v)
	second, in payment pro rata of all costs and expenses incurred by or on behalf of the Facility Agents in connection with such enforcement or recovery and which have been certified, in writing, as having been incurred by the Facility Agent seeking recovery;

		
	(vi)
	third, in payment pro rata of all amounts paid by the Senior Secured Creditors under Clause 23.15 (Indemnity to Intercreditor Agent) of the Common Terms Agreement but which have not been reimbursed by the Company;

		
	(vii)
	fourth, in payment pro rata of all amounts paid by the Term Facility Lenders under clause 15.3 (Indemnity to Term Facility Agent) of the Term Facility Agreement or the Revolving Credit Facility Lenders under clause 15.3 (Indemnity to Revolving Credit Facility Agent) of the Revolving Credit Facility Agreement or the Additional Lenders under the equivalent provisions of each Additional Lender Facility Agreement in respect of indemnities to each Additional Facility Agent but which, in each case, have not been reimbursed by the Company;

		
	(viii)
	fifth, in payment pro rata of all costs and expenses incurred by or on behalf of each Senior Secured Creditor in accordance with the Senior Finance Documents in connection with such enforcement and which have been certified, in writing, as having been incurred by the Senior Secured Creditor seeking recovery;

		
	(ix)
	sixth, in payment pro rata of all accrued and unpaid fees owing to the Agents under the Senior Finance Documents;

		
	(x)
	seventh, in payment pro rata of all accrued and unpaid fees and commissions due to the Lenders under the Senior Finance Documents;

		
	(xi)
	eighth, in payment pro rata of all accrued but unpaid interest (including default interest) due under the Facility Agreements and all sums due under the Hedging Agreements;

		
	(xii)
	ninth, in payment pro rata of all principal instalments due under the Facility Agreements;

		
	(xiii)
	tenth, in payment pro rata of all other amounts owing to the Senior Secured Creditors due and payable under the Senior Finance Documents; and

		
	(xiv)
	eleventh, in payment of the surplus (if any) to the Security Agent in accordance with the Deed of Appointment and Priority or to its order,

provided that, following the giving of any notice by the Intercreditor Agent pursuant to sub-clause 19.2.2 of Clause 19.2 (Remedies following an Event of Default), the amounts referred to in paragraphs (viii) and (ix) above shall rank pari passu.
		
	33.7
	Representations and Warranties

On the Fifth Amendment Signing Date and on the Fifth Amendment Effective Date, each Senior Secured Creditor party hereto represents and warrants to each other Senior Secured Creditor party hereto that:
		
	33.7.1
	it is duly organised and validly existing under the laws of the jurisdiction in which it is incorporated;

		
	33.7.2
	it has power to enter into and has duly authorised the execution, delivery and performance of this Agreement;

		
	33.7.3
	the obligations expressed to be assumed by it hereunder are legal and valid obligations binding on it and enforceable against it in accordance with the terms hereof; and

		
	33.7.4
	it is not the beneficiary of any Liens in respect of any Financial Indebtedness owed to it by the Company other than under the Senior Finance Documents.

		
	33.8
	The provisions of this Clause 33 (Intercreditor Arrangements) are for the sole benefit of the Senior Secured Creditors and may be waived or amended without the consent or agreement of the Company provided there is no increase in the liability of the Company as a result.

		
	34.
	AMENDMENTS AND WAIVERS

		
	34.1
	Amendment and waiver of common terms  

Subject to Clause 25.6 (Benefit) and to Clause 34.2 (Amendment and waiver of Facility Agreements) to Clause 34.5 (Amendment and Waiver of an Affected Lender Decision) below, any term of, or matter dealt with under, this Agreement and any other Senior Finance Document may be amended, waived or supplemented with the agreement of the Company and/or the other Obligors which are a party to that Senior Finance Document and/or, as the case may be, the Required Lenders.
		
	34.2
	Amendment and waiver of Facility Agreements  

Subject to Clause 34.3 (Amendment and waiver of Fundamental Terms) and Clause 34.4 (Amendment and waiver affecting Agents) below, any term of, or matter dealt with under, a Facility Agreement may be amended, waived or supplemented with the agreement of the Company and/or, as the case may be, the required Senior Secured Creditors as specified in that Facility Agreement.
		
	34.3
	Amendment and waiver of Fundamental Terms 

		
	34.3.4
	Save as set out in Clause 34.3.4, a Fundamental Term may only be amended or waived by agreement between the Obligors which are a party to the Senior Finance Document which contains that Fundamental Term and each Lender (and, in the case of the provisions referred to in paragraphs (a), (b), (f), (g), (h), (i) and (j) of the definition of "Fundamental Term" in Clause 1.1 (Definitions), each Hedging Counterparty).

		
	34.3.5
	An amendment or waiver that has the effect of changing or which relates to (other than as expressly permitted by the provisions of any Senior Finance Document) the nature or scope of the Project Security or the Security (except insofar as it relates to a Disposition of any Property which is the subject of the Security where such Disposition is expressly permitted under this Agreement or any other Senior Finance Document) shall not be made without agreement between the Company, each Lender and each Hedging Counterparty.

		
	34.3.6
	An amendment or waiver that has the effect of changing the currency of any fee (or portion thereof) payable under any Senior Finance Document to a Secured Party shall not be made without agreement between the Company and that Secured Party. 

		
	34.3.7
	For the avoidance of doubt, any amendment, waiver or consent of, or in relation to, any of the provisions referred to paragraph (b) of the definition of "Fundamental Term" in Clause 1.1 (Definitions) that does not have the effect of changing or which does not relate to:

		
	(a)
	an extension to the date of payment of any amount under the Senior Finance Documents; 

		
	(b)
	a reduction in the interest margin applicable to a Lender's participation in an Advance or a reduction in the amount of any payment of principal, interest or fees owing or payable under any Senior Finance Document; or

		
	(c)
	a change in currency of payment of any amount under the Senior Finance Document,

does not require unanimity among the Lenders and Hedging Counterparties.
		
	34.4
	Amendment and waiver affecting Agents

An amendment or waiver of any term of the Senior Finance Documents which relates to the rights and/or obligations of any Agent may not be effected without the prior written consent of that Agent.
		
	34.5
	Amendment and Waiver of an Affected Lender Decision

An Affected Lender Decision that relates solely to:
		
	34.5.2
	the Term Facility may not be effected without the prior consent of the Company and all of the Term Facility Lenders, and not any other Lenders;

		
	34.5.3
	the Revolving Credit Facility (other than any Additional Lender Facility) may not be effected without the prior consent of the Company and all of the Revolving Credit Facility Lenders (excluding any Additional Lenders party to an Additional Lender Facility Agreement providing for a revolving credit facility), and not any other Lenders; or

		
	34.5.4
	any Additional Lender Facility may not be effected without the prior consent of the Company and all of the Additional Facility Lenders in respect of that Additional Lender Facility, and not any other Lenders.

		
	35.
	COUNTERPARTS

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

		
	36.
	LANGUAGE

The English language shall be the only official and recognised language of this Agreement.  If for any reason a translation of this Agreement is required, such translation shall in the event of any dispute be secondary to the original English version which shall take precedence.
		
	37.
	GOVERNING LAW

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.  
		
	38.
	JURISDICTION

		
	38.1
	Jurisdiction of English courts

		
	38.1.5
	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) (a "Dispute"). 

		
	38.1.6
	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly they shall not argue to the contrary.

		
	38.1.7
	This Clause 38.1 is for the benefit of the Senior Secured Creditors only.  As a result, no Senior Secured Creditor shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law and the Senior Finance Documents, the Senior Secured Creditors may take concurrent proceedings in any number of jurisdictions.

		
	38.2
	Service of process

Without prejudice to any other mode of service allowed under any relevant law, the Company:
		
	38.2.5
	irrevocably appoints Law Debenture Corporate Services Limited as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement; and

		
	38.2.6
	agrees that failure by a process agent to notify the Company of the process shall not invalidate the proceedings concerned.

		
	39.
	CONFIDENTIALITY

Subject to Clause 40 (Gaming Authorities), each of the Senior Secured Creditors agrees to keep confidential all non-public information of a proprietary or confidential nature provided to it by any Obligor or any Wynn Non-Obligor Subordination Deed Party pursuant to this Agreement provided that nothing herein shall prevent any Senior Secured Creditor from disclosing any such information:
		
	(a)
	to any other Senior Secured Creditor, or any Affiliate thereof that is bound by confidentiality obligations;

		
	(b)
	to any other Person pursuant to Clause 21.8 (Disclosure of Information) or clause 18.9 (Disclosure of Information by Security Agent) of the Deed of Appointment and Priority;

		
	(c)
	to any of its or its Affiliates' employees, directors, agents, auditors, attorneys, accountants and other professional advisors who or that is bound by confidentiality obligations;

		
	(d)
	upon the request or demand of any Governmental Authority having jurisdiction over it;

		
	(e)
	in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Legal Requirement or the rules of any stock exchange on which the shares or other securities of such Senior Secured Creditor or any Affiliate thereof are listed or by any other competent supervisory or regulatory body;

		
	(f)
	if required to do so in connection with any litigation or similar proceeding;

		
	(g)
	that has been publicly disclosed other than in breach of this Clause; 

		
	(h)
	in connection with the exercise of any remedy hereunder or under any other Senior Finance Document; 

		
	(i)
	to any insurer, insurance broker or other service providers of such Senior Secured Creditor or any of its Affiliates who are under a duty of confidentiality to such Senior Secured Creditor or its Affiliate, as the case may be; or

		
	(j)
	to any rating agency or direct or indirect provider of credit protection to such Senior Secured Creditor or any of its Affiliates. 

The obligations in this Clause 39 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Senior Secured Creditor until the earlier of:
		
	(A) 
	the date that is 12 months after the Final Repayment Date in respect of the Term Facility (or if such Senior Secured Creditor is an Additional Lender, the later of (i) the date that is 12 months after the Final Repayment Date in respect of the Term Facility and (ii) the date that is 12 months after the Final Repayment Date in respect of the Additional Lender Facility in respect of which it is an Additional Lender); and

		
	(B) 
	the date that is 12 months after the date on which such Senior Secured Creditor ceases to be a Senior Secured Creditor (unless such date falls after the date referred to in paragraph (A) above in respect of such Senior Secured Creditor, in which case, for the avoidance of doubt, the obligations in this Clause 39 (Confidentiality) shall cease to remain binding on the date referred to in paragraph (A) above in respect of such Senior Secured Creditor).  

		
	40.
	GAMING AUTHORITIES

Each of the Senior Secured Creditors agrees to cooperate, having regard to its internal procedures and policies, with the reasonable requests of any and all gaming authorities in connection with the administration of their regulatory jurisdiction over the Company, any other Obligor or any Wynn Non-Obligor Subordination Deed Party, to the extent not inconsistent with any applicable legal, regulatory or contractual restrictions (including any duties of confidentiality) or the terms of the Senior Finance Documents, provided that the Senior Secured Creditors are indemnified for any cost, loss or liabilities incurred in connection with such cooperation.
		
	41.
	WAIVER OF IMMUNITY

The Company irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or any other grounds from:
		
	(a)
	suit;

		
	(b)
	jurisdiction of any court;

		
	(c)
	relief by way of injunction or order for specific performance or recovery of property;

		
	(d)
	attachment of its assets (whether before or after judgment); and

		
	(e)
	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any immunity in any such proceedings).

Schedule 1     
THE LENDERS AND HEDGING COUNTERPARTIES 

Part A 
Term Facility Lenders
Bank of China Limited, Macau Branch
Part B 
Revolving Credit Facility Lenders
Bank of China Limited, Macau Branch
Part C 
Hedging Counterparties
The Bank of Nova Scotia
DBS Bank Ltd.
Schedule 2     
CONDITIONS PRECEDENT
Part A     
 
[Not used]

Part B    1
[Not used]

Part B2
		
	(I)
	Conditions Precedent to each Advance under the Term Facility and the Revolving Credit Facility on and from the Fifth Amendment Effective Date

In respect of the Advances to be made under the Term Facility and the Revolving Credit Facility on and from the Fifth Amendment Effective Date (as detailed, in respect of the Advances to be made under the Term Facility on the Fifth Amendment Effective Date, in the Completion Memorandum), as set out in Schedule 1 to the Common Terms Agreement Fifth Amendment Agreement, the Term Facility Agreement and the Revolving Credit Facility Agreement (as applicable).
		
	(II)
	Conditions Precedent to each Advance under each Additional Lender Facility on and from the Fifth Amendment Effective Date

As set out in the applicable Additional Lender Facility Agreement.

Part B3
 [Not used]

Part C      

[Not Used]

Part D     
 
[Not Used]

Part E     
 
[Not Used]

Part F     
 
[Not Used]

Part G     
 
[Not Used]

Part H     
 
Upsize Conditions Precedent
		
	1.
	Macau SAR approval

Receipt by the Intercreditor Agent of evidence that the Macau SAR government has: 
		
	(a)
	approved the submission made by the Company to the Macau SAR government on 24 August 2015;

		
	(b)
	consented to the incremental increase in the Company's financial indebtedness in respect of the Upsized Amount; and

		
	(c)
	confirmed that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement (as amended, consolidated, supplemented, novated or replaced from time to time prior to the proposed date on which the Upsize Advance is to be made) continue to apply with respect to such indebtedness in an amount equal to the aggregate USD equivalent of all outstanding Advances and all undrawn Available Commitments of each Lender under the Facilities (excluding any Additional Lender Facility) (the "Upsized Amount"), 

together with a legal opinion of the Macanese legal adviser to the Senior Secured Creditors, in respect thereof and in respect of the validity, enforceability, effectiveness and ranking of the Mortgage (as well as confirming the Secured Obligations thereunder also cover the Upsized Amount) in form and substance satisfactory to the Intercreditor Agent, acting reasonably.
		
	2.
	Due establishment, authority and certification

In relation to each Obligor, receipt by the Intercreditor Agent of a certificate signed by a duly authorised signatory of that Person and which:
		
	(a)
	either (A) attaches a copy of that Person's Governing Documents or (B) certifies that the copy of that Person's Governing Documents (which was previously delivered to the Intercreditor Agent on or about 14 September 2004 or subsequently) remains correct, complete and in full force and effect as at a date no earlier than the date on which the Upsize Advance is to be made;

		
	(b)
	attaches a copy of a board resolution or such other equivalent corporate authorisation approving the execution, delivery and performance of the Supplemental Security Documents referred to in paragraph 3 below to which it is a party, the terms and conditions thereof and the transactions contemplated thereby, authorising a named person or persons to sign such Supplemental Security Document and any document to be delivered by that Person pursuant to such Supplemental Security Documents and authorising the signatory of the relevant certificate to sign certificates in connection therewith;

		
	(c)
	(in the case of the Company only) certifies that each document listed in this Part H of Schedule 2 and delivered by an Obligor is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date on which the Upsize Advance is to be made; and

		
	(d)
	confirms that borrowing, guaranteeing or securing as appropriate, the total commitments of all Lenders in respect of the Term Facility and the Revolving Credit Facility would not cause any borrowing, guarantee, security or similar limit binding on any such Person to be exceeded; 

		
	3.
	Supplemental Security Documents

		
	(a)
	Receipt by the Intercreditor Agent of an original of each of the following documents (each, a "Supplemental Security Document"), in each case duly executed by the parties thereto:

		
	(i)
	a Macau law mortgage (ranking after the Mortgage) granted by the Company over  Wynn Macau and the Site (but excluding any horizontal property classified as a casino in accordance with article 42 of the Concession Contract) (the "Supplemental Mortgage");

		
	(ii)
	an irrevocable power of attorney from the Company in favour of the Security Agent in connection with the Supplemental Mortgage (the "Supplemental Power of Attorney");

		
	(iii)
	a Macau law pledge over certain rights derived from the ownership of the shares in the Company and any sale agreement relating to such shares (the "Supplemental Assignment of Company Shareholder Rights");

		
	(iv)
	a Macau law pledge over certain rights derived from the ownership of the shares in Palo and any sale agreement relating to such shares (the "Supplemental Assignment of Palo Shareholder Rights"); 

		
	(v)
	an English law security agreement granted by Wynn Asia 2 with respect to the proceeds of any sale of the shares in Wynn International and Wynn Asia 2's rights under any sale agreement relating to such shares (the "Supplemental Wynn International Security Agreement"); and

		
	(vi)
	a Hong Kong law security agreement granted by Wynn Holdings with respect to the proceeds of any sale of the shares in Wynn HK and Wynn Holdings' rights under any sale agreement relating to such shares (the "Supplemental Wynn HK Security Agreement"),

and any other document entered into which the Intercreditor Agent and the Company agree prior to the date on which the Upsize Advance is made to designate as a Supplemental Security Document or a Senior Finance Document.
		
	(b)
	Each Supplemental Security Document has been duly authorised, executed and delivered by such of the Obligors party thereto and (save in respect of any registration required at the Companies House in England and Wales, the Hong Kong Companies Registry, the Conservatória dos Registos Comercial e de Bens Móveis in Macau SAR, the Conservatória do Registo Predial in Macau SAR, the applicable Uniform Commercial Code filing office for local/county, state and federal Uniform Commercial Code filings and the Isle of Man Companies Registry, as applicable, based on the Supplemental Security Document subject to the filing) duly filed, notified, recorded, stamped and registered as necessary. 

		
	(c)
	All conditions precedent to the effectiveness thereof have been satisfied or waived in accordance with their respective terms and each such Supplemental Security Document (save as provided in paragraph (b)) is in full force and effect accordingly.  

		
	4.
	Legal opinions

Receipt by the Intercreditor Agent of legal opinions from legal advisers to the Senior Secured Creditors as to:
		
	(a)
	Macau law;

		
	(b)
	Isle of Man law;

		
	(c)
	Cayman Islands law;

		
	(d)
	Hong Kong SAR law; and

		
	(e)
	English law. 

		
	5.
	Fees and expenses

Receipt by the Intercreditor Agent of evidence that:
		
	(a)
	all taxes, fees and other costs payable in connection with the execution, delivery, filing, recording, stamping and registering of the documents referred to in this Part H of Schedule 2; and

		
	(b)
	all fees, costs and expenses due to the Senior Secured Creditors and their advisers under the Senior Finance Documents on or before the date on which the Upsize Advance is made, 

have been paid or shall be paid (to the extent that such amounts have been duly invoiced) by no later than the date on which the Upsize Advance is made.
		
	6.
	Security

Receipt by the Intercreditor Agent of evidence that each Supplemental Security Document has been duly filed, notified, recorded, stamped and (save as provided in paragraph 2(b) above) registered as necessary and all other actions necessary in the reasonable opinion of the Intercreditor Agent or the Security Agent to perfect the Security have been carried out.
		
	7.
	Process agents

Where such appointment is required under any Supplemental Security Document referred to in paragraph 2 above, a copy of the process agent's acceptance of its appointment by each applicable Obligor for the acceptance of legal proceedings.  
		
	8.
	Other documents and evidence

		
	(a)
	Evidence of the definitive registration with the Macau Real Estate Registry of the horizontal property comprised in any area of Wynn Macau classified as a casino in accordance with article 42 of the Concession Contract so that the casino area is registered as one unit separate and independent from the horizontal property contained in all the remaining areas of Wynn Macau upon obtaining all Permits required from the Macau SAR for such registration to be made.

		
	(b)
	An intercreditor agreement in form and substance satisfactory to the Additional Lender(s) under the relevant Additional Lender Facility Agreement to be entered into and the Required Lenders referred to in paragraph (a) of the definition of "Required Lenders" in Clause 1.1 (Definitions).

		
	(c)
	A copy of any other authorisation or other document, opinion or assurance which the Intercreditor Agent (acting reasonably) considers to be necessary or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Supplemental Security Document or for the validity and enforceability of any Supplemental Security Document.

Schedule 3     
FORM OF ADVANCE REQUEST
To:    [    ] as Intercreditor Agent
[    ] as Term Facility Agent
Date:    [                ]
Dear Sirs,
Advance Request No. [  ]
		
	1.
	We refer to the common terms agreement (the "Common Terms Agreement") dated 14 September 2004 between Wynn Resorts (Macau) S.A. and the financial institutions referred to therein as Senior Secured Creditors.  Terms defined in the Common Terms Agreement shall have the same meaning herein and the principles of construction and rules of interpretation set out therein shall also apply.

		
	2.
	This is an Advance Request given pursuant to Clause 3 (Drawdown of Advances) of the Common Terms Agreement.

		
	3.
	We hereby give you notice that, upon the terms and subject to the conditions contained in the Common Terms Agreement and the Facility Agreements, we wish to borrow the following Advances under the following Facilities on [proposed Advance Date] to be applied towards the following purposes:

[USD/HKD] [amount] under [the [Tranche A Facility and Tranche B Facility  / Tranche C Facility] of the Term Facility to be applied towards a permitted use under the Term Facility Agreement. 
		
	4.
	We confirm that:

		
	(i)
	the above purposes and Advances comply with the permitted use of the Facilities under the Facility Agreements and Clause 5 (Purpose) of the Common Terms Agreement and that no part of the above Advances shall be applied otherwise than as mentioned in paragraph 3 above;

		
	(ii)
	each Advance is required for the purpose specified;

		
	(iii)
	each condition specified in Clause 2.2 (Conditions Precedent to each Advance) of the Common Terms Agreement [and sub-paragraph 3.1.3 of Clause 3.1 (Drawdown conditions) of the Common Terms Agreement] is satisfied on the date of this Advance Request; and

		
	(iv)
	since the CP Satisfaction Date, no Material Adverse Effect has occurred and is continuing nor could reasonably be expected to occur.

		
	5.
	We attach signed but undated receipts for the Advances requested above and hereby authorise the Intercreditor Agent to date such receipts on the date such Advances are made.

		
	6.
	The above Advances shall have a [first] Interest Period ending on [date].

		
	7.
	The [proceeds/specified amounts] of the above Advances should be credited to, respectively, the following Accounts:

[specify relevant Account and amount]
		
	8.
	We further confirm, without any personal liability on the part of our Responsible Officer signing this Advance Request, that:

		
	(i)
	no Default is continuing; and

		
	(ii)
	the representations and warranties contained in Schedule 4 (Representations and warranties) of the Common Terms Agreement which are repeated by the Company pursuant to Clause 17.2 (Timing) of the Common Terms Agreement are true and correct in all material respects with reference to the facts and circumstances existing on the date of this Advance Request.

Yours faithfully,
___________________________
Name:
Responsible Officer
for and on behalf of
Wynn Resorts (Macau) S.A.
Attachments: [list]

Schedule 4     
REPRESENTATIONS AND WARRANTIES
		
	1.
	Organization

Each of the Obligors is duly organised or incorporated (as the case may be), validly existing and (if applicable) in good standing under the laws of its jurisdiction of organisation or incorporation (as the case may be) and has all requisite corporate or limited liability company power and authority to:
		
	(a)
	carry on its business as now conducted; 

		
	(b)
	own or hold under lease and operate the Properties it purports to own or hold under lease;

		
	(c)
	carry on its business as now being conducted and as now proposed to be conducted in respect of Wynn Macau and the Cotai Project;

		
	(d)
	incur the Financial Indebtedness contemplated hereunder; and 

		
	(e)
	execute, deliver and perform under each of the Transaction Documents to which it is a party and create any Lien on its Property contemplated thereunder. 

