Document:

Exhibit 10.1

    

    REVOLVING CREDIT AGREEMENT

    by and among

    AGTB PRIVATE BDC,

      as the Initial Borrower,

    the other FUND BORROWERS party hereto,

    the LENDERS party hereto,

    MORGAN STANLEY ASSET FUNDING INC.,

      as the Administrative Agent and Sole Lead Arranger

    and

    MORGAN STANLEY BANK, N.A.,

      as the Letter of Credit Issuer and a Lender

    Dated as of June 10, 2022

    
      
        

    

    
      
        

        

        TABLE OF CONTENTS

        Page

        ARTICLE I

          

          

          DEFINITIONS.

        	
                Section 1.01

              	
                Defined Terms

              	 7
	
                Section 1.02

              	
                Other Definitional Provisions

              	 38
	
                Section 1.03

              	
                Times of Day

              	 39
	
                Section 1.04

              	
                Accounting Terms

              	 39
	
                Section 1.05

              	
                Letter of Credit Amounts

              	 39
	
                Section 1.06

              	
                [Reserved].

              	 39
	
                Section 1.07

              	
                Rates

              	 39
	
                Section 1.08

              	
                Divisions

              	 40

        ARTICLE II

          

          

          LOANS AND LETTERS OF CREDIT.

        	
                Section 2.01

              	
                Commitment

              	 40
	
                Section 2.02

              	
                Borrowings, Conversions and Continuations of Loans

              	 41
	
                Section 2.03

              	
                Minimum Loan Amounts

              	 42
	
                Section 2.04

              	
                Funding

              	 42
	
                Section 2.05

              	
                Interest

              	 43
	
                Section 2.06

              	
                Determination of Rate

              	 43
	
                Section 2.07

              	
                Letters of Credit

              	 43
	
                Section 2.08

              	
                Payment of Fund Borrower Guaranties

              	 47
	
                Section 2.09

              	
                Use of Proceeds

              	 47
	
                Section 2.10

              	
                Unused Commitment Fee

              	 48
	
                Section 2.11

              	
                Administrative Agent and Arranger Fees

              	 48
	
                Section 2.12

              	
                Letter of Credit Fees

              	 48
	
                Section 2.13

              	
                [Reserved]

              	 48
	
                Section 2.14

              	
                Qualified Borrowers

              	 48
	
                Section 2.15

              	
                Defaulting Lenders

              	 49
	
                Section 2.16

              	
                Investor Designation Letter

              	 50
	
                Section 2.17

              	
                Extension of Stated Maturity Date

              	 51
	
                Section 2.18

              	
                Increase in the Maximum Commitment

              	 51

        ARTICLE III

          

          

          PAYMENT OF OBLIGATIONS.

        	
                Section 3.01

              	
                Notes

              	 53
	
                Section 3.02

              	
                Payment of Interest

              	 53
	
                Section 3.03

              	
                Payments of Obligation

              	 54
	
                Section 3.04

              	
                Mandatory Prepayment

              	 55
	
                Section 3.05

              	
                Voluntary Prepayments

              	 55

        

        

        

        

        

        

        -i-

        

        
          
            

        

        

        

        

        

        	
                Section 3.06

              	
                Reduction or Early Termination of Commitments

              	 56
	
                Section 3.07

              	
                Lending Office

              	 56
	
                Section 3.08

              	
                Joint and Several Liability

              	 56

        

        

        ARTICLE IV

          

          

          CHANGE IN CIRCUMSTANCES.

        	
                Section 4.01

              	
                Taxes

              	 57
	
                Section 4.02

              	
                Illegality

              	 61
	
                Section 4.03

              	
                Inability to Determine Rates

              	 62
	
                Section 4.04

              	
                Effect of Benchmark Transition Event

              	 62
	
                Section 4.05

              	
                Increased Costs Generally

              	 63
	
                Section 4.06

              	
                Compensation for Losses

              	 64
	
                Section 4.07

              	
                Mitigation Obligations; Replacement of Lenders

              	 64
	
                Section 4.08

              	
                Cash Collateral

              	 65

        

        

        ARTICLE V

          

          

          SECURITY.

        	
                Section 5.01

              	
                Liens and Security Interest

              	 66
	
                Section 5.02

              	
                Collateral Accounts; Capital Calls

              	 66
	
                Section 5.03

              	
                Agreement to Deliver Additional Collateral Documents

              	 67
	
                Section 5.04

              	
                Subordination of Claims

              	 67

        

        

        ARTICLE VI

          

          

          GUARANTY.

        	
                Section 6.01

              	
                Guaranty of Payment

              	 67
	
                Section 6.02

              	
                Obligations Unconditional

              	 68
	
                Section 6.03

              	
                Modifications

              	 69
	
                Section 6.04

              	
                Waiver of Rights

              	 69
	
                Section 6.05

              	
                Reinstatement

              	 69
	
                Section 6.06

              	
                Remedies

              	 69
	
                Section 6.07

              	
                Subrogation

              	 70
	
                Section 6.08

              	
                Joint and Several Liability

              	 70

        ARTICLE VII

          

          

          CONDITIONS TO CREDIT EXTENSIONS.

        	
                Section 7.01

              	
                Conditions to Initial Credit Extension

              	 71
	
                Section 7.02

              	
                All Loans and Letters of Credit

              	 72
	
                Section 7.03

              	
                Qualified Borrower Loans

              	 73
	
                Section 7.04

              	
                Addition of Fund Borrowers

              	 74

         

        

         

          -ii-

        
          
            

        

        ARTICLE VIII

          

          

          REPRESENTATIONS AND WARRANTIES

        	
                Section 8.01

              	
                Organization and Good Standing of Borrower Parties

              	 76
	
                Section 8.02

              	
                [Reserved]

              	 76
	
                Section 8.03

              	
                Authorization and Power

              	 76
	
                Section 8.04

              	
                No Conflicts or Consents

              	 76
	
                Section 8.05

              	
                Enforceable Obligations

              	 77
	
                Section 8.06

              	
                Priority of Liens

              	 77
	
                Section 8.07

              	
                Financial Condition

              	 77
	
                Section 8.08

              	
                Full Disclosure

              	 77
	
                Section 8.09

              	
                No Default

              	 77
	
                Section 8.10

              	
                No Litigation

              	 77
	
                Section 8.11

              	
                Material Adverse Change

              	 78
	
                Section 8.12

              	
                Taxes

              	 78
	
                Section 8.13

              	
                Principal Office; Jurisdiction of Formation

              	 78
	
                Section 8.14

              	
                ERISA Compliance

              	 78
	
                Section 8.15

              	
                Compliance with Law

              	 78
	
                Section 8.16

              	
                Hazardous Substances

              	 78
	
                Section 8.17

              	
                Insider

              	 79
	
                Section 8.18

              	
                [Reserved].

              	 79
	
                Section 8.19

              	
                Capital Commitments and Contributions

              	 79
	
                Section 8.20

              	
                Fiscal Year

              	 79
	
                Section 8.21

              	
                No Defenses

              	 79
	
                Section 8.22

              	
                Margin Stock

              	 79
	
                Section 8.23

              	
                Sanctions

              	 79
	
                Section 8.24

              	
                Investors

              	 80
	
                Section 8.25

              	
                Investment Company Act

              	 80
	
                Section 8.26

              	
                Investment Company Status

              	 80
	
                Section 8.27

              	
                Non-Affiliation with Lenders

              	 80
	
                Section 8.28

              	
                Solvency

              	 80
	
                Section 8.29

              	
                Side Letter Condition

              	 80
	
                Section 8.30

              	
                Beneficial Ownership

              	 80

        ARTICLE IX

          

          

          AFFIRMATIVE COVENANTS

        	
                Section 9.01

              	
                Financial Statements, Reports and Notices

              	 81
	
                Section 9.02

              	
                Payment of Taxes

              	 83
	
                Section 9.03

              	
                Maintenance of Existence and Rights

              	 83
	
                Section 9.04

              	
                Notice of Default

              	 83
	
                Section 9.05

              	
                Other Notices

              	 84
	
                Section 9.06

              	
                Compliance with Constituent Documents

              	 84
	
                Section 9.07

              	
                Books and Records; Access

              	 84
	
                Section 9.08

              	
                Compliance with Law, Generally

              	 84
	
                Section 9.09

              	
                Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws

              	 85
	
                Section 9.10

              	
                Compliance with Sanctions

              	 85
	
                Section 9.11

              	
                Insurance

              	 85

        

        

        

        

        -iii-

        

        
          
            

        

        

        

        	
                Section 9.12

              	
                Authorizations and Approvals

              	 85
	
                Section 9.13

              	
                Maintenance of Liens

              	 85
	
                Section 9.14

              	
                Further Assurances

              	 85
	
                Section 9.15

              	
                Exclusion Event

              	 86
	
                Section 9.16

              	
                RIC Status under the Code; Investment Company Act

              	 86
	
                Section 9.17

              	
                Trust Agreement

              	 86
	
                Section 9.18

              	
                Solvency

              	 86
	
                Section 9.19

              	
                Collateral Account

              	 86

        ARTICLE X

          

          

          NEGATIVE COVENANTS

        	
                Section 10.01

              	
                Borrower Party Information

              	 86
	
                Section 10.02

              	
                Mergers; Dissolution

              	 86
	
                Section 10.03

              	
                Negative Pledge

              	 86
	
                Section 10.04

              	
                Fiscal Year and Accounting Method

              	 87
	
                Section 10.05

              	
                Constituent Documents

              	 87
	
                Section 10.06

              	
                Transfer by, or Admission of, Investors

              	 87
	
                Section 10.07

              	
                Capital Commitments

              	 88
	
                Section 10.08

              	
                ERISA Compliance

              	 88
	
                Section 10.09

              	
                Environmental Matters

              	 88
	
                Section 10.10

              	
                Limitations on Dividends and Distributions

              	 89
	
                Section 10.11

              	
                Limitation on Withdrawals

              	 89
	
                Section 10.12

              	
                Limitation on Debt

              	 89
	
                Section 10.13

              	
                General Excuse Rights

              	 89
	
                Section 10.14

              	
                Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws

              	 89
	
                Section 10.15

              	
                Transfers of Capital Commitments

              	 89
	
                Section 10.16

              	
                Deposits to Collateral Account

              	 89
	
                Section 10.17

              	
                Transactions with Affiliates

              	 89
	
                Section 10.18

              	
                Delegation of Duties

              	 90

        ARTICLE XI

          

          

          EVENTS OF DEFAULT.

        
          	
                  Section 11.01

                	
                  Events of Default

                	90

                
	
                  Section 11.02

                	
                  Remedies Upon Event of Default

                	92

                
	
                  Section 11.03

                	
                  Performance by Administrative Agent

                	92

                
	
                  Section 11.04

                	
                  Application of Funds

                	92

                
	
                  Section 11.05

                	
                  Good Faith Duty to Cooperate

                	 93

        

        ARTICLE XII

          

          

          ADMINISTRATIVE AGENT.

        	
                Section 12.01

              	
                Appointment and Authority

              	 93
	
                Section 12.02

              	
                Rights as a Lender

              	 94
	
                Section 12.03

              	
                Exculpatory Provisions

              	 94
	
                Section 12.04

              	
                Reliance by Administrative Agent

              	 95

        

        

        

        

        

        

        

        

        -iv-

        

        
          
            

        

        

        

        	
                Section 12.05

              	
                Delegation of Duties

              	 95
	
                Section 12.06

              	
                Resignation of Administrative Agent

              	 95
	
                Section 12.07

              	
                Notice of Default

              	 96
	
                Section 12.08

              	
                Non-Reliance on Administrative Agent and Other Lenders

              	 96
	
                Section 12.09

              	
                No Other Duties, Etc.

              	 97
	
                Section 12.10

              	
                Administrative Agent May File Proofs of Claim

              	 97
	
                Section 12.11

              	
                Collateral Matters

              	 97
	
                Section 12.12

              	
                Reliance by the Borrower Parties

              	 98
	
                Section 12.13

              	
                Indemnification

              	 98
	
                Section 12.14

              	
                Return of Certain Payments

              	 98

        ARTICLE XIII

          

          

          MISCELLANEOUS.

        	
                Section 13.01

              	
                Amendments

              	 99
	
                Section 13.02

              	
                Right of Setoff

              	 101
	
                Section 13.03

              	
                Sharing of Payments by Lenders

              	 102
	
                Section 13.04

              	
                Payments Set Aside

              	 102
	
                Section 13.05

              	
                No Waiver; Cumulative Remedies; Enforcement

              	 103
	
                Section 13.06

              	
                Expenses; Indemnity; Damage Waiver

              	 103
	
                Section 13.07

              	
                Notices

              	 105
	
                Section 13.08

              	
                Governing Law

              	 106
	
                Section 13.09

              	
                WAIVER OF JURY TRIAL

              	 107
	
                Section 13.10

              	
                Invalid Provisions

              	 108
	
                Section 13.11

              	
                Successors and Assigns

              	 108
	
                Section 13.12

              	
                Replacement of Lender

              	 111
	
                Section 13.13

              	
                Maximum Interest

              	 112
	
                Section 13.14

              	
                Headings

              	 112
	
                Section 13.15

              	
                Survival of Representations and Warranties

              	 113
	
                Section 13.16

              	
                Limited Liability of Investors

              	 113
	
                Section 13.17

              	
                Confidentiality

              	 113
	
                Section 13.18

              	
                Customer Identification Notice

              	 113
	
                Section 13.19

              	
                No Advisory or Fiduciary Responsibility

              	 114
	
                Section 13.20

              	
                Judgment Currency

              	 114
	
                Section 13.21

              	
                Electronic Execution

              	 114
	
                Section 13.22

              	
                Counterparts; Integration; Effectiveness

              	 115
	
                Section 13.23

              	
                Full Recourse

              	 115
	
                Section 13.24

              	
                Term of Agreement

              	 115
	
                Section 13.25

              	
                Acknowledgement and Consent to Bail-In of Affected Financial Institutions

              	 115

        

        

        

        

        -v-

        

        
          
            

        

        

        

        	SCHEDULES 

              	 
	 	 
	SCHEDULE 1.01A 

              	Commitments 

              
	SCHEDULE 1.01B 

              	
                Collateral Accounts

              
	SCHEDULE 8.13 

              	Jurisdictions of Borrower Parties 

              
	SCHEDULE 13.07 

              	Addresses for Notices 

              
	 	 
	EXHIBITS 

              	 
	 	 
	EXHIBIT A: 

              	Schedule of Investors / Form of Borrowing Base Certificate 

              
	EXHIBIT B: 

              	Form of Revolving Credit Note 

              
	EXHIBIT C: 

              	Form of Loan Notice 

              
	EXHIBIT D: 

              	
                Form of Request for Letter of Credit

              
	EXHIBIT E: 

              	
                Form of Qualified Borrower Note

              
	
                EXHIBIT F

              	[Reserved] 

              
	
                EXHIBIT G: 

              	Form of Security Agreement 

              
	EXHIBIT H:	
                Form of Assignment of Collateral Account

              
	
                EXHIBIT I:

              	Form of Assignment and Assumption 

              
	EXHIBIT J: 

              	
                Form of Compliance Certificate

              
	
                EXHIBIT K: 

              	Forms of U.S. Tax Compliance Certificates 

              
	
                EXHIBIT L

              	Form of Facility Extension/Increase Request 

              
	
                EXHIBIT M: 

              	Form of Responsible Officer Certificate 

              
	
                EXHIBIT N: 

              	Form of Joinder Agreement 

              

         

        

         

         

         -vi-

        

        

      

    

    
      
        

    

    
      

    

    
    

    

    REVOLVING CREDIT AGREEMENT

    THIS REVOLVING CREDIT AGREEMENT (together with all amendments and modifications hereof and supplements and attachments hereto, this “Credit Agreement”) is dated as of June 10, 2022 by and among
        AGTB PRIVATE BDC, a Delaware statutory trust (“Initial Borrower”), the other Fund Borrowers and the Qualified Borrowers, MORGAN STANLEY ASSET FUNDING INC., as the Administrative Agent (as hereinafter defined) for the Secured Parties and Sole Lead Arranger (the “Lead Arranger”), and MORGAN STANLEY BANK, N.A. (“Morgan Stanley”), as the Letter of Credit Issuer and a Lender.

    The Initial Borrower has requested that Lenders make loans and cause the issuance of letters of credit to the Borrower Parties for the principal purposes of
      providing working capital to the Borrower Parties; financing the costs and other expenses to be incurred by the Borrower Parties in connection with making investments; and financing the costs of other undertakings by the Borrower Parties permitted
      under their Constituent Documents.

    Lenders are willing to lend funds and to cause the issuance of letters of credit upon the terms and subject to the conditions set forth in this Credit Agreement.

    NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

     

      

    ARTICLE I 

       

       

        DEFINITIONS.

    Section 1.01 Defined Terms.  For the purposes of this Credit
        Agreement, unless otherwise expressly defined, the following terms shall have the respective meanings assigned to them in this Section 1 or in the Section or recital referred to:

    “Account Bank” means Bank of America, N.A., or any additional or replacement Eligible Institution that
      assumes the role of an Account Bank pursuant to the terms hereof.

    “Adequately Capitalized” means compliance with the capital standards for bank holding companies as
      described in the Bank Holding Company Act of 1956, as amended, and regulations promulgated thereunder.

    “Administrative Agent” means Morgan Stanley Asset Funding Inc. in its capacity as administrative agent
      under this Credit Agreement and the other Loan Documents until the appointment of a successor administrative agent pursuant to the terms of this Credit Agreement and, thereafter, shall mean such successor administrative agent.

    “Administrative Agent’s Office” means Administrative Agent’s address and, as appropriate, account as set
      forth on Schedule 13.07, or such other address or, as appropriate, account as Administrative Agent may from time to time notify the Borrower Parties and Lenders.

    “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the
      Administrative Agent.

     

    

    
      7

      
        

    

    “Administrator” means AGTB Fund Manager, LLC, a Delaware limited liability company.

    “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
      Institution.

    “Affiliate” of any Person means any other Person that at any time, directly or indirectly, Controls or
      is Controlled By, or is Under Common Control With, such Person; provided, however, that in the case of the Initial Borrower, Affiliate has the meaning ascribed to the term “Affiliated Person” in
      the Investment Company Act.

    “Agents” means, collectively, the Administrative Agent, the Lead Arranger, the Letter of Credit Issuer
      and any successors and assigns in such capacities.

    “Agreement and Declaration of Trust” means the Amended and Restated Agreement and Declaration of Trust
      of the Initial Borrower, dated as of March 17, 2022, as amended or restated from to time to time as permitted hereunder.

    “Agreement Currency” is defined in Section 13.20.

    “Annual Valuation Period” means the “annual valuation period” as defined in 29 C.F.R. § 2510.3-101(d)(5) as determined, for each Borrower Party, as applicable.

    “Anti-Corruption Laws” means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the
      U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anticorruption laws, regulations or ordinances in any jurisdiction in which any Borrower Party is located or doing business.

    “Anti-Money Laundering Laws” means applicable Law in any jurisdiction in which any Borrower Party is
      located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

    “Applicable Margin” has the meaning set forth in the Fee Letter.

    “Applicable Percentage” means, the percentage (carried out to the ninth decimal place) of Maximum
      Commitment represented by the amount of such Lender’s Commitment at such time, except as provided in Section 2.15. Except as provided in clause (a) of the immediately preceding sentence, if the Commitment of each Lender to make Loans has been
      terminated pursuant to Section 11.02 or if the Commitments have expired, then the Applicable Percentage of each Lender shall be such Lender’s Pro Rata Share.  The initial Applicable Percentage of each Lender is set forth opposite the name of
      such Lender on Schedule 1.01A (or a replacement Schedule 1.01A issued by Administrative Agent from time to time to the extent new Lenders become party hereto or the Commitments of Lenders change) or in the Assignment and Assumption
      pursuant to which such Lender becomes a party hereto, as applicable.

    “Applicable Requirement” means, for any Rated Included Investor that is (or whose Credit Provider, if
      applicable, is): (a) a Bank Holding Company, Adequately Capitalized status or better and a Rating of BBB-/Baa3 or higher; (b) an insurance company, a Rating by A.M. Best Company of A- or higher and a Rating of BBB-/Baa3 or higher; (c) such Investor
      is a “qualified purchaser” within the meaning of Section 3(c)(7) of the Investment Company Act; (d) an ERISA Investor, or the trustee or nominee of an ERISA Investor, or Governmental Plan Investor in addition to the Sponsor’s (or, in the case of a
      Governmental Plan Investor, the Responsible Party’s) Rating of BBB-/Baa3 or higher, a minimum Funding Ratio for the pension fund based on the Rating of the Sponsor of the pension fund as follows:

     

    

    
      8

      
        

    

     

    

    	
            
               

              Sponsor Rating

            

          	
            
               

              Minimum Funding Ratio

            

          
	
            A-/A3 or higher

          	
            No minimum

          
	
            BBB-/Baa3 to BBB+/Baa1

          	
            80%

          

    and (e) otherwise a Rated Included Investor, a Rating of BBB-/Baa3 or higher.

    The first Rating indicated in each case above is the S&P Rating and the second Rating indicated in each case above is the Moody’s Rating. When applied to any
      Investor or other entity under this Credit Agreement, if the Rating from S&P and Moody’s is not equivalent (i.e., split-rated), then the lower of the two Ratings shall apply, and if only one Rating is
      available, that Rating shall apply.

    “Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
      purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business, that is administered or managed by: (a) a Lender; (b) an Affiliate of a Lender; or (c) an entity or an Affiliate
      of an entity that administers or manages a Lender; in each case, other than an Affiliate whose primary activity is private debt or equity, venture capital or investing in entities via a “distressed debt”, “loan to own” strategy or a similar strategy.

    “Assignee” is defined in Section 13.11(b).

    “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible
      Assignee (with the consent of any party whose consent is required by Section 13.11(b)(iii)), and accepted by the Administrative Agent, in substantially the form of Exhibit I or any other form approved by the Administrative Agent.

    “Assignment of Account” means an assignment of the Collateral Account in substantially the form of Exhibit H,
      attached hereto.

    “Attributable Indebtedness” means, on any date: (a) in respect of any Capital Lease of any Person, the
      capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with Generally Accepted Accounting Principles; and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the
      remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with Generally Accepted Accounting Principles if such lease were accounted for as a Capital Lease.

     “Availability Period” means the period commencing on the Closing Date and ending on the Maturity Date.

    “Available Commitment” means, at any time of determination, the lesser of:  (a) the Maximum Commitment
      then in effect and (b) the Borrowing Base.

    “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark,
      any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Credit Agreement as of such date.

    “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution
      Authority in respect of any liability of an Affected Financial Institution.

     

    

     

    

    
      9

      
        

    

    “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of
      Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule
      and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks,
      investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

    “Bank Holding Company” means a “bank holding company” as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended, or a non-bank subsidiary of such bank holding company.

    “Base Rate” means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on
      such day plus the Applicable Margin, (b) the Federal Funds Rate in effect on such day plus fifty (50) basis points (0.50%) plus
      the Applicable Margin and (c) Term SOFR for a one-month tenor in effect on such day plus one hundred (100) basis points (1.00%) plus, without duplication, the
      Applicable Margin.  Each change in the Base Rate shall become effective without prior notice to any Borrower Party automatically as of the opening of business on the day of such change in the Base Rate. If the calculation of Base Rate results in a
      Base Rate less than the Floor, Base Rate shall be deemed to be the Floor for all purposes of the Loan Documents. Each reference to “Applicable Margin” in this definition of “Base Rate” shall refer to such rate applicable to Base Rate Loans.

    “Base Rate Conversion Date” has the meaning provided in Section 2.02(e).

    “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

     “Benchmark” means, with respect to Term SOFR Loans, Term SOFR; provided that, if a Benchmark
      Transition Event or the Benchmark Replacement Date with respect thereto have occurred with respect to any then-current Benchmark, then such “Benchmark” means the Benchmark Replacement or the applicable replacement for the then-current Benchmark,
      respectively; provided, further that, in the event that the rate resulting from the sum of any Benchmark plus, if applicable, the Benchmark Replacement Adjustment shall be less than the Floor, such rate shall be deemed to be the Floor
      for purposes of this Credit Agreement and all Loan Documents.

     

    

     “Benchmark Replacement” means, for any Available Tenor of any then-applicable Benchmark, the first alternative set forth in the order below
      that can be determined by the Administrative Agent on the applicable Benchmark Replacement Date:

    
      	
              (1)

            	
              the sum of: (a) Daily Simple SOFR and (b) the applicable Benchmark Replacement Adjustment;

            

    

    
      	
              (2)

            	
              the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current applicable
                Benchmark for the applicable Currency for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or

            

    

    
      	
              (3)

            	
              the sum of: (a) the alternate rate of interest that has been selected by the Administrative Agent and the Fund Borrowers as the replacement for the then-current applicable
                Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for such then-current Benchmark for secured financings relating to the applicable Currency, as applicable
                at such time and (b) the Benchmark Replacement Adjustment;

            

    

     

    

    
      10

      
        

    

     

    

    If at any time the Benchmark Replacement as determined pursuant to this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the
      Floor for the purposes of this Credit Agreement and all Loan Documents.

    

    

     “Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark, the first alternative set forth in
      the order below that can be determined by the Administrative Agent as of the Benchmark Replacement Date:

    
      	
              (1)

            	
              the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected,
                endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; or

            

    

    
      	
              (2)

            	
              the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent giving due consideration to the prevailing
                market convention for the spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit
                facilities that are denominated in Dollars at such time.

            

    

    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any
      technical, administrative or operational changes (including but not limited to changes to the definition of “Business Day,” the definition of “Base Rate”, the definition of “Interest Period,” timing and frequency of determining rates and making
      payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the
      Administrative Agent decides may be appropriate to reflect the adoption and implementation of such rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
      Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such rate exists, in such other manner of
      administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Credit Agreement).

     

    

     “Benchmark Replacement Date” means the earliest to occur of the following events with respect to any then-current Benchmark, or if the
      then-current Benchmark is Term SOFR, with respect to the Term SOFR Reference Rate:

    
      	
              (1)

            	
              in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
                referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
                component thereof); or

            

    

    
      	
              (2)

            	
              in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

            

    

    For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
      determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect
      to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

     

    

     

    

    
      11

      
        

    

     “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to any then-current Benchmark, or if the
      then-current Benchmark is Term SOFR, with respect to the Term SOFR Reference Rate:

    
      	
              (1)

            	
              a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof)
                announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
                there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

            

    

    
      	
              (2)

            	
              a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
                thereof), the Board of Governors of the Federal Reserve   System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with
                jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the
                administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or
                publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

            

    

    
      	
              (3)

            	
              a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
                thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative;

            

    

    For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth
      above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

    “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by
      the Beneficial Ownership Regulation in a form as agreed to by a Lender.

    “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

    “Borrower Parties” means the Fund Borrowers and the Qualified Borrowers.

    “Borrowing” means a disbursement made by the Lenders of any of the proceeds of the Loans.

    “Borrowing Base” means, at any time of determination, the sum of sixty percent (60%) of the aggregate
      Unfunded Commitments of the Included Investors as such Unfunded Commitments for such Included Investors are reduced by all applicable Concentration Limits. For the avoidance of doubt, the Unfunded Commitments of an Excluded Investor shall be excluded
      from the Borrowing Base at all times.

     

    

  

  
    12

    
      

  

  
    “Borrowing Base Certificate” means a certificate of the chief financial officer, chief operating
      officer, principal accounting officer, treasurer, controller, trustee or other authorized person (with powers and duties customarily and usually held and performed by like officers or trustees) of the Fund Borrowers, in form and substance reasonably
      satisfactory to the Administrative Agent, setting forth the calculation of (i) the Borrowing Base, (ii) the Principal Obligations and (iii) the Available Commitment, in the form of Exhibit A attached hereto, or such other form as agreed to by
      the Administrative Agent.

    

    “Borrowing Base Deficiency” is defined in Section 3.04(a).

    “Borrowing Base Investors” means each Included Investor.

    “Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day
      of the year except:  a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Applicable Law to close; and (b) if such day relates to any interest rate settings as to a Term SOFR Loan, any fundings,
      disbursements, settlements and payments in respect of any such Term SOFR Loan, or any other dealings to be carried out pursuant to this Credit Agreement or the other Loan Documents in respect of any such Term SOFR Loan (or any Base Rate Loan as to
      which the interest rate is determined by reference to Term SOFR), any day that is a Business Day described in clause (a) above and that is also a U.S. Government Securities Business Day.

    “Bylaws” means the bylaws of the Initial Borrower, as amended or restated from to time to time as
      permitted hereunder.

    “Cancel” and the correlative meaning of the term “Cancelled”
      means to cancel, reduce, excuse, suspend, defer, terminate or abate.

    “Capital Call” means with respect to a Fund Borrower, a call upon all or any of the Investors of such
      Fund Borrower for payment of all or any portion of their Unfunded Commitments.

    “Capital Call Notice” means any notice sent to an Investor for the purpose of making a Capital Call.

    “Capital Commitment” means the accepted capital commitment of the Investors to the applicable Fund
      Borrower in the amount set forth in the applicable Constituent Document or the applicable Subscription Agreement. “Capital Commitments” means, where the context may require, all Capital
      Commitments of the Investors, collectively.

    “Capital Contribution” means the amount of cash actually contributed by an Investor to the applicable
      Fund Borrower with respect to its Capital Commitment as of the time such determination is made, less amounts refunded to such Investor in accordance with such Fund Borrower’s Constituent Documents. “Capital Contributions” means, where the context may require, all Capital Contributions, collectively.

    “Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or
      mixed) by that Person as lessee which, in accordance with Generally Accepted Accounting Principles, is or should be accounted for as a finance lease on the balance sheet of that Person and the amount of such obligation shall be the capitalized amount
      thereof determined in accordance with Generally Accepted Accounting Principles.

     

    

     

    

    
      13

      
        

    

    “Cash Collateral Account” means each deposit account held at the Account Bank for the purposes of
      holding Cash Collateral that is subject to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer.

    “Cash Collateralize” means, to deposit in a Cash Collateral Account or to pledge and deposit with or
      deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuer or the Lenders, as collateral for the Letter of Credit Liability or obligations of the Lenders to fund participations in respect of the Letter of
      Credit Liability, cash or deposit account balances, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer.  “Cash Collateral” and “Cash Collateralize” shall have meanings correlative to the foregoing and shall include the proceeds of such Cash Collateral.

    “Cash Control Event” shall occur if, on any date of determination: (a) an Event of Default has occurred
      and is continuing; (b) a Default has occurred and is continuing; or (c) a Borrowing Base Deficiency exists (for the avoidance of doubt, the occurrence of a Borrowing Base Deficiency shall be a Cash Control Event notwithstanding that prepayment has
      not become due and payable under the time periods afforded in Section 3.04).

    “Change in Law” means the occurrence, after the date of this Credit Agreement, of any of the following:
      (a) the adoption or taking effect of any Law, rule, regulation or treaty, (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the
      making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, it is understood and agreed that (i) the
      Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for 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, shall in each case be deemed to be a “Change in Law”,
      regardless of the date enacted, adopted or issued.

    “Change of Control” means (i) the Investment Advisor or an Affiliate thereof ceases to be the investment
      adviser to, and otherwise direct or oversee the management and policies of, the Initial Borrower; (ii) the Administrator or an Affiliate thereof ceases to be the Administrator of the Initial Borrower or (iii) Angelo Gordon & Co., L.P. ceases to
      directly or indirectly control the Investment Advisor, the Administrator or the Initial Borrowers.

    “Closing Date” means the date on which all of the conditions precedent set forth in Section 7.01
      are satisfied or waived.

    “Code” means the United States Internal Revenue Code of 1986, as amended.

    “Collateral” is defined in Section 5.01.

    “Collateral Account” means, for each Fund Borrower, the account of such Fund Borrower listed on Schedule 1.01B
      with respect to such Person, or a replacement collateral account of such Fund Borrower established pursuant to the requirements of Section 5.02(d), which account shall be solely used for receipt of proceeds from Capital Calls.

    “Collateral Documents” means the security agreements, financing statements, assignments, and other
      documents and instruments from time to time executed and delivered pursuant to this Credit Agreement and any documents or instruments amending or supplementing the same, including, without limitation, the Security Agreements and the Assignments of
      Account.

     

    

     

    

    
      14

      
        

    

    “Commitment” means, as to each Lender, its obligation to make Loans or participate in the issuance of
      Letters of Credit to the Borrower Parties pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount, in Dollars, set forth opposite such Lender’s name on Schedule 1.01A or in the
      Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be reduced pursuant to Section 3.06.

    “Compliance Certificate” is defined in Section 9.01(c).

    “Concentration Limit” means, with respect to any Included Investor, the aggregate
      amount of an Unfunded Commitment of such Included Investor in excess of the concentration limits, calculated for the applicable Included Investor as a percentage of the aggregate Unfunded Commitments of all Included Investors, with such percentage to
      be agreed in writing to from time to time by the Borrowers and Administrative Agent; provided, that, for purposes of calculating the above Concentration Limits for any Included Investor, each Included Investor and its investing affiliates shall be
      treated as a single Investor. Notwithstanding the foregoing, with the consent of the Administrative Agent and all Lenders in their sole discretion, an individual Included Investor may have a Concentration Limit in excess of the applicable
      Concentration Limit. The portion of Unfunded Commitments attributed to an Included Investor listed in excess of the Concentration Limit shall be excluded from the Borrowing Base calculation.

    “Connection Income Taxes” means Other Connection Taxes that are imposed on or
      measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

    “Constituent Documents” means, for any entity, its constituent or organizational documents, including: 
      (a) in the case of the Initial Borrower, the Agreement and Declaration of Trust, the Private Placement Memorandum and  the Bylaws; (b) in the case of any partnership, joint venture, trust or other form of business entity, the partnership, joint
      venture or other applicable agreement of formation and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state or other department in the state of its formation, in each case
      as amended from time to time; (c) in the case of any limited liability company, its articles or certificate of formation and its operating agreement or limited liability company agreement; and (d) in the case of a corporation or exempted company, its
      certificate or articles of incorporation and its bylaws or memorandum and articles of association.

    “Control” and the correlative meanings of the terms “Controlled By” and “Under Common Control With” mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
      such Person, whether through the ownership of voting shares, equity interests, or partnership interests, or of the ability to exercise voting power by contract or otherwise.

    “Control Agreement” means a control agreement among a Fund Borrower, Administrative Agent and the
      applicable Account Bank, in form and substance reasonably acceptable to Administrative Agent, as the same may be amended, supplemented or modified from time to time.

    “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor
      (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

     

    

     

    

    
      15

      
        

    

    “Credit Agreement” means this Revolving Credit Agreement, of which this Section 1 forms a part,
      together with all amendments, modifications, and restatements hereof, and supplements and attachments hereto.

    “Credit Extension” means either a Borrowing (including any conversion or continuation of any Borrowing)
      or an issuance of a Letter of Credit.

    “Credit Facility” means the credit and letter of credit facility provided to the Borrower Parties by the
      Lenders under the terms and conditions of this Credit Agreement and the other Loan Documents.

    “Credit Provider” means a Person providing a guaranty, a comfort letter, credit support letter, or other
      similar agreement, in form and substance reasonably acceptable to Administrative Agent, of the obligations of an Included Investor to make Capital Contributions to a Fund Borrower.

    “Currency” means Dollars.

     “Daily Borrowing Sublimit” means, on any given day, twenty five percent (25%) of the Maximum
      Commitment.

    “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a
      lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans at such times; provided
      that, if the Administrative Agent decides that any such convention is not administratively feasible, then the Administrative Agent may establish another convention in its reasonable discretion.

    “Debtor Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium,
      rearrangement, insolvency, fraudulent conveyance, reorganization, or similar Laws affecting the rights, remedies, or recourse of creditors generally, including without limitation the United States Bankruptcy Code and all amendments thereto, as are in
      effect from time to time during the term of the Loans.

    “Default” means any condition, act, or event which, with the giving of notice or lapse of time or both,
      would become an Event of Default.

    “Default Rate” means on any day the lesser of: (a)(i) in the case of Term SOFR Loans, the Term SOFR rate
      otherwise applicable to such Loans, plus, without duplication, the Applicable Margin for Term SOFR Loans, plus two percent (2%) and (ii) in the case of Base Rate
      Loans, the Base Rate in effect on such day, plus two percent (2%); or (b) the Maximum Rate.

     

    

     

    

    
      16

      
        

    

    “Defaulting Lender” means, subject to Section 2.15(b), any Lender that: (a) has failed to: 
      (i) fund all or any portion of its Loans or participations in the Letter of Credit Liability within two (2) Business Days of the date such Loans or participations were required to be funded hereunder, or (ii) pay to Administrative Agent, the Letter
      of Credit Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due; (b) has notified the Borrower Parties or
      Administrative Agent or the Letter of Credit Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three (3) Business Days after written
      request by Administrative Agent or the Borrower Parties, to confirm in writing to Administrative Agent and the Borrower Parties that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be
      a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Administrative Agent and the Borrower Parties), or (d) has, or has a direct or indirect parent company that has: (i) become the subject of a
      proceeding under any Debtor Relief Law; (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
      assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender
      solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
      immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
      contracts or agreements made with such Lender. Any determination by Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be
      conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established therefor by Administrative Agent in a written notice of such determination, which
      shall be delivered by Administrative Agent to the Borrower Parties, the Letter of Credit Issuer and each other Lender promptly following such determination.

    “Dollars” and the sign “$” means lawful
      currency of the United States of America.

    “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
      Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any financial
      institution established in an EEA Member Country that is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

    “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and
      Norway.

    “EEA Resolution Authority” means any public administrative authority or any Person entrusted with public
      administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

    “Eligible Assignee” means any Person that meets the requirements to be an Assignee under Section 13.11(b)(v)
      (subject to such consents, if any, as may be required under Section 13.11(b)(iii)).

    “Eligible Institution” means (a) any depository institution approved by the Administrative Agent in its
      sole discretion (which may be subject to certain initial or ongoing conditions) and (b) any other depository institution, organized under the laws of the United States or any state, having capital and surplus in excess of $200,000,000, the deposits
      of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by applicable Law and which is subject to supervision and examination by federal or state banking authorities; provided that such institution
      also must have a short-term unsecured debt rating of at least two (2) of the following ratings:  (i) at least P-1 from Moody’s, (ii) at least A-1 from S&P, and (iii) at least F1 from Fitch.  If such depository institution publishes reports of
      condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
      its most recent report of condition so published.

     

    

    
      17

      
        

    

    “Environmental Complaint” means any complaint, order, demand, citation or notice threatened or issued in
      writing to any Borrower Party by any Person with regard to air emissions, water discharges, Releases, or disposal of any Hazardous Material, noise emissions or any other environmental, health or safety matter affecting any Borrower Party or any of a
      Borrower Party’s Properties.

    “Environmental Laws” means: (a) the Comprehensive Environmental Response, Compensation and Liability Act
      of 1980, as amended by the Superfund Amendments and Re-authorization Act of 1986, 42 U.S.C. §9601 et seq.; (b) the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste
      Amendments of 1984, 42 U.S.C. §6901 et seq.; (c) the Clean Air Act, 42 U.S.C. §7401 et seq., as amended by the Clean Air Act Amendments of 1990; (d) the Clean Water
      Act of 1977, 33 U.S.C. §1251 et seq.; (e) the Toxic Substances Control Act, 15 U.S.C.A. §2601 et seq.; (f) all other federal, state and local Laws, ordinances,
      regulations or policies relating to pollution or protection of human health or the environment including without limitation, air pollution, water pollution, noise control, or the use, handling, discharge, disposal or Release or recovery of on-site or
      off-site Hazardous Materials, as each of the foregoing may be amended from time to time, applicable to any Borrower Party; and (g) any and all regulations promulgated under or pursuant to any of the foregoing statutes.

    “Environmental Liability” means any written claim, demand, obligation, cause of action, accusation or
      allegation, or any order, violation, damage (including, without limitation, to any Person, property or natural resources), injury, judgment, penalty or fine, cost of enforcement, cost of remedial action, clean-up, restoration or any other cost or
      expense whatsoever, including reasonable attorneys’ fees and disbursements resulting from the violation or alleged violation of any Environmental Law or the imposition of any Environmental Lien or otherwise arising under any Environmental Law or
      resulting from any common law cause of action asserted by any Person.

    “Environmental Lien” means a Lien in favor of any Governmental Authority: (a) under any Environmental
      Law; or (b) for any liability or damages arising from, or costs incurred by, any Governmental Authority in response to the Release or threatened Release of any Hazardous Material.

    “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other
      ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities
      convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all
      of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any
      date of determination.

    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

    “ERISA Affiliate” means any trade or business (whether or not incorporated) treated as a “single
      employer” together with any Borrower Party within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

    “ERISA Investor” means an Investor that is: (a) an “employee benefit plan” (as such term is defined in
      Section 3(3) of ERISA) subject to Title I of ERISA; (b) any “plan” defined in and subject to Section 4975 of the Code; or (c) a partnership or commingled account of a fund, or any other entity, whose assets include or are deemed to include the assets
      of one or more such employee benefit plans or plans in accordance with the Plan Assets Regulations.

     

    

    
      18

      
        

    

    “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
      Association (or any successor Person), as in effect from time to time.

    “Event of Default” is defined in Section 11.01.

    “Excluded Investor” is defined in the definition of “Exclusion Event” herein.

    “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or
      required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case:  (i) imposed as a result of such Recipient being
      organized under the Laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof); or (ii) that are Other Connection Taxes; (b) in the
      case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which:  (i) such Lender
      acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower Parties under Section 13.12); or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 4.01,
      amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office; (c) Taxes attributable to such Recipient’s
      failure to comply with Section 4.01(e); (d)  any U.S. federal withholding Taxes imposed pursuant to FATCA; and (e) U.S. federal backup withholding tax.

     

    

     “Exclusion Event” means the occurrence, with respect to any Borrowing Base Investor or, if applicable, the Sponsor, Responsible Party, or
      Credit Provider of such Borrowing Base Investor (such Investor hereinafter referred to as an “Excluded Investor”), of any of the following events:

    
      	
              (i)

            	
              such Investor shall fail to fund a Capital Contribution to the Collateral Account when due pursuant to a Capital Call Notice and such failure is not cured within five (5)
                Business Days after such due date;

            

    

    
      	
              (ii)

            	
              such Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) shall: (A) apply for or consent to the appointment of a receiver, trustee, custodian,
                intervenor, or liquidator of itself or of all or a substantial part of its assets; (B) file a voluntary petition as debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (C) make a general
                assignment for the benefit of creditors; (D) file a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (E) file an answer admitting the material allegations of, or consent
                to, or default in answering, a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding; or (F) take any personal, partnership, limited liability company, corporate or trust action, as applicable, for the
                purpose of effecting any of the foregoing;

            

    

    
      	
              (iii)

            	
              (A) the commencement of any proceeding under any Debtor Relief Laws relating to such Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable) or all
                or any material part of its respective property is instituted without the consent of such Person, and such proceeding continues undischarged, unvacated, undismissed or unstayed for a period of sixty (60) consecutive days; or (B) a final,
                non-appealable order, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking such Investor’s (or its Sponsor’s, Responsible Party’s or Credit Provider’s, as
                applicable) reorganization or liquidation, or appointing a receiver, custodian, trustee, intervenor, liquidator, administrator or similar entity, of such Person or of all or substantially all of its assets;

            

       

      

       

      

      
        19

        
          

      

    

    
      	
              (iv)

            	
              any final judgment(s) for the payment of money which in the aggregate exceed fifteen percent (15%) of the net worth of such Investor (or its Sponsor, Responsible Party or
                Credit Provider, as applicable) (to the extent not stayed or covered by independent third-party insurance as to which the insurer does not dispute coverage) shall be rendered against such Person;

            

    

    
      	
              (v)

            	
              such Investor shall (1) repudiate, challenge, or declare unenforceable its obligation to make Capital Contributions pursuant to its Capital Commitment or a Capital Call
                Notice, shall otherwise disaffirm or render void any material provision of its Subscription Agreement, the applicable Constituent Document, or such Investor’s obligations under any of such documents shall be or become unenforceable or (2)
                inform any Fund Borrower of its intent to withdraw (but not including the desire to transfer or assign its entire direct or indirect Unfunded Commitment under clause (vii) below) its interest in the applicable Fund Borrower or of
                its prospective inability or unwillingness to fund Capital Contributions;

            

    

    
      	
              (vi)

            	
              in the case of each Rated Included Investor (or its Sponsor, Responsible Party or Credit Provider, as applicable), it shall fail to maintain its Applicable Requirement as
                required in the definition of Applicable Requirement above hereof (except to the extent such Investor was expressly not required to meet the Applicable Requirements, in writing by Administrative Agent, for its initial designation as a Rated
                Included Investor);

            

    

    
      	
              (vii)

            	
              such Investor shall withdraw from the applicable Fund Borrower or shall transfer or assign its entire direct or indirect Unfunded Commitment in the applicable Fund
                Borrower, provided that if less than all of such Investor’s Unfunded Commitment is transferred or assigned, only such portion as is transferred or assigned shall be subject to exclusion from the calculation of the Borrowing Base;

            

    

    
      	
              (viii)

            	
              in the case of each Included Investor designated as such under clause (a)(ii) of the definition of “Included Investor”, it shall fail to maintain a net worth
                (determined in accordance with Generally Accepted Accounting Principles or IFRS, as applicable and as consistently applied by such Investor), measured at the end of each fiscal year of such Investor, of at least 75% of the net worth of such
                Investor as of: (A) the fiscal year which ended on or immediately prior to the Closing Date, if the Investor was an Included Investor (or was pre-approved as an Included Investor, pursuant to written agreement of Administrative Agent) on
                the Closing Date; or (B) the fiscal year for which Administrative Agent has financial information which ended on or immediately prior to the date of its designation as an Included Investor (in the case not covered by clause (A) above);

            

    

    
      	
              (ix)

            	
              the Unfunded Commitment of such Investor is Cancelled without the prior written consent being obtained in accordance with Section 10.07;

            

    

    
      	
              (x)

            	
              the Unfunded Commitment of such Investor ceases to be Collateral, subject to a first priority perfected Lien (other than Permitted Liens) in favor of the Administrative
                Agent;

            

    

    
      	
              (xi)

            	
              such Investor becomes a Sanctioned Person, or, to any Fund Borrower’s or Administrative Agent’s actual knowledge, such Investor’s funds used in connection with funding
                Capital Calls are derived from illegal activities;

            

    

    
      	
              (xii)

            	
              Administrative Agent is unable to obtain, from publicly-available sources, annual financial statements for any Non-Rated Included Investor for any fiscal year prior to the
                Maturity Date, reported on by independent public accountants to the extent applicable, or other financial information upon which Lenders have relied to designate such Investor as a Non-Rated Included Investor within one hundred twenty (120)
                days after the end of such Investor’s fiscal year, and such Investor shall fail, within ten (10) business days after written request from the applicable Fund Borrower, to deliver such annual financial statements or other financial
                information to such Fund Borrower;

            

       

      

       

      

      
        20

        
          

      

    

    
      	
              (xiii)

            	
              such Investor shall become or is declared a “defaulting investor” or shall have any similar status under the applicable Subscription Agreement or any Constituent
                Document;

            

    

    
      	
              (xiv)

            	
              for an Investor that is designated as a Rated Included Investor or Non-Rated Included Investor based upon the support of a Credit Provider, the breach or written
                repudiation by such Credit Provider of its obligations under the applicable guaranty or of such Investor’s obligations under its Subscription Agreement and the applicable Constituent Document, or the occurrence of any event contemplated by
                clause (ii), (iii), (iv), (vi), (viii), (xi) or (xii) above with respect to such Credit Provider;

            

    

    
      	
              (xv)

            	
              the breach or written repudiation by a Credit Provider of its obligations under the applicable guaranty of such Investor’s obligations under its Subscription Agreement and
                the applicable Constituent Document, or the occurrence of any event contemplated by clause (ii), (iii), (iv), (vi), (viii), (xi) or (xii) above with respect to such Credit Provider;

            

    

    
      	
              (xvi)

            	
              such Investor enters into a new Side Letter or amends its Side Letter in any way that Administrative Agent determines would materially impair Lenders’ Collateral rights;

            

    

    
      	
              (xvii)

            	
              in connection with any Borrowing made to fund a particular Investment or issuance of any Letter of Credit to support a particular Investment, such Investor has or will
                likely request a Funding Excuse (to the knowledge of any Fund Borrower) with respect to the Investment being acquired or otherwise funded with the proceeds of the related Borrowing or Letter of Credit (it being understood that such Investor
                shall be an Excluded Investor only for purposes of such Investment);

            

    

    
      	
              (xviii)

            	
              a material breach by such Investor of any representation or warranty, or of any covenant, made under the Constituent Documents of the applicable Fund Borrower or its
                Subscription Agreement or any Side Letter;

            

    

    
      	
              (xix)

            	
              with respect to any Investor which has a cease funding or withdrawal right in its Side Letter as a result of any Fund Borrower breaching a representation or covenant with
                respect to the use of placement agents or the making of political contributions or any other event, such Investor shall allege a breach of such representation or covenant or the occurrence of such other event;

            

    

    
      	
              (xx)

            	
              for Investors designated as a Non-Rated Included Investor, the occurrence of any circumstance or event which, in the sole discretion of the Administrative Agent, is
                reasonably expected to materially impair the ability of such Investor to fulfill its obligations under its Subscription Agreement or the Constituent Documents of any Fund Borrower to contribute capital;

            

    

    
      	
              (xxi)

            	
              in the case of State Teachers Retirement System of Ohio, such Investor is entitled to exercise any withdrawal or redemption right, unless otherwise waived by such
                Investor, under any Side Letter of such Investor; and

            

    

    
      	
              (xxii)

            	
              such Investor encumbers its interest in any Borrower.

            

    

     

    

    
      21

      
        

    

    “Extension” has the meaning provided in Section 2.17.

    “Extension Fee” means the applicable fee payable with respect to any Extension in accordance with Section 2.17,
      as set forth in the Fee Letter.

    “Facility Extension Request” means a notice substantially in the form of Exhibit L attached
      hereto pursuant to which the Borrower Parties request an extension of the Stated Maturity Date in accordance with Section 2.17.

    “Facility Increase” has the meaning provided in Section 2.18(a).

    “Facility Increase Fee” means the fee payable with respect to any Facility Increase in accordance with Section

        2.18, as set forth in the Fee Letter.

    “Facility Increase Request” means the notice in the form of Exhibit L pursuant to which the
      Borrower Parties request an increase of the Commitments in accordance with Section 2.18.

    “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Credit Agreement (or any
      amended or successor version to the extent such version is substantively comparable and not materially more onerous to comply with) any current or future regulations or official interpretations thereof, any intergovernmental agreements or agreements
      entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
      Sections of the Code.

    “Federal Funds Rate” means, for any day, the rate per annum
      equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day (or, if such day is not a Business Day, for the immediately preceding Business
      Day), as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if such rate is not so published for any day which is a Business Day, the average of the quotation for such day on such
      transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent.

    “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York
      at http://www.newyorkfed.org, or any successor source.

    “Fee Letter” means that certain Fee Letter or Fee Letters, dated the date hereof, among the Borrower
      Parties, the Administrative Agent and certain Lenders, as each may be amended, restated, supplemented or otherwise modified from time to time.

    “Filings” means (a) UCC financing statements, UCC financing statement amendments and UCC financing
      statement terminations; and (b) the substantial equivalent as reasonably determined to be necessary by the Administrative Agent in any other jurisdiction in which any Fund Borrower may be formed.

    “Fitch” means Fitch Ratings Inc., or any successor thereto.

    “Floor” means zero percent (0.00%) per annum.

    “Foreign Lender” means: (a) with respect to any Borrower Party that is a U.S. Person, a Recipient that
      is not a U.S. Person; and (b) with respect to any Borrower Party that is not a U.S. Person, a Recipient that is resident or organized under the Laws of a jurisdiction other than that in which such Borrower Party is resident for tax purposes.  For
      purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

     

    

    
      22

      
        

    

    “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the Letter of
      Credit Issuer, such Defaulting Lender’s Pro Rata Share of the outstanding Letter of Credit Liability other than the Letter of Credit Liability as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
      Collateralized in accordance with the terms hereof.

    “Fund Borrower Guaranty” is defined in Section 6.01.

    “Fund Borrowers” means the Initial Borrower and any Person that becomes a Fund Borrower pursuant to a
      Joinder Agreement and the provisions of Section 7.04.

    “Fund Guaranteed Obligations” is defined in Section 6.01.

    “Fund Guarantor” is defined in Section 6.01.

    “Funding Excuse” means the right of any Investor to not fund Capital Contributions with respect to an
      excused investment or any other excuse from making Capital Contributions of which any Investor may avail itself.

    “Funding Ratio” means:  (a) for a Governmental Plan Investor or ERISA Investor not covered by clause
        (b) below, the total net fair market value of the assets of the plan over the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited financial statements; and (b) for an ERISA Investor
      subject to Form 5500-series reporting requirements, the funding target attainment percentage reported on Schedule SB to the Form 5500 or the funded percentage for monitoring plan’s status reported on Schedule MB to the Form 5500, as applicable, as
      reported on the most recent Form 5500 filed by such ERISA Investor with the U.S. Department of Labor.

    “Generally Accepted Accounting Principles” means those generally accepted accounting principles and
      practices that are recognized as such by the American Institute of Certified Public Accountants or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof, and that are consistently applied for all
      periods, after the date hereof, so as to properly reflect the financial position of the Borrower Parties, except that any accounting principle or practice required to be changed by the Financial Accounting Standards Board (or other appropriate board
      or committee of the said Board) in order to continue as a generally accepted accounting principle or practice may be so changed.

    “General Excused Investment” means, with respect to any Investor, any portion of a proposed Investment
      with respect to which the applicable Fund Borrower and such Investor have agreed in writing prior to such Investor’s admission to such Fund Borrower that, based on the particular Investment, legal or similar considerations applicable to such
      Investor, such Investor shall not be permitted to participate.

    “Governmental Authority” means the government of the United States or any other nation, or of any
      political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
      functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

     

    

    
      23

      
        

    

    “Governmental Plan Investor” means an Investor that is a governmental plan as defined in Section 3(32)
      of ERISA.

    “Hazardous Material” means any substance, material, or waste which is or becomes regulated, under any
      Environmental Law, as hazardous to public health or safety or to the environment, including, but not limited to:  (a) any substance or material designated as a “hazardous substance” pursuant to Section 311 of the Clean Water Act, as amended, 33
      U.S.C. §1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, as amended; (b) any substance or material defined as “hazardous waste” pursuant to Section 1004 of the Resource Conservation and
      Recovery Act, as amended, 42 U.S.C. §6901 et seq.; (c) any substance or material defined as a “hazardous substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and
      Liability Act, as amended, 42 U.S.C. §9601 et seq.; or (d) petroleum, petroleum products and petroleum waste materials.

