Document:

Exhibit 10.2

 

CONSENT
AND THIRD AMENDMENT TO 

CREDIT
AND GUARANTY AGREEMENT

 

This
CONSENT AND THIRD AMENDMENT TO CREDIT AND GUARANTY AGREEMENT (this “Amendment”), dated as of December 24,
2018, is made by and among PRIORITY HOLDINGS LLC, a Delaware limited liability company (“Borrower”), the
other Credit Parties party hereto as Guarantors, the Lenders party hereto and GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P., as
administrative agent under the Credit Agreement referred to below (in such capacity, the “Administrative
Agent”). All capitalized terms used herein (including in this preamble) and not otherwise defined herein shall have
the respective meanings provided to such terms in the Credit Agreement referred to below.

 

PRELIMINARY
STATEMENTS

 

WHEREAS,
Borrower has entered into that certain Credit and Guaranty Agreement, dated as of January 3, 2017, among Borrower, the other Credit
Parties party thereto from time to time as Guarantors, the Lenders party thereto from time to time and Goldman Sachs Specialty
Lending Group, L.P., as Administrative Agent and Lead Arranger (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS,
on the date hereof, the Guarantors intend to (a) incur $60,000,000 of additional term loans (the “Incremental Senior
Term Loan”) in favor of certain lenders under the Senior Credit Agreement and (b) request establishment by certain lenders
under the Senior Credit Agreement of $70,000,000 of delayed draw term commitments (the “Incremental Senior DDT”),
in each case, in accordance with Section 2.24(a)-(f) of the Senior Credit Agreement (as amended by the Senior Credit Agreement
Amendment (as hereinafter defined));

 

WHEREAS,
the proceeds of the Incremental Senior Term Loan will be used (a) to finance the Direct Connect Acquisition (as defined in the
Senior Credit Agreement Amendment) and (b) to pay certain fees, premiums, costs and expenses incurred in connection with this
Amendment, the Direct Connect Acquisition and the Senior Credit Agreement Amendment;

 

WHEREAS,
the proceeds of the delayed draw term loans incurred with respect to the Incremental Senior DDT will be used to finance Permitted
Acquisitions and to pay related fees, premiums, costs and expenses in connection therewith;

 

WHEREAS,
the Guarantors intend to consummate the Direct Connect Acquisition as a Permitted Acquisition, pursuant to and in accordance with
the Credit Agreement and the Senior Credit Agreement;

 

WHEREAS,
in connection with the foregoing, (a) Borrower has requested that the Administrative Agent and Requisite Lenders agree to certain
amendments to the Credit Agreement, as more fully set forth herein, (b) the Credit Parties and the Senior Credit Agreement Agent
have requested that the Administrative Agent agree to amend the Senior Subordination Agreement to provide that the Incremental
Senior Term Loans and the delayed draw term loans pursuant to the Incremental Senior DDT shall constitute “Senior Indebtedness”
under, and as defined in, the Senior Subordination Agreement so long as (x) such delayed draw term loans are used solely for Permitted
Acquisitions (as defined in each of the Credit Agreement and the Senior Credit Agreement) and (y) the incurrence of such delayed
draw term loans is conditioned upon satisfaction (without waiver) of Section 3.02(a)(v)(z) of the Senior Credit Agreement
(as in effect on the Third Amendment Effective Date) and (c) Senior Credit Agreement Agent has requested that the Administrative
Agent consent, under the Senior Subordination Agreement, to the use of the proceeds of the Incremental Senior Term Loan and delayed
draw term loans related to the Incremental Senior DDT for Permitted Acquisitions;

 

     

     

    

 

WHEREAS,
(a) the Administrative Agent and Requisite Lenders are willing to agree to such amendments and (b) the Administrative Agent is
willing to provide such consent, in each case, subject to and in accordance with the terms and conditions set forth herein; and

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of which is acknowledged by each party hereto, it is
agreed that:

 

SECTION
1.                 Rules of Construction. The rules of construction specified in Section
1.03 of the Credit Agreement shall apply to this Amendment, including the terms defined in the preamble and Preliminary Statements
hereto.