		
	2.
	Authorization; No Conflict

		
	2.1
	Each of the Obligors has taken all necessary corporate or limited liability company action, as the case may be, to authorize the execution, delivery and performance of the Transaction Documents to which it is a party.  Neither the execution, delivery or performance of each Transaction Document to which it is a party nor the consummation of the transactions contemplated thereby:

		
	(a)
	by each Obligor does or will contravene the formation or constitutional documents or any other material Legal Requirement then applicable to or binding on each such Obligor; or

		
	(b)
	does or will contravene or result in any breach or constitute any default under, or result in or require the creation or imposition of any Lien upon any of the Properties of any Obligor or under any security or agreement or instrument to which any Obligor is a party or by which it or any of its respective properties may be bound, except for Permitted Liens or as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

		
	2.2
	No consent, Permit or filing or other authorization with, notice to or other act by or in respect of, any Governmental Authority or any Person is required in connection with the borrowings under the Senior Finance Documents or with the execution, delivery, performance, validity or enforceability of any of the Transaction Documents, except consents, authorisations, recordings, stampings, filings, registrations and notices described in the definition of "Required Filings" in Clause 1.1 (Definitions).  

		
	3.
	Legality, Validity and Enforceability

		
	3.1
	Each of the Transaction Documents to which any of the Obligors is a party is a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, subject only to bankruptcy and similar laws and principles of equity. 

		
	3.2
	None of the Transaction Documents to which any of the Obligors is a party has been amended or modified except in accordance with this Agreement.

		
	4.
	Compliance with Law and Permits

As of the Fifth Amendment Effective Date, each Obligor is in compliance with all Legal Requirements (including Sanctions and Permits) in all material respects and no notices of any material violation of any Permit made or issued by or with a Governmental Authority relating to Wynn Macau or the Cotai Project have been issued, entered or received by any such Obligor (and which violation is continuing). As at the Fifth Amendment Effective Date, all Permits have been obtained or effected (to the extent they are then required) and are in full force and effect. The DICJ Authorisation, when obtained, is the only Permit required from any Governmental Authority in the Macau SAR to authorise the Company to incur the financial indebtedness referred to in the definition of "DICJ Authorisation" in Clause 1.1 (Definitions) and such Permit confirms that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement remain in full force and effect and continue to apply to all of the Security and Project Security that each such agreement purports to cover. 
		
	5.
	[Not used]

		
	6.
	Litigation

There are no pending or, to any Obligor's knowledge, threatened actions, suits, proceedings or investigations of any kind, including actions or proceedings of or before any Governmental Authority, to which any Obligor is a party or is subject, or by which any of them or any of their Properties is bound that, individually or collectively, could reasonably be expected to have a Material Adverse Effect. 
		
	7.
	Financial Statements

The financial statements of the Obligors, delivered to the Intercreditor Agent pursuant to Clause 2.1 (Conditions Precedent to the CP Satisfaction Date) on or prior to the CP Satisfaction Date, were, and, in the case of financial statements to be delivered after the CP Satisfaction Date pursuant to paragraph 1 of Part A of Schedule 5 (Covenants) hereto, will be prepared in conformity with applicable GAAP and fairly present in all material respects the financial position of the entities described in such financial statements as of the respective dates thereof and the results of operations and cash flows of the entities described therein for each of the periods then ended subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments.  No such financial statement fails to disclose any material: Guarantee Obligations, contingent liabilities or liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, required to be reflected therein.
		
	8.
	Security Interests

		
	8.1
	As of the Fifth Amendment Effective Date, save in respect of any Excluded Subsidiary or Excluded Project (in respect of which (save for any Excluded Project located on the Cotai Site and assets comprised therein or connected thereto) it is acknowledged that no Senior Secured Creditors have any Lien) and except for the obtaining of any consents or approvals, recording, filing, registration, giving of notice or other similar action as described in the definition of "Required Filings" in Clause 1.1 of this Agreement or Schedule 2 (Conditions Precedent) and paragraph 15 of Part A of Schedule 5 (Covenants) (in the case of Schedule 2 (Conditions Precedent) which Permits, consents, authorisations, registrations, filings and notices have, unless otherwise indicated on such schedule, been obtained or made and are in full force and effect): 

		
	(a)
	the security interests granted or purported to be granted to the Senior Secured Creditors pursuant to the Security Documents in the Project Security  (notwithstanding, without limitation, the Substitution) constitute as to Properties included in the Project Security existing on the date on which this representation is made or deemed to be made or repeated and, with respect to subsequently acquired Properties included in the Project Security, will constitute, a perfected security interest under all applicable law and/or the UCC and grant the Senior Secured Creditors superior priority and rights in respect of the full amount of the Obligations over the rights of any third Persons now existing or hereafter arising whether by way of mortgage, lien, security interests, encumbrance, assignment or otherwise, subject to the rights and priorities of Permitted Liens;

		
	(b)
	all such action as is necessary has been taken to establish, perfect and maintain the Senior Secured Creditors' rights in and to the Project Security, including any obtaining of consents or approvals, recording, filing, registration, giving of notice or other similar action; and

		
	(c)
	each of the Security Documents is effective to create a legal, valid, binding and enforceable security interest in the Project Security described therein and proceeds and products thereof.

Each of the Obligors has properly delivered or caused to be delivered to the Security Agent all Project Security that requires perfection of the Lien and security interest described above by possession.
		
	8.2
	As of the Fifth Amendment Effective Date, no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority is required for either (a) the pledge or grant by the Obligors of the Liens purported to be created in favour of the Secured Parties pursuant to any of the Security Documents, or (b) the exercise by the Security Agent, or any of the other Secured Parties of any rights or remedies in respect of any Project Security (whether specifically granted or created pursuant to any of the Security Documents or created or provided for by applicable law), except for registrations, filings, giving of notices or recordings contemplated by paragraph 8.1 of this Schedule 4 or as described in definition of "Required Filings" in Clause 1.1 (Definitions) or Schedule 2 (Conditions Precedent). 

		
	8.3
	As of the Fifth Amendment Effective Date, except such as may have been filed in favour of the Security Agent as contemplated by paragraph 8.1 of this Schedule 4 or as set forth in Schedule 2 (Conditions Precedent), no effective UCC financing statement, fixture filing or other instrument similar in effect covering all or any part of the Project Security is on file in any filing or recording office in the United States of America or elsewhere.

		
	9.
	No Existing Defaults

		
	9.1
	No Event of Default has occurred which is continuing.

		
	9.2
	None of the Obligors, or, to the Company's knowledge, the Performance Bond Provider or any other Major Project Participant is in default under or with respect to any of its material Contractual Obligations under any of the Transaction Documents to which it is a party, which default (in the case only of a Major Project Participant other than an Obligor) could reasonably be expected to have a Material Adverse Effect.

		
	10.
	Taxes

		
	10.1
	Each of the Obligors has filed, or caused to be filed, all tax and informational returns that are required to have been filed by it (taking into account any grace periods granted in respect thereof) in any jurisdiction and all such tax and informational returns are correct and complete in all material respects.  Each of the Obligors has paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by it, to the extent the same have become due and payable (other than (a) those taxes that it is contesting in good faith and by appropriate proceedings and (b) those taxes not yet due, provided that with respect to each of sub-paragraph (a) and (b) of this paragraph 10.1, it has established reserves therefor in amounts that are adequate for the payment thereof and are required by applicable GAAP. 

		
	10.2
	None of the Obligors has incurred any material tax liability in connection with Wynn Macau or the Cotai Project or the other transactions contemplated by the Transaction Documents which has not been disclosed in writing to the Intercreditor Agent, including as disclosed in the financial statements delivered to the Intercreditor Agent under this Agreement.

		
	10.3
	There are no Liens for Taxes on any of the Properties of any of the Obligors other than Liens permitted pursuant to paragraph 3(a) of Part B of Schedule 5 (Covenants) hereto.

		
	10.4
	The Company is resident only in its jurisdiction of incorporation for Tax purposes. 

		
	10.5
	It is not required to make any Tax Deduction from any payment it may make under any Senior Finance Document to a Senior Secured Creditor. 

		
	11.
	Business, Debt, Etc.

The Obligors have not conducted any business other than a Permitted Business and the Substitution. The Obligors have no place of business outside the Macau SAR except (in the case of the Company) as otherwise permitted under Part B of Schedule 5 (Covenants) or, in the case of any other Obligor, outside its jurisdiction of incorporation. No Obligor has any outstanding Financial Indebtedness other than (in the case of the Company) Permitted Financial Indebtedness or (in the case of any other Obligor) as permitted by the Senior Finance Documents to which it is a party. 
		
	12.
	Environmental Laws

		
	12.1
	Each Obligor is in compliance with all applicable material Environmental Laws in all material respects and, so far as it is aware, there are no circumstances that could at any time be reasonably expected to prevent or interfere with such compliance. 

		
	12.2
	No Environmental Claim has been made which has not been fully discharged, released, satisfied or withdrawn, except for any Environmental Claim that would not have, or would not reasonably be expected to have, a Material Adverse Effect.

		
	12.3
	As at the Fifth Amendment Effective Date: 

		
	(a)
	each Obligor has obtained all Environmental Licences required for the carrying on of its business as currently conducted and has complied with the terms and conditions of such Environmental Licences except where, in each case, the failure to have so obtained or complied would not constitute a Material Adverse Effect; and

		
	(b)
	there are no past or present acts, omissions, events or circumstances that would form, or are reasonably likely to form, the basis of any Environmental Claim against any Obligor that in either case would have, or would reasonably be expected to have, a Material Adverse Effect.

		
	12.4
	There are, to its knowledge, no circumstances that may prevent or interfere in any material respect with the compliance of each Obligor with the terms and conditions of all Environmental Licenses required for the carrying on of that Obligor's business.

		
	13.
	[Not Used]

		
	14.
	[Not used]

		
	15.
	Sufficiency of Funds

As of the first day of each Fiscal Quarter of the Company and as of each Advance Date, the Company has sufficient Funds to operate its business as it is then conducted and pay its debts when due.
		
	16.
	Sufficiency of Interests and Major Project Documents

		
	16.1
	The Company (or, prior to a Permitted Cotai Reorganisation and in the case of the Cotai Site, Palo) is the sole legal and beneficial owner of, and has good title to, or has a valid leasehold interest in, the land comprised in the Site and the Cotai Site, and each Obligor has good and valid title to, or a valid license or leasehold interest in, and all appropriate authorisations to use all its Property necessary to conduct its business. None of the Pledged Stock is subject to any Lien except for Permitted Liens.

		
	16.2
	Each Major Project Document (excluding any Resort Management Agreements) is in full force and effect, enforceable against the Persons party thereto in accordance with its terms, subject only to bankruptcy and similar laws and principles of equity and except for any such Major Project Document that has expired by its terms. 

		
	17.
	Intellectual Property

Each Obligor owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. The use by the Company of the Intellectual Property related to or otherwise associated with the Company's use of the "Wynn" name does not infringe on the rights of any Person. The use by the Company of Intellectual Property other than Intellectual Property related to or otherwise associated with the Company's use of the "Wynn" name, does not infringe on the rights of any Person, except where such infringement, individually or collectively, would not reasonably be expected to have a Material Adverse Effect.
		
	18.
	[Not Used] 

		
	19.
	Fees and Enforcement

Other than amounts that have been paid in full or will have been paid in full by the Fifth Amendment Effective Date, no fees or taxes, including stamp, transaction, registration or similar taxes, are required to be paid for the legality, validity or enforceability of any of the Transaction Documents then in effect.
		
	20.
	ERISA

		
	(a)
	There are no Plans. 

		
	(b)
	Assuming that the sources of funds for any credit extended hereunder does not constitute "plan assets" (within the meaning of section 3(42) of ERISA) of any employee benefit plan subject to Title I of ERISA or any plan subject to Section 4975 of the Code, neither the execution of the Transaction Documents nor the consummation of the transactions contemplated thereby will involve a "prohibited transaction" with respect to any such plans within the meaning of section 406 of ERISA or section 4975(c) of the Code which is not exempt under section 408 of ERISA or under section 4975(d) of the Code.

		
	21.
	Subsidiaries and Beneficial Interest

		
	21.1
	The Company 

		
	(a)
	As of the Fifth Amendment Effective Date, the Executive Director legally and beneficially owns 20,010 Class A Shares (as defined in the Governing Documents of the Company), representing 10% of the total issued share capital and 10% of the Voting Stock of the Company;

		
	(b)
	As of the Fifth Amendment Effective Date, Wynn HK, a company incorporated in the Hong Kong SAR, legally and beneficially owns 102,000 Class B Shares (as defined in the Governing Documents of the Company), representing 51% of the total issued share capital and 51% of the Voting Stock of the Company; and

		
	(c)
	As of the Fifth Amendment Effective Date, Wynn International, a company incorporated in the Isle of Man,  legally and beneficially owns 78,000 Class C Shares (as defined in the Governing Documents of the Company), representing 39% of the total issued share capital and 39% of the Voting Stock of the Company.

		
	21.2
	Wynn HK 

As of the Fifth Amendment Effective Date, Wynn Holdings, a company incorporated in the Isle of Man, legally and beneficially owns 99% and beneficially owns 1%, and Wynn International, as nominee of Wynn Holdings, legally owns 1%, of the total issued share capital of Wynn HK.
		
	21.3
	Wynn Holdings

As of the Fifth Amendment Effective Date, Wynn International legally and beneficially owns 100% of Wynn Holdings.
		
	21.4
	Wynn International

As of the Fifth Amendment Effective Date, Wynn Asia 2, a company incorporated in the Cayman Islands, legally and beneficially owns 100% of the total issued share capital of Wynn International.
		
	21.5
	Palo

As of the Fifth Amendment Effective Date, the Company legally and beneficially owns 99.8%, and Wynn International and Wynn HK each legally and beneficially own 0.1%, of the total issued share capital of Palo.
		
	21.6
	Save as provided by the Security Documents or the Executive Director Option Agreement or as otherwise permitted by the Senior Finance Documents, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors' qualifying shares) of any nature relating to any Capital Stock issued by any Obligor (other than any Capital Stock in Wynn Asia 2).  No Obligor has issued, or authorized the issuance of, any Disqualified Stock.

		
	22.
	Labour Disputes and Acts of God

		
	22.1
	There are no strikes, lockouts, stoppages, slowdowns or other labour disputes against any Obligor pending or, to the knowledge of each Obligor, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. 

		
	23.
	Liens

Except for Permitted Liens, none of the Obligors have secured or agreed to secure any Financial Indebtedness by any Lien upon any of their present or future revenues or other Properties or Capital Stock. None of the Obligors have outstanding any Lien or obligation to create Liens on or with respect to any of their Properties (including, without limitation, revenues), other than Permitted Liens and as provided in the Security Documents.   
		
	24.
	Title

Save, in the case of any such Property which, pursuant to the Security Documents, is expressed to be subject only to the floating charge granted pursuant to the Floating Charge, to the extent such floating charge has not been consolidated and the absence of such title could not reasonably be expected to have a Material Adverse Effect, each of the Obligors owns and has good, legal and beneficial title to the Property upon which it purports to grant Liens pursuant to the Security Documents, free and clear of all Liens, except Permitted Liens. 
		
	25.
	[Not Used]

		
	26.
	Location of Accounts and Records

The Company's (and each of its Subsidiaries') books of accounts and records are located at the Company's principal place of business in the Macau SAR. 
		
	27.
	Solvency

Each Obligor is, and after giving effect to:
		
	(a)
	the incurrence of all Financial Indebtedness;

		
	(b)
	the use of the proceeds of such Financial Indebtedness (including, in the case of the Company, the use of proceeds of Advances made under the Senior Finance Documents); and

		
	(c)
	obligations being incurred in connection with the Transaction Documents,

will be and will continue to be Solvent.
		
	28.
	[Not Used]

		
	29.
	No subsidiaries

Save as permitted hereunder, other than Palo, the Company has no subsidiaries and does not legally or beneficially own any Capital Stock in any Person.
		
	30.
	Pari Passu 

The payment obligations under the Senior Finance Documents of each of the Obligors rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except for obligations mandatorily preferred by law applying to companies generally.
		
	31.
	Insurance

As at the Fifth Amendment Effective Date: 
		
	(a)
	the Company and Palo are each insured by insurers of recognised financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are each engaged; 

		
	(b)
	there is no outstanding insured loss or liability incurred by either the Company or Palo which is US$10,000,000 (or its equivalent) or more which is not expected to be covered to the full extent of that loss or liability;

		
	(c)
	there has been no non-disclosure, misrepresentation or breach of any term of any material Insurance which would entitle any insurer of that Insurance to repudiate, rescind or cancel it or to treat it as avoided in whole or in part or otherwise decline any valid claim under it by or on behalf of any Obligor or member of the Group; and

		
	(d)
	the Company is not aware of any insurer of any material Insurance being in run-off or having entered into any insolvency proceedings which are still pending or current.

		
	32.
	Fiscal Year

The fiscal year of each of the Obligors ends on 31 December of each calendar year.
		
	33.
	Accuracy of Information, etc.

As of the Fifth Amendment Signing Date, or, in the case of the Information Memorandum, the date thereof, no statement or information contained in any document, certificate or written statement furnished to any Senior Secured Creditor, by or on behalf of any Obligor for use in connection with the transactions contemplated by any of the Senior Finance Documents, contained (when, in the case of any such document, certificate or written statement, read as a whole with all such documents, certificates and written statements furnished on or prior to the Fifth Amendment Signing Date to such Senior Secured Creditor) any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein not misleading. As of the Fifth Amendment Signing Date, or, in the case of the Information Memorandum, the date thereof, the  projections and pro forma financial information contained in the materials referenced above (including the Projections) are based upon good faith estimates and assumptions believed by management of the Obligors to be reasonable at the time made, it being recognized by the Senior Secured Creditors that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. As of the Fifth Amendment Signing Date, there are no facts known to any Obligor that could, individually or collectively, reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed in the Senior Finance Documents or in any other documents, certificates and written statements furnished to the Senior Secured Creditors for use in connection with the transactions contemplated by the Senior Finance Documents.
		
	34.
	Site and Site Easements

The Site, the material Site Easements and the current use thereof comply in all material respects with all applicable Legal Requirements, except where the failure to comply would not reasonably be expected to have a Material Adverse Effect. 
		
	35.
	Affiliate Agreements

On the Fifth Amendment Effective Date, each Affiliate Agreement in effect as of the Fifth Amendment Effective Date has been entered into on arm's length terms and for full market value (or better, for the relevant Obligor), in compliance with the Concession Contract and all other applicable Legal Requirements and otherwise in compliance with the terms hereof.
		
	36.
	Wynn Asia 2

As of the Fifth Amendment Effective Date, Wynn Asia 2 has not carried on any business other than holding shares in Wynn International, entering into the Senior Finance Documents as a Wynn Obligor, entering into all agreements that are necessary or desirable for the purpose of (i) maintaining its corporate status (including without limitation agreements for the appointment of lawyers and auditors), (ii) the Substitution and (iii) complying with its obligations under the Finance Documents (as defined in the Deed of Appointment and Priority) (including without limitation the appointment of process agents).
		
	37.
	[Not Used]

		
	38.
	[Not Used]

		
	39.
	[Not Used]

		
	40.
	Development Account

As of the date of each withdrawal from a Development Account, the Company (and/or Palo, as the case may be) has incurred costs or expended funds on the development of the Cotai Project (or will immediately upon the making of such withdrawal, have expended funds on the development of the Cotai Project) in an amount at least equal to the aggregate amount of all withdrawals from the Development Accounts (other than a withdrawal of funds for the immediate transfer of those funds to another Development Account). For the purposes of this paragraph 40, costs incurred or funds expended on the development of the Cotai Project include, but are not limited to, costs and expenses related to design, development, land acquisition, construction, site preparation, equipping, pre-opening expenses and capitalized interest.  

Schedule 5     
COVENANTS
Part A     
Affirmative Covenants
The Company shall:
		
	1.
	Financial Statements - Furnish to the Intercreditor Agent:

		
	(a)
	not later than 90 days after the end of each Fiscal Year, a copy of the audited balance sheets (on a consolidated basis) of the Company prepared in accordance with IFRS, as at the end of such Fiscal Year and the related audited statements of income and of cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, reported on without a "going concern" or like qualification or exception, or qualification arising out of the scope of the audit, by the Auditors and prepared (in the case of the Company) for the Restricted Group only and without taking account of any contribution from any amounts derived from or under (i) the grant of any Subconcession, (ii) any Resort Management Agreement or (iii) any Excluded Project or Excluded Subsidiary; and 

		
	(b)
	not later than 45 days after the end of each Fiscal Quarter of each Fiscal Year, the unaudited (on a consolidated basis) balance sheets of the Company prepared in accordance with IFRS, as at the end of such quarter and the related unaudited statements of income and of cash flows for such quarter and the portion of the Fiscal Year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year and prepared (in the case of the Company) for the Restricted Group only and without taking account of any contribution from any amounts derived from or under (i) the grant of any Subconcession, (ii) any Resort Management Agreement or (iii) any Excluded Project or Excluded Subsidiary.

All such financial statements shall be fair in all material respects (in the case of financial statements delivered pursuant to sub-paragraph (b) of this paragraph 1, subject to normal year-end audit adjustments) and were prepared in accordance with applicable GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such Auditors or Responsible Officer, as the case may be, and disclosed therein). 
		
	2.
	Certificates; Other Information - Furnish to the Intercreditor Agent:

		
	(a)
	concurrently with the delivery of any financial statements pursuant to paragraph 1 of this Part A:

		
	(i)
	a certificate of a Responsible Officer of the Company certifying that the statement is fair in all material respects (subject, where relevant, to normal year-end audit adjustments);

		
	(ii)
	a certificate of a Responsible Officer of the Company stating that, to the best of each such Responsible Officer's knowledge, the Company during such period has observed or performed all of its material covenants and other agreements, and that such Responsible Officer has obtained no actual knowledge of any Default except as specified in such certificate;

		
	(iii)
	when applicable, in the case of quarterly or annual financial statements, a Compliance Certificate containing all information and calculations necessary for determining compliance by the Obligors with the provisions of this Agreement as of the last day of the applicable Fiscal Quarter or Fiscal Year, as the case may be; and

		
	(iv)
	in the case of the Company, a list of each of its Accounts; and

		
	(b)
	for each calendar month during the period up to and including the first calendar month in which the Cotai Opening Date has occurred, deliver to the Facility Agents and the Intercreditor Agent, within 45 days following the end of the relevant calendar month, a status report for the Cotai Project in reasonable detail. 

		
	(c)
	no later than March 1 of each Fiscal Year, projections (the "Projections") of the Company and the Restricted Group for such Fiscal Year, including a projected balance sheet of the Company as of the end of such Fiscal Year and the related statements of projected cash flow and profit and loss and the assumptions supporting such Projections and prepared on a consolidated basis for the Restricted Group and without taking account of any contribution from any amounts derived from or under (i) the grant of any Subconcession, (ii) any Resort Management Agreement or (iii) any Excluded Project or Excluded Subsidiary and, no less frequently than quarterly, significant revisions, if any, of such Projections with respect to such Fiscal Year, which Projections shall in each case be accompanied by a certificate of a Responsible Officer of the Company stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect and which such Projections shall demonstrate compliance with paragraph 1 of Part B of this Schedule (and, where applicable pursuant to the other terms of this Agreement, including or, as the case may be, taking into account any Contribution as further contemplated by (and as set out in) paragraph (d) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions));

		
	(d)
	promptly, and in any event within ten Business Days after any Major Project Document is terminated (save upon expiration in accordance with its terms) or amended (save in respect of amendments of a purely administrative or mechanical nature which do not, in each case, adversely affect the interests of any of the Secured Parties) or any new Major Project Document is entered into (other than, in each case, any Resort Management Agreement), or upon becoming aware of any material default by any Person or the occurrence of any event under a Major Project Document (other than, in each case, any Resort Management Agreement) which, with the expiry of any grace period, the giving of notice or the making of any determination provided thereunder, or any combination of the foregoing, would give rise to a right to terminate (a "Termination Event"), a written statement describing such event with copies of such amendments or new Major Project Document and, with respect to any such terminations or material defaults, an explanation of any actions being taken by the Company with respect thereto; 

		
	(e)
	promptly, and in any event within 30 days of the end of each Fiscal Year, deliver to the Intercreditor Agent a certificate certifying that the insurance requirements of  paragraph 10 or Part A of Schedule 5 (Covenants) have been implemented and are being complied with;

		
	(f)
	[Not used]; 

		
	(g)
	a copy of each written notice which is given under or pursuant to the Concession Contract, the Land Concession Contract or the Cotai Land Concession Contract by the Macau SAR to the Company (other than any administrative or routine notice which could not reasonably be expected to be prejudicial to the interests of the Secured Parties) promptly upon receipt of such notice;

		
	(h)
	at the same time as the giving of any written notice under or pursuant to the Concession Contract, the Land Concession Contract or the Cotai Land Concession Contract by the Company to the Macau SAR (other than any administrative or routine notice which could not reasonably be expected to be prejudicial to the interests of the Secured Parties), a copy of such notice; and

		
	(i)
	promptly, such additional financial and other information as the Intercreditor Agent may from time to time reasonably request.