     “IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the
      extent applicable to the relevant financial statements delivered under or referred to herein.

    “Included Investor” means an Investor:  (a)(i) that has, or that has a Credit Provider that has, met the
      Applicable Requirement for an Included Investor and that has been approved by Administrative Agent (in its reasonable discretion); or (ii) that has been so designated by Administrative Agent and all Lenders (each in its sole discretion) as an
      Included Investor; and (b) for which Fund Borrowers have delivered to Administrative Agent, with respect to any transfer by any Investor of its Unfunded Commitment to an existing Borrowing Base Investor or to a Person that such Fund Borrower proposes
      as a new Borrowing Base Investor, copies of documents relating to such transfer and information about the transferee as reasonably required by Administrative Agent in order to effect its due diligence under this Credit Agreement prior to such
      transfer, including a copy of the Subscription Agreement and any Side Letter to Administrative Agent for any Person admitted as a Subsequent Investor; provided that an Excluded Investor shall no longer be an Included Investor until such time
      as all Exclusion Events affecting such Investor have been cured and such Investor shall have been approved as an Included Investor in the sole and absolute discretion of Administrative Agent and all Lenders.

    “Increase Effective Date” has the meaning provided in Section 2.18(b).

     

    

     “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as
      indebtedness or liabilities in accordance with Generally Accepted Accounting Principles:

    
      	
              (a)

            	
              all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

            

    

    
      	
              (b)

            	
              all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties and similar
                instruments;

            

    

    
      	
              (c)

            	
              all net obligations of such Person under any Swap Contract to the extent the obligations thereunder are secured by the Capital Commitments of any Fund Borrower;

            

    

    
      	
              (d)

            	
              all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

            

    

    
      	
              (e)

            	
              all indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being acquired by such Person (including indebtedness arising under
                conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

            

       

      

       

      

      
        24

        
          

      

    

    
      	
              (f)

            	
              all Capital Leases and Synthetic Lease Obligations;

            

    

    
      	
              (g)

            	
              all obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, including any Reimbursement
                Obligation, and banker’s acceptances issued for the account of any such Person; and

            

    

    
      	
              (h)

            	
              all obligations of such Person in respect of any obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or
                collection) guaranteeing any Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent:  (i) to purchase any such Indebtedness or other obligation
                or any property constituting security therefor; (ii) to advance or provide funds or other support for the payment or purchase of such Indebtedness or obligation or to maintain working capital, solvency or other balance sheet condition of
                such other Person (including, without limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder of Indebtedness of such other Person;
                (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of such Indebtedness; or (iv) to otherwise assure or hold harmless the owner of such Indebtedness or obligation against loss in
                respect thereof.

            

    

    For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
      itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any
      date shall be deemed to be the Swap Termination Value thereof as of such date.  The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such
      date.

    “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 any Borrower Party under any Loan Document; and (b) to the extent not otherwise described in clause (a), Other Taxes.

    “Indemnitee” is defined in Section 13.06(b).

    “Information” is defined in Section 13.17.

    “Initial Borrower” has the meaning set forth in the preamble hereof.

    “Interest Option” means each of Term SOFR and the Base Rate.

    “Interest Payment Date” means: (a) with respect to any Base Rate Loan, the last Business Day of each
      calendar month; (b) as to any Term SOFR Loan in respect of which the applicable Borrower has selected a one- or three-month Interest Period, the last day of such Interest Period for such Loan; (c) the date of any prepayment of any Loan made
      hereunder, as to the amount prepaid; and (d) the Maturity Date.

     “Interest

          Period” means, (a) initially the period commencing on (and including) the date of the initial funding of such Loan and ending on (but excluding) the next following Interest Payment Date and (b) thereafter, each period commencing on (and
        including) an Interest Payment Date and ending on (but excluding) the next following Interest Payment Date; provided that:

     

      

    
      25

      
        

    

    
      	
              (i)

            	
              any Interest Period with respect to any Loan which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; provided,
                however, if interest in respect of such Interest Period is computed by reference to Term SOFR, and such Interest Period would otherwise end on a day which is not a Business Day, and there is no subsequent Business Day in the same
                calendar month as such day, such Interest Period shall end on the next preceding Business Day;

            

    

    
      	
              (ii)

            	
              if interest in respect of such Interest Period is computed by reference to Term SOFR, and such Interest Period begins on a day for which there is no numerically
                corresponding day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; and

            

    

    
      	
              (iii)

            	
              in the case of any Interest Period for any Loans which commences before the Maturity Date and would otherwise end on a date occurring after the Maturity Date, such
                Interest Period shall end on (but exclude) such Maturity Date.

            

    

    “Investment” shall have the meaning assigned to such term in the applicable Constituent Document.

    “Investment Company Act” means the U.S. Investment Company Act of 1940, as amended and the rules and
      regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, 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.

    “Investment Advisor” means AGTB Fund Manager, LLC, a Delaware limited liability company.

    “Investment Policies” means the investment objectives, policies, restrictions and limitations for the
      Borrower Parties, as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time.

    “Investor” means with respect to a Fund Borrower, any Person that is admitted as a shareholder, a
      general partner, a limited partner or similar equity holder of such Fund Borrower.

    “Investor Designation Letter” means a letter delivered by Administrative Agent from time to time to the
      Borrower Parties in which Administrative Agent indicates the designation of Investors as Borrowing Base Investors in accordance with this Credit Agreement.

    “IRS” means the United States Internal Revenue Service.

    “ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999),
      International Chamber of Commerce Publication No. 590.

     “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit N hereto.

    “Judgment Currency” is defined in Section 13.20.

     

    

    
      26

      
        

    

     “KYC Compliant” means any Person who has satisfied all requests for information from the Lenders for
      “know-your-customer” and Anti-Money Laundering Laws and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with any such rules and regulations, including any information required to be
      obtained by the Lenders pursuant to the Beneficial Ownership Regulation, to the extent applicable.

    “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties,
      rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
      administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

    “Lead Arranger” has the meaning set forth in the preamble.

    “Lender” means each lending institution listed on Schedule 1.01A, and each lending institution
      that becomes a Lender hereunder pursuant to Section 13.11 or otherwise.

    “Lender Party” has the meaning provided in Section 12.01.

    “Lending Office” means, as to any Lender, the office or offices of such Lender (or an affiliate of such
      Lender) described as such in such Lender’s Administrative Questionnaire delivered to Administrative Agent, or such other office or offices as a Lender may from time to time notify the Borrower Parties and Administrative Agent.

    “Letter of Credit” means any letter of credit issued by the Letter of Credit Issuer pursuant to Section 2.07
      either as originally issued or as the same may, from time to time, be amended, renewed, replaced or otherwise modified or extended.

    “Letter of Credit Application” means an application and agreement for a Letter of Credit by and between
      a Borrower Party and the Letter of Credit Issuer, in the form acceptable to the Letter of Credit Issuer (and customarily used by it in similar circumstances) and generally conforming to the terms of this Credit Agreement, either as originally
      executed or as it may from time to time be supplemented, modified, amended, renewed, or extended; provided, however, to the extent that the terms of such Letter of Credit Application are inconsistent with the terms of this Credit
      Agreement (notwithstanding inclusion of such terms, and acceptance of such Letter of Credit Application, as exhibit hereto), the terms of this Credit Agreement shall control.

    “Letter of Credit Issuer” means Morgan Stanley or any Affiliate thereof.

    “Letter of Credit Liability” means, at any time of determination, the aggregate amount of the undrawn
      stated amount of all outstanding Letters of Credit plus the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a
      conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.07.

    “Letter of Credit Sublimit” means, at any time, an amount equal to fifteen percent (15%) of the Maximum
      Commitment at such time (or such greater amount as the Letter of Credit Issuer and each of the Lenders may approve, in their sole discretion).  The Letter of Credit Sublimit is a part of, and not in addition to, the Maximum Commitment.

     

    

    
      27

      
        

    

    “Lien” means any lien, mortgage, security interest, tax lien, pledge, encumbrance, or conditional sale
      or title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under common law, any statute or other law, contract, or otherwise.

    “Loan” means an extension of credit by a Lender to a Borrower Party in the form of a Base Rate Loan or a
      Term SOFR Loan pursuant to the terms and conditions of this Credit Agreement.

    “Loan Documents” means this Credit Agreement, the Notes (including any renewals, extensions,
      re-issuances and refundings thereof), each of the Collateral Documents, each Letter of Credit Application, each Assignment and Assumption, the Fee Letter, and each such other written agreement that states that it is a “Loan Document,” and any
      amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan Documents and any additional written agreements delivered in connection with any such amendment,
      supplement or modification.

    “Loan Notice” means a notice of: (a) a Borrowing; (b) a conversion of Loans from one Type of Loan to the
      other, pursuant to Section 2.02(e); or (c) a continuation of Term SOFR Loans, pursuant to Section 2.02(f), which, if in writing, shall be substantially in the form of Exhibit C or such other form as may be approved by
      Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower Party.

    “Margin Stock” is defined in Regulation U.

    “Material Adverse Effect” means: (a) a material adverse change in, or a material adverse effect upon,
      the operations, business, properties or financial condition of Fund Borrowers and their Subsidiaries taken as a whole; (b) a material impairment of the ability of any Fund Borrower to perform its obligations under the Loan Documents to which it is a
      party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Borrower Party of any Loan Document to which it is a party.

    “Maturity Date” means the earliest of: (a) the Stated Maturity Date; (b) the date upon which
      Administrative Agent declares the Obligations, or the Obligations become, due and payable after the occurrence and during the continuation of an Event of Default; (c) 45 days prior to the date upon which the Initial Borrower undergoes an initial
      public offering or a listing of its shares on a national securities exchange; (d) 45 days prior to the date on which the Fund Borrowers’ ability to call Capital Commitments under the applicable Constituent Documents for the purpose of repaying the
      Obligations is terminated; (e) 45 days prior to a Merger; or (f) the date upon which the Borrower Parties terminate the Commitments pursuant to Section 3.06 or otherwise.

    “Maximum Commitment” means $75,000,000, as such amount may be (a) reduced from time to time by the
      Borrower Parties pursuant to Section 3.06 or (b) increased from time to time by the Borrower Parties pursuant to Section 2.18.

    “Maximum Rate” means, on any day, the highest rate of interest (if any) permitted by applicable Law on
      such day.

    “Merger” as that term is defined in the Private Placement Memorandum of the Initial Borrower (or
      comparable term in another applicable Constituent Document of any Borrower).

     

    

    
      28

      
        

    

    “Minimum Collateral Amount” means, at any time, with respect to Cash Collateral consisting of cash or
      deposit account balances, an amount equal to, (i) in the case of a Defaulting Lender, 103% of the Fronting Exposure of the Letter of Credit Issuer with respect to Letters of Credit issued and outstanding at such time, and (ii) with respect to other
      obligations of the Borrower Parties to Cash Collateralize Letters of Credit hereunder, 103% of the entire Letter of Credit Liability as of such time required to be Cash Collateralized.

    “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

    “Morgan Stanley” has the meaning provided in the preamble hereto.

    “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of
      ERISA, to which any Borrower Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six plan years, has made or been obligated to make contributions.

    “Multiple Employer Plan” means any employee benefit plan which has two or more contributing sponsors
      (including any Borrower Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

    “No Plan Asset Certificate” means a certificate from a Borrower Party, delivered by a Responsible
      Officer of such Borrower Party certifying that the underlying assets of such Borrower Party do not constitute Plan Assets because less than 25% of the total value of each class of equity interests in such Borrower Party is held by “benefit plan
      investors” within the meaning of Section 3(42) of ERISA.

    “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that:
      (a) requires the approval of all affected Lenders pursuant to the terms of Section 13.01; and (b) has received the approval of the Required Lenders.

    “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

    “Non-Rated Included Investor” means an Included Investor that is not a Rated Included Investor.

    “Non-Recourse Parties” has the meaning provided in Section 13.23.

    “Notes” means, together with the Qualified Borrower Notes, the promissory note(s) made by a Borrower
      Party in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B.

    “Obligations” means all present and future indebtedness, obligations, and liabilities of any Borrower
      Party to Lenders, and all renewals and extensions thereof, or any part thereof (including, without limitation, Loans and Letters of Credit), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity
      provisions hereof) or represented by the Notes, and all interest accruing thereon, and attorneys’ fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect,
      fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations, and liabilities of any Borrower Party to Lenders evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions
      thereof, or any part thereof.

     

    

    
      29

      
        

    

    “OFAC” means the United States Department of the Treasury’s Office of Foreign Assets Control.

    “Operating Company” means an “operating company,” including a venture capital operating company, within
      the meaning of the Plan Assets Regulations.

    “Operating Company Certificate” means a certificate from a Borrower Party, delivered by a Responsible
      Officer of such Borrower Party, in a form reasonably acceptable to Administrative Agent, certifying that, based upon consultation with counsel, such Borrower Party meets the requirements to be an Operating Company during such Annual Valuation Period.

    “Operating Company Opinion” means a customary written opinion of counsel regarding the status of a
      Borrower Party, as applicable, as an Operating Company, in form and substance reasonably acceptable to Administrative Agent, on which Administrative Agent and the Lenders may reasonably rely.

    “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or
      former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
      perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

    “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
      similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
      such Taxes that are Other Connection Taxes imposed with respect to an assignment, grant of participation, or other transfer (other than an assignment made pursuant to Section 13.12).

    “Overnight Rate” means, for any day, with respect to any amount denominated in Dollars, the greater of:
      (i) the Federal Funds Rate; and (ii) an overnight rate reasonably determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions.

    “Participant” is defined in Section 13.11(e).

    “Participant Register” is defined in Section 13.11(e).

    “Participating Member State” means any member state of the European Union that adopts or has adopted
      (and has not ceased to adopt) the Euro as its lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union.

    “Payment” has the meaning provided in Section

          12.14(a).

    “Payment Notice” has the meaning provided in Section

          12.14(b).

    “Payment Recipient” has the meaning provided in Section

          12.14(a).

    “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a
      Multiemployer Plan) that is maintained or is contributed to by any Borrower Party or any ERISA Affiliate, or to which any of the foregoing have any liability, and that is either covered by Title IV of ERISA or is subject to the minimum funding
      standards under Section 412 of the Code.

     

    

    
      30

      
        

    

    “Permitted RIC Distribution” means distributions by the Initial Borrower (from the Collateral Account or
      otherwise) to the extent required to allow the Initial Borrower to make sufficient distributions to qualify as a regulated investment company and to otherwise eliminate or minimize federal or state income or excise Taxes payable by the Initial
      Borrower in or with respect to any taxable year of the Initial Borrower (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of
      the Initial Borrower shall not exceed 100% of the amounts that the Initial Borrower is required to distribute to: (i) allow the Initial Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or
      any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Initial Borrower’s liability for federal income Taxes imposed on (x) its
      investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Initial Borrower’s
      liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Initial Borrower had qualified to be taxed
      as a RIC under the Code, and (B) after the occurrence and during the continuance of an Event of Default, all such distributions shall be prohibited, and only so long as (x) any Borrowing Base Deficiency is cured immediately prior to and no Borrowing
      Base Deficiency will exist after giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion) and (y) the Initial Borrower delivers a RIC Distribution Notice to the Administrative
      Agent at least five (5) Business Days prior to the applicable Distribution.

    “Permitted Liens” means (a) Liens relating to Taxes that are either (i) in an amount less than $200,000
      in the aggregate, (ii) not yet due and payable or (iii) being contested in good faith with adequate reserves maintained in accordance with GAAP; (b) judgment liens not constituting an Event of Default hereunder where the related creditor has not
      commenced foreclosure or the exercise of other remedies with respect to any Collateral; (c) solely with respect to the portion of the Collateral resulting from the proceeds of the Collateral, which has been properly withdrawn from a Collateral
      Account in accordance with the terms hereof, liens arising from pledges or deposits to secure bids for potential Investments, leases, or contracts in accordance with the terms hereof; (d) any banker’s lien in favor of the Account Bank which arises by
      operation of law and in the ordinary course of business; and (e) Liens arising pursuant to any of the Loan Documents.

    “Person” means an individual, sole proprietorship, joint venture, association, trust, estate, business
      trust, corporation, non-profit corporation, partnership, sovereign government or agency, instrumentality, or political subdivision thereof, or any similar entity or organization.

    “Plan” means any Pension Plan or any retirement medical plan, each as established or maintained for
      employees of any Borrower Party or any ERISA Affiliate, or any such Plan to which any Borrower Party or any ERISA Affiliate is required to contribute on behalf of any of its employees.

    “Plan Assets” means “plan assets” within the meaning of the Plan Assets Regulations.

    “Plan Assets Regulations” means 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA.

     “Prime Rate” means the rate published by The Wall Street Journal
      as its “Prime Rate”.

      

    

    
      31

      
        

    

    “Principal Obligations” means, at any time of determination, the sum of (a) the aggregate outstanding
      principal amount of the Loans at such time plus (b) the aggregate Letter of Credit Liability at such time.

    “Private Placement Memorandum” means the confidential private placement memorandum of the Initial
      Borrower, as amended or restated from to time to time as permitted hereunder.

    “Pro Rata Share” means, as to any Lender at any time, the ratio of such Lender’s Revolving Credit
      Exposure at such time to the aggregate Revolving Credit Exposure of all Lenders.

    “Property” means any real property, improvements thereon and any leasehold or similar interest in real
      property which is owned, directly or indirectly, by any Borrower Party, or secures any investment of any Borrower Party.

    “Proposed Borrower” is defined in Section 7.04.

    “Qualified Borrower” means any entity which is a direct or indirect Subsidiary of the Fund Borrowers,
      the indebtedness of which entity can be guaranteed by the Fund Borrowers pursuant to the terms of the applicable Constituent Document, and which entity has executed a Qualified Borrower Note and otherwise complied with Section 7.03.

     

    

     
     “Qualified Borrower Default” shall mean, with respect to any Qualified Borrower:

    
      	
              (a)

            	
              Such Qualified Borrower shall fail to pay when due: (i) any principal under its Qualified Borrower Note; or (ii) any interest, fee, expense, or other payment required to
                be paid by it thereunder or under any other Loan Document, and such failure under this clause (ii) shall continue for five (5) days thereafter; or

            

    

    
      	
              (b)

            	
              such Qualified Borrower shall take any action or be subject to any proceeding described in Section 11.01(g) or Section 11.01(h).

            

    

    “Qualified Borrower Note” means a promissory note executed and delivered by a Qualified Borrower, in
      substantially the form of Exhibit E attached hereto.

    “Rated Included Investor” means any Included Investor that has a Rating (or that has a Credit Provider,
      Sponsor, or Responsible Party that has a Rating).

    “Rating” means, for any Person, its senior unsecured debt rating (or equivalent thereof, such as, but
      not limited to, a corporate credit rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating (for a governmental entity), or revenue bond rating (for an educational institution)) from either of
      S&P or Moody’s. When applied to any Investor or other entity under this Credit Agreement, if the Rating from S&P and Moody’s is not equivalent (i.e., split-rated), then the lower of the two Ratings
      shall apply, and if only one Rating is available, that Rating shall apply.

    “Recipient” means Administrative Agent, any Lender, or the Letter of Credit Issuer.

    “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark
      is Term SOFR, the time set forth in the definition of Term SOFR, and (2) if such Benchmark is not Term SOFR, the time determined by the Administrative Agent in accordance with the Benchmark Replacement Conforming Changes.

     

    

    
      32

      
        

    

    “Register” is defined in Section 13.11(d).

    “Regulation D” and “Regulation U” means
      Regulation D or U, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other regulation relating to reserve requirements or margin requirements, as the case may
      be, applicable to member banks of the Federal Reserve System.

    “Reimbursement Obligation” means the obligation of the Borrower Parties to reimburse the Letter of
      Credit Issuer pursuant to Section 2.07 for amounts drawn under Letters of Credit.

    “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
      directors, officers, trustees, employees, agents and advisors of such Person and of such Person’s Affiliates.

    “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge,
      dispersal, leaching, or migration of Hazardous Materials into the environment, or into or out of any Property, including the movement of any Hazardous Material through or in the air, soil, surface water, groundwater, of any Property.

    “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal
      Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

    “Removal Effective Date” is defined in Section 12.06(b).

    “Request for Borrowing” has the meaning provided in Section 2.02(a).

    “Request for Letter of Credit” has the meaning provided in Section 2.07(b).

    “Required Lenders” means, at any time Lenders having Total Credit Exposures representing more than 50%
      of the Total Credit Exposures of all Lenders; provided that, at all times when there are more than two (2) Lenders that are not Defaulting Lenders, the term “Required Lenders” shall include at least two (2) unaffiliated Lenders that are not
      Defaulting Lenders.  The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. The determination of Required Lenders shall be made in all circumstances by the Administrative Agent and such
      determination shall be binding on each Lender in all respects hereunder.

    “Required Payment Time” means, (i) within two (2) Business Days, to the extent such funds are available
      in the Collateral Accounts and not otherwise contractually committed to be utilized; and (ii) otherwise, to the extent that it is necessary for the Borrower Parties to issue a Capital Call to fund such required payment, within twelve (12) Business
      Days (but, in any event, the Borrower Parties shall issue such Capital Call and shall make such payment promptly after the related Capital Contributions are received).

    “Resignation Effective Date” is defined in Section 12.06(a).

    “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial
      Institution, a UK Resolution Authority.

     

    

    
      33

      
        

    

    “Responsible Officer” means: (a) in the case of a corporation, its chief executive officer, president,
      chief financial officer, senior vice president, any vice president or treasurer, a secretary or assistant secretary or any other authorized signatory; (b) in the case of a limited partnership, a Responsible Officer of the general partner, acting on
      behalf of such general partner in its capacity as general partner; (c) in the case of a limited liability company, a Responsible Officer of such Person or the manager, sole member or managing member, as applicable, acting on behalf of such Person in
      its capacity as such; or (d) in the case of a trust, its trustee or any other authorized signatory.

    “Responsible Party” means, for any Governmental Plan Investor: (a) if the state or political subdivision
      under which the Governmental Plan Investor operates is obligated to fund the Governmental Plan Investor and is liable to fund any shortfalls, the state or political subdivision, as applicable; and (b) otherwise, the Governmental Plan Investor itself.

    “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such
      time of its outstanding Loans and its participation in Letter of Credit Liability at such time, taking into account any reallocation pursuant to Section 2.18.

     “RIC” means a Person that qualifies as a “regulated investment company” within the meaning of Section
      851(a) and Section 851(b) of the Code and that is taxable under Section 852(b) of the Code by reason of having satisfied the conditions contained in Section 852(a) of the Code.

    “RIC Distribution Notice” means a written notice setting forth the calculation of any Permitted RIC
      Distribution with respect to a Borrower and certifying that such Borrower remains a “regulated investment company” under Subchapter M of the Code.

    “S&P” means S&P Global Ratings, a subsidiary of S&P Global Inc., and any successor thereto.

    “Same Day Funds” means with respect to disbursements and payments in Dollars, immediately available
      funds.

    “Sanction” or “Sanctions” means any and all
      economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws imposed, administered or enforced from time to time by any Governmental Authority that enforces Sanctions, including: (a) the United
      States of America, including those administered by OFAC, the U.S. Department of State, or the U.S. Department of Commerce; (b) the United Nations Security Council; (c) the European Union (including any member state thereof); (d) Her Majesty’s
      Treasury of the United Kingdom; or (e) any other Governmental Authority that enforces sanctions where any Borrower Party conducts business.

    “Sanctioned Jurisdiction” means at any time, a country or territory that is, or whose government is, the
      subject of Sanctions.

    “Sanctioned Person” means any Person with whom dealings are prohibited or restricted by any Sanctions,
      including a Person that is: (a) listed on OFAC’s Specially Designated Nationals (“SDN”) and Blocked Persons List; (b) listed on OFAC’s Consolidated Non-SDN List; (c) a Person that is owned
      or controlled by Persons that are the subject or target of Sanctions; or (d) a Person that is a Sanctions target pursuant to any territorial or country-based Sanctions program.

    “SDN” is defined in clause (a) of the definition of Sanctioned Person.

     

    

    
      34

      
        

    

    “Secured Parties” means the Administrative Agent, the Lenders, the Letter of Credit Issuer and each
      Indemnitee.

    “Security Agreement” means a security agreement executed and delivered by a Fund Borrower to the
      Administrative Agent for the benefit of Lenders, substantially in the form of Exhibit G.

     “Side Letter” means any side letter by and between an Investor and any Fund Borrower that amends the
      applicable Constituent Document.

    “SOFR” with respect to any day means the secured overnight financing rate published for such day by the
      Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

     

    

     “Solvent” means, with respect to any Fund Borrower, as of any date of determination, that as of such date:

    
      	
              (a)

            	
              the fair value of the assets of such Fund Borrower (on a going concern basis) and including, with respect to all Fund Borrowers, the aggregate Unfunded Commitments, is
                greater than the total amount of liabilities, including contingent liabilities, of such Fund Borrower;

            

    

    
      	
              (b)

            	
              the fair value of the assets of such Fund Borrower (on a going concern basis) and including, with respect to all Fund Borrowers, the aggregate Unfunded Commitments, is not
                less than the amount that will be required to pay the probable liability of the Fund Borrowers on their debts as they become absolute and matured;

            

    

    
      	
              (c)

            	
              such Fund Borrower does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts or liabilities become absolute
                and matured; and

            

    

    
      	
              (d)

            	
              such Fund Borrower is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which its assets and, with respect to the Fund
                Borrowers, the aggregate Unfunded Commitments, would constitute unreasonably small capital.

            

    

    For the purposes of this definition, the amount of contingent liabilities (such as litigation, guarantees, and pension plan liabilities) at any time shall be
      computed as the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can be reasonably expected to become an actual or matured liability and are determined as contingent liabilities in accordance
      with applicable federal and state laws governing determinations of insolvency.

     “Sponsor” of an ERISA Investor means a sponsor as that term is understood under ERISA, specifically,
      the entity that established the plan and is responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to amend or terminate the plan.

    “Stated Maturity Date” means June 12, 2023, subject to the Borrowers’ extension of such date pursuant to
      Section 2.17.

    “Subscription Agreement” means a Subscription Agreement executed by an Investor in connection with the
      subscription for an Equity Interest in a Fund Borrower.

    “Subsequent Investor” is defined in Section 10.06(b).

     

    

    
      35

      
        

    

    “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or
      other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the
      happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references
      herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Fund Borrowers.

    “Swap Contract” means:  (a) any and all rate swap transactions, basis swaps, credit derivative
      transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond
      index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any
      other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement; and (b) any and all transactions
      of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange
      Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement.

    “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account
      the effect of any legally enforceable netting agreement relating to such Swap Contracts:  (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination
      value(s); and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations
      provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

    “Synthetic Lease Obligation” means the monetary obligation 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 that 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 indebtedness of such Person (without regard to accounting treatment).

    “Taxes” means all present or future taxes, including, without limitation, stamp taxes (including
      mortgage recording taxes), levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, penalties or similar
      liabilities applicable thereto.

    “Term SOFR” means, with respect to any Borrowing for any day, the Term SOFR Reference Rate for a tenor
      comparable to the applicable Interest Period on the day (such day, the “Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such
      Interest Period, as such rate is published by the Term SOFR Administrator for such day at 6:00 a.m. (New York City time); provided, however, that if as of 5:00 p.m. (New York City time) on any Term SOFR Determination Day the Term SOFR Reference Rate
      for the foregoing tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as
      published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S.
      Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Term SOFR Determination Day. If the calculation of Term SOFR results in Term SOFR less than the Floor, Term SOFR shall be deemed to
      be the Floor for all purposes of the Loan Documents.

     

    

    
      36

      
        

    

    “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor
      administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

    “Term SOFR Conversion Date” has the meaning provided in Section 2.03(e).

    “Term SOFR Loan” means a Loan (other than a Base Rate Loan) that bears interest at a rate based on Term
      SOFR.

    “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.

    “Threshold Amount” means $15,000,000.

    “Total Credit Exposure” means, as to any Lender at any time, the sum of the unused Commitment and the
      Revolving Credit Exposure of such Lender at such time.

    “Type of Loan” means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Loan.

    “Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision),
      effective July, 2007 International Chamber of Commerce Publication No. 600.

    “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a
      day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

     “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of
      the Code.

    “U.S. Tax Compliance Certificate” is defined in Section 4.01(e)(ii)(B)(3).

    “U.S. Treasury” means the United States Department of the Treasury.

    “UCC” means the Uniform Commercial Code as adopted in the State of New York and any other state, which
      governs creation or perfection (and the effect thereof) of security interests in any collateral for the Obligations.

    “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook
      (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct
      Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

    “UK Resolution Authority” means the Bank of England or any other public administrative authority having
      responsibility for the resolution of any UK Financial Institution.

     

    

    
      37

      
        

    

    “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the Benchmark
      Replacement Adjustment with respect thereto.

    “Unfunded Commitment” means, with respect to any Investor of a Fund Borrower, at any time, the Capital
      Commitment of such Investor, (a) minus any portion of such Investor’s Capital Commitment that is subject to a pending Capital Call, and (b) minus the aggregate Capital Contributions made with respect to a Capital Commitment by such Investor to such
      Fund Borrower.

     “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the
      write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and
      (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under
      which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under
      it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

    Section 1.02 Other

          Definitional Provisions.  All terms defined in this Credit Agreement shall have the above-defined meanings when used in the Notes or any other Loan Documents or any certificate, report or other document made or delivered pursuant to this
        Credit Agreement, unless otherwise defined in such other document.

    (a) Defined terms
        used in the singular shall import the plural and vice versa.

    (b) The words
        “hereof,” “herein,” “hereunder,” and similar terms when used in this Credit Agreement shall refer to this Credit Agreement as a whole and not to any particular provisions of this Credit Agreement.

    (c) Article,
        Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

    (d) The term
        “including” is by way of example and not limitation.

    (e) The term
        “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

    (f) In the
        computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

    (g) Section
        headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Credit Agreement or any other Loan Document.

    (h) Any reference
        to the knowledge of any Borrower Party shall mean the knowledge of any executive officer or trustee of the Fund Borrowers or Administrator.

     

      

    
      38

      
        

    

    Section 1.03 Times

          of Day.  Unless otherwise specified in the Loan Documents, time references are to time in New York, New York.

    Section 1.04 Accounting Terms.  (a)  Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other
        financial calculations) required to be submitted pursuant to this Credit Agreement shall be prepared in conformity with, Generally Accepted Accounting Principles applied on a consistent basis, as in effect from time to time, applied in a manner
        consistent with that used in preparing the audited financial statements of the Fund Borrowers, except as otherwise specifically prescribed herein. Except as otherwise expressly set forth herein, notwithstanding the foregoing, for purposes of
        determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Fund Borrowers and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
        thereof, and the effects of FASB ASC 825 and FASB ASC 470-2047 on financial liabilities shall be disregarded. No operating leases shall be treated as Indebtedness nor as a Capital Lease but shall instead continue to be treated as an operating
        lease, in each case, for purposes of this Credit Agreement, notwithstanding any actual or proposed changes in Generally Accepted Accounting Principles and notwithstanding ASC 805 or related accounting principles.

    (b) Changes in
          Generally Accepted Accounting Principles.  If at any time any change in Generally Accepted Accounting Principles (including the adoption of IFRS) would affect the computation of any financial ratio or requirement set forth in any Loan
        Document, and either the Borrower Parties or Required Lenders shall so request, Administrative Agent, Lenders and Borrower Parties shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
        such change in Generally Accepted Accounting Principles (subject to the approval of the Required Lenders); provided that, until so amended:  (i) such ratio or requirement shall continue to be computed in accordance with Generally Accepted
        Accounting Principles prior to such change therein; and (ii) the Borrower Parties shall provide to Administrative Agent and Lenders financial statements and other documents required under this Credit Agreement or as reasonably requested hereunder
        setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in Generally Accepted Accounting Principles.

    Section 1.05 Letter

          of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof
        contemplated by such Letter of Credit or the Letter of Credit Application therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Application and as such amount may be reduced by (a) any permanent reduction
        of such Letter of Credit or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).

    Section 1.06 Rates.
        The interest rate on Loans may be determined by reference to a benchmark rate that is, or may in the future become, the subject to regulatory reform or cessation. In the event that any applicable interbank offered rate or any other then-current
        Benchmark is no longer available or in certain other circumstances set forth in Section 4.04 hereof, such Section 4.04 provides a mechanism for determining an alternative
        rate of interest. Administrative Agent will notify the Borrowers, pursuant to Section 4.04 hereof, of any change to the reference rate upon which the interest rate on Loans is based. However, Administrative Agent does not warrant or accept
        responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to any Benchmark, any component definition thereof or rates referenced in
        the definition thereof or with respect to any alternative, comparable or successor rate thereto, or replacement rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics
        of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 4.04  hereof, will be similar to,
        or produce the same value or economic equivalence of, or have the same volume or liquidity, as such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark
        Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in unrelated transactions that affect the calculation of any Benchmark, any alternative, successor or replacement rate (including any
        Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower Parties. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any
        component definition thereof or rates referenced in the definition thereof, in each case pursuant to the terms of this Credit Agreement, and shall have no liability to the Borrower Parties, any Lender or any other person or entity for damages of
        any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or
        component thereof) provided by any such information source or service.

     

      

    
      39

      
        

    

    Section 1.07 Divisions. 

        For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person
        becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be
        deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time.

     

        

     
    ARTICLE II 

       

       

        LOANS AND LETTERS OF CREDIT.

    Section 2.01 Commitment.
        Subject to the terms and conditions herein set forth, each Lender severally agrees, on any Business Day during the Availability Period, to make Loans and to participate in Letters of Credit issued by the Letter of Credit Issuer for the account of
        the Fund Borrowers on a joint and several basis with the other Fund Borrowers, to each Qualified Borrower on a several basis, at any time and from time to time in an aggregate principal amount not to exceed at any time outstanding the amount of
        such Lender’s Commitment; provided, however, that, after making any such Loans or participating in the issuance of such Letters of Credit: (a) such Lender’s Revolving Credit Exposure would not exceed such Lender’s Commitment as of
        such date; and (b) the Principal Obligations would not exceed the Available Commitment. Subject to the foregoing limitation, the conditions set forth in Section 7 and the other terms and conditions hereof, the Borrower Parties may borrow,
        repay without penalty or premium, and re-borrow during the Availability Period. Each Borrowing pursuant to this Section 2.01 and participation in each issuance of Letter of Credit pursuant to Section 2.07 shall be advanced ratably
        by the Lenders in proportion to each Lender’s Applicable Percentage. No Lender shall be obligated to fund any Loan or participate in the issuance of a Letter of Credit if the interest rate applicable thereto under Section 2.05(a) would
        exceed the Maximum Rate in effect with respect to such Loan or Letter of Credit, as applicable.

    Section 2.02 Borrowings,

          Conversions and Continuations of Loans.

     

      

    
      40

      
        

    

    (a) Request for
          Borrowing. Each Borrowing, each conversion of Loans from one Type of Loan to another Type of Loan, and each continuation of a Term SOFR Loan shall be made upon the applicable Borrower Party’s irrevocable notice to Administrative Agent (a “Request for Borrowing”), which may be given by telephone. Each notice: (i) shall be furnished to the Administrative Agent no later than 2:00 p.m. (x) on the requested date of Borrowing in the
        case of a Base Rate Loan, provided that, any such Loans shall not exceed the Daily Borrowing Sublimit, or one (1) Business Day prior to the requested date of Borrowing for any Base Rate Loans in excess of the Daily Borrowing Sublimit, and
        (y) at least three (3) Business Days prior to the requested date of Borrowing in the case of a Term SOFR Loan; and (ii) must specify: (A) the amount of such Borrowing; (B) the Interest Option; (C) the Interest Period therefor, if applicable; and
        (D) the date of such Borrowing, which shall be a Business Day. Each telephonic notice by a Borrower Party pursuant to this Section 2.02(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice,
        appropriately completed and signed by a Responsible Officer of such Borrower Party. Each Loan Notice (other than in connection with a continuation of an Interest Period) shall be delivered together with a Borrowing Base Certificate, and shall
        specify:  (A) whether the Borrower Party is requesting a Borrowing, a conversion of Loans from one Type of Loan to the other, or a continuation of Term SOFR Loans; (B) the requested date of the Borrowing, conversion or continuation, as the case may
        be (which shall be a Business Day); (C) the principal amount of Loans to be borrowed, converted or continued; (D) the Type of Loans to be borrowed or to which existing Loans are to be converted; (E) if applicable, the duration of the Interest
        Period with respect thereto; and (F) to which account the proceeds of such Borrowing should be directed. If a Borrower Party fails to specify a Type of Loan in a Loan Notice or if a Borrower Party fails to give a timely notice requesting a
        continuation, then the applicable Loans shall be made or continued as Base Rate Loans. If a Borrower Party requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Loan Notice, but fails to specify an Interest Period,
        it will be deemed to have specified an Interest Period of one month.

    (b) Administrative

          Agent Notification of Lenders.  Following receipt of a Loan Notice, Administrative Agent shall promptly notify the Lenders of the amount of the applicable Borrowing, and the amount of the Loan to be funded by each Lender based on its
        Applicable Percentage, and if no timely notice of a conversion or continuation is provided by a Borrower Party, Administrative Agent shall notify each Lender, as applicable, of the details of any automatic conversion to Base Rate Loans described in
        the preceding subsection.

    (c) Request for
          Borrowing Irrevocable. Each Loan Notice completed and signed by the Borrower Parties in accordance with Section 2.02(a) shall be irrevocable and binding on the Borrower Parties, and the Borrower Parties shall indemnify each Lender
        against any breakage fees, cost, loss or expense incurred by such Lender, either directly or indirectly, as a result of any failure by the Borrower Parties to complete such requested Borrowing, including any breakage fees, cost, loss or expense
        incurred by the Administrative Agent or any Lender, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by such Lender in order to fund such requested Borrowing except to the extent such cost, loss or
        expense is due to the gross negligence or willful misconduct of such Person. A certificate of such Lender setting forth the amount of any such cost, loss or expense, and the basis for the determination thereof and the calculation thereof, shall be
        delivered to the Borrower Parties and shall, in the absence of a manifest error, be conclusive and binding.

    (d) Tranches.
        Notwithstanding anything to the contrary contained herein, no more than ten (10) Term SOFR Loans in the aggregate may be outstanding hereunder at any one time during the Availability Period.

    (e) Conversions.
        The Borrower Parties shall have the right, with respect to: (i) any Base Rate Loan, on any U.S. Government Securities Business Day  (a “Term SOFR Conversion Date”), to convert such Base
        Rate Loan to a Term SOFR Loan; and (ii) any Term SOFR Loan, on any Business Day (a “Base Rate Conversion Date”) to convert such Term SOFR Loan to a Base Rate Loan, provided that
        the Borrower Parties shall, on such Base Rate Conversion Date, make the payments required by Section 4.06, if any, in either case, by giving the Administrative Agent written notice at the Administrative Agent’s Office (which notice may be
        via electronic mail) (a “Conversion Notice”) of such selection no later than 2:00 p.m. at least one (1) Business Day prior to such Term SOFR Conversion Date or such Base Rate Conversion
        Date, as applicable.  Each Conversion Notice shall be irrevocable and effective upon notification thereof to the Administrative Agent.  A request of the Borrower Parties for a conversion of a Base Rate Loan to a Term SOFR Loan is subject to the
        condition that no Event of Default exists at the time of such request or after giving effect to such conversion.

     

      

    
      41

      
        

    

    (f) Continuations. 

        No later than 2:00 p.m. at least three (3) Business Days prior to the termination of each Interest Period related to a Term SOFR Loan, the Borrowers shall give the Administrative Agent a Loan Notice whether it desires to renew such Term SOFR Loan,
        as applicable.  The Loan Notice shall also specify the length of the Interest Period selected by the Borrowers with respect to such continuation.  Each Loan Notice shall be irrevocable and effective upon notification thereof to the Administrative
        Agent.

    Section 2.03 Minimum

          Loan Amounts.  Each Term SOFR Loan and Base Rate Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000 for each Loan; provided that, subject to the Daily Borrowing Sublimit set forth
        in Section 2.02(a)(i)(x), a Base Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the Available Commitment or that is required to finance the reimbursement of a Letter of Credit under Section 2.07(c);
        provided, further, to the extent the Borrower Parties request a Borrowing to fund interest payable pursuant to Section 2.05 or Section 3.05, such minimum amounts shall not apply.

    Section 2.04 Funding. 

        (a)  Funding by Lenders; Presumption by Administrative Agent.  Each Lender shall make the amount of its Pro Rata Share of each Loan, available to Administrative Agent at Administrative Agent’s Office for the account of the appropriate
        Borrower Party no later than 1:00 p.m. on the borrowing date in Same Day Funds for any Loan on the Business Day specified in the applicable Loan Notice, and upon fulfillment of all applicable conditions set forth herein, Administrative Agent shall
        promptly deposit such proceeds in Same Day Funds in such Borrower Party’s account at Administrative Agent specified in the Loan Notice, or, if requested by such Borrower Party in the Loan Notice, shall wire transfer such funds as requested. The
        failure of any Lender to advance its Pro Rata Share of any Loan required to be advanced hereunder shall not relieve any other Lender of its obligation to advance its Loans required to be advanced hereunder.  Absent contrary written notice from a
        Lender, Administrative Agent may assume that each Lender has made its Pro Rata Share of the requested Borrowing available to Administrative Agent on the applicable borrowing date, and Administrative Agent may, in reliance upon such assumption (but
        is not required to), make available to the appropriate Borrower Party a corresponding amount.

    (b) Obligations
          of Lenders Several.  The obligations of Lenders hereunder to make Loans and to make payments pursuant to Section 13.06(c) are several and not joint.  The failure of any Lender to make any Loan, to fund any such participation or to
        make any payment under Section 13.06(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
        make its Loan, to purchase its participation or to make its payment under Section 13.06(c).

    Section 2.05 Interest.

    (a) Interest
          Rate.  Each Loan funded by the Lenders shall accrue interest at a rate per annum equal to:  (i) with respect to Term SOFR Loans, Term SOFR with a one- or three- month Interest Period plus the Applicable Margin; and (ii) with respect to Base
        Rate Loans, the Base Rate in effect from day to day. At any time, each Loan shall have only one Interest Period and one Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall the interest rate hereunder exceed
        the Maximum Rate.

     

      

    
      42

      
        

    

    (b) Change in
          Rate; Past Due Amounts; Calculations of Interest.  Each change in the rate of interest for any Borrowing consisting of Base Rate Loans shall become effective, without prior notice to the Borrower Parties, automatically as of the opening of
        business of the Administrative Agent on the date of said change.  Interest on the unpaid principal balance of (i) each Term SOFR Loan and Base Rate Loan bearing interest based on Term SOFR shall be calculated on the basis of the actual days elapsed
        in a year consisting of 360 days and (ii) each Base Rate Loan (other than when the Base Rate is calculated based on Term SOFR) shall be calculated on the basis of the actual days elapsed in a year consisting of 365 or 366 days, as the case may be.
        Interest shall accrue on each Loan from and including the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on
        the same day on which it is made shall, subject to Section 3.03 bear interest for one day.

    (c) Default Rate. 

        If (i) the Principal Obligations are not paid when due (without regard to any applicable grace periods), then (in lieu of the interest rate provided in Section 2.05(a) above) such overdue amount shall bear interest, after as well as before
        judgment, at a fluctuating interest rate per annum at all times equal to the Default Rate, and (ii) any amount (other than Principal Obligations) payable by the Borrower Parties under any Loan Document is not paid when due, whether at stated
        maturity, by acceleration or otherwise, then upon the request of the Required Lenders (in lieu of the interest rate provided in Section 2.05(a) above), such amount shall thereafter bear interest at a fluctuating interest rate per annum at
        all times equal to the Default Rate.

    Section 2.06 Determination

          of Rate. The Administrative Agent shall determine each interest rate applicable to the Term SOFR Loans and Base Rate Loans hereunder. The Administrative Agent shall, upon request, give notice to the Borrower Parties and to the Lenders of each
        rate of interest so determined, and its determination thereof shall be conclusive and binding in the absence of manifest error.

    Section 2.07 Letters

          of Credit.  (a)  Letter of Credit Commitment.  Subject to the terms and conditions hereof, on any Business Day during the Availability Period, the Letter of Credit Issuer shall issue such Letters of Credit and in such aggregate face
        amounts as the Borrower Parties may request; provided that: (i) on the date of issuance, the Letter of Credit Liability (after giving effect to the issuance of any such Letter of Credit) will not exceed the lesser of: (A) the remainder of:
        (1) the Available Commitment as of such date minus (2) the Principal Obligations as of such date and (B) the Letter of Credit Sublimit; (ii) the expiration date of the Letter of Credit shall not be later than (A) twelve (12) months after the date
        of issuance without the Letter of Credit Issuer’s consent, in its sole discretion, or (B) thirty (30) days prior to the Stated Maturity Date, or, if the Borrower Parties comply with Section 2.07(h), within one (1) year after the Stated
        Maturity Date; (iii) each Letter of Credit shall be subject to the Uniform Customs and/or ISP98, as set forth in the Letter of Credit Application or as determined by the Letter of Credit Issuer and, to the extent not inconsistent therewith, the
        laws of the State of New York, and (iv) the Letter of Credit Issuer shall be under no obligation to issue any Letter of Credit if, after the Closing Date (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its
        terms purport to enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any applicable Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any
        Governmental Authority with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
        upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date or shall impose
        upon the Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Letter of Credit Issuer in good faith deems material to it, (B) the Borrower Parties have not provided the
        information necessary for which the Letter of Credit Issuer is not otherwise compensated hereunder or (C) the issuance of such Letter of Credit would violate applicable Law.

     

      

    
      43

      
        

    

    (b) Request. 

        Each request for a Letter of Credit (a “Request for Letter of Credit”) shall be submitted to the Administrative Agent, substantially in the form attached hereto as Exhibit L (with
        blanks appropriately completed in conformity herewith), together with a Letter of Credit Application and a Borrowing Base Certificate, for the Letter of Credit Issuer, on or before 2:00 p.m. at least three (3) Business Days prior to the requested
        date of issuance of such Letter of Credit (or four (4) Business Days (or such additional time as may reasonably be required by the Letter of Credit Issuer) with respect to Letters of Credit to be issued by any branch of the Letter of Credit Issuer
        located outside of the United States). The Administrative Agent shall notify each Lender of such Request for Letter of Credit and the terms of the requested Letter of Credit. Each Request for Letter of Credit submitted by the Borrower Parties shall
        be deemed to be a representation and warranty that all conditions precedent specified in Section 7.02 hereof for the issuance of such Letter of Credit will be satisfied as of the date of such issuance.

    (c) Participation

          by the Lenders. Each Lender shall and does hereby participate ratably with the Letter of Credit Issuer in each Letter of Credit issued and outstanding hereunder to the extent of its Pro Rata Share of the Letter of Credit Liability with
        respect to each such Letter of Credit, and shall share in all rights and obligations resulting therefrom, including:  (i) the right to receive from the Administrative Agent its Pro Rata Share of any reimbursement of the amount of each draft drawn
        under each Letter of Credit, including any interest payable with respect thereto; (ii) the right to receive from the Administrative Agent its Pro Rata Share of the Letter of Credit fee pursuant to Section 2.14; (iii) the right to receive
        from the Administrative Agent its additional costs pursuant to Section 4.01; and (iv) the obligation to pay to the Administrative Agent or the Letter of Credit Issuer, as the case may be, in immediately available funds, its Pro Rata Share
        of any unreimbursed drawing under a Letter of Credit.

     

      

    
      44

      
        

    

    (d) Payment of
          Letter of Credit. In the event of any drawing under any Letter of Credit, the Borrower Parties agree to reimburse (either with the proceeds of a Loan as provided for in this Section or with funds from other sources), in same day funds, the
        Letter of Credit Issuer on each date on which the Letter of Credit Issuer notifies the Borrower Parties of the date and amount of a draft paid under any Letter of Credit for the amount of such draft so paid and any amounts representing interest,
        costs, expenses or fees incurred by the Letter of Credit Issuer in connection with such payment; provided, that if the Letter of Credit Issuer notifies the Borrower Parties of such a payment after 4:00 pm, any such amounts shall become
        payable on the immediately succeeding Business Day.  Unless the Borrower Parties shall notify the Letter of Credit Issuer that the Borrower Parties intend to reimburse the Letter of Credit Issuer for such drawing from other sources or funds, the
        Borrower Parties shall be deemed to have timely given a Loan Notice to the Administrative Agent, and the Borrower Parties hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties and the Letter of
        Credit Issuer, to disburse directly, as a Borrowing hereunder, to the Letter of Credit Issuer, with notice to the Borrower Parties, in immediately available funds an amount equal to the stated amount of each draft drawn under each Letter of Credit
        plus all interest, costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement.  Subject to receipt of notice from the Administrative Agent, each Lender shall pay to the Administrative Agent such Lender’s Pro
        Rata Share of the amount disbursed by the Administrative Agent on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees. The Administrative Agent shall notify the
        Borrower Parties of any such disbursements made by the Lenders pursuant to the terms hereof; provided that the failure to give such notice will not affect the validity of the disbursement, and the Administrative Agent shall provide the
        Lenders with notice thereof.  Any such disbursement made by the Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed an Term SOFR Loan, as applicable, with a one month Interest Period; and such disbursements shall
        be made without regard to the timing of a Loan Notice or the minimum and multiple amounts specified in Section 2.03. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the
        Letter of Credit Issuer by reason of any draft of a Letter of Credit or due the Letter of Credit Issuer under any Letter of Credit Application.  The obligations of a Lender to make payments to the Administrative Agent for the account of the Letter
        of Credit Issuer, and, as applicable, the obligations of the Borrower Parties with respect to Borrowings, each under this Section 2.07(d) shall be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall,
        irrespective of the satisfaction of the conditions to the making of any Loans described in Sections 2.02, 7.01, 7.02, 7.03 and/or 7.04, as applicable, be honored in accordance with this Section 2.07(d)
        under all circumstances, including any of the following circumstances:  (i) any lack of validity or enforceability of such Letter of Credit, this Credit Agreement or any of the other Loan Documents; (ii) any change in the time, manner or place of
        payment of, or in any other term of, all or any of the obligations of the Borrower Parties in respect of any Letter of Credit or any other amendment or waiver of or any consent to departure from all or any of the terms of the Letter of Credit;
        (iii) the existence of any claim, counterclaim, setoff, defense or other right which the Borrower Parties may have at any time against a beneficiary named in a Letter of Credit or any transferee of a beneficiary named in a Letter of Credit (or any
        Person for whom any such transferee may be acting), the Administrative Agent, the Letter of Credit Issuer, any Lender, or any other Person, whether in connection with this Credit Agreement, any Letter of Credit, the transactions contemplated herein
        or any unrelated transactions (including any underlying transactions between the account party and beneficiary named in any Letter of Credit); (iv) any draft, demand, certificate or any other document presented under a Letter of Credit having been
        determined to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect or any loss or delay in the transmission or otherwise of any document required in order to make a draw
        under a Letter of Credit; (v) any payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; (vi) any payment made by the
        Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary
        or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; (vii) the surrender or impairment of any security for the performance or observance of any of the terms of any of the
        Loan Documents; (viii) the occurrence of any Event of Default or Default or (ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a
        defense available to, or a discharge of, any Borrower Party; provided that the foregoing shall not be construed to excuse the Letter of Credit Issuer from liability to any Borrower Party to the extent of any direct damages (as opposed to
        indirect, special, punitive, consequential or exemplary damages, claims in respect of which are hereby waived by the Borrower Parties to the extent permitted by applicable Law) suffered by any Borrower Party that are caused by the Letter of Credit
        Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

    (e) Borrower
          Inspection.  The Borrower Parties shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to them and, in the event of any claim of noncompliance with the Borrower Parties’ instructions or other
        irregularity, the Borrower Parties will promptly notify the Letter of Credit Issuer of the same in writing. The Borrower Parties shall be conclusively deemed to have waived any such claim against the Letter of Credit Issuer and its correspondents
        unless such notice is given as aforesaid.

    (f) Role of
          Letter of Credit Issuer. Each Lender and the Borrower Parties agree that, in paying any drawing under a Letter of Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft,
        certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of
        Credit Issuer, the Administrative Agent nor any of the respective correspondents, participants or assignees of the Letter of Credit Issuer shall be liable to any Lender for:  (i) any action taken or omitted in connection herewith at the request or
        with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any
        document or instrument related to any Letter of Credit. The Borrower Parties hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that
        this assumption is not intended to, and shall not, preclude the Borrower Parties’ pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, the
        Administrative Agent, nor any of the respective correspondents, participants or assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (ix) of Section 2.07(d). 

        In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, and the Letter of Credit Issuer shall not be
        responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
        invalid or ineffective for any reason.

     

      

    
      45

      
        

    

    (g) Acceleration
          of Undrawn Amounts. Should the Administrative Agent demand payment of the Obligations hereunder prior to the Maturity Date pursuant to Section 11.02, the Administrative Agent, by written notice to the Borrower Parties, may take one or
        both of the following actions:  (i) declare the obligation of the Letter of Credit Issuer to issue Letters of Credit hereunder terminated, whereupon such obligations shall forthwith terminate without any other notice of any kind; or (ii) declare
        the Letter of Credit Liability to be forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived, and demand that the Borrower Parties pay to the Administrative Agent for deposit
        in a segregated interest bearing Cash Collateral Account, as security for the Obligations, an amount equal to the aggregate undrawn stated amount of all Letters of Credit then outstanding at the time such notice is given.  Unless otherwise required
        by applicable Law, upon the full and final payment of the Obligations, the Administrative Agent shall return to the Borrower Parties any amounts remaining in said Cash Collateral Account.