		
	3.
	[Not used]

		
	4.
	[Not used]

		
	5.
	[Not used]

		
	6.
	Management Letters - Deliver to the Intercreditor Agent a copy of any "management letter" or other similar communication received by the Company or any other Obligor from the Auditors in relation to the Company's or any other Obligor's financial, accounting and other systems, management or accounts.

		
	7.
	[Not used]

		
	8.
	Payment of Obligations - To the extent not otherwise subject to valid subordination, standstill, intercreditor or similar arrangements, pay, discharge or otherwise satisfy (and ensure each other Obligor shall pay, discharge or otherwise satisfy) at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate (under the circumstances) proceedings and reserves in conformity with applicable GAAP with respect thereto have been provided on the books of the Company (and, where relevant, such other Obligor).  

		
	9.
	Conduct of Business and Maintenance of Existence, etc.

		
	(a)
	Preserve, renew and keep in full force and effect (and ensure each other Obligor shall preserve, renew and keep in full force and effect) its corporate or limited liability company existence and remain a Subsidiary of Wynn Resorts;

		
	(b)
	take all reasonable action to maintain all rights, privileges, franchises, Permits and licenses necessary (and ensure each other Obligor shall take all reasonable action to maintain all rights, privileges, franchises, Permits and licenses necessary) in the normal conduct of its business, except to the extent that failure to do so could not (individually or in the aggregate) reasonably be expected to have a Material Adverse Effect; and

		
	(c)
	engage only in the businesses which are Permitted Businesses.

		
	10.
	Insurance and Property

		
	10.1
	Keep (and ensure each other Obligor shall keep) all material Property and systems useful and necessary in its business in good working order and condition, ordinary wear and tear excepted.

		
	10.2
	Ensure (and, where applicable, ensure Palo shall ensure) that its or their Insurances: 

		
	(a)
	are materially consistent with the Insurances in place as at the Fifth Amendment Effective Date, provided that such Insurances may be modified consistent with the availability of coverage in the international insurance market on reasonable commercial terms;

		
	(b)
	cover all risks that are required to be insured against under any applicable law or regulation; and

		
	(c)
	cover all risks which a prudent owner would insure against (as reasonably determined by the Company).

		
	10.3
	Ensure (and, where applicable, procure that Palo will ensure) that the Insurances are with, or it (or, where applicable or as the case may be, Palo) has ultimate recourse in respect of all insured losses under the Insurances to, an insurance company or underwriter which is of international standing and is not a captive insurer which is a member of the Restricted Group or an Obligor.

		
	10.4
	Ensure (and procure that each member of the Restricted Group will ensure) that its (and, where applicable, Palo's Insurances):

		
	(d)
	insure every tangible asset for its full replacement value (less any deductibles in accordance with the terms of the Insurances); and

		
	(e)
	in the case of any other asset or risk, provide cover up to a limit which a prudent owner would buy (as reasonably determined by the Company).

		
	10.5
	Ensure (and, where applicable, procure that Palo will ensure) that the Insurances taken out in respect of Wynn Macau and the Cotai Project comply with the following requirements:

		
	(a)
	the Company (and, if appropriate or applicable, Palo) must each be insured for its own insurable interest or, where appropriate, jointly insured, and separately from any other insured party, on a basis that:

		
	(i)
	any non-disclosure, misrepresentation or breach by or on behalf of any one insured party will not prejudice the cover of any other insured party; and

		
	(ii)
	insurers waive any and all rights of subrogation against the Company, any Obligor and any Secured Party;

		
	(b)
	the Company and, if appropriate or applicable, Palo must each be entitled to claim directly for any insured loss suffered by it;

		
	(c)
	the Company and, if appropriate or applicable, Palo must use reasonable endeavours to ensure that (at each applicable time) its insurance broker delivers a broker's letter of undertaking (substantially in the form delivered to the Intercreditor Agent by the Company prior to the Fifth Amendment Effective Date) on or before the expiry of the previously delivered broker's letter of undertaking, in substantially the same form as that previously delivered;

		
	(d)
	the Company and, if appropriate or applicable, Palo must each be free to assign all amounts payable to it under each of its or their Insurances and all its or their rights in connection with those amounts in favour of the Security Agent as agent and trustee for the Secured Parties; and

		
	(e)
	no limits of cover purchased under any Insurance are to be capable of being eroded below the limits which a prudent owner would maintain by reason of claims from Persons who are not Palo or the Company.

		
	10.6
	Ensure that it will (and, if appropriate or applicable, procure that Palo will):

		
	(a)
	promptly pay (or procure payment of) all premiums and do anything which is necessary to keep each of its Insurances in full force and effect for the term of the Insurances; 

		
	(b)
	not do or allow anything to be done which may (and promptly notify the Intercreditor Agent of any event or circumstance which does or is reasonably likely to) entitle any insurer of any of its Insurances to repudiate, rescind or cancel it or to treat it as avoided in whole or in part or otherwise decline any valid claim under it by or on behalf of the Company or, as the case may be, Palo;

		
	(c)
	promptly notify the Intercreditor Agent of any event or occurrence giving rise to any aggregate loss or liability in excess of US$10,000,000 (or its equivalent) in respect of which any member of the Restricted Group is entitled to make one or more claim under any Insurance;

		
	(d)
	keep the Intercreditor Agent advised of the progress of any such claim; and

		
	(e)
	not compromise or settle any claim for less than the amount claimed without the prior consent of the Intercreditor Agent where the aggregate loss or liability in respect of the event or occurrence concerned is more than US$50,000,000 (or its equivalent).

		
	10.7
	Ensure (and, if appropriate or applicable, shall ensure Palo will ensure) that each of the Direct Insurers grants an assignment in favour of the Security Agent on behalf of the Secured Parties, over all of its rights, title and interest in any Reinsurance held from time to time and/or the Reinsurance proceeds (other than relating to any public liability, third party liability or legal liability insurance or any other insurances the proceeds of which are payable to employees of the Company or Palo).  Each assignment shall at all times be in the form of the Assignment of Reinsurances dated on or about the date of this Agreement unless otherwise agreed by the Security Agent (acting on the instructions of the Intercreditor Agent).

		
	10.8
	Ensure that each such Direct Insurer gives notice to each Reinsurer with whom it has effected such Reinsurance in the form set out in Part 1 of Schedule 2 to the Assignment of Reinsurances and shall procure an acknowledgement from each such Reinsurer in the form set out in Part 2 of Schedule 2 to the Assignment of Reinsurances or such other form reasonably acceptable to the Security Agent.

		
	10.9
	For the purposes of this paragraph 10, if the Company or, where applicable, Palo (as the case may be) fails to maintain any contract of insurance which it is required to maintain under this Agreement in respect of Wynn Macau and the Cotai Project, the Intercreditor Agent may purchase the requisite insurance on its behalf.  The Company or, where applicable, Palo (as the case may be) must immediately pay the costs and expenses of the Intercreditor Agent or any of its agents incurred in the purchase of that insurance.

		
	10.10
	For the purposes of this paragraph 10:

		
	(a)
	a "prudent owner" means a prudent owner and operator of any business, and of assets of a type and size, similar in all cases to those owned and operated by (in respect of Wynn Macau) the Company and (in respect of the Cotai Project) the Company and (prior to any Permitted Cotai Reorganisation) Palo in a similar location; 

		
	(b)
	"replacement value" means the cost of entirely rebuilding, reinstating or replacing the relevant asset if it is completely destroyed, together with all related fees and demolition costs; and

		
	(c)
	Insurance (the "new Insurance") shall be on reasonable commercial terms if (without prejudice to any other terms that may be commercially reasonable) the premium payable in respect of the new Insurance is not more than 125 per cent. of the premium paid by the Company or Palo (as the case may be) for the Insurance covering the same risks as the new Insurance in the immediately preceding year.

		
	11.
	Inspection of Property; Books and Records; Discussions

		
	(f)
	Keep (and ensure each other Obligor shall keep) proper books of records and account in which full, true and correct entries in conformity with applicable GAAP and all Legal Requirements. 

		
	(g)
	Subject to any Macau Gaming Laws, data protection laws or other applicable Legal Requirements restricting such actions and, where no Event of Default has occurred which is continuing, prior reasonable request and notice, procure (and ensure each other Obligor procures) that each of the Agents or their respective nominees (for purposes of this paragraph (b), each a "Relevant Person") be allowed reasonable rights of inspection and access during normal business hours to the Site, the Cotai Site, the Cotai Project, the Auditors and other Company and Obligor officers, the Company's and each other Obligor's accounting books and records and any other documents relating to the Company or Palo (or their respective businesses or assets) as they may reasonably require, and so as not unreasonably to interfere with the operations of the Company and to take copies of any documents inspected. Any information and documents made available for inspection by a Relevant Person pursuant to this paragraph (b) shall be made available subject to customary confidentiality undertakings being executed by such Relevant Person.

		
	(h)
	For all expenditures with respect to which Advances under the Term Loan Facilities are made, the Company shall retain, until at least three years after delivery of the last report specified in paragraph 2(b) of this Part A for the Fiscal Year in which the last Advance was made under the Term Loan Facilities, all records and other documents evidencing such expenditures as are required hereunder to be attached to an Advance Request made in respect of any Term Loan Facility.

		
	12.
	Notices - Promptly give notice to the Intercreditor Agent of:

		
	(a)
	the occurrence of any Default; 

		
	(b)
	unless already notified pursuant to paragraph 2(d) of this Part A, any notice of termination (other than expiration in accordance with the terms thereof), any notice of default sent or received by an Obligor or any Termination Event, in each case under any Major Project Document;

		
	(c)
	(i) any fact, circumstance, condition or occurrence at, on, or arising from, any of the Site or the Site Easements that results in non-compliance with any Environmental Law that has resulted or could reasonably be expected to result in a Material Adverse Effect or result in any liability for any Senior Secured Creditor, and (ii) any Environmental Claim pending or, to the Company's or any other Obligor's knowledge, threatened against the Company or any other Obligor or, to the Company's or any other Obligor's knowledge, pending or threatened against any contractor or any subcontractor arising in connection with its occupying or conducting operations on or in respect of Wynn Macau, the Cotai Project, the Site or the Site Easements which, in connection with any of the forgoing matters specified in this sub-paragraph (c)(ii), could reasonably be expected to have a Material Adverse Effect or result in any liability for any Senior Secured Creditor;

		
	(d)
	any change in the Responsible Officers of the Company or any other Obligor, and such notice shall include a certified specimen signature of any new officer so appointed and, if requested by any Facility Agent or the Intercreditor Agent, evidence of the authority of such new Responsible Officer;

		
	(e)
	[Not used]

		
	(f)
	[Not used]

		
	(g)
	[Not used]

		
	(h)
	any (i) default or event of default (or alleged default) by the Company or any other Obligor under any Major Project Document or (ii) litigation, investigation or proceeding which may exist at any time between the Company or any other Obligor and any Governmental Authority, that in either case, could reasonably be expected to have a Material Adverse Effect; 

(i)    
		
	(i)
	within twenty days after the Company receives actual notice of a Proceeding or Proceedings instigated or threatened in writing involving an alleged liability of, or claims against or affecting, the Company, Wynn HK, Wynn International, Wynn Asia 2 or any other Obligor where any such Proceeding has, or may reasonably be expected to have, a Material Adverse Effect; or 

		
	(ii)
	upon any officer of the Company or any other Obligor obtaining knowledge thereof, the instigation or written threat of any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration against or affecting the Company or any other Obligor, or any Property of the Company or any other Obligor (collectively, "Proceedings") not previously disclosed in writing by the Company to the Lenders (including pursuant to paragraph (i)(i) above) that, in any case (i) is reasonably likely to give rise to a Material Adverse Effect or (ii) seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions under the Transaction Documents, or any material development in any such Proceeding; 

		
	(j)
	[Not used]

		
	(k)
	[Not used]; and

		
	(l)
	any development or event that has had or could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this paragraph shall be accompanied by a statement of a Responsible Officer of the Company setting forth reasonable details of the occurrence referred to therein and stating what action the Company and/or the relevant Obligor proposes to take with respect thereto.
		
	13.
	Environmental Laws; Permits

		
	13.1
	[Not used]

		
	13.2
	Comply (and ensure each other Obligor complies) with all applicable Environmental Laws and Environmental Licences (save for any failure to comply that could not reasonably be expected to have a Material Adverse Effect). 

		
	13.3
	Provide copies of any notices from any Governmental Agency of non-compliance with any material Environmental Law or Environmental Licence and any notices of any material Environmental Claims to the Intercreditor Agent.

		
	13.4
	Deliver to the Intercreditor Agent with reasonable promptness, such other documents and information as from time to time may be reasonably requested by the Intercreditor Agent in relation to any matters disclosed pursuant to this paragraph 13.

		
	14.
	Hedging

Comply with the Hedging Arrangements and not enter (and ensure no other Obligor enters into) into any other Swap Agreement or derivative transaction other than any Permitted Swap Transaction and the Hedging Arrangements.
		
	15.
	Additional Collateral, Discharge of Liens, etc.

		
	15.3
	With respect to any Property acquired by the Company or any other Obligor after the Fifth Amendment Signing Date as to which the Senior Secured Creditors do not have a perfected security interest, subject to compliance with applicable Macau Gaming Laws and restrictions on the grant of Liens permitted pursuant to paragraph 3 of Part B of this Schedule, promptly:

		
	(a)
	execute and deliver (and ensure each other Obligor executes and delivers) to the Intercreditor Agent such amendments to the Security Documents or execute and deliver such other documents as the Intercreditor Agent, acting reasonably, deems necessary or advisable to grant to the Senior Secured Creditors a security interest in such Property; and 

		
	(b)
	take all actions necessary or advisable to grant to the Senior Secured Creditors a perfected first priority security interest in such Property (subject to Permitted Liens).  

In addition to the foregoing, in the event any such Property acquired after the Fifth Amendment Signing Date consists of land or other Property with respect to which a recording or registration in the real property or other records of an appropriate jurisdiction is required or advisable in order to perfect a security interest therein, promptly (and, in any event, within 30 days following the date of such acquisition):
		
	(i)
	execute and deliver (and ensure each other Obligor executes and delivers) a mortgage, substantially in the form of the Mortgage (with such modifications, if any, as are necessary to comply with Legal Requirements that the Security Agent may reasonably request), such mortgage to be recorded in the real property records of the appropriate jurisdiction, or execute and deliver to the Security Agent for recording a supplement to the Mortgage, in either case pursuant to which the Company or other Obligor grants to the Senior Secured Creditors a Lien on such Property subject only to Permitted Liens; and

		
	(ii)
	execute and/or deliver (and ensure each other Obligor executes and/or delivers) such other documents or provide such other information in furtherance thereof as the Security Agent may reasonably request, including delivering documents and taking such other actions which would have been required pursuant to Clause 2 (Conditions Precedent) if such Property were part of the Project Security at the CP Satisfaction Date.

		
	15.4
	Notwithstanding anything to the contrary in this paragraph 15, sub-paragraph 15.1 shall not apply to: 

		
	(i)
	any Property created or acquired after the Fifth Amendment Signing Date, as applicable, as to which the Intercreditor Agent has reasonably determined that the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining or maintaining a perfected security interest therein;

		
	(ii)
	any Subconcession proceeds or any Property purchased with Subconcession proceeds (which is neither comprised in Wynn Macau or the Cotai Project nor necessary or desirable to ensure the full benefit of Wynn Macau or the Cotai Project to the Company);

		
	(iii)
	any works of art, antiquities, precious stones, precious metals or other similar assets (which are not of a type that will become affixed to the Site or, as the case may be, the Cotai Site Facilities such that the removal thereof could reasonably be expected to materially interfere with the ongoing ordinary course of operations of Wynn Macau or, as the case may be, the Cotai Project); 

		
	(iv)
	any Property comprised in or derived from Resort Management Agreements (which is neither comprised in Wynn Macau or the Cotai Project nor necessary or desirable to ensure the full benefit of Wynn Macau or the Cotai Project to the Company save for amounts received by the Company or another Obligor in respect of any Excluded Project located on the Cotai Site and the entry into or performance of obligations under, any Cotai Resort Management Agreement); or

		
	(v)
	stock or other ownership interests in Excluded Subsidiaries and Excluded Projects.  

		
	15.5
	Notwithstanding anything to the contrary in this paragraph 15 or the Senior Finance Documents, (unless otherwise agreed by the Company and the Intercreditor Agent or the Security Agent) neither the Company nor Palo shall at any time be required to grant any Lien over its rights under any contract for the design, development, construction, operation or maintenance of the Cotai Project entered into between a contractor (or an equipment supplier or a service provider) and the Company or Palo, as the case may be.

		
	15.6
	Notwithstanding anything to the contrary in this paragraph 15 or the Senior Finance Documents, the Company shall not (and no Obligor shall) at any time be required to grant, create, incur or assume any Lien over any Property or assets described in and set forth in paragraph 15.2 above.

		
	16.
	Use of Proceeds and Revenues

		
	16.1
	Use the proceeds of each of the Facilities only for the purposes specified or allowed in this Agreement and the Facility Agreement relating to such Facility.

		
	16.2
	Ensure that all of its funds and those of any other Obligor and all other amounts received by it or any other Obligor (other than (i) any Subconcession proceeds or amounts received by the Company or another Obligor in respect of any Excluded Subsidiaries or Excluded Projects or its entry into, or performance of its obligations under, any Resort Management Agreement (but including amounts received by the Company or another Obligor in respect of any Excluded Project located on the Cotai Site and the entry into, or performance of obligations under, any Cotai Resort Management Agreement) and (ii) any Excluded Amounts paid into an Excluded Account) are deposited into any Account or combination of Accounts and otherwise in accordance with the provisions of this Agreement and that it and each other Obligor otherwise complies with Schedule 6 (Accounts).

		
	17.
	Compliance with Laws, Major Project Documents, etc.; Permits

		
	17.1
	Comply (and ensure that each Obligor, each member of the Group and each Excluded Subsidiary complies) in all material respects with all material Legal Requirements (including, without limitation, all Anti-Terrorism Laws, Money Laundering Laws and Anti-Bribery Laws), and its Governing Documents. 

		
	17.2
	Comply (and ensure each other Obligor complies), duly and promptly, in all material respects with its material obligations and enforce all of its material rights under all Major Project Documents, except in the case of any Resort Management Agreement, where the failure to comply could not reasonably be expected to threaten the Concession Contract, the Cotai Land Concession Contract or the Land Concession Contract.

		
	17.3
	From time to time obtain, maintain, retain, observe, keep in full force and effect and comply (and ensure that each other Obligor and each other member of the Restricted Group complies) in all material respects with the terms, conditions and provisions of all Permits made or issued by or with a Governmental Authority as shall now or hereafter be necessary under applicable laws. 

		
	17.4
	Comply (and ensure each Obligor complies) with all Legal Requirements related to the Land Concession Contract, the Cotai Land Concession Contract and the Concession Contract.

		
	18.
	Pari Passu Ranking - Procure that the obligations of the Company and each other Obligor under the Senior Finance Documents do and shall rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except for obligations mandatorily preferred by law applying to companies generally.

		
	19.
	Further Assurances - From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions, as any of the Intercreditor Agent or the Security Agent may reasonably request, for the purposes of implementing or effectuating the provisions of the Senior Finance Documents, or of more fully perfecting or renewing the rights of the Senior Secured Creditors with respect to the Project Security (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other Property acquired after the date of the Senior Finance Documents by the Company or any other Obligor which may be deemed to be part of the Project Security) pursuant to the Senior Finance Documents. Upon the exercise by the Intercreditor Agent, the Security Agent or any other Senior Secured Creditor of any power, right, privilege or remedy pursuant to any of the Senior Finance Documents which requires any consent, approval, notification, registration or authorisation of any Governmental Authority, the Company shall execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Intercreditor Agent, the Security Agent or such Senior Secured Creditor may reasonably be required to obtain from the Company or any other Obligor for such governmental consent, approval, notification, registration or authorisation.

		
	20.
	[Not used]

		
	21.
	[Not used]

		
	22.
	Preserving Project Security - Undertake and cause the other Obligors to undertake, all actions which are necessary or appropriate in the reasonable judgment of the Intercreditor Agent to:

		
	(a)
	maintain the Senior Secured Creditors' respective security interests under the Security Documents in the Project Security in full force and effect at all times (including the priority thereof); and

		
	(b)
	preserve and protect the Project Security and protect and enforce the Company's or, as the case may be, other Obligor's rights and title and the respective rights of the Senior Secured Creditor to the Project Security,

including the making or delivery of all filings and registrations, the payments of fees and other charges, the issuance of supplemental documentation, the discharge of all claims or other liens other than Permitted Liens adversely affecting the respective rights of the Senior Secured Creditors to and under the Project Security and the publication or other delivery of notice to third parties.
		
	23.
	[Not used] 

		
	24.
	Termination of Concession Contract - Notify the Intercreditor Agent promptly upon receiving:

		
	(a)
	notice of any formal consultations with the Macau SAR as contemplated by paragraph B1(c) of the Gaming Concession Consent Agreement in relation to any termination and cessation of the Concession Contract (but for the avoidance of doubt not including consultations relating to the potential extension of the Concession Contract);

		
	(b)
	notice of any formal consultations with the Macau SAR (i) as contemplated by paragraph C1 of the Land Concession Consent Agreement in relation to any termination or rescission of the Land Concession Contract or (ii) in relation to any termination or rescission of the Cotai Land Concession Contract (but for the avoidance of doubt not including consultations relating to the potential extension of the Land Concession Contract or the Cotai Land Concession Contract);

		
	(c)
	any notice from the Macau SAR pursuant to clause 3 of article 80 of the Concession Contract; or

		
	(d)
	any notice from the Macau SAR pursuant to clause 4 of article 80 of the Concession Contract,

and keep the Intercreditor Agent fully appraised thereof. 
		
	25.
	 [Not used]

		
	26.
	Sufficiency of Funds

Ensure that it together with each other Obligor has, at all times, sufficient Funds to operate its business as it is then conducted and pay its debts when due.
		
	27.
	Additional Obligors

		
	27.1
	Notwithstanding any other provision to the contrary in this Agreement or the other Senior Finance Documents, promptly (and in any case within 30 days of such formation, creation or acquisition) shall ensure that any newly formed, created or acquired (directly or indirectly) Subsidiary (other than any Excluded Subsidiary) of the Company or any other Obligor, agrees to be subject to the obligations under the terms of the Senior Finance Documents and to grant such Liens in respect of its Property as may be required by the terms of the Senior Finance Documents by:

		
	(a)
	giving not less than 5 Business Days prior written notice to the Intercreditor Agent (which shall promptly notify the Lenders) of such formation, creation or acquisition; 

		
	(b)
	the Company confirming that no Default is continuing or would occur as a result of the formation, creation or acquisition of such proposed Subsidiary or as a result of such proposed Subsidiary becoming an Obligor; and

		
	(c)
	delivering to the Intercreditor Agent all of the documents and other evidence required by it in relation to the relevant Subsidiary  (in form and substance reasonably satisfactory to the Intercreditor Agent), including (without limitation):

		
	(i)
	accession by the relevant Subsidiary to the Subordination Deed and the Guarantee; and

		
	(ii)
	any other documentation and evidence reasonably required by the Intercreditor Agent to ensure that the relevant Subsidiary makes such representations and warranties and is subject to such obligations under the terms of the Senior Finance Documents and grants such Liens in respect of its Property, 

in each case on such terms and by such instrument or combination of instruments as the Intercreditor Agent reasonably deems necessary or desirable; and provided that the Intercreditor Agent shall have informed the Company of all such documents and evidence to be required by the Intercreditor Agent within a reasonable time after receiving the notice set forth in paragraph 27.1(a).
		
	27.2
	The Intercreditor Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all the documents and other evidence referred to in paragraph 27.1(c) above.

		
	27.3
	Following the giving of any notice pursuant to paragraph 27.2 above, if the accession of such additional Obligor obliges the Intercreditor Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, promptly upon the request of the Intercreditor Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Intercreditor Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Intercreditor Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an additional Obligor.  

		
	28.
	Cotai Site Excluded Project

		
	28.1
	Ensure that to the extent any Excluded Project located on a portion of the Cotai Site is funded by the proceeds of any Advance, such funding is applied solely towards the financing or refinancing of the development costs incurred in relation to such Excluded Project (it being agreed that such development costs include, but are not limited to, costs and expenses related to design, development, land acquisition, construction, site preparation, equipping, pre-opening expenses and capitalized interest).  

		
	28.2
	Ensure that prior to the earlier of the entry into of any contract for and the commencement of the construction of an Excluded Project on a portion of the Cotai Site, the conditions set out in paragraphs (i) to (iii) (inclusive) of the definition of "Excluded Project" in Clause 1.1 (Definitions) are met and that such conditions continue to be met for the duration of the period during which such Excluded Project remains located on a portion of the Cotai Site. 

		
	29.
	Executive Director Substitutions

Procure that each of the steps set out in paragraphs (a) to (d) (inclusive) of the definition of "Executive Director Substitution" in Clause 1.1 (Definitions) occurs in relation to any Disposition by an Executive Director of any or all of the Executive Director Shares and that any cancellation of the Existing Executive Director Shares only occurs in connection with an Executive Director Substitution and the issuance of New Executive Director Shares to a New Executive Director.  
		
	30.
	Wynn Macau and the Cotai Project

Ensure that the Company continues to own and operate Wynn Macau and, after its construction, Palo, (or following a Permitted Cotai Reorganisation, the Company), continues to own and Palo and/or the Company continues to operate the Cotai Project, in each case, as integrated casino resorts. 
		
	31.
	OFAC 

		
	31.1
	Ensure that it (and each other Obligor and each member of the Group):

		
	(a)
	is not the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") or any other Sanctions;

		
	(b)
	is not located, organised or residing in any Designated Jurisdiction, or participating in or facilitating a transaction or business in a Designated Jurisdiction or, subject to the proviso in sub-paragraph (i) below, involving any Person who is the subject of Sanctions; and

		
	(c)
	subject to the proviso in sub-paragraph (ii) below, on the Fifth Amendment Effective Date, none of its directors, officers, agents, employees or affiliates (as defined in Rule 405 under the U.S. Securities Act of 1933, as amended) (a "relevant OFAC person") are the subject of any U.S. sanctions administered by OFAC or any other Sanctions,

provided that the Company will not (and no other Obligor will) be in breach of:
		
	(i)
	the relevant part of paragraph 31.1(b) above, if the relevant Obligor does not have knowledge or reason to believe that the relevant Person is the subject of Sanctions; or

		
	(ii)
	paragraph 31.1(c) above, if the relevant Obligor does not have knowledge or reason to believe that the relevant OFAC person is the subject of U.S. sanctions administered by OFAC or any other Sanctions on the Fifth Amendment Effective Date.

		
	31.2
	Ensure that it shall not (and no other Obligor or member of the Group or any Excluded Subsidiary shall) directly or indirectly use the proceeds of the Facilities, or lend, contribute or otherwise make available such proceeds to any other Person, for the purpose of financing the activities of any Person that, at the time of such financing, is the subject of any U.S. sanctions administered by OFAC or any other Sanctions, or in any Designated Jurisdiction.  

		
	31.3
	Without prejudice to paragraph 31.2 above, ensure that none of its funds or assets (and none of the funds or assets of any other Obligor, any member of the Group or any member of the Excluded Group) which are used to pay any amount due pursuant to this Agreement or any other Senior Finance Document shall constitute funds knowingly obtained from transactions with or relating to Designated Persons or Designated Jurisdiction.

		
	31.4
	Ensure that it (and each other Obligor and each member of the Group):

		
	(a)
	has in place customary procedures designed to identify if any of its (or any other Obligor's or any member of the Group's) directors, officers and agents, at the time of its engagement with or appointment of such relevant OFAC persons, is the subject of any U.S. sanctions administered by OFAC or any other Sanctions; and

		
	(b)
	will terminate its engagement with or appointment of any of its relevant OFAC person promptly upon it or any other Obligor or any member of the Group having knowledge of such relevant OFAC person being the subject of any U.S. sanctions administered by OFAC or any other Sanctions.

		
	32.
	FCPA

		
	32.1
	Ensure that it (and each other Obligor and each member of the Group):

		
	(a)
	does not; and 

		
	(b)
	subject the proviso at the end of this paragraph, none of its (and each other Obligor's and each member of the Group's) directors, officers, agents, employees or other Persons associated with or acting on behalf of any member of the Group (a "relevant FCPA person") shall,

use any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; make any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violate any provision of the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA") or make any bribe, rebate, payoff, influence payment, kickback or other unlawful payment prohibited under any applicable law or regulation equivalent to the FCPA (such law or regulation, together with the FCPA, being "Anti-Bribery Laws"), provided that (in the case of paragraph (b) above) an Obligor or member of the Group will not be in breach of this paragraph 32.1 if the relevant Obligor or member of the Group does not have knowledge or reason to believe that the relevant FCPA person is engaged in any of the activities set out in this paragraph 32.1.
		
	32.2
	Ensure that it (and each other Obligor and each member of the Group):

		
	(a)
	has in place customary procedures designed to monitor the engagement by its (and each other Obligor's and each member of the Group's) directors, officers and employees in any of the activities set out in paragraph 32.1 above; and

		
	(b)
	will terminate or, if prohibited under applicable law from so terminating, take appropriate remedial or disciplinary action (including, without limitation, promptly relieving such relevant FCPA person of his or her duties and other responsibilities) and commence the termination of (and diligently pursue such action and termination) its (and each other Obligor's and each member of the Group's) engagement with or appointment of any of its (and each other Obligor's and each member of the Group's) relevant FCPA person promptly upon it or any other Obligor or any member of the Group having knowledge that that relevant FCPA person has engaged in any of the activities set out in paragraph 32.1 above.  

		
	33.
	Money Laundering Laws

		
	33.1
	Ensure that:

		
	(c)
	it (and each other Obligor and each member of the Group) is in material compliance with all applicable anti-money laundering laws (including but not limited to applicable financial record keeping and reporting requirements and money laundering statutes in Macau, and, to the best of its (and each other Obligor's and each member of the Group's) knowledge and belief, all jurisdictions in which it, each Obligor and each member of the Group conducts business or which are otherwise applicable to it, each other Obligor and each member of the Group) and all applicable rules, regulations and guidelines issued, administered or enforced by any Governmental Authority pursuant to such laws (collectively, "Money Laundering Laws");

		
	(d)
	on the Fifth Amendment Effective Date, no action, suit or proceeding by or before any court or Governmental Agency, authority or body or any arbitrator involving any Obligor or any member of the Group with respect to Money Laundering Laws is pending and, subject to the proviso at the end of this paragraph 33.1, no such actions, suits or proceedings are threatened or contemplated; and

		
	(e)
	on the date of each Advance Request, there is no such action, suit or proceeding pending which may reasonably be expected to have a Material Adverse Effect.

No Obligor or member of the Group will be in breach of paragraph 33.1(b) in respect of the actions, suits or proceedings referred to therein if the relevant Obligor or member of the Group does not have knowledge of the relevant actions, suits or proceedings on the Fifth Amendment Effective Date.
		
	33.2
	Ensure that it (and each other Obligor and member of the Group) is in material compliance with the U.S. International Money Laundering Abatement and the U.S. Terrorism Financing Act of 2001.

		
	34.
	Anti-Terrorism Laws

		
	34.1
	Subject to the proviso at the end of this paragraph 34.1, it shall ensure that neither it nor any other Obligor or any member of the Group, nor any of its or their respective brokers or other agents acting or benefiting in any capacity in connection with any Advance:

		
	(c)
	is in violation of any Anti-Terrorism Law;

		
	(d)
	is a Designated Person; or

		
	(e)
	is dealing in any property or interest in property blocked pursuant to any Anti-Terrorism Law,

provided that Obligor or any member of the Group will not be in breach of this paragraph 34.1 in respect of the circumstances or activities of any brokers or agents of any Obligor or any member of the Group which are restricted under paragraphs 34.1(a) to 34.1(c) above (inclusive) if that Obligor or member of the Group does not have knowledge of the relevant circumstances or activities.
		
	34.2
	Ensure that it (and each other Obligor and member of the Group):

		
	(a)
	has in place customary procedures designed to identify, at the time of engagement with or appointment of its (and each other Obligor's and member of the Group's) broker or agent acting or benefiting in any capacity in connection with any Advances, if any of the circumstances or activities that are restricted under paragraphs 34.1(a) to 34.1(c) above (inclusive) applies to or is undertaken by such broker or agent; and

		
	(b)
	terminates its (and each other Obligor's and member of the Group's) engagement with or appointment of any such broker or agent promptly upon it, any other Obligor or any member of the Group having knowledge that any of the circumstances or activities that are restricted under paragraphs 34.1(a) to 34.1(c) above (inclusive) applies to or is undertaken by that broker or agent.

 
 
PART B
Negative Covenants
The Company shall not directly or indirectly:
		
	1.
	Financial Condition Covenants

		
	(a)
	Leverage Ratio - Permit the Leverage Ratio as at the last day of any period of four full consecutive Fiscal Quarters ending on any Quarterly Date in any Fiscal Year set forth below to exceed the ratio set forth below opposite such Fiscal Year:

	
			
	Fiscal Year
	 
	Leverage Ratio

	2015
	 
	5.25:1

	2016
	 
	5.50:1

	2017
	 
	5.25:1

	2018
	 
	4.75:1

	2019 and thereafter
	 
	4.25:1

provided that, for purposes of calculating EBITDA pursuant to this paragraph 1(a) for any period which is less than four full Fiscal Quarters, EBITDA shall be calculated on an annualised basis commencing on the first day following the first full quarter after all conditions precedent set forth in Schedule 1 (Conditions Precedent) to the Common Terms Agreement Fifth Amendment Agreement have been satisfied and the first Advance has been made under the Term Facility.
		
	(b)
	Interest Coverage Ratio - Permit the Interest Coverage Ratio for each period of four full consecutive Fiscal Quarters ending on each Quarterly Date in any Fiscal Year to be less than 2.0:1 at any time.

		
	2.
	Limitation on Financial Indebtedness

		
	2.1
	Create, incur, assume or allow to remain outstanding (or permit any other Obligor to create, incur, assume or allow to remain outstanding) any Financial Indebtedness, except: 

		
	(a)
	Financial Indebtedness of the Company or Palo created under any Senior Finance Document (other than an Additional Lender Facility Agreement), the Performance Bond Facility, any Shareholder Loan, any Subordinated Debt or any Guarantee Obligations represented by the guarantee required to be issued pursuant to clause 7 of the Land Concession Contract or clause 7 of the Cotai Land Concession Contract; 

		
	(b)
	Financial Indebtedness of the Company or Palo (including Capital Lease Obligations) secured by Liens permitted by paragraph 3(l) of this Part B provided that any recourse in respect of such Financial Indebtedness is limited solely to the Property secured by such Liens;

		
	(c)
	Financial Indebtedness of the Company or Palo in an aggregate principal amount not to exceed USD50,000,000 or its equivalent at any time provided that the provider (or providers) of such Financial Indebtedness do not (in respect of such Financial Indebtedness) have the benefit of any Lien over or in respect of the Project Security (or any part thereof) (save for a Lien referred to in paragraph 3(i) of Part B of Schedule 5 (Covenants) to the extent that such attachment or judgment Lien arises in respect of that Financial Indebtedness above or a Lien referred to in paragraph 3(m) of Part B of Schedule 5 (Covenants));

		
	(d)
	Financial Indebtedness of the Company or Palo incurred for the purpose of repaying the balance of the principal amount owing to all Lenders provided the Intercreditor Agent is satisfied that upon the incurrence of such Financial Indebtedness or immediately thereafter the Release Date (without reference to paragraph (b) of the definition of "Release Date" in Clause 1.1 (Definitions)) will occur;  

		
	(e)
	Financial Indebtedness of the Company or Palo provided that the Leverage Ratio as at the most recent Quarterly Date, if determined on a pro forma basis after giving effect to the creation, assumption or sufferance to exist of such Financial Indebtedness (when taken together with all such other Financial Indebtedness of the Company permitted pursuant to this paragraph 2.1(e) but, for the avoidance of doubt, subject to paragraph (e) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions)), would not exceed the ratio set forth opposite that Quarterly Date in paragraph 1(a) and further provided that the provider (or providers) of such Financial Indebtedness do not (in respect of such Financial Indebtedness) have the benefit of any Lien over or in respect of the Project Security (or any part thereof) (save for a Lien referred to in paragraph 3(i) of Part B of Schedule 5 (Covenants) to the extent that such attachment or judgment Lien arises in respect of that Financial Indebtedness above or a Lien referred to in paragraph 3(m) of Part B of Schedule 5 (Covenants)); 

		
	(f)
	Financial Indebtedness of the Company, pursuant to one or more Additional Lender Facility Agreements: 

		
	(i)
	in an aggregate principal amount not to exceed USD1,000,000,000 or its equivalent;

		
	(ii)
	on terms no more favourable to any creditor to which such Financial Indebtedness is owed than those to which (i) the Revolving Credit Facility made available pursuant to the Revolving Credit Facility Agreement referred to in paragraph (a) of the definition of "Revolving Credit Facility Agreement" in Clause 1.1 (Definitions) of this Agreement are subject (in respect of any Additional Lender Facility that is a revolving credit facility) or (ii) the Term Facility is subject (in respect of any Additional Lender Facility that is a term loan facility) (provided that such Financial Indebtedness will be tranched as agreed between the Company and all such creditors (A) between US dollars and Hong Kong dollars and (B) further tranched (if required) to address any requirements of any creditor for its participations thereunder to be applied solely to finance costs or other amounts unconnected with the operation of casino games of chance or other forms of gaming); 

		
	(iii)
	provided (x) each such creditor has executed and delivered to the Intercreditor Agent a duly completed Additional Lender's Accession Deed and Finance Party Accession Undertaking (also executed, in the case of the latter, by the Intercreditor Agent and all parties hereto acting through the Intercreditor Agent for this purpose (the authority for which is hereby conferred on the Intercreditor Agent) and promptly delivered by the Intercreditor Agent to the Security Agent), whereupon, provided the other conditions of this paragraph 2.1(f) have also been satisfied, such creditor shall become a party hereto as an Additional Lender and that creditor and each of the other parties hereto shall assume obligations towards, and acquire rights against, one another accordingly or (y) the Financial Indebtedness is otherwise on terms satisfactory to the Intercreditor Agent concerning the relationship between each creditor and the Senior Secured Creditors, including the exercise of rights against the Company and any other Obligor and the sharing and enforcement of the Security and any other liens over Property of the Company or any other Obligor; and

further provided that it shall be a condition to the making of any Advance under an Additional Lender Facility Agreement that the Company shall, prior to the making of such Advance, procure that (1) evidence that the Macau SAR government has (a) consented to the increase in the Company's financial indebtedness contemplated by the proposed Additional Lender Facility Agreement and (b) confirmed that the Gaming Concession Consent Agreement and the Land Concession Consent Agreement (as amended, consolidated, supplemented, novated or replaced from time to time prior to the proposed date of such Additional Lender Facility Agreement) continue to apply with respect to such financial indebtedness, together with a legal opinion of the Macanese legal adviser to the Senior Secured Creditors, in respect thereof and in respect of the validity, enforceability, effectiveness and ranking of the Mortgage (as well as confirming the Secured Obligations thereunder also cover such Additional Lender Facility) is provided to the Intercreditor Agent (in each case in form and substance satisfactory to the Intercreditor Agent, acting reasonably) and (2) if the evidence contemplated by sub-clause (1)(b) above is not provided, all documents and other evidence listed in paragraphs 2 to 8 (inclusive) of Part H of Schedule 2 (Conditions Precedent) have been provided to the Intercreditor Agent, in each case in form and substance satisfactory to it (and as if references in those paragraphs to "Upsize Advance" were deemed to be references to the "Advance under the Additional Lender Facility");
		
	(g)
	Financial Indebtedness of a Wholly Owned Subsidiary of the Company which is an Obligor (a "Subsidiary Obligor") to any other Subsidiary Obligor or to the Company;

		
	(h)
	Financial Indebtedness of the Company to any Subsidiary Obligor;

		
	(i)
	Guarantee Obligations of the Company or any Obligor incurred, assumed or allowed to remain outstanding with respect to any WML Debt provided that (i) such WML Debt is not secured by any Lien granted by any Obligor or any member of the Group, (ii) such WML Debt does not have any scheduled amortisation prior to the Final Repayment Date of any Facility (as determined: (A) in respect of the Term Facility, as of the Fifth Amendment Effective Date; and (B) in respect of any Additional Lender Facility which provides for a Term Loan Facility, as of the date of that Additional Lender Facility Agreement), (iii) such WML Debt has a stated maturity that extends beyond the later of (A) the Revolving Credit Facility Termination Date (as determined as of the Fifth Amendment Effective Date), (B) the Final Repayment Date of the Term Facility (as determined as of the Fifth Amendment Effective Date), (C) the Final Repayment Date of any Additional Lender Facility which provides for a Term Loan Facility (as determined as of the date of the Additional Lender Facility Agreement); and (D) the final repayment date of any Additional Lender Facility which provides for a revolving credit facility (as determined as of the date of the Additional Lender Facility Agreement), (iv) no Default has occurred and is continuing or could reasonably be expected to occur as a result of incurring, assuming or allowing to remain outstanding such Guarantee Obligations, (v) incurring, assuming or allowing to remain outstanding such Guarantee Obligations does not and could not otherwise reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Finance Documents and (vi) any event of default (howsoever described) in respect of the WML Debt which references or concerns in any way the First Ranking Liabilities (as defined in the Deed of Appointment and Priority), or any part thereof, will only occur on (in respect of non-payment of any of the First Ranking Liabilities) such non-payment event of default occurring as contemplated by Schedule 10 (Events of Default) of this Agreement and (in respect of any other events or circumstances described in Schedule 10 (Events of Default) of this Agreement) will only occur upon the Intercreditor Agent issuing written notice to the Company pursuant to (or taking steps contemplated by) Clause 19.2 (Remedies following an Event of Default) of this Agreement; and 

		
	(j)
	other Financial Indebtedness approved in writing by the Intercreditor Agent,

(together, "Permitted Financial Indebtedness").
		
	3.
	Limitation on Liens

Create, incur, assume or permit to subsist (or permit any other Obligor to create, incur, assume or permit to subsist) any Lien upon any of its Property, whether now owned or hereafter acquired, except for: 
		
	(a)
	Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Company and the relevant Obligor in conformity with applicable GAAP; 

		
	(b)
	carriers', warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business for amounts which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceeding (such contest proceedings conclusively operating to stay the sale of any portion of the Project Security on account of such Lien); 

		
	(c)
	pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation provided that if such pledges are being contested, appropriate reserves (determined in accordance with the applicable GAAP are maintained on the books of the Company and the relevant Obligor; 

		
	(d)
	deposits by or on behalf of the Company (or the Obligor) to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, appeal bonds and other obligations of a like nature incurred in the ordinary course of business; 

		
	(e)
	easements, rights-of-way, restrictions, encroachments and other similar encumbrances and other minor defects and irregularities in title, in each case incurred in the ordinary course of business that, in the aggregate, do not materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Company (or the Obligor); 

		
	(f)
	Liens created pursuant to paragraph 15.2 of Part A of this Schedule 5;

		
	(g)
	Liens created pursuant to the Security Documents; 

		
	(h)
	licenses of patents, trademarks and other intellectual property rights granted by the Company (or the Obligor) in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the business of the Company (or the Obligor);

		
	(i)
	any attachment or judgment Lien not constituting an Event of Default;

		
	(j)
	Liens in favour of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

		
	(k)
	any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any Site and Site Easements or the Cotai Site and Cotai Site Easements;

		
	(l)
	Liens securing Financial Indebtedness of the Company or Palo incurred pursuant to paragraph 2.1(b) of this Part B to finance the acquisition of fixed or capital assets provided that:

		
	(i)
	such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets (or the refinancing of such Financial Indebtedness as otherwise permitted hereunder);

		
	(ii)
	such Liens do not at any time encumber any Property other than the Property (and proceeds of the sale or other disposition thereof) financed by such Financial Indebtedness; and

		
	(iii)
	the Property financed by such Financial Indebtedness is not of a type that will become affixed to the Site (and/or all or any part of the buildings therein) or the Cotai Site Facilities such that the removal thereof could reasonably be expected to materially interfere with the ongoing ordinary course of operations of Wynn Macau or the Cotai Project; 

		
	(m)
	Liens on cash deposited with, or held for the account of, the Company or Palo securing reimbursement obligations owing by the Company or Palo and permitted to be incurred by it pursuant to paragraph 2.1(c) above under performance bonds, guaranties, commercial or standby letters of credit, bankers' acceptances or similar instruments or the guarantee required to be issued pursuant to clause 7 of the Land Concession Contract or clause 7 of the Cotai Land Concession Contracts, granted in favour of the issuers of such performance bonds, guaranties, commercial letters of credit or bankers' acceptances, so long as (i) any cash used as security for such reimbursement obligations is invested (if at all) in Permitted Investments only (to the extent the Company or Palo has the right to direct the investment thereof) and is segregated from the Company's or Palo's general cash accounts so that such Liens attach only to such cash and Permitted Investments and (ii) the amount of cash and/or Permitted Investments secured by such Liens does not exceed 110% of the amount of the Financial Indebtedness secured thereby (ignoring any interest earned or paid on such cash and any dividends or distributions declared or paid in respect of such Permitted Investments);

		
	(n)
	without prejudice to Schedule 6 (Accounts), Liens arising by reason of any netting or set-off arrangements entered into by the Company or any other Obligor in the normal course of its banking arrangements and the standard account operating procedures of the bank for the purpose of netting debit and credit balances;

		
	(o)
	Liens arising under title transfer or retention of title arrangements entered into by the Company or any other Obligor in the normal course of its trading activities on the counterparty's standard or usual terms provided that such arrangements shall be limited to Property of an aggregate value not exceeding USD1,000,000 or its equivalent; and 

		
	(p)
	other Liens approved in writing by the Intercreditor Agent.