    (h) Cash
          Collateral.  If (A) as of the earlier of:  (i) thirty (30) days prior to the Stated Maturity Date and (ii) the Maturity Date, any Letters of Credit may for any reason remain outstanding and partially or wholly undrawn, or (B) any other
        circumstances under this Credit Agreement or the other Loan Documents occurs requiring the Borrower Parties to Cash Collateralize any Letters of Credit, then, in each case, the Borrower Parties shall promptly Cash Collateralize in an amount equal
        to the Minimum Collateral Amount or, in the case of sub-clause (B) above, such amount expressly required by the terms of this Credit Agreement or other Loan Document, to the Administrative Agent for the benefit of the Secured Parties, to be
        held by the Administrative Agent as Cash Collateral subject to the terms of this clause (h) and any security agreement, control agreement and other documentation requested by the Administrative Agent to be executed in connection with
        opening a Cash Collateral Account for the purpose of holding such Cash Collateral.  All Cash Collateral to be provided by the Borrower Parties pursuant to this Section 2.07(h) shall be in Dollars. All Cash Collateral with respect to
        Letters of Credit shall be funded by the proceeds of Capital Calls and not from any other source. Cash Collateral held in a Cash Collateral Account shall be applied by the Administrative Agent to the reimbursement of the Letter of Credit Issuer for
        any payment made by it of drafts drawn under the outstanding Letters of Credit, and the unused portion thereof, after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other Obligations. 
        After all such Letters of Credit shall have expired or been fully drawn upon, all Letter of Credit Liability shall have been satisfied and all other Obligations shall have been paid in full, the balance, if any, of Cash Collateral held in a Cash
        Collateral Account pursuant to this clause (h) shall be returned to the Borrower Parties. The Borrower Parties hereby grant to the Administrative Agent, for the benefit of the Secured Parties, and agree to maintain, a first priority
        security interest in all such Cash Collateral and in each Cash Collateral Account as security in respect of the Letter of Credit Liability.

    
      46

      
        

    

    (i) Lenders’
          Continuing Obligations.  In the event any Letter of Credit Liability is Cash Collateralized in accordance with Section 2.07(h) or otherwise pursuant to this Credit Agreement (including the Cash Collateralizing of a Letter of Credit
        outstanding beyond the Maturity Date), each Lender’s participation in such Letter of Credit pursuant to this Section 2.07 shall continue in all respects, the Lenders will continue to be entitled to receive their Pro Rata Share of the Letter
        of Credit fee payable in accordance with Section 2.12, and the Lenders shall continue to be obligated to fund their Pro Rata Share of any drawing under such Letter of Credit in the event the Cash Collateral is for any reason unavailable or
        insufficient to fully fund such drawing (including as a result of any preference claim or other clawback under any proceeding pursuant to any Debtor Relief Laws).

    (j) Defaulting
          Lenders. Notwithstanding anything to the contrary contained in this Credit Agreement, this Section 2.07 shall be subject to the terms and conditions of Section 4.08 and Section 13.12.

    Section 2.08 [Reserved].

    Section 2.09 Use of Proceeds.  The proceeds of the Loans and the Letters of Credit shall be used solely for purposes permitted under the Constituent Documents of each Borrower Party.  Neither the Lenders nor the Administrative
        Agent shall have any liability, obligation, or responsibility whatsoever with respect to any Borrower Party’s use of the proceeds of the Loans, the Letters of Credit, and neither the Lenders nor the Administrative Agent shall be obligated to
        determine whether or not any Borrower Party’s use of the proceeds of the Loans or the Letters of Credit are for purposes permitted under the Constituent Documents of any Borrower Party.  Nothing, including any Borrowing, any issuance of any Letter
        of Credit, or other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to whether any investment by the Borrower Parties is permitted by the
        terms of the Constituent Documents of any Borrower Party. No Borrower Party shall to its actual knowledge use the proceeds of any Loan or any Letter of Credit hereunder to purchase any assets or securities from any Lender’s “affiliate” as such term
        is defined in 12 C.F.R. Part 223. In connection with each Loan Notice and Request for Letter of Credit hereunder, the Borrower Parties shall be deemed to have represented and warranted to the Administrative Agent on the date of such Loan or Letter
        of Credit that the proceeds of such Loan or Letter of Credit will not be used to, directly or, to the knowledge of such Borrower Party, indirectly, either (x) purchase any asset or securities from any Lender’s “affiliate” (as such term is used in
        12 C.F.R. Part 223) or (y) invest in any fund advised by any Lender or Lender’s “affiliate” (as such term is used in 12 C.F.R. Part 223).

    Section 2.10 Unused

          Commitment Fee. In addition to the payments provided for in Section 3, the Borrower Parties shall pay or cause to be paid to Administrative Agent, for the account of each Lender, according to its Applicable Percentage, an unused
        commitment fee in the amounts and on the dates set forth in the Fee Letter.

    Section 2.11 Administrative

          Agent and Arranger Fees.  The Borrower Parties shall pay to Administrative Agent and Lead Arranger fees in consideration of the arrangement of the Commitments and administration of this Credit Agreement, which fees shall be payable in amounts
        and on the dates agreed to between the Initial Borrower and Administrative Agent in the Fee Letter.

    Section 2.12 Letter

          of Credit Fees. The Borrower Parties shall pay to the Administrative Agent:  (a) for the benefit of the Lenders, in consideration for the issuance of Letters of Credit hereunder, a non-refundable fee equal to the Applicable Margin (plus 2% per annum if an Event of Default has occurred and is continuing) on the daily face amount of each Letter of Credit, less the amount of any draws on such Letter of Credit, payable in quarterly installments in
        arrears on the last Business Day of each calendar quarter, commencing on the issuance date and continuing for so long as such Letter of Credit remains outstanding (including, for the avoidance of doubt, any Letter of Credit that is outstanding but
        has been Cash Collateralized); and (b) to the extent a Person other than Morgan Stanley or any of its Affiliates shall at any time become a Lender hereunder in accordance with the terms hereof, for the benefit of the Letter of Credit Issuer:  (i) a
        non-refundable fronting fee equal to 12.5 basis points (0.125%) per annum of the maximum amount of such Letter of Credit, payable in quarterly installments in arrears on the last Business Day of each
        calendar quarter on the undrawn amount of such Letter of Credit, commencing on the issuance date and continuing for so long as such Letter of Credit remains outstanding (including, for the avoidance of doubt, any Letter of Credit that is
        outstanding but has been Cash Collateralized); and (ii) all other reasonable, customary and documented out of pocket expenses actually incurred by the Letter of Credit Issuer related to the issuance, amendment or transfer of Letters of Credit upon
        demand by the Letter of Credit Issuer.

    
      47

      
        

    

    Section 2.13 [Reserved].

    Section 2.14 Qualified

          Borrowers. In consideration of the Lenders’ agreement to advance funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 7.03(a), to cause Letters of Credit to be issued for the account of a
        Qualified Borrower pursuant to Section 2.07 and to accept Fund Borrower Guaranties in support thereof, the Borrower Parties hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties, within the
        limits of the Available Commitment, to disburse directly to the Lenders, with notice to the Borrower Parties, in immediately available funds, an amount equal to the amount due and owing under any Qualified Borrower Note or Fund Borrower Guaranty,
        together with all interest, costs and expenses and fees due to the Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent shall have not received payment of such Obligations when due. The Administrative Agent will
        notify the Borrower Parties one (1) Business Day prior to making such disbursement pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement, and the Administrative Agent
        shall provide the Lenders with notice thereof. Any such disbursement made by the Administrative Agent to the Lenders shall be deemed to be a Base Rate Loan pursuant to Section 2.02 in the amount so paid, and the Borrower Parties shall be
        deemed to have given to the Administrative Agent in accordance with the terms and conditions of Section 2.02, a Loan Notice with respect thereto; and such disbursements shall be made without regard to the minimum and multiple amounts
        specified in Section 2.03. The Administrative Agent may conclusively rely on the Lenders as to the amount of any such Obligations due to the Lenders, absent manifest error.

    Section 2.15 Defaulting

          Lenders.  (a)  Adjustments. Notwithstanding anything to the contrary contained in this Credit Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent
        permitted by applicable Law:

    
      	
              (i)

            	
              Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove
                  any amendment, waiver or consent with respect to this Credit Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 13.01.

            

    

    
      	
              (ii)

            	
              Defaulting Lender Waterfall. Any payment of principal, interest, fees or other
                  amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise) or received by Administrative Agent from a Defaulting Lender
                  pursuant to Section 13.02, shall be applied at such time or times as may be determined by Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting
                  Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of
                  Credit Issuer; third, to Cash Collateralize the Fronting Exposure of the Letter of Credit Issuer with respect to such Defaulting Lender in accordance with Section 4.08; fourth, as the Borrower Parties may request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed
                  to fund its portion thereof as required by this Credit Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower Parties, to be
                  held in a deposit account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans and funded participations under this
                  Credit Agreement and (B) Cash Collateralize the Letter of Credit Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Credit Agreement, in accordance with Section 4.08;
                  sixth, to the payment of any amounts owing to the Lenders, the Letter of Credit Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Letter of Credit
                  Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; seventh, so long as no Event of Default exists, to the payment
                  of any amounts owing to the Borrower Parties as a result of any judgment of a court of competent jurisdiction obtained by the Borrower Parties against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
                  obligations under this Credit Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if:  (x) such payment is a
                  payment of the principal amount of any Loans or participations in Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share; and (y) such Loans or Letters of Credit were made at a time when
                  the conditions set forth in Section 7.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by Lenders pro rata in
                  accordance with the Total Credit Exposures hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
                  pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

            

       

      

       

      

      
        48

        
          

      

    

    
      	
              (iii)

            	
              Certain Fees.

            

    

    
      	
              (A)

            	
              A Defaulting Lender shall not be entitled to receive any unused commitment fee payable under Section 2.10 or Letter of Credit fees for any period during which that
                Lender is a Defaulting Lender (and the Borrower Parties shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender).

            

    

    
      	
              (B)

            	
              With respect to any fee payable under Section 2.10 not required to be paid to any Defaulting Lender pursuant to clause (A) above, the Borrower Parties
                shall not be required to pay the remaining amount of any such fee.

            

    

    
      	
              (iv)

            	
              Reallocation of Participations to Reduce Fronting Exposure. All or any part of
                  such Defaulting Lender’s participation in the Letter of Credit Liability shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s
                  Commitment) but only to the extent that (x) the conditions set forth in Section 7.02 are satisfied at the time of such reallocation (and, unless the Borrower Parties shall have otherwise notified the Administrative Agent at such
                  time, the Borrower Parties shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Principal Obligations of any Non-Defaulting Lender to
                  exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender,
                  including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

            

       

      

       

      

      
        49

        
          

      

    

    
      	
              (v)

            	
              Cash Collateral. If the reallocation described in clause (iv) above
                  cannot, or can only partially, be effected, the Borrower Parties shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Letter of Credit Issuer’s Fronting Exposure in accordance with
                  the procedures set forth in Section 4.08.

            

    

    (b) Defaulting
          Lender Cure. If the Borrower Parties, the Administrative Agent and Letter of Credit Issuer agree in writing that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective
        date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent may
        determine to be necessary to cause the Loans to be held on a pro rata basis by Lenders in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided
        that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower Parties while that Lender was a Defaulting Lender; and provided, further, that except to the extent
        otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

    (c) New Letters
          of Credit. So long as any Lender is a Defaulting Lender, the Letter of Credit Issuer shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving
        effect thereto.

    Section 2.16 Investor

          Designation Letter. The Borrowing Base Investors shall be indicated as such in the Investor Designation Letter delivered by Administrative Agent on the Closing Date, which may be updated from time to time by Administrative Agent, and, when so
        updated, shall supersede and replace the prior Investor Designation Letter.

    Section 2.17 Extension

          of Stated Maturity Date. The Borrower Parties shall have an option to extend the Stated Maturity Date then in effect for one (1) additional term of not more than twelve (12) months, subject to the consent of the Administrative Agent and each
        extending Lender (such extension shall be referred to herein as an “Extension”) and subject to satisfaction of the following conditions precedent:

    (a) on or prior to
        the proposed date of such Extension, the Borrower Parties shall have paid to the Administrative Agent for the benefit of the extending Lenders the Extension Fee, payable to each such Lender ratably based on its share of the Commitments subject to
        extension;

    (b) as of the
        proposed date of such Extension and immediately after giving effect thereto, the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made
        on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or
        warranty, the foregoing materiality qualifier shall be disregarded for the purposes of this condition;

    (c) no Default or
        Event of Default shall have occurred and be continuing on the date on which notice is given in accordance with the following clause (d) or on the date of such extension;

    (d) the Borrower
        Parties shall have delivered a Facility Extension Request with respect to the Stated Maturity Date to the Administrative Agent not less than thirty (30) days prior to the Stated Maturity Date then in effect (or such shorter period as the
        Administrative Agent may agree in writing); and

    
      50

      
        

    

    (e) the Borrower
        Parties shall have delivered to the Lenders a new or updated Beneficial Ownership Certification, as applicable, in relation to each Borrower Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, if so
        requested by the Administrative Agent prior to the effectiveness of any extension to the Maturity Date.

    Section 2.18 Increase

          in the Maximum Commitment. (a)  Request for Increase.  Provided there exists no Event of Default or Default, and subject to compliance with the terms of this Section 2.18, with the consent of the Administrative Agent, such
        consent to be given in its sole and absolute discretion, the Borrower Parties may increase the Maximum Commitment to an amount not exceeding $200,000,000. Such increase may be done in one or more requested increases, in $25,000,000 increments, or
        such lesser amount to be determined by the Administrative Agent (each such increase, shall be referred to herein as a “Facility Increase”).

    (b) Effective
          Date. The Administrative Agent shall determine the effective date of any Facility Increase (the “Increase Effective Date”) which (unless otherwise agreed in writing by the
        Administrative Agent) shall be no less than ten (10) Business Days after receipt of a Facility Increase Request and shall notify the Borrower Parties and the Lenders of the Increase Effective Date.

    (c) Conditions
          to Effectiveness of Increase. The following are conditions precedent to such increase:

    
      	
              (i)

            	
              the Borrower Parties shall deliver to Administrative Agent a Facility Increase Request and resolutions adopted by the Borrower Parties approving or consenting to such
                increase, certified by a Responsible Officer of the Borrower Parties that such resolutions are true and correct copies thereof and are in full force and effect; provided that such resolutions may be the resolutions delivered on the
                Closing Date pursuant to Section 7.01(g);

            

    

    
      	
              (ii)

            	
              on or prior to the proposed date of such Facility Increase, the Borrower Parties shall have paid to the Administrative Agent the Facility Increase Fee;

            

    

    
      	
              (iii)

            	
              if requested by any Lender, the Borrower Parties shall execute replacement Notes payable to the Administrative Agent reflecting the Facility Increase;

            

    

    
      	
              (iv)

            	
              as of the effective date of such increase and immediately after giving effect thereto, the representations and warranties set forth herein and in the other Loan Documents
                are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier date); provided that if a
                representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be disregarded for the purposes of this condition;

            

       

      

       

      

      
        51

        
          

      

    

    
      	
              (v)

            	
              no Default or Event of Default shall have occurred and be continuing on the date on which the Facility Increase Request is delivered or immediately after giving effect to
                the Facility Increase;

            

    

    
      	
              (vi)

            	
              on the Increase Effective Date, (x) an existing Lender or Lenders shall increase its Commitment to support any Facility Increase, in its sole discretion, and/or (y) an
                additional Lender or Lenders shall have joined the Credit Facility and, after giving effect thereto, the aggregate Commitments of such increasing and additional Lenders shall be at least equal to the amount of such Facility Increase; and

            

    

    
      	
              (vii)

            	
              the Borrower Parties shall have delivered to the Lenders a new or updated Beneficial Ownership Certification, as applicable, in relation to each Borrower Party that
                qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, if so requested by the Administrative Agent prior to the Increase Effective Date.

            

    

    For the avoidance of doubt, any Facility Increase will be on the same terms as contained herein with respect to the Credit Facility. No Lender
      will be required to commit, nor shall any Lender have any preemptive right, to provide any portion of any Facility Increase.

    (d) Reallocation
          Following Facility Increase.  On any Increase Effective Date with respect to any Facility Increase (whether pursuant to a new Lender joining the Credit Facility or an existing Lender increasing its Commitment), the Administrative Agent will
        reallocate the outstanding Loans and participations in Letters of Credit hereunder (including any Loans made by any new or increasing Lender pursuant to this Section 2.18) such that, after giving effect thereto, the ratio of each Lender’s
        (including each new or increasing Lender’s) share of outstanding Loans and participations in Letters of Credit to its share of Commitments is the same as that of each other Lender. For the avoidance of doubt, such reallocation may require the
        reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, the (i) Administrative Agent will give advance notice sufficient to comply with the applicable timing
        period in Section 2.02 to each Lender which is required to fund any amount or receive any partial repayment in connection therewith and (ii) applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans
        being reallocated and the Administrative Agent shall remit to any applicable Lenders its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to
        such reallocation (to the extent such repayment is required), the Borrower Parties shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to
        Section 4.06 as a result of such reallocation occurring on any date other than an Interest Payment Date.

     

      

    ARTICLE III 

      

      

      PAYMENT OF OBLIGATIONS.

    Section 3.01 Notes. 

        (a)  The Borrowings funded by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and, in the case of the Administrative Agent, the Register in accordance with Section 13.11(d), in the ordinary course
        of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive, absent manifest error, of the amount of the Borrowings made by Lenders to the applicable Borrower Party and the, principal, interest
        and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of such Borrower Party hereunder to pay any amount owing with respect to the Obligations. In the event of any
        conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control, in the absence of manifest
        error.

    (b) Upon the
        request of any Lender made through the Administrative Agent, the applicable Borrower Party shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or
        records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type of Loan (if applicable), amount and maturity of its Loans and payments with respect thereto.  Each Borrower Party agrees, from time to time, upon the request
        of Administrative Agent or any affected Lender, to reissue new Notes, in accordance with the terms and in the form heretofore provided, to any Lender and any Assignee of such Lender in accordance with Section 13.11, in renewal of and
        substitution for the Note previously issued by such Borrower Party to the affected Lender.

    
      52

      
        

    

    Section 3.02 Payment

          of Interest. (a)  Interest.  Interest on each Borrowing and any portion thereof shall commence to accrue in accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursal or wire
        transfer of such Borrowing by Administrative Agent, consistent with the provisions of Section 2.05. When a Borrowing is disbursed by wire transfer pursuant to instructions received from a Borrower Party, then such Borrowing shall be
        considered made at the time of the transmission of the wire, in accordance with the Loan Notice, rather than the time of receipt thereof by the receiving bank.  With regard to the repayment of the Loans, interest shall continue to accrue on any
        amount repaid until such time as the repayment has been received in federal or other Same Day Funds by Administrative Agent.

    (b) Interest
          Payment Dates.  Accrued and unpaid interest:  (i) on the Obligations shall be due and payable in arrears on each Interest Payment Date and on the Maturity Date; and (ii) on any Obligations of a Borrower Party hereunder on which such Borrower
        Party is in default shall be due and payable at any time and from time to time following such default upon demand by Administrative Agent.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
        and before and after the commencement of any proceeding under any Debtor Relief Law.

    (c) Direct
          Disbursement.  If, at any time, Administrative Agent shall not have received on the date due, any payment of interest upon the Loans or any fee described herein, Administrative Agent may direct the disbursement of funds from the Collateral
        Account to Lenders, in accordance with the terms hereof, to the extent available therein for payment of any such amount.

    Section 3.03 Payments

          of Obligation.  (a)  Maturity Date.  The principal amount of the Obligations outstanding on the Maturity Date, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date.

    (b) Payments
          Generally.  All payments of principal of and interest on the Obligations under this Credit Agreement by any Borrower Party to or for the account of Lenders, or any one of them, shall be made without condition or deduction for any
        counterclaim, defense, recoupment or setoff by such Borrower Party.  Except as otherwise expressly provided herein (including, without limitation, Section 3.02(b)), all payments by the Borrower Parties hereunder shall be made to
        Administrative Agent, for the account of the respective Lenders to which such payment is owed, at Administrative Agent’s Office in Dollars and in Same Day Funds not later than 4:00 p.m. on the date specified herein.  Without limiting the generality
        of the foregoing, Administrative Agent may require that any payments due under this Credit Agreement be made in the United States. All payments received by the Administrative Agent after 4:00 p.m. may be deemed by Administrative Agent to have been
        received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by any Borrower Party shall come due on a day other than a Business Day, payment shall be made on the next
        following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.  Each Lender shall be entitled to receive its Applicable Percentage (or other applicable share as provided herein) of each
        payment received by Administrative Agent hereunder for the account of Lenders on the Obligations.  Each payment received by Administrative Agent hereunder for the account of a Lender shall be promptly distributed by Administrative Agent to such
        Lender.  If any payment to be made by any Borrower Party shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as
        the case may be.

    
      53

      
        

    

    (c) Clawback.

    
      	
              (i)

            	
              Funding by Lenders; Presumption by Administrative Agent. Unless Administrative
                  Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Term SOFR Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will
                  not make available to Administrative Agent such Lender’s share of such Borrowing, Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.04 (or, in the case of a
                  Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.04) and may, in reliance upon such assumption (but is not required to), make available to the
                  applicable Borrower Party a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to Administrative Agent, then such Lender and the applicable Borrower Party severally agree
                  to pay to Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower Party to but excluding the date
                  of payment to Administrative Agent, at:  (A) in the case of a payment to be made by such Lender, the greater of the applicable Overnight Rate and a rate determined by Administrative Agent in accordance with banking industry rules on
                  interbank compensation, plus any administrative, processing or similar fees customarily charged by Administrative Agent in connection with the foregoing; and (B) in the case of a payment to be made by a Borrower Party, the interest rate
                  applicable to Base Rate Loans; provided, however, that if funds are not available to such Borrower Party in the Collateral Account to make payment on demand, to the extent that it
                  is necessary for the Fund Borrowers to issue Capital Call Notices to fund such required payment, such payment shall be made within twelve (12) Business Days after Administrative Agent’s demand (and, in any event, the Fund Borrowers shall
                  issue such Capital Call Notices and shall make such payment promptly after the related Capital Contributions are received).  If any Borrower Party and such Lender shall pay such interest to the Administrative Agent for the same or an
                  overlapping period, the Administrative Agent shall promptly remit to such Borrower Party the amount of such interest paid by such Borrower Party for such period.  If such Lender pays its share of the applicable Borrowing to Administrative
                  Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing as of the date of such Borrowing. Any payment by a Borrower Party shall be without prejudice to any claim such Borrower Party may have against a
                  Lender that shall have failed to make such payment to the Administrative Agent.

            

    

    
      	
              (ii)

            	
              Payments by Borrower Parties; Presumptions by Administrative Agent. Unless
                  Administrative Agent shall have received notice from a Borrower Party prior to the date on which any payment is due to Administrative Agent for the account of any Lender hereunder that such Borrower Party will not make such payment,
                  Administrative Agent may assume that such Borrower Party has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to Lenders the amount due.  In such event, if such Borrower Party has
                  not in fact made such payment, then each applicable Lender severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender, in Same Day Funds with interest thereon, for each day from and
                  including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the applicable Overnight Rate and a rate determined by Administrative Agent in accordance with banking
                  industry rules on interbank compensation.

            

    

    A notice of Administrative Agent to any Lender or any Borrower Party with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

    
      54

      
        

    

    Section 3.04 Mandatory Prepayment.

    (a) Excess Loans
          Outstanding. If, on any day, (1) the Principal Obligations exceeds the Available Commitment, or (2) the Letter of Credit Liability exceeds the lesser of:  (A) the remainder of: (i) the Available Commitment as of such date; minus (ii) the
        Principal Obligations as of such date; and (B) the Letter of Credit Sublimit on such date (in each case, a “Borrowing Base Deficiency”), then the Borrower Parties shall pay without further
        demand such excess to the Administrative Agent, for the benefit of the Lenders, in immediately available funds by the Required Payment Time.

    (b) Excess
          Letters of Credit Outstanding. If any excess calculated pursuant to Section 3.04(a) is attributable to undrawn Letters of Credit, the Borrower Parties shall promptly Cash Collateralize such excess with the Administrative Agent
        pursuant to the terms of Section 2.07(h), as security for such portion of the Obligations; provided that the Borrower Parties shall not be required to Cash Collateralize any Letters of Credit unless the amount of any such excess is
        not fully reduced by prepaying Loans in accordance with Section 3.04(a).

    Section 3.05 Voluntary

          Prepayments. The Borrower Parties may, upon written notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty on any Business Day; provided that:
        (a) such notice must be received by the Administrative Agent not later than 2:00 p.m., (i) three (3) Business Days prior to any date of prepayment of Term SOFR Loans and (ii) one (1) Business Day prior to any date of prepayment of Base Rate Loans;
        and (b) any prepayment of Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date (which shall be
        a Business Day) and amount of such prepayment. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. Any prepayment of a Loan shall be
        accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 4.06. Each such prepayment shall be applied to the Obligations held by each Lender in accordance with its respective Pro Rata
        Share.

    Section 3.06 Reduction

          or Early Termination of Commitments.  So long as no Loan Notice or Request for Letter of Credit is outstanding, the Borrower Parties may terminate the Commitments, or reduce the Maximum Commitment, by giving prior written notice to the
        Administrative Agent of such termination or reduction two (2) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrower Parties in such notice and shall be a Business Day):  (a) in the
        case of a complete termination of the Commitments, upon (i) prepayment of all of the outstanding Obligations, including all interest accrued thereon, in accordance with the terms of Section 3.03 and (ii) if any Letter of Credit Liability
        exists, payment to the Administrative Agent of Cash Collateral (from the proceeds of Capital Calls only) for deposit in the Cash Collateral Account in accordance with Section 2.08(h); or (b) in the case of a reduction of the Maximum
        Commitment, upon prepayment of the amount by which the Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including payment of all interest accrued thereon, in accordance with the terms of Section 3.03,
        provided that, the Maximum Commitment may not be reduced such that, the Available Commitment would be less than any Letter of Credit Liability; in each case, without presentment, demand, protest or any other notice of any kind, all of which
        are hereby waived.  Notwithstanding the foregoing:  (x) any reduction of the Maximum Commitment shall be in an amount equal to or greater than $10,000,000; and (y) in no event shall a reduction by the Borrower Parties reduce the Maximum Commitment
        to $25,000,000 or less (except for a termination of all the Commitments).  Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the aggregate Commitments
        shall be applied to the Commitment of each Lender according to its Applicable Percentage.  All fees accrued until the effective date of any termination of the aggregate Commitments shall be paid on the effective date of such termination.

    
      55

      
        

    

    Section 3.07 Lending

          Office.  Each Lender may:  (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any Loan; and (b) change its Lending
        Office from time to time by notice to Administrative Agent and the Borrower Parties.  In such event, such Lender shall continue to hold the Note, if any, evidencing its Loans for the benefit and account of such branch, subsidiary or Affiliate. 
        Each Lender shall be entitled to fund all or any portion of its Commitment in any manner it deems appropriate, consistent with the provisions of Section 2.04, but for the purposes of this Credit Agreement such Lender shall, regardless of
        such Lender’s actual means of funding, be deemed to have funded its Commitment in accordance with the Interest Option selected from time to time by the Borrower Parties for such Borrowing period.

    Section 3.08 Joint

          and Several Liability.  Each Fund Borrower acknowledges, agrees, represents and warrants the following:

    (a) Inducement. 

        The Lenders have been induced to make the Loans to, and the Letter of Credit Issuer has been induced to issue Letters of Credit for the account of, Fund Borrowers in part based upon the assurances by each Fund Borrower that each Fund Borrower
        desires that the Obligations of the Fund Borrowers be honored and enforced as separate obligations of each Fund Borrower, should Administrative Agent and the Lenders desire to do so.

    (b) Combined
          Liability.  Notwithstanding the foregoing, the Fund Borrowers shall be jointly and severally liable to the Lenders for all representations, warranties, covenants, obligations and indemnities of the Fund Borrowers, including, without
        limitation, the Obligations, and Administrative Agent and the Lenders may at their option enforce the entire amount of the Loans, the Letters of Credit and the other Obligations against any one or more of the Fund Borrowers.

    (c) Separate
          Exercise of Remedies.  Administrative Agent (on behalf of the Lenders) may exercise remedies against each Fund Borrower and its property separately, whether or not Administrative Agent exercises remedies against the other Fund Borrowers or
        their property.  Administrative Agent may enforce one or more Fund Borrower’s obligations without enforcing the other Fund Borrowers’ obligations and vice versa.  Any failure or inability of Administrative Agent to enforce one or more Fund
        Borrower’s obligations shall not in any way limit Administrative Agent’s right to enforce the obligations of the other Fund Borrowers. If Administrative Agent forecloses or exercises similar remedies under any one or more Collateral Documents, then
        such foreclosure or similar remedy shall be deemed to reduce the balance of the Obligations only to the extent of the cash proceeds actually realized by the Lenders from such foreclosure or similar remedy or, if applicable, Administrative Agent’s
        credit bid at such sale, regardless of the effect of such foreclosure or similar remedy on the Obligations secured by such Collateral Documents under the applicable state Law.

     

      

    ARTICLE IV 

      

      

      CHANGE IN CIRCUMSTANCES.

     

    

    Section 4.01 Taxes. 

        For purposes of this Section 4.01, the term “Lender” includes the Letter of Credit Issuer.

    (a) Payments
          Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

    
      	
              (i)

            	
              Any and all payments by or on account of any obligation of any Borrower Parties hereunder or under any other Loan Document shall be made free and clear of and without
                deduction or withholding for any Taxes, except as required by applicable Laws.  If any applicable Laws (as determined in the good faith discretion of Administrative Agent or a Borrower Party) require the deduction or withholding of any Tax
                from any such payment by Administrative Agent or a Borrower Party, then Administrative Agent or such Borrower Party shall be entitled to make such deduction or withholding.

            

       

      

       

      

      
        56

        
          

      

    

    
      	
              (ii)

            	
              If any Borrower Party or Administrative Agent shall be required by the Code or applicable U.S. Treasury regulations to withhold or deduct any Taxes from any payment, then:
                (A) such Borrower Party or Administrative Agent shall withhold or make such deductions as are determined by Administrative Agent to be required based upon the information and documentation it has received, if any, pursuant to subsection (e)
                below; (B) such Borrower Party or Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code; and (C) to the extent that the withholding or deduction is made
                on account of Indemnified Taxes, the sum payable by such Borrower Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums
                payable under this Section 4.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

            

    

    (b) Payment of
          Other Taxes by Borrower Parties. Without limiting (and without duplication of) the provisions of subsection (a) above, each Borrower Party shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or
        at the option of Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

    (c) Tax
          Indemnifications.

    
      	
              (i)

            	
              Borrower Parties shall, and do hereby, indemnify each Recipient within thirty (30) days after written demand therefor, for the full amount of any Indemnified Taxes
                (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any
                reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that if the Borrower reasonably believes
                that such Taxes were not correctly or legally asserted, the Administrative Agent or such Lender, as applicable, will use reasonable efforts to cooperate with the Borrower to obtain a refund of such Taxes (which shall be repaid to the
                Borrower) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional out-of-pocket costs or expenses not reimbursed by such Loan Party or be otherwise materially
                disadvantageous to the Administrative Agent or such Lender, as applicable.  A certificate as to the amount of any such payment or liability delivered to the applicable Borrower Party by a Lender (with a copy to Administrative Agent), or by
                Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

            

    

    
      	
              (ii)

            	
              Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days after demand therefor:  (A) the Administrative
                Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower Party has not already indemnified Administrative Agent for such Indemnified Taxes and without limiting or expanding the obligation of
                the Borrower Parties to do so); (B) Administrative Agent against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.11(e) relating to the maintenance of a Participant Register; and
                (C) Administrative Agent against any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
                thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative Agent shall be
                conclusive absent manifest error. Each Lender hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Credit Agreement or any other Loan Document or otherwise payable by
                Administrative Agent to a Lender from any other source against any amount due to the Administrative Agent under this Section 4.01(c)(ii).

            

       

      

       

      

      
        57

        
          

      

    

    (d) Evidence of
          Payments. Upon request by a Borrower Party or Administrative Agent, as the case may be, after any payment of Taxes by such Borrower Party or by Administrative Agent to a Governmental Authority as provided in this Section 4.01, such
        Borrower Party shall deliver to Administrative Agent or Administrative Agent shall deliver to such Borrower Party, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
        copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to such Borrower Party or Administrative Agent, as the case may be.

    (e) Status of
          Recipients; Tax Documentation.

    
      	
              (i)

            	
              Any Recipient that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower
                Parties and Administrative Agent, at the time or times reasonably requested by the Borrower Parties or Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower Parties or Administrative
                Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Recipient, if reasonably requested by the Borrower Parties or Administrative Agent, shall deliver such other
                documentation prescribed by applicable Law or reasonably requested by the Borrower Parties or Administrative Agent as will enable the Borrower Parties or Administrative Agent to determine whether or not such Recipient is subject to backup
                withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 4.01(e)(ii)(A),
                4.01(e)(ii)(B), 4.01(e)(ii)(D) and 4.01(e)(ii)(E)) shall not be required if in a Recipient’s reasonable judgment such completion, execution or submission would subject such Recipient to any material unreimbursed cost
                or expense or would materially prejudice the legal or commercial position of such Recipient.

            

    

    
      	
              (ii)

            	
              Without limiting the generality of the foregoing, if any Borrower Party is a U.S. Person:

            

    

    
      	
              (A)

            	
              any Recipient that is a U.S. Person shall deliver to the applicable Borrower Party and Administrative Agent on or prior to the date on which such Recipient becomes a
                Recipient under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower Parties or Administrative Agent), executed copies of IRS Form W-9 certifying that such Recipient is exempt from U.S. federal
                backup withholding Tax;

            

    

    
      	
              (B)

            	
              any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the applicable Borrower Party and Administrative Agent (in such number of copies as
                shall be requested by the Recipient) on or prior to the date on which such Foreign Lender becomes a Recipient under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower Parties or
                Administrative Agent), whichever of the following is applicable:

            

       

      

       

      

      
        58

        
          

      

    

    
      	
              (1)

            	
              in the case of a Foreign Lender claiming the benefits of an income Tax treaty to which the United States is a party: (x) with respect to payments of interest under any
                Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty; and (y) with respect to any other
                applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such Tax treaty;

            

    

    
      	
              (2)

            	
              executed copies of IRS Form W-8ECI;

            

    

    
      	
              (3)

            	
              in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code; (x) a certificate substantially in the form
                of Exhibit K-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower Party (or the Borrower Parties in the aggregate) within the
                meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”); and
                (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

            

    

    
      	
              (4)

            	
              to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a
                U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS Form W-9, or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender
                is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-4
                on behalf of each such direct and indirect partner;

            

    

    
      	
              (C)

            	
              any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Parties and Administrative Agent (in such number of copies as shall be
                requested by the Recipient) on or prior to the date on which such Foreign Lender becomes a Recipient under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower Parties or Administrative Agent),
                executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
                applicable Law to permit the Borrower Parties or Administrative Agent to determine the withholding or deduction required to be made;

            

    

    
      	
              (D)

            	
              if a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient 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 or any applicable intergovernmental agreement, as applicable), such Recipient shall deliver to the Borrower Parties and
                Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower Parties or Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
                Section 1471(b)(3)(C)(i) of the Code or any applicable intergovernmental agreement, as applicable) and such additional documentation reasonably requested by the Borrower Parties or Administrative Agent as may be necessary for the Borrower
                Parties and Administrative Agent to comply with their obligations under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount to deduct and withhold from such
                payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Credit Agreement; and

            

       

      

       

      

      
        59

        
          

      

    

    
      	
              (E)

            	
              on or before the date the Administrative Agent (or any successor thereto) becomes a party to this Credit Agreement, such Administrative Agent shall provide to the Borrower
                Parties, two duly-signed, properly completed copies of the documentation prescribed in clause (i) or (ii) below, as applicable (together with all required attachments thereto): (i) if the Administrative Agent is a U.S. Person, executed
                copies of IRS Form W-9 certifying that such Administrative Agent is exempt from U.S. federal backup withholding Tax, or (ii) if the Administrative Agent is not a U.S. Person, (A) with respect to any payments to be received on its own
                behalf, executed copies of IRS Form W-8ECI or W-8BEN-E, as applicable, and (B) with respect to payments received on account of any Lender, executed copies of IRS Form W-8IMY certifying that Administrative Agent is either (1) a “qualified
                intermediary” which has assumed primary withholding responsibility under Chapters 3 and 4 of the Code and primary IRS Form 1099 reporting and back-up withholding responsibility, or (2) a U.S. branch providing such form as evidence of its
                agreement with the Borrower Parties to be treated as a U.S. Person for U.S. federal withholding Tax purposes.

            

    

    
      	
              (iii)

            	
              Each Recipient agrees that if any form or certification it previously delivered pursuant to this Section 4.01 expires or becomes obsolete or inaccurate in any
                material respect, it shall update such form or certification, or provide such successor form or promptly notify the Borrower Parties and Administrative Agent in writing of its legal inability to do so.

            

    

    (f) Treatment of
          Certain Refunds.  If any Recipient determines, in its sole discretion, exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Borrower Party or with respect to which any Borrower Party
        has paid additional amounts pursuant to this Section 4.01, it shall pay to such Borrower Party an amount equal to such refund (but only to the extent of indemnity payments made by such Borrower Party under this Section 4.01 with
        respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
        refund), provided that Borrower Parties, upon the written request of such Recipient, agree to repay the amount paid over to any such Borrower Party (plus any penalties, interest or other charges imposed by the relevant Governmental
        Authority) to such Recipient in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any
        amount to a Borrower Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such
        refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection (f) shall not be construed to require the Recipient to make
        available its tax returns (or any other information relating to its Taxes that it deems confidential) to any Borrower Party or any other Person.

    
      60

      
        

    

    (g) Survival.
        Each party’s obligations under this Section 4.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments, the expiration or
        cancellation of all Letters of Credit and the repayment, satisfaction or discharge of all other Obligations.

    Section 4.02 Illegality.
        If any Lender reasonably determines that any applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans or other Obligations, or
        materially restricts the authority of such Lender to purchase or sell, or to take deposits of, Dollars or to determine or charge interest rates based upon the applicable Benchmark, then, on notice thereof by such Lender to the Borrower Parties
        through the Administrative Agent, any obligation of such Lender to make or continue Loans or the Obligations or to convert Loans accruing interest calculated by reference to the Base Rate to be Loans calculated by reference to Term SOFR or to
        convert Loans accruing interest calculated by reference to Term SOFR to be Loans calculated by reference to the Base Rate (where the Base Rate is also calculated off Term SOFR in accordance with the definition thereof), shall be suspended until
        such Lender notifies the Administrative Agent and the Borrower Parties that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice: (i) the applicable Borrower shall, upon demand from such Lender (with a
        copy to the Administrative Agent), prepay or, if applicable, convert all Term SOFR Loans of such Lender to Base Rate Loans (with an interest rate that shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
        reference to the Term SOFR component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans to such day, or promptly, if such Lender may not lawfully continue
        to maintain such Term SOFR Loans; and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the applicable Benchmark, the Administrative Agent shall during the period of such suspension compute
        the Base Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates
        based upon Term SOFR. Upon the prepayment of any such Loans, the Borrower Parties shall also pay accrued interest on the amount so prepaid.  Each Lender agrees to designate a different Lending Office if such
        designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

    Section 4.03 Inability

          to Determine Rates. Subject to Section 4.04, if the Administrative Agent determines, for any proposed Interest Period, that: (a) deposits in Dollars are not being offered to banks in the applicable offshore market for the applicable
        amount and Interest Period of any Term SOFR Loan; (b) adequate and reasonable means do not exist for determining Term SOFR; or (c) Term SOFR does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any Term SOFR Loan,
        then: (i) the Administrative Agent shall forthwith notify the Lenders and the Borrower Parties; and (ii) while such circumstances exist, none of the Lenders shall allocate any Loans made during such period, or reallocate any Loans allocated to any
        then-existing Interest Period ending during such period, to an Interest Period with respect to which interest is calculated by reference to Term SOFR.  If, with respect to any outstanding Interest Period, a Lender notifies the Administrative Agent
        that it is unable to obtain matching deposits in the applicable interbank market to fund its purchase or maintenance of such Loans or that Term SOFR applicable to such Loans will not adequately reflect the cost to the Person of funding or
        maintaining such Loans for such Interest Period, then: (A) the Administrative Agent shall forthwith so notify the Borrower Parties and the Lenders; and (B) upon such notice and thereafter while such circumstances exist, the applicable Lender shall
        not make any Term SOFR Loans during such period or reallocate any Loans allocated to any Interest Period ending during such period, to an Interest Period with respect to which interest is calculated by reference to Term SOFR; provided that,
        (x) if the foregoing notice relates to Loans that are outstanding as Term SOFR Loans, such Loans shall be converted to Base Rate Loans only on the last day of the then-current Interest Period, and (y) upon receipt of such notice, the Borrower
        Parties may revoke any outstanding Requests for Borrowing.

    
      61

      
        

    

    Section 4.04 Effect

          of Benchmark Transition Event.

    (a) Benchmark
          Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and a Benchmark Replacement Date with respect thereto have occurred prior to the Reference Time in connection with any
        setting of the then-current Benchmark, then such Benchmark Replacement will replace the then-current Benchmark for all purposes under this Credit Agreement and under any other Loan Document in respect of such Benchmark setting and subsequent
        Benchmark settings without requiring any amendment to, or requiring any further action by or consent of any other party to, this Credit Agreement or any other Loan Document.

    (b) Benchmark
          Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from
        time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action by or consent of any other
        party to this Credit Agreement or any other Loan Document.

    (c) Notices;
          Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date with respect thereto,
        (ii) the implementation of any Benchmark Replacement, and (iii) the effectiveness of any Benchmark Replacement Conforming Changes.

    (d) Any
        determination, decision or election that may be made by the Administrative Agent pursuant to this Section 4.04, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
        circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in the Administrative Agent’s sole discretion and without consent from any other
        party to this Credit Agreement or any other Loan Document.

    Section 4.05 Increased

          Costs Generally.

    (a) Change in
          Law. If any Change in Law shall:

    
      	
              (i)

            	
              impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve
                requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D)), special deposit, compulsory
                loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender or the Letter of Credit Issuer;

            

    

    
      	
              (ii)

            	
              subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (e) of the definition of Excluded Taxes, and
                (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

            

    

    
      	
              (iii)

            	
              impose on any Lender or the Letter of Credit Issuer or any other applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Credit
                Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

            

       

      

       

      

      
        62

        
          

      

    

    and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan the interest
      on which is determined by reference to Term SOFR (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, the Letter of Credit Issuer or such other Recipient of participating in, issuing or maintaining any
      Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, the Letter of Credit Issuer or such other Recipient hereunder (whether
      of principal, interest or any other amount), in each case, in an amount that the Lender deems material in its reasonable discretion, then, upon written request of such Lender, the Letter of Credit Issuer or other Recipient, the Borrower Parties shall
      pay to any such Lender, the Letter of Credit Issuer or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or the Letter of Credit Issuer, as the case may be, for such additional costs incurred or
      reduction suffered (provided, that such amounts shall be consistent with amounts that such Lender is generally charging other borrowers similarly situated to the Borrower Parties).

    (b) Capital and
          Liquidity Requirements. If any Lender or the Letter of Credit Issuer determines that any Change in Law affecting such Lender or the Letter of Credit Issuer or any Lending Office of such Lender or such Lender’s or the Letter of Credit Issuer’s
        holding company, if any, regarding capital requirements or liquidity, has or would have the effect of reducing the rate of return on such Lender’s or the Letter of Credit Issuer’s capital or on the capital of such Lender’s or the Letter of Credit
        Issuer’s holding company, if any, as a consequence of this Credit Agreement, the Commitment of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Letter of Credit
        Issuer, to a level below that which such Lender or the Letter of Credit Issuer or such Lender’s or the Letter of Credit Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Letter
        of Credit Issuer’s policies and the policies of such Lender’s or the Letter of Credit Issuer’s holding company with respect to capital adequacy or liquidity), then from time to time upon written request of such Lender or such Letter of Credit
        Issuer, as applicable, the Borrower Parties shall promptly pay to such Lender or the Letter of Credit Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the Letter of Credit Issuer or such Lender’s or
        the Letter of Credit Issuer’s holding company for any such reduction suffered.

    (c) Certificates
          for Reimbursement. A certificate of a Lender or the Letter of Credit Issuer setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or the Letter of Credit Issuer, as the case may be, as specified in paragraph (a)
        or (b) of this Section and delivered to the Borrower Parties, shall be conclusive absent manifest error. The Borrower Parties shall pay such Lender or the Letter of Credit Issuer, as the case may be, the amount shown as due on any such
        certificate within thirty (30) days after receipt thereof.

    (d) Delay in
          Requests. Failure or delay on the part of any Lender or the Letter of Credit Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Letter of Credit Issuer’s right to demand such
        compensation; provided that the Borrower Parties shall not be required to compensate a Lender or the Letter of Credit Issuer pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to
        the date that such Lender or the Letter of Credit Issuer, as the case may be, notifies the Borrower Parties of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or the Letter of Credit Issuer’s intention to
        claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

    Section 4.06 Compensation

          for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower Parties shall promptly pay the Administrative Agent for the account of such Lender, such amount or amounts as shall compensate
        such Lender for, and hold such Lender harmless from, any breakage fees, loss, cost or expense incurred by such Lender in obtaining, liquidating or employing deposits or other funds from third parties as a result of (a) any failure or refusal of the
        Borrower Parties (for any reasons whatsoever other than a default by the Administrative Agent or any Lender) to accept a Term SOFR Loan after the Borrower Parties shall have requested such Loan under the Credit Agreement, (b) any prepayment or
        other payment of a Term SOFR Loan on a day other than the last day of the Interest Period applicable to such Loan, (c) any other prepayment of a Loan that is otherwise not made in compliance with the provisions of the Credit Agreement, or (d) the
        failure of the Borrower Parties to make a prepayment of a Loan after giving notice under the Credit Agreement, that such prepayment will be made.

    
      63

      
        

    

    Section 4.07 Mitigation

          Obligations; Replacement of Lenders. (a)  Designation of a Different Lending Office. If any Lender requests compensation under Section 4.05, or requires a Borrower Party to pay any additional amounts to any Lender or any
        Governmental Authority for the account of any Lender pursuant to Section 4.01, or if any Lender gives a notice pursuant to Section 4.02, then, at the request of the Borrower Parties, such Lender shall use reasonable efforts to
        designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment:
        (i) would eliminate or reduce amounts payable pursuant to Section 4.01 or Section 4.05, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 4.02, as applicable; and (ii) in each case,
        would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower Parties hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any
        such designation or assignment.

    (b) Replacement
          of Lenders.  If any Lender requests compensation under Section 4.05 or if any Borrower Party is required to pay any additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.01,
        and in each such case such Lender has declined or is unable to designate a different Lending Office in accordance with Section 4.07(a), the Borrower Parties may replace such Lender in accordance with Section 13.12.

    (c) Survival. 

        Each Borrower Party’s obligations under this Section 4 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
        the Letters of Credit and the Commitments or the termination of this Credit Agreement or any provision hereof. Each Lender shall notify the Borrower Parties of any event occurring after the termination of this Credit Agreement entitling such Lender
        to compensation under this Section 4 as promptly as practicable.

    Section 4.08 Cash

          Collateral. At any time that there shall exist a Defaulting Lender, by the Required Payment Time, the Borrower Parties shall Cash Collateralize the Fronting Exposure of the Letter of Credit Issuer with respect to such Defaulting Lender
        (determined after giving effect to Section 2.15 and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

    (a) Grant of
          Security Interest; Other Claims/Deficiency.

    
      	
              (i)

            	
              The Borrower Parties, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Letter
                of Credit Issuer, and agrees to maintain, a first priority security interest (subject to Permitted Liens) in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of the Letter of
                Credit Liability, to be applied pursuant to subsection (b) below.

            

       

      

       

      

      
        64

        
          

      

    

    
      	
              (ii)

            	
              If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent, the Letter of
                Credit Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower Parties will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative
                Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

            

    

    (b) Application.
        Notwithstanding anything to the contrary contained in this Credit Agreement, Cash Collateral provided under this Section 4.08 or Section 2.15 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting
        Lender’s obligation to fund participations in respect of the Letter of Credit Liability (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior
        to any other application of such property as may otherwise be provided for herein.

    (c) Termination
          of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of the Letter of Credit Issuer shall no longer be required to be held as Cash Collateral pursuant to this Section 4.08
        following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the Letter of Credit Issuer that there
        exists excess Cash Collateral; provided that, subject to Section 2.15, the Person providing Cash Collateral and the Letter of Credit Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure
        or other obligations; and provided, further, that to the extent that such Cash Collateral was provided by the Borrower Parties, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan
        Documents.

     

      

    ARTICLE V 

       

       

        SECURITY.

    Section 5.01 Liens

          and Security Interest. To secure performance by the Borrower Parties of the payment and performance of the Obligations:

    
      	
              (i)

            	
              each Fund Borrower shall grant to Administrative Agent, for the benefit of each Lender an exclusive, perfected, first priority security interest (subject to Permitted
                Liens) and Lien in and to the Collateral Accounts pursuant to an Assignment of Account for the Collateral Accounts; and

            

    

    
      	
              (ii)

            	
              each Fund Borrower shall grant to Administrative Agent, for the benefit of each Lender, an exclusive, perfected, first priority security interest (subject to Permitted
                Liens) and Lien in and on the Capital Calls, Capital Commitments, and Capital Contributions with respect to such Fund Borrower, including, without limitation, any rights to make Capital Calls, receive payment of Capital Commitments and
                enforce the payment thereof pursuant to a Security Agreement and to enforce the payment thereof or any guarantees thereof now existing or hereafter arising (the collateral in clauses (i)-(ii) of this Section 5.01 being,
                collectively, the “Collateral”).

            

    

    Section 5.02 Collateral

          Accounts; Capital Calls. (a)  Collateral Accounts. Each Fund Borrower that becomes party to a Security Agreement shall require that all Investors wire-transfer to the applicable Account Bank, for further credit to the applicable
        Collateral Account, all monies or sums paid or to be paid by any Investor to the capital of any Fund Borrower that is party to a Security Agreement as Capital Contributions as and when Capital Contributions are called pursuant to the Capital Call
        Notices.  In addition, the Fund Borrowers that are party to a Security Agreement shall, upon receipt, deposit in the applicable Collateral Account any payments and monies that the Fund Borrowers receive directly from Investors as Capital
        Contributions. Each Fund Borrower that is party to a Security Agreement shall use commercially reasonable efforts to ensure that, at all times, Administrative Agent shall have electronic monitoring access to the Collateral Accounts.

    
      65

      
        

    

    (b) No Duty.
        Notwithstanding anything to the contrary herein contained, it is expressly understood and agreed that neither Administrative Agent, nor any Lender undertakes any duties, responsibilities, or liabilities with respect to Capital Calls, except to
        maintain the confidentiality thereof in accordance with this Credit Agreement (including, without limitation, Section 13.17). None of them shall be required to refer to the Constituent Documents of any Fund Borrower or take any other action
        with respect to any other matter which might arise in connection with such Constituent Documents or the Subscription Agreements, or any Capital Call.  None of them shall have any duty to determine or inquire into any happening or occurrence or any
        performance or failure of performance of any Fund Borrower or any Investor. None of them has any duty to inquire into the use, purpose, or reasons for the making of any Capital Call or with respect to the investment or the use of the proceeds
        thereof.

    (c) Capital Call
          Notices and Borrowing Base Certificate. In order that Lenders may monitor the Collateral and the Capital Commitments, no Fund Borrower shall issue any Capital Call Notice or otherwise request, notify, or demand that any Investor make any
        Capital Contribution, without delivering to Administrative Agent  a representative copy of the Capital Call Notice in accordance with Section 9.01(e) hereof.

    (d) Use of
          Collateral Accounts. The Borrower Parties may withdraw funds from the Collateral Accounts only in compliance with Section 10.11. Upon the occurrence and during the continuance of a Cash Control Event, Administrative Agent is
        authorized to take exclusive control of the Collateral Accounts.  If any Account Bank with respect to any Collateral Account ceases to be an Eligible Institution, each Borrower Party, as applicable, shall have thirty (30) days (or such later date
        as Administrative Agent shall agree to in its sole discretion) following notice from Administrative Agent to move its Collateral Account to a replacement Account Bank that is an Eligible Institution.  If an Account Bank terminates a Control
        Agreement , the applicable Borrower Party shall either deposit all proceeds from such collateral account to an existing Collateral Account or open new account(s) that is subject to a new Control Agreement with a replacement Account Bank within
        thirty (30) days of such termination (or such later date as Administrative Agent shall reasonably agree to in its sole discretion).

    (e) Action by
          Administrative Agent. Each Fund Borrower that is party to a Security Agreement hereby irrevocably authorizes and directs Lenders, acting through Administrative Agent, upon the occurrence and during an Event of Default, to charge from time to
        time its Collateral Account for amounts not paid when due and payable (after the passage of any applicable grace period) to Lenders or any of them hereunder or under the Notes. Subject to Section 11.02(b), Administrative Agent, on behalf of
        Lenders, is hereby authorized, in the name of the applicable Fund Borrower, at any time or from time to time upon the occurrence and while an Event of Default exists, to initiate one or more Capital Call Notices in order to pay the Obligations.

    Section 5.03 Agreement

          to Deliver Additional Collateral Documents. The Borrower Parties shall deliver such security agreements, financing statements, assignments, notices and other collateral documents (all of which shall be deemed part of the Collateral
        Documents), in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent acting on behalf of the Secured Parties may reasonably request from time to time for the purpose of granting to, or maintaining or
        perfecting in favor of the Secured Parties, first priority security interests in the Collateral, together with other assurances of the enforceability and first priority of the Secured Parties’ Liens and assurances of due recording and documentation
        of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require to avoid material impairment of the first priority (subject to Permitted Liens) Liens and security interests granted or purported to be granted in
        accordance with this Section 5.

    
      66

      
        

    

    Section 5.04 Subordination

          of Claims. Unless the prior written consent of the Administrative Agent has been obtained, at all times during the continuance of a Cash Control Event at any time when there are any Obligations outstanding (other than any unasserted
        contingent indemnification obligations not yet due and payable), no Borrower Party shall make any payments or advances of any kind directly or indirectly, on any debts and liabilities to any other Borrower Party, Investor, the Investment Advisor or
        the Administrator, whether now existing or hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created, and during such time all such debts and liabilities (together with any Liens on
        assets securing the payment of all or any portion thereof) shall be subordinated to and junior in right and in payment to the Obligations; provided; that, for avoidance of doubt, the Borrower Parties shall be permitted to pay to the
        Investment Advisor any management fees then due and owing under the terms of the applicable Constituent Document or management agreement, as applicable, from sources other than the Collateral, but only so long as no Event of Default has occurred
        and is continuing. Each of the Investment Advisor and the Administrator acknowledges and agrees to the foregoing.

     

        

     
    ARTICLE VI 

       

       

        GUARANTY.