		
	4.
	Limitation on Fundamental Changes

Enter (and ensure no other Obligor shall enter) into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except:
		
	(a)
	that each of the Company and Palo may dispose of any of its Property in accordance with paragraph 5 of this Part B; and

		
	(b)
	for any voluntary liquidation, winding up or dissolution of, or similar action with respect to, Palo after a Permitted Cotai Reorganisation.

		
	5.
	Limitation on Disposition of Property

Dispose (and ensure no other Obligor shall dispose) of any of its Property (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or issue or sell any Capital Stock to any Person, except: 
		
	(a)
	the Disposition for fair market value on arm's length commercial terms in the ordinary course of business of any Property or obsolete or worn out Property or Property no longer used or useful in the business of the Company or the Obligor provided that such Disposition could not reasonably be expected to materially adversely affect Wynn Macau, the Cotai Project or any of the Project Security and either:

		
	(i)
	the Net Cash Proceeds from the disposal of all such Property (excluding shares in any Obligor) do not exceed in aggregate an amount equal to USD100,000,000 or its equivalent in any Fiscal Year when taken together with any other Net Cash Proceeds received by the Company or any other Obligor in respect of any Asset Sale in that Fiscal Year; or

		
	(ii)
	where such Net Cash Proceeds referred to in sub-paragraph (i) above exceed in aggregate an amount equal to USD100,000,000 or its equivalent in any Fiscal Year (when taken together with any other Net Cash Proceeds received by the Company or any other Obligor in respect of any Asset Sale in that Fiscal Year), such Net Cash Proceeds are reinvested within 12 months of receipt in assets used by the Company or any other Obligor in the conduct of its Permitted Business at Wynn Macau and/or the Cotai Project (and pending such reinvestment are deposited and retained in an Account) and, if such Net Cash Proceeds are not so reinvested within 12 months of receipt, are applied in mandatory prepayment of the Advances pursuant to paragraph 2 of Schedule 9 (Mandatory Prepayment); 

		
	(b)
	the Disposition of cash (in each case in transactions otherwise permitted under this Agreement), Investments permitted pursuant to paragraph 8 of this Part B, inventory (in the ordinary course of business), receivables (in connection with the collection thereof and otherwise as customary in business activities of the type conducted by the Company) and cash or non-cash prizes and other complimentary items for customers customary in business activities of the type conducted by the Company; 

		
	(c)
	the sale or issuance of the Company's or any other Obligor's Capital Stock (other than Disqualified Stock) to its direct Shareholders provided that such Capital Stock is fully paid upon such issuance (or, as the case may be, sale) and is subject to the Liens created under the Company Share Pledge or such other Liens created under the Senior Finance Documents with regard to such other Obligor's Capital Stock;

		
	(d)
	the entry into of any leases or licences with respect to any space on or within the Site or the Cotai Site Facilities where the entry into of such leases or licences is not otherwise prohibited by the terms of the Senior Finance Documents or the cancellation of the Existing Executive Director Shares in connection with an Executive Director Substitution and the issuance of New Executive Director Shares to a New Executive Director;

		
	(e)
	any Property purchased using the Company's Subconcession proceeds (which is neither comprised in Wynn Macau or the Cotai Project nor necessary or desirable to ensure the full benefit of Wynn Macau or the Cotai Project to the Company);

		
	(f)
	any Property associated with an Excluded Subsidiary or Excluded Project (which is neither comprised in Wynn Macau or the Cotai Project (other than, in the case of an Excluded Project on the Cotai Site, the grant of any right or interest to use the Cotai Site pursuant to a Cotai Resort Management Agreement)  nor necessary or desirable to ensure the full benefit of Wynn Macau or the Cotai Project to the Company);

		
	(g)
	any Property associated with Resort Management Agreements (which is neither comprised in Wynn Macau or the Cotai Project (other than, in the case of an Excluded Project on the Cotai Site, the grant of any right or interest to use the Cotai Site pursuant to a Cotai Resort Management Agreement) nor necessary or desirable to ensure the full benefit of Wynn Macau or the Cotai Project to the Company);

		
	(h)
	the incurrence of Liens permitted under paragraph 3 of this Part B;

		
	(i)
	any Event of Eminent Domain provided that the requirements of Schedule 9 (Mandatory Prepayment) are complied with in connection therewith; 

		
	(j)
	subject to compliance with paragraph 17 of this Part B, the Company may enter into Subconcessions;

		
	(k)
	any Disposition by the Company to a Subsidiary Obligor or by a Subsidiary Obligor to the Company provided that the requirements of paragraph 15 of Part A of this Schedule 5 are satisfied with respect to the acquisition by the transferee of the Disposed Property; 

		
	(l)
	the Disposition by Palo to the Company of Palo's interest in the Cotai Site (whether by assignment, novation, transfer or replacement of the Cotai Land Concession Contract or otherwise) and/or Palo's ownership of, or interest in, other assets relating to the Cotai Site and/or the Cotai Project pursuant to a Permitted Cotai Reorganisation provided that the conditions in the proviso in the definition of "Permitted Cotai Reorganisation" in Clause 1.1 (Definitions) are satisfied with respect to the same; or

		
	(m)
	any Disposition not falling within any of the preceding sub-paragraphs of this paragraph 5 made with the prior written consent of the Intercreditor Agent (such consent not to be unreasonably withheld).

		
	6.
	Limitation on Restricted Payments

6.1    
		
	(a)
	Declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund (and ensure each other Obligor which is a Subsidiary of the Company shall not declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund) for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of the Company (including any Equity) or such other Obligor, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Company or such other Obligor;

		
	(a)
	enter (and ensure each other Obligor which is a Subsidiary of the Company shall not enter) into any derivatives or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a "Derivatives Counterparty") obligating the Company or such other Obligor to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock;

		
	(b)
	make any repayment of, or pay any interest on or other amount in respect of (and ensure each other Obligor shall not make any repayment of, or pay any interest on or other amount in respect of) the Performance Bond Facility or any other Subordinated Debt (including any Equity) or any WML Debt; 

		
	(c)
	make any payment of IP Fees; 

		
	(d)
	make any payment of Corporate Administrative Fees; or

		
	(e)
	take any action or make any payment permitted pursuant to, or in connection with any transaction permitted pursuant to, paragraph 10 of this Part B, 

(collectively, "Restricted Payments") except (i) to the extent constituting payment of any Restricted Payment by any Subsidiary Obligor to the Company or (ii) the Company and each Obligor may:
		
	(i)
	pay dividends, distributions or other payments if (A) permitted under paragraphs 6.2 or 17(d) of this Part B or (B) made using any amounts derived from or under (i) any Resort Management Agreement or (ii) any Excluded Project or Excluded Subsidiary;

		
	(ii)
	make payments permitted in accordance with the Deed of Appointment and Priority;

		
	(iii)
	pay Approved IP Fees and Approved Corporate Administrative Fees provided that, in each case, no Event of Default has occurred and is continuing or would result from such payment; 

		
	(iv)
	pay to any of its Affiliates the direct cost incurred by that Affiliate (excluding any internal administration charges, internal handling fees, internal mark-ups or any other internal fees, costs, charges or impositions of a similar nature levied, imposed or charged by that Affiliate) for the acquisition of any assets, or the procurement or any services, to be used by the Company or such Obligor in its Permitted Business at or directly related to Wynn Macau and/or the Cotai Project; 

		
	(v)
	make dividends, distributions or other payments (including loans or advances), directly or indirectly, for the purpose of paying any amount with respect to WML Debt provided that (i) such payment would not cause the aggregate amount of such payments made pursuant to this paragraph (v) to exceed USD150,000,000 in any Fiscal Year and (ii) had the WML Debt (and any Guarantee Obligations of the Company or Obligors in connection therewith) been incurred immediately prior to the last Quarterly Date to occur before the incurrence of such WML Debt, the Company would, as at that Quarterly Date, still have been in compliance with paragraph 1 of Part B of this Schedule 5 (for the avoidance of doubt, subject to paragraph (e) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions)); and

		
	(vi)
	without prejudice to paragraph 6.2, make any payment (other than a payment permitted pursuant to any of sub-paragraphs (i) to (v) (inclusive) above) pursuant to, or in connection with any transaction permitted pursuant to, paragraph 10 of Part B of this Schedule 5 subject to compliance with applicable Legal Requirements and provided that (A) no Event of Default has occurred and is continuing or would otherwise result from the making of such payment and (B) had such payment been made immediately prior to the most recent Quarterly Date, the Company would, as at that Quarterly Date, still have been in compliance with paragraph 1 of Part B of this Schedule 5 (for the avoidance of doubt, subject to paragraph (e) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions)).

		
	6.2
	At any time after the first Quarterly Date, the Company and each Subsidiary Obligor may declare and/or pay (other than a declaration or payment permitted pursuant to paragraphs 6.1(i)(B), 6.1(ii), 6.1(iii), 6.1(iv) or 6.1(v)) at the times set out in paragraph 6.3 of this Part B by way of dividend or other distribution or make other Restricted Payments, subject to compliance with applicable Legal Requirements and provided that all of the following conditions have been satisfied:

		
	(i)
	no Event of Default has occurred and is continuing or might reasonably be expected to occur as a result of the declaration and/or payment of such dividend or other distribution or Restricted Payment; and

		
	(ii)
	had such declaration, payment, distribution or other Restricted Payment been made immediately prior to the most recent Quarterly Date, the Company would, as at that Quarterly Date, still have been in compliance with paragraph 1 of Part B of this Schedule 5 (for the avoidance of doubt, subject to paragraph (e) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions)).

		
	6.3
	Any payment or making of dividends or other distribution or Restricted Payment under paragraph 6.2 of this Part B may be made once in each Fiscal Quarter (or such other date or with such other frequency as may be agreed by the Intercreditor Agent) provided that where such payment or making of dividends or other distributions or Restricted Payments is proposed to be made in the Fiscal Quarter immediately following the end of the previous Fiscal Year, that payment or making of dividends or other distributions or Restricted Payments shall be made after the date of prepayment of Advances under the Facilities in respect of Excess Cash Flow pursuant to paragraph 4 of Schedule 9 (Mandatory Prepayment). 

		
	6.4
	The financial ratios set out in paragraph 6.2 of this Part B shall be tested by reference to the financial statements of the Company delivered pursuant to paragraph 1(a) of Part A of this Schedule 5 and/or each Compliance Certificate delivered pursuant to paragraph 2(a) of Part A of this Schedule 5.

		
	7.
	[Not used]

		
	8.
	Limitation on Investments 

Make (and ensure that no other Obligor shall make) any advance, loan, extension of credit (by way of guarantee or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing, "Investments"), except: 
		
	(a)
	Investments by the Company in any of its Wholly Owned Subsidiaries (other than any Excluded Subsidiary) which is an Obligor; 

		
	(b)
	extensions of trade credit in the ordinary course of business (including, without limitation, advances to patrons of Wynn Macau or the Cotai Project casino and gaming operations consistent with ordinary course gaming operations) provided that such extensions are in compliance with all Legal Requirements; 

		
	(c)
	Permitted Investments; 

		
	(d)
	Investments made using any amounts derived from or under (i) the grant of any Subconcession, (ii) any Resort Management Agreement or (iii) any Excluded Project or Excluded Subsidiary;

		
	(e)
	Investments in any Excluded Subsidiary or Excluded Project or any third party whose primary business is the development, construction, ownership and operation of hotel resorts and casinos, provided that such Investments are made using amounts which are not required to be applied for any other purpose under or in connection with the Senior Finance Documents; 

		
	(f)
	loans and advances to employees of the Company or Palo in the ordinary course of business (including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount not to exceed USD5,000,000 or its equivalent at any one time outstanding;

		
	(g)
	Investments consisting of securities received in settlement of debt created in the ordinary course of business and owing to the Company or in satisfaction of judgments;

		
	(h)
	acquisition of Advances in connection with a Permitted Loan Repurchase;

		
	(i)
	loans and advances permitted under paragraph 6.1(v) of this Part B; 

		
	(j)
	in addition to Investments otherwise expressly permitted by this paragraph 8, so long as no Default shall have occurred and be continuing or would result therefrom and no Material Adverse Effect shall have occurred and be continuing or would result therefrom, Investments by the Company or any other Obligor in an aggregate amount (valued at cost) not to exceed USD50,000,000 or its equivalent at any one time outstanding; 

		
	(k)
	Guaranteed Obligations of the Company or any Obligor incurred or assumed or allowed to remain outstanding (in accordance with paragraph 2.1(i) of this Part B with respect to any WML Debt; and

		
	(l)
	any Specified Equity Contributions made by way of equity as contemplated by (and, to the extent, and in the manner permitted by) the definition thereof and the definition of "Specified Equity Contributions Conditions", each as set out in Clause 1.1 (Definitions).

		
	9.
	Limitation on Optional Payments and Modifications of Governing Documents

		
	(a)
	Make or offer to make (and ensure no other Obligor makes or offers to make) any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease, any Financial Indebtedness, or segregate funds for any such payment, prepayment, repurchase, redemption or defeasance, or enter into any derivative or other transaction with any Derivatives Counterparty obligating the Company to make payments to such Derivatives Counterparty as a result of any change in market value of such Financial Indebtedness, other than (i) the prepayment of (A) Financial Indebtedness incurred under the Senior Finance Documents in accordance with the terms of the Senior Finance Documents, (B) Permitted Financial Indebtedness (excluding any Subordinated Debt) or (ii) Permitted Loan Repurchases or (C) any Subordinated Debt in accordance with the terms of the Subordination Deed; or 

		
	(b)
	amend or modify, or permit the amendment or modification of (and ensure no other Subsidiary Obligor amends, modifies or permits the amendment or modification of) its Governing Documents in any manner adverse to any of the Secured Parties (other than where such amendment or modification could not reasonably be expected to have a Material Adverse Effect).

		
	10.
	Limitation on Transactions with Affiliates

Enter (and ensure that no other Obligor shall enter) into any single transaction, or series of transactions, whether related or not (including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, the entry into of any contract or the amendment, novation, supplementation, extension or restatement of any existing contract) with any Affiliate of the Company unless: 
		
	(a)
	the relevant transaction is:

		
	(i)
	a genuine commercial transaction on terms  that are not less favourable to the Company or applicable Obligor than those that might be obtained at the time in a comparable arm's length transaction with Persons who are not Affiliates of the Company; and

		
	(ii)
	is not prohibited by the Listing Rules, or

		
	(b)
	the relevant transaction is between the Company and its Wholly Owned Subsidiary (other than any Excluded Subsidiary) which is an Obligor.

		
	11.
	Limitation on Sales and Leasebacks

Save as permitted pursuant to paragraph 5 of this Part B, enter (and ensure that no other Obligor shall enter) into any arrangement with any Person providing for the leasing by the Company or such other Obligor as lessee of Property which has been or is to be sold or transferred by the Company or such other Obligor to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such Property or rental obligations of the Company or such other Obligor. 
		
	12.
	Limitation on Changes in Fiscal Periods

Permit the Fiscal Year of the Company or any other Obligor to end on a day other than December 31 or change the Company's or any other Obligor's method of determining Fiscal Quarters.
		
	13.
	Limitation on Negative Pledge Clauses

Enter into any agreement that prohibits or limits the ability (and ensure that no other Obligor enters into any agreement that prohibits or limits the ability) of the Company or any other Obligor to create, incur or assume any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations other than:
		
	(a)
	the Senior Finance Documents;

		
	(b)
	the Concession Contract;

		
	(c)
	any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby and proceeds thereof); 

		
	(d)
	in connection with WML Debt (provided that the terms of such WML Debt shall not prohibit the creation, incurrence, assumption or subsistence of any Lien in favour of the Secured Parties existing or contemplated under the Senior Finance Documents as such documents are in effect at the time such WML Debt is incurred); and

		
	(e)
	as required by applicable Legal Requirements.

		
	14.
	Limitation on Lines of Business

		
	(a)
	Enter (and ensure that no other Obligor enters) into any business activities, whether directly or indirectly, other than Permitted Businesses.

		
	(b)
	Establish (and ensure that no other Obligor establishes) any representative office other than (in the case of the Company) marketing offices or other place of business in a jurisdiction outside the Macau SAR or its place of incorporation unless (in the case of the Company) such office or place of business has been notified to the Intercreditor Agent, the requirements of paragraph 15 of Part A of this Schedule 5 have been satisfied in respect of any Property of the Company which may at any time be located in such jurisdiction within 30 days of such establishment and the Company has taken all such steps as may be required in such jurisdiction to perfect, maintain and protect the Security.

		
	15.
	Restrictions on Changes

		
	15.1
	Concession Contract, Land Concession Contract, Cotai Land Concession Contract, the Performance Bond Facility Agreement and the Concession Contract Performance Bond

Agree to any amendment to or termination of, or assign, transfer, cancel or waive any of its rights under the Concession Contract, the Land Concession Contract, the Cotai Land Concession Contract, the Performance Bond Facility Agreement or the Concession Contract Performance Bond without obtaining the prior written consent of the Intercreditor Agent (other than: (i) in relation to the Cotai Land Concession Contract, to increase the gross construction area and/or the contract premium payable thereunder provided that, where such increase is contemplated in connection with an Excluded Project located or to be located on the Cotai Site, the entire Cotai Site must remain part of the Project Security and subject to the Cotai Mortgage and there shall be no adverse effect on the validity or enforceability of, or the effectiveness or ranking of any Security as a result of the Excluded Project being located on the Cotai Site and further provided, in each case, that such increase is in accordance with the applicable Macau SAR Legal Requirements and could not reasonably be expected to be prejudicial to the interests of any of the Secured Parties, (ii) any mechanical or administrative amendments or any amendments required by any Macau SAR Governmental Authority of which reasonable prior notice has been given and which could not reasonably be expected to be prejudicial to the interests of any of the Secured Parties, (iii) in relation to the Cotai Land Concession Contract, in connection with a Permitted Cotai Reorganisation and (iv) in relation to the Land Concession Contract, to increase the gross construction area and/or the contract premium payable thereunder provided, in each case, that such increase is in accordance with the applicable Macau SAR Legal Requirements and could not reasonably be expected to be prejudicial to the interests of any of the Secured Parties).
		
	15.2
	Other Contracts 

		
	(a)
	Agree to any amendment to (or variation or supplement of) or waive any of its rights under the IP Agreement where such amendment or waiver changes or has (or could reasonably be expected to have) the effect of changing any of the percentages used in the calculation of the IP Fees in a manner that would increase such IP Fees.

		
	(b)
	Directly or indirectly enter into, amend, modify, terminate, supplement or waive a right or permit or consent to the amendment, modification, termination (except expiration in accordance with its terms), supplement or waiver of any of the provisions of, or give any consent or exercise any other discretion under (and ensure that no other Obligor directly or indirectly enters into, amends, modifies, terminates, supplements or waives a right or permits or consents to the amendment, modification, termination (except expiration in accordance with its terms), supplement or waiver of any of the provisions of, or gives any consent or exercises any other discretion under) any Resort Management Agreement unless each claim, interest, liability and right of recourse of any kind of any counterparty to that Resort Management Agreement against or in the Company, Palo or any other member of the Restricted Group or any of their respective assets (including, without limitation, Wynn Macau and the Cotai Project) is and remains at all times limited to an aggregate amount equal to all revenues derived by the Company (or, as the case may be, Palo) in respect of that Excluded Project and any other assets of the Company (or, as the case may be Palo) comprised in that Excluded Project (and which do not form part of and are not necessary to ensure to the Restricted Group the full benefit of Wynn Macau or the Cotai Project).  

		
	16.
	Limitation on Formation and Acquisition of Subsidiaries

Without the prior written consent of the Intercreditor Agent (such consent not to be unreasonably withheld), form, create or acquire (and ensure that no other Obligor forms, creates or acquires) any direct or indirect Subsidiary other than any Obligor or (in the case of the Company and the Company's Subsidiaries) any Excluded Subsidiary.
		
	17.
	Limitation on Subconcessions

Grant or enter into any Subconcession unless:
		
	(a)
	no breach of the Concession Contract shall exist and be continuing at the time such Subconcession is granted or entered into or would occur after or as a result of granting or entering into such Subconcession;

		
	(b)
	no Event of Default shall exist and be continuing at the time such Subconcession is granted or entered into or would occur after or as a result of granting or entering into such Subconcession (or immediately after any renewal or extension thereof at the option of the Company);

		
	(c)
	such Subconcession and any business or other activities carried out pursuant thereto shall be self-contained and shall not adversely affect the operation of Wynn Macau or the Cotai Project (excluding the ability of the Company to grant further Subconcessions), no breach or termination thereof shall result in a breach or an entitlement to terminate the Concession Contract, the Company shall have no responsibility nor any liability, actual or contingent, for the performance by the subconcessionaire of its obligations under or in respect of the Subconcession and, subject to receipt by the Intercreditor Agent of evidence reasonably satisfactory to it, neither the Subconcession nor any business or other activities carried out pursuant thereto could otherwise reasonably be expected to materially interfere with, impair or detract from the operation of Wynn Macau or the Cotai Project or otherwise have a Material Adverse Effect; and

		
	(d)
	if any cash or cash proceeds are paid or received in respect of the grant or entry into such Subconcession, it shall first be deposited into an Account and, after deduction and payment therefrom of all Taxes, costs and expenses incurred in connection with such payment, receipt, grant or entry, may thereafter be used, applied, dividended or otherwise distributed by the Company and applied in its discretion (including, subject to compliance with applicable Legal Requirements, to make Restricted Payments) provided that no Default has occurred and is continuing.  Notwithstanding any provisions contained in the Senior Finance Documents to the contrary, upon receipt of any funds distributed by the Company in accordance with this paragraph 17 by any Wynn Obligor, such Wynn Obligor shall also be entitled to use, apply, dividend or otherwise distribute such funds in its discretion (subject to compliance with applicable Legal Requirements).

		
	18.
	Limitation on Sale or Discount of Receivables

Except as permitted pursuant to paragraph 5(b) of this Part B, directly or indirectly, sell with recourse, or discount or otherwise sell for less than the face value thereof (and ensure that no other Obligor, directly or indirectly, sells with recourse, or discounts or otherwise sells for less than the face value thereof) any of its notes or accounts receivable other than an assignment for purposes of collection in the ordinary course of business. 
		
	19.
	Compliance

Use or permit the use of Wynn Macau or the Cotai Project in any manner that could result in such use becoming a non-conforming use under any applicable land use law, rule or regulation that is a Legal Requirement.
		
	20.
	[Not used]

		
	21.
	Amendment to Transaction Documents

Enter (and ensure that no other Obligor enters) into any agreement (other than the Senior Finance Documents) restricting its ability to amend any of the Transaction Documents where such entry could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Finance Documents
		
	22.
	No Other Powers of Attorney

Execute or deliver (and ensure that no other Obligor executes or delivers) any agreement creating any powers of attorney (other than powers of attorney for signatories of documents permitted or contemplated by the Transaction Documents), or similar documents, instruments or agreements, except to the extent such documents, instruments or agreements comprise part of the Security Documents or are required to be executed or delivered in the Company's or such other Obligor's ordinary course of business.
		
	23.
	[Not used]

		
	25.
	Casino and Gaming Zone Areas

Solely with respect to Wynn Macau (and not the Cotai Project or any Excluded Project), designate any area as a casino or gaming zone unless such designation would not cause the aggregate area which is classified as casino or gaming zones by the Macau SAR to exceed 40,000m2.
		
	26.
	Junkets

Enter into or permit to subsist any arrangement with any gaming junket-tour promoters, directors or cooperators unless such Persons and any such arrangement are in compliance with the requirements of the Concession Contract and all other applicable Legal Requirements and the Company shall monitor the activities of such Persons in regard to such arrangements and shall take all necessary or appropriate reasonable measures to ensure such compliance. 
		