    Section 6.01 Guaranty

          of Payment. Subject to the limitation set forth below, each Fund Borrower (for the purposes of this Section 6, a “Fund Guarantor”) hereby absolutely, irrevocably and
        unconditionally guarantees to each Lender and the Administrative Agent the prompt payment of the Obligations of each Qualified Borrower in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise),
        including, without limitation, all interest, principal, fees, expenses and other amounts now or hereafter represented by, or arising in connection with each Qualified Borrower Note (the “Fund
          Guaranteed Obligations”). The guaranty in this Section 6 (this “Fund Borrower Guaranty”) is a guaranty of payment and not of collection and is a continuing guaranty and
        shall apply to all of the Fund Guaranteed Obligations whenever arising. Each Fund Guarantor hereby further agrees that if any of the Qualified Borrowers shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise)
        any of the Fund Guaranteed Obligations, such Fund Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Fund Guaranteed Obligations, the same
        will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

    
      67

      
        

    

    Section 6.02 Obligations

          Unconditional. The obligations of each Fund Guarantor hereunder are absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or any other agreement or instrument
        referred to therein, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense (other than payment or performance) of a surety or
        any Fund Guarantor. Each Fund Guarantor agrees that this Fund Borrower Guaranty may be enforced by Administrative Agent or the Lenders without the necessity at any time of resorting to or exhausting any other security or collateral and without the
        necessity at any time of having recourse to the Notes or any of the other Loan Documents or any Collateral, if any, hereafter securing the Fund Guaranteed Obligations or otherwise and each Fund Guarantor hereby waives the right to require
        Administrative Agent or the Lenders to make demand on or proceed against any Borrower Party or any other Person (including a co-guarantor) or to require Administrative Agent or the Lenders to pursue any other remedy or enforce any other right. Each
        Fund Guarantor further agrees that no Person or Governmental Authority shall have any right to request any return or reimbursement of funds from Administrative Agent or the Lenders in connection with monies received under the Loan Documents. Each
        Fund Guarantor further agrees that nothing contained herein shall prevent Administrative Agent or the Lenders from suing on the Qualified Borrower Notes or any of the other Loan Documents or foreclosing its or their, as applicable, security
        interest in or Lien on any Collateral securing the Fund Guaranteed Obligations or from exercising any other rights available to it or them, as applicable, under this Credit Agreement, the Notes, any other of the Loan Documents, or any other
        instrument of security, and the exercise of any of the aforesaid rights and the completion of any foreclosure proceedings shall not constitute a discharge of any Fund Guarantor’s obligations hereunder. Neither any Fund Guarantor’s obligations under
        this Fund Borrower Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by an impairment, modification, change, release, increase or limitation of the liability of any
        Qualified Borrower or by reason of the bankruptcy or insolvency of any Qualified Borrower. Each Fund Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Fund Guaranteed Obligations and notice of or proof
        of reliance by Administrative Agent or any Lender on this Fund Borrower Guaranty or acceptance of this Fund Borrower Guaranty. The Fund Guaranteed Obligations, and any part of them, shall conclusively be deemed to have been created, contracted or
        incurred, or renewed, extended, amended or waived, in reliance upon this Fund Borrower Guaranty.  All dealings between any Qualified Borrower, on the one hand, and Administrative Agent and the Lenders, on the other hand, likewise shall be
        conclusively presumed to have been had or consummated in reliance upon this Fund Borrower Guaranty.  During the continuance of a Cash Control Event, each Fund Guarantor hereby subordinates to the Fund Guaranteed Obligations all debts, liabilities
        and other obligations, whether direct, indirect, primary, secondary, several, joint and several or otherwise, and irrespective of whether such debts, liabilities and obligations be evidenced by note, contract, open account, book entry or otherwise,
        owing to such Fund Guarantor by any other Qualified Borrower. Notwithstanding any provision to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of any Fund Guarantor shall be adjudicated to be
        invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal Law relating to fraudulent conveyances or transfers) then the obligations of such Fund Guarantor hereunder shall be limited to the
        maximum amount that is permissible under applicable Law (whether federal or state or otherwise and including, without limitation, Debtor Relief Laws).

    Section 6.03 Modifications.
        Each Fund Guarantor agrees that:  (a) all or any part of the Collateral now or hereafter held for the Fund Guaranteed Obligations may be exchanged, compromised or surrendered from time to time; (b) none of the Lenders, nor Administrative Agent
        shall have any obligation to protect, perfect, secure or insure any such security interests, Liens or encumbrances now or hereafter held for the Fund Guaranteed Obligations; (c) the time or place of payment of the Fund Guaranteed Obligations may be
        changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; (d) any Qualified Borrower and any other party liable for payment under the Loan Documents may be granted indulgences
        generally; (e) any of the provisions of the Qualified Borrower Notes or any of the other Loan Documents, including, without limitation, this Credit Agreement (except for this Section 6) may be modified, amended or waived; (f) any party
        (including any co-guarantor) liable for the payment thereof may be granted indulgences or be released; and (g) any deposit balance for the credit of any Qualified Borrower or any other party liable for the payment of the Fund Guaranteed Obligations
        or liable upon any security therefor may be released, in whole or in part, at, before or after the stated, extended or accelerated maturity of the Fund Guaranteed Obligations, all without notice to or further assent by any Fund Guarantor, each of
        which shall remain bound thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, indulgence or release.

    
      68

      
        

    

    Section 6.04 Waiver

          of Rights. Each Fund Guarantor expressly waives to the fullest extent permitted by applicable Law:  (a) notice of acceptance of this Fund Borrower Guaranty by the Lenders and of all extensions of credit to any Qualified Borrower by the
        Lenders; (b) presentment and demand for payment or performance of any of the Fund Guaranteed Obligations; (c) protest and notice of dishonor or of default (except as specifically required in this Credit Agreement) with respect to the Fund
        Guaranteed Obligations or with respect to any security therefor; (d) notice of the Lenders obtaining, amending, substituting for, releasing, waiving or modifying any security interest, Lien or encumbrance hereafter securing the Fund Guaranteed
        Obligations, or the Lenders subordinating, compromising, discharging or releasing such security interests, Liens or encumbrances, if any; and (e) all other notices to which any Fund Guarantor might otherwise be entitled with respect to the Fund
        Guaranteed Obligations.

    Section 6.05 Reinstatement.
        Notwithstanding anything contained in this Credit Agreement or the other Loan Documents, the obligations of each Fund Guarantor under this Section 6 shall be automatically reinstated if and to the extent that for any reason any payment by
        or on behalf of any Person in respect of the Fund Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Fund Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or
        otherwise, and each Fund Guarantor agrees that it will indemnify Administrative Agent and each Lender for all reasonable costs and expenses (including, without limitation, reasonable fees of counsel) incurred by such Person in connection with such
        rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar Law, in
        accordance with Section 13.06(a).

    Section 6.06 Remedies. 

        Each Fund Guarantor agrees that, as between Fund Guarantors, on the one hand, and Administrative Agent and the Lenders, on the other hand, the Fund Guaranteed Obligations may be declared to be forthwith due and payable as provided in Section 11.02
        (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 11.02) notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing such Fund Guaranteed
        Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or such Fund Guaranteed Obligations being deemed to have become automatically due and payable), such Fund Guaranteed
        Obligations (whether or not due and payable by any other Person) shall forthwith become due and payable by Fund Guarantors. Each Fund Guarantor acknowledges and agrees that its obligations hereunder are secured in accordance with the terms of the
        Collateral Documents and that the Lenders may exercise their remedies thereunder in accordance with the terms thereof.

    Section 6.07 Subrogation.
        Each Fund Guarantor agrees that, until the indefeasible payment of the Fund Guaranteed Obligations in full in cash and the termination of the Commitments, it will not exercise, and hereby subordinates, any right of reimbursement, subrogation,
        contribution, offset, indemnification or other claims against any other Qualified Borrower or any other guarantor of the Fund Guaranteed Obligations, arising by contract or operation of law in connection with any payment made or required to be made
        by such Fund Guarantor under this Credit Agreement or the other Loan Documents, in each case with respect to the Fund Guaranteed Obligations. After the indefeasible payment in full in cash of the Fund Guaranteed Obligations (other than any part of
        the Fund Guaranteed Obligations that represents contingent contractual indemnities) and the termination of the Commitments, each Fund Guarantor shall be entitled to exercise against any other Qualified Borrower all such rights of reimbursement,
        subrogation, contribution, indemnification and offset, and all such other claims, to the fullest extent permitted by law.

    
      69

      
        

    

    Section 6.08 Joint

          and Several Liability. Each Fund Guarantor acknowledges, agrees, represents and warrants the following:

    (a) Inducement.
        The Lenders have been induced to make the Loans to Qualified Borrowers in part based upon the assurances by each Fund Guarantor that each Fund Guarantor desires that the obligations under this Fund Borrower Guaranty be honored and enforced as
        separate obligations of each Fund Guarantor, should Administrative Agent and the Lenders desire to do so.

    (b) Combined
          Liability. Notwithstanding the foregoing, Fund Guarantors shall be jointly and severally liable to the Lenders for all representations, warranties, covenants, obligations and indemnities of the Qualified Borrowers, including, without
        limitation, the Fund Guaranteed Obligations, and Administrative Agent and the Lenders may at their option enforce the entire amount of the Fund Guaranteed Obligations against any one or more Fund Guarantors.

    (c) Separate
          Exercise of Remedies. Administrative Agent (on behalf of the Lenders) may exercise remedies against each Fund Guarantor and its property separately, whether or not Administrative Agent exercises remedies against the other Fund Guarantors or
        their properties.  Administrative Agent may enforce one or more Fund Guarantor’s obligations without enforcing any other Fund Guarantor’s obligations and vice versa. Any failure or inability of Administrative Agent to enforce one or more Fund
        Guarantor’s obligations shall not in any way limit Administrative Agent’s right to enforce the obligations of the other Fund Guarantors. If Administrative Agent forecloses or exercises similar remedies under any one or more Collateral Documents,
        then such foreclosure or similar remedy shall be deemed to reduce the balance of the Fund Guaranteed Obligations only to the extent of the cash proceeds actually realized by the Lenders from such foreclosure or similar remedy or, if applicable,
        Administrative Agent’s credit bid at such sale, regardless of the effect of such foreclosure or similar remedy on the Fund Guaranteed Obligations secured by such Collateral Documents under the applicable state Law.  Notwithstanding anything to the
        contrary herein this subsection (c), any reference to the Fund Guarantors’ obligations, or remedies against any Fund Guarantor’s property, is only with respect to the Fund Borrower Guaranty and each Fund Guarantor’s obligations thereunder
        with respect to the Fund Guaranteed Obligations.

     

      

    ARTICLE VII 

       

       

        CONDITIONS TO CREDIT EXTENSIONS.

    Section 7.01 Conditions

          to Initial Credit Extension. The obligation of each Lender to make its initial Borrowing hereunder or cause the issuance of the initial Letter of Credit is subject to the satisfaction or waiver in writing of the following conditions precedent
        that Administrative Agent shall have received, on or before the Closing Date, the following:

    (a) Credit
          Agreement. This Credit Agreement, duly executed and delivered by the Initial Borrower;

    (b) Notes. 
        If requested by such Lender, a Note, payable to the applicable Lender, duly executed and delivered by the Initial Borrower;

    (c) Security
          Agreement. The Security Agreement, duly executed and delivered by Initial Borrower;

    (d) Assignment
          of Account. The Assignment of Account, duly executed and delivered by the Initial Borrower;

    
      70

      
        

    

    (e) Control
          Agreement. The Control Agreement, duly executed and delivered by the Initial Borrower and the Account Bank;

    (f) Financing
          Statements.

    
      	
              (i)

            	
              searches of Filings (or their equivalent) in each jurisdiction where a Filing has been or would need to be made in order to perfect Lenders’ Liens in the Collateral,
                copies of the financing statements on file in such jurisdictions and evidence that no Liens exist, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all Liens and
                other rights of any Person in any Collateral previously granted; and

            

    

    
      	
              (ii)

            	
              duly authorized UCC Filings for each appropriate jurisdiction as is necessary, in Administrative Agent’s sole discretion, to perfect the Lenders’ Liens in the Collateral;

            

    

    (g) Authority. 

        Such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officer of the Initial Borrower as Administrative Agent may require to establish the identities of and verify the authority and
        capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Credit Agreement and the other Loan Documents to which the Initial Borrower is a party;

    (h) Constituent
          Documents.  Such evidence as Administrative Agent may reasonably require to verify that the Initial Borrower is duly organized or formed, validly existing, in good standing and qualified to engage in business in each jurisdiction in which it
        is organized or formed, including certified copies of the Initial Borrower’s Constituent Documents, statutory registers, certificates of good standing and/or qualification to engage in business (or similar instruments);

    (i) Responsible
          Officer Certificate.  A certificate from a Responsible Officer of the Initial Borrower, substantially in the form of Exhibit M attached hereto;

    (j) Opinion of
          Counsel. A favorable opinion of (i) Ropes & Gray LLP, New York counsel to the Initial Borrower and (ii) Richards, Layton & Finger, PA, special counsel to the Initial Borrower,  each in form and substance reasonably satisfactory to the
        Administrative Agent;

    (k) ERISA
          Deliverables. With respect to the Initial Borrower, a No Plan Asset Certificate or an Operating Company Opinion delivered to Administrative Agent;

    (l) Investor
          Documents. Administrative Agent shall have received, with respect to each Investor, a copy of its duly executed Subscription Agreement and any related Side Letters;

    (m) “Know Your
          Customer” Information and Documents.  Lenders shall have received all items required to make the Initial Borrower KYC Compliant;

    (n) Beneficial
          Ownership Certification.  The Lenders shall have received at least three (3) Business Days (or such shorter period as Administrative Agent may agree) prior to the Closing Date a Beneficial Ownership Certification in relation to each Borrower
        Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; and

    (o) Fees; Costs
          and Expenses.  Payment of all fees and other amounts due and payable by the Initial Borrower pursuant to this Credit Agreement and the other Loan Documents on or prior to the date hereof and, to the extent invoiced prior to the Closing Date,
        reimbursement or payment of all expenses required to be reimbursed or paid by the Initial Borrower under this Credit Agreement and the other Loan Documents, including the reasonable fees and disbursements invoiced through the date hereof of
        Administrative Agent’s special counsel, Cadwalader, Wickersham & Taft LLP.

    
      71

      
        

    

    Without limiting the generality of the provisions of the last paragraph of Section 12.03, for purposes of determining compliance with the conditions
      specified in this Section 7.01, the Administrative Agent and each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
      thereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agent or a Lender.

    Section 7.02 All
          Loans and Letters of Credit.  The obligation of each Lender to honor any Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other Type of Loan, a continuation of Term SOFR Loans) and the obligation of the
        Letter of Credit Issuer to cause the issuance of Letters of Credit (including the initial Letter of Credit), is subject to the following conditions precedent that:

    (a) Representations

          and Warranties.  The representations and warranties contained in Section 8 or in any other Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, of each Fund Borrower and
        of each other Borrower Party to which a Credit Extension or issuance of such Letter of Credit is being made or by which such Credit Extension is being guaranteed, shall be true and correct in all material respects (or, in the case of any such
        representation or warranty already qualified as to materiality, in all respects) on and as of the date of any such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case
        they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 7.02(a), the representations and warranties contained in Section 8.07 shall be deemed to refer to the most
        recent financial statements furnished pursuant to clauses (a) and (b), respectively, of Section 9.01;

    (b) No Default. 

        No Event of Default or Default exists at such date;

    (c) Loan Notice. 

        Administrative Agent shall have received a Loan Notice or Request for Letter of Credit together with a Borrowing Base Certificate;

    (d) No Investor
          Excuses.  Other than as disclosed to the Administrative Agent in writing, the Borrower Parties have no knowledge of any event or circumstance that would entitle any Included Investor to exercise any withdrawal, reduction, excuse or exemption
        right under the applicable Constituent Document, its Subscription Agreement or any Side Letter with respect to any Investment being acquired in whole or in part with any proceeds of the related Loan or Letter of Credit (provided, that if the
        Borrower Parties have disclosed a potential withdrawal, reduction, excuse or exemption right to the Administrative Agent in writing, the withdrawn, reduced, excused or exempted portion of the applicable Included Investor’s Unfunded Commitment shall
        be excluded from the calculation of the Borrowing Base, but the Lenders shall be obligated to advance the requested Borrowing and the Letter of Credit Issuer shall be obligated to cause the issuance of each requested Letter of Credit upon
        satisfaction of the other conditions therefor);

    (e) Application. 

        In the case of a Letter of Credit, the Letter of Credit Issuer shall have received a Letter of Credit Application executed by the Borrower Parties;

    (f) Available
          Commitment.  As applicable (i) after giving effect to the proposed Borrowing, the Principal Obligations will not exceed the Available Commitment; or (ii) after giving effect to the issuance of the requested Letter of Credit, the Letter of
        Credit Liability will not exceed the lesser of: (A) the remainder of:  (1) the Available Commitment as of such date; minus (2) the Principal Obligations as of such date; and (B) the Letter of Credit Sublimit on such date;

    
      72

      
        

    

    (g) Daily
          Borrowing Sublimit. Any proposed Borrowing of a Base Rate Loan on a same-day basis will not exceed the Daily Borrowing Sublimit; and

    (h) Fees; Costs
          and Expenses. Payment of all fees and other invoiced amounts due and payable by any Borrower Party pursuant to this Credit Agreement and the other Loan Documents on or prior to the date thereof and, to the extent invoiced prior to such date,
        reimbursement or payment of all fees and expenses due and payable by any Borrower Party under this Credit Agreement and the other Loan Documents.

    Section 7.03 Qualified

          Borrower Loans. The obligation of each Lender to advance a Loan to a Qualified Borrower or to cause the issuance of a Letter of Credit to a Qualified Borrower is subject to the following additional conditions precedent that:

    (a) Approval of
          Qualified Borrower. In order for an entity to be approved as a Qualified Borrower, the Borrower Parties must obtain the written consent of all Lenders, not to be unreasonably withheld and the provisions of this Section 7.03 shall be
        satisfied;

    (b) Qualified
          Borrower Note. Administrative Agent shall have received a duly executed Qualified Borrower Note complying with the terms and provisions hereof;

    (c) Authorizations

          of Qualified Borrower. Administrative Agent shall have received from the Qualified Borrower appropriate evidence of the authorization of the Qualified Borrower approving the execution, delivery and performance of the Qualified Borrower Notes,
        duly adopted by Qualified Borrower, as required by Law or agreement, and accompanied by a certificate of an authorized Person of such Qualified Borrower stating that such authorizations are true and correct, have not been altered or repealed and
        are in full force and effect;

    (d) Incumbency
          Certificate. Administrative Agent shall have received from the Qualified Borrower a signed certificate of the appropriate Person of the Qualified Borrower which shall certify the names of the Persons authorized to sign the Qualified Borrower
        Note and the other documents or certificates to be delivered pursuant to the terms hereof by such Qualified Borrower, together with the true signatures of each such Person;

    (e) Opinion of
          Counsel to Qualified Borrower. Administrative Agent shall have received an opinion of counsel for the Qualified Borrower customary for a transaction of this type or otherwise in form and substance reasonably satisfactory to Administrative
        Agent and addressed to Administrative Agent for the benefit of Lenders;

    (f) Opinion of
          Counsel to Fund Guarantors. To the extent not covered in an opinion previously delivered, Administrative Agent shall have received an opinion of counsel for Fund Guarantors customary for a transaction of this type or otherwise in form and
        substance reasonably satisfactory to Administrative Agent and addressed to Administrative Agent, with respect to the enforceability of the Fund Borrower Guaranty with respect to such Fund Guarantor and Qualified Borrower;

    (g) ERISA Status.
        With respect to the initial advance to such Qualified Borrower, only, a No Plan Asset Certificate or an Operating Company Opinion delivered to the Administrative Agent;

    
      73

      
        

    

    (h) “Know Your
          Customer” Information and Documents.  Lenders shall have received all items required to make such Qualified Borrower KYC Compliant;

    (i) Beneficial
          Ownership Certification. If such Qualified Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Lenders shall have received, sufficiently in advance of (but in any event, unless the Administrative
        Agent otherwise agrees to, not less than three (3) Business Days prior to) the date such Person becomes a Qualified Borrower, a Beneficial Ownership Certification in relation to such Qualified Borrower;

    (j) Due
          Diligence Review. Administrative Agent and Lenders shall have completed to the reasonable satisfaction of each, its due diligence review of such Qualified Borrower, and its respective management, controlling owners, systems and operations;
        and

    (k) Fees, Costs
          and Expenses. Payment of all fees and other invoiced amounts due and payable by any Borrower Party pursuant to this Credit Agreement and the other Loan Documents on or prior to the date of such Qualified Borrower becoming a Borrower Party
        hereunder and, to the extent invoiced, reimbursement or payment of all fees and expenses required to be reimbursed or paid by the Borrower Parties under this Credit Agreement and the other Loan Documents, in the case of legal fees to the extent
        such invoice is delivered at least three (3) Business Days prior to the date of such proposed Qualified Borrower becoming a Borrower Party hereunder; and

    (l) Additional
          Information. Administrative Agent shall have received such other information and documents as may reasonably be required by Administrative Agent to the extent such information and documents are consistent with what was required on the Closing
        Date for the Fund Borrower.

    Section 7.04 Addition

          of Fund Borrowers. The initial admission of a Person as a Fund Borrower (a “Proposed Borrower”) hereunder is subject to the condition precedent that the Fund Borrowers shall have
        given Administrative Agent at least fifteen (15) Business Days’ (or such shorter period as the Administrative Agent may agree) prior written notice and each of the following conditions precedent shall have occurred:

    (a) Approval.
        In order for a Proposed Borrower to be approved as a Fund Borrower, the Borrower Parties must obtain the written consent of each Lender, such consent not to be unreasonably withheld or delayed;

    (b) Joinder and
          Security of New Fund Borrower Obligations. The Proposed Borrower shall provide to Administrative Agent and each of the Lenders duly executed documentation substantially similar, in the reasonable discretion of the Administrative Agent, to
        that executed by the Fund Borrowers at the Closing Date, including but not limited to a Joinder Agreement (pursuant to which it agrees to be jointly and severally liable for all Obligations), Collateral Documents and such other Loan Documents and
        filings as Administrative Agent may reasonably request;

    (c) Note.
        Upon the request of Administrative Agent, such Proposed Borrower shall execute and deliver one or more Notes for the Lenders, reasonably acceptable to Administrative Agent;

    (d) Authorizations.
        Administrative Agent shall have received from the Proposed Borrower appropriate evidence of the authorization of such Proposed Borrower approving the execution, delivery and performance of its Note, its applicable Collateral Documents and any other
        Loan Documents required of it, duly adopted by such Proposed Borrower, as required by applicable Law or agreement, and accompanied by a certificate of an authorized Person of such Proposed Borrower stating that such authorizations are true and
        correct, have not been altered or repealed and are in full force and effect;

    
      74

      
        

    

    (e) Constituent
          Documents. The Proposed Borrower shall have delivered to Administrative Agent true and complete copies of the Constituent Documents of such Proposed Borrower, together with statutory registers (if applicable), certificates of existence (if
        applicable) and good standing (or other similar instruments) of such Proposed Borrower, in each case certified by a Responsible Officer of such Person to be correct and complete copies thereof and in effect on the date such Proposed Borrower
        becomes a Fund Borrower hereunder and in each case reasonably satisfactory to the Administrative Agent;

    (f) ERISA Status.
        With respect to such Proposed Borrower, either:  (i) an Operating Company Opinion; or (ii) a No Plan Asset Certificate, delivered to Administrative Agent;

    (g) Incumbency
          Certificate. The Administrative Agent shall have received from the Proposed Borrower a signed certificate of a Responsible Officer which shall certify the names of the Persons authorized to sign the Loan Documents to be delivered pursuant to
        the terms hereof by such Proposed Borrower, together with the true signatures of each such Person. Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior
        certificate and submitting the authority and signatures of the Persons named in such further certificate;

    (h) Opinion of
          Counsel.  Administrative Agent shall have received a written opinion of counsel for the Proposed Borrower (including, without limitation, foreign counsel as necessary to provide opinions regarding corporate formation, authorization, execution
        and no conflict) customary for a transaction of this type or otherwise in form and substance reasonably satisfactory to Administrative Agent;

    (i) “Know Your
          Customer” Information and Documents. Lenders shall have received all items required to make such Proposed Borrower KYC Compliant;

    (j) Beneficial
          Ownership Certification. If such Proposed Borrower, qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Lenders shall have received, at least three (3) Business Days (or such shorter period as Administrative
        Agent may agree) prior to the date such Person becomes a Proposed Borrower, a Beneficial Ownership Certification in relation to such Proposed Borrower;

    (k) Fees, Costs
          and Expenses. All fees and other invoiced amounts due and payable by any Borrower Party on or prior to the date of such Proposed Borrower becoming a Fund Borrower hereunder and, to the extent invoiced, all expenses required to be reimbursed
        or paid by any Borrower Party hereunder, shall have been paid, or shall be paid by being deducted from the proceeds of any related Borrowing, in each case to the extent delivered at least three (3) Business Days prior to the date of such Proposed
        Borrower becoming a Fund Borrower hereunder;

    (l) Due
          Diligence Review. Administrative Agent and Lenders shall have completed to the reasonable satisfaction of each, its due diligence review of such Proposed Borrower, and its respective management, controlling owners, systems and operations; and

    (m) Additional
          Information. Administrative Agent shall have received such other information and documents in respect of such Proposed Borrower as may be reasonably required by the Administrative Agent, to the extent such information and documents are
        consistent with what was required on the Closing Date for the Initial Borrower.

    
      75

      
        

    

    ARTICLE VIII 

       

       

        REPRESENTATIONS AND WARRANTIES

    To induce Lenders to make the Loans and cause the issuance of Letters of Credit hereunder, each Borrower Party, as applicable, represents and warrants to the
      Administrative Agent and the Lenders that:

    Section 8.01 Organization

          and Good Standing of Borrower Parties. Each Fund Borrower is, and each other Borrower Party is, at the time a Credit Extension is made to or guaranteed by such Borrower Party, duly organized or established (as the case may be) and validly
        existing under the Laws of the jurisdiction of its organization or establishment (as the case may be), has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and is qualified to do
        business in each jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification except where the failure to be so qualified to do business would not reasonably be expected to have a Material
        Adverse Effect. The jurisdiction of organization of each Borrower Party is set forth on Schedule 8.13, or on a revised Schedule 8.13 delivered to Administrative Agent pursuant to Section 9.01(j).

    Section 8.02 [Reserved].

    Section 8.03 Authorization

          and Power. Each Fund Borrower has, and each other Borrower Party has, at the time a Credit Extension is made to or guaranteed by such Borrower Party, the partnership, limited liability company or corporate power, as applicable, and requisite
        authority to execute, deliver, and perform its obligations under, and to consummate the transactions contemplated in, this Credit Agreement, the Notes, and the other Loan Documents to be executed by it. Each Fund Borrower is, and each other
        Borrower Party is, at the time a Credit Extension is made to or guaranteed by such Borrower Party, duly authorized to, and has taken all partnership, limited liability company and corporate action, as applicable, necessary to authorize it to
        execute, deliver, and perform its respective obligations under, and to consummate the transactions contemplated in, this Credit Agreement, the Notes, and such other Loan Documents.

    Section 8.04 No
          Conflicts or Consents. None of the execution and delivery of this Credit Agreement, the Notes, or the other Loan Documents, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and
        provisions hereof or with the terms and provisions thereof, will contravene or conflict with any provision of Law or regulation to which any Fund Borrower is subject (or to which any other Borrower Party is subject at the time a Credit Extension is
        made to or guaranteed by such Borrower Party), or any of the Constituent Documents of any Fund Borrower (or of any other Borrower Party at the time a Credit Extension is made to or guaranteed by such Borrower Party), any judgment, license, order,
        or permit, or any indenture, mortgage, deed of trust, or other agreement or instrument applicable to, or by which any Fund Borrower may be bound (or applicable to or by which any other Borrower Party may be bound at the time a Credit Extension is
        made to or guaranteed by such Borrower Party), nor will such execution, delivery, consummation or compliance result in the creation or imposition of a material Lien on any of the properties or assets of any Fund Borrower, other than the Liens
        provided for in Section 5.01, in each case that would be reasonably likely to result in a Material Adverse Effect.  No consent, approval, authorization, or order of any court or Governmental Authority or third party is required in
        connection with the execution and delivery, or performance, by any Fund Borrower of the Loan Documents or to consummate the transactions contemplated hereby or thereby, the failure to so obtain would result in a Material Adverse Effect.

    
      76

      
        

    

    Section 8.05 Enforceable

          Obligations. This Credit Agreement, the Notes and the other Loan Documents to which it is a party are the legal and binding obligations of each Borrower Party, enforceable in accordance with their respective terms, subject to Debtor Relief
        Laws and equitable principles (whether considered a proceeding in equity or law).

    Section 8.06 Priority

          of Liens. The Collateral Documents create, as security for the Obligations, valid and enforceable, first priority Liens (subject only to Permitted Liens) on all of the Collateral in which any Fund Borrower has any right, title or interest, in
        favor of Administrative Agent for the benefit of Lenders, except as enforceability may be limited by Debtor Relief Laws and equitable principles.

    Section 8.07 Financial

          Condition. Each Fund Borrower has delivered to Administrative Agent the most-recently available copies of the financial statements and reports required by Section 9.01, certified as true and correct in all material respects by a
        Responsible Officer of such Fund Borrower.  Such statements fairly present, in all material respects, the financial condition of such Fund Borrower as of the applicable date of such financial statement, and the results of such Fund Borrower’s
        operations for the period covered thereby, and have been prepared in accordance with Generally Accepted Accounting Principles, and subject to year-end adjustments and absence of footnotes.

    Section 8.08 Full

          Disclosure.  No report, financial statement, certificate or other written information furnished with respect to any Fund Borrower, by or on behalf of any Borrower Party to Administrative Agent or any Lender in connection with the transaction
        contemplated hereby and the negotiation of this Credit Agreement or delivered hereunder or under any other Loan Document (when taken as a whole) contains any misstatement of a material fact or omits to state any material fact necessary to make the
        statements therein, taken as a whole, in the light of the circumstances under which they were made and as of the date the same are so furnished, not misleading in any material respect.

    Section 8.09 No
          Default.  No event has occurred and is continuing which constitutes an Event of Default or a Default.

    Section 8.10 No
          Litigation. There are no actions, suits, investigations or legal, equitable, arbitration or administrative proceedings pending against any Borrower Party that have resulted in a Material Adverse Effect.

    Section 8.11 Material

          Adverse Change. No changes to any Fund Borrower have occurred since the date of the most recent audited financial statements of such Fund Borrower delivered to Lenders that would reasonably be expected to result in a Material Adverse Effect.

    Section 8.12 Taxes. 

        The Initial Borrower is and has always been a RIC. All tax returns required to be filed by any Borrower Party in any jurisdiction have been filed and all Taxes upon such Borrower Party or upon any of its respective properties, income or franchises
        have been paid prior to the time that such Taxes would give rise to a Lien thereon (other than Liens for Taxes not yet due and payable or Taxes being contested in good faith by appropriate proceedings) or to the extent the failure to do so would
        not be reasonably expected to have a Material Adverse Effect. There is no proposed Tax assessment against any Borrower Party  or any basis for such assessment which is material and not being contested in good faith or has resulted in a Material
        Adverse Effect.

    Section 8.13 Principal

          Office; Jurisdiction of Formation. As of the date hereof, (a) each of the principal office, chief executive office, and principal place of business of such Borrower Party is correctly listed on Schedule 8.13 hereto; and (b) the
        jurisdiction of formation of such Borrower Party is correctly listed on Schedule 8.13 hereto, and such Borrower Party is not organized under the laws of any other jurisdiction.

    
      77

      
        

    

    Section 8.14 ERISA

          Compliance. (a)  No Borrower Party has established, maintains, contributes to, or has incurred any liability with respect to, any Plan, individually or in the aggregate, which has resulted in a Material Adverse Effect;

    (b) no ERISA
        Affiliate of any Borrower Party has established, maintains, contributes to, or has any liability (contingent or otherwise) with respect to, any Plan, individually or in the aggregate, which has resulted in a Material Adverse Effect;

    (c) the assets of
        each Borrower Party do not constitute Plan Assets; and

    (d) assuming no
        Credit Extension is funded or held with Plan Assets (unless the applicable Lender is relying on an applicable prohibited transaction exemption, the conditions of which are satisfied), the execution, delivery and performance of this Credit Agreement
        and the other Loan Documents, the enforcement of the Obligations in accordance with the Loan Documents, and the borrowing and repayment of amounts under this Credit Agreement do not and will not constitute a “non-exempt prohibited transaction”
        under Section 4975(c)(1)(A), (B), (C) or (D) of the Code or Section 406(a) of ERISA that would subject Administrative Agent or Lenders to any Tax, penalty, damages or any other claim or relief under Section 4975 of the Code or ERISA.

    Section 8.15 Compliance

          with Law. Each Fund Borrower is, and each other Borrower Party is, at the time any Credit Extension is made to or guaranteed by such Borrower Party, in compliance in all material respects with all Laws, orders, and decrees which are
        applicable to such Borrower Party or its properties, including, without limitation, Environmental Laws and the Investment Company Act.

    Section 8.16 Hazardous

          Substances. No Fund Borrower:  (a) has received any notice or other communication or otherwise learned of any Environmental Liability which individually or in the aggregate has resulted in a Material Adverse Effect arising in connection
        with:  (i) any non-compliance with or violation of the requirements of any Environmental Law by a Borrower Party, or any permit issued under any Environmental Law to such Borrower Party; or (ii) the Release of any Hazardous Material into the
        environment; and (b) to its knowledge, has threatened or actual liability in connection with the Release or threatened Release of any Hazardous Material into the environment which individually or in the aggregate has resulted in a Material Adverse
        Effect.

    Section 8.17 Insider.
        No Fund Borrower is, nor is any other Borrower Party or guarantor of such Borrower Party at the time a Credit Extension is made to such Borrower Party, an “executive officer,” “director,” or “person who directly or indirectly or acting through or
        in concert with one or more persons owns, controls, or has the power to vote more than 10% of any class of voting securities” (as those terms are defined in 12 U.S.C. §375b or in regulations promulgated pursuant thereto) of any Lender, of a Bank
        Holding Company of which any Lender is a subsidiary, or of any subsidiary, of a Bank Holding Company of which any Lender is a subsidiary, of any bank at which any Lender maintains a correspondent account, or of any bank which maintains a
        correspondent account with any Lender.

    Section 8.18 [Reserved].

    Section 8.19 Capital

          Commitments and Contributions. Except as otherwise disclosed in writing to Administrative Agent, there are no Capital Call Notices outstanding and no Investor is in default under the applicable Constituent Document or its Subscription
        Agreement. Prior to the date hereof, each Fund Borrower that is party to a Security Agreement has satisfied all conditions to its rights to make a Capital Call, including any and all conditions contained in its Constituent Documents or the
        Subscription Agreements.

    
      78

      
        

    

    Section 8.20 Fiscal

          Year. The fiscal year of each Fund Borrower is the calendar year, or such other period permitted under Section 10.04 as such Person has notified Administrative Agent in writing.

    Section 8.21 No
          Defenses. Such Borrower Party has no knowledge of a default or circumstance which with the passage of time and/or giving of notice would constitute an event of default under its Constituent Documents or any Subscription Agreement or Side
        Letter which would constitute a defense to the obligations of any of such Borrower Party’s Investors, if applicable, to make Capital Contributions to such Borrower Party, if applicable, pursuant to a Capital Call in accordance with the Subscription
        Agreements (and any Side Letters) or such Borrower Party’s Constituent Document, if applicable, and has no knowledge of any claims of offset or any other claims of the Investors against such Borrower Party which would reasonably be expected to
        diminish or adversely affect the obligations of the Investors to make Capital Contributions and fund Capital Calls in accordance with the Subscription Agreements (and any related Side Letters) or the applicable Borrower Party’s Constituent
        Document, other than that which has been disclosed in writing by such Borrower Party to the Administrative Agent.

    Section 8.22 Margin

          Stock.  No proceeds of any Loan incurred by such Borrower Party or Letter of Credit issued for the account of such Borrower Party will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase
        or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or to refund indebtedness originally incurred for such purpose, or for any other purpose which might constitute this transaction a
        “purpose credit” within the meaning of Regulation T, U, or X.

    Section 8.23 Sanctions.
        Such Borrower Party, any Person directly or indirectly controlled by such Borrower Party, and a Person directly or indirectly controlling such Borrower Party is not:  (a) a Sanctioned Person, or (b) controlled by or acting on behalf of a Sanctioned
        Person. Such Borrower Party will not fund any repayment of the credit with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender or any other party to this Credit Agreement to violate any
        applicable Sanctions. To such Borrower Party’s knowledge (upon due inquiry), none of its Investors is a Sanctioned Person.

    Section 8.24 Investors. 

        The Borrowing Base Certificate, as it may be updated in writing from time to time by the Fund Borrowers, is true and correct in all material respects.  All the Investors are set forth on Exhibit A and incorporated herein by reference (or on
        a revised Exhibit A delivered to the Administrative Agent in accordance with this Credit Agreement), and the true and correct Capital Commitment of each Investor is set forth on Exhibit A (or on any such revised Exhibit A).

    Section 8.25 Investment

          Company Act. No Borrower Party (other than the Initial Borrower) is required to be registered as an “investment company” within the meaning of the Investment Company Act.

    Section 8.26 Investment

          Company Status.  (a)  The Initial Borrower has elected to be regulated as a “business development company” within the meaning of the Investment Company Act.

    (b) The business
        and other activities of the Initial Borrower and its Subsidiaries, including the making of the Loans hereunder, the application of the proceeds and repayment thereof by the Fund Borrowers and the consummation of the transactions contemplated by the
        Loan Documents do not result in a material violation or breach in any respect of the provisions of the Investment Company Act, including the applicable limitations on Indebtedness, or any rules, regulations or orders issued by the United States
        Securities and Exchange Commission thereunder, in each case, that are applicable to the Initial Borrower and its Subsidiaries.

    
      79

      
        

    

    (c) The Initial
        Borrower is in compliance in all material respects with all written Investment Policies.

    Section 8.27 Non-Affiliation

          with Lenders. To the Initial Borrower’s knowledge, no Lender is an “affiliated person”, or an affiliated person of an affiliated person, of the Initial Borrower (within the meaning of Section 2(a)(3) of the Investment Company Act).

    Section 8.28 Solvency.
        Each Fund Borrower is Solvent. The Borrower Parties and their subsidiaries (taken as a whole on a consolidated basis) are Solvent.

    Section 8.29 Side

          Letter Condition. To the extent required pursuant to a Side Letter by any Investor in a Fund Borrower, each Fund Borrower is in compliance with all disclosure requirements and all compliance with law obligations, and has accurately and
        truthfully disclosed (or to the extent set forth in such Side Letter made representations relating to) all material conflicts of interest and placement agent arrangements applicable to such Investor in connection with its investment in such Fund
        Borrower, and all matters relating to fee disclosures, gift, “pay-to-play”, political campaign contributions or other similar policies or requirements to the extent required in such Side Letter. No Fund Borrower has any reason to believe that any
        Investor is entitled to exercise an excuse, withdrawal, transfer, cease funding or other similar right pursuant to any such Side Letter as a result of any breach by the applicable Fund Borrower, of such disclosure or compliance requirements or
        inaccurate representations.

    Section 8.30 Beneficial

          Ownership. The information included in the Beneficial Ownership Certification provided by each Fund Borrower, if applicable, is true and correct in all material respects.

     

      

    ARTICLE IX 

       

       

        AFFIRMATIVE COVENANTS

    So long as Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit, and until payment in full of the Notes and the
      performance in full of the Obligations under this Credit Agreement and the other Loan Documents, each Fund Borrower agrees and covenants that:

    Section 9.01 Financial

          Statements, Reports and Notices. Each Fund Borrower shall deliver to Administrative Agent in form and detail satisfactory to Administrative Agent and the Required Lenders:

    (a) Annual
          Statements. Within one hundred twenty (120) days after the end of each fiscal year of the Fund Borrowers (but in any event no later than three (3) Business Days from the date of delivery to the Investors), audited, unqualified financial
        statements of the Fund Borrowers, including a consolidated balance sheet of the Fund Borrowers as of the end of such fiscal year and the related consolidated statements of operations for such fiscal year prepared by independent public accountants
        of nationally recognized standing, which report shall be prepared in accordance with Generally Accepted Accounting Principles and shall not be subject to any “going concern” statement (either in the opinion or in the notes) or like qualification or
        exception or any qualification or exception as to the scope of such audit;

    
      80

      
        

    

    (b) Quarterly
          Statements.  Within seventy-five (75) days after the end of each of the first three quarters of each fiscal year of the Fund Borrowers (but in any event no later than three (3) Business Days from the date of delivery to the Investors), an
        unaudited consolidated balance sheet of the Fund Borrowers and their consolidated Subsidiaries as of the end of such quarter and the related unaudited consolidated statements of operations for such quarter and for the portion of the fiscal year
        ended at the end of such quarter, all certified by a Responsible Officer of the Fund Borrowers as presenting fairly in all material respects the financial condition and results of operations of the Fund Borrowers in accordance with Generally
        Accepted Accounting Principles consistently applied, subject to normal year end audit adjustments and the absence of footnotes;

    (c) Compliance
          Certificate.  Simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a certificate (a “Compliance Certificate”) of a Responsible Officer of the Fund Borrowers substantially in the form of Exhibit J attached hereto (with blanks appropriately completed in conformity
        herewith, and which delivery may, unless Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes): 
        (i) stating that each such Responsible Officer is familiar with the terms and provisions of the Loan Documents, and has made, or caused to be made under his or her supervision, a detailed review of the transactions and condition (financial or
        otherwise) of the Fund Borrowers during the period covered by such Compliance Certificate; (ii) stating that the Fund Borrowers are in compliance with the covenants set forth in Section 10.12, and containing the calculations evidencing such
        compliance; (iii) stating whether any Event of Default or Default exists on the date of such certificate and, if any Event of Default or Default then exists, setting forth the details thereof and the action which the applicable Fund Borrower is
        taking or propose to take with respect thereto; (iv) specifying known changes, if any, in the name of any Investor or in the identity of any Investor, by merger or otherwise, and reporting any transfers of Unfunded Commitments of Investors as
        required under Section 10.06(c); (v) listing Borrowing Base Investors which have been subject to an Exclusion Event and the nature of such Exclusion Event; and (vi) providing the Unfunded Commitments of the Borrowing Base Investors and a
        calculation demonstrating that the Principal Obligations do not exceed the Available Commitment;

    (d) Borrowing
          Base Certificate.  A Borrowing Base Certificate from a Responsible Officer of the applicable Fund Borrower delivered:  (i) simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b)
        above, containing information as of the date delivered; (ii) concurrently with each Loan Notice or request for a Letter of Credit, containing information as of the date of such notice; (iii) within three (3) Business Days upon the issuance of any
        Capital Call Notice; (iv) promptly after the occurrence of any Exclusion Event and any Responsible Officer (as set forth on the current incumbency certificate) obtaining actual knowledge thereof, containing information as of the date of (and after
        giving effect to) the exclusion of the applicable Borrowing Base Investor(s); (v) prior to the transfer, withdrawal, assignment, excuse (including any Funding Excuse) or exemption of an Investor’s interest in a Fund Borrower and (vi) promptly after
        actual knowledge of the occurrence of an event that reduces the Available Commitment;

    (e) Capital
          Calls.  (i) Within three (3) Business Days of the issuance of each Capital Call, notice (via electronic mail or other written communication) to the Administrative Agent of the making of such Capital Call and information as to the timing and
        amount of such Capital Call to the extent available along with copies of each Capital Call delivered to the Investors; and (ii) a report of all Investors failing to fund their Capital Contributions delivered every five (5) Business Days beginning
        with the fifth (5th) Business Day following the date when such Capital Contributions are initially due pursuant to the related Capital Call therefor and ending once
        all Investors have funded their Capital Contributions or the Administrative Agent (in its sole discretion) waives such notice requirement.

    
      81

      
        

    

    (f) [Reserved].

    (g) Other
          Reporting and Information.  Simultaneous with delivery to the Investors, copies of all other financial statements, appraisal reports, notices, and other matters at any time or from time to time prepared by a Fund Borrower and generally
        distributed to the Investors, including, without limitation, any notice of default, notice of election or exercise of any rights or remedies under the Subscription Agreements or the Constituent Documents of any Borrower Party.

    (h) ERISA
          Deliverables.

    
      	
              (i)

            	
              Unless an Operating Company Opinion has previously been delivered to Administrative Agent hereunder, each Borrower Party shall deliver to Administrative Agent an Operating
                Company Opinion on or before the date, if any, that such Borrower Party would hold Plan Assets absent qualification as an Operating Company.

            

    

    
      	
              (ii)

            	
              With respect to each Borrower Party, for so long as there is any ERISA Investor in such Borrower Party, by the sixtieth (60th) day of each Annual Valuation Period of such
                Borrower Party in the case of clause (x) or within thirty (30) days following the end of such Borrower’s fiscal year in the case of clause (y), such Borrower Party shall deliver to Administrative Agent either (x) an Operating Company
                Certificate or (y) a No Plan Asset Certificate.

            

    

    (i) Electronic
          Delivery.  Documents required to be delivered pursuant to Section 9.01 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
        date: (i) such documents are transmitted to Administrative Agent via electronic mail; (ii) on which the Fund Borrowers post such documents, or provide a link thereto on the website address (if any) listed on Schedule 13.07; or (iii)  on
        which such documents are posted on the Fund Borrowers’ behalf on an Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether a commercial, third-party website or whether sponsored by Administrative
        Agent); provided, for the avoidance of doubt, any such posting shall be subject to the applicable Person’s receipt of the e-mail notification set forth in Section 13.07(d)(ii).  Administrative Agent shall have no obligation to
        request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by any Fund Borrower with any such request by a Lender for delivery, and each Lender shall
        be solely responsible for requesting delivery to it or maintaining its copies of such documents.

    (j) Updated
          Jurisdiction Information.  Upon any change in the information set forth therein (in accordance with Section 10.01), and in connection with the joinder of additional Fund Borrowers pursuant to Section 7.04, the Fund Borrowers
        will deliver to Administrative Agent an updated Schedule 8.13.

    (k) RIC. 
        Written notice upon any written assertion by a Governmental Authority that  the Initial Borrower is not or may not qualify as a RIC.

    (l) Affiliated
          Person. Any Responsible Officer of the Initial Borrower obtaining knowledge that a Lender is an “affiliated person”, or an affiliated person of an affiliated person, of the Initial Borrower (within the meaning of Section 2(a)(3) of the
        Investment Company Act).

    (m) Notice of
          Certain Changes to Beneficial Ownership Certification. With respect to any Borrower Party that is a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower Party shall promptly give notice to the Lenders of any change
        in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein and promptly deliver an updated Beneficial Ownership Certification.

    
      82

      
        

    

    Section 9.02 Payment

          of Taxes.  The Initial Borrower will continue to be a RIC. Each Fund Borrower will pay and discharge all Taxes, assessments, and governmental charges or levies imposed upon it, upon its income or profits, or upon any property belonging to it
        before delinquent, if such failure would have a Material Adverse Effect; provided, however, that no Fund Borrower shall be required to pay any such Tax, assessment, charge, or levy if and so long as:  (a) the amount, applicability,
        or validity thereof shall currently be contested in good faith by appropriate proceedings; and (b) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.  Nothing in this Section 9.02
        shall prohibit any merger, consolidation, liquidation, or dissolution permitted by Section 10.02. The Initial Borrower will be permitted to make Permitted RIC Distributions.

    Section 9.03 Maintenance

          of Existence and Rights. Each Fund Borrower will preserve and maintain its existence.  Each Fund Borrower shall further preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in
        accordance with all valid regulations and orders of any Governmental Authority the failure of which would reasonably be expected to have a Material Adverse Effect.

    Section 9.04 Notice

          of Default. Each Fund Borrower will furnish to Administrative Agent, (i) within one (1) Business Day of becoming aware of the existence of any condition or event which constitutes an Event of Default and (ii) within one (1) Business Day of
        becoming aware of the existence of any condition or event which constitutes a Default (including, without limitation, notice that the shareholders, equity holders or limited partners, as applicable, of any Fund Borrower intend to seek the removal
        of the Investment Advisor as the investment advisor of such Fund Borrower or of the Administrator as the administrator of such Fund Borrower under the applicable Constituent Document or otherwise), in each case, a written notice specifying the
        nature and period of existence thereof and the action which the Fund Borrowers are taking or propose to take with respect thereto, and Administrative Agent shall notify Lenders of the same. Each Fund Borrower shall promptly notify Administrative
        Agent in writing upon becoming aware: (a) that any Investor has violated or breached any material term of the applicable Constituent Document (including becoming a “defaulting” Investor thereunder) or has become an Excluded Investor; or (b) with
        respect to the State Teachers Retirement System of Ohio, of the existence of any condition or event which, with the lapse of time or giving of notice or both, would cause such Investor to become an Excluded Investor.

    Section 9.05 Other

          Notices. Each Fund Borrower will, promptly upon receipt of knowledge thereof, notify Administrative Agent of any of the following events that would reasonably be expected to result in a Material Adverse Effect: (a) any change in the financial
        condition or business of such Fund Borrower; (b) any default under any material agreement, contract, or other instrument to which such Fund Borrower is a party or by which any of its properties are bound, or any acceleration of the maturity of any
        material indebtedness owing by such Fund Borrower; (c) any uninsured claim against or affecting such Fund Borrower or any of its Collateral; (d) the commencement of, and any material, final determination in, any litigation with any third party or
        any proceeding before any Governmental Authority affecting such Fund Borrower; (e) any Environmental Complaint or any claim, demand, action, event, condition, report or investigation indicating any potential or actual liability arising in
        connection with: (i) the non-compliance with or violation of the requirements of any Environmental Law or any permit issued under any Environmental Law; or (ii) the Release or threatened Release of any Hazardous Material into the environment;
        (f) the existence of any Environmental Lien on any Properties or assets of such Fund Borrower; or (g) any material remedial action taken by any Fund Borrower in response to any order, consent decree or judgment of any Governmental Authority or any
        Environmental Liability.

    
      83

      
        

    

    Section 9.06 Compliance

          with Constituent Documents. Unless otherwise approved in accordance with the terms of this Credit Agreement (which approval, by such terms, may require more or fewer Lenders than the Required Lenders), each Fund Borrower will promptly comply
        with any and all covenants and provisions of its Constituent Documents. Each Qualified Borrower shall comply in all material respects with all provisions of its Constituent Documents. Each Fund Borrower will use the proceeds of any Capital Call
        Notices and the proceeds of any Borrowing hereunder only for such purposes as are permitted by its Constituent Documents and at all times comply with its Constituent Documents, including, without limitation, any investment guidelines, investment
        policy statements and limitations on indebtedness.

    Section 9.07 Books

          and Records; Access. The Fund Borrowers will keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities in accordance with
        applicable Law, including the Investment Company Act. Subject to Section 9.14, following five (5) Business Days’ prior written notice, each Fund Borrower will give any representative of Administrative Agent or Lenders, or any of them,
        access during ordinary business hours to, and permit their representatives to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of such Fund Borrower and relating to its affairs, and to inspect any of
        the properties of such Fund Borrower; in each case at such Lender’s or Administrative Agent’s cost and expense; provided that, so long as no Event of Default has occurred and is continuing, such inspection: (a) may be conducted by
        Administrative Agent on behalf of the Lenders; (b) may be conducted once per calendar year; and (c) shall be conducted only if Administrative Agent has a reasonable basis for the concerns such inspection is intended to address.

    Section 9.08 Compliance

          with Law, Generally.  Each Fund Borrower will comply in all material respects with all applicable Laws, rules, regulations, and orders of any Governmental Authority, including without limitation, the Investment Company Act, Environmental Laws
        and ERISA, and maintain in full force and effect all material approvals of any Governmental Authority applicable to the conduct of its business.

    Section 9.09 Compliance

          with Anti-Money Laundering Laws and Anti-Corruption Laws. Such Borrower Party and its Affiliates shall (a) comply in all material respects with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws, (b) maintain policies and
        procedures reasonably designed to ensure compliance with all Anti-Money Laundering Laws and Anti-Corruption Laws, (c) ensure it does not use any of the proceeds of any Loans or Letters of Credit in violation of any Anti-Money Laundering Laws or
        Anti-Corruption Laws, and (d) ensure it does not fund any repayment of any Loans or Letters of Credit in violation of any Anti-Money Laundering Laws or Anti-Corruption Laws.

    Section 9.10 Compliance

          with Sanctions. Such Borrower Party and its Affiliates will not, directly or, to such Borrower Party’s knowledge, indirectly, use the proceeds of any Loan hereunder, or lend, contribute, or otherwise make available such proceeds to any
        subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with a Sanctioned Person, or (ii) in any other manner that would be prohibited by Sanctions or that would cause any Lender to be in breach of any
        applicable Sanctions.  Such Borrower Party shall comply with all applicable Sanctions, and shall maintain policies and procedures reasonably designed to ensure compliance by such Borrower Party with applicable Sanctions.

    Section 9.11 Insurance.
        Each Fund Borrower will maintain insurance on its present and future properties, assets, and business against such casualties, risks, and contingencies, and in such types and amounts, as are customarily maintained by companies engaged in the same
        or similar businesses operating in the same or similar locations, the failure of which to maintain would have a Material Adverse Effect.

    
      84

      
        

    

    Section 9.12 Authorizations

          and Approvals.  Each Fund Borrower will promptly obtain, from time to time at its own expense, all such governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Fund Borrower to comply with
        their respective obligations hereunder, under the other Loan Documents and under their respective Constituent Documents to the extent that failure to do so would be material and adverse to the Secured Parties.

    Section 9.13 Maintenance

          of Liens.  Each Fund Borrower shall perform all such acts and execute all such documents as Administrative Agent may reasonably request in order to enable Lenders to report, file, and record every instrument that Administrative Agent may
        reasonably request in order to perfect and maintain Lenders’ Liens and security interests (subject to Permitted Liens) in the Collateral and otherwise to preserve and protect the rights of Lenders.

    Section 9.14 Further

          Assurances.  Each Fund Borrower will make, execute or endorse, and acknowledge and deliver or file or cause the same to be done, all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances,
        transfers, assignments, financing statements, or other assurances, and take any and all such other action, as Administrative Agent may, from time to time, reasonably request in connection with this Credit Agreement or any of the other Loan
        Documents, the obligations of each Fund Borrower hereunder or thereunder, or for better assuring and confirming unto Lenders all or any part of the security for any of such obligations anticipated herein.  Notwithstanding anything to the contrary
        in this Section 9.14; no Fund Borrower shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter: (i) that constitutes non-financial trade
        secrets or non-financial proprietary information; (ii) in respect of which disclosure to Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or any binding agreement; or (iii) that is subject
        to attorney-client or similar privilege or constitutes attorney-work product.

    Section 9.15 Exclusion

          Event. The Fund Borrowers will promptly notify Administrative Agent in writing after becoming aware of: (i) the State Teachers retirement System of Ohio requesting or planning to request a Funding Excuse or being entitled to elect to exercise
        any withdrawal or redemption right, an (ii) any Exclusion Event.

    Section 9.16 RIC
          Status under the Code; Investment Company Act.  (a)  The Initial Borrower has elected to be treated as a “regulated investment company” within the meaning of the Code and shall at all times hereafter maintain its status as a “regulated
        investment company” and be taxed as such within the meaning of the Code, and shall at all times maintain its status as a “business development company” under the Investment Company Act.

    (b) The Initial
        Borrower shall at all times be in compliance in all material respects with the Investment Policies.

    Section 9.17 Trust

          Agreement. The Initial Borrower hereby agrees and covenants that title to all Collateral shall at all times be vested in the trust in the name of the Initial Borrower, notwithstanding any provision of the Agreement and Declaration of Trust
        that authorizes such trust to vest title in such Collateral in the trustee thereunder or any other Person.

    Section 9.18 [Reserved].

    Section 9.19 Collateral

          Account.  Each Fund Borrower shall ensure that within five (5) Business Days of the Closing Date and at all times thereafter, the Administrative Agent shall have electronic monitoring access to each Collateral Account.

    
      85

      
        

    

    Section 9.20 Subscription

          Agreements. All Subscription Agreements that do not include defaulting investor provisions shall be amended to include such provisions that are satisfactory to the Administrative Agent in its reasonable discretion no later than September 30,
        2022. Each Fund Borrower shall ensure that all Subscription Agreements entered into after the Closing Date shall include such provisions that are satisfactory to the Administrative Agent in its reasonable discretion.

    ARTICLE X

      

      

      NEGATIVE COVENANTS

    So long as Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit, and until payment and performance in full of the
      Obligations under this Credit Agreement and the other Loan Documents, each Fund Borrower agrees and covenants that:

    Section 10.01 Borrower

          Party Information.  No Borrower Party shall change its name, jurisdiction of formation, chief executive office and/or principal place of business without providing thirty (30) days’ (or such shorter period as the Administrative Agent may
        agree) prior written notice to the Administrative Agent and, in the case of a change of jurisdiction of formation, without the prior written consent of the Administrative Agent, and during such notice period, the applicable Borrower Party shall
        perform all such acts and execute all such documents as are reasonably required in order to perfect and maintain the Lenders’ perfected Lien on the Collateral having the same priority as such Lien immediately prior to such change.

    Section 10.02 Mergers;

          Dissolution.  No Fund Borrower will merge, consolidate or divide with or into any Person, unless a Fund Borrower is the surviving entity. So long as it is a Fund Borrower, no Fund Borrower will take any action to dissolve, wind-up or
        terminate such Fund Borrower, including, without limitation, any action to sell or dispose of all or substantially all of the property of such Fund Borrower, unless the Administrative Agent consents that such dissolution, winding-up, termination or
        disposition is to or into another Fund Borrower.

    Section 10.03 Negative

          Pledge.  Without the approval of the Administrative Agent and all Lenders, none of the Borrower Parties will create or suffer to exist any Lien upon the Collateral, other than:  (a) Liens in and upon the Collateral to the Administrative Agent
        for the benefit of the Secured Parties created by the Loan Documents and Permitted Liens; (b) Liens imposed by Law for Taxes that are being contested in good faith by appropriate proceedings; and (c) Liens arising by virtue of any statutory or
        common law provision relating to banker’s liens, rights of setoff or similar rights and remedies as to deposit account or other funds maintained with depository institutions.

    Section 10.04 Fiscal

          Year and Accounting Method.  Without the prior written consent of Administrative Agent alone (such approval not to be unreasonably withheld, conditioned or delayed), no Fund Borrower will change its fiscal year or method of accounting, unless
        otherwise required to do so by Law or as instructed to do so by a Governmental Authority.

    
      86

      
        

    

    Section 10.05 Constituent

          Documents. Without the prior written consent of Administrative Agent and the Required Lenders, no Fund Borrower shall alter, amend, modify, terminate, or change any provision of its Constituent Documents, any Subscription Agreement or, any
        Side Letter or enter any new Side Letter (each, a “proposed amendment”), if such proposed amendment would affect the Investors’ duties, obligations, and liabilities, or the rights, titles,
        Liens, powers and privileges of such Fund Borrower, Administrative Agent or Lenders, or relates to Capital Call Notices, Capital Commitments, Capital Contributions or the right to recall distributions; or amend the terms of its Constituent Document
        as it relates to limitations on indebtedness and guarantees; or otherwise materially and adversely affects the rights of Administrative Agent or Lenders (each a “material amendment”). With
        respect to any proposed amendment, the applicable Fund Borrower shall notify Administrative Agent of such proposal.  Administrative Agent shall determine, in its sole but reasonable discretion (that is, the determination of the other Lenders shall
        not be required) on Administrative Agent’s good faith belief, whether such proposed amendment is a material amendment, and shall notify the appropriate Fund Borrower of its determination within five (5) Business Days of the date on which it is
        deemed to have received such notification pursuant to Section 13.07. If Administrative Agent determines that the proposed amendment is a material amendment, the approval of the Required Lenders and Administrative Agent will be required
        (unless the approval of all Lenders is required consistent with the terms of Section 13.01), and Administrative Agent shall promptly notify Lenders of such request for such approval, distributing, as appropriate, the proposed amendment and
        any other relevant information provided by any Fund Borrower. The Required Lenders shall, within five (5) Business Days from the date on which the Administrative Agent determines that the proposed amendment is a material amendment, deliver their
        approval or denial thereof. If Administrative Agent determines that the proposed amendment is not a material amendment, the applicable Fund Borrower may make such amendment without the consent of Lenders. Notwithstanding the foregoing, without the
        consent of Administrative Agent or Lenders, a Fund Borrower may amend its Constituent Documents:  (i) to admit new Investors to the extent permitted by this Credit Agreement; and (ii) to reflect transfers of interests permitted by this Credit
        Agreement.

    Section 10.06 Transfer

          by, or Admission of, Investors.  (a)  Limitation on Transfer of Unfunded Commitments. No Fund Borrower shall permit the transfer by any Investor of any of its Unfunded Commitment without prior written notice to Administrative Agent.

    (b) Designation
          of Investors.  A transferee (or any other new Investor) (a “Subsequent Investor”) that meets the Applicable Requirement, as determined by Administrative Agent in its reasonable
        discretion may be designated as a Rated Included Investor with the consent of Administrative Agent.  Designation of any other Subsequent Investor as a Rated Included Investor, and designation of any Subsequent Investor as a Non-Rated Included
        Investor will require the consent of all Lenders.

    (c) Documentation

          Requirements.  Each Fund Borrower, with respect to any transfer by any Investor of its Unfunded Commitment to an existing Borrowing Base Investor or to a Person that such Fund Borrower proposes as a new Borrowing Base Investor, shall deliver
        copies of documents relating to such transfer and information about the transferee as reasonably required by Administrative Agent in order to effect its due diligence under this Credit Agreement prior to such transfer. The applicable Fund Borrower
        shall deliver a copy of the Subscription Agreement and any Side Letter to Administrative Agent for any Person admitted as a Subsequent Investor. In the event any Person is admitted as a Subsequent Investor, or there is a material change to the
        information on Exhibit A, the applicable Fund Borrower will deliver to Administrative Agent a revised Exhibit A to this Credit Agreement, containing the names of each Investor and the Capital Commitments of each Investor upon the
        admission of such Subsequent Investor or upon the occurrence of such material change.

    (d) Funding
          Requirements.  Prior to the effectiveness of any transfer by any Borrowing Base Investor, the Fund Borrowers shall calculate whether, taking into account the Unfunded Commitments of the Borrowing Base Investors as if such transfer had
        occurred, the transfer would cause the Principal Obligations to exceed the Available Commitment, and shall make any Capital Calls required to pay any resulting mandatory prepayment under Section 3.04, and pay any required mandatory
        prepayment, prior to permitting such transfer.

    (e) Sanctions
          Compliance.  Any admission of an assignee of an interest in such Borrower Party, if applicable, or as a substitute Investor and any admission of a Person as a new Investor of such Borrower Party, if applicable, shall be subject to the
        admission of such Person, (i) not violating Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws and (ii) being KYC Compliant.

    
      87

      
        

    

    Section 10.07 Capital

          Commitments.  No Fund Borrower shall:  (a) without prior written consent of the Administrative Agent (which consent shall be based on the consent of all Lenders with respect to any cancellation of Capital Commitments of Borrowing Base
        Investors), Cancel the Capital Commitment of any Investor; and (b) without the prior written approval of Administrative Agent and all Lenders, issue any Capital Call Notices other than in accordance with this Credit Agreement. The applicable Fund
        Borrower shall deliver written notice of any cancellation permitted to be made without Fund Borrower’s consent, to Administrative Agent promptly upon the exercise of the same.

    Section 10.08 ERISA

          Compliance.  (a)  No Borrower Party shall establish, maintain, contribute to, or incur any liability with respect to, any Plan; (b) no ERISA Affiliate of any Borrower Party shall establish, maintain, contribute to, or incur any liability with
        respect to, any Plan, individually or in the aggregate, which would reasonably be expected to have a Material Adverse Effect; (c) without the approval of all Lenders, no Borrower Party shall take any action, or omit to take any action, that would
        cause its assets to constitute Plan Assets; (d) no Fund Borrower that has previously been required to deliver an Operating Company Opinion hereunder shall change its Annual Valuation Period without giving prior written notice to Administrative
        Agent; and (e) no Borrower Party shall take any action, or omit to take any action, which (assuming that no Credit Extension is funded or held with Plan Assets, unless the applicable Lender is relying on an applicable prohibited transaction
        exemption, the conditions of which are satisfied) would give rise to a “non-exempt prohibited transaction” under Section 4975(c)(1)(A), (B), (C) or (D) of the Code or Section 406(a) of ERISA and would subject Administrative Agent or Lenders to any
        Tax, penalty, damages or any other claim or relief under Section 4975 of the Code or ERISA.

    Section 10.09 Environmental

          Matters.  Except for such conditions as are in or will promptly be brought into compliance with relevant Environmental Laws or otherwise would not reasonably be expected to result in a Material Adverse Effect, no Fund Borrower:  (a) shall
        cause any Hazardous Material to be generated, placed, held, located or disposed of on, under or at, or transported to or from, any Property of any Fund Borrower in material violation of Environmental Law; or (b) shall permit any such Property to
        ever be used as a dump site or storage site (whether permanent or temporary) for any Hazardous Material in material violation of Environmental Law.

    Section 10.10 Limitations

          on Dividends and Distributions.  No Fund Borrower shall declare or pay any dividends or Distributions except as permitted under its Constituent Documents. If a Cash Control Event has occurred and is continuing, no Fund Borrower shall declare
        or pay any Distribution except that, the Initial Borrower may make Permitted RIC Distributions from sources other than Collateral. No Fund Borrower shall use proceeds of the Loans or issuance of any Letter of Credit to pay dividends or
        distributions (for the avoidance of doubt, payment of management fees shall not be considered a payment of dividends or distributions). “Distribution” means any distributions (whether or
        not in cash) on account of any Equity Interest in a Fund Borrower, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such Equity Interest.

    Section 10.11 Limitation

          on Withdrawals.  No Fund Borrower shall make nor cause the making of any withdrawal or transfer of funds from any Collateral Account if a Cash Control Event has occurred and is continuing.

    Section 10.12 Limitation

          on Debt.  The Fund Borrowers shall not incur Indebtedness other than Indebtedness that does not exceed any limitation set forth in the applicable Constituent Document or, with respect to the Initial Borrower, the Investment Company Act.

    
      88

      
        

    

    Section 10.13 General

          Excuse Rights.  No Fund Borrower shall consent to designate any Investment as a General Excused Investment or permit any other Funding Excuse after the Closing Date without prior written notice to Administrative Agent. If a Borrowing Base
        Deficiency would result from such General Excused Investment or Funding Excuse, the Fund Borrowers shall cure such Borrowing Base Deficiency prior to consenting to such General Excused Investment or Funding Excuse.

    Section 10.14 Sanctions,

          Anti-Money Laundering Laws, and Anti-Corruption Laws.  No Borrower Party nor any Affiliate thereof shall directly, or to its knowledge, indirectly, permit any part of the proceeds of any Loan to be used (i) to fund any operations in, finance
        any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Jurisdiction in violation of any Sanctions, (ii) in any other manner that would result in a violation of applicable Sanctions or Anti-Money Laundering
        Laws by a Person (including any Person participating in the Loans, whether as Administrative Agent, Lender, underwriter, advisor, investor, or otherwise) or (iii) in furtherance of an offer, payment, promise to pay, or authorization of the payment
        or giving of money, or anything else of value, to any Person in violation of Anti-Corruption Laws.

    Section 10.15 Transfers

          of Capital Commitments. No Borrower Party shall either (i) transfer the Unfunded Commitments of one or more Investors to any other Person, or (ii) cause Capital Contributions to be made to another Person, in either case, unless such Person
        has joined the Credit Agreement as a Fund Borrower in accordance with Section 7.04. No Fund Borrower shall cause Capital Contributions to be made to any Person that is not a Borrower Party hereunder.

    Section 10.16 Deposits

          to Collateral Account. No Fund Borrower shall direct, authorize or otherwise permit any proceeds, monies or sums paid by the Investors pursuant to any Capital Call to be deposited, credited or otherwise included in any account other than the
        Collateral Account. No Fund Borrower shall deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collateral Account cash or cash proceeds other than Capital Contributions.

    Section 10.17 Transactions

          with Affiliates.  No Fund Borrower shall, nor shall it permit any of its Subsidiaries to, sell, lease or otherwise transfer any of its property or assets to, or purchase, lease or otherwise acquire any property or assets from, or make any
        contribution towards, or reimbursement for, any Taxes payable by any Person or any of its Subsidiaries in respect of income of such Fund Borrower, or otherwise engage in any other transactions with, any of its Affiliates, except transactions (a)
        permitted under the Constituent Documents or (b) in the ordinary course of business at prices and on terms and conditions not less favorable to such Fund Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated
        third parties.

    Section 10.18 Delegation

          of Duties.  Without the consent of the Administrative Agent (such consent not to be unreasonably withheld), no Fund Borrower shall delegate to any Person the right to make or enforce Capital Calls or exercise remedies against the Investors;
        it being agreed and acknowledged that the Administrative Agent shall be deemed to be acting reasonably in conditioning its consent upon, inter alia, delivery by any such delegated Person of a security
        agreement granting a security interest in such Person’s right to the Capital Commitments and to make and enforce Capital Calls.

    
      89

      
        

    

    ARTICLE XI 

       

       

        EVENTS OF DEFAULT.

    Section 11.01 Events

          of Default.  An “Event of Default” shall exist if any one or more of the following events shall occur and be continuing:

    (a) any Borrower
        Party shall fail to pay when due:  (i) any principal of the Obligations; or (ii) any interest on the Obligations or any fee, expense, or other payment required hereunder or under any other Loan Document, and such failure under this clause (ii)
        shall continue for two (2) Business Days thereafter;

    (b) any
        representation or warranty made by any Borrower Party under this Credit Agreement or any of the other Loan Documents executed by any of them, or in any certificate or statement furnished or made to the Administrative Agent or Lenders or any of them
        by Borrower Party pursuant hereto, shall prove to be untrue or inaccurate in any material respect as of the date on which such representation or warranty is made, and, if subject to cure, the adverse effect of the failure of such representation or
        warranty shall not have been cured within thirty (30) days after the earlier of: (i) actual knowledge of a Responsible Officer of Borrower Party thereof; or (ii) when written notice thereof is delivered to such Borrower Party by Administrative
        Agent;

    (c) default shall
        occur in the performance of any of the covenants or agreements of a Borrower Party contained herein (other than the covenants contained in Section 3.04, Section 5.01, Section 5.02(a), Section 5.02(c), Section 5.04,
        Section 9.04, Section 9.09, Section 9.10 or Section 10 (other than Section 10.09)), or of the covenants or agreements of a Borrower Party contained in any other Loan Documents executed by such Person, if such
        default is susceptible to cure in the reasonable discretion of the Administrative Agent, and such default shall continue uncured to the satisfaction of Administrative Agent for a period of thirty (30) days after the earlier of: (i) actual knowledge
        of a Responsible Officer of such Borrower Party thereof; or (ii) written notice thereof is delivered to such Borrower Party by Administrative Agent (provided that such thirty (30) day cure period shall not apply respecting covenants of
        Borrower Parties relating to statements, certificates and notices to be given by a Borrower Party, but a ten (10) Business Day grace period shall apply);

    (d) default shall
        occur in the performance of the covenants and agreements of any Borrower Party contained in Section 3.04, Section 5.01, Section 5.02(a), Section 5.02(c), Section 5.04, Section 9.04, Section 9.09,
        Section 9.10 or Section 10 (other than Section 10.09);

    (e) any of the Loan
        Documents executed by a Borrower Party shall cease, in whole or in material part, to be legal, valid, and binding agreements enforceable against such Borrower Party in accordance with the terms thereof or shall in any way be terminated or become or
        be declared ineffective or inoperative or shall in any way whatsoever cease to give or provide the respective Liens, security interests, rights, titles, interest, remedies, powers, or privileges intended to be created thereby, or any of the same
        shall be asserted in writing by any Borrower Party;

    (f) default shall
        occur in the payment of any Indebtedness of one or more Fund Borrowers or any non-monetary default shall occur that permits the acceleration of payment of such Indebtedness, in each case in an aggregate amount for all Fund Borrowers in excess of
        the Threshold Amount, subject to any applicable notice and cure periods, if any;

    (g) any Fund
        Borrower, the Investment Advisor, the Administrator or Angelo Gordon & Co., L.P. shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, or liquidator of itself or of all or a substantial part of its
        assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or
        an arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or
        insolvency proceeding; or (vi) take partnership or corporate action for the purpose of effecting any of the foregoing;

    
      90

      
        

    

    (h) the
        commencement of any proceeding under any Debtor Relief Laws relating to any Fund Borrower, the Investment Advisor, the Administrator or Angelo Gordon & Co., L.P., or all or any material part of their respective property is instituted without
        the consent of such Person and continues undismissed or unstayed for a period of sixty (60) days; or a final, non-appealable order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority
        approving a petition seeking reorganization or liquidation of any Fund Borrower, the Investment Advisor, the Administrator or Angelo Gordon & Co., L.P., or appointing a receiver, custodian, trustee, intervenor, liquidator, administrator or
        similar entity of such Person, or of all or substantially all of its assets;

    (i) any final
        non-appealable judgments orders for the payment of money against one or more Fund Borrowers in an aggregate amount (as to all such judgments or orders for all Fund Borrowers) exceeding the Threshold Amount (to extent not covered by independent
        third-party insurance as to which the insurer does not dispute coverage);

    (j) a Change of
        Control shall occur;

    (k) the cessation
        of the Administrative Agent’s first priority perfected security interest in the Collateral;

    (l) one or more
        Investors having Capital Commitments aggregating, at any one time, 15% or greater of all Capital Commitments, shall default in their obligations to fund all or any portion of any Capital Call when due and such failure shall not be cured within ten
        (10) Business Days;

    (m) a breach by a
        Borrower Party of the Constituent Documents of any Borrower Party that in the Administrative Agent’s reasonable judgment could reasonably be expected to have a Material Adverse Effect;

    (n) a change in the
        business, assets, operations of any Fund Borrower that in the Administrative Agent’s reasonable judgment could reasonably be expected to have a Material Adverse Effect;

    (o) an event shall
        occur that causes a dissolution, winding-up or liquidation of any Borrower Party; or

    (p) a material
        default by the trustees of any Borrower Party, the Investment Advisor or the Administrator of its obligations under the Constituent Documents in its applicable capacity.

    
      91

      
        

    

    Section 11.02 Remedies Upon Event of Default.  (a)  If an Event of Default shall have occurred and be continuing, then Administrative Agent may, and, upon the direction of the Required Lenders, shall:  (i) suspend the Commitments
        of Lenders until such Event of Default is cured; (ii) terminate the Commitment of Lenders; (iii) declare the unpaid principal amount of all outstanding Loans (including the liability to fund the Letter of Credit Liability pursuant to Section 2.07),

        all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, whereupon the same shall forthwith become due and payable without presentment, demand,
        protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind all of which each Borrower Party hereby expressly waives, anything contained herein or in any other Loan Document to the contrary
        notwithstanding; (iv) exercise any right, privilege, or power set forth in Section 5.02, including, but not limited to, the initiation of Capital Call Notices of the Capital Commitments (subject to Section 11.02); or (v) without
        notice of default or demand, pursue and enforce any of Administrative Agent’s or Lenders’ rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any applicable Law or agreement; provided, however, that if any Event of Default specified in Section 11.01(g) or Section 11.01(h) shall occur, the obligation of each Lender to make Loans shall automatically terminate, and the
        unpaid principal amount of all outstanding Loans and all interest on the Obligations shall automatically become due and payable, in each case without further act of Administrative Agent or any Lender, and without presentment, demand, protest,
        notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each Borrower Party hereby expressly waives.

    (b) Notwithstanding
        the foregoing, following the occurrence and during the continuance of an Event of Default, the Administrative Agent shall, prior to exercising its rights to issue Capital Calls on the Uncalled Capital Commitments, be required to give five (5)
        Business Days’ written notice to the Credit Parties of its intention to issue such Capital Calls; provided, that no such notice is required to the extent that the applicable General Partner has failed to issue a Capital Call on the
        Investors in an amount equal to the outstanding Obligations then due and payable within five (5) Business Days after the Administrative Agent has delivered demand therefor to the Borrower Parties.  If the Borrower Parties shall make Capital Calls
        at any time prior to or within such five (5) Business Day‐period that will, if funded, repay all outstanding Obligations, then the Administrative Agent shall not issue any Capital Calls for a period of twelve (12) Business Days.  Notwithstanding
        the foregoing, nothing herein shall prohibit the Administrative Agent or any Lender from (i) exercising any rights and remedies it may have (other than the issuance of any Capital Calls during the time periods specified in the preceding sentence)
        upon the occurrence and during the continuance of an Event of Default, (ii) exerting control over any Collateral Account upon the occurrence and during the continuance of a Cash Control Event, (iii) taking any actions as may be required to protect
        its rights in a bankruptcy proceeding, or (iv) exercising any other rights or remedies it may have with respect to any failure of any Fund Borrower to issue a Capital Call upon its Investors following a mandatory prepayment pursuant to Section
          3.04 as required by this Credit Agreement and the Loan Documents.

    Section 11.03 Performance

          by Administrative Agent.  Should any Borrower Party fail to perform any covenant, duty, or agreement contained herein or in any of the other Loan Documents, and such failure continues beyond any applicable cure period, Administrative Agent
        may, but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, each Borrower Party shall, at the written request of Administrative Agent promptly pay any reasonable and
        invoiced out-of-pocket amount expended by Administrative Agent in such performance or attempted performance to Administrative Agent at Administrative Agent’s Office, together with interest thereon at the Default Rate from the date of invoicing
        until paid. Notwithstanding the foregoing, it is expressly understood that neither Administrative Agent nor Lenders assume any liability or responsibility for the performance of any duties of any Borrower Party, or any related Person hereunder or
        under any of the other Loan Documents or other control over the management and affairs of any Borrower Party, or any related Person, nor by any such action shall Administrative Agent or Lenders be deemed to create a partnership arrangement with any
        Borrower Party or any related Person.

    Section 11.04 Application

          of Funds.  After the exercise of remedies upon the occurrence of an Event of Default provided for in Section 11.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 11.02),

        any amounts received on account of the Obligations shall, subject to the provisions of Section 2.15, be applied by Administrative Agent in the following order:

    
      92

      
        

    

    First,
        to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent and amounts payable under Section 4) payable to
        Administrative Agent in its capacity as such;

    Second,
        to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts
        payable under Section 4), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

    Third,
        to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among Lenders in proportion to the respective amounts described in this clause Third payable to them;

    Fourth,
        to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among Lenders in proportion to the respective amounts described in this clause Fourth held by them; and

    Last,
        the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower Parties or as otherwise required by Law.

    Section 11.05 Good

          Faith Duty to Cooperate.  Subject to Section 11.02(b), in the event that Administrative Agent or Required Lenders elect to commence the exercise of remedies pursuant to Section 11.02 as

        a result of the occurrence of any Event of Default, the Fund Borrowers agree to cooperate in good faith with Administrative Agent to enable Administrative Agent to issue Capital Call Notices and enforce the payment thereof by the Investors,
        including but not limited to providing contact information for each Investor within two (2) Business Days of request.

     

      

    ARTICLE XII 

       

       

        ADMINISTRATIVE AGENT.

    Section 12.01 Appointment

          and Authority.  Each Lender (including any Person that is an assignee, participant, secured party or other transferee with respect to the interest of such Lender in any Principal Obligations or otherwise under this Credit Agreement)
        (collectively with such Lender, a “Lender Party”) hereby irrevocably appoints Morgan Stanley Senior Funding, Inc. to act on its behalf as Administrative Agent hereunder and under the other
        Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
        incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, no Agent shall have any duties or responsibilities, except those expressly set forth herein and therein, nor shall any Agent have or
        been deemed to have any fiduciary relationship with any Lender Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents or otherwise
        exist against any Agent. The provisions of this Section 12 are solely for the benefit of Administrative Agent and Lenders, and no Borrower Party shall have rights as a third party beneficiary of any of such provisions (except for the
        provisions that explicitly relate to any Borrower Party in Sections 12.06, 12.07, 12.11 and 12.12). It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other
        similar term) with reference to Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and
        is intended to create or reflect only an administrative relationship between contracting parties.

    
      93

      
        

    

    Section 12.02 Rights

          as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
        serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own security of, act as the financial advisor or in any other advisory capacity for and generally engage
        in any kind of business with the Borrower Party or any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to Lenders.

    Section 12.03 Exculpatory

          Provisions.  Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of
        the foregoing, Administrative Agent:

    (a) shall not be
        subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;

    (b) shall not have
        any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in
        writing by the Required Lenders (or such other number or percentage of Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in
        its opinion or the opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under
        any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

    (c) shall not,
        except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower Parties or any of their respective Affiliates that is
        communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.

    Administrative Agent shall not be liable for any action taken or not taken by it: (i) with the consent or at the request of the Required Lenders (or such other
      number or percentage of Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.02 and 13.01); or (ii) in the absence of its own
      gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default (except with respect to
      defaults in the payment of principal, interest and fees required to be paid to Administrative Agent for the account of Lenders) unless and until notice describing the same is given in writing to Administrative Agent by a Borrower Party or a Lender.

    Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into:  (i) any statement, warranty or representation made in or in
      connection with this Credit Agreement or any other Loan Document; (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith; (iii) the performance or observance of any of
      the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default; (iv) the validity, enforceability, effectiveness or genuineness of this Credit Agreement, any other Loan Document
      or any other agreement, instrument or document; or (v) the satisfaction of any condition set forth in Section 7 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Administrative Agent.

    
      94

      
        

    

    Section 12.04 Reliance

          by Administrative Agent.  Administrative Agent and Lenders shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
        (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  Administrative Agent also may rely upon any
        statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by
        its terms must be fulfilled to the satisfaction of a Lender, Administrative Agent may presume that such condition is satisfactory to such Lender unless Administrative Agent shall have received notice to the contrary from such Lender prior to the
        making of such Loan. Administrative Agent may consult with legal counsel (who may be counsel for the Borrower Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
        accordance with the advice of any such counsel, accountants or experts.

    Section 12.05 Delegation

          of Duties.  Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative
        Agent and any such sub-agent may perform any and all of their duties and exercise their rights and powers by or through their respective Related Parties. The exculpatory provisions of this Section shall

        apply to any such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility provided for herein as well as
        activities as Administrative Agent. Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that
        Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

    Section 12.06 Resignation of Administrative Agent.  (a)   Administrative Agent may at any time give notice of its resignation to Lenders, the Letter of Credit Issuer, and the Borrower Parties.  Upon receipt of any such notice of
        resignation, the Required Lenders shall have the right, with the consent of the Fund Borrowers (such consent not to be unreasonably withheld or delayed, which consent shall not be required if an Event of Default has occurred and is continuing), to
        appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States and who shall be a “U.S. person” and a “financial institution” within the meaning of Treasury
        Regulations Section 1.1441-1(b)(2)(ii) . If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its
        resignation, (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to)
        on behalf of Lenders and Letter of Credit Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor Administrative Agent has been appointed, such resignation shall become effective in
        accordance with such notice on the Resignation Effective Date.

    (b) If the Person
        serving as the Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Fund Borrowers and such Person and
        remove such Person as Administrative Agent, with the prior written consent (not to be unreasonably withheld, delayed or conditioned) of the Fund Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required
        Lenders and shall have accepted such appointment, within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
        shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

    
      95

      
        

    

    (c) With effect
        from the Resignation Effective Date or the Removal Effective Date (as applicable):  (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in
        the case of any collateral security held by the Administrative Agent on behalf of Lenders and the Letter of Credit Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security
        until such time as a successor Administrative Agent is appointed); and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be
        made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Letter of Credit Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.
        Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other
        than as provided in Section 4.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable),
        and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). Upon the acceptance of
        a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit
        Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit, if
        any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit. The
        fees payable by the Borrower Parties to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower Parties and such successor. After the retiring or removed Administrative
        Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Section and Section 13.06 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their
        respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

    Section 12.07 Notice

          of Default.  No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent has received notice from a Lender or a Borrower Party referring to the Loan Document,
        describing such Default or Event of Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice, and the Administrative Agent shall take such action with respect
        to such Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents.

    Section 12.08 Non-Reliance

          on Administrative Agent and Other Lenders.  Each Lender acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as
        it has deemed appropriate, made its own credit analysis and decision to enter into this Credit Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their
        Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Credit Agreement, any other Loan Document or any
        related agreement or any document furnished hereunder or thereunder.

    
      96

      
        

    

    Section 12.09 No

          Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Lead Arranger or book managers listed on the cover page hereof shall have any powers, duties or responsibilities under this Credit Agreement or any of the other
        Loan Documents, except in its capacity, as applicable, as Administrative Agent or a Lender hereunder.

    Section 12.10 Administrative

          Agent May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party,
        Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made
        any demand on Borrower Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise:

    (a) to file and
        prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Liability and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or
        advisable in order to have the claims of Lenders and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of Lenders and Administrative Agent and their respective agents and counsel and all
        other amounts due Lenders and Administrative Agent under Sections 2.10 and 2.11 and otherwise hereunder) allowed in such judicial proceeding; and

    (b) to collect and
        receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

    (c) any custodian,
        receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to Administrative Agent and, in the event that Administrative Agent shall
        consent to the making of such payments directly to Lenders, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other
        amounts due Administrative Agent hereunder.

    Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of
      reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

    Section 12.11 Collateral

          Matters.  Without limiting the provisions of Section 12.10, Lenders irrevocably authorize Administrative Agent, at its option and in its discretion to release any Lien on any property granted to or held by Administrative Agent under
        any Loan Document:  (a) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations and unasserted expense reimbursement obligations); or (b) that is sold or otherwise disposed of or
        to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document; or (c) subject to Section 13.01, if approved, authorized or ratified in writing by the
        Required Lenders. Upon request by Administrative Agent at any time, the Required Lenders will confirm in writing Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 12.11.
        In each case as specified in this Section 12.11, the Administrative Agent will, at the Fund Borrowers’ reasonable expense, execute and deliver to the Fund Borrowers such documents as the Fund Borrowers may reasonably request to evidence the
        release of Collateral from the collateral assignment and release any security interest or Lien granted under the Loan Documents in accordance with the terms of the Loan Documents and this Section 12.11. The Fund Borrowers shall be
        third-party beneficiaries of the provisions in this Section 12.11.

    
      97

      
        

    

    Section 12.12 Reliance

          by the Borrower Parties. The Borrower Parties shall be entitled to rely upon, and to act or refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by Administrative Agent to
        the Borrower Parties, so long as Administrative Agent is purporting to act in its respective capacity as Administrative Agent pursuant to this Credit Agreement, and the Borrower Parties shall not be responsible or liable to any Lender (or to any
        Participant or to any Assignee), or as a result of any action or failure to act (including actions or omissions which would otherwise constitute defaults hereunder) which is based upon such reliance upon Administrative Agent. The Borrower Parties
        shall be entitled to treat Administrative Agent as the properly authorized Administrative Agent pursuant to this Credit Agreement until the Borrower Parties shall have received notice of resignation, and the Borrower Parties shall not be obligated
        to recognize any successor Administrative Agent until the Borrower Parties shall have received written notification satisfactory to them of the appointment of such successor.

    Section 12.13 Indemnification. 

        Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify, upon demand, the Administrative Agent (to the extent not reimbursed by a Borrower Party and without limiting the obligation of the Borrower Parties to
        do so), ratably in accordance with the respective Lender’s Pro Rata Share, and hold harmless the Administrative Agent from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
        disbursements of any kind whatsoever which may at any time (including at any time following payment in full of the Obligations) be imposed on, incurred by or asserted against it in its capacity as such in any way relating to or arising out of this
        Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by it under or in connection with any of the foregoing;
        provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Person’s gross negligence or
        willful misconduct, or related to another Lender; provided, further, that no action taken in accordance with the directions of the Required Lenders or all Lenders, as applicable, shall be deemed to constitute gross negligence or
        willful misconduct for purposes of this Section 12.13.  Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent and the Letter of Credit Issuer upon demand for its ratable share of any costs or
        out-of-pocket expenses (including attorney costs) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
        of, or legal advice in respect of rights or responsibilities under, this Credit Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on
        behalf of the Borrower Parties. The agreements in this Section 12.13 shall survive the termination of the Commitments, payment of all of the Obligations hereunder and under the other Loan Documents or any documents contemplated by or
        referred to herein or therein, as well as the resignation or replacement of any Agent.

    Section 12.14 Return

          of Certain Payments.

    (a) Each Lender and each Letter of Credit Issuer (and each Participant of any of the foregoing, by its acceptance of a participation) hereby acknowledges and agrees that if the Administrative Agent notifies such Lender or Letter of Credit Issuer
        that the Administrative Agent has determined in its sole discretion that any funds (or any portion thereof) received by such Lender or Letter of Credit Issuer (any of the foregoing, a “Payment
          Recipient”) from the Administrative Agent (or any of its Affiliates) were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) (whether as a
        payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) and demands the return of such Payment, such Payment Recipient shall
        promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment as to which such a demand was made. A notice of the Administrative Agent to any Payment Recipient under this Section

          12.14 shall be conclusive, absent manifest error.

    
      98

      
        

    

    (b) Without limitation of clause (a) above, each Payment Recipient further acknowledges and agrees that if such Payment Recipient receives a Payment from the Administrative Agent (or any of its Affiliates) (x) that is in an amount, or on a date
        different from the amount and/or date specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”), (y)
        that was not preceded or accompanied by a Payment Notice, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, it understands and agrees at the time of
        receipt of such Payment that an error has been made (and that it is deemed to have knowledge of such error) with respect to such Payment. Each Payment Recipient agrees that, in each such case, it shall promptly notify the Administrative Agent of
        such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a
        demand was made.

    (c) Any Payment required to be returned by a Payment Recipient under this Section 12.14 shall be made in same day funds in the currency so received, together with interest
        thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the applicable Overnight Rate and a
        rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. Each Payment Recipient hereby agrees that it shall not assert and, to the fullest extent permitted by
        applicable Law, permitted by applicable Law, hereby waives, any right to retain such Payment, and any claim, counterclaim, defense or right of set-off or recoupment or similar right to any demand by the Administrative Agent for the return of any
        Payment received, including without limitation any defense based on “discharge for value” or any similar doctrine.

    (d) Each Borrower Party hereby agrees that (x) in the event any Payment (or portion thereof) is not recovered from any Lender or any Letter of Credit Issuer that has received such Payment (or portion thereof) for any reason, the Administrative
        Agent shall be subrogated to all the rights of such Lender or Letter of Credit Issuer with respect to such amount and (y) the receipt by any Payment Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
        owed to such Lender or Letter of Credit Issuer by the Borrower Parties.

     

        

     
    ARTICLE XIII 

       

       

        MISCELLANEOUS.

    Section 13.01 Amendments.
        Neither this Credit Agreement nor any other Loan Document, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, other than in accordance with its terms, unless such amendment, waiver, discharge, or termination
        is in writing and signed by Required Lenders or Administrative Agent (based upon the approval of Required Lenders), on the one hand, and the applicable Borrower Parties on the other hand; provided, that, if this Credit Agreement or any other Loan
        Document specifically provides that the terms thereof may be amended, waived, discharged or terminated with the approval of the Administrative Agent, acting alone, or all Lenders, then such amendment, waiver, discharge or termination must be signed
        by the Administrative Agent or all Lenders, as applicable, on the one hand, and the Borrower Parties on the other hand; provided further, that no such amendment, waiver, discharge, or termination shall:

    
      99

      
        

    

    (a) without the
        consent of Administrative Agent and each Lender affected thereby and, if affected thereby, the Letter of Credit Issuer:

    
      	
              (i)

            	
              extend or increase the Commitment of any Lender, or alter the provisions relating to any fees (or any other payments) payable to such Lender (for the avoidance of doubt,
                only the Lender whose Commitment is to be extended or increased shall be deemed affected thereby);

            

    

    
      	
              (ii)

            	
              postpone any date fixed by this Credit Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to
                Lenders (or any of them) hereunder or under any other Loan Document;

            

    

    
      	
              (iii)

            	
              reduce the principal of (except as a result of the application of payments or prepayments), or the rate of interest specified herein on, any Loan, or issue or participate
                in any Letter of Credit, as contemplated in Section 2.07, or reduce any fees or other amounts payable hereunder or under any other Loan Document; provided, however, that only
                the consent of the Required Lenders shall be necessary to amend the definition of Default Rate or to waive any obligation of any Borrower Party to pay interest at the Default Rate;

            

    

    (b) without the
        consent of all Lenders:

    
      	
              (i)

            	
              change Section 11.04 in a manner that would alter the pro rata sharing of payments required thereby;

            

    

    
      	
              (ii)

            	
              release any Liens granted under the Collateral Documents, except as otherwise contemplated herein or therein, and except in connection with the transfer of interests in
                any Fund Borrower permitted hereunder;

            

    

    
      	
              (iii)

            	
              permit the cancellation of the Capital Commitment of any Borrowing Base Investor except as permitted by Section 10.07;

            

    

    
      	
              (iv)

            	
              amend the definition of “Applicable Requirement” or any of the related defined terms;

            

    

    
      	
              (v)

            	
              amend the definition of “Borrowing Base”, “Concentration
                  Limits” or any of the related defined terms;

            

    

    
      	
              (vi)

            	
              amend the definition of “Borrowing Base Investor,” “Included

                  Investor” or any of the related defined terms;

            

    

    
      	
              (vii)

            	
              amend the definition of “Exclusion Event” or any of the related defined terms;

            

    

    
      	
              (viii)

            	
              amend the definition of “Unfunded Commitment” or any of the related defined terms;

            

    

    
      	
              (ix)

            	
              change the percentages specified in the definition of “Required Lenders” or any other provision hereof
                specifying the number or percentage of Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent hereunder;

            

       

      

       

      

      
        100

        
          

      

    

    
      	
              (x)

            	
              consent to the assignment or transfer by any Borrower Party of any of its rights and obligations under (or in respect of) the Loan Documents; or

            

    

    
      	
              (xi)

            	
              amend the terms of this Section 13.01.

            

    

    Notwithstanding the above: (A) no provisions of Section 12 may be amended or modified without the consent of Administrative Agent; and (B) Sections 9
      and 10 specify the requirements for waivers of the affirmative covenants and negative covenants listed therein, and any amendment to any provision of Section 9 or 10 shall require the consent of Lenders or the Letter of Credit
      Issuer, as applicable, that are specified therein as required for a waiver thereof.

    Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder,
      except that (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders):  (x) the Commitment of any
      Defaulting Lender may not be increased or extended without the consent of such Lender; and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender
      disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

    Notwithstanding the fact that the consent of all Lenders and, if applicable, the Letter of Credit Issuer, is required in certain circumstances as set forth above
      and in Section 10:  (1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy
      Code supersede the unanimous consent provisions set forth herein; and (2) the Required Lenders may consent to allow a Borrower Party to use cash collateral in the context of a bankruptcy or insolvency proceeding. Administrative Agent may, after
      consultation with the Borrower Parties, agree to the modification of any term of this Credit Agreement or any other Loan Document to correct any printing, stenographic or clerical errors or omissions that are inconsistent with the terms hereof.

    If Administrative Agent shall request the consent of any Lender and, if applicable, the Letter of Credit Issuer, to any amendment, change, waiver, discharge,
      termination, consent or exercise of rights covered by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by Administrative Agent, as the case may be, such
      Lender shall be deemed to have denied the request. Notwithstanding the above,  no provisions of Section 2.07 may be amended or modified without the consent of the Letter of Credit Issuer.

    Section 13.02 Right

          of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off
        and apply any and all deposits (general or special, time or demand, provisional or final, but excluding deposits held for payroll, tax withholding or in a custodial, trust or fiduciary capacity) at any time held and other obligations at any time
        owing by such Lender or any such Affiliate to or for the credit or the account of any Borrower Party against any and all of the obligations of such Borrower Party now or hereafter existing under this Credit Agreement or any other Loan Document to
        such Lender or its respective Affiliates, irrespective of whether or not Administrative Agent, such Lender or Affiliate shall have made any demand under this Credit Agreement or any other Loan Document and although such obligations of such Borrower
        Party are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any
        such right of setoff: (a) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by such
        Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent and Lenders; and (b) such Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the
        Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and its respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
        that such Lender or its respective Affiliates may have. Each Lender agrees to notify the Borrower Parties and Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not
        affect the validity of such setoff and application.

    
      101

      
        

    

    Section 13.03 Sharing

          of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, resulting in such Lender’s receiving
        payment of a proportion of the aggregate amount of such Loans accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall:

    (a) notify
        Administrative Agent of such fact; and

    (b) purchase (for
        cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by Lenders ratably in accordance with the aggregate amount of
        principal of and accrued interest on their respective Loans and other amounts owing them, provided that:

    
      	
              (i)

            	
              if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or
                subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

            

    

    
      	
              (ii)

            	
              the provisions of this Section shall not be construed to apply to: (x) any payment made by or on behalf of any Borrower Party pursuant to and in accordance with the
                express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting Lender); (y) the application of Cash Collateral provided for in Sections 2.07(h) and 4.08; or (z) any
                payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans and Letters of Credit to any Assignee or Participant, other than an assignment to any Borrower Party (as to which the
                provisions of this Section shall apply).

            

    

    Each Borrower Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the
      foregoing arrangements may exercise against such Borrower Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower Party in the amount of such participation.

    Section 13.04 Payments

          Set Aside.  To the extent that any Borrower Party makes a payment to Administrative Agent or any Lender, or Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof
        is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any
        other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then: (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and
        effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by Administrative Agent,
        plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable Currency of such
        recovery or payment. The obligations of Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Credit
        Agreement.

    
      102

      
        

    

    Section 13.05 No

          Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall
        operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
        remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

    Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other
      Loan Documents against the Borrower Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, Administrative Agent in
      accordance with Section 11.02 for the benefit of all Lenders; provided, however, that the foregoing shall not prohibit:  (a) Administrative Agent from exercising on its own behalf the rights and remedies that inure to its
      benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents; (b)  any Lender from exercising setoff rights in accordance with Section 13.02 (subject to the terms of Section 13.03); or (c) any
      Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Borrower Party under any Debtor Relief Law; and provided, further, that if at any time there is
      no Person acting as Administrative Agent hereunder and under the other Loan Documents; then: (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 11.02; and (ii) in addition to the
      matters set forth in clauses (b), and (c) of the preceding proviso and subject to Section 13.03, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
      the Required Lenders.

    Section 13.06 Expenses;

          Indemnity; Damage Waiver.  (a)  Costs and Expenses.  The Fund Borrowers jointly and severally, shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent and its Affiliates (including the
        reasonable and documented fees, charges and disbursements of one (1) outside counsel and one (1) counsel in each reasonably necessary local jurisdiction for the Administrative Agent, in connection with the preparation, negotiation, execution,
        delivery, syndication and administration of this Credit Agreement and the other Loan Documents and any amendments, modifications, addition of Investors, amendments to any Constituent Document, joinder of a Borrower Party, or waivers of the
        provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out of pocket expenses incurred by the Letter of Credit Issuer in connection with the issuance,
        amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all documented out of pocket expenses incurred by the Administrative Agent, any Lender or the Letter of Credit Issuer (including the fees,
        charges and disbursements of one (1) outside counsel  and one (1) counsel in each reasonably necessary local jurisdiction for each of the Administrative Agent, any Lender or the Letter of Credit Issuer, in connection with the enforcement or
        protection of its rights (A) in connection with this Credit Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of
        pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

    
      103

      
        

    

    (b) Indemnification

          by Borrower Parties.  The Borrower Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Letter of Credit Issuer, and each Related Party of any of the foregoing Persons (each such Person being
        called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including any Environmental
        Liabilities or Environmental Liens), damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including
        the Borrower Parties or any other Borrower Party), other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Credit Agreement, any other Loan Document or any
        agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby (including the Credit
        Facility), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Letter of Credit Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection
        with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by any Borrower Party or any Subsidiary thereof, or
        any Environmental Liability or Environmental Lien related in any way to any Borrower Party or any Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
        tort or any other theory, whether brought by a third party or by any Borrower Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, (v) any action taken in connection with this Credit Agreement, including,
        but not limited to, the payment of principal, interest and fees, or (vi) any claim (including any Environmental Liabilities or Environmental Liens), investigation, litigation or other proceeding (whether or not the Administrative Agent or any
        Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Credit Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the
        transactions contemplated hereby or thereby, including reasonable and documented attorneys’ fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
        related expenses are determined by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee.

    (c) Reimbursement

          by Lenders.  To the extent that any Borrower Party for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to Administrative Agent (or any sub-agent thereof),
        the Letter of Credit Issuer or any Related Party of any of the foregoing (but without releasing such Borrower Party from its obligation to do so), each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), the Letter of
        Credit Issuer or such Related Party, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (including any such unpaid amount in
        respect of a claim asserted by such Lender), provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such
        sub-agent), the Letter of Credit Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for Administrative Agent (or any such sub-agent) or the Letter of Credit Issuer in connection with such capacity. The
        obligations of Lenders under this subsection (c) are several.

    (d) Payments.
        All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

    (e) This Section
        shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc., arising from any non-Tax claim.

    (f) Survival.
        The agreements in this Section shall survive the resignation of Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Obligations.

    
      104

      
        

    

    Section 13.07 Notices. 

        (a)  Notices Generally.  Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized
        herein to be given) and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax as follows, except where electronic delivery is authorized and all notices and other communications expressly
        permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

    
      	
              (i)

            	
              if to any Borrower Party or Administrative Agent, at its notice address and numbers set forth on Schedule 13.07 attached hereto; provided, however,
                that notices to be delivered to any Borrower Party may be sent to the attention of the Initial Borrower, and notices from any Borrower Party may be delivered by the Initial Borrower, and, in furtherance of the foregoing, each other Borrower
                Party hereby appoints the Initial Borrower as its duly appointed agent and attorney-in-fact to act in its stead for such purposes under this Credit Agreement and the other Loan Documents, and agrees that it shall be liable for, and bound
                by, any and all actions of the Initial Borrower so made or taken. If to any Lender (other than directly from Administrative Agent), in care of Administrative Agent (which shall promptly provide a copy thereof to each Lender), at its notice
                address and numbers set forth on Schedule 13.07 attached hereto. Each Lender agrees to provide to Administrative Agent a written notice stating such Lender’s address, fax number, telephone number, email address and the name of a
                contact person, and Administrative Agent may, unless otherwise provided herein, rely on such written notice for purposes of delivering any notice, demand, request or other communication under this Credit Agreement or any other Loan Document
                to such Lender unless and until a Lender provides Administrative Agent with a written notice designating a different address, fax number, telephone number, email address or contact person.

            

    

    
      	
              (ii)

            	
              any party may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this Section 13.07. With
                respect to any notice received by Administrative Agent from any Borrower Party or any Investor not otherwise addressed herein, Administrative Agent shall notify Lenders promptly of the receipt of such notice, and shall provide copies
                thereof to Lenders. When determining the prior days’ notice required for any Loan Notice or other notice to be provided by a Borrower Party or an Investor hereunder, the day the notice is delivered to Administrative Agent (or such other
                applicable Person) shall not be counted, but the day of the related Credit Extension or other relevant action shall be counted.

            

    

    (b) Effectiveness

          of Delivery. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by fax shall be deemed to have been given when sent (except that, if not
        given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices sent via telephone, shall be deemed to have been given on the day and at the
        time reciprocal communication (i.e., direct communication between two or more persons, which shall not include voice mail messages) with one of the individuals designated to receive notice occurs during a
        call to the telephone number or numbers indicated for such party. Notices delivered through electronic communications to the extent provided in subsection (c) below, shall be effective as provided in such subsection (c).

    (c) Electronic
          Communications. Notices and other communications to Lenders and the Letter of Credit Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures
        approved by Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to Section 2.02 if such Lender or the Letter of Credit Issuer, as applicable, has
        notified Administrative Agent that it is incapable of receiving notices under such Section by electronic communication. Administrative Agent or the Borrower Parties may, each in its discretion, agree to accept notices and other communications to it
        hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

    
      105

      
        

    

    (d) Effectiveness

          of E-mail Notice. Unless Administrative Agent otherwise prescribes: (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as
        by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
        recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
        therefor; provided that for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have
        been sent at the opening of business on the next Business Day for the recipient.

    (e) Reliance by
          Administrative Agent and Lenders. Administrative Agent and Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices) purportedly given by or on behalf of the Borrower Parties even if:
        (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein; or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
        thereof. The Borrower Parties shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given
        by or on behalf of any Borrower Party. All telephonic notices to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording.

    Section 13.08 Governing

          Law.

    (a) GOVERNING
          LAW.  THIS CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN
        DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY
        CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

    (b) SUBMISSION
          TO JURISDICTION.  EACH BORROWER PARTY AND EACH OTHER PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF
        THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH BORROWER PARTY AND EACH OTHER PARTY HERETO AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY
        BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH BORROWER PARTY AND EACH OTHER PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR
        PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS CREDIT AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE
        AGENT OR ANY LENDER, OR ANY BORROWER PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OTHER PARTY HERETO, ANY INVESTOR OR ITS RESPECTIVE PROPERTIES IN THE COURTS OF
        ANY JURISDICTION.

    
      106

      
        

    

    (c) WAIVER OF
          VENUE. EACH BORROWER PARTY AND EACH OTHER PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR
        PROCEEDING ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
        LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

    (d) SERVICE OF
          PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 13.07.  NOTHING IN THIS CREDIT AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
        MANNER PERMITTED BY APPLICABLE LAW.

    (e) WAIVER OF
          CONSEQUENTIAL DAMAGES, ETC. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO SHALL NOT ASSERT, AND EACH PARTY HEREBY WAIVES, AND ACKNOWLEDGES THAT NO OTHER PERSON SHALL HAVE ANY CLAIM AGAINST ANY INDEMNITEE, ON ANY THEORY
        OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS CREDIT AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT
        CONTEMPLATED HEREBY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREOF. NO INDEMNITEE REFERRED TO IN SECTION 13.06(B) ABOVE SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE
        BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED TO SUCH UNINTENDED RECIPIENTS BY SUCH INDEMNITEE THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS CREDIT AGREEMENT OR
        THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OTHER THAN FOR DIRECT OR ACTUAL DAMAGES RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE AS DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT OF
        A COURT OF COMPETENT JURISDICTION.

    Section 13.09 WAIVER

          OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CREDIT
        AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
        REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT
        AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

    
      107

      
        

    

    Section 13.10 Invalid

          Provisions.  If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future Laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit
        Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect and
        shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and
        intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit
        Agreement shall prevail.

    Section 13.11 Successors

          and Assigns.  (a)  Successors and Assigns Generally.  The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except
        that no Borrower Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except:
        (i) to an Eligible Assignee in accordance with the provisions of clause (b) of this Section 13.11; (ii) by way of participation in accordance with the provisions of clause (e) of this Section 13.11; or (iii) by way
        of pledge or assignment, or grant, of a security interest subject to the restrictions of clause (f) of this Section 13.11 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this
        Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in clause (e) of this Section 13.11,
        and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement.

    (b) Assignments
          by Lenders.  Any Lender may at any time assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Credit Agreement (including
        all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

    
      	
              (i)

            	
              Minimum Amounts.

            

    

    
      	
              (A)

            	
              in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to it or contemporaneous assignments to
                related Approved Funds that equal at least the amount specified in clause (b)(i)(B) of this Section 13.11 in

                the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

            

    

    
      	
              (B)

            	
              in any case not described in subclause (A) above, the aggregate amount of the Commitments (which for this purpose includes Loans outstanding thereunder) or, if the
                Commitments are not then in effect, the principal outstanding balance of the Loans subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent
                or, if “Trade Date” is specified in the Assignment and Assumption, as of such Trade Date, shall not be less than $5,000,000 unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, each Fund
                Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

            

       

      

       

      

      
        108

        
          

      

    

    
      	
              (ii)

            	
              Proportionate Amounts.  Each partial assignment shall be made as an assignment of
                  a proportionate part of all the assigning Lender’s rights and obligations under this Credit Agreement with respect to the Loans or the Commitment assigned.

            

    

    
      	
              (iii)

            	
              Required Consents.  No consent shall be required for any assignment except to the
                  extent required by subsection (b)(i)(B) of this Section and, in addition:

            

    

    
      	
              (A)

            	
              the prior written consent of the Fund Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless:  (1) an Event of Default has occurred
                and is continuing at the time of such assignment; or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund, or is made pursuant to Section 13.11(f); provided that, the Fund Borrowers shall be
                deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

            

    

    
      	
              (B)

            	
              the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an
                Affiliate of such Lender or an Approved Fund with respect to such Lender; and

            

    

    
      	
              (C)

            	
              the consent of the Letter of Credit Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

            

    

    
      	
              (iv)

            	
              Assignment and Assumption.  The parties to each assignment shall execute and
                  deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that Administrative Agent
                  may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The Assignee, if it is not a Lender, shall deliver to Administrative Agent an administrative questionnaire.

            

    

    
      	
              (v)

            	
              No Assignment to Certain Persons. No such assignment shall be made: (A) to a
                  Borrower Party or any Affiliate or Subsidiary of any Borrower Party; (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in
                  this clause (B); or (C) to a natural person.