	27.
	[Not used]

Schedule 6     
ACCOUNTS
		
	1.
	Accounts

		
	1.3
	Accounts

		
	(a)
	The members of the Restricted Group may (but shall not be required to) maintain in accordance with the requirements of this Schedule 6 and the Senior Finance Documents, operating, disbursement and other accounts (which as of the Fifth Amendment Signing Date comprise of the following bank accounts maintained by the Company):

		
	(i)
	an account denominated in US dollars opened in Macau and designated "Term Facility USD Disbursement Account";

		
	(ii)
	an account denominated in HK dollars opened in Macau and designated "Term Facility HKD Disbursement Account";

		
	(iii)
	an account denominated in US dollars opened in Macau and designated "Project Facility USD Disbursement Account";

		
	(iv)
	an account denominated in HK dollars opened in Macau and designated "Project Facility HKD Disbursement Account";

		
	(v)
	an account denominated in US dollars opened in Macau and designated "USD Operating Account";

		
	(vi)
	an account denominated in HK dollars opened in Macau and designated "HKD Operating Account";

		
	(vii)
	an account denominated in Patacas opened in Macau and designated "MOP Operating Account";

		
	(viii)
	an account denominated in US dollars opened in Macau and designated "USD Debt Service Account";

		
	(ix)
	an account denominated in HK dollars opened in Macau and designated "HKD Debt Service Account";

		
	(x)
	an account denominated in US dollars opened in Macau and designated "USD Debt Service Reserve Account";

		
	(xi)
	an account denominated in HK dollars opened in Macau and designated "HKD Debt Service Reserve Account";

		
	(xii)
	an account denominated in Patacas opened in Macau and designated "Special Gaming Tax Account";

		
	(xiii)
	an account denominated in Patacas opened in Macau (being the account referred to in paragraph B6 of the Gaming Concession Consent Agreement) and an account denominated in US dollars opened in Macau, together designated "Compensation Proceeds Account";

		
	(xiv)
	an account opened in Macau and designated "Upfront Premium Account"; and

		
	(xv)
	an account denominated in HK dollars and an account denominated in Patacas each opened in Macau and designated "Construction Disbursement Account"),

in each case, subject to Security under the relevant Senior Finance Documents and each, for the purposes of the Senior Finance Documents, also an Account.
		
	(b)
	Notwithstanding the provisions of paragraph (a) above, each Obligor and each member of the Restricted Group shall comply with the provisions of paragraphs 1.1(b) and (c), and paragraphs 1.2 to 3.7 (inclusive) of this Schedule 6 (Accounts) and the provisions of the Facility Agreements in respect of the operation of each Development Account, including (without limitation) any withdrawal therefrom.

		
	(c)
	Any member of the Restricted Group may open one or more additional operating, disbursement or other accounts provided that such accounts satisfy the requirements of the definition of "Account" in Clause 1.1 (Definitions). 

		
	1.4
	Maintenance of Accounts

The Accounts shall, save as otherwise provided by the Charges over Accounts, the Account Bank Notices and Acknowledgements or herein, be maintained by the relevant member of the Restricted Group with the relevant Account Bank in accordance with the Account Bank's usual practice and may from time to time be sub-divided into such sub-accounts as that member of the Restricted Group may reasonably request. 
		
	1.5
	Restrictions

Each member of the Restricted Group shall maintain each of its Accounts (and shall procure that each other Account is maintained) as a separate account with the relevant Account Bank and:
		
	(a)
	none of the restrictions contained in this Schedule on the withdrawal of funds from Accounts shall affect the obligations of any Obligor to make any payments of any nature required to be made to the Senior Secured Creditors on the due date for payment thereof in accordance with any of the Senior Finance Documents; and

		
	(b)
	no withdrawal shall be made from any Account if it would cause such account to become overdrawn.

		
	1.6
	Credits to Accounts

Save as otherwise provided in any of the Security Documents after enforcement thereof, each member of the Restricted Group shall credit, and shall procure that there is credited, to the Accounts all such amounts as are provided for in this Agreement and ensure that such other credits are made thereto as are required to be made pursuant to any other provision of any other Senior Finance Document.
		
	1.7
	Interest

Each amount from time to time standing to the credit of each Account (for the avoidance of doubt excluding amounts for the time being applied in acquiring Permitted Investments) shall bear interest at such rate as may from time to time be agreed between the relevant member of the Restricted Group and the relevant Account Bank, and the relevant member of the Restricted Group shall ensure that such interest is credited to such account at such time or times as may be agreed from time to time between that member of the Restricted Group and the Account Bank or, failing agreement, in arrears on 31 December.
		
	1.8
	Payments

Save as otherwise provided in this Agreement or pursuant to the Charges over Accounts, the Account Bank Notices and Acknowledgements or any other relevant Security Document, no party shall be entitled to require any Account Bank to make any payment out of the amount standing to the credit of any Account maintained with it. 
		
	1.9
	Other Accounts

No member of the Restricted Group will open or maintain any accounts other than: 
		
	(i)
	the Accounts; 

		
	(ii)
	any account opened by the Company for the deposit of any amounts derived from or under (i) subject to paragraph 17 of Part B of Schedule 5 (Covenants), the grant of any Subconcession, (ii) any Resort Management Agreement or (iii) any Excluded Project or Excluded Subsidiary; and

		
	(iii)
	any Excluded Accounts,

except with the prior approval of the Intercreditor Agent.
		
	2.
	Permitted Investments

		
	2.1
	Power of Investment

The Company may require, subject as provided in this Agreement, that such part of the amounts outstanding to the credit of any Account as it considers prudent shall be invested from time to time in Permitted Investments in accordance with this paragraph 2.
		
	2.2
	Procedure for Investment

		
	2.2.1
	Unless held for the account of the Company or other member of the Restricted Group and secured by first ranking fixed charge in favour of the Security Agent pursuant to a Charge over Accounts, the Company shall ensure that all Permitted Investments are made in the name of the Company and secured by a first ranking fixed lien in favour of the Security Agent in such form and on such terms as the Intercreditor Agent may reasonably require.

		
	2.2.2
	The Company will at all times seek to match the maturities of the Permitted Investments made out of moneys standing to the credit of an Account having regard to the availability of Permitted Investments which are readily marketable, and shall liquidate (or procure that there are liquidated) Permitted Investments to the extent necessary for the purposes of payment of any amount due under the Senior Finance Documents.

		
	2.2.3
	The Company shall ensure that all documents of title or other documentary evidence of ownership with respect to Permitted Investments made out of any Account are held in the possession of or for the benefit of the Security Agent and, if any such document or other evidence comes into the possession or control of the Company or any other Obligor, it shall procure that the same is delivered immediately to the Security Agent.

		
	2.3
	Realisation

		
	2.3.1
	The Company shall ensure that, whenever any Investment Proceeds or Investment Income is received in respect of a Permitted Investment made from amounts standing to the credit of an Account the Investment Proceeds and the Investment Income are:

		
	(a)
	reinvested in further Permitted Investments; or

		
	(b)
	paid into the relevant Account from which the Permitted Investment derives

		
	2.3.2
	The Company shall give (and shall ensure that each other Obligor gives) directions to the relevant Account Bank under paragraph 2.3.1 of this Schedule 6 and otherwise exercise its rights hereunder in such manner as will ensure compliance with the applicable provisions of the Senior Finance Documents with respect to Accounts, Permitted Investments, Investment Proceeds and Investment Income.

		
	2.4
	Non-qualifying criteria

If any Permitted Investment ceases to be a Permitted Investment, the Company will upon becoming aware thereof procure that the relevant investment is replaced by a Permitted Investment or by cash.
		
	2.5
	Accounts include Permitted Investments

		
	2.5.1
	Subject to sub-paragraph 2.5.2 of this Schedule 6, any reference herein to the balance standing to the credit of one of the Accounts will be deemed to include a reference to the Permitted Investments in which all or part of such balance is for the time being invested.  In the event of any dispute as to the value of the credit of an Account pursuant to this paragraph 2.5, that value shall be determined in good faith by the Intercreditor Agent.  If the Company so requests, the Intercreditor Agent will give the Company details of the basis and method of that determination.

		
	2.5.2
	If the amount standing to the credit of any Account (excluding for this purpose any amount deemed to be included pursuant to sub-paragraph 2.5.1 of this Schedule 6) is insufficient to make a payment under the Senior Finance Documents when due out of such Account, the Security Agent is authorised, in its discretion and without any liability for loss or damage thereby incurred by the Company or any other Obligor, to require the relevant Account Bank or, as the case may be, the Company to sell or otherwise realise, or to enter into any exchange transaction with respect to, (or, as the case may be, to require the Company to ensure any other Obligor so sells or otherwise releases or enters into any exchange transaction) any Permitted Investment concerned with that Account to the extent that the same is, in the opinion of the Intercreditor Agent, necessary for the payment of any amount due under the Senior Finance Documents which could not otherwise be paid out of the cash balance standing to the credit of the relevant Account.

		
	2.6
	Information

Commencing with the quarter in which a Permitted Investment is first made on behalf of the Company or any other Obligor, the Company shall, together with any other statement to be provided under this Schedule, ensure the delivery to the Security Agent of a schedule of the investments made, realised or liquidated during the quarter in respect of each Account, in such detail as the Intercreditor Agent may reasonably require.
		
	2.7
	No Responsibility

No Senior Secured Creditor will be responsible for any loss, cost or expense suffered by any Obligor in respect of any of its actions or those of any Account Bank in relation to the acquisition, disposal, deposit or delivery of Permitted Investments pursuant to this Agreement save for any such loss, cost or expense directly caused by its gross negligence or wilful misconduct. The Account Banks shall be acting solely for and on behalf of the Company (or the relevant other Obligor) in acquiring, holding or disposing of any Permitted Investment.
		
	3.
	General Account Provisions

		
	3.1
	Transfers/Withdrawals

Save as otherwise agreed in writing with the Intercreditor Agent, the Company shall ensure that where this Schedule expressly provides for the making of payments to, or withdrawals or transfers from any Account, no other payments to, or, as the case may be, other withdrawals or transfers from, such Account shall be made except as expressly permitted under this Schedule or under the Security Documents.
		
	3.2
	Application of Amounts

The Company shall ensure that all amounts withdrawn or transferred from any Account for application in or towards making a specific payment or meeting a specific liability shall be applied in or towards making that payment or meeting that liability, and for no other purpose.
		
	3.3
	Default 

		
	3.3.1
	Notwithstanding any other provisions of this Schedule, at any time following an Enforcement Notice, the Intercreditor Agent may request the Security Agent to give notice to any Account Bank and the relevant member of the Restricted Group in whose name the Account has been opened instructing the Account Bank not to act on the instructions or requests of that member of the Restricted Group in relation to any sums at any such time standing to the credit of any of the Accounts and the Company and that member of the Restricted Group shall procure that the Account Bank shall, in accordance with the Charges over Accounts and the Account Bank Notices and Acknowledgements, not so act and the Company or, as the case may be, any other member of the Restricted Group shall not be entitled (and the Company shall ensure such other member of the Restricted Group is not entitled) to give or make any further such instructions or requests.

		
	3.3.2
	Notwithstanding the other provisions of this Agreement, at any time following an Enforcement Notice, the Intercreditor Agent may request the Security Agent to:

		
	(i)
	give written notice to any Account Bank (with a copy to the relevant member of the Restricted Group in whose name the Account has been opened) that the Security Agent shall be the sole signatory in relation to the Accounts;

		
	(ii)
	apply the credit balances in the Accounts in or towards repayment of the Facilities and such other liabilities of the Obligors as the Intercreditor Agent may elect; and

		
	(iii)
	generally use amounts standing to the credit of the Accounts at its discretion in order to discharge the Obligors' obligations under the Transaction Documents,

and, pursuant to the Charges over Accounts and the Account Bank Notices and Acknowledgements, the Company and the relevant member of the Restricted Group in whose name the Account has been opened shall procure that the Account Bank so acts and makes such payments accordingly.
		
	3.4
	Review of Accounts

The Company and each other member of the Restricted Group irrevocably grants, solely for the purposes of its role as agent of the Senior Secured Creditors hereunder, (and the Company shall ensure each such other member of the Restricted Group shall so grant) the Security Agent or any of its appointed representatives access to review the books and records of the Accounts (and shall irrevocably authorise (and the Company shall ensure each other member of the Restricted Group authorises) each Account Bank to disclose the same to the Security Agent and its appointed representatives) and irrevocably waives (and the Company shall ensure each other member of the Restricted Group so waives) any right of confidentiality which may exist in respect of such books and records solely to the extent necessary to allow disclosure of such books and records to any Senior Secured Creditor and its advisers provided that, to the extent any such right of confidentiality does exist and the information comprised in such books and records is not otherwise in the public domain or required to be notified by the Company or any other member of the Restricted Group or the Account Bank to any of the Senior Secured Creditors and subject to any requirement to disclose any such information pursuant to any Legal Requirement or any other regulatory or stock exchange requirement, any Senior Secured Creditor or adviser to whom such disclosure is made shall undertake to the Company to keep the information comprised therein confidential.  
		
	3.5
	Statements

The Company and each other member of the Restricted Group shall arrange (and the Company shall ensure each such member of the Restricted Group so arranges) for each Account Bank to provide to the Security Agent, at the latter's request:
		
	(a)
	a list of all Accounts maintained with it;

		
	(b)
	upon the reasonable request of the Security Agent, in respect of each calendar month, a statement of the balance of and each payment into and from each of the Accounts and the global amount of interest earned on each such Account during the preceding three month period or, if less, since the opening of the relevant Account; and

		
	(c)
	such other information concerning the Accounts as the Security Agent may require.

		
	3.6
	Waiver of Rights

		
	3.6.1
	Waiver of rights by the Company

Save as provided in this Agreement, the Company and each other member of the Restricted Group agrees not to (and the Company shall ensure each other member of Restricted Group does not) exercise any right which it (or such other member of the Restricted Group) may have under any applicable law to direct the transfer of any amount standing to the credit of an Account to the Company or any other member of the Restricted Group or its order or to direct the transfer of any Permitted Investment to the Company or any other member of the Restricted Group or to its order.
		
	3.6.2
	Waiver of rights by Account Banks

The Company and each other member of the Restricted Group shall procure (and the Company shall ensure each such other member of the Restricted Group procures) that each Account Bank acknowledges and agrees that each Account and Permitted Investment is the subject of a Lien in favour of the Senior Secured Creditors collectively and acknowledges and agrees that (save, in the case of the Performance Bond Provider, as permitted pursuant to (i) section 2.6 of the Performance Bond Facility Agreement prior to the issuance of an Enforcement Notice) it is not entitled to, and shall undertake not to, claim or exercise any lien, right of set-off, combination of accounts or other right, remedy or security with respect to:
		
	(a)
	moneys standing to the credit of such Account or in the course of being credited to it or any earnings; or

		
	(b)
	any Permitted Investment.

		
	3.7
	Closing of Accounts

The Company and each other member of the Restricted Group may close any Account and instruct each Account Bank to transfer any credit balances on any Account maintained with it provided that all balances standing to the credit of any such Account are transferred before the closure of such Account to another account or combination of accounts provided that each such account satisfies the requirements of the definition of "Account" in Clause 1.1 (Definitions). 

Schedule 7     
INSURANCE
[NOT USED]
Schedule 8     
HEDGING ARRANGEMENTS
		
	1.
	The Company shall, no later than 180 days after the Fifth Amendment Effective Date, enter into agreements to the extent necessary to ensure that an amount equal to the higher of:

		
	(b)
	at least 30% of the aggregate amount then drawn under the Term Loan Facilities; and

		
	(c)
	an equivalent amount of USD750,000,000,

is subject, through interest rate swaps, caps, collars or other products agreed with the Intercreditor Agent, to either a fixed interest rate or interest rate protection for such period as reflects the repayment schedule for such Facility and with a final maturity date of not earlier than 31 July 2017.
		
	2.
	No Obligor may enter into any derivative transaction, other than:

		
	(a)
	prior to 31 July 2017, Hedging Agreements as contemplated by paragraph 1 above; and

		
	(b)
	on and after 31 July 2017, any Permitted Swap Transaction provided that no counterparty to any such Permitted Swap Transaction shall have any Liens or any right to share in the Security or any interest in the Project Security.

		
	3.
	Only a Lender or an Affiliate of a Lender may act as a Hedging Counterparty in respect of the Hedging Arrangements required by paragraph 1 above. 

		
	4.
	The Hedging Agreements are to be on the terms of the 1992 standard International Swap & Dealers Association, Inc. Master Agreement (the "ISDA Master Agreement") and the ISDA Schedule, together with such amendments as are acceptable to the Intercreditor Agent, acting reasonably.  All Hedging Agreements for swap transactions will provide for full two way payments (with the Company being a Fixed Rate Payer (as defined in the 2000 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. (the "2000 Definitions")) and the Hedging Counterparty being a Floating Rate Payer (as defined in the 2000 Definitions)) and the payment measure and payment method for such swap transactions in the event of early termination, whether upon a "Termination Event" or an "Event of Default", shall be "Second Method" and "Market Quotation" respectively. Terms in quotations in this paragraph 4 shall have the meaning ascribed in the ISDA Master Agreement.

		
	5.
	The Hedging Counterparties in respect of the Hedging Agreements required pursuant to paragraph 1 above shall have equal security over the assets of the Company with the Senior Secured Creditors in accordance with the terms of this Agreement and the Deed of Appointment and Priority.  

		
	6.
	[Not used]

		
	7.
	In paragraph 8 and paragraph 11 below, "Realised Hedge Loss" means, in relation to a Hedging Counterparty at any time, the amount (if any) payable (but unpaid) by the Company to such Hedging Counterparty under the Hedging Agreement to which such Hedging Counterparty is a party (but excluding any default interest) upon an early termination of any transaction or transactions thereunder which has been terminated in accordance with paragraph 9 below.  The amount is to be calculated on a net basis across the transactions under such Hedging Agreement in accordance with the terms of the applicable Hedging Agreement.

		
	8.
	Payments due from the Company under the Hedging Agreements, including any Realised Hedge Loss plus any accrued default interest in accordance with paragraph 10 below, shall (save for any such amounts paid by another Obligor) be a Financing Cost.

		
	9.
	Except with the prior consent of the Intercreditor Agent acting reasonably, no amendments may be made to a Hedging Agreement to an extent that might reasonably be expected to result in:

		
	(a)
	any payment under the Hedging Agreement being required to be made by the Company on any date other than the dates originally provided for in the Hedging Agreement; 

		
	(b)
	the Company becoming liable to make an additional payment under any Hedging Agreement which liability does not arise from the original provisions of the Hedging Agreement; or

		
	(c)
	the Company becoming liable to make any payment under the Hedging Agreement in any currency other than in the currency provided for under the original provisions of the Hedging Agreement.

10.    
		
	(a)
	The Company may terminate a transaction under a Hedging Agreement prior to its stated maturity only in circumstances provided for in such Hedging Agreement and with the approval of the Intercreditor Agent acting reasonably provided that the approval of the Intercreditor Agent shall not be required in the case of any termination by reason of illegality when the requirements of paragraph 1 above are met following such termination.

		
	(b)
	A Hedging Counterparty may terminate a transaction under a Hedging Agreement prior to its stated maturity only in circumstances provided for in such Hedging Agreement.  

		
	(c)
	Unless a Hedging Counterparty has already exercised such rights in accordance with sub-paragraph (b) above, the Intercreditor Agent may require a Hedging Counterparty to terminate transactions under a Hedging Agreement where a declaration has been made by the Intercreditor Agent pursuant to Clause 19.2.2 (Remedies following an Event of Default). 

(d)    
		
	(i)
	If at any time the aggregate amount of the "Notional Amounts" (as defined in the 2000 Definitions) of all Hedging Agreements and Permitted Swap Transactions at such time are greater than 125% of the principal amounts outstanding under the Term Loan Facilities, the Company shall immediately unwind in order of maturity (unless otherwise agreed by the Intercreditor Agent) sufficient transactions under the Hedging Agreements and Permitted Swap Transactions and pay associated breakage costs on:

		
	(A)
	the first Payment Date (as defined in the 2000 Definitions); or

		
	(B)
	where the Overhedging Date falls within 5 Business Days (as defined in the relevant Hedging Agreement or Permitted Swap Transaction) prior to such first Payment Date, the second Payment Date, 

in respect of such transaction immediately succeeding the Overhedging Date, such that the Intercreditor Agent is satisfied that, following such terminations, the aggregate Notional Amounts of all transactions under all Hedging Agreements and Permitted Swap Transactions is not less than 30% and not more than 125% of the principal amounts outstanding under the Term Loan Facilities.
		
	(ii)
	For the purposes of the above paragraph, the "Overhedging Date" means any date on which the aggregate Notional Amounts of all Hedging Agreements and Permitted Swap Transactions are greater than 125% of the principal amounts outstanding under the Term Loan Facilities.

		
	11.
	In the event that a Hedging Agreement is terminated and the Company fails to pay any Realised Hedge Loss, such Realised Hedge Loss shall comprise an Unpaid Sum and interest shall accrue in respect thereof accordingly.

APPENDIX 1
FORM OF HEDGING COUNTERPARTY'S DEED OF ACCESSION
THIS DEED dated [           ] is supplemental to (i) a common terms agreement (the "Common Terms Agreement") dated 14 September 2004 between Wynn Resorts (Macau) S.A. as Company and the Senior Secured Creditors (as defined therein) and (ii) each of the Security Documents as defined in the Common Terms Agreement to which the Senior Secured Creditors are expressed to be party (the "Security Documents").
Words and expressions defined in the Common Terms Agreement have the same meaning when used in this Deed and the principles of construction and rules of interpretation set out therein shall also apply.
[name of new Hedging Counterparty] (the "New Hedging Counterparty") of [address] hereby agrees with each other Person who is or who becomes a party to the Common Terms Agreement that with effect on and from the date of this Deed it shall be bound by the Common Terms Agreement and be entitled to exercise rights and be subject to obligations thereunder as a Hedging Counterparty.
The New Hedging Counterparty hereto agrees with each other Person who is or who becomes a party to the Security Documents that with effect on and from the date of this Deed it shall be bound by each of the Security Documents and be entitled to exercise rights and be subject to obligations thereunder as a Senior Secured Creditor.
The initial telephone number, fax number, address and person designated by the New Hedging Counterparty for the purposes of Clause 29 (Notices) of the Common Terms Agreement are:
[                    ]
This Deed is governed by and shall be construed in accordance with English law.
Executed as a deed by        )
[insert name of New Hedging    )
Counterparty and execution     )
clause appropriate thereto    )
and to manner of execution]    )

Schedule 9     
MANDATORY PREPAYMENT
		
	2.
	To the extent that any Equity Issuance Proceeds are received by (or paid to the order of) the Company or any other Obligor, the Company shall ensure that an amount equal to the amount of such Equity Issuance Proceeds (excluding any such Equity Issuance Proceeds derived from any Equity to the extent such Equity is required or permitted under this Agreement to fund the design, development, construction, ownership, operation, maintenance or refurbishment of Wynn Macau or the Cotai Project or, for the avoidance of doubt, any Specified Equity Contributions) shall be applied on the next Interest Payment Date after such receipt (or payment) towards prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) and, pending such application, shall be deposited and retained in an Account.  