            

    

    
      	
              (vi)

            	
              Borrower Requested Assignments.  Each assignment made as a result of a demand by
                  the Borrower Parties under Section 13.12 shall be arranged by the Borrower Parties after consultation with Administrative Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under
                  this Credit Agreement or an assignment of a portion of such rights and obligations made concurrently with another assignment or assignments that together constitute an assignment of all of the rights and obligations of the assigning
                  Lender.

            

    

    
      	
              (vii)

            	
              Certain Additional Payments.  In connection with any assignment of rights and
                  obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to such assignment shall make such additional payments to
                  Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the Assignee of participations or subparticipations, or other compensating actions, including
                  funding, with the consent of the Fund Borrowers and Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by such Defaulting Lender, to each of which the
                  applicable Assignee and assignor hereby irrevocably consent), to: (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent, the Letter of Credit Issuer or any Lender hereunder (and
                  interest accrued thereon) and (B) acquire (and fund as appropriate) its full pro rata share of the applicable Loans and participations in Letters of Credit in accordance with its Pro Rata Share.
                  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the
                  Assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Credit Agreement until such compliance occurs.

            

       

      

       

      

      
        109

        
          

      

    

    (c) Effect of
          Assignment.  Subject to acceptance and recording thereof by Administrative Agent pursuant to clause (d) of this Section 13.11, from and after the effective date specified in each Assignment and Assumption, the Assignee
        thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder shall,
        to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Credit Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
        under this Credit Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits and obligations of Sections 4.01, 4.05, 4.06 and 13.06 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,
        that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
        Upon request, each applicable Borrower Party (at its expense) shall execute and deliver a Note to the Assignee, and the applicable existing Note or Notes shall be returned to the applicable Borrower Party. Any assignment or transfer by a Lender of
        rights or obligations under this Credit Agreement that does not comply with this subsection shall be treated for purposes of this Credit Agreement as a sale by such Lender of a
        participation in such rights and obligations in accordance with clause (e) of this Section.

    (d) Register. 

        Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower Parties (such agency being solely for Tax purposes), shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to
        it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms
        hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and each Borrower Party, Administrative Agent and Lenders shall treat each
        Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Credit Agreement. The Register is intended to cause each Loan and other obligation hereunder to be in registered form within
        the meaning of Section 5f.103-1(c) of the U.S. Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Borrower Parties and any Lender, at any
        reasonable time and from time to time upon reasonable prior notice.

    (e) Participations. 

        Any Lender may at any time, without the consent of, or notice to, any Borrower Party or Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender, or a Borrower Party or any Affiliate or Subsidiary
        thereof) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans
        owing to it); provided that:  (i) such Lender’s obligations under this Credit Agreement shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and
        (iii) each Borrower Party, Administrative Agent, the Letter of Credit Issuer 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 Credit Agreement. For
        the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 13.06(c) without regard to the existence of any participation.

    
      110

      
        

    

    Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Credit
      Agreement and to approve any amendment, modification or waiver of any provision of this Credit Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
      amendment, waiver or other modification described in the second proviso to Section 13.01 that directly affects such Participant. Each Borrower Party agrees that each Participant shall be entitled to the benefits and subject to the obligations
      and limitations of Sections 4.01, 4.05, and 4.06 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section 13.11 (it being understood that the
      documentation required under Section 4.01(e) shall be delivered to the Lender who sells the participation, in addition to the Borrower Parties and Administrative Agent) to the same extent as if it were a Lender and had acquired its interest
      by assignment pursuant to clause (b) of this Section 13.11; provided that such Participant: (A) agrees to be subject to the provisions of Sections 4.07 and 13.12 as if it were an Assignee under clause (b)
      of this Section; and (B) shall not be entitled to receive any greater payment under Sections 4.01, 4.05,  or 4.06 with

      respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after
      the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower Parties’ request and expense, to use reasonable efforts to cooperate with the Borrower Parties to effectuate the provisions of Section 4.07
      with respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 13.02 as though it were a Lender, provided such Participant agrees to be subject to Section 13.03
      as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower Parties, maintain a register complying with the requirements of Sections 163(f), 871(h) and 881(c)(2) of the Code and
      the Treasury regulations issued thereunder on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
      the identity of any Participant or any information relating to a Participant’s interest in any Commitment, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
      to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The entries
      in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit Agreement
      notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

    (f) Certain
          Pledges.  Any Lender may at any time pledge or assign or grant a security interest in all or any portion of its rights under this Credit Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge
        or assignment, or grant of a security interest, to secure obligations to a Federal Reserve Bank or other central bank; provided that no such pledge or assignment, or grant of a security interest, shall release such Lender from any of its
        obligations hereunder or substitute any such pledgee or assignee or grantee for such Lender as a party hereto.

    Section 13.12 Replacement

          of Lender.  If any Borrower Party is entitled to replace a Lender pursuant to the provisions of Section 4.07, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower Parties may, at their sole expense and
        effort, upon notice to such Lender and Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 13.11), all of its
        interests, rights (other than its existing rights to payments pursuant to Sections 4.01 and 4.05) and obligations under this Credit Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations
        (which Assignee may be another Lender, if a Lender accepts such assignment), provided that:

    
      111

      
        

    

    (a) the Borrower
        Parties shall have paid to Administrative Agent the assignment fee (if any) specified in Section 13.11(b); provided, however, that Administrative Agent may, in its sole discretion, elect to waive such assignment fee in the
        case of any assignment;

    (b) such Lender
        shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.06)
        from the Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower Parties (in the case of all other amounts);

    (c) in the case of
        any such assignment resulting from a claim for compensation under Section 4.05 or payments required to be made pursuant to Section 4.01, such assignment will result in a reduction in such compensation or payments thereafter; and

    (d) such assignment
        does not conflict with applicable Laws.

    A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
      entitling the Borrower Parties to require such assignment and delegation cease to apply.

    Section 13.13 Maximum

          Interest.  Regardless of any provision contained in any of the Loan Documents, Lenders shall never be entitled to receive, collect or apply as interest on the Obligations any amount in excess of the Maximum Rate, and, in the event that
        Lenders ever receive, collect or apply as interest any such excess, the amount which would be excessive interest shall be deemed to be a partial prepayment of principal and treated hereunder as such; and, if the principal amount of the Obligations
        is paid in full, any remaining excess shall forthwith be paid to the applicable Borrower Party. In determining whether or not the interest paid or payable under any specific contingency exceeds the Maximum Rate, each Borrower Party and Lenders
        shall, to the maximum extent permitted under applicable Law:  (a) characterize any non-principal payment as an expense, fee or premium rather than as interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate,
        allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Obligations so that the interest rate does not exceed the Maximum Rate; provided that, if the Obligations are paid and
        performed in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Maximum Rate, Lenders shall refund to the applicable Borrower Party the amount of such
        excess or credit the amount of such excess against the principal amount of the Obligations and, in such event, Lenders shall not be subject to any penalties provided by any Laws for contracting for, charging, taking, reserving or receiving interest
        in excess of the Maximum Rate. As used herein, the term “applicable Law” shall mean the Law in effect as of the Closing Date; provided, however, that in the event there is
        a change in Law which results in a higher permissible rate of interest, then the Loan Documents shall be governed by such new Law as of its effective date.

    Section 13.14 Headings. 

        Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.

    
      112

      
        

    

    Section 13.15 Survival

          of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
        delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Administrative Agent, the Letter of Credit Issuer and each Lender, regardless of any investigation made by Administrative Agent, the Letter of
        Credit Issuer or any Lender or on their behalf and notwithstanding that Administrative Agent, the Letter of Credit Issuer or any Lender may have had notice or knowledge of any Default or Event of Default at the time of any Credit Extension, and
        shall continue in full force and effect as long as any Loan, any issuance of Letter of Credit or any other Obligation hereunder shall remain unpaid or unsatisfied.

    Section 13.16 Limited

          Liability of Investors.  None of the Investors, shall have any personal, partnership, corporate or trust liability for the payment or performance of the Obligations.  Nothing contained in this Section 13.16 or in any of the other
        provisions of the Loan Documents shall be construed to limit, restrict, or impede the obligations, the liabilities, and indebtedness of any Borrower Party, or of any Investor to make its Capital Contributions to any Fund Borrower in accordance with
        the terms of the applicable Constituent Document and its Subscription Agreement. Notwithstanding anything contained in this Section 13.16, the payment and performance of the Obligations shall be fully recourse to Borrower Parties and their
        respective properties and assets.

    Section 13.17 Confidentiality. 

        Each of Administrative Agent and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed:  (a) to its Affiliates and to its Related Parties (it being understood that the
        Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have
        jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable Laws or regulations or by any subpoena or similar
        legal process; (d) to any other party to this Credit Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Credit Agreement or the enforcement of rights hereunder; (f) to any
        pledgee under Section 13.11(f); (g) subject to an agreement containing provisions substantially the same as those of this Section, to: (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant
        in, any of its rights and obligations under this Credit Agreement; or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to Borrower Parties
        and their obligations, this Credit Agreement or payments hereunder; (h) with the consent of the applicable Borrower Party; or (i) to the extent such Information: (x) becomes publicly available other than as a result of a breach of this Section;
        (y) becomes available to Administrative Agent or any Lender on a non-confidential basis from a source other than a Borrower Party; or (z) was independently developed by Administrative Agent or any Lender. For the purposes of this Section, “Information” means all information received from any Fund Borrower relating to any Fund Borrower or its business, other than any such information that is available to Administrative Agent or
        any Lender on a non-confidential basis prior to disclosure by such Person. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
        considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. The agreements in
        this Section 13.17 shall survive the termination of the Commitments, payment of all of the Principal Obligations hereunder and under the other Loan Documents or any documents
        contemplated by or referred to herein or therein for a period of two (2) years following such termination.

    Section 13.18 Customer

          Identification Notice.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Borrower Party that U.S. law requires each U.S. Lender and the Administrative Agent to obtain, verify and
        record information that identifies each Borrower Party (and in certain circumstance the beneficial owners thereof), which information includes the name and address of each Borrower Party (and beneficial owner) and other information that will allow
        such Lender or the Administrative Agent, as applicable, to identify each Borrower Party (and beneficial owner).

    
      113

      
        

    

    Section 13.19 No

          Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower Party
        acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:  (a)(i) the arranging and other services regarding this Credit Agreement provided by the Agents and Lenders, are arm’s-length commercial transactions between each
        Borrower Party and their respective Affiliates, on the one hand, and the Agents and Lenders, on the other hand; (ii) each Borrower Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;
        and (iii) each Borrower Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) the Agents and each Lender each is and has been
        acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Borrower Party or any of their respective Affiliates, or any
        other Person; and (ii) no Agent nor any Lender has any obligation to any Borrower Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other
        Loan Documents; and (c) the Agents, Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of any Borrower Party and their respective Affiliates, and no Agent nor any
        Lender has any obligation to disclose any of such interests to any Borrower Party or any of their respective Affiliates. To the fullest extent permitted by Law, each Borrower Party hereby waives and releases any claims that it may have against an
        Agent and any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

    Section 13.20 Judgment

          Currency.  If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in
        accordance with normal banking procedures Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower Party in respect of any
        such sum due from it to Administrative Agent or Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than
        that in which such sum is denominated in accordance with the applicable provisions of this Credit Agreement (the “Agreement Currency”), be discharged only to the extent that on the
        Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. 
        If the amount of the Agreement Currency so purchased is less than the sum originally due to Administrative Agent from any Borrower Party in the Agreement Currency, such Borrower Party agrees, as a separate obligation and notwithstanding any such
        judgment, to indemnify Administrative Agent or the Person to whom such obligation was owing, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to Administrative Agent in such Currency,
        Administrative Agent agrees to return the amount of any excess to such Borrower Party (or to any other Person who may be entitled thereto under applicable Law).

    Section 13.21 Electronic

          Execution.  The words “execute,” “execution,” “signed,” “signature,” and words of like import in the Credit Agreement or any Loan Document shall be deemed to include electronic signatures, the electronic matching of assignment terms and
        contract formations on electronic platforms approved by Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as an original manually executed signature or
        the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
        and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act.

    
      114

      
        

    

    Section 13.22 Counterparts;

          Integration; Effectiveness.  This Credit Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
        a single contract. This Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and
        supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 7.01, this Credit Agreement shall become effective when it shall have been executed by
        Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Credit
        Agreement by fax or other electronic imaging means shall be effective as delivery of an original manually executed counterpart of this Credit Agreement.

    Section 13.23 Full

          Recourse.  The payment and performance of the Obligations shall be fully recourse to the Fund Borrowers and their properties and assets. Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, but subject to
        this Section 13.23, the Obligations shall not be recourse to any Investor (provided that, for the avoidance of doubt, nothing in this Section 13.23 is in any way intended to limit or reduce any Investor’s obligations to fund
        its Capital Commitment under the related Constituent Document, and the Secured Parties’ rights to enforce the same pursuant to this Credit Agreement and the Collateral Documents) or any of their Affiliates (other than the Fund Borrowers) or any of
        their respective past, present or future direct or indirect members, partners, shareholders, officers, directors, agents or employees (the “Non-Recourse Parties”) and the Agents and
        Lenders shall not have the right to pursue any claim or action (including arbitration proceeding) against the Non-Recourse Parties.

    Section 13.24 Term

          of Agreement.  This Credit Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other
        Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired and all Commitments have been terminated. No termination of this Credit Agreement shall affect the rights
        and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Credit Agreement which survives such termination. For the avoidance of doubt, this Credit Agreement shall remain in full force and effect
        after the Maturity Date if any Letters of Credit remain outstanding, even if Cash Collateralized.

    Section 13.25 Acknowledgement

          and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
        liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to,
        and acknowledges and agrees to be bound by:

    (a) the application
        of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

    (b) the effects of
        any Bail-In Action on any such liability, including, if applicable:

    
      115

      
        

    

    
      	
              (i)

            	
              a reduction in full or in part or cancellation of any such liability;

            

    

    
      	
              (ii)

            	
              a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a
                bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Credit Agreement or
                any other Loan Document; or

            

    

    
      	
              (iii)

            	
              the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

            

    

    Remainder of page intentionally left blank.

      Signature pages follow.

    
      116

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be duly executed as of the day and year first above written.

     

      

    
       

    

    
      FUND BORROWERS: 

      

       

        

       
        AGTB PRIVATE BDC, a Delaware statutory trust

         

          

         By: /s/ Terrence Walters

        Name:  Terrence Walters

        Title: Chief Financial Officer and Treasurer 

      

    

    

    

     

    

     

    

     

    

     

    

    Signature Page to

      Revolving Credit Agreement

    
      
        

    

    

    

    Acknowledged and agreed to with respect to Section 5.04 only:

     

    

    
       

        

      
         

      

      INVESTMENT ADVISOR:
         

          

        
          AGTB FUND MANAGER, LLC, a Delaware limited liability company

           

          

          By: Angelo, Gordon & Co., L.P., its manager 

           

            

           /s/ Gregory Shalette

          Name:  Gregory Shalette

          Title: Authorized Signatory

        

      

      

      

       

      

       

      

       

      

       

      

      Signature Page to

        Revolving Credit Agreement

      
        
          

      

    

    

    Acknowledged and agreed to with respect to Section 5.04 only:

    

    

    

    
    ADMINISTRATOR:
       

        

      
        AGTB FUND MANAGER, LLC, a Delaware limited liability company

         

        

        By: Angelo, Gordon & Co., L.P., its manager 

         

          

         /s/ Gregory Shalette

        Name:  Gregory Shalette

        Title: Authorized Signatory

      

    

    

    

     

    

     

    

     

    

     

    

    Signature Page to

      Revolving Credit Agreement

    
      
        

    

    

      
      
        ADMINISTRATIVE AGENT:

         

          

        MORGAN STANLEY ASSET FUNDING INC.,

         as Administrative Agent and Sole Lead Arranger

         

        

        /s/ Keenan McBride
          Name:  Keenan McBride

          Title: Authorized Signatory

        

      

      

      

       

      

       

      

       

      

       

      

      Signature Page to

        Revolving Credit Agreement

    

    

    
      
        

    

    
      

        
        
          
            LENDERS:

          

           

            

          MORGAN STANLEY BANK, N.A.,

           as Letter of Credit Issuer and a Lender

           

          

          /s/ Breno Brown-Leao
          
            Name:  Breno Brown-Leao

            Title: Authorized Signatory

          

        

        

        

         

        

         

        

         

        

         

        

        Signature Page to

          Revolving Credit Agreement

      

    

    

    

    

    
      
        

    

    

    

    Schedule 1.01A

    LENDER COMMITMENTS

    	
            
               

              Name of Committed Lender

            

          	 	
            
               

              Commitment

            

          	 	
            
               

              Applicable Percentage

            

          
	
            Morgan Stanley Bank, N.A.

          	 	
            $75,000,000

          	 	
            100%

          
	
            TOTAL:

          	 	
            $75,000,000

          	 	
            100%

          

    

    

    

    

    

    

    

    

    Schedule 1.01A 

    
      
        

    

    

    

    Schedule 1.01B

    COLLATERAL ACCOUNTS

    	
            
               

              Borrower Party

            

          	 	
            
               

              Bank

            

          	 	
            
               

              ABA Number

            

          	 	
            
               

              Collateral Account No.

            

          
	
            AGTB Private BDC

          	 	
            Bank of America N.A.

          	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Schedule 1.01B

    

     
    

    

    
      
        

    

    

    

    Schedule 8.13

    JURISDICTIONS OF BORROWER PARTIES

    	
            
               

              Borrower Party

            

          	 	
            
               

              Jurisdiction

            

          
	
            AGTB Private BDC

          	 	
            Delaware

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Schedule 8.13

    

    
      
        

    

    

    

    Schedule 13.07

    ADDRESSES FOR NOTICE

    If to any Borrower Party:

       

    

      

     245 Park Avenue, 26th

     FloorNew York, NY 10167

      Attention:  Jeffrey Frank

     
    Telephone: (212) 692-2000

     
    Email:  jfrank@angelogordon.com

    With a copy (which shall not be considered notice) to:

      

      Ropes & Gray LLP

      800 Boylston Street

      Prudential Tower

      Boston, MA 02199

      Attention:  Dan Coyne

      Telephone:  (617) 951-7152

      Email:  Daniel.coyne@ropesgray.com

    If to the Administrative Agent:

      

      Morgan Stanley Asset Funding Inc.

      1585 Broadway, 24th Floor

      New York, New York  10036

      Attention:  David E. Wasserman

           Keenan McBride

      Fax:  (718) 233-2404

      Email:   spglending-ccsf@morganstanley.com

       keenan.mcbride@morganstanley.com

    With a copy to (which shall not constitute notice hereunder):

      

      

      Cadwalader, Wickersham & Taft LLP

      650 S Tyron Street, Suite 1400

      Charlotte, North Carolina  28202

      Attention:  Wesley Misson

      Telephone:  (704) 348-5160

      Facsimile:  (704) 348-5200

      Email:  wesley.misson@cwt.com

     

    

    Schedule 13.07 

    
      

      

    

    
      
        

    

    
      

      

      EXHIBIT A

        

        

        Schedule of Investors / Form of Borrowing Base Certificate

      

      

      [DATE]

      Morgan Stanley Asset Funding Inc.

        1585 Broadway, 24th Floor

        New York, New York 10036

        Attention:          David E. Wasserman and Keenan McBride

        Facsimile:          (718) 233-2404

        Email:               spglending-ccsf@morganstanley.com

         keenan.mcbride@morganstanley.com

      	RE:	
              That certain Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
                AGTB Private BDC, a Delaware statutory trust (the “Initial Borrower”), the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding
                Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
                Lender.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

            

      Ladies and Gentlemen:

      This certificate is executed and delivered by the Fund Borrowers to the Administrative Agent pursuant to Section [7.02(c)]1[9.01(d)]2 of the Credit Agreement.

      I, _________________, as a Responsible Officer of the Fund Borrowers do hereby certify, to the Administrative Agent, in my capacity as an officer and not
        individually that the Schedule of Investors and the calculation of the Borrowing Base attached hereto as Exhibit A is true and correct in all material respects.

       [SIGNATURE PAGE FOLLOWS]

      

        

      
      

      1 [Include if delivered in connection with a Request for Borrowing or Request for Letter of Credit.]

      2 [Include if delivered in connection with any of the events specified in Section 9.01(d) of the Credit agreement.]

       

      

       

      

      A-1

      

      
        
          

      

      The undersigned, in [his or her] capacity as an officer and not individually, hereby certifies each and every matter contained herein to be true and correct in all material
        respects as of the date listed on the first page of this Borrowing Base Certificate.

       

      

      
         

      

      
        
          AGTB PRIVATE BDC, a Delaware statutory trust

           

          

          By: ____________________________________

          

          Name:

          

          Title: 

        

      

      

      

      

      

      

      Exhibit A-1 

      

      

      
        
          

      

      

      

      EXHIBIT B

        

        

        FORM OF REVOLVING CREDIT NOTE

      __________, 20__

      
        	
                1.

              	
                FOR VALUE RECEIVED, [AGTB PRIVATE BDC, a Delaware statutory trust] (“Maker”),
                  hereby unconditionally promises to pay _____________ (“Payee”), at the principal office of Morgan Stanley Asset Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties under the Credit Agreement referred to below, or such other office as Administrative Agent designates in writing to Maker, the
                  unpaid principal amount of the Loans, together with accrued interest thereon, in lawful money of the United States of America.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

              

      

      
        	
                2.

              	
                The unpaid principal amount of this promissory note (this “Note”) shall be payable in accordance with the terms of the
                  Credit Agreement.

              

      

      
        	
                3.

              	
                The unpaid principal amount of this Note shall bear interest from the date of borrowing until maturity and such interest on this Note shall be due and payable in accordance with the terms
                  of the Credit Agreement.

              

      

      
        	
                4.

              	
                All Borrowings and continuations of Loans hereunder, and all payments made with respect thereto, may be recorded by Payee from time to time on grid(s) which may be attached hereto, or
                  Payee may record such information by such other method as Payee may generally employ; provided, however, that failure to make any such entry shall in no
                  way reduce or diminish Maker’s obligations hereunder.  The aggregate unpaid amount of all Borrowings and continuations of Loans set forth on grid(s) which may be attached hereto shall be rebuttably presumptive evidence (absent manifest
                  error) of the unpaid principal amount of this Note or under the Credit Agreement.

              

      

      
        	
                5.

              	
                This Note has been executed and delivered pursuant to that certain Revolving Credit Agreement, dated as of June 10, 2022 (as amended, modified, supplemented, or restated from time to time,
                  the “Credit Agreement”), by and among, inter alios, AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party
                  thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as Administrative Agent for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender, and is
                  one of the “Notes” referred to therein.  This Note evidences Loans made under the Credit Agreement, and the holder of this Note shall be entitled to the benefits provided
                  in the Credit Agreement.  Reference is hereby made to the Credit Agreement for a statement of:  (a) the obligation of Payee to make advances thereunder; (b) the prepayment rights and obligations of Maker; (c) the collateral for the
                  repayment of this Note; and (d) the events upon which the maturity of this Note may be accelerated.  Maker may borrow, repay and reborrow upon the terms and conditions specified in the Credit Agreement.

              

      

      
        	
                6.

              	
                If this Note, or any installment or payment due hereunder, is not paid when due and payable, whether at maturity or by acceleration, or if it is collected through a bankruptcy, probate or
                  other court, whether before or after maturity, Maker agrees to pay all reasonable and documented out-of-pocket costs of collection incurred by the holder hereof and costs of appeal as provided in the Credit Agreement.  All past-due
                  principal of, and, to the extent permitted by applicable Law, past-due interest on, this Note shall bear interest until paid at the Default Rate to the extent provided in the Credit Agreement.

              

         

          

         

          

        B-1

        

        
          
            

        

      

      
        	
                7.

              	
                To the extent permitted by applicable laws, Maker and all sureties, endorsers, guarantors and other parties ever liable for payment of any sums payable pursuant to the terms of this Note,
                  each hereby waive any notice or defense as provided in the Credit Agreement.

              

      

      
        	
                8.

              	
                Pursuant to Section 5-1401 of the New York General Obligations Law, the substantive laws of the State of New York, without regard to the choice
                  of law principles that might otherwise apply, and the applicable federal Laws of the United States of America, shall govern the validity, construction, enforcement and interpretation of this Note.

              

      

      
        	
                9.

              	
                Reference is hereby made to Section 13.16 of the Credit Agreement regarding the non-personal liability of the Investors, the provisions of which
                  are hereby incorporated by reference in this Note as if fully set forth herein, for the payment and performance of Maker’s obligations hereunder.

              

      

      [SIGNATURE PAGE FOLLOWS]

      

      

      
         

        

         

        

        B-2

      

      
        
          

      

      

      

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

       

      

       

      

      
         

      

      
        
          MAKER:

           

            

           
            [AGTB PRIVATE BDC, a Delaware statutory trust

             

            

            By: ___________________________________

              

            Name:

              

            Title:] 

            

          

        

      

      

      

      

      

      

      

      

      

      
        Signature Page to Revolving Credit Note

      

      

      

      
        
          

      

      

      EXHIBIT C

        

        

        FORM OF LOAN NOTICE

      [DATE]

       

      

      Morgan Stanley Asset Funding Inc.

        1585 Broadway, 24th Floor

        New York, New York 10036

        Attention: David E. Wasserman and Keenan McBride

        Facsimile: (718) 233-2404

        Email:        spglending-ccsf@morganstanley.com

                           keenan.mcbride@morganstanley.com

      Ladies and Gentlemen:

      This Loan Notice is executed and delivered by [AGTB PRIVATE BDC, a Delaware statutory trust] (“Borrower[s]”), [and [QUALIFIED BORROWER], a [ENTITY TYPE] (“Qualified Borrower”),] to Morgan
        Stanley Asset Funding Inc., as the Administrative Agent (the “Administrative Agent”), pursuant to Section 2.02 of that certain Revolving
        Credit Agreement, dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among, inter alios, AGTB Private BDC, a Delaware statutory trust (the “Initial Borrower”), the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan
        Stanley Asset Funding Inc., as the Administrative Agent for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender.  Capitalized terms not defined herein shall have the meanings
        assigned to such terms in the Credit Agreement.

       Complete the following:

      
        	
                1.

              	
                Borrower [and Qualified Borrower] hereby request[s] (check one box only):

              

      

      ☐ A Borrowing; or

      ☐ A [conversion][continuation] of
          Loans

      
        	
                (a)

              	
                On __________ (a Business Day)

              

      

      
        	
                (b)

              	
                In the amount of __________

              

      

      
        	
                (c)

              	
                Type:

              

      

      
        ☐ Base  Rate Loan (US$ only)

        ☐ Term SOFR Loan with ___ month Interest Period

         

        

      

      Exhibit C-1

      

      
        
          

      

      

      

       

       

      
        	
                2.

              	
                [In connection with the [Borrowing] [conversion] requested herein, Borrower[s] hereby represent[s], warrant[s], and certif[y][ies] to the Administrative Agent for the benefit of Lenders
                  that:

              

      

      
        	
                (a)

              	
                The Borrowing requested herein, if any, complies with the provisos to the first sentence of Section 2.01 of

                  the Credit Agreement, and, on and as of the date of such Borrowing, the statements contained in Sections 7.02(a) and 7.02(b) of the Credit Agreement are
                  accurate and all conditions precedent in Section 7.02 [and Section 7.03 (Qualified Borrower)] have been
                  satisfied;

              

      

      
        	
                (b)

              	
                Following the requested [Borrowing] [conversion], the Principal Obligations will be $__________;

              

      

      
        	
                (c)

              	
                After giving effect to such [Borrowing] [conversion], the Principal Obligations on and as of the date of such [Borrowing] [conversion] will not exceed the Available Commitment on and as of
                  such date;

              

      

      
        	
                (d)

              	
                The Borrowing Base Certificate attached hereto as Schedule I to this Loan Notice, which constitutes an updated Exhibit A to the Credit Agreement, is true and correct in all
                  material respects as of the date hereof;

              

      

      
        	
                (e)

              	
                [The purpose of the Loans requested does not relate to any General Excused Investment or other excused purpose.] [The purpose of the Loans requested relates to a General Excused Investment
                  or other excused purpose.  The details of the General Excused Investment or Funding Excuse, and the affected Investors, and the list of Borrowing Base Investors that have the right to a Funding Excuse and the pro forma Borrowing Base calculating the effect, if any, of such Funding Excuse are set forth on Schedule II attached to this Loan Notice and are true
                  and correct as of the date hereof.]

              

      

      
        	
                (f)

              	
                After giving effect to the proposed Borrowing, the Initial Borrower shall be in compliance with all applicable limitations on Indebtedness under the Investment Company Act and its
                  Constituent Documents.]3

              

      

      
        	
                3.

              	
                [Following are Borrower[’s][s’] instructions for distribution of loan proceeds (appropriate wire instructions, etc.):

              

      

      
        	

              	
                Bank: __________

              

      

      
        	

              	
                ABA Number:                       __________

              

      

      
        	

              	
                Account Name:                     ___________

              

      

      
        	

              	
                Account Number:                         __________

              

      

      
        	

              	
                Reference:                                      __________

              

      

      
        	

              	
                Contact:                                           __________]4

              

      

      

      

       
      

      3 [Section 2 only applies when making a Borrowing or conversion.]

      4 [Section 3 only applies when making a Borrowing.]

       

      

      Exhibit C-2 

      
        
          

      

      
        [SIGNATURE PAGE FOLLOWS]

         

          

        

          
          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          Exhibit C-3

          
            
              

          

          

        

      

      This Loan Notice is executed on the date set forth above.  Borrower [and Qualified Borrower each] hereby certifies each and every matter contained herein [(to the
        extent applicable)] to be true and correct in all material respects.

       

      

      
         

      

      
        
          BORROWER[S]:

           

            

           
            [AGTB PRIVATE BDC, a Delaware statutory trust

             

              

            By: __________________________________

              

            Name:

              

            Title:]

              

             

              

             
              [QUALIFIED BORROWER:

               

                

               
              [QUALIFIED BORROWER]

               

                

              
                By: __________________________________

                

                Name:

                

                Title:]

              

            

          

           

      

      

      

      

      

      

      
        Signature Page to Loan Notice

      

      
        
          

      

      

      

      EXHIBIT D

        

        

        FORM OF REQUEST FOR LETTER OF CREDIT

      

      

      [DATE]

      Morgan Stanley Asset Funding Inc.

        1585 Broadway, 24th Floor

        New York, New York 10036

        Attention: David E. Wasserman and Keenan McBride

        Facsimile: (718) 233-2404

        Email: spglending-ccsf@morganstanley.com

                  keenan.mcbride@morganstanley.com

       

      

      	

            	RE:	
              That certain Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
                AGTB Private BDC, a Delaware statutory trust (the “Initial Borrower”), the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding
                Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
                Lender.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

            

      Ladies and Gentlemen:

      This Request for Letter of Credit is executed and delivered by the undersigned [Borrower][Borrowers] to the Administrative Agent pursuant to Section 2.07(b) of the Credit Agreement.

      The undersigned hereby request[s] that the Letter of Credit Issuer issue a Letter of Credit substantially in the form of Schedule 1 attached hereto.

      Such requested Letter of Credit complies with the use of proceeds limitation in Section 2.09 of the Credit
        Agreement.

      In connection with the issuance of the Letter of Credit requested herein, each undersigned Borrower hereby represents and warrants to the Administrative Agent
        for the benefit of the Secured Parties and the Letter of Credit Issuer that:

      
        	
                (a)

              	
                On and as of the date hereof the representations and warranties set forth in the Credit Agreement and the other Loan Documents are true and correct in all material
                  respects on and as of the date of the issuance of such Letter of Credit, and will be true and correct in all material respects immediately after the issuance of the Letter of Credit requested herein, with the same force and effect as if
                  made on and as of such date except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; provided
                  that if any such representation and warranty is qualified as to materiality, with respect to such representation and warranty, the materiality qualifier set forth above shall be disregarded for the purposes of this condition;

              

      

      
        	
                (b)

              	
                No Default or Event of Default exists and is continuing on and as of the date hereof or will exist on the date of the issuance of the Letter of Credit requested
                  herein;

              

         

        

        Exhibit D - Schedule 1  

        
          
            

        

         

        

      

      
        	
                (c)

              	
                After giving effect to the issuance of the Letter of Credit requested herein, the Letter of Credit Liability will not exceed the lesser of: (A) the remainder of: (1)
                  the Available Commitment as of such date; minus (2) the Principal Obligations as of such date; and (B) the Letter of Credit Sublimit on such date;

              

      

      
        	
                (d)

              	
                The Borrowing Base Certificate attached hereto as Exhibit A, which constitutes an updated Exhibit A to the Credit Agreement, is true and correct in all
                  material respects as of the date hereof.  In the event that any of the relevant information on such Borrowing Base Certificate changes between the date hereof and the date of the issuance of the Letter of Credit requested herein, the
                  Borrowers shall promptly deliver to the Administrative Agent corrections thereto; and

              

      

      
        	
                (e)

              	
                Other than as disclosed to the Administrative Agent in writing, no Included Investor has requested any withdrawal, excuse or exemption right under the applicable
                  Constituent Documents, its Subscription Agreement or any Side Letter with respect to any Investment being acquired in whole or in part with any proceeds of the requested Letter of Credit.

              

      

      

      

      [SIGNATURE PAGE FOLLOWS]

      

      

      
         

        

        Exhibit D - Schedule 1  

      

      
        
          

      

      The undersigned hereby certifies each and every matter contained herein to be true and correct.

       

      

      
         

      

      
        
          BORROWER[S]:

           

            

           
            [AGTB PRIVATE BDC, a Delaware statutory trust

             

              

            By: __________________________________

              

            Name:

              

            Title:]

              

             

              

             
              [QUALIFIED BORROWER, IF APPLICABLE]

               

               

                

              
                By: __________________________________

                

                Name:

                

                Title:]

              

            

          

           

      

      

      

       

      

      

      
        Signature Page to Request for Letter of Credit

      

      

      

      
        
          

      

      [SCHEDULE 1 TO REQUEST FOR LETTER OF CREDIT

      FORM OF LETTER OF CREDIT]

      Irrevocable Standby

        Letter of Credit

        No. ___________

        Date: __________

        Amount: $______

        

        

        Attn: __________

      Ladies and Gentlemen:

      

      

      We hereby establish, at the request and for the account of __________ (the “Account Party”), in
        your favor, this Irrevocable Standby Letter of Credit No. _____, in the aggregate amount of _______ (_______), as reduced from time to time pursuant to Annex A attached hereto (the “Total
          Credit”), effective ______, 20__, and expiring at the close of banking business at our offices at __________ on ______, 20__.

      We hereby irrevocably authorize you to draw on us, in accordance with the terms and conditions hereinafter set forth, in one or more drawings by your draft
        bearing thereon Letter of Credit No. ______, payable at sight on a Banking Day (as defined below), and each accompanied by the original of this Letter of Credit, together with any amendment thereto, and a written and appropriately completed
        certificate signed by you in the form of Annex B attached hereto (any such draft accompanied by such certificate being a “Demand”).  As used herein, “Banking Day” means a day of the year on which banks are not required or authorized to close in New York City.

      If we receive any such Demand, all in strict conformity with the terms and conditions of this Letter of Credit, not later than 11:00 a.m. (New York City time)
        on a Banking Day prior to the termination hereof, we will honor such Demand by making available to you before 11:00 a.m. (New York City time) on the second Banking Day following the date we shall have received such Demand, an amount in same-day
        funds equal to the amount of the draft submitted with such Demand.  If we receive any such Demand, all in strict conformity with the terms and conditions of this Letter of Credit, after 11:00 a.m. (New York City time) on a Banking Day prior to the
        termination hereof, we will honor such Demand by making available to you, before 11:00 a.m. (New York City time) on the third Banking Day following the date we shall have received such Demand, an amount in same-day funds equal to the amount of the
        draft submitted with such Demand.

      In accordance with your instructions, payment under this Letter of Credit may be made by wire transfer of funds from the Federal Reserve Bank of New York to
        your account in a bank on the Federal Reserve wire system or by deposit of same-day funds into a designated account that you maintain with us or such bank accounts as specified by you in the Demand.

      This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to
        any document, instrument or agreement referred to herein, and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement except for such Demand.

      
        Exhibit D – Schedule 2

      

      
        
          

      

      This Letter of Credit shall be governed by the Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007 International Chamber of
        Commerce Publication No. 600, International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590, and, to the extent not inconsistent therewith, by the laws of the State of New York,
        including the Uniform Commercial Code as in effect in the State of New York.  Communications with respect to this Letter of Credit shall be in writing and shall be addressed to us at the above address, specifically referring to the number of this
        Letter of Credit.

       

      

      
         

      

      
        Very truly yours, 

        

         

          

        [LETTER OF CREDIT ISSUER] 

         

          

         
          By: ______________________

              Name: ____________________

              Title: _____________________

          

        

      

      

      

       

      

      
        
          

          

        

      

       

      

       

      

       

      

       

      

      Exhibit D – Schedule 2

      
        
          

      

      

      

      EXHIBIT E

        

        

        FORM OF QUALIFIED BORROWER NOTE

      _______[DATE]_

      
        	
                1.

              	
                FOR VALUE RECEIVED, the undersigned [QUALIFIED BORROWER], a _______________ (“Maker”), hereby unconditionally promises to pay to
                    _______________ (“Payee”), at the principal office of Morgan Stanley Asset Funding Inc., as Administrative Agent (the “Administrative Agent”) for the Secured Parties under the Credit Agreement (referred to below) or such other office as Administrative Agent designates, the unpaid principal amount of the Loans made to Maker,
                    together with accrued interest thereon, in lawful money of the United States of America.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to below.

              

      

      
        	
                2.

              	
                The unpaid principal amount of this promissory note (this “Note”) shall be payable in accordance with the terms of the
                  Credit Agreement.

              

      

      
        	
                3.

              	
                The unpaid principal amount of this Note shall bear interest from the date of Borrowing until maturity and such interest on this Note shall be due and payable in accordance with the Credit
                  Agreement.

              

      

      
        	
                4.

              	
                All Borrowings and continuations of Loans hereunder, and all payments made with respect thereto, may be recorded by Payee from time to time on grid(s) which may be attached hereto, or
                  Payee may record such information by such other method as Payee may generally employ; provided, however, that
                  failure to make any such entry shall in no way reduce or diminish Maker’s obligations hereunder.  The aggregate unpaid amount of all Borrowings and continuations of Loans set forth on grid(s) which may be attached hereto shall be
                  rebuttably presumptive evidence (absent manifest error) of the unpaid principal amount of this Note or under the Credit Agreement.

              

      

      
        	
                5.

              	
                This Note has been executed and delivered pursuant to that certain Revolving Credit Agreement, dated as of June 10, 2022 (as amended, modified, supplemented, or restated from time to time,
                  the “Credit Agreement”), by and among, inter alios, AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party
                  thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as Administrative Agent for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender, and is
                  one of the “Qualified Borrower Notes” referred to therein.  This Note evidences Loans made under the Credit Agreement, and the holder of this Note shall be entitled to the
                  benefits provided in the Credit Agreement.  Reference is hereby made to the Credit Agreement for a statement of:  (a) the obligation of Payee to make advances thereunder; (b) the prepayment rights and obligations of Maker; and (c) the
                  events upon which the maturity of this Note may be accelerated.  Maker may borrow, repay and reborrow upon the terms and conditions specified in the Credit Agreement.  Notwithstanding the foregoing, should any of the events described in Sections 11.01(g) or 11.01(h) of the Credit Agreement occur with respect to Maker, then the principal of or accrued interest on, this Note shall become
                  immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Maker.

              

      

      
        	
                6.

              	
                If this Note, or any installment or payment due hereunder, is not paid when due and payable, whether at maturity or by acceleration, or if it is collected through a bankruptcy, probate or
                  other court, whether before or after maturity, Maker agrees to pay all reasonable and documented out-of-pocket costs of collection incurred by the holder hereof and costs of appeal as provided in the Credit Agreement.  All past-due
                  principal of, and, to the extent permitted by applicable Laws, past-due interest on, this Note shall bear interest until paid at the Default Rate to the extent provided in the Credit Agreement.

              

         

          

        Exhibit E-1

        

        
          
            

        

      

      
        	
                7.

              	
                To the extent permitted by applicable Laws, the Maker and all sureties, endorsers, guarantors and other parties ever liable for payment of any sums payable pursuant to the terms of this
                  Note, each hereby waive any notice or defense as provided in the Credit Agreement.

              

      

      
        	
                8.

              	
                Pursuant to Section 5-1401 of the New York General Obligations Law, the substantive laws of the State of New York, without regard to the choice
                  of law principles that might otherwise apply, and the applicable federal laws of the United States of America, shall govern the validity, construction, enforcement and interpretation of this Note.

              

      

      
        	
                9.

              	
                By its execution hereof, Maker hereby agrees to be bound by the terms and conditions of the Credit Agreement applicable to it as if it were a signature party thereto.

              

      

      
        	
                10.

              	
                Reference is hereby made to Section 13.16 of the Credit Agreement regarding the non-personal liability of the Investors, the provisions of which
                  are hereby incorporated by reference in this Note as if fully set forth herein, for the payment and performance of Maker’s obligations hereunder.

              

      

      

      

      

      

      
         

      

      
        
          [NAME OF QUALIFIED BORROWER]

           

            

          By: ___________________________

            

          Name:

            

          Title: 

        

      

      

      

      

      

      

      

      
         

        

        Exhibit E-2

      

      
        
          

      

      

      

      EXHIBIT G

        

        

        FORM OF BORROWER SECURITY AGREEMENT

       THIS BORROWER SECURITY AGREEMENT
          is executed and delivered as of [DATE] (the “Security Agreement”), by [AGTB PRIVATE BDC, a Delaware statutory trust] (the “Fund”), in favor of MORGAN STANLEY ASSET FUNDING INC., as the Administrative Agent (the “Administrative

              Agent”) for the benefit of the Secured Parties (hereinafter defined).  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to below.

      1. Existence of the Fund.  The Fund was formed pursuant to the Amended and Restated Agreement and Declaration of Trust dated as of March 17, 2022 (the “Declaration

            of Trust”) and is governed pursuant to that certain By-Laws dated as of March 17, 2022 (as amended, modified, supplemented, or restated from time to time, the “Bylaws”).

      2. Capital Calls.  The Fund may make one or more Capital Calls upon the Investors to make Capital Contributions to the capital of the Fund subject to certain limitations specified in the Declaration of
          Trust, the Bylaws, the Subscription Agreements and Side Letters of the Fund (collectively, the “Fund Documents”).

      3. Credit Agreement.  The Fund and certain Affiliates of the Fund, the Administrative Agent and the Lenders have entered into a Revolving Credit Agreement dated as of the date hereof (as amended, modified,
          supplemented, or restated from time to time, the “Credit Agreement”), pursuant to which the Lenders will advance Loans.  To secure all of the Obligations under the Credit
          Agreement, including all Loans, the Fund has agreed to pledge and collaterally assign to the Administrative Agent, for the benefit of the Lenders (the Administrative Agent and the Lenders being collectively, the “Secured Parties”), the Fund’s rights to make Capital Calls under the Fund Documents, the Fund’s rights to receive payment of each Investor’s Capital Contributions and to enforce Capital Calls and the payment
          of Capital Contributions by each Investor.

      4. Collateral and Obligations.  In order to secure all Obligations of Borrower Parties under the Credit Agreement and the other Loan Documents, the Fund hereby pledges, charges, grants and collaterally assigns to
          the Administrative Agent, for the benefit of the Secured Parties, to the extent permitted by law and subject to the terms and conditions of this Security Agreement, a first priority security interest and lien (subject to Permitted Liens) in, to
          and under the following, whether now existing or hereafter acquired or arising and wherever located (the “Collateral”):

      (a) The Fund’s
          right to make Capital Calls, and all other rights, titles, interests, powers and privileges related to, appurtenant to or arising out of the Fund’s right to require or demand that Investors make Capital Contributions to the capital of the Fund;

      (b) The Fund’s
          rights, titles, interests and privileges in and to the Capital Commitments and the Capital Contributions, whether now owned or hereafter acquired; and

      (c) The Fund’s
          rights, titles, interests, remedies, and privileges under the Fund Documents relating to Capital Commitments and any other rights of the Fund under the Fund Documents to call for additional Capital Contributions and to receive the same, or the
          enforcement thereof.

      The Administrative Agent, in its discretion to the extent it deems necessary to protect its security interest, without in any manner impairing any rights and
        powers of the Secured Parties hereunder, may, at any time and from time to time, without further consent of or notice to the Fund, with or without valuable consideration file this Security Agreement or a photocopy hereof, or any financing statement
        with respect hereto (and any amendment, modification, supplement or continuation in respect of any such financing statement).

       

      

      Exhibit G-1

      

      
        
          

      

      Notwithstanding anything to the contrary, express or implied in any Loan Document or otherwise, for the avoidance of doubt, the term “Collateral” shall additionally not include an interest in any Investor’s equity interest in Fund or the Investments of the Fund.

      5. [Reserved].

      6. Warranties and Covenants.  The Fund hereby warrants to the Administrative Agent for the benefit of the Secured Parties and covenant and agree with the Administrative Agent for the benefit of the Secured Parties
          as follows:

      (a) That Fund is
          the sole legal and equitable owner of the respective Capital Commitments and the Capital Contributions, the legal and equitable owner and holder of the right to make Capital Calls, and has the authority to execute this Security Agreement, and
          this Security Agreement constitutes the legal, valid and binding obligation of the Fund enforceable in accordance with the terms hereof, subject to Debtor Relief Laws and to general principles of equity (whether enforcement is sought by
          proceedings in equity or at law);

      (b) That the Fund
          has not heretofore transferred, charged, assigned, pledged, hypothecated or granted any security interest in all or any portion of the Collateral (other than Permitted Liens); that it has full right and power to make the transfer, charge, pledge
          and assignment and grant the security interests granted hereby; and that this instrument is effective to accomplish the transfer, charge, pledge, assignment, and grant of the security interests granted hereby subject to Debtor Relief Laws and to
          general principles of equity (whether enforcement is sought by proceedings in equity or at law);

      (c) That the Fund
          has received direct or indirect benefit from the Loans evidenced by the Notes; and that the grant of the security interest in the Collateral hereunder was a condition to the making of such Loans;

      (d) That the Fund
          shall, at its sole cost and expense, execute and deliver (as applicable):  (i) such forms, authorizations, documents and instruments, as the Administrative Agent shall reasonably request in its sole discretion, in order to require that, all
          Investors deliver all monies or sums paid or to be paid by them as and when Capital Contributions are made pursuant to the Fund Documents  and the Credit Agreement to the Collateral Account of the Fund; and (ii) any financing statements or other
          documents (all of which shall be deemed part of the Collateral Documents) in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent acting on behalf of the Secured Parties may reasonably request from
          time to time, for the purpose of granting to, protecting, maintaining or perfecting in favor of the Secured Parties, first priority security interests (subject to Permitted Liens) in any of the Collateral, together with other assurances of the
          enforceability and priority of the liens and assurances of due recording and documentation of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require in its sole discretion to avoid material impairment of
          the liens and security interests granted or purported to be granted pursuant to this Security Agreement; and

      (e) Except for
          the requirements set forth in Section 5.02(e) and Section 11.02 of the Credit Agreement, neither the Administrative Agent, nor any other Secured Party shall be
          responsible in any way for any depreciation in the value of the Collateral nor have any duty or responsibility to take any steps to preserve any rights of the Fund in the Collateral or under the applicable Fund Document, except as otherwise
          expressly set forth in the Credit Agreement (including, without limitation, any confidentiality provisions).

       

      

      
        Exhibit G-2

        

      

      
        
          

      

       

        

      7. Remedies Upon Event of Default.

      (a) Capital
            Call Rights.  Subject to the terms and conditions set forth in Section 11.02 of the Credit Agreement, upon the occurrence and during the continuance of an Event of Default:

      
        	
                (i)

              	
                The Administrative Agent, on behalf of the Secured Parties, is hereby authorized, in the name of the Fund to issue Capital Calls to the Investors for repayment of the
                  amounts due under the Facility.

              

      

      
        	
                (ii)

              	
                [Reserved].

              

      

      
        	
                (iii)

              	
                In order to secure further the payment and performance of the Obligations and to effect and facilitate the Secured Parties’ right of setoff, the Fund hereby irrevocably
                  appoints the Administrative Agent as a party entitled in the name of the Fund upon the occurrence and during the continuance of an Event of Default, to make any Capital Calls upon the Investors pursuant to the terms of the applicable Fund
                  Document without the necessity of further action by the Fund.

              

      

      
        	
                (iv)

              	
                In addition to the remedies set forth in Sections 7(a)(i) through 7(a)(iii) above,

                  upon the occurrence and during the continuation of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, may (A) take or bring in the Fund’s name or that of the Administrative Agent, for the benefit of the
                  Secured Parties, all steps, actions, suits or proceedings reasonably deemed by the Administrative Agent necessary or desirable to effect possession or collection of payments; (B) complete any contract or agreement of the Fund in any way
                  related to any of the Capital Calls to the extent not in contravention of the Constituent Documents or the Subscription Agreements of the Fund; (C) take such actions with respect to the Capital Commitments as are necessary in order to pay
                  the Obligations, and to perform the Fund Documents to the extent required to effect such actions; (D) make allowances or adjustments related to the Capital Calls; (E) compromise any claims related to the Capital Calls; (F) issue credit in
                  its own name or the name of each Fund to the extent necessary to preserve the security interests and liens herein granted; or (G) exercise any right, privilege, power, or remedy provided to the Fund under its Constituent Documents, or the
                  Subscription Agreements or relating to the right to call for and to receive Capital Contributions; provided that such Capital Contributions received as a
                  result thereof are deposited in the Collateral Account of the Fund.

              

      

      
        	
                (v)

              	
                The Administrative Agent, on behalf of the Secured Parties, is hereby authorized and empowered, upon the occurrence and during the continuation of an Event of Default,
                  on behalf of the Fund, to endorse the name of the Fund, upon any check, draft, instrument, receipt, instruction or other document, agreement or item, including, but not limited to, any item evidencing payment upon a Capital Contribution
                  of any Investor to any Fund coming into the Administrative Agent’s or any Secured Party’s possession, and to receive and apply the proceeds therefrom in accordance with the terms of the Credit Agreement.

              

      

      
        	
                (vi)

              	
                Upon the occurrence and during the continuation of an Event of Default, the issuance by the Administrative Agent, on behalf of the Secured Parties, of a receipt to any
                  person obligated to pay any Capital Contributions to any Fund shall be a full and complete release, discharge and acquittance of such person, to the extent of any amount so paid, to the Administrative Agent, for the benefit of the Secured
                  Parties, so long as such amount shall not be invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other Person under any Debtor Relief Law, state or federal law, common
                  law or equitable doctrine.

              

         

        

        
          Exhibit G-3

          

          
            
              

          

        

      

      
        	
                (vii)

              	
                Subject to prior notice requirements set forth in the Credit Agreement, the Administrative Agent shall give the Fund prompt notice of any action taken pursuant to this Section 7(a),
                  but failure to give such notice shall not affect the validity of such action or give rise to any defense in favor of any Fund with respect to such action subject to the terms of the Credit Agreement.  Neither the Administrative Agent nor
                  any other Secured Party shall be deemed to make at any time any representation or warranty as to the validity of any Capital Call Notice nor shall the Administrative Agent or any other Secured Party be accountable for any Fund’s use of
                  the proceeds of any Capital Call Notice.

              

      

      (b) Power of
            Attorney.  The Administrative Agent, on behalf of the Secured Parties, is hereby granted an irrevocable power of attorney, which is coupled with an interest, to execute all checks, drafts, receipts, instruments, instructions or other
          documents, agreements or items on behalf of the Fund upon the occurrence and during the continuation of an Event of Default, as shall be deemed by the Administrative Agent to be necessary, in the sole discretion, reasonably exercised, of the
          Administrative Agent, to preserve the security interests and liens herein granted or to secure the repayment of the Obligations, and neither the Administrative Agent nor any other Secured Party shall incur any liability in connection with or
          arising from its exercise of such authority and power except as a result of gross negligence, bad faith or willful misconduct, or as otherwise set forth in the Credit Agreement.  Notwithstanding anything contained herein, at no point shall any
          Investor of Fund be required to fund Capital Contributions as a result of any Capital Call to an account other than the Collateral Account (or a replacement or substitute account in the name of the Fund that has substantially the same terms and
          conditions as the Collateral Account).

      (c) Collateral
            Sale or Other Disposition.

      
        	
                (i)

              	
                When an Event of Default exists, the Administrative Agent, on behalf of the Secured Parties, shall, subject to applicable Laws, have the right to sell the Collateral or
                  any part thereof for cash, upon credit or for future delivery and upon such other terms as the Administrative Agent may deem commercially reasonable, with the Fund hereby waiving all rights, if any, to require the Administrative Agent to
                  marshal the Collateral and any other security for the Obligations.  Any notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made shall
                  be deemed reasonable if made in accordance with applicable Laws.  The Administrative Agent shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been given.  From time to time the
                  Administrative Agent may, but shall not be obligated to, postpone the time and change the place of any proposed sale of any of the Collateral for which notice has been given as provided above if, in the judgment of the Administrative
                  Agent, such postponement or change is necessary in order that the provisions of this Security Agreement applicable to such sale may be fulfilled or in order to obtain more favorable conditions under which such sale may take place.

              

      

      
        	
                (ii)

              	
                In case of any sale by the Administrative Agent of any of the Collateral on credit, which may be elected at the option and in the complete but reasonable discretion of
                  the Administrative Agent, on behalf of the Secured Parties, the Collateral so sold may be retained by the Administrative Agent for the benefit of the Secured Parties until the selling price is paid by the purchaser, but, in the absence of
                  gross negligence, bad faith or willful misconduct by the Administrative Agent or any Secured Party, neither the Administrative Agent nor any other Secured Party shall incur any liability in case of failure of the purchaser to take up and
                  pay for the Collateral so sold.  In case of any such failure, such Collateral so sold may be again similarly sold.  After deducting all costs or expenses (including, without limitation, the reasonable attorneys’ fees and legal expenses
                  incurred by the Administrative Agent or any other Secured Party, or both) in accordance with Section 11.04 of the Credit Agreement, the Administrative Agent shall apply the residue of the
                  proceeds of any sale or sales, if any, to pay the principal of and interest upon the Obligations in accordance with Section 11.04 of the Credit Agreement.  If the proceeds of any sale,
                  disposition or other remedy are insufficient to pay the Obligations in full, the Fund shall remain liable for any deficiency and the reasonable fees of any attorney employed by the Administrative Agent or any other Secured Party to
                  collect.  No Secured Party shall incur any liability as a result of the sale of the Collateral at any private sale or sales in the absence of gross negligence, bad faith or willful misconduct by the Administrative Agent or any Secured
                  Party.