		
	3.
	With respect to the Net Cash Proceeds from any Asset Sale (where such Net Cash Proceeds exceed in aggregate an amount equal to USD100,000,000 or its equivalent in any Fiscal Year when taken together with any other Net Cash Proceeds received by the Company or any other Obligor in respect of any Asset Sale in that Fiscal Year) made by the Company or any other Obligor as to which the Company or any other Obligor has not re-invested such Net Cash Proceeds within 12 months of receipt in assets used by the Company or any other Obligor in the conduct of its Permitted Business at Wynn Macau and/or the Cotai Project, such Net Cash Proceeds shall be applied on the next Interest Payment Date after the date falling 12 months from the date of receipt towards prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) and, pending such application, shall be deposited and retained in an Account. 

		
	4.
	On the next Interest Payment Date following the date on which the Company or any other Obligor receives:

		
	(a)
	any Termination Proceeds; or 

		
	(b)
	any Eminent Domain Proceeds which, when taken together with all other Eminent Domain Proceeds received, exceed, in aggregate, USD1,000,000 or its equivalent,

the Company shall ensure that such proceeds are applied towards prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) and, pending such application, shall be deposited and retained in an Account.
		
	5.
	If, for any Fiscal Year for which any payment in respect of Excess Cash Flow is required to be made and for which there shall be Excess Cash Flow, the Company shall apply the ECF Percentage of such Excess Cash Flow towards prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment).  Each such prepayment shall be made on the next Interest Payment Date following the earlier of:

		
	(a)
	the date on which the financial statements of the Company referred to in paragraph 1 of Part A of Schedule 5 (Covenants), for the Fiscal Year with respect to which such prepayment is made, are required to be delivered to the Lenders; and

		
	(b)
	the date such financial statements are actually delivered, 

and, pending such application, shall be deposited and retained in an Account.
		
	6.
	An amount equal to any Insurance Proceeds (other than those received by the Company or any other Obligor for any single loss or series of related losses not in excess of USD50,000,000 or its equivalent) shall be applied to the prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) on the next Interest Payment Date falling not less than 30 days after the Company's or Obligor's receipt of such Insurance Proceeds, unless each of the following conditions are satisfied or waived by the Intercreditor Agent within such 30 day period, in which event such amounts shall be applied to the repair or restoration of Wynn Macau or the Cotai Project, as appropriate:

		
	(a)
	the damage or destruction does not constitute the destruction of all or substantially all of Wynn Macau or the Cotai Project, as the case may be; 

		
	(b)
	an Event of Default has not occurred and is continuing (other than an Event of  Default resulting solely from such damage or destruction) and after giving effect to any proposed repair and restoration, no Event of Default will result from such damage or destruction or proposed repair and restoration; 

		
	(c)
	the Company certifies that repair or restoration of Wynn Macau or the Cotai Project, as the case may be, to a condition substantially similar to its condition immediately prior to the event or events to which the relevant Insurance Proceeds relate, is technically and economically feasible within a 12 month period; 

		
	(d)
	the Company delivers to the Intercreditor Agent a plan (the "Repair Plan") describing the nature of the repairs or restoration to be effected and the anticipated costs and schedule associated therewith; and

		
	(e)
	the Company certifies that (A) the Company has sufficient funds to achieve construction completion of Wynn Macau or the Cotai Project, as the case may be, to operate its business as it is then conducted and pay its debts when due and (B) a sufficient amount of funds is or will be available to the Company to make all payments on Financial Indebtedness which will become due during and following the repair period and, in any event, to maintain compliance with the covenants set forth in paragraph 1 of Part B of Schedule 5 (Covenants) during such repair period (and including or, as the case may be, taking into account any Contribution as further contemplated by (and as set out in) paragraph (d) of the definition of "Specified Equity Contribution Conditions" in Clause 1.1 (Definitions)),

and, pending such application, such amount shall be deposited and retained in an Account.  
The Company shall procure that all such repair and restoration of Wynn Macau or the Cotai Project (as the case may be):
		
	(a)
	is diligently pursued and promptly completed; and 

		
	(b)
	does not materially prejudice or adversely affect the interests of the Senior Secured Creditors hereunder or under the applicable Project Security or the Security.

After Insurance Proceeds have been applied to the repair or restoration of Wynn Macau or the Cotai Project, as the case may be, as provided in this Agreement, any excess Insurance Proceeds shall be applied on the next Interest Payment Date thereafter to the prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment).
		
	7.
	[Not used.]

		
	8.
	If all or substantially all of Wynn Macau or the Cotai Project is lost, damaged or destroyed or declared by any relevant Insurer to be a constructive total loss, the Company shall prepay and cancel the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) and prepay all other amounts outstanding under the Senior Finance Documents within 90 days or, if earlier, upon receipt of Insurance Proceeds in respect of such loss, damage, destruction or declaration. 

		
	9.
	On the next Interest Payment Date following the date on which the Company or any other Obligor receives any Claim Proceeds in relation to a Major Project Document (other than a Resort Management Agreement that is not a Cotai Resort Management Agreement), the Company shall apply an amount equal to such proceeds towards prepayment and cancellation of the Facilities in accordance with Clause 8.3 (Mandatory Prepayment) and, pending such application, shall deposit and retain such proceeds in an Account.

Schedule 10     
EVENTS OF DEFAULT
		
	(a)
	(i)    The Company shall have failed to pay any principal of any Advance when due in accordance with the terms of the relevant Facility Agreement; or 

		
	(i)
	the Company shall have failed to pay any interest on any Advance within 5 days after any such interest becomes due in accordance with the terms of the relevant Senior Finance Document; or 

		
	(ii)
	any other Obligor or a Wynn Non-Obligor Subordination Deed Party shall have failed to pay any other amount payable under any Senior Finance Document within 10 days after any such other amount becomes due in accordance with the terms of the relevant Senior Finance Document or in the event that any such other amount becomes due without a notice being given to the relevant Obligor, 10 days after notice to the relevant Obligor of the non-payment of such amount.

		
	(b)
	Any representation or warranty made or deemed made by any Obligor or a Wynn Non Obligor Subordination Deed Party in any Senior Finance Document to which it is a party or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with any Senior Finance Document shall prove to have been incorrect in any material respect (or, in the case of the representations and warranties set out in paragraphs 21.1, 21.2 and 21.3 of Schedule 4 (Representations and Warranties), in any respect) on or as of the date made or deemed made, and, in the case of an Obligor (other than the Company or a Wynn Obligor) or a Wynn Non-Obligor Subordination Deed Party, such event, could reasonably be expected to give rise to a Material Adverse Effect, provided that no Event of Default under this paragraph (b) will occur if the misrepresentation is capable of remedy and remedied within 30 days of the earlier to occur of (i) the Intercreditor Agent giving notice of such misrepresentation to the relevant Obligor or Wynn Non Obligor Subordination Deed Party (as the case may be) and (ii) the relevant Obligor or Wynn Non Obligor Subordination Deed Party (as the case may be) becoming aware of such misrepresentation.

		
	(c)
	The Company shall default in the observance or performance of:

		
	(i)
	paragraph 12(a) of Part A of Schedule 5 (Covenants) and, other than in respect of a Default arising by reason of paragraphs (v), (w) or (z) of Schedule 10 (Events of Default), such default shall continue unremedied for a period of 30 days;

		
	(ii)
	paragraph 12(b) of Part A of Schedule 5 (Covenants) in so far as it relates to the Concession Contract or the Land Concession Contract; 

		
	(iii)
	paragraph 24 of Part A of Schedule 5 (Covenants);  

		
	(iv)
	paragraph 1 of Part B of Schedule 5 (Covenants) and such default shall continue unremedied for a period of 5 days; or

		
	(v)
	[Not used].

		
	(d)
	Any Obligor or the Performance Bond Provider (or a Wynn Non-Obligor Subordination Deed Party) shall default in the observance or performance of any other covenant or agreement contained in any Senior Finance Document to which it is a party (other than as provided in paragraphs (a) through (c) of this Schedule), and such default shall continue unremedied for a period of 30 days or, provided the relevant Obligor or the Performance Bond Provider (or Wynn Non-Obligor Subordination Deed Party) is diligently pursuing action to remedy the default and it is of a nature that it is capable of being remedied, 60 days after the earlier of:

		
	(i)
	the Company or such Obligor (or such Wynn Non-Obligor Subordination Deed Party) becoming aware of such default; and 

		
	(ii)
	receipt by the Company of notice from the Intercreditor Agent or any Lender of such default.

		
	(e)
	Save where paragraph (a) of this Schedule applies, the Company or any other Obligor  (or, in relation to any Financial Indebtedness that is Guaranteed WML Debt, WML or any Obligor that has incurred, assumed or allowed to remain outstanding any Guarantee Obligation with respect to such Guaranteed WML Debt) shall:

		
	(i)
	default in making any payment of any principal of any Financial Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Advances) on the scheduled due date with respect thereto; 

		
	(ii)
	default in making any payment of any interest on any such Financial Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Financial Indebtedness was created; or 

		
	(iii)
	default in the observance or performance of any other agreement or condition relating to any such Financial Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition (or any declaration by the holder of such Financial Indebtedness by reason thereof) is to cause immediately such Financial Indebtedness to become due prior to its stated maturity or (in the case of any such Financial Indebtedness constituting a Guarantee Obligation) to become payable,

provided that a default event or condition described in sub-paragraphs (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute a Default or Event of Default unless, at such time, the aggregate amount of the default in the principal payment in the case of sub-paragraph (i), the default in the interest payment in the case of sub-paragraph (ii) and the amount accelerated in the case of sub-paragraph (iii) of this paragraph (e) exceeds USD25,000,000 or its equivalent in the case of the Company and the other Obligors taken as a whole (or, where such default event or condition relates to Financial Indebtedness that is Guaranteed WML Debt, WML and any Obligors that have incurred, assumed or allowed to remain outstanding any Guarantee Obligation with respect to such Guaranteed WML Debt taken as a whole). 
		
	(f)
	(i)    Any Obligor or the Performance Bond Provider shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, (x) seeking to have an order for relief entered with respect to itself, or seeking to adjudicate itself a bankrupt or insolvent, or (y) seeking reorganization, administration, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to itself or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for itself or for all or any substantial part of its assets, or any Obligor or the Performance Bond Provider shall make a general assignment for the benefit of its creditors, but excluding in the case of sub-paragraph (A)(y) any voluntary liquidation, winding-up or dissolution of, or similar action with respect to, Palo after a Permitted Cotai Reorganisation; 

		
	(i)
	there shall be commenced against any Obligor or the Performance Bond Provider any case, proceeding or other action of a nature referred to in sub-paragraph (i) above that (A) results in the entry of an order for relief as specified in sub-paragraph (i)(A) or (i)(B) above or any such adjudication or appointment and (B) where such order, adjudication or appointment may under applicable law be dismissed, discharged or bonded, remains undismissed, undischarged or unbonded for a period of 60 days (or such shorter period as may be specified pursuant to any applicable law); 

		
	(ii)
	there shall be commenced against any Obligor or the Performance Bond Provider any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief and such order shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; 

		
	(iii)
	any Obligor or the Performance Bond Provider shall consent to, approve, or acquiesce in, any of the acts set forth in sub-paragraphs (i), (ii) or (iii) above; or 

		
	(iv)
	any Obligor or the Performance Bond Provider shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due,

provided that no Event of Default shall be deemed to have occurred under this paragraph (f) as a result of any such action, event of condition by, against or concerning the Performance Bond Provider if:
		
	(v)
	immediately upon (and, in any event, no more than five Business Days after) becoming aware or receiving notice thereof, the Company gives notice to the Intercreditor Agent of its intention to replace the Performance Bond Provider; and

		
	(vi)
	within 60 days (or such shorter period as may be required pursuant to the Concession Contract) after such action, event or condition has occurred, the Company shall have made application to the Macau SAR for a replacement Performance Bond Provider who is acceptable to the Intercreditor Agent, acting  reasonably.

		
	(g)
	[Not used]

		
	(h)
	One or more judgments or decrees shall be entered against the Company or any other Obligor involving for the Company and the other Obligors taken as a whole a liability (not paid or covered by insurance) of USD50,000,000 or its equivalent or more, and all such judgments or decrees, in either case, shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof. 

		
	(i)
	Any of the Senior Finance Documents shall cease, for any reason (other than pursuant to the terms thereof or, in respect of any Palo Security Document, as a result of the matters contemplated by Clause 18.3.4(a) (Permitted Cotai Reorganisation; Release of Palo Security) of this Agreement following a Permitted Cotai Reorganisation), to be in full force and effect, or any Obligor (or a Wynn Non Obligor Subordination Deed Party, in respect of the Subordination Deed only) shall in writing to any Senior Secured Creditor in the event that any Senior Secured Creditor is seeking to exercise its rights or in any Proceedings so assert, or any Lien created or acknowledged by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created or acknowledged thereby. 

		
	(j)
	The Company or any other Obligor shall breach or default under in any material respect any material term, condition, provision, covenant, representation or warranty contained in any Major Project Document (other than as set forth in the proviso at the end of this paragraph (j)) and such breach or default shall continue unremedied for 30 or, save in the case of any payment default, provided the Company or such Obligor is diligently pursuing action to remedy the default and it is of a nature that is capable of being remedied, 60 days after the earlier of:

		
	(i)
	the Company or such Obligor becoming aware of such breach or default; and 

		
	(ii)
	receipt by the Company of notice from the Intercreditor Agent or any Lender of such breach or default,  

provided that: 
		
	(A) 
	in respect of a Resort Management Agreement, this paragraph (j) shall only apply to any such breach or default under such Resort Management Agreement where such breach or default has not been remedied as set forth above and such breach of default could reasonably be expected to prejudice: 

		
	(i) 
	the Concession Contract (or any rights, benefits or interests arising thereunder);

		
	(ii) 
	the Land Concession Contract (or any rights, benefits or interests arising thereunder); or 

		
	(iii)
	the Cotai Land Concession Contract (or any rights, benefits or interests arising thereunder) and such prejudice could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents; and 

		
	(B) 
	in respect of the Cotai Land Concession Contract, this paragraph (j) shall only apply to such breach or default under the Cotai Land Concession Contract where such breach or default has not been remedied as set forth above and such breach of default could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents).

		
	(k)
	Any party (other than the Company) shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Major Project Document (other than as set forth in the proviso at the end of this paragraph (k)) and such breach or default shall continue unremedied for 90 days after the earlier of:

		
	(i)
	the Company or any other Obligor becoming aware of such breach or default; and 

		
	(ii)
	receipt by the Company of notice from the Intercreditor Agent or any Lender of such breach or default,

and such breach or default could reasonably be expected to have a Material Adverse Effect, 
provided that:
		
	(A) 
	in respect of a Resort Management Agreement, this paragraph (k) shall only apply to any such breach or default under such Resort Management Agreement where such breach or default has not been remedied as set forth above and such breach of default could reasonably be expected to prejudice: 

		
	(i) 
	the Concession Contract (or any rights, benefits or interests arising thereunder);

		
	(ii) 
	the Land Concession Contract (or any rights, benefits or interests arising thereunder); or 

		
	(iii)
	the Cotai Land Concession Contract (or any rights, benefits or interests arising thereunder) and such prejudice could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents; and 

		
	(B) 
	in respect of the Cotai Land Concession Contract, this paragraph (k) shall only apply to such breach or default under the Cotai Land Concession Contract where such breach or default has not been remedied as set forth above and such breach of default could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents).

		
	(l)
	Any of the Transaction Documents shall terminate or be terminated or cancelled, become invalid or illegal or otherwise cease to be in full force and effect prior to its stated expiration date (other than any such termination, cancellation, invalidity, illegality or other ceasing to be in full force and effect prior to its stated expiration date in respect of any Palo Security Document as a result of the matters contemplated by Clause 18.3.4(a) (Permitted Cotai Reorganisation; Release of Palo Security) of this Agreement following a Permitted Cotai Reorganisation) provided that the occurrence of any of the foregoing events with respect to the Cotai Land Concession Contract shall constitute an Event of Default under this paragraph (l) only if the same could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents and provided further that the occurrence of any of the foregoing events with respect to any Major Project Document (other than the Concession Contract, the Land Concession Contract, the Cotai Land Concession Contract or the IP Agreement) shall constitute an Event of Default under this paragraph (l) only if the same could reasonably be expected to result in a Material Adverse Effect and the same shall continue unremedied for 90 days after the earlier of:

		
	(i)
	the Company or any other Obligor becoming aware of such occurrence; and

		
	(ii)
	receipt by the Company of notice from the Intercreditor Agent or any Lender of such occurrence,

provided that in the case of any such Major Project Document (other than the Concession Contract, the Land Concession Contract, the Cotai Land Concession Contract or the IP Agreement), if the occurrence is not the result of the breach or default by an Obligor in any material respect of any material term, condition, provision, covenant, representation or warranty, then no Event of Default shall be deemed to have occurred as a result thereof under this paragraph (l) if the Company provides written notice to the Intercreditor Agent immediately upon (but in no event more than 10 Business Days after) the Company or such other Obligor becoming aware of such occurrence that it intends to replace such Major Project Document and:
		
	(A)
	the Company obtains a replacement obligor or obligors for the affected party;

		
	(B)
	the Company or such other Obligor enters into a replacement Major Project Document on terms no less beneficial to the Company or such other Obligor and the Senior Secured Creditors in any material respect than the Major Project Document being replaced within 60 days of such occurrence, provided that the replacement Major Project Document may require the Company or such other Obligor to pay amounts under the replacement Major Project Document in excess of those that would have been payable under the replaced Major Project Document; and 

		
	(C)
	in the reasonable opinion of the Intercreditor Agent, such occurrence, after considering any replacement obligor and replacement Major Project Document and the time required to implement such replacement, has not had and could not reasonably be expected to have a Material Adverse Effect.

		
	(m)
	A Change of Control shall occur.

		
	(n)
	Any Subordinated Debt or the Performance Bond Facility Agreement shall cease, for any reason, to be validly subordinated to the Obligations of the Obligors as provided in the Senior Finance Documents and the documentation, instruments or other agreements related to the Subordinated Debt, as the case may be.

		
	(o)
	[Not used] 

		
	(p)
	[Not used] 

		
	(q)
	[Not used]

		
	(r)
	(i) The Company shall abandon Wynn Macau or (ii) Palo (or, following a Permitted Cotai Reorganisation, the Company) shall abandon the Cotai Project or otherwise cease to pursue it (development of the Cotai Project having ceased for a period of at least ninety days) where such abandonment or cessation could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Finance Documents.  

		
	(s)
	Any call or drawing made by the Macau SAR under the Concession Contract Performance Bond unless the Concession Contract Performance Bond is fully reinstated within 30 days thereof in accordance with the Concession Contract, no other Event of Default has occurred or will result from such reinstatement.

		
	(t)
	[Not used] 

		
	(u)
	The authority or ability of the Company or any other Obligor to conduct its business or operations as currently conducted and as proposed to be conducted, or a material part thereof, is wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any Governmental Authority. 

		
	(v)
	Any temporary administrative intervention is made by the Macau SAR pursuant to article 79 of the Concession Contract.

		
	(w)
	The Macau SAR takes any formal measure seeking the unilateral dissolution of the Concession Contract pursuant to article 80 thereof or the Macau SAR gives notice pursuant to article 80(3) of the Concession Contract and the Company fails to comply with the terms thereof within the grace period specified therein.

		
	(x)
	[Not used]

		
	(y)
	[Not used]

		
	(z)
	The Land Concession Contract or the Cotai Land Concession Contract is terminated or rescinded or the Macau SAR takes any formal measure seeking any termination of (i) the Land Concession Contract pursuant to Clause 15 thereof or any rescission pursuant to Clause 16 thereof or (ii) the Cotai Land Concession Contract pursuant to Clause 14 thereof or any rescission pursuant to Clause 15 thereof, provided that, the occurrence of the foregoing events with respect to the Cotai Land Concession Contract shall constitute an Event of Default under this paragraph (z), only if the same could reasonably be expected to have an adverse effect on the ability of the Company or any other Obligor to perform its payment obligations under the Senior Finance Documents.

		
	(aa)
	[Not used]

		
	(bb)
	A Material Adverse Effect has occurred which is continuing.

Schedule 11     
TRANSFERS AND ACCESSION
Part A     
 
Form of Agent's Deed of Accession
THIS DEED dated [           ] is supplemental to each of the Senior Finance Documents as defined in a common terms agreement (the "Common Terms Agreement") dated 14 September 2004 between Wynn Resorts (Macau) S.A. and the Senior Secured Creditors (as defined therein) to which [name of existing Agent] is expressed to be a party (the "Senior Finance Documents").
Words and expressions defined in the Common Terms Agreement have the same meaning when used in this Deed and the principles of construction and rules of interpretation set out therein shall also apply.
[name of new Agent] (the "New Agent") of [address] hereby agrees with each other Person who is or who becomes a party to the Senior Finance Documents that with effect on and from the date of this Deed it shall be bound by the Senior Finance Documents and be entitled to exercise rights and be subject to obligations thereunder as [specify Agent].
The Facility Office of the New Agent is located at [       ].
The initial telephone number, fax number, address and Person designated by the New Agent for the purposes of Clause 29 (Notices) of the Common Terms Agreement are:
[                    ]
This Deed is governed by and shall be construed in accordance with English law.
Executed as a deed by            )
[insert name of new Agent and    )
execution clause appropriate        )
thereto and to manner of        )
execution]                )

Part B     
 
Form of Novation Certificate
To:    [        ] as Intercreditor Agent
NOVATION CERTIFICATE
relating to [description of the relevant Facility Agreement] (the "Facility Agreement") dated [date of the relevant Facility Agreement] between Wynn Resorts (Macau) S.A. (the "Company") and [list other parties] and the common terms agreement (the "Common Terms Agreement") dated 14 September 2004 between the Company and the Senior Secured Creditors (as defined therein).
		
	1.
	Terms defined in the Common Terms Agreement shall, subject to any contrary indication, have the same meanings herein and the principles of construction and rules of interpretation set out therein shall also apply.  The terms Lender, Transferee, Proposed Transfer Date, Lender's Participation and Amount Transferred are defined in the schedule hereto.

		
	2.
	The Lender confirms that the Lender's Participation is an accurate summary of its participation in the Facility Agreement and requests the Transferee to accept and procure the transfer by novation to the Transferee of a percentage of the Lender's Participation (equal to the percentage that the Amount Transferred is of the aggregate of the component amounts (as set out in the schedule hereto) of the Lender's Participation the "Transferred Percentage") by counter-signing and delivering this Novation Certificate to the Intercreditor Agent at its address for the service of notices specified in the Common Terms Agreement, in accordance with Clause 21.6 (Transfers by Lenders) of the Common Terms Agreement.  The Lender assigns, subject to the aforementioned acceptance by the Transferee, a proportion of the rights and benefits held by the Lender (in its capacity as such) under or in connection with the Senior Finance Documents which proportion shall be equal to the Transferred Percentage.

		
	3.
	The Transferee hereby requests the Intercreditor Agent to accept this Novation Certificate as being delivered to the Intercreditor Agent pursuant to and for the purposes of Clause 21.6 (Transfers by Lenders) of the Common Terms Agreement so as to take effect in accordance with the terms thereof on the Proposed Transfer Date or on such later date as may be determined in accordance with the terms thereof.

		
	4.
	The Transferee confirms that it has received a copy of each of the Senior Finance Documents together with such other information as it has required in connection with this transaction and that it has not relied and shall not hereafter rely on the Lender to check or enquire on its behalf into the legality, validity, effectiveness, adequacy, accuracy or completeness of any such information and further agrees that it has not relied and shall not rely on the Lender to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Obligors, Wynn Macau or the Cotai Project.

		
	5.
	The Transferee hereby undertakes with the Lender and each of the other parties to the Facility Agreement that it shall perform in accordance with their terms all those 

obligations which by the terms of the Facility Agreement shall be assumed by it after delivery of this Novation Certificate to the Intercreditor Agent and satisfaction of the conditions (if any) subject to which this Novation Certificate is expressed to take effect.
		