              

         

        

        
          Exhibit G-4

          

          
            
              

          

        

      

      
        	
                (iii)

              	
                Subject to Section 13.11 of the Credit Agreement, all recitals in any instrument of assignment or any other instrument
                  executed by the Administrative Agent for the benefit of the Secured Parties or by the Secured Parties incident to the sale, transfer, assignment or other disposition or utilization of the Collateral or any part thereof hereunder shall be
                  full proof of the matters stated therein and no other proof shall be required to establish full legal propriety of the sale or other action taken by the Administrative Agent for the benefit of the Secured Parties or by the Secured Parties
                  or of any fact, condition or thing incident thereto, and all prerequisites of such sale or other action shall be presumed conclusively to have been performed or to have occurred.

              

      

      8. Additional Rights and Remedies.  The Administrative Agent and each other Secured Party shall have all rights, remedies and recourse granted in the Loan Documents and any other instrument executed to provide
          security for or in connection with the payment and performance of the Obligations or existing at common law or equity (including specifically those granted by the Uniform Commercial Code, as adopted in New York and any other state which governs
          the creation or perfection (and the effect thereof) of any security interest in the Collateral), and such rights and remedies:  (i) shall be cumulative and concurrent; (ii) may be pursued separately, successively or concurrently against the Fund
          (to the extent expressly permitted in the Credit Agreement) and any other party obligated under the Obligations, or against the Collateral, or any of such Collateral, or any other security for the Obligations, or any of them, at the sole but
          reasonable discretion of the Administrative Agent, on behalf of the Secured Parties; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by the Fund that the exercise or failure to exercise any of same shall in no
          event be construed as a waiver or release thereof or of any other right, remedy or recourse; and (iv) are intended to be and shall be, non-exclusive.

      9. Subrogation.  Notwithstanding a foreclosure upon any of the Collateral or exercise of any other remedy by the Administrative Agent, on behalf of the Secured Parties, in connection with an Event of Default, the
          Fund shall not be subrogated thereby to any rights of the Administrative Agent, for the benefit of the Secured Parties, against the Collateral, any other security for the Obligations, the Fund or any property of the Fund until the Obligations
          have been paid to the Administrative Agent for the benefit of the Secured Parties and is fully and indefeasibly performed and discharged, nor shall the Fund be deemed to be the owner of any interest in the Obligations.

      10. Limitation on Liability.  Regardless of any provision of this Security Agreement, in the absence of gross negligence, bad faith or willful misconduct by any Secured Party, no Secured Party shall be liable for
          the failure of the Administrative Agent to collect or exercise diligence in the collection, possession or any transaction concerning, all or part of the Capital Calls, Capital Call Notices, Capital Contributions or Capital Commitments (but the
          Secured Parties shall remain responsible for sums and property received by them), or sums due or paid thereon, nor shall any Secured Party be under any obligation whatsoever to anyone by virtue of the security interests and liens granted herein,
          except as otherwise expressly set forth in the Credit Agreement (including, without limitation, any confidentiality provisions).

      
         

        

        
          Exhibit G-5

          
            
              

          

        

         

      11. Notices.  Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be given in accordance with, and at the address set forth in Section 13.07 of the Credit Agreement.  Any notice required hereunder that is not otherwise set forth in the Credit Agreement shall be deemed commercially reasonable if given at least ten (10) Business Days
          prior to the event giving rise to the requirement of such notice, including but not limited to, notices of a private or public sale.

      12. Appointment of Successor Administrative Agent.  Reference is hereby made to Section 12.06 of the Credit Agreement for the terms and conditions upon which a successor
          Administrative Agent hereunder may be appointed.  Wherever the words “Administrative Agent” are used herein, the same shall mean the Administrative Agent named in the first
          paragraph of this Security Agreement or the successor Administrative Agent at the time in question.

      13. Binding Effect; Miscellaneous.

      (a) This Security
          Agreement shall be binding upon and inure to the benefit of and be enforceable by the undersigned and their respective successors and assigns.

      (b) The headings
          to the various paragraphs of this Security Agreement shall have been inserted for convenient reference only and shall not modify, define, limit or expand the expressed provisions of this Security Agreement.  This Security Agreement may be
          executed in any number of counterparts, each of which shall be an original, and such counterparts shall together constitute but one and the same instrument.

      (c) No delay or
          omission on the part of the Administrative Agent or any other Secured Party in exercising any right hereunder shall operate as a waiver of any such right or any other right.  A waiver on any one or more occasions shall not be construed as a bar
          to or waiver of any right or remedy on any future occasion.

      (d) Pursuant to Section 5-1401 of the New York General Obligations Law, the substantive laws of the State of New York, without regard to the choice of law principles that might otherwise apply, and the applicable federal
          laws of the United States of America, shall govern the validity, construction, enforcement and interpretation of this Security Agreement.

      (e) Any suit,
          action or proceeding against any party hereto with respect to this Security Agreement or any judgment entered by any court in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in the
          Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, as such party hereto in its sole discretion may elect, and each party hereto hereby submits to
          the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding.  Each party hereto hereby irrevocably consents to service of process in the manner provided for notices in Section 13.07

          of the Credit Agreement.  Nothing in this Security Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.  Each party hereto hereby irrevocably waives any objections which it
          may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Security Agreement brought in the courts located in the State of New York, Borough of Manhattan in New York City, and each party
          hereto hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN
            ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS SECURITY AGREEMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY.

      
         

        

        
          Exhibit G-6

          
            
              

          

        

         

      (f) This Security
          Agreement and the provisions set forth herein shall continue until the full, final, and complete satisfaction of the Obligations (other than contingent indemnification obligations not then due), and the Administrative Agent’s and the other
          Secured Parties’ rights hereunder shall not be released, diminished, impaired, reduced or adversely affected by:  (i) the renewal, extension, modification, amendment or alteration of the Credit Agreement or any other Loan Document or any related
          document or instrument; (ii) any adjustment, indulgence, forbearance or compromise that might be granted or given by the Administrative Agent or the other Secured Parties to any primary or secondary obligor or in connection with any security for
          the Obligations; (iii) any full or partial release of any of the foregoing; or (iv) notice of any of the foregoing.

      (g) Neither the
          Administrative Agent nor any other Secured Party has assumed, and nothing contained herein shall be declared to have imposed upon the Administrative Agent or any other Secured Party, any of the Fund’s duties or obligations as an Investor of each
          Fund, except that the Administrative Agent and the other Secured Parties shall be bound by the provisions of the Fund Documents in exercising rights or remedies thereunder assigned to the Administrative Agent hereunder.

      (h) Notwithstanding

          anything to the contrary herein, the obligations of the Fund hereunder are subject to the recourse and nonrecourse provisions of Section 13.16 of the Credit Agreement.

      (i) On the full,
          final, and complete satisfaction of the Obligations (other than contingent indemnification obligations and unasserted expense reimbursement obligations), this Security Agreement shall be of no further force or effect.  Thereafter, upon request,
          the Administrative Agent, on behalf of the Secured Parties, shall provide the Fund, at its sole expense, a written release of their respective obligations hereunder and of the Collateral in form reasonably acceptable to the Fund.

      [SIGNATURE PAGE FOLLOWS]

      

      

      
         

        

        
          Exhibit G-7

        

      

      
        
          

      

      

      

      Executed on the date first above written.

       

        

      
         

      

      
        
          FUND:

           

            

          
            [AGTB PRIVATE BDC, a Delaware statutory trust

             

              

            By: ____________________________________

              

            Name:

              

            Title:]

              

          

           

      

      

      

      

      
        Signature Page to Borrower Security Agreement

      

      
        
          

      

      

      

      

      

      
         

      

      
        
          THIS SECURITY AGREEMENT ACCEPTED AND AGREED BY:

           

            

           
          ADMINISTRATIVE AGENT:

           

            

           
          MORGAN STANLEY ASSET FUNDING INC.,

              as Administrative Agent

           

        
          By: ____________________________________

            

          Name:

            

          Title:

            

        

      

      

      

      

      

      

      

      

      

      

      

        

      

      

        
          Signature Page to Borrower Security Agreement

        

      

      
        
          

      

      

      

      EXHIBIT H

        

        

        FORM OF ASSIGNMENT OF COLLATERAL ACCOUNT

      [DATE]

      For value received, [AGTB PRIVATE BDC, a Delaware statutory trust] (“Assignor”)

        hereby (i) collaterally assigns, grants, charges and pledges to MORGAN STANLEY ASSET FUNDING INC., as Administrative Agent for the benefit of the Secured Parties (as defined below) (“Assignee”) under that certain Revolving Credit Agreement, dated as of June 10, 2022 (as amended, modified, supplemented, or restated from time to time, the “Credit Agreement”; capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement), by and among, inter alios, AGTB
        Private BDC, a Delaware statutory trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent (in such capacity, the “Administrative Agent”) for the lenders party thereto (together with such other lending institutions which become party to the Credit Agreement, or have been, or may hereafter be, assigned an interest as lender
        in accordance with the Credit Agreement, the “Lenders”; the Administrative Agent and Lenders being collectively, the “Secured
            Parties”), and the other Lenders party thereto, and (ii) grants to Assignee, a lien, claim, encumbrance upon and security interest in each of the accounts listed on Schedule I attached
        hereto at [_______________] (the “Depository”), and any extensions or renewals thereof, if any account is one which may be extended or renewed, and any successor or substitute
        accounts (such account or accounts and any extensions or renewals being hereinafter collectively called the “Account”), together with all of Assignor’s right, title, and interest
        (whether now existing or hereafter created or arising) in and to the Account, all sums now or at any time hereafter on deposit therein, credited thereto, or payable thereon, all proceeds and products thereof (other than Investments of the Fund),
        and all instruments, documents, certificates, and other writings evidencing the Account, on the following terms and conditions:

      
        	
                1.

              	
                This collateral assignment (this “Assignment”) of the Account shall secure the payment and the performance of the
                  Obligations.

              

      

      
        	
                2.

              	
                Assignor represents and warrants that:

              

      

      
        	
                (a)

              	
                subject to the Administrative Agent’s rights in the Account, Assignor is the sole owner of the Account and has authority to execute and deliver this Assignment;

              

      

      
        	
                (b)

              	
                except for any financing statement which may have been filed by Assignee, no financing statement covering the Account, or any part thereof, has been filed with any filing office;

              

      

      
        	
                (c)

              	
                no other assignment has been executed with respect to the Account, other than in favor of Assignee; and

              

      

      
        	
                (d)

              	
                the Account is not subject to any liens or offsets of any Person other than Assignee, Lenders and the Depository or other Permitted Liens.

              

      

      
        	
                3.

              	
                So long as the Obligations or any part thereof remain unpaid (other than contingent indemnification obligations, which by their terms survive termination of the Credit Agreement, for which
                  no claim has been made), Assignor covenants and agrees:

              

      

      
        	
                (a)

              	
                (i) from time to time promptly to execute and deliver to Assignee all such other assignments, certificates, passbooks and supplemental writings, and do all other acts or things as Assignee
                  may reasonably request that the Assignee in good faith deems necessary in order to more fully evidence the security interest herein created; and (ii) Assignee may file such financing statements, amendments thereto and continuations
                  thereof as Assignee may reasonably deem necessary in order to more fully evidence and perfect the security interest herein created; and

              

         

        

         

        

        Exhibit H-1

        

        
          
            

        

      

      
        	
                (b)

              	
                to pay to Assignee the amount of any reasonable and invoiced court costs and attorney’s fees assessed by a court and incurred by Assignee following any Event of Default or Cash Control
                  Event hereunder in accordance with Section 13.06(a) of the Credit Agreement.

              

      

      
        	
                4.

              	
                Assignor covenants and agrees that without the prior consent of Assignee, Assignor will not:

              

      

      
        	
                (a)

              	
                create any other Lien in or upon, or otherwise encumber, or assign the Account, or any part thereof, or permit the same to be or become subject to any Lien, attachment, execution,
                  sequestration, other legal or equitable process, or any encumbrance of any kind or character, except the Lien herein created and any offset rights inuring to the benefit of Depository and except as otherwise permitted in the Credit
                  Agreement; or

              

      

      
        	
                (b)

              	
                request, make or allow to be made any withdrawals from the Account except as provided hereunder or to the extent not prohibited by the Credit Agreement.

              

      

      
        	
                5.

              	
                Assignee’s or the Lenders’ rights hereunder shall not be released, diminished, impaired, reduced or adversely affected by:

              

      

      
        	
                (a)

              	
                any adjustment, indulgence, forbearance or compromise that might be granted or given by Assignee or the Lenders to any primary or secondary obligor or in connection with any security for
                  the Obligations;

              

      

      
        	
                (b)

              	
                any full or partial release of any of the foregoing;

              

      

      
        	
                (c)

              	
                any other action taken or omitted to be taken by Assignee or the Lenders in connection with the Obligations, whether or not such action or omission prejudices Assignor or increases the
                  likelihood that the Account will be applied to the Obligations except to the extent such action taken or omitted constitutes gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by final and
                  non-appealable judgment; or

              

      

      
        	
                (d)

              	
                notice of any of the foregoing.

              

      

      
        	
                6.

              	
                Assignee, in its reasonable discretion, without in any manner impairing any rights and powers of the Lenders hereunder, may, at any time and from time to time, without further consent of
                  or notice to Assignor, and with or without valuable consideration:

              

      

      
        	
                (a)

              	
                renew or extend the maturity of or accept partial payments upon the Obligations or any part thereof;

              

      

      
        	
                (b)

              	
                release any person primarily or secondarily liable in respect of the Obligations or any security therefor;

              

         

        

        Exhibit H-2 

        
          
            

        

      

      
        	
                (c)

              	
                renew, extend or accept partial payments upon, release or permit substitutions for or withdrawals of, any security (other than the Account) at any time directly or indirectly, immediately
                  or remotely, securing the payment of the Obligations or any part thereof; and;

              

      

      
        	
                (d)

              	
                release or pay to Assignor, or any other person otherwise entitled thereto, any amount paid or payable in respect of any such other direct or indirect security for the Obligations, or any
                  part thereof.

              

      

      
        	
                7.

              	
                Subject to the terms of the Credit Agreement, should any person have heretofore executed or hereafter execute, in favor of the Lenders, any deed of trust, mortgage, or security agreement,
                  or have heretofore pledged or hereafter pledge any other property to secure the payment of the Obligations, or any part thereof, the exercise by the Lenders of any right or power conferred upon any of them in any such instrument, or by
                  any such pledge, shall be wholly discretionary with each Lender, and the exercise or failure to exercise any such right or power shall not impair or diminish the Lenders’ rights, titles, interest, liens, and powers existing hereunder.

              

      

      
        	
                8.

              	
                The term “Event of Default”, as used herein, means the existence of any “Event of
                    Default” described in the Credit Agreement.

              

      

      
        	
                9.

              	
                During the existence and continuance of an Event of Default, Assignee, on behalf of the Lenders, in addition to any other remedies it may have, may do one or more of the following:

              

      

      
        	
                (a)

              	
                demand payment and performance thereof from the funds in or credited to the Account; and

              

      

      
        	
                (b)

              	
                withdraw funds from the Account and apply all or any portion of the Account to the Obligations as described in Section 14 hereof.

              

      

      
        	
                10.

              	
                Assignor hereby authorizes Assignee during the existence and continuance of an Event of Default and so long as any part of the Obligations remain outstanding:

              

      

      
        	
                (a)

              	
                to withdraw, collect, and receive any and all funds on deposit in or payable on the Account;

              

      

      
        	
                (b)

              	
                on behalf of Assignor to endorse the name of Assignor upon any checks, drafts, or other instruments payable to Assignor evidencing payment on the Account;

              

      

      
        	
                (c)

              	
                to surrender or present for notation of withdrawal the passbook, certificate, or other documents issued to Assignor in connection with the Account; and

              

      

      
        	
                (d)

              	
                exercise any other rights or take any other actions specified herein or in the Credit Agreement.

              

      

      
        	
                11.

              	
                Upon the occurrence of a Cash Control Event, Assignee, on behalf of Lenders, in addition to any other remedies it may have, may restrict or prohibit withdrawals from the Account, except as
                  otherwise permitted under Sections 5.02, 10.10 and 10.11 of the Credit Agreement.

              

      

      
        	
                12.

              	
                In the absence of gross negligence, bad faith or willful misconduct by Assignee or any other Lender, neither Assignee nor any other Lender shall be liable for any loss of interest on or
                  any penalty or charge assessed against funds in, payable on, or credited to the Account, as a result of Assignee or any Lender exercising any of its rights or remedies under this Assignment.

              

         

        

        Exhibit H-3 

        
          
            

        

      

      
        	
                13.

              	
                Assignee shall be entitled to apply any and all funds received by it hereunder toward payment and performance of the Obligations in the order and manner specified, in Section 11.04 of the Credit Agreement.  If such funds are not sufficient to pay and perform the Obligations in full, subject to Section 13.16 of the Credit
                  Agreement, Assignor shall remain liable for any deficiency, the liability of each person obligated on the Obligations to be determined by Assignee following its receipt and crediting of such funds.  Upon full and final payment of the
                  Obligations (other than contingent indemnification obligations which by their terms survive termination of the Credit Agreement), the rights of Assignee in and to the Account hereunder will be deemed to be released and of no further force
                  and effect.

              

      

      
        	
                14.

              	
                All rights, titles, interests, liens, and remedies of the Lenders hereunder are cumulative of one another and of every other right, title, interest, lien, or remedy which the Lenders may
                  otherwise have at law or in equity or under any other contract or other writing for the enforcement of the security interest herein or the collection of the Obligations, and the exercise of one or more rights or remedies shall not
                  prejudice or impair the concurrent or subsequent exercise of other rights or remedies.  Should Assignor have heretofore executed or hereafter execute any other security agreement in favor of the Lenders, the security interest therein
                  created and all other rights, powers, and privileges vested in the Administrative Agent for the benefit of the Lenders by the terms thereof shall exist concurrently with the security interest created herein.

              

      

      
        	
                15.

              	
                Should any part of the Obligations be payable in installments, the acceptance by Assignee at any time and from time to time of part payment of the aggregate amount of all installments then
                  matured shall not be deemed to be a waiver of the default then existing.  No waiver by the Lenders of any default shall be deemed to be a waiver of any other subsequent default, nor shall any such waiver by the Lenders be deemed to be a
                  continuing waiver.  No delay or omission by the Lenders in exercising any right or power hereunder, or under any other writings executed by Assignor or Obligor as security for or in connection with the Obligations, shall impair any such
                  right or power or be construed as a waiver thereof or any acquiescence therein, nor shall any single or partial exercise of any such right or power preclude other or further exercise thereof, or the exercise of any other right or power of
                  the Lenders hereunder or under such other writings.

              

      

      
        	
                16.

              	
                Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be given in accordance with, and at the address set forth in
                  Section 13.07 of the Credit Agreement. Any notice required hereunder that is not otherwise set forth in the Credit Agreement shall be deemed commercially reasonable if given at least ten (10) days
                  prior to the event giving rise to the requirement of such notice, including but not limited to, notices of a private or public sale.

              

      

      
        	
                17.

              	
                No provision herein or in any promissory note, instrument, or any other loan document evidencing the Obligations shall require the payment or permit the collection of interest in excess of
                  the maximum permitted by law.  If any excess of interest in such respect is provided for herein or in any such promissory note, instrument, or any other loan document, the provisions of this paragraph shall govern, and Assignor shall not
                  be obligated to pay the amount of such interest to the extent that it is in excess of the amount permitted by law.  The intention of the parties being to conform strictly to the usury laws now in force, all promissory notes, instruments,
                  and other loan documents evidencing the Obligations shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction.

              

      

      
        	
                18.

              	
                (a) PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND SECTION 1-301 OF THE
                  UNIFORM COMMERCIAL CODE AS IN EFFECT FROM TIME TO TIME IN THE STATE OF NEW YORK, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION GOVERN THE CREATION, PERFECTION, VALIDITY, OR
                  ENFORCEMENT OF LIENS UNDER THIS COLLATERAL ASSIGNMENT, AND THE APPLICABLE FEDERAL LAWS OF THE UNITED STATES OF AMERICA, SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS ASSIGNMENT.  (b)  ASSIGNOR AND MORGAN STANLEY ASSET FUNDING INC., EXPRESSLY AGREE THAT THE TERMS AND CONDITIONS OF ANY AGREEMENT ESTABLISHING THE ACCOUNT OR OTHERWISE GOVERNING THE ACCOUNT SHALL, AS AMONGST THEMSELVES TO THE
                    EXTENT INCONSISTENT HEREWITH BE SUBORDINATE, TO AND CONTROLLED BY THIS ASSIGNMENT.

              

         

        

        Exhibit H-4 

        
          
            

        

      

      
        	
                19.

              	
                Any suit, action or proceeding against any party hereto with respect to this Assignment or any judgment entered by any court in respect thereof, may be brought in the courts of the State
                  of New York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, as such party hereto in its
                  sole discretion may elect, and each party hereto hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding.  Each party hereto hereby irrevocably consents to service of process
                  in the manner provided for notices in Section 13.07 of the Credit Agreement.  Nothing in this Assignment will affect the right of any party hereto to serve process in any other manner permitted
                  by applicable Laws.  Each party hereto hereby irrevocably waives any objections which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Assignment brought in the
                  courts located in the State of New York, Borough of Manhattan in New York City, and each party hereto hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
                  inconvenient forum.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS ASSIGNMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY.

              

      

      
        	
                20.

              	
                This Assignment shall be binding on and inure to the benefit of Assignor and Assignee and their respective successors and permitted assigns.

              

      

      
        	
                21.

              	
                This Assignment and the provisions set forth herein shall continue until the full, final, and complete satisfaction of the Obligations (other than contingent indemnification obligations
                  which by their terms survive termination of the Credit Agreement), and the Assignee’s and the Lenders’ rights hereunder shall not be released, diminished, impaired, reduced or adversely affected by:  (i) the renewal, extension,
                  modification, amendment or alteration of the Credit Agreement or any other Loan Document or any related document or instrument; (ii) any adjustment, indulgence, forbearance or compromise that might be granted or given by Assignee or the
                  Lenders to any primary or secondary obligor or in connection with any security for the Obligations; (iii) any full or partial release of any of the foregoing; or (iv) notice of any of the foregoing.

              

      

      
        	
                22.

              	
                On the full, final, and complete satisfaction of the Obligations (other than contingent indemnification obligations which by their terms survive termination of the Credit Agreement), this
                  Assignment shall be of no further force or effect.  Thereafter, upon request, Assignee, on behalf of the Lenders, shall provide Assignor, at Assignor’s sole expense, a written release of Assignor’s obligations hereunder and an assignment
                  of the Account to Assignor, each in form reasonably satisfactory to Assignor.

              

      

      [SIGNATURE PAGE FOLLOWS]

       

      

      Exhibit H-5 

      
        
          

      

      

      

      ASSIGNOR ACKNOWLEDGES RECEIPT OF A COPY OF THIS ASSIGNMENT.  Assignor has executed this Assignment as of the date first above written, intending to create an instrument executed under seal.

       

        

       

        

      
         

      

      
        
          ASSIGNOR:

           

          

           
          [AGTB PRIVATE BDC, a Delaware statutory trust

           

            
              By: ____________________________________

                

              Name:

                

              Title:]

              

                

            

          

          
            ASSIGNEE:

             

            

             
            MORGAN STANLEY ASSET FUNDING INC.

             

            

            
              
                By: ____________________________________

                  

                Name:

                  

                Title:

                  

              

            

          

           

      

      

      

      

      
        Signature Page to Assignment of Collateral Account

      

      
        
          

      

      

      

      EXHIBIT I

        

        

        FORM OF ASSIGNMENT AND ASSUMPTION

      This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective
        Date set forth below and is entered into by and between [ASSIGNOR] (the “Assignor”) and [ASSIGNEE] (the

        “Assignee”).  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to below (as amended, modified, supplemented, or
        restated from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a
        part of this Assignment and Assumption as if set forth herein in full.

       For an agreed consideration, the Assignor hereby
          irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date
          inserted by the Administrative Agent as contemplated below:  (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto in the
          amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below (including without limitation any guarantees included in such facilities); and
          (ii) to the extent permitted to be assigned under applicable Laws, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection
          with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
          claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
          obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

      
        	
                1.

              	
                Assignor:  ___________________________

              

      

      [Assignor [is][is not] a Defaulting Lender.]

      
        	
                2.

              	
                Assignee:  ___________________________

              

      

      [Assignee is an Affiliate/Approved Fund of [identify Lender]5]

      
        	
                3.

              	
                Borrower: [AGTB Private BDC, a Delaware statutory trust]

              

      

      
        	
                4.

              	
                Administrative Agent: Morgan Stanley Asset Funding Inc., as the Administrative Agent under the Credit Agreement

              

      

      
        	
                5.

              	
                Credit Agreement: The Revolving Credit Agreement dated as of June 10, 2022, by and among, inter alios, AGTB Private BDC, a Delaware statutory
                  trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the
                  Letter of Credit Issuer and a Lender, as the same may be amended from time to time.

              

         

        

        

          
          

          5 [Select or delete as
            applicable.]

           

          

          Exhibit I-1

          

          
            
              

          

        

      

      
        	
                6.

              	
                Assigned Interest:

              

      

      	
              
                 

                Facility Assigned

              

            	 	
              
                 

                Aggregate Amount of Commitment for all Lenders6

              

            	 	
              
                 

                Amount of Commitment Assigned

              

            	 	
              
                 

                Percentage Assigned of Commitment/ Loans7

              

            	 
	
              Revolving Credit Commitment

            	 	
              $

            	 	 	
               

            	 	
              $

            	
              %

            	 

      
        	
                7.

              	
                [Trade Date: ]8

              

      

      Effective Date:  ____________, 20__ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
        THEREFOR.]

      

      

      [SIGNATURE PAGE FOLLOWS]

      

        

      
      

      
      6 [Amount to be adjusted by
        the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.]

       
      7 [Set forth, to at least 9
        decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.]

       
      8 [To be completed if the Assignor and the Assignee intend that the
        minimum assignment amount is to be determined as of the Trade Date.]

      Exhibit I-2 

      
        
          

      

      

      

      The terms set forth in this Assignment and Assumption are hereby agreed to:

       

        

      
         

      

      
        
          ASSIGNOR[S]:

           

            

          [NAME OF ASSIGNOR]

           

         
          
            
              By: ____________________________________

                

              Name:

                

              Title:

                

            

          

        

      

      

      

      

    

    
       

    

    
      [NAME OF ASSIGNOR] 

      

       

      

      
        
          
            By: ____________________________________

              

            Name:

              

            Title:

              

          

        

      

    

    

    

    

    

    
       

    

    
      
        ASSIGNEE[S]:

         

          

         
        [NAME OF ASSIGNEE]

         

        

        
          
            
              By: ____________________________________

                

              Name:

                

              Title:

                

            

          

        

      

    

    

    

    
      
        
           

          

          ASSIGNEE[S]:

           

            

           
          [NAME OF ASSIGNEE]

           

          

          
            
              
                By: ____________________________________

                  

                Name:

                  

                Title:

                  

              

            

          

        

      

    

    

    

    

    
      

      

      

      
      Signature Page to Assignment and Assumption

      
        
          

      

      [Consented to and]9 Accepted by:

      MORGAN STANLEY ASSET FUNDING INC., as Administrative Agent

      	By:	
              Name:

                  Title:

            

      

      

    

      
      

      9 [To be
        used only if the consent of Administrative Agent is required by the terms of the Credit Agreement.]

       

      

       

      

      
        Signature Page to Assignment and Assumption

      

      
        
          

      

      

      

      
         

      

      
        
          

          

           
          [Consented to]10 [and Acknowledged] by:11

           

      

      

      

      
         

      

      
        
          FUND BORROWER:

           

            

           
          [AGTB PRIVATE BDC, a Delaware statutory trust

           

          

           

          

          
            
              
                By: ____________________________________

                  

                Name:

                  

                Title:

                  

              

            

          

           

      

      

      

      

      

      
      

      

       

      

       

      

       

      

      

        
        

        10 [To be used only if
          Borrower’s consent is required pursuant to the terms of the Credit Agreement.]

        11 [To be used only if the
          assignment is made as the result of a demand by Borrower under the Credit Agreement.]

         

        

        Signature Page to Assignment and Assumption 

        
          
            

        

      

       

      

      ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

        

        

        STANDARD TERMS AND CONDITIONS FOR

        ASSIGNMENT AND ASSUMPTION

      1. Representations

            and Warranties.

      1.1. Assignor.  The Assignor:  (a) represents and warrants that:  (i) it is the legal and beneficial owner of the Assigned Interest; (ii) the Assigned Interest is free and clear of any
          lien, encumbrance or other adverse claim created by the Assignor; (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
          hereby; and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to:  (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document; (ii) the
          execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder; (iii) the financial condition of each Borrower Party, any of its subsidiaries or Affiliates or any other Person
          obligated in respect of any Loan Document; or (iv) the performance or observance by each Borrower Party, any of its subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

      1.2. Assignee.  The Assignee:  (a) represents and warrants that:  (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
          Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement; (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be
          required under the Credit Agreement); (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
          thereunder; (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements referred to in Section 8.07 thereof or delivered pursuant to Section 9.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to
          purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, the Assignor or any other Lender; (v) attached to the Assignment and Assumption is any
          documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (vi) it is not prohibited from becoming a Lender pursuant to the terms of Section 13.11(b)(v) of the Credit Agreement; and (b) agrees that:  (i) it will, independently and without reliance on the Administrative 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 the Loan Documents; and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
          Documents are required to be performed by it as a Lender.

      2. Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the
          Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of
          interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.

      

        
        Exhibit I – Annex 1-1

      

      
        
          

      

      3. General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be
          executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
          counterpart of this Assignment and Assumption.  Pursuant to Section 5-1401 of the New York General Obligations Law, the substantive laws of the State of New York applicable to agreements made and to be
          performed entirely within such state, without regard to the choice of law principles that might otherwise apply, and the applicable federal laws of the United States of America, shall govern the validity, construction, enforcement and
          interpretation of this Assignment and Assumption.

       

        

       

        

       

        

      
        

          
          Exhibit I – Annex 1-2

        

         

      

      

      
        
          

      

      

      

      EXHIBIT J

        

        

        FORM OF COMPLIANCE CERTIFICATE

      FOR [__________] ENDED [__________]

      DATE:  __________, 20__

      ADMINISTRATIVE AGENT:    Morgan
          Stanley Asset Funding Inc.

      FUND BORROWER:                                 AGTB Private BDC

      
        
 

      This certificate is delivered under the Revolving Credit Agreement, dated as of June 10, 2022 (as amended, modified, supplemented, or restated from time to time,
        the “Credit Agreement”), among the Fund Borrower, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender.  Capitalized terms not defined herein shall
        have the meanings assigned to such terms in the Credit Agreement.

       The undersigned Responsible Officer, in such capacity
          only and not in his/her individual capacity, hereby certifies as of the date hereof that he/she is authorized to execute and deliver this certificate to the Administrative Agent on behalf of the Fund Borrower, and that as of the date hereof:

      
        	
                (a)

              	
                The undersigned has reviewed and is familiar with the terms and provisions of the Loan Documents and has made, or caused to be made under his/her supervision, a detailed review of the
                  transactions and condition (financial or otherwise) of the Fund Borrower during the account period covered by the attached financial statements;

              

      

      
        	
                (b)

              	
                No Event of Default or any Default exists as of the date hereof which has not been cured or waived (except the Events of Default or Defaults, if any, together with the details of the
                  actions that such Borrower is taking or proposes to take with respect thereto, described on Annex A to this certificate);

              

      

      
        	
                (c)

              	
                The financial statements of the Fund Borrower attached to this certificate were prepared in accordance with Generally Accepted Accounting Principles, and fairly present in all material
                  respects the financial condition and the results of operations of the Fund Borrower on the dates and for the periods indicated, subject, in the case of interim financial statements, to normal year-end audit adjustments and the absence of
                  footnotes;

              

      

      
        	
                (d)

              	
                The Fund Borrower is in compliance with Section 10.12 of the Credit Agreement, and calculations evidencing such status are as set forth on Annex B
                  to this certificate;

              

      

      
        	
                (e)

              	
                The Fund Borrower does not have knowledge of (except as set forth on Annex C to this certificate) any Borrowing Base Investor that has
                  changed its name or otherwise changed its identity by merger or otherwise.

              

      

      
        	
                (f)

              	
                Set forth on Annex D to this certificate are transfers of Unfunded Commitments of Investors required to be reported under Section 10.06(c) of the Credit Agreement;

              

         

        

        Exhibit J-1

        

        
          
            

        

      

      
        	
                (g)

              	
                Set forth on Annex E to this certificate are Borrowing Base Investors which have been subject to an Exclusion Event and the nature of such Exclusion Event; and

              

      

      
        	
                (h)

              	
                Set forth on Annex G to this certificate is a Borrowing Base Certificate.

              

      

       

      

       

        

      
         

      

      
        [Signature of Responsible Officer] 

        

         

          

        By: _______________________

          

        Name:

          

        Title:

        

      

      

      

      
         

        

        Exhibit J-2

      

      
        
          

      

      

      

      EXHIBIT K-1

        

        

        FORM OF U.S. TAX COMPLIANCE CERTIFICATE

      (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

      Reference is hereby made to the Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset
        Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
        Lender.

      Pursuant to the provisions of Section 4.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is
        the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)

        of the Code, (iii) it is not a ten percent shareholder of any Borrower Party within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to any
        Borrower Party as described in Section 881(c)(3)(C) of the Code and (v) the interest payments on the loan(s) are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

      The undersigned has furnished the Administrative Agent and the Borrower Parties with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
        Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired
        or inaccurate in any material respect, the undersigned shall promptly so inform the Borrower Parties and the Administrative Agent and deliver promptly to the Borrower Parties and the Administrative Agent an updated certificate or other appropriate
        documentation (including any new documentation reasonably requested by any Borrower Party or the Administrative Agent) or promptly notify the Borrower Parties and the Administrative Agent in writing of its legal ineligibility to do so, and (2) the
        undersigned shall have at all times furnished the Borrower Parties and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in
        either of the two calendar years preceding such payments.

      Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

      [NAME OF LENDER]

       By:

      Name:

        

      Title:

      

      Date:  __________, 20[__]

      Exhibit K-1-1

      

      
        
          

      

      

      

      EXHIBIT K-2

        

        

        FORM OF U.S. TAX COMPLIANCE CERTIFICATE

      (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

      Reference is hereby made to the Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset
        Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
        Lender.

      Pursuant to the provisions of Section 4.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is
        the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not
        a ten percent shareholder of any Borrower Party within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to any Borrower Party as described in Section 881(c)(3)(C) of the Code and (v) interest payments with respect to such participation are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

      The undersigned has furnished its participating Lender, the Administrative Agent and the Borrower Parties with a certificate of its non-U.S. Person status on IRS
        Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate
        obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender, the Administrative Agent and the Borrower Parties in writing and deliver promptly to such Lender, the Administrative Agent and the
        Borrower Parties an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender, the Administrative Agent or any Borrower Party) or promptly notify the Borrower Parties and the
        Administrative Agent and such Lender in writing of its legal ineligibility to do so and (2) the undersigned shall have at all times furnished such Lender, the Administrative Agent and the Borrower Parties with a properly completed and currently
        effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

      Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

      [NAME OF PARTICIPANT]

      
         By:

        Name:

          

        Title:

        

        Date:  __________, 20[__]

        Exhibit K-2-1

      

      
        
          

      

      

      

      EXHIBIT K-3

        

        

        FORM OF U.S. TAX COMPLIANCE CERTIFICATE

      (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

      Reference is hereby made to the Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset
        Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
        Lender.

      Pursuant to the provisions of Section 4.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is
        the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
        undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)

        of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower Party within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or
        indirect partners/members is a controlled foreign corporation related to any Borrower Party as described in Section 881(c)(3)(C) of the Code and (vi) the interest payments with respect to such
        participation are not effectively connected with the conduct of a U.S. trade or business by the undersigned or its direct or indirect partners/members that are claiming the portfolio interest exemption.

      The undersigned has furnished its participating Lender, the Administrative Agent and the Borrower Parties with IRS Form W-8IMY accompanied by one of the following
        forms from each of its partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W‐8BEN or IRS Form W-8BEN-E and an applicable U.S. Tax Compliance Certificate substantially in the form of this Exhibit K or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E and an applicable U.S. Tax Compliance Certificate substantially in the form of this Exhibit K from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or
        if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender, the Administrative Agent and the Borrower
        Parties and deliver promptly to such Lender, the Administrative Agent and the Borrower Parties an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender, the Administrative Agent
        or any Borrower Party) or promptly notify the Borrower Parties and the Administrative Agent and such Lender in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished such Lender, the Administrative
        Agent and the Borrower Parties with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

      Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

      [SIGNATURE PAGE FOLLOWS]

      
        Exhibit K-3-1

      

      
        
          

      

      [NAME OF PARTICIPANT]

      
         By:

        Name:

          

        Title:

        

        Date:  __________, 20[__]

         

        

         

        

         

        

        Exhibit K-3-2 

      

      
        
          

      

      

      

      EXHIBIT K-4

        

        

        FORM OF U.S. TAX COMPLIANCE CERTIFICATE

      (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

      Reference is hereby made to the Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among AGTB Private BDC, a Delaware statutory trust, the other Fund Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset
        Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a
        Lender.

      Pursuant to the provisions of Section 4.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is
        the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
        Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
        pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a
        ten percent shareholder of any Borrower Party within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the
        Borrower Party as described in Section 881(c)(3)(C) of the Code and (vi) the interest payments on the loan(s) are not effectively connected with the conduct of a U.S. trade or business by the undersigned
        or any of its direct or indirect partners/members that is claiming the portfolio interest exemption.

      The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W‐8IMY accompanied by one of the following forms from each of its
        partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E and an applicable U.S. Tax Compliance Certificate substantially in the form of this Exhibit K or (ii) an IRS Form W-8IMY
        accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E and an applicable U.S. Tax Compliance Certificate substantially in the form of this Exhibit K from each of such partner’s/member’s beneficial owners that is claiming the portfolio
        interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete,
        expired or inaccurate in any material respect, the undersigned shall promptly so inform the Borrower Parties and the Administrative Agent and deliver promptly to the Borrower Parties and the Administrative Agent an updated certificate or other
        appropriate documentation (including any new documentation reasonably requested by any Borrower Party or the Administrative Agent) or promptly notify the Borrower Parties and the Administrative Agent in writing of its legal ineligibility to do so,
        and (2) the undersigned shall have at all times furnished the Borrower Parties and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
        undersigned, or in either of the two calendar years preceding such payments.

      Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

      [SIGNATURE PAGE FOLLOWS]

      Exhibit K-4-1 

      
        
          

      

      

      

      [NAME OF LENDER]

      
         By:

        Name:

          

        Title:

        

        Date:  __________, 20[__]

         

        

         

        

         

        

        Exhibit K-4-2 

      

      
        
          

      

      

      

      EXHIBIT L

        

        

        FORM OF FACILITY EXTENSION/INCREASE REQUEST

      [DATE]

      Morgan Stanley Asset Funding Inc.

        1585 Broadway, 24th Floor

        New York, New York 10036

        Attention:  David E. Wasserman and Keenan McBride

        Facsimile: (718) 233-2404

        Email: spglending-ccsf@morganstanley.com

                  keenan.mcbride@morganstanley.com

      Ladies and Gentlemen:

      This [Facility Extension/Increase] Request (the “Request”) is executed and delivered by AGTB
        Private BDC, a Delaware statutory trust [, OTHER BORROWERS] (“Borrower[s]”), to Morgan Stanley Asset Funding Inc. (the “Administrative

            Agent”) pursuant to that certain Revolving Credit Agreement (as it may be amended, modified, supplemented, restated or amended and restated from time to time, the “Credit
            Agreement”) dated as of June 10, 2022, entered into by and among Borrower[s], the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent to the Secured Parties and Sole Lead Arranger, and
        Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender.  Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

      Borrower[s] hereby [notifies you that it elects to extend the Stated Maturity Date to ___________, 20__ (the “Extension”).]

        [requests a Facility Increase of $[FACILITY INCREASE AMOUNT] (the “Facility Increase”) for an aggregate Maximum Commitment in the amount of $[NEW MAXIMUM COMMITMENT] such Facility Increase
        to be effective on ___________, 20__.]

       In connection with this Request, Borrower Parties
          hereby represent, warrant, and certify as of the date hereof, to the Administrative Agent for the benefit of the Secured Parties as follows:

      
        	
                (a)

              	
                This Request is being delivered not less than [thirty (30) days]12 [ten (10) Business Days]13 prior to [the current Stated Maturity Date] [the Increase Effective Date] (or such shorter period as the Administrative Agent may agree to in writing)14;

              

      

      
        	
                (b)

              	
                As of the [proposed date of such Extension][effective date of such Facility Increase] and immediately after giving effect thereto, the representations and warranties set forth in the
                  Credit Agreement  and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly
                  relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such  representation or warranty, the foregoing materiality qualifier shall be disregarded; and

              

         

        

         

        

         

          
          

          12  [In the case of an Extension.]

          13  [In the case of a Facility Increase.]

          14  [To be used only for Facility Extension Request.]

          

          

          Exhibit L-1

          

        

         

        

         

        

        
          
            

        

      

      
        	
                (c)

              	
                On the date of this Request, no Event of Default or Default exists and is continuing, or will exist on the effective date of the Facility [Extension elected][Increase requested] herein [or
                  date of such extension][or immediately after giving effect to the Facility Increase].

              

      

      
        	
                (d)

              	
                [Attached hereto as Exhibit B are such documents as are required pursuant to Section 2.18 relating to our authority to agree to an
                  increase in the Maximum Commitment].15

              

      

      In the event that between the date hereof and the date of the [Extension][Facility Increase] an Event of Default or Default or an event having a Material Adverse
        Effect should occur, Borrower[s] shall notify the Administrative Agent.

      

      

      [SIGNATURE PAGE FOLLOWS]

      

      

      

      

      

        

      
      

      15 [To be used only for Facility Increase Request.]

       

      

      Exhibit L-2 

      
        
          

      

      

      

      The undersigned hereby certifies that each and every matter contained herein to be true and correct in all material respects.

       

        

      
         

      

      
        
          BORROWER[S]:

           

            

           
          [AGTB PRIVATE BDC, a Delaware statutory trust

            

          

          By: ___________________________________ 

          

        Name:

          

        Title:]

        

      

      

      

      

      Accepted and Approved by:

      MORGAN STANLEY ASSET FUNDING INC., as Administrative Agent

      By:

      Name:

      Title: 

      
        Signature Page to Facility Extension/Increase Request

      

      
        
          

      

      

      

      

      

      EXHIBIT M

        

        

        FORM OF RESPONSIBLE OFFICER CERTIFICATE

      

      

      [DATE]

      Reference is hereby made to the Revolving Credit Agreement dated as of June 10, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among AGTB Private BDC, a Delaware statutory trust (the “Initial Borrower”), the other Fund
        Borrowers party thereto, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent (the “Administrative Agent”) for the Secured Parties and Sole
        Lead Arranger, and Morgan Stanley Bank, N.A., as the Letter of Credit Issuer and a Lender.

      The undersigned is a duly authorized [TITLE] of [NAME OF BORROWER PARTY], a [jurisdiction of organization] [form of legal entity].  [Note:  A responsible officer covering each Borrower Party should execute this certificate; revise as necessary.]

      In connection with Section 7.01(i) of the Credit Agreement, I hereby
        certify, solely in my capacity as a Responsible Officer of the Loan Parties, and not individually, as of the date hereof that:

      	

            	(a)	
              All of the representations and warranties set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects as of the date of the Credit Agreement with the same force and effect as if made on
                and as of the date hereof; provided, however, that those representations and warranties expressly referring to a specific date are true and correct in all material respects as of such date; and provided, further,
                that if any such representation and warranty is qualified as to materiality, with respect to such representation and warranty, the materiality qualifier set forth above shall be disregarded for the purposes of this condition;

            

      	

            	(b)	
              No event has occurred and is continuing, or would result from the Credit Extension, which constitutes an Event of Default or a Default; and

            

      	

            	(e)	
              [Use whichever of the following correctly describes the Borrowers’ ERISA exception:] [Each of the] Borrower[s] has delivered a favorable written opinion of counsel reasonably acceptable to the Administrative Agent and its counsel
                regarding such Borrower Party’s status as an Operating Company]; or [the underlying assets of each Borrower do not constitute Plan Assets because less than 25% of the total value of each class of equity interests in such Borrower Party is
                held by “benefit plan investors” within the meaning of Section 3(42) of ERISA].

            

      [SIGNATURE PAGE FOLLOWS]

      Exhibit M-1

      

      
        
          

      

      IN WITNESS WHEREOF, the undersigned has signed this certificate to be effective as of the date first written above.

       

      

      
         

      

      
        
          [NAME OF BORROWER PARTY]

           

        By:________________________________

            Name:

            Title: 

      

      

      

      

      
      
        Signature Page to Responsible Officer Certificate

      

      
        
          

      

      

      

      EXHIBIT N

        

        

        FORM OF JOINDER AGREEMENT

      THIS JOINDER AGREEMENT (this “Joinder Agreement”), dated as of [DATE], is entered into by AGTB PRIVATE BDC, a Delaware statutory trust (the “Initial Borrower”), and [____________], a [____________] (“Proposed Borrower”), in connection with that certain
          Revolving Credit Agreement dated as of June 10, 2022 (as the same may be amended, modified, extended or restated from time to time, the “Credit Agreement”), entered into by and
          among, inter alios, Initial Borrower, the Qualified Borrowers party thereto, Morgan Stanley Asset Funding Inc., as the Administrative Agent (in such capacity, the “Administrative Agent”), and the Lenders from time to time party thereto (the “Lenders”).  All capitalized terms used herein and not otherwise
          defined shall have the meaning set forth in the Credit Agreement.

      A. Proposed Borrower desires to become a “Fund Borrower” under the Credit Agreement.

      B. Accordingly, Proposed Borrower hereby acknowledges, agrees and confirms as follows with the Administrative Agent, for the benefit of the Lenders:

      1. That, by its execution of this Joinder Agreement, it will be deemed to be a party to the Credit Agreement and a “Fund Borrower” for all purposes of the Credit Agreement and the other Loan Documents, and shall have all of the obligations of
          a Fund Borrower thereunder as if it had executed the Credit Agreement and the other Loan Documents.  Proposed Borrower hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the
          Loan Documents applicable to a Fund Borrower.  Without limitation of the foregoing, to the extent applicable to it, Proposed Borrower represents and warrants that the representations and warranties in Section 8
          of the Credit Agreement applicable to a Fund Borrower are true and correct in all material respects as of the date hereof as to Proposed Borrower;

      2. That it has received a copy of the Credit Agreement and the schedules and exhibits thereto;

      3. That its address for purposes of Section 13.07 of the Credit Agreement [shall be the same as the address of the Initial Borrower referred to in Section 13.07 of

          the Credit Agreement][is the address set forth on Schedule I hereto].

      C. The Initial Borrower confirms that, notwithstanding the joinder of Proposed Borrowers to the Loan Documents, the obligations of such Initial Borrower under the Credit Agreement are and shall continue to be in full force and effect.

      D. This Joinder Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one document.

      E. This Joinder Agreement shall become effective, and Proposed Borrower shall become a Fund Borrower, upon satisfaction of the conditions contained in Section 7.04 of the Credit Agreement.

       

        

       

        

      Exhibit N-1

      

      
        
          

      

      F. THIS JOINDER AGREEMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      

      

      [SIGNATURE PAGE FOLLOWS]

      

      

      
         

          

        Exhibit N-2

      

      
        
          

      

      

      

      IN WITNESS WHEREOF, Proposed Borrower and Initial Borrower have caused this Joinder Agreement to be duly executed by their authorized officers, and the
        Administrative Agent, for the benefit of the Lenders, has caused the same to be accepted and agreed to by its authorized officer, as of the day and year first above written.

       

      

      
         

      

      
        
          PROPOSED BORROWER:

           

            

           
          [NAME OF PROPOSED BORROWER]

           

            

           By: __________________________

            

          Name: 

            

          Title:

          

           

      

      

      

      

      

    
       

    

    
      
        INITIAL BORROWER:

         

          

         
        [AGTB PRIVATE BDC, a Delaware statutory trust

         

        

         By: __________________________

          

        Name: 

          

        Title:]

         

    

    

    

    

    

    
      Exhibit N – Schedule I-1

      
        
          

      

      

      

      Accepted and Agreed by:

      MORGAN STANLEY ASSET FUNDING INC., as Administrative Agent

      
         By: __________________________

          

        Name: 

          

        Title:

         

      

      

    

    

    

    

    

    

    

    
      Signature Page to Joinder AgreementDocument

Exhibit 10.1

2016 Stock Incentive Plan of AdvanSix Inc. and its Affiliates,
 as Amended and Restated 

(effective June 15, 2022)

ARTICLE I  
ESTABLISHMENT AND PURPOSE

1.1  Purpose. The purpose of this 2016 Stock Incentive Plan of AdvanSix Inc. and its Affiliates (the “Plan”) is to enable the Company to achieve superior financial performance, as reflected in the performance of its Common Stock and other key financial or operating indicators by (a) providing incentives and rewards to certain employees and service providers who are in a position to contribute materially to the success and long-term objectives of the Company, (b) aiding in the recruitment and retention of employees and service providers of exceptional ability, (c) providing employees an opportunity to acquire or expand equity interests in the Company and (d) promoting the growth and success of the Company’s business by aligning the financial interests of employees and service providers with that of the other stockholders of the Company. Towards these objectives, the Plan provides for the grant of Stock Options, Stock Appreciation Rights, Performance Awards, Restricted Stock Units, Restricted Stock, Other Stock-Based Awards, and Non-Share-Based Awards.

1.2  Effective Date; Stockholder Approval. The Plan, as amended and restated, is effective as of the date the Plan shall have been adopted by the Board and approved by the Company’s stockholders in a manner that satisfies the requirements of the General Corporation Law of the State of Delaware and the rules of the New York Stock Exchange (the “Effective Date”).

ARTICLE II
DEFINITIONS

For purposes of the Plan, the following terms have the following meanings:

2.1  “1933 Act” means the Securities Act of 1933, as amended, and the regulations and interpretations thereunder.

2.2  “Affiliate” means (a) any subsidiary of the Company of which at least 50 percent of the aggregate outstanding voting common stock or capital stock is owned directly or indirectly by the Company, (b) any other parent of a subsidiary described in clause (a), or (c) any other entity in which the Company has a substantial ownership interest and which has been designated as an Affiliate by the Committee in its sole discretion.

2.3  “Award” means any form of incentive or performance award granted under the Plan, whether singly or in combination, to a Participant by the Committee pursuant to any terms and conditions that the Committee may establish and set forth in the applicable Award Agreement. Awards granted under the Plan may consist of: (a) “Stock Options” awarded pursuant to Section 4.3; (b) “Stock Appreciation Rights” awarded pursuant to Section 4.3; (c) “Performance Awards” (including any Non-Share Based Awards) awarded pursuant to Section 4.4; (d) “Restricted Stock Units” awarded pursuant to Section 4.5; (e) “Restricted Stock” awarded pursuant to Section 4.5; (f) “Other Stock-Based Awards” awarded pursuant to Section 4.6.

2.4  “Award Agreement” means the document issued, either in writing or an electronic medium, to a Participant evidencing the grant of an Award.

2.5  “Board” means the Board of Directors of the Company.

2.6  “Cause” means, unless otherwise provided in an Award Agreement, any of the following: (i) clear evidence of a significant violation of the Company’s Code of Business Conduct; (ii) a fraud committed against the Company; (iii) the misappropriation, embezzlement or reckless or willful destruction of Company property; (iv) the willful failure to perform, or gross negligence in the performance of, duties; (v) the conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been or may be exercised); (vi) the knowing falsification of any records or documents of the Company; (vii) a significant breach of any statutory or common law duty of loyalty to the Company; (viii) intentional and improper conduct significantly prejudicial to the business of the Company; (ix) 
1

the failure to cooperate fully in a Company investigation or the failure to be fully truthful when providing evidence or testimony in such investigation; or (x) the violation of Company rules and policies that, based on a single occurrence, might not meet the significance thresholds of (i), (vii) or (viii) above, but that shall, for purposes of such significance thresholds, be deemed to constitute a violation thereof in the event any such violation occurs more than once. Cause shall be determined by the Committee for Reporting Persons or by the Company for all other Participants, in its sole and absolute discretion; provided that if an event would constitute cause under an individual service agreement by and between the Company and the applicable Participant, then such event shall also constitute Cause for purposes of the Plan for such Participant.

2.7  “Change in Control” means, unless otherwise provided in an Award Agreement, the occurrence of any of the following events following the Effective Date:

(i)during any period of 24 consecutive calendar months, individuals who were directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as used in Section 13(d) of the Exchange Act) (a “Person”), in each case other than the Board;

(ii)the consummation of (A) a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if Company Voting Securities (as defined below) are issued or issuable (each of the events referred to in this clause (A) being hereinafter referred to as a “Reorganization”) or (B) the sale or other disposition of all or substantially all the assets of the Company to an entity that is not an Affiliate (a “Sale”), unless, immediately following such Reorganization or Sale, (1) all or substantially all the Persons who were the “beneficial owners” (as used in Rule 13d-3 under the Exchange Act (or a successor rule thereto)) of the securities eligible to vote for the election of the Board (“Company Voting Securities”) outstanding immediately prior to the consummation of such Reorganization or Sale continue to beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation or other entity resulting from such Reorganization or Sale (including a corporation or other entity that, as a result of such transaction, owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries) (the “Continuing Company”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding Company Voting Securities (excluding, for such purposes, any outstanding voting securities of the Continuing Company that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any corporation or other entity involved in or forming part of such Reorganization or Sale other than the Company), (2) no Person (excluding any employee benefit plan (or related trust) sponsored or maintained by the Continuing Company or any entity controlled by the Continuing Company) beneficially owns, directly or indirectly, 30% or more of the combined voting power of the then outstanding voting securities of the Continuing Company and (3) at least a majority of the members of the board of directors of the Continuing Company were Incumbent Directors at the time of the execution of the definitive agreement providing for such Reorganization or Sale or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Reorganization or Sale;

(iii)the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company unless such liquidation or dissolution is part of a transaction or series of transactions described in paragraph (ii) above that does not otherwise constitute a Change in Control; or 

(iv)any Person, corporation or other entity or “group” (as used in Section 13(d) of the Exchange Act) (other than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate or (C) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the Company Voting Securities) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (iv), the 
2

following acquisitions shall not constitute a Change in Control:  (w) any acquisition directly from the Company, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate, (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or any acquisition by a pledgee of Company Voting Securities holding such securities as collateral or temporarily holding such securities upon foreclosure of the underlying obligation or (z) any acquisition pursuant to a Reorganization or Sale that does not constitute a Change in Control for purposes of subparagraph (ii) above;

 provided that, to the extent any Award provides for the payment of non-qualified deferred compensation subject to Section 409A of the Code,  an event set forth above shall not constitute a “Change in Control” unless it also constitutes a “change in ownership”, a “change in the effective control” or a “change in the ownership of substantial assets” of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5) and such limitation is necessary to avoid an impermissible distribution or other event resulting in adverse tax consequences under Section 409A of the Code.

2.8  “Code” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

2.9 “Committee” means the Compensation and Leadership Development Committee of the Board or any successor committee or subcommittee of the Board or other committee or subcommittee designated by the Board, which committee or subcommittee is comprised solely of two or more persons who are Non-Employee Directors within the meaning of Rule 16b-3(b)(3) under the Exchange Act.

2.10 “Common Stock” means the common stock of the Company.

2.11 “Company” means AdvanSix Inc. and its successors. 

2.12 “Disabled” and “Disability”, with respect to a Participant, have the meanings assigned to such terms under the long-term disability plan maintained by the Company or an Affiliate in which such Participant is covered at the time the determination is made, and if there is no such plan, mean the permanent inability as a result of accident or sickness to perform any and every duty pertaining to such Participant’s occupation or employment for which the Participant is suited by reason of the Participant’s previous training, education and experience; provided that, to the extent an Award subject to Section 409A of the Code shall become payable upon a Participant’s Disability, a Disability shall not be deemed to have occurred for such purposes unless the circumstances would also result in a “disability within the meaning of Section 409A of the Code, unless otherwise provided in an Award Agreement.

2.13 “Dividend Equivalent” means an amount equal to the cash dividend or the Fair Market Value of the stock dividend that would be paid on each Share underlying an Award if the Share were duly issued and outstanding on the date on which the dividend is payable.

2.14 “Eligible Individual” shall mean any Non-Employee Director, Employee or consultant (or any prospective director, employee or consultant) of the Company or its Affiliates. 

2.15 “Employee” means any individual who performs services as an employee of the Company or an Affiliate. “Employee” does not include any leased employees.

2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the regulations and interpretations thereunder.

2.17 “Exercise Price” means the price of a Share, as fixed by the Committee, that may be purchased under a Stock Option or with respect to which the amount of any payment pursuant to a Stock Appreciation Right is determined.

2.18 “Fair Market Value” means, except as otherwise provided in the applicable Award Agreement, (a) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee and (b) with respect to Shares, as of any date, (i) the average (mean) of the highest and lowest sales prices of a Share, as reported on the New York Stock Exchange (or any other reporting system selected by the Committee, in its sole discretion) on the date as of which the determination is being made or, if no sale of Shares is reported on this date, on the most recent preceding day on which there were sales of Shares reported or (ii) in the event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith by the Committee.

3

2.19 “GAAP” means U.S. generally accepted accounting principles.

2.20 “Incentive Stock Option” means a Stock Option granted under Section 4.3 of the Plan that meets the requirements of Section 422 of the Code and is designated in the Award Agreement to be an Incentive Stock Option.

2.21 “Non-Employee Director” means any member of the Board, elected or appointed, who is not an Employee.  An individual who is elected to the Board at a meeting of the stockholders of the Company shall be deemed to be a member of the Board as of the date of the meeting.

2.22  “Non-Share-Based Award” means a Performance Award that is valued with reference to property other than Shares (including cash). 

2.23 “Nonqualified Stock Option” means any Stock Option granted under Section 4.3 of the Plan that is not an Incentive Stock Option.

2.24 “Other Stock-Based Award” means an Award granted under Section 4.6 and denominated in Shares.

2.25 “Participant” means any Eligible Individual who has been granted an Award under the Plan.

2.26 “Performance Award” means an Award granted under Section 4.4 of the Plan, the payment of which is conditioned on the attainment of one or more performance criteria determined by the Committee. 

2.27 “Performance Measure” means any one or combination of the following measures, separately or in relation to each other, or relative to a selected comparator group, as determined by the Committee, which (to the extent applicable and unless determined otherwise by the Committee) shall be determined in accordance with GAAP: (a) Sales (or any component of sales); (b) Operating income; (c) Net income; (d) Earnings per Share (or Proforma EPS); (e) Return on equity; (f) Cash flow (including operating cash flow, free cash flow, cash flow yield and/or cash flow conversion); (g) Cash flow per Share; (h) Return on invested capital; (i) Return on investments (or ROI expansion); (j) Return on assets; (k) Economic value added (or an equivalent metric, as determined by the Committee); (l) Share price; (m) Total stockholder return; (n) Cost and expense reduction; (o) Working capital (or working capital turns or days); (p) Revenues (including specified types or categories thereof); (q) Product volume; (r) Gross or net profitability/profit margins (including profitability of an identifiable business unit or product); (s) measures of productivity or operating efficiency; (t) Implementation or completion of critical projects; (u) Safety and accident rates; and (v) any other measure determined by the Committee in its discretion.  

Performance Measures may be defined and measured before or after taking into consideration taxes, interest, depreciation, amortization, pension-related expense or income, any pension mark to market adjustment, and/or other specified items, the determination of which shall be at the discretion of the Committee and may be with respect to the Company and/or a business unit, segment, division, or subsidiary of the Company or an Affiliate.

In determining attainment of Performance Measures, the impact of the following shall be excluded unless the Committee determines otherwise: unusual or infrequently occurring items and the cumulative effect of changes in accounting treatment, changes in foreign currency exchange rates, the impact of acquisitions or divestitures, discontinued operations, and charges for restructurings (including employee severance liabilities, asset impairment costs, and exit costs), each determined in accordance with GAAP (to the extent applicable and unless determined otherwise by the Committee) and as identified in the financial statements, notes to the financial statements or discussion and analysis of management.  In addition, the Committee may determine to exclude the impact of other items in its discretion.

2.28 “Performance Cycle” means, with respect to any Performance Award, a period (or periods) of at least one year, unless otherwise specified by the Committee, over which the level of attainment of performance of the applicable performance criteria shall be determined.

2.29 “Potential Change in Control Period” is, unless otherwise provided in an Award Agreement, deemed to commence at the time of the earliest of the following events to occur: (a) the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; (b) the Company or any person or group publicly announces an intention to take or to consider taking actions that, if consummated, would constitute a Change in Control; (c) any person or group (other than the Company or any of its Affiliates, or any savings, pension or other benefit plan for the benefit of employees of the Company or any Affiliate) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 15 percent or more of either the then outstanding Shares or the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such person or group any securities acquired directly from the Company or its Affiliates); or (d) the Board 
4

adopts a resolution to the effect that, for purposes of the Plan, a Potential Change in Control Period has commenced. The Potential Change in Control Period is deemed to continue until the adoption by the Board of a resolution stating that, for purposes of the Plan, the Potential Change in Control Period has expired.

2.30 “Retirement” means the Termination of Service on or after attainment of age 55 with 10 years of service with the Company and its Affiliates, other than on account of an involuntary Termination of Service for Cause. For purposes of this Section, “years of service” is determined using the Participant’s most-recent adjusted service date, as reflected at the Participant’s Termination of Service in the Company’s records.

2.31 “Reporting Person” means any Non-Employee Director and any Employee who is subject to the reporting requirements of Section 16(a) of the Exchange Act.

2.32 “Restricted Stock” means Shares issued pursuant to Section 4.5 that are subject to any restrictions that the Committee, in its discretion, may impose.

2.33 “Restricted Stock Unit” means a right granted under Section 4.5 to acquire Shares or an equivalent amount in cash that is subject to any restrictions that the Committee, in its discretion, may impose.  

2.34 “Share” means a share of Common Stock.

2.35 “Stock Appreciation Right” means a right granted under Section 4.3 to an amount in cash or a number of Shares with a Fair Market Value equal to the excess of the Fair Market Value of the Shares on the date on which the Stock Appreciation Right is exercised over the applicable Exercise Price (with any fractional Shares treated in accordance with Section 5.5).

2.36 “Stock Option” means a right granted under Section 4.3 to purchase from the Company a stated number of Shares at the applicable Exercise Price.  Stock Options awarded under the Plan may be in the form of Incentive Stock Options or Nonqualified Stock Options.

2.37 “Target Award” means (i) with respect to Non-Share Based Awards, the amount of property (including cash) in respect of such Award that shall be paid if the applicable performance criteria are met at the 100% level, as determined by the Committee, and (ii) with respect to Awards other than Non-Share-Based Awards, the percentage of Performance Awards that shall vest or become exercisable if the applicable performance criteria are met at the 100% level, as determined by the Committee.

2.38 “Termination of Service” means the date of cessation of a Participant’s provision of services to the Company and its Affiliates for any reason, with or without Cause, as determined by the Company; provided that a Participant will be deemed to have incurred a Termination of Service on the date that such Participant provides notice of termination to the Company and its Affiliates.  Except as otherwise provided in an Award Agreement, Termination of Service shall be determined without regard to any statutory or contractual notice periods for termination of employment, dismissal, redundancy, and similar events. Notwithstanding the foregoing, (x) if an Affiliate ceases to be an Affiliate while an Award granted to a Participant who provides services to such Affiliate is outstanding, the Committee may, in its discretion, deem such Participant to have a Termination of Service on the date the Affiliate ceases to be an Affiliate or on a later date specified by the Committee; (y) the Committee shall make any determination described in clause (x) before or not more than a reasonable period after the date the Affiliate ceases to be an Affiliate; and (z) each such Participant’s Termination of Service shall be treated as an involuntary termination not for Cause. For purposes of clarification, any non-qualified deferred compensation (within the meaning of Section 409A of the Code) payable to any Participant upon a Termination of Service pursuant to the terms and conditions of this Plan shall be paid to the Participant upon a “separation from service” as determined in accordance with Section 409A of the Code without the imposition of additional taxes or penalties.

ARTICLE III
 ADMINISTRATION

3.1  The Committee. The Plan shall be administered by the Committee.

3.2  Authority of the Committee. The Committee shall have authority, in its sole and absolute discretion and subject to the terms of the Plan, to (a) interpret the Plan; (b) prescribe the rules and regulations that it deems necessary for the proper operation and administration of the Plan, and amend or rescind any existing rules or regulations relating to the Plan; (c) select Eligible Individuals to receive Awards under the Plan; (d) determine the form of Awards, the number of Shares subject to each Award, all the terms and conditions of an Award including, without limitation, the conditions on exercise or vesting, the designation of Stock Options as Incentive Stock Options or 
5

Nonqualified Stock Options and the terms of Award Agreements; (e) determine whether Awards shall be granted singly, in combination or in tandem; (f) establish and administer performance criteria in connection with Performance Awards, and approve the level of performance attained with respect to such performance criteria; (g) waive or amend any terms, conditions, restrictions or limitations on an Award, except that the prohibition on the repricing of Stock Options and Stock Appreciation Rights, as described in Section 4.3(g), may not be waived; (h) in accordance with Article V, make any adjustments to the Plan (including but not limited to adjustment of the number of Shares available under the Plan or any Award) and any Award granted under the Plan that may be appropriate; (i) provide for the deferred payment of Awards and the extent to which payment shall be credited with Dividend Equivalents; (j) determine whether Awards may be transferable to family members, a family trust, a family partnership or otherwise; (k) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other property; (l) interpret, administer, reconcile any inconsistency in, correct any default in and/or supply any omission in, the Plan and any instrument or agreement relating to (including any Award Agreement), or Award made under, the Plan; (m) waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate any Award, notwithstanding any provisions of the Plan to the contrary;  (n) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards, notwithstanding any provisions of the Plan to the contrary; (o) establish any provisions that the Committee may determine to be necessary in order to implement and administer the Plan in foreign countries; and (p) take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan.

3.3  Effect of Determinations. All determinations of the Committee shall be final, binding and conclusive on all persons having an interest in the Plan.

3.4  Delegation of Authority. The Committee, in its discretion and consistent with applicable law and regulations, may delegate its authority and duties under the Plan to one or more subcommittees of the Committee or to the Chief Executive Officer of the Company or any other individual as it deems to be advisable, under any conditions and subject to any limitations that the Committee may establish. Other than as provided in Section 3.7 of the Plan, only the Committee (or a subset thereof), however, shall have authority to grant and administer Awards to Reporting Persons and any delegate of the Committee, including to establish, and approve achievement of, Performance Measures.

3.5  Employment of Advisors. The Committee may select and employ attorneys, consultants, accountants and other advisors at the Company’s expense (and may determine the compensation thereof), and the Committee, the Company, and the officers and directors of the Company may rely upon the advice, opinions or valuations of the advisors employed.

3.6  No Liability. No member of the Committee, nor any person acting as a delegate of the Committee with respect to the Plan, shall be liable for any losses resulting from any action taken or omitted to be taken, interpretation or construction made in good faith with respect to the Plan or any Award granted under the Plan.

3.7 Awards to Non-Employee Directors.  The Board may, in its sole and plenary discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards.  In any such case, the Board shall have all the authority and responsibility granted to the Committee herein.

ARTICLE IV
AWARDS

4.1  Eligibility. All Eligible Individuals are eligible to receive Awards granted under the Plan, except as otherwise provided in this Article IV.

4.2  Form of Awards. Awards shall be in the form determined by the Committee, in its discretion, and shall be evidenced by an Award Agreement. Awards may be granted singly or in combination or in tandem with other Awards.

4.3  Stock Options and Stock Appreciation Rights. The Committee may grant Stock Options and Stock Appreciation Rights under the Plan to those Eligible Individuals whom the Committee may from time to time select, in the amounts and pursuant to the other terms and conditions that the Committee, in its discretion, may determine and set forth in the Award Agreement, subject to the provisions below:

(a)    Form. Stock Options granted under the Plan shall, at the discretion of the Committee and as set forth in the Award Agreement, be in the form of Incentive Stock Options, Nonqualified Stock Options, or a combination of the two. If an Incentive Stock Option and a Nonqualified Stock Option are granted to the same Participant under the Plan at the same time, the form of each shall be clearly identified, and they shall be deemed to have been granted in separate grants. In no event shall the exercise of one Award affect the 
6

right to exercise the other Award. Stock Appreciation Rights may be granted either alone or in connection with concurrently or previously issued Nonqualified Stock Options. No Participant shall be entitled to dividends or Dividend Equivalent Rights with respect to any Shares underlying the Participant’s Stock Options or Stock Appreciation Rights. Shares underlying Stock Options and Stock Appreciation Rights shall carry no voting rights.  

(b)    Exercise Price. The Committee shall set the Exercise Price of Stock Options or Stock Appreciation Rights granted under the Plan at a price that is equal to or greater than the Fair Market Value of a Share on the date of grant, subject to adjustment as provided in Section 5.3. The Exercise Price of Incentive Stock Options, however, shall be equal to or greater than 110 percent of the Fair Market Value of a Share on the date of grant if the Participant receiving the Stock Options owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or of any subsidiary or parent corporation of the Company, as defined in Section 424 of the Code. The Exercise Price of a Stock Appreciation Right granted in tandem with a Stock Option shall be equal to the Exercise Price of the related Stock Option. The Exercise Price of a Stock Option or Stock Appreciation Right shall be set forth in the Award Agreement.

(c)    Term and Timing of Exercise. Stock Options and Stock Appreciation Rights shall lapse not later than 10 years after the date of grant, as determined by the Committee at the time of grant. Each Stock Option or Stock Appreciation Right granted under the Plan shall be exercisable in whole or in part, subject to the following conditions: 

(i)         The date on which any Award of Stock Options or Stock Appreciation Rights to a Participant may first be exercised shall be set forth in the Award Agreement; provided, however, that, except for Stock Options and Stock Appreciation Rights granted as Performance Awards, Awards to Non-Employee Directors and except as provided in Section 5.1(b), such Award shall not become fully vested for at least three years following the date of grant, but in no event shall any portion of an Award (including Performance Awards and Awards to Non-Employee Directors) vest before the first anniversary of the date of grant except as provided in Section 5.1(b).

(ii)        A Stock Appreciation Right granted in tandem with a Stock Option shall be subject to the same terms and conditions as the related Stock Option and shall be exercisable only to the extent that the related Stock Option is exercisable unless otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate.

(iii)       Notwithstanding any provisions of the Plan to the contrary and unless otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate, Stock Options and Stock Appreciation Rights shall vest and remain exercisable as follows, subject to Section 5.4:
									
	Event	Vesting	Exercise Period for Vested Awards
	Death  	Immediate vesting as of death  	Expires earlier of (i) original expiration date, or (ii) 3 years after death.
	Disability  	Immediate vesting as of Termination of Service due to the incurrence of Disability	Expires earlier of (i) original expiration date, or (ii) 3 years after Termination of Service due to Disability.
	Retirement	Unvested Awards forfeited as of Retirement	Expires earlier of (i) original expiration date, or (ii) 3 years after Retirement.
	Voluntary Termination of Service	Unvested Awards forfeited as of Termination of Service	Expires earlier of (i) original expiration date, or (ii) 30 days after Termination of Service.
	Involuntary Termination of Service not for Cause	Unvested Awards forfeited as of Termination of Service	Expires earlier of (i) original expiration date, or (ii) 1 year after Termination of Service.
	Involuntary Termination of Service for Cause	Unvested Awards forfeited as of Termination of Service	Vested Awards immediately cancelled.  

(iv)       Except as otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate, Stock Options and Stock Appreciation Rights of a deceased Participant may be exercised only by the estate of the Participant or by the person given authority to exercise the Stock Options or Stock Appreciation Rights by the Participant’s will or by applicable laws of 
7

descent and distribution. If a Stock Option or Stock Appreciation Right is exercised by the executor or administrator of a deceased Participant’s estate, or by the person or persons to whom the Stock Option or Stock Appreciation Right has been transferred by the Participant’s will or the applicable laws of descent and distribution, the Company shall be under no obligation to deliver Shares or cash until the Company is satisfied that the person exercising the Stock Option or Stock Appreciation Right is the duly appointed executor or administrator of the deceased Participant’s estate or the person to whom the Stock Option or Stock Appreciation Right has been transferred by the Participant’s will or by applicable laws of descent and distribution.

(d)        Payment of Exercise Price. The Exercise Price of a Stock Option must be paid in full when the Stock Option is exercised. Any Shares to be acquired upon exercise shall be registered and delivered only upon receipt of payment. Payment of the Exercise Price may be made in cash or by certified check, bank draft, wire transfer, or postal or express money order. No portion of the Exercise Price of a Stock Option may be paid from the proceeds of a loan of cash from the Company to the Participant. In addition, the Committee may also permit payment of all or a portion of the Exercise Price to be made by any other method, provided that, for Awards to Reporting Persons, permissible methods shall be set forth in the applicable Award Agreement, including:

(i)    Delivering a properly executed exercise notice to the Company or its agent, together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds with respect to the portion of the Shares to be acquired having a Fair Market Value on the date of exercise equal to the sum of the applicable portion of the Exercise Price being so paid; or

(ii)    Tendering (actually or by attestation) to the Company previously acquired Shares that have been held by the Participant for at least six months, subject to paragraph (d)(v), and that have a Fair Market Value on the day prior to the date of exercise equal to the applicable portion of the Exercise Price being so paid; or

(iii)    Instructing the Company to withhold Shares that would otherwise be issued having a Fair Market Value on the date of exercise equal to the applicable portion of the Exercise Price being so paid; or

(iv)    Any combination of the methods described in paragraphs (i), (ii), and (iii).

(v)    The Committee, in consideration of applicable accounting standards, may waive any holding period on Shares required to tender pursuant to paragraph (d)(ii).

(e)        Incentive Stock Options. Incentive Stock Options granted under the Plan shall be subject to the following additional conditions, limitations, and restrictions:

(i)    Eligibility. Incentive Stock Options may be granted only to Employees of the Company or an Affiliate that is a subsidiary or parent corporation of the Company, within the meaning of Section 424 of the Code.

(ii)    Amount of Award. The aggregate Fair Market Value as of the date of grant of the Shares with respect to which the Incentive Stock Options awarded to any Participant first become exercisable during any calendar year may not exceed $100,000. For purposes of this $100,000 limit, the Participant’s Incentive Stock Options under this Plan and all other plans maintained by the Company and its Affiliates shall be aggregated. To the extent any Incentive Stock Option would exceed the $100,000 limit, the Incentive Stock Option shall afterwards be treated as a Nonqualified Stock Option for all purposes.

(iii)    Timing of Exercise. If the Committee exercises its discretion in the Award Agreement to permit an Incentive Stock Option to be exercised by a Participant more than three months after the Participant has ceased being an Employee (or more than 12 months if the Participant is permanently and totally disabled, within the meaning of Section 22(e) of the Code), the Incentive Stock Option shall be treated as a Nonqualified Stock Option for all purposes following the date that is three months after the Participant has ceased being an Employee. For purposes of this paragraph (e)(iii), an Employee’s employment relationship shall be treated as continuing intact while the Employee is on military leave, sick leave, or another approved leave of absence if the period of leave does not exceed 90 days, or a longer period to the extent that the Employee’s right to reemployment with the Company or an Affiliate is guaranteed by statute or by contract. Where the period of leave exceeds 90 days and the Employee’s right to reemployment is not guaranteed by statute or contract, the employment relationship shall be deemed to have ceased on the 91st day of the leave.
8

(iv)       Transfer Restrictions. In no event shall the Committee permit an Incentive Stock Option to be transferred by a Participant other than by will or the applicable laws of descent and distribution, and any Incentive Stock Option awarded under this Plan shall be exercisable only by the Participant during the Participant’s lifetime.

(f)        Exercise of Stock Appreciation Rights. Upon exercise, Stock Appreciation Rights may be redeemed for cash or Shares or a combination of cash and Shares, in the discretion of the Committee, and as described in the Award Agreement. Cash payments shall be equal to the excess of the Fair Market Value of a Share on the date of exercise over the Exercise Price for each Share for which a Stock Appreciation Rights was exercised. If the Stock Appreciation Right is redeemed for Shares, the Participant shall receive a number of Shares equal to the quotient of the cash payment amount divided by the Fair Market Value of a Share on the date of exercise (with any fractional Shares to be treated in accordance with Section 5.5).

(g)        Certain Prohibitions. The following terms or actions shall not be permitted with respect to any Award of Stock Options or Stock Appreciation Rights:

(i)         No Repricing. Except as otherwise provided in Section 5.3, in no event shall the Committee decrease the Exercise Price of a Stock Option or Stock Appreciation Right after the date of grant, or cancel outstanding Stock Options or Stock Appreciation Rights and grant replacement Stock Options or Stock Appreciation Rights with a lower Exercise Price than that of the replaced Stock Options or Stock Appreciation Rights or other Awards, or purchase underwater Stock Options from a Participant for cash or replacement Awards without first obtaining the approval of the Company’s stockholders in a manner that complies with the rules of the New York Stock Exchange.

(ii)        No Reload Options. The Committee shall not grant Stock Options or Stock Appreciation Rights that have reload features under which the exercise of a Stock Option or Stock Appreciation Right by a Participant automatically entitles the Participant to a new Stock Option or Stock Appreciation Right.

4.4  Performance Awards. The Committee may grant Performance Awards to the Eligible Individuals that the Committee may from time to time select, in the amounts and, pursuant to the terms and conditions that the Committee may determine and set forth in the Award Agreement, subject to the provisions below:

(a)    Performance Cycles. Performance Awards shall be awarded in connection with a Performance Cycle determined by the Committee.  Performance Awards shall be based on the Performance Measures or other performance criteria and payment formulas that the Committee, in its discretion, may establish for these purposes.  No Award shall vest until the Committee (or a delegate of the Committee) approves the level of attainment of the applicable performance criteria, and in no event shall any portion of a Performance Award vest before the first anniversary of the date of grant except as provided in Section 5.1(b).  The Committee shall also set forth the minimum level of performance that must be attained during the Performance Cycle before any Award shall be paid or vest, and the percentage of the Target Award that shall be paid or vest upon attainment of various levels of performance that equal or exceed the minimum required level.

(b)    Increases; Reductions.  The Committee, in its discretion, may, on a case-by-case basis, reduce or increase the amount that is paid or vests pursuant to a Performance Award.

(c)    Death; Disability.  Unless otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate, a Participant (or his or her beneficiaries or estate) whose services were terminated because of death or Disability will receive a prorated portion of the payment of his or her Performance Award, based upon the portion of the Performance Cycle during which he or she provided services to the Company or an Affiliate, at such time as such Performance Award is otherwise payable, but only to the extent performance criteria for the applicable Performance Cycle are subsequently achieved. 

(d)    Form of Payment. Performance Awards may be paid in cash or Shares, or a combination of cash and Shares, in the discretion of the Committee, subject to the terms and conditions set forth in the Award Agreement. Payment with respect to any fractional Shares shall be determined in accordance with Section 5.5.

(e)    Dividend Equivalents. Notwithstanding anything to the contrary herein, in the event of a payment of dividends on Common Stock, to the extent permissible under Section 409A of the Code, the Committee may 
9

credit Performance Awards with Dividend Equivalents. Notwithstanding anything to the contrary herein, Dividend Equivalents shall be withheld and deferred in the Participant’s account and shall be subject to the same conditions, including performance-based vesting conditions, as the underlying Award, with such Dividend Equivalents to be paid out in Shares or cash as determined by the Committee in the Award Agreement or otherwise. The Committee shall determine any terms and conditions on deferral of Dividend Equivalents.  For the avoidance of doubt, to the extent a Performance Award is terminated, cancelled or forfeited in whole or in part, due to failure to meet performance conditions or otherwise, any Dividend Equivalents credited with respect to such Award shall be terminated, cancelled or forfeited at the same time and to the same extent as such Award.

4.5  Restricted Stock Units and Restricted Stock. The Committee may grant Restricted Stock Units and Restricted Stock under the Plan to those Eligible Individuals whom the Committee may from time to time select, in the amounts and pursuant to the terms and conditions that the Committee, in its discretion, may determine and set forth in the Award Agreement, subject to the provisions below:

(a)    Grant of Restricted Stock Units. The Committee may grant Restricted Stock Units to any Employee, which are denominated in, valued in whole or in part by reference to, or otherwise related to, Shares. The Committee shall determine, in its discretion, the terms and conditions that apply to Restricted Stock Units granted pursuant to this Section 4.5, including whether and how Dividend Equivalents shall be credited with respect to any Award. The terms and conditions of the Restricted Stock Units shall be set forth in the applicable Award Agreement.

(b)    Grant of Restricted Stock. As soon as practicable after Restricted Stock has been granted, Shares of Restricted Stock shall be registered in the name of the Participant and held for the Participant by the Company. The Participant shall have all rights of a stockholder with respect to the Shares, including the right to vote and to receive dividends or other distributions, except that the Shares may be subject to a vesting schedule and forfeiture and, except as otherwise provided in Section 7.1, may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed until the restrictions are satisfied or lapse.

(c)    Dividends and Dividend Equivalents. Notwithstanding anything to the contrary herein, dividends issued on Shares of Restricted Stock shall be withheld and deferred in the Participant’s account and shall be subject to the same conditions, including vesting conditions, as the underlying Shares of Restricted Stock. In the event of a payment of dividends on Common Stock, to the extent permissible under Section 409A of the Code, the Committee may credit Restricted Stock Units with Dividend Equivalents. Notwithstanding anything to the contrary herein, Dividend Equivalents shall be withheld and deferred in the Participant’s account and shall be subject to the same conditions, including vesting conditions, as the underlying Restricted Stock Units, with such Dividend Equivalents to be paid out in Shares or cash as determined by the Committee in the Award Agreement or otherwise. The Committee shall determine any terms and conditions on deferral of Dividend Equivalents.  For the avoidance of doubt, to the extent an Award of Restricted Stock or Restricted Stock Units is terminated, cancelled or forfeited in whole or in part, due to failure to meet performance conditions or otherwise, any dividends or Dividend Equivalents credited with respect to such Award shall be terminated, cancelled or forfeited at the same time and to the same extent as such Award.

(d)        Vesting and Forfeiture. The Committee may, in its discretion and as set forth in the Award Agreement, impose any restrictions on Restricted Stock Units and/or their related Dividend Equivalents or Restricted Stock and their related dividends that it deems to be appropriate. The Restricted Stock Units, related Dividend Equivalents and Restricted Stock and related dividends granted to Employees shall be subject to the following restrictions:

(i)    Vesting and Forfeiture. Except for Restricted Stock Units and Restricted Stock granted as Performance Awards, Awards to Non-Employee Directors and except as provided in Section 5.1(b), restrictions on Restricted Stock Units and Restricted Stock shall vest in full over a period of not less than three years from the date of grant, but in no event shall all or any portion of an Award (including Performance Awards and Awards to Non-Employee Directors) vest before the first anniversary of the date of grant except as provided in Section 5.1(b). Subject to Section 5.4, if the restrictions have not lapsed or been satisfied as of the Participant’s Termination of Service, the Restricted Stock Units or Restricted Stock shall be forfeited by the Participant if the termination is for any reason other than death or Disability.

(ii)    Death or Disability. Notwithstanding any provisions of the Plan to the contrary and unless otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate, all restrictions on Restricted Stock Units and/or their related Dividend Equivalents or 
10

Restricted Stock and related dividends granted pursuant to this Section 4.5 shall lapse upon the Participant’s death or Termination of Service due to Disability.

(iii)    Legend. To enforce any restrictions that the Committee may impose on Restricted Stock, the Committee shall cause a legend referring to the restrictions to be placed on Shares of Restricted Stock, whether in certificated or book-entry form. When restrictions lapse or are satisfied, a new certificate, without the legend, for the number of Shares with respect to which restrictions have lapsed or been satisfied shall be issued and delivered to the Participant, or for book-entry shares, such restrictions shall be removed.

(e)        Redemption of Restricted Stock Units. Restricted Stock Units may be redeemed for cash or whole Shares, or a combination of cash and whole Shares, in the discretion of the Committee, when the restrictions lapse and any other conditions set forth in the Award Agreement have been satisfied provided that with respect to any Restricted Stock Units subject to Section 409A of the Code such redemption shall occur in a manner that complies with Section 409A of the Code. Each Restricted Stock Unit may be redeemed for one Share or an amount in cash equal to the Fair Market Value of a Share as of the date on which the Restricted Stock Unit vests, as determined by the Committee.

(f)        Deferred Units. Subject to Section 7.14 and to the extent determined by the Committee, Participants may be permitted to request the deferral of payment of vested Restricted Stock Units (including the value of related Dividend Equivalents) to a date later than the payment date specified in the Award Agreement, provided that any such election be made in accordance with Section 409A of the Code. The Committee shall determine any terms and conditions on deferral.

4.6  Other Stock-Based Awards. The Committee may, from time to time, grant Awards (other than Stock Options, Stock Appreciation Rights, Restricted Stock Units or Restricted Stock) to any Employee that consist of, or are denominated in, payable in, valued in whole or in part by reference to, or otherwise related to, Shares. These Awards may include, among other things, phantom or hypothetical Shares. The Committee shall determine, in its discretion, the terms and conditions that will apply to Other Stock-Based Awards granted pursuant to this Section 4.6, including whether Dividend Equivalents will be credited with respect to any such Award in the event of a payment of dividends on Common Stock (and in the event Dividend Equivalents are so credited, they shall be subject to the same vesting schedule and other conditions as the underlying Awards). The terms and conditions of Other Stock-Based Awards shall be set forth in the applicable Award Agreement and, the Other Stock-Based Awards granted to Participants shall be subject to the following restrictions:

(a)        Vesting. Except for Other Stock-Based Awards granted as Performance Awards,  Awards to Non-Employee Directors and except as provided in Section 5.1(b), Other-Stock Based Awards shall vest in full over a period of not less than three years from the date of grant, but in no event shall any portion of an Award (including Performance Awards and Non-Employee Director Awards) vest before the first anniversary of the date of grant except as provided in Section 5.1(b).  Subject to Section 5.4, if the restrictions on Other Stock-Based Awards have not lapsed or been satisfied as of the Participant’s Termination of Service, the Shares shall be forfeited by the Participant if the termination is for any reason other than death or Disability.

(b)        Death or Disability. Notwithstanding any provisions of the Plan to the contrary and unless otherwise provided in an Award Agreement or other individual agreement between a Participant and the Company or an Affiliate, all restrictions on Other Stock-Based Awards granted pursuant to this Section 4.6 shall lapse upon the Participant’s death or Termination of Service due to Disability.

4.7  Limit on Individual Grants. Subject to Section 5.3, no Participant may be granted in any fiscal year of the Company (a) Awards (other than Non-Share-Based Awards) relating to more than 835,000 Shares (or, in the case of such Awards that are settled in cash, the equivalent thereof in cash determined based on the per-Share Fair Market Value as of the relevant grant date) or (b) Awards that are Non-Share-Based Awards that could result in an aggregate payment of property other than Shares (including cash) in excess of $5,000,000. 

4.8  Limits on Individual Non-Employee Director Compensation.  The following limits shall apply with respect to Non-Employee Director compensation awarded both under this Plan and outside of this Plan, as applicable. 

(a)    Limit on Individual Non-Employee Director Grants. No Non-Employee Director may be granted Awards in any fiscal year of the Company relating to more than 20,000 Shares (or, in the case of Restricted Stock Units or Other-Stock-Based Awards that are settled in cash, the equivalent thereof in cash determined based on the per-Share Fair Market Value as of the relevant grant date) for service in such capacity.  The maximum amount that may be paid in any fiscal year of the Company in property other than Shares (including cash) pursuant to Non-Share-Based Awards to any one Non-Employee Director is $400,000.
11

(b)    Limit on Total Non-Employee Director Compensation.    Notwithstanding any other provision of the Plan to the contrary, the sum of (i) the aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted, plus (ii) the total amount payable in cash, for any fiscal year to any individual for services rendered as a Non-Employee Director in that year shall not exceed $750,000. The limit in this Section 4.8(b) shall be in addition to the limit set forth in Section 4.8(a).

4.9 Termination for Cause. If a Participant incurs a Termination of Service for Cause, then all outstanding Awards shall immediately be cancelled, except as otherwise provided in an Award Agreement.

ARTICLE V
 SHARES SUBJECT TO THE PLAN; ADJUSTMENTS

5.1  Shares Available. The Shares issuable under the Plan shall be authorized but unissued Shares or Shares held in the Company’s treasury. The total number of Shares with respect to which Awards may be issued under the Plan may equal but may not exceed 2,615,100, subject to adjustment in accordance with Section 5.3; provided, however, that from the aggregate limit:

(a)        no more than 2,615,100 Shares may be available for grant in the form of Incentive Stock Options; and

(b)        up to, but not more than, 130,755 Shares (i.e., less than 5%) may be available for grant in the form of Awards that fully vest in fewer than three years and all or any portion of which may vest before the first anniversary of the date of grant; and

(c)        each Share subject to Awards other than Stock Options or Stock Appreciation Rights shall be counted as 1.55 Shares for purposes of this Article V. 

5.2  Counting Rules. 

(a)        The following Shares related to Awards to be issued under this Plan may again be available for issuance under the Plan, in addition to the Shares described in Section 5.1:

(i)    Shares related to Awards paid in cash;

(ii)    Shares related to Awards that expire, are forfeited or cancelled or terminate for any other reason without issuance of Shares; and

(iii)    Any Shares issued in connection with Awards that are assumed, converted or substituted as a result of the acquisition of another company by the Company or an Affiliate or a combination of the Company or an Affiliate with another company.

(b)        Shares described in Sections 5.2(a)(i), (ii), and (iii) shall not count against the limits set forth in Sections 5.1(a) and (b).

(c)        Shares related to Awards other than Stock Options or Stock Appreciation Rights that were originally granted on a one-for-one basis prior to the Effective Date and that are again available for issuance under the Plan under Sections 5.2(a)(i), (ii), or (iii) may again be granted under the Plan on a 1.55-for-one basis.

(d)        For purposes of clarity, Shares that are tendered or withheld in payment of all or part of the Exercise Price of an Award or in satisfaction of withholding tax obligations, and Shares that are reacquired with cash tendered in payment of the Exercise Price of an Award, shall not be reincluded in or added back to the number of Shares available for issuance under the Plan. Upon the settlement of any Stock Appreciation Right issued under the Plan, the gross number of Shares used to determine the settlement value will count against the number of Shares available for issuance under the Plan.

5.3  Adjustment Upon Certain Changes.

(a)        Adjustments.  In the event of any change in corporate structure affecting outstanding Shares or the value thereof, including any dividend or distribution (whether in cash, Shares or other property), stock split, reverse stock split, spin-off, recapitalization, merger, reorganization, consolidation, combination or exchange 
12

of shares or similar transaction, such adjustments and other substitutions shall be made to the Plan and to outstanding Awards as the Committee, in its sole discretion, deems equitable or appropriate, including such adjustments in (i)(1) the maximum aggregate number, class and kind of securities that may be delivered under the Plan, (2) each of the limitations set forth in  Sections 5.1(a) and (b) and (3) the maximum aggregate number of Shares with respect to which the Committee may grant Awards to any individual in any fiscal year of the Company under Sections 4.7 and 4.8, and (ii) the number, class, kind and Exercise Price  of securities subject to outstanding Awards granted under the Plan (including, if the Committee deems appropriate, the full or partial substitution of similar options to purchase the shares of, or other awards denominated in the shares of, another company).

(b)        Other Changes. The Committee may make other adjustments in the terms and conditions of Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 5.3(a)) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits to be made available under the Plan. 

(c)        No Other Rights or Changes. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property subject to, or the terms related to, any Award. Except as expressly provided by this Section 5.3, and without limiting the generality of Section 6.1, no adverse change may be made to the terms of an Award granted to a Participant as a result of an event described in this Section 5.3 without the consent of the Participant.

5.4  Change in Control.

(a)        Assumption Upon Change in Control; Accelerated Vesting Upon Certain Termination Events. Unless otherwise provided in the Award Agreement evidencing the applicable Award, in the event of a Change in Control, if the successor company assumes or substitutes for an outstanding Award (or in which the Company is the ultimate parent corporation and continues the Award), then such Award shall be continued in accordance with its applicable terms and vesting shall not be accelerated as described in Section 5.4(b). For the purposes of this Section 5.4(a), an Award shall be considered assumed or substituted for if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company, the Committee may, with the consent of the successor company, provide that the consideration to be received upon the exercise or vesting of an Award, for each Share subject thereto, will be solely common stock of the successor company or cash, in each case, substantially equal in fair market value (determined as of the date of the Change in Control) to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. Notwithstanding the foregoing, in the event of a Participant’s Termination of Service involuntarily without Cause or voluntarily by the Participant for Good Reason (as defined below) in such successor company within two years following such Change in Control, the vesting of each Award held by such Participant at the time of the Change in Control shall be accelerated as described in Section 5.4(b) at such time.  Notwithstanding the foregoing, no Award shall be assumed or substituted pursuant to this Section 5.4(a) to the extent such action would cause an Award not otherwise “deferred compensation” within the meaning of Section 409A of the Code to become “deferred compensation” within the meaning of Section 409A of the Code. 

(b)        Acceleration Vesting Upon Change in Control. In the event of a Change in Control after the date of the adoption of the Plan, unless provision is made in connection with the Change in Control for the assumption, substitution or continuation of an outstanding Award in accordance with Section 5.4(a), then the vesting of such Award shall accelerate and all restrictions shall lapse as of immediately prior to the Change in Control, and (i) in the case of an outstanding Stock Option or Stock Appreciation Right, such Award shall 
13

be exercisable as of immediately prior to such Change in Control, or (ii) in the case of an Award other than a Stock Option or a Stock Appreciation Right, such Award shall be settled or otherwise paid to the applicable Participant as soon as practicable following such vesting.  For purposes of determining vesting and payment under this Section 5.4(b), all performance criteria, including Performance Measures, shall be deemed achieved at the greater of (i) target levels of achievement and (ii) actual levels of achievement determined by the Committee in its sole discretion as of the date of the Change in Control.  Notwithstanding any provision of this Section 5.4(b), unless otherwise provided in the applicable Award Agreement, if any amount payable pursuant to an Award constitutes “deferred compensation” within the meaning of Section 409A of the Code, in the event of a Change in Control that does not qualify as an event described in Section 409A(a)(2)(A)(v) of the Code, such Award (and any other Awards that constitute “deferred compensation” that vested prior to the date of such Change in Control but are outstanding as of such date) shall vest and cease to be forfeitable but shall not be settled until the earliest permissible payment event under Section 409A of the Code following such Change in Control. Notwithstanding any other provision of the Plan, the Committee, in its discretion, may determine that, upon the occurrence of a Change in Control, (i) each Stock Option and Stock Appreciation Right outstanding shall terminate within a specified number of days after notice to the Participant, and such Participant shall receive, with respect to each Share subject to such Stock Option or Stock Appreciation Right, an amount equal to the excess of the fair market value (as determined  by the Committee, in its discretion, in a manner that complies with Section 409A of the Code) of such Share immediately prior to the occurrence of such Change in Control over the Exercise Price, as applicable, per Share of such Stock Option and/or Stock Appreciation Right; such amount to be payable in cash, in one or more kinds of stock or property (including the stock or property, if any, payable in the transaction) or in a combination thereof, as the Committee, in its discretion, shall determine and (ii) each Stock Option and Stock Appreciation Right outstanding at such time with an Exercise Price per Share that exceeds the fair market value  (as determined  by the Committee, in its discretion, in a manner that complies with Section 409A of the Code) of such Share immediately prior to the occurrence of such Change in Control shall be canceled for no consideration.    

(c)        Definition of Good Reason. For purposes of this Section 5.4, with respect to the Termination of Service of any Participant, “Good Reason” has the meaning assigned to such term in any written individual agreement between the Company or an Affiliate and the Participant in which such term is defined and in the absence of any such written agreement, has the meaning assigned to such term in any severance plan of the Company or an Affiliate, in each case, that is applicable to such Participant, in each case, as of immediately prior to the Change in Control (but assuming that a Change in Control has occurred for purposes of such agreement or plan).

5.5  Fractional Shares. No fractional Shares shall be issued under the Plan, and unless the Committee determines otherwise, an amount in cash equal to the Fair Market Value of any fractional Shares that would otherwise be issuable shall be paid in lieu of such fractional Shares. The Committee may, in its sole discretion, cancel, terminate, otherwise eliminate or transfer or pay other securities or other property in lieu of issuing any fractional Shares. 

ARTICLE VI
 AMENDMENT AND TERMINATION

6.1  Amendment. The Plan may be amended at any time and from time to time by the Board without the approval of stockholders of the Company, except that no revision to the terms of the Plan shall be effective until the amendment is approved by the stockholders of the Company if such approval is required by the rules of the New York Stock Exchange or such amendment materially increases the number of Shares that may be issued under the Plan (other than an increase pursuant to Section 5.3 of the Plan). No amendment of the Plan made without the Participant’s written consent may adversely affect any right of a Participant with respect to an outstanding Award unless such amendment is necessary to comply with applicable law.  The Plan may not be amended in any manner adverse to the interests of Participants during a Potential Change in Control Period or the two-year period following a Change in Control, unless such amendment is necessary to comply with applicable law.

6.2  Termination. The Plan, as amended and restated, shall terminate upon the tenth anniversary of the Effective Date or, if earlier, upon the adoption of a resolution of the Board terminating the Plan.

No Awards shall be granted under the Plan after it has terminated. The termination of the Plan, however, shall not alter or impair any of the rights or obligations of any Participant without such Participant’s written consent under any Award previously granted under the Plan. After the termination of the Plan, any previously granted Awards shall remain in effect and shall continue to be governed by the terms of the Plan and the applicable Award Agreement.

ARTICLE VII
  GENERAL PROVISIONS
14

7.1 Nontransferability of Awards. No Award under the Plan shall be subject in any manner to alienation, anticipation, sale, assignment, pledge, encumbrance or transfer, and no other persons shall otherwise acquire any rights therein, except as provided below.

(a)    Any Award may be transferred by will or by the applicable laws of descent or distribution.

(b)    The Committee may provide in the applicable Award Agreement that all or any part of an Award (other than an Incentive Stock Option) may, subject to the prior written consent of the Committee, be transferred (i) to one or more of the following classes of donees: a family member; a trust for the benefit of a family member; a limited partnership whose partners are solely family members; or any other legal entity set up for the benefit of family members or (ii) pursuant to a domestic relations order (as defined in the Code). For purposes of this Section 7.1(b), a family member means a Participant and/or the Participant’s spouse, children, grandchildren, parents, grandparents, siblings, nieces, nephews and grandnieces and grandnephews, including adopted, in-laws and step family members.

(c)    Except as otherwise provided in the applicable Award Agreement, any Nonqualified Stock Option or Stock Appreciation Right transferred by a Participant pursuant to Section 7.1(b) may be exercised by the transferee only to the extent that the Award would have been exercisable by the Participant had no transfer occurred. Any transferred Award shall be subject to all of the same terms and conditions as provided in the Plan and in the applicable Award Agreement. The Participant or the Participant’s estate shall remain liable for any withholding tax that may be imposed by any federal, state or local tax authority, and the transfer of Shares upon exercise of the Award shall be conditioned on the payment of any withholding tax. The Committee may, in its discretion, disallow all or a part of any transfer of an Award pursuant to Section 7.1(b) unless and until the Participant makes arrangements satisfactory to the Committee for the payment of any withholding tax. The Participant must immediately notify the Committee, in the form and manner required by the Committee, of any proposed transfer of an Award pursuant to Section 7.1(b). No transfer shall be effective until the Committee consents to the transfer in writing.

(d)    Unless otherwise restricted by Company policy for Reporting Persons, Restricted Stock may be freely transferred after the restrictions lapse or are satisfied and the Shares are delivered; provided, however, that Restricted Stock awarded to an affiliate of the Company may be transferred only pursuant to Rule 144 under the 1933 Act, or pursuant to an effective registration for resale under the 1933 Act. For purposes of this Section 7.1(d), “affiliate” shall have the meaning assigned to that term under Rule 144.

(e)    In no event may a Participant transfer an Incentive Stock Option other than by will or the applicable laws of descent and distribution.

7.2  Withholding of Taxes.

(a)    Stock Options and Stock Appreciation Rights. Subject to Section 7.2(d), as a condition to the delivery of Shares pursuant to the exercise of a Stock Option or Stock Appreciation Right, the Committee may require that the Participant, at the time of exercise, pay to the Company by cash, certified check, bank draft, wire transfer or postal or express money order an amount sufficient to satisfy any applicable tax withholding obligations, as calculated at the applicable minimum statutory rate. The Committee may also, in its discretion, accept payment of tax withholding obligations through any of the Exercise Price payment methods described in Section 4.3(d).

(b)    Other Awards Payable in Shares. Subject to Section 7.2(d), the Company shall satisfy a Participant’s tax withholding obligations, calculated at the applicable minimum statutory rate, arising in connection with the release of restrictions on Restricted Stock Units, Restricted Stock, Performance Awards payable in Shares, and Other Stock-Based Awards by withholding Shares that would otherwise be available for delivery. If permitted by the Committee in the Award Agreement or otherwise, the Company may also allow the Participant to satisfy the Participant’s tax withholding obligations by payment to the Company in cash or by certified check, bank draft, wire transfer, or postal or express money order.

(c)    Cash Awards. The Company shall satisfy a Participant’s tax withholding obligation arising in connection with the payment of any Award in cash by withholding cash from such payment.

(d)    Withholding Amount. The Committee, in consideration of applicable accounting standards, has full discretion to either (i) allow Participants to elect, or (ii) otherwise direct as a general rule, to have the Company withhold Shares for taxes at an amount greater than the applicable minimum statutory amount.

7.3  Forfeiture Provisions. The Committee may, in its discretion, provide in an Award Agreement that an Award granted thereunder shall be canceled if the Participant, without the consent of the Company, while employed by or providing services to the Company or any Affiliate or after termination of such employment or service, (a) violates a non-competition, non-solicitation or non-disclosure covenant or agreement, (b) otherwise engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion or (c) to the extent applicable to the Participant, otherwise violates any policy adopted by the Company or any Affiliate relating to the recovery of compensation granted, paid, delivered, awarded or otherwise provided to any Participant by the Company or any Affiliate as such policy is in effect on the date of grant of the applicable Award or, to the extent necessary to 
15

address the requirements of applicable law (including Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified in Section 10D of the Exchange Act, Section 304 of the Sarbanes-Oxley Act of 2002 or any other applicable law), as may be amended from time to time. The Committee may also provide in an Award Agreement that (i) a Participant will forfeit any gain realized on the vesting or exercise of such Award if the Participant engages in any activity referred to in the preceding sentence, or (ii) a Participant must repay the gain to the Company realized under a previously paid Performance Award if a financial restatement reduces the amount that would have been earned under such Award.  Notwithstanding the foregoing, none of the non-disclosure restrictions in this Section 7.3 or in any Award Agreement shall, or shall be interpreted to, impair the Participant from exercising any legally protected whistleblower rights (including under Rule 21F under the Exchange Act).

7.4  Code Section 83(b) Elections. The Company, the Affiliates, and the Committee have no responsibility for a Participant’s election, attempt to elect or failure to elect to include the value of an Award of Restricted Stock or other Award subject to Section 83 of the Code in the Participant’s gross income for the year of grant pursuant to Section 83(b) of the Code. Any Participant who makes an election pursuant to Section 83(b) of the Code shall promptly provide the Committee with a copy of the election form.

7.5  No Implied Rights. The establishment and operation of the Plan, including the eligibility of a Participant to participate in the Plan, shall not be construed as conferring any legal or other right upon any Participant for the continuation of service through the end of any vesting period, Performance Cycle, or other period. The Company and the Affiliates expressly reserve the right, which may be exercised at any time and in the Company’s or an Affiliate’s sole discretion, to discharge any individual or treat him or her without regard to the effect that discharge might have upon him or her as a Participant in the Plan. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated.

7.6  No Obligation to Exercise Awards; No Right to Notice of Expiration Date. The grant of a Stock Option or Stock Appreciation Right shall impose no obligation upon the Participant to exercise the Award. The Company, the Affiliates, and the Committee have no obligation to inform a Participant of the date on which a Stock Option or Stock Appreciation Right lapses except in the Award Agreement.

7.7  No Rights as Stockholders. A Participant granted an Award under the Plan shall have no rights as a stockholder of the Company with respect to the Award unless and until the Shares underlying the Award are registered in the Participant’s name. The right of any Participant to receive an Award by virtue of participation in the Plan shall be no greater than the right of any unsecured general creditor of the Company.

7.8  Indemnification of Committee. The Company shall indemnify, to the fullest extent permitted by law, each person made or threatened to be made a party to any civil or criminal action or proceeding by reason of the fact that the person, or the executor or administrator of the person’s estate, is or was a member of the Committee or a delegate of the Committee.

7.9  No Required Segregation of Assets. Neither the Company nor any Affiliate shall be required to segregate any assets that may at any time be represented by Awards granted pursuant to the Plan.

7.10 Nature of Payments. All Awards made pursuant to the Plan are in consideration of services for the Company or an Affiliate. Any gain realized pursuant to Awards under the Plan constitutes a special incentive payment to the Participant and shall not be taken into account as compensation for purposes of any other employee benefit plan of the Company or any Affiliate, except as the employee benefit plan otherwise provides. The adoption of the Plan shall have no effect on Awards made or to be made under any other benefit plan covering an employee of the Company or an Affiliate or any predecessor or successor of the Company or an Affiliate.

7.11 Awards in Foreign Countries. The Committee has the authority to grant Awards to Employees who are foreign nationals or employed outside the United States on any different terms and conditions than those specified in the Plan that the Committee, in its discretion, believes to be necessary or desirable to accommodate differences in applicable law, tax policy, or custom, while furthering the purposes of the Plan. The Committee may also approve any supplements to the Plan or alternative versions of the Plan as it believes to be necessary or appropriate for these purposes without altering the terms of the Plan in effect for other Participants; provided, however, that the Committee may not make any supplemental or alternative version that (a) increases limitations contained in Section 4.3(e), Section 4.7 and Section 4.8, (b) increases the number of Shares available under the Plan, as set forth in Section 5.1; (c) causes the Plan to cease to satisfy any conditions under Rule 16b-3 under the Exchange Act or (d) otherwise contains terms that would require approval by the stockholders of the Company under the rules of the New York Stock Exchange.

7.12 Securities Matters.

(a)        The Company shall be under no obligation to effect the registration pursuant to the 1933 Act of any Shares to be issued hereunder or to effect similar compliance under any state laws. Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any Shares pursuant to the Plan unless and until the Company is advised by its counsel that the issuance and delivery of such Shares is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Shares are traded. The Committee may require, as a condition to the issuance and delivery of Shares pursuant to the terms hereof, that the recipient of such 
16

Shares make such covenants, agreements and representations, and that such Shares bear such legends or restrictions, as the Committee deems necessary or desirable.

(b)        The exercise of any Award granted hereunder shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of Shares pursuant to such exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Shares are traded. The Company may, in its sole discretion, defer the effectiveness of an exercise of an Award hereunder or the issuance or transfer of Shares pursuant to any Award pending or to ensure compliance under federal or state securities laws. The Company shall inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Award or the issuance or transfer of Shares pursuant to any Award. During the period that the effectiveness of the exercise of an Award has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.

7.13 Governing Law; Severability. The Plan and all determinations made and actions taken under the Plan shall be governed by the internal substantive laws, and not the choice of law rules, of the State of Delaware and construed accordingly, to the extent not superseded by applicable U.S. federal law. If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, the unlawfulness, invalidity or unenforceability shall not affect any other parts of the Plan, which shall remain in full force and effect.

7.14 Section 409A of the Code.  With respect to Awards subject to Section 409A of the Code, this Plan is intended to comply with the requirements of such Section, and the provisions hereof shall be interpreted in a manner that satisfies the requirements of such Section, and the Plan shall be operated accordingly; provided, however, no guarantee or warranty of such compliance is made to any individual. If any provision of this Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Any reservation of rights or discretion by the Company or the Committee hereunder affecting the timing of payment of any Award subject to Section 409A of the Code shall only be as broad as is permitted by Section 409A of the Code.

7.15 Payments to Specified Employees. Notwithstanding anything herein or in any Award Agreement to the contrary, if a Participant is a “specified employee” (within the meaning of Section 409A(2)(B) of the Code) as of the date of such Participant’s separation from service (as determined pursuant to Section 409A of the Code), any Awards subject to Section 409A of the Code payable to such Participant as a result of his or her separation from service, shall be paid on the first business day following the six-month anniversary of the date of the separation from service, or, if earlier, the date of the Participant’s death.
17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]