	6.
	The Transferee also agrees that, with effect from the Proposed Transfer Date or such later date as may be determined in accordance with Clause 21.6 (Transfers by Lenders) of the Common Terms Agreement, it shall be bound by the terms of:

		
	(e)
	the Common Terms Agreement as if it had been a party to such agreement in the capacity of a [specify Lender]; and

		
	(f)
	each of the Security Documents to which the Lenders are party as if it had been a party to those documents in the capacity of a Lender thereunder.

		
	7.
	The Lender makes no representation or warranty and assumes no responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Senior Finance Documents or any document relating thereto and assumes no responsibility for the financial condition of the Obligors or for the performance and observance by the Obligors of any of their obligations under the Senior Finance Documents or any document relating thereto and any and all such conditions and warranties, whether express or implied by law or otherwise, are hereby excluded.

		
	8.
	The Lender hereby gives notice that nothing herein or in the Senior Finance Documents (or any document relating thereto) shall oblige the Lender to (a) accept a re-transfer from the Transferee of the whole or any part of its rights, benefits and/or obligations under the Senior Finance Documents transferred pursuant hereto or (b) support any losses directly or indirectly sustained or incurred by the Transferee for any reason whatsoever including the non-performance by any of the Obligors or any other party to the Senior Finance Documents (or any document relating thereto) of its obligations under any such document.  The Transferee hereby acknowledges the absence of any such obligation as is referred to in (a) or (b).

		
	9.
	This Novation Certificate and the rights, benefits and obligations of the parties hereunder shall be governed by and construed in accordance with English law.

THE SCHEDULE
		
	1.
	Lender:

		
	2.
	Transferee:

		
	3.
	Proposed Transfer Date:

		
	4.
	Lender's Participation:

	
		
	Lender's undrawn Available Commitment*
	Lender's Portion of each Advance

		
	5.
	Amount Transferred:

[Lender]                    [Transferee]
By:                        By:
Date:                        Date: 
[        ]
as Intercreditor Agent
By:
Date:
Administrative Details of Transferee
Address:
Contact Name:
Account for Payments:
Standing Payment Instruction:
Fax:
Telex:
Telephone:
___________________________________________________________________________
* Details of the Lender's undrawn Available Commitment should not be completed after the last day of the Availability Period.
Part C     
 
Form of Confidentiality Undertaking
To:    [Insert name of potential Transferee/participant]
[Date]
Dear Sirs,
We understand that you are considering [acquiring an interest (the "Acquisition") in/accepting an appointment as facility agent under [description of the relevant Facility Agreement] (the "Facility Agreement")/accepting an appointment as intercreditor agent under the Senior Finance Documents (the "Appointment")] in relation to the design, development, construction, ownership, operation and maintenance of the Wynn Macau hotel, retail and destination gaming resort project ("Wynn Macau") and the Wynn Palace hotel, retail and destination gaming resort 

project (the "Cotai Project").  In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows:
		
	1.
	Confidentiality Undertaking You undertake (a) to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2 below and to ensure that the Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information, (b) to use the Confidential Information only for the Permitted Purpose, (c) to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph 2(c) below) acknowledges and complies with the provisions of this letter as if that person were also a party to it, and (d) not to make enquiries of any of the Obligors or any of their officers, directors, employees or professional advisers relating directly or indirectly to the [Acquisition/Appointment].

		
	2.
	Permitted Disclosure We agree that you may disclose Confidential Information:

		
	(f)
	to members of the [Purchaser/Appointee] Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of members of the [Purchaser/Appointee] Group;

		
	(g)
	[subject to the requirements of the Senior Finance Documents, to any person to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of the rights, benefits and obligations which you may acquire under the Facility Agreement or with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Senior Finance Documents or any of the Obligors so long as that person has delivered a letter to you in equivalent form to this letter;] and

		
	(h)
	(i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of any stock exchange on which the shares or other securities of any member of the [Purchaser/Appointee] Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the [Purchaser/Appointee] Group.

		
	3.
	Notification of Required or Unauthorised Disclosure You agree (to the extent permitted by law) to inform us of the full circumstances of any disclosure under paragraph 2[(c)/(b)] or upon becoming aware that Confidential Information has been disclosed in breach of this letter.

		
	4.
	Return of Copies If we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, 

supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2[(c)/(b)] above.
		
	5.
	Continuing Obligations The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us.  Notwithstanding the previous sentence, the obligations in this letter shall cease (a) if you become a party to [or otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in] the [Facility Agreement/Senior Finance Documents] or (b) twelve months after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed).

		
	6.
	No Representation; Consequences of Breach, etc You acknowledge and agree that:

		
	(a)
	neither we nor any Obligor nor any of our or their respective officers, employees or advisers (each a "Relevant Person") (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect to the Confidential Information or any such information; and

		
	(b)
	we or any Obligor may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.

		
	7.
	No Waiver; Amendments, etc This letter sets out the full extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter.  No failure or delay in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privileges hereunder.  The terms of this letter and your obligations hereunder may only be amended or modified by written agreement between us.

		
	8.
	Inside Information You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation relating to insider dealing and you undertake not to use any Confidential Information for any unlawful purpose.

		
	9.
	Nature of Undertakings The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of each Obligor.

		
	10.
	Third party rights

		
	(a)
	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any term of this letter.

		
	(b)
	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third Parties Act.

		
	(c)
	The parties to this letter do not require the consent of the Relevant Persons to rescind or vary this letter at any time.

		
	11.
	Governing Law and Jurisdiction This letter (including the agreement constituted by your acknowledgement of its terms) shall be governed by and construed in accordance with the laws of England and the parties submit to the non-exclusive jurisdiction of the English courts.

		
	12.
	Definitions In this letter (including the acknowledgement set out below) terms defined in or by reference to the Facility Agreement shall, unless the context otherwise requires, have the same meaning, the principles of construction and rules of interpretation referred to therein shall also apply and:

"Confidential Information" means any information relating to Wynn Macau, the Cotai Project, any Obligor, the Transaction Documents, any agreement relating to the [Facility Agreement/Senior Finance Documents] and/or the [Acquisition/Appointment] provided to you by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you thereafter, other than from a source which is connected with the Obligors and which, in either case, as far as you are aware, has not been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality.
"Obligors" means Wynn Resorts (Macau) S.A. and certain other persons, as defined in the Senior Finance Documents, who have a direct or indirect interest in its share capital.
"Permitted Purpose" means considering and evaluating whether to [enter into/accept] the [Acquisition/Appointment].
"Project Documents" means the documents entered into by Wynn Resorts (Macau) S.A. and its contractors or subcontractors in connection with Wynn Macau.
"[Purchaser/Appointee] Group" means you, each of your holding companies and subsidiaries and each subsidiary of each of your holding companies (as each such term is defined in the Companies Act 1985).

"Senior Finance Documents" means the Facility Agreement, the Common Terms Agreement dated 14 September 2004 between Wynn Resorts (Macau) S.A. and certain financial institutions and other Senior Finance Documents as defined in such Common Terms Agreement.
"Transaction Documents" means the Senior Finance Documents and the Project Documents.
Please acknowledge your agreement to the above by signing and returning the enclosed copy.
Yours faithfully
...................................
For and on behalf of
[Insert name of Lender/Agent]

To:    [Lender/Agent]

 
The Obligors
We acknowledge and agree to the above:
...................................
For and on behalf of
[Potential Transferee/participant/appointee]
Date:

Schedule 12     
[NOT USED]

Schedule 13     
[NOT USED]

Schedule 14     
FORM OF ADDITIONAL LENDER'S ACCESSION DEED
THIS DEED dated [           ] is supplemental to a common terms agreement (the "Common Terms Agreement") dated 14 September 2004 between Wynn Resorts (Macau) S.A. and the Senior Secured Creditors (as defined therein).
Words and expressions defined in the Common Terms Agreement have the same meaning when used in this Deed and the principles of construction and rules of interpretation set out therein shall also apply.
[name of Additional Lender] (the "New Additional Lender") of [address] hereby agrees with each other person who is or who becomes a party to the Common Terms Agreement that with effect on and from the date of this Deed it shall be bound by the Common Terms Agreement and be entitled to exercise rights and be subject to obligations thereunder as an Additional Lender.
The initial telephone number, fax number, address and person designated by the New Additional Lender for the purposes of Clause 29 (Notices) of the Common Terms Agreement are:
[                    ]
This Deed is governed by and shall be construed in accordance with English law.
Executed as a deed by        )
[insert name of Additional    )
Lender and execution clause    )
appropriate thereto and to    )
manner of execution]        )

Schedule 15     
FORM OF COMPLIANCE CERTIFICATE
To:    [        ] as Intercreditor Agent
Date: [        ]
Dear Sirs,
We refer to an agreement (the "Common Terms Agreement") dated 14 September 2004 between Wynn Resorts (Macau) S.A. and the financial institutions named therein as Senior Secured Creditors.  Terms defined in the Common Terms Agreement shall bear the same meaning herein and the principles of construction and rules of interpretation set out therein shall also apply.
We confirm on [insert date of relevant financial statements] the following:
	
			
	 
	Actual
	Required

	1.   Leverage Ratio
	[            ]
	[            ]

	2.   Interest Coverage Ratio
	[            ]
	[            ]

	 
	Actual

	3.   Excess Cash Flow*
	 

    
[*     Excess Cash Flow calculation to be included only if the Leverage Ratio for the relevant period is greater than 4.5:1]
We attach the information and calculations necessary for determining the above ratios and amounts.
We hereby confirm that no Default has occurred and is continuing.
OR
We hereby give you notice of the occurrence of the following Default which is continuing:
[        ].
We set out below the steps being taken to remedy such Default:
[         ].
Yours faithfully,
___________________
Name:
Responsible Officer
for and on behalf of
Wynn Resorts (Macau) S.A.

Schedule 16     
[NOT USED]
Schedule 17     
[NOT USED]
Schedule 18     
[NOT USED]

Schedule 19     
[NOT USED]
SIGNATURES
The Company
	
		
	WYNN RESORTS (MACAU) S.A.

	By:
	/s/ Frank Cassella

	Address:
	Wynn Macau  
Rua Cidade de Sintra 
NAPE
Macau

	Tel:
	853 2888 9966

	Fax:
	853 2832 9966

	Attention:
	Chief Financial Officer

	With a copy to:
	Wynn Resorts (Macau) S.A.
Wynn Macau  
Rua Cidade de Sintra 
NAPE
Macau 

	Tel:
	853 2888 9966

	Fax:
	853 2832 9966

	Attention:
	Legal Department of Wynn Resorts (Macau) S.A.

The Hedging Counterparties
THE BANK OF NOVA SCOTIA

	
		
	By:
	/s/ Andy Poon

	Address:
	Suite 2401, Central Tower, 28 Queen’s Road Central, Hong Kong

	Fax:
	852 2527 2526

	Attention:
	Kenneth Ho / Philip Ng

DBS BANK LTD.
 

	
		
	By:
	/s/ Louisa Chau

	Address:
	10/F, The Center, 99 Queen’s Road Central, Central, Hong Kong

	Fax:
	852 2806 5457

	Attention:
	Mr. Johnson Wong

	With a copy to:
	 

	Address:
	18/F, The Center, 99 Queen’s Road Central, Hong Kong

	Fax:
	852 2596 0577

	Attention:
	Mr. Colum Ting

The Outgoing Global Coordinating Lead Arrangers
STANDARD CHARTERED BANK (HONG KONG) LIMITED
	
		
	By:
	/s/ Lewis Wong

 THE ROYAL BANK OF SCOTLAND PLC, SINGAPORE BRANCH
	
		
	By:
	/s/ Alexander Chu

The Mandated Lead Arrangers and Bookrunners
BANCO NACIONAL ULTRAMARINO, S.A.

	
		
	By:
	/s/ Pedro Manual De Oliveira Cardoso

	By:
	/s/ Tou Kei San

	Address:
	No. 22, Avenida de Almeida Ribeiro, Macau

	Fax:
	+853 2835 5653 / +853 2835 6867

	Attention:
	Ms. Monica Wong / Ms. Violet Choi

BANK OF AMERICA, N.A.
	
		
	By:
	/s/ Siong Ooi

	Address:
	55/F, Cheung Kong Centre, 2 Queen’s Road Central, Central, Hong Kong

	Tel:
	852 3508 2094

	Fax:
	852 3508-2914

	Email:
	asia.sse-hk@bankofamerica.com

	Attention:
	Elena Ng

	With a copy to:
	 

	Tel:
	852 3508 6190

	Fax:
	Fax: +852 3508-0689

	Email:
	allen.chu@baml.com

	Attention:
	Allen Chu

BANK OF CHINA LIMITED, MACAU BRANCH
	
		
	By:
	/s/ Wong, Iao Kun

	Address:       
	13/F Bank of China Building Avenida Doutor Mario Soares, Macau

	Tel:
	+853 8792 1639 / 8792 1682

	Fax:
	+853 8792 1659 / 8792 0308

	Attention:
	Mr. James Wong / Ms. Iris Ieong   

BNP PARIBAS HONG KONG BRANCH
	
		
	By:
	/s/ Mary Hse

	By:
	/s/ Charmaine Lo

	Address:
	63/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong

	Fax:
	852 2970 0296

	Attention:
	Joshua Lau

DBS BANK LTD.
	
		
	By:
	/s/ Benjamin Wong

	Address:
	DBS Bank Ltd.

	Tel:
	18/F, The Center, 99 Queen’s Road Central, Central, Hong Kong

	Fax:
	852 2596 0577

	Attention:
	Mr. Colum Ting

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (MACAU) LIMITED
	
		
	By:
	/s/ Lui Kwok Tai

	By:
	/s/ Zheng Zhiguo

	Address:
	18/F., ICBC Tower, Macau Landmark, 555 Avenida da Amizade, Macau

	Fax:
	+853 8398 2160/ +853 2858 4496

	Attention:
	Alex Li / Eric Chan/ Linda Chan / Selene Ren/ Stephanie Guo

THE BANK OF NOVA SCOTIA
	
		
	By:
	/s/ Andy Poon

	Address:
	Suite 2401, Central Tower, 28 Queen’s Road Central, Hong Kong

	Fax:
	852 2527 2526

	Attention:
	Kenneth Ho / Philip Ng

	With a copy to:
	 

	 
	The Bank of Nova Scotia, Singapore Branch

	 
	1 Raffles Quay, #20-01 North Tower, Singapore 048583

	 
	Fax: +65 6534 7817

	 
	Attention: Leong Soon Cheong

UNITED OVERSEAS BANK LIMITED
	
		
	By:
	/s/ George Tung

	Address:
	23/F., 3 Garden Road, Central, Hong Kong

	Fax:
	+852 2596 0113/852 2501 5738

	Attention:
	Mr. Lawrence Cheung / Ms. Wanna So / Mr. Herman Tsong

	With a copy to:
	 

	Address:
	Unit 11-16, 16/F Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong

	Fax:
	852 2501 5738

	Attention:
	Ms. Wanna So /  Mr. Herman Tsong / Ms. Carrie Ng / Mr. Terry Wong

SUMITOMO MITSUI BANKING CORPORATION
	
		
	By:
	/s/ Hideo Notsu

	Address:
	277 Park Avenue, New York, NY 10172

	Fax:
	212-224-4887

	Attention:
	John Corrigan

The Mandated Lead Arrangers
BANK OF COMMUNICATIONS CO., LTD. MACAU BRANCH
	
		
	By:
	/s/ Chen Junliang

	Address:
	15/F, AIA Tower, No. 251A-301, Avenida Comercial De Macau

	Fax:
	853 2828 6686

	Attention:
	Ms. Ariel Tang / Mr. Jacky Lei

DEUTSCHE BANK AG, SINGAPORE BRANCH
	
		
	By:
	/s/ Ananda Chakvavorty

	By:
	/s/ Piyush Gupta

	Address:
	One Raffles Quay, #14-00 South Tower, Singapore 048593

	Fax:
	65-62212306

	Attention:
	Xuan-Ren Chen / Yvonne Choo

JPMORGAN CHASE BANK, N.A., HONG KONG BRANCH
	
		
	By:
	/s/ Christine Chan

	Address:
	Level 28, 8 Connaught Road Central, Hong Kong S.A.R, People’s Republic of China

	Fax:
	91 22 6646 6865

	Attention:
	Nimisha Kedia / Dipti Wasudeo / Asia Loan Operations

UBS AG HONG KONG BRANCH
	
		
	By:
	/s/ Rahul Kotwal

	By:
	/s/ Joseph Vawckus

	Address:
	52/F, Two International Finance Centre 8 Finance Street Central, Hong Kong

	Fax:
	852 3712 4979

	Email:
	mohamed.atmani@ubs.com

	Attention:
	Mohamed Atmani

	With a copy to:
	5 Temasek Boulevard #18-00 Suntec Tower Five Singapore 038985

	Fax:
	65 6495 8609

	Email:
	ol-bps-singapore@ubs.com

	Attention:
	Structured Financing Processing

The Lead Arrangers
BANCO COMERCIAL DE MACAU, S.A.
	
		
	By:
	/s/ Tony Ho Keang Wa

	By:
	/s/ Kenneth Chan Sou Chao

	Address:
	Avenida da Praia Grande,No.572,Macau

	Fax:
	(+853)8791 0276 / (+853)2871 5521

	Attention:
	Mr.Simon Chong/Mr.Alex Chou/Ms.Katrina Tang/Ms.Jessica Lam/Ms.Lillian Tang/Mr.Vincent Lai

TAI FUNG BANK LIMITED
	
		
	By:
	/s/ Au Ieong Iu Kong

	By:
	/s/ Kou Wa Kin

	Address:
	418 Alameda Dr. Carlos d’Assumpcao, Macau

	Fax:
	853 2875 2716

	Attention:
	Mr. Kou Wa Kin / Ms. Cherry Leong / Mr. Edward Leong

WING LUNG BANK LIMITED MACAU BRANCH
	
		
	By:
	/s/ Lam Weng Nin

	Address:
	18/F, Finance and IT Centre of Macau, Avenida Comercial de Macau

	Fax:
	(853) 2875 0918 / 2857 5589,

	Attention:
	Mr. Patrick Wong (Corporate loan department)/ Ms. Cherry Chan (Corporate loan department)/  Mr. Charlie Chen (credit management)

The Arrangers
CHINA CONSTRUCTION BANK CORPORATION MACAU BRANCH
	
		
	By:
	/s/ Chai, Michael Chung-Man

	By:
	/s/ Peng, Billy Yuanbo

	Address:
	5/F & 19/F, Circle Square 61 Avenida de Almeida Ribeiro Macau

	Fax:
	+853 82911819 / 82911834 / 82911839

	Attention:
	Ms.Carol Leong / Mr. Kenneth Lau / Mr. Michael Choi / Ms. Ivy Leong

FIRST COMMERCIAL BANK, MACAU BRANCH
	
		
	By:
	/s/ Liau Yu Cheng

	Address:
	Unit B-C, 16/F, Finance and IT Centre of Macau, Avenida Comercial de Macau

	Fax:
	853-2872-2772

	Attention:
	Dave Lin / Wesley Liau

MORGAN STANLEY SENIOR FUNDING, INC.
	
		
	By:
	/s/ Kelly Chin

	Address:
	1585 Broadway, New York, New York 10036

	Fax:
	+852-3407-5506/+852-3742-0884

	Attention:
	Tripp Williams / Jin Song

The Second Ranking Finance Party

BANCO NACIONAL ULTRAMARINO, S.A.    

	
		
	By:
	/s/ Pedro Manuel de Oliveira Cardoso

	By:
	/s/ Tou Kei San

	Address:
	No. 22, Avenida de Almeida Ribeiro, Macau

	Fax:
	(853) 28331206 / (853) 28355653 / (853)28356867

	Attention:
	Mr. Sam Tou / Ms. Monica Wong / Ms. Violet Choi

The Security Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:        13/F Bank of China Building
                Avenida Doutor Mario Soares, Macau
Tel:           +853 8792 1639 / 8792 1682
Fax:            +853 8792 1659 / 8792 0308
Attention:        Mr. James Wong / Ms. Iris Ieong

With a copy to:
Address:        17/F Bank of China Building
Avenida Doutor Mario Soares, Macau
Tel:            +853 8792 1623 / 8792 1706
Fax:            +853 8792 1677
Attention:        Ms. Wendy Sun / Mr. Jerry Chan 

The Intercreditor Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:    13/F Bank of China Building 
        Avenida Doutor Mario Soares, Macau
Tel:        +853 8792 1639 / 8792 1682
Fax:        +853 8792 1659 / 8792 0308
Attention:    Mr. James Wong / Ms. Iris Ieong
With a copy to:
		
	Address:
	17/F Bank of China Building 
Avenida Doutor Mario Soares, Macau

Tel:        +853 8792 1623 / 8792 1706
Fax:        +853 8792 1677
Attention:    Ms. Wendy Sun / Mr. Jerry Chan

The Term Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:    13/F Bank of China Building 
        Avenida Doutor Mario Soares, Macau
Tel:        +853 8792 1639 / 8792 1682
Fax:        +853 8792 1659 / 8792 0308
Attention:    Mr. James Wong / Ms. Iris Ieong
With a copy to:
		
	Address:
	17/F Bank of China Building 
Avenida Doutor Mario Soares, Macau

Tel:        +853 8792 1623 / 8792 1706
Fax:        +853 8792 1677
Attention:    Ms. Wendy Sun / Mr. Jerry Chan

The Revolving Credit Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:    13/F Bank of China Building 
        Avenida Doutor Mario Soares, Macau
Tel:        +853 8792 1639 / 8792 1682
Fax:        +853 8792 1659 / 8792 0308
Attention:    Mr. James Wong / Ms. Iris Ieong
With a copy to:
		
	Address:
	17/F Bank of China Building 
Avenida Doutor Mario Soares, Macau

Tel:        +853 8792 1623 / 8792 1706
Fax:        +853 8792 1677
Attention:    Ms. Wendy Sun / Mr. Jerry Chan

The POA Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:    13/F Bank of China Building 
        Avenida Doutor Mario Soares, Macau
Tel:        +853 8792 1639 / 8792 1682
Fax:        +853 8792 1659 / 8792 0308
Attention:    Mr. James Wong / Ms. Iris Ieong
With a copy to:
		
	Address:
	17/F Bank of China Building 
Avenida Doutor Mario Soares, Macau

Tel:        +853 8792 1623 / 8792 1706
Fax:        +853 8792 1677
Attention:    Ms. Wendy Sun / Mr. Jerry Chan

The Additional Facility Agent
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:        13/F Bank of China Building
                Avenida Doutor Mario Soares, Macau
Tel:           +853 8792 1639 / 8792 1682
Fax:            +853 8792 1659 / 8792 0308
Attention:        Mr. James Wong / Ms. Iris Ieong

With a copy to:
Address:        17/F Bank of China Building
Avenida Doutor Mario Soares, Macau
Tel:            +853 8792 1623 / 8792 1706
Fax:            +853 8792 1677
Attention:        Ms. Wendy Sun / Mr. Jerry Chan

The Additional Lender
BANK OF CHINA LIMITED, MACAU BRANCH 
By:        /s/ Wong, Iao Kun
Address:        13/F Bank of China Building
                Avenida Doutor Mario Soares, Macau
Tel:           +853 8792 1639 / 8792 1682
Fax:            +853 8792 1659 / 8792 0308
Attention:        Mr. James Wong / Ms. Iris Ieong

With a copy to:
Address:        17/F Bank of China Building
Avenida Doutor Mario Soares, Macau
Tel:            +853 8792 1623 / 8792 1706
Fax:            +853 8792 1677
Attention:        Ms. Wendy Sun / Mr. Jerry Chan

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