 

SECTION
2.                 AmendmentS to Credit Agreement. Subject to the satisfaction (or waiver
in writing by Requisite Lenders and the Administrative Agent) of the conditions set forth in Section 5 hereof, and in reliance
on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement is hereby amended
as follows:

 

(a)           Section
1.01 of the Credit Agreement is amended by deleting the last paragraph of the definition of “Permitted Acquisition”
and inserting the following new paragraph in lieu thereof:

 

For
purposes of greater certainty, (i) the purchase by any Credit Party of portfolios of Merchant Accounts shall be included as an
acquisition subject to the requirements of the immediately preceding sentence and (ii) with respect to any Limited Condition Transaction
that the Borrower or any of its Subsidiaries intends to fund (in whole or in part) with the proceeds of any Loans or Senior Indebtedness,
Section 1.08(f) shall apply in determining whether such Limited Condition Transaction constitutes a Permitted Acquisition.

 

(b)           Section
1.01 of the Credit Agreement is further amended by adding the following new defined term thereto in the proper alphabetical
order:

 

“Third
Amendment Effective Date” means December 24, 2018.

 

(c)           Section
6.10 of the Credit Agreement is amended by (i) deleting “(y)” in the eighth line thereof and inserting “(b)”
in lieu thereof and (ii) deleting the ratio “4.25:1.00” from the tenth line thereof and inserting the following language
in lieu thereof: “(x) 4.50:1.00, solely with respect to the use of the proceeds of (I) the 2018-2 Incremental Term Loans
(as defined in the Senior Credit Agreement on the Third Amendment Effective Date) and (II) the Delayed Draw Term Loans (as defined
in the Senior Credit Agreement on the Third Amendment Effective Date) incurred during the Delayed Draw Availability Period (as
defined in the Senior Credit Agreement on the Third Amendment Effective Date); provided, that prior to the making of any
Delayed Draw Term Loan, Pro Forma Effect will be given only to the 2018-2 Incremental Term Loans made or being made pursuant to
the Senior Credit Agreement and upon the making of any Delayed Draw Term Loan, Pro Forma Effect will be given only to the 2018-2
Incremental Term Loans and Delayed Draw Term Loans made or being made pursuant to the Senior Credit Agreement and (y) 4.25:1.00
with respect to any other use of proceeds.

 

SECTION
3.                 Reference to and Effect on the Credit Agreement. On and after the
date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof”
or text of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this
Amendment. On and after the effectiveness of this Amendment, this Amendment shall for all purposes constitute a “Credit
Document” under and as defined in the Credit Agreement and the other Credit Documents.

 

    2 

     

    

 

SECTION
4.                 Representations & Warranties; ACKNOWLEDGEMENTS. In order to induce
each Lender party hereto and the Administrative Agent to enter into this Amendment, each Credit Party:

 

(a)           represents
and warrants to each Lender and the Administrative Agent on and as of the date hereof, that:

 

(i)        Each
Credit Party hereto has all requisite power and authority to execute, deliver and perform its obligations under this Amendment
and the Credit Agreement, in each case, to which it is a party and to carry out the transactions contemplated thereby.

 

(ii)       The
execution, delivery and performance of this Amendment have been duly authorized by all necessary action on the part of each Credit
Party that is a party thereto.

 

(iii)      This
Amendment has been duly executed and delivered by each Credit Party that is a party thereto and is the legally valid and binding
obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

 

(iv)      Each
of the representations and warranties set forth in the Credit Agreement and in the other Credit Documents is true and correct
in all material respects on and as of the date hereof with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date; provided, however, that, any representation and warranty that is
qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct
(after giving effect to any qualification therein) in all respects on such respective dates.

 

(b)           acknowledges
and agrees for the benefit of each Lender and the Administrative Agent on and as of the date hereof, that:

 

(i)        no
right of offset, recoupment, defense, counterclaim, claim, cause of action or objection exists in favor of such Credit Party against
Administrative Agent or any Lender arising out of or with respect to (x) the Obligations, this Amendment or the other Credit Documents,
(y) any other documents now or heretofore evidencing, securing or in any way relating to the foregoing, or (z) the administration
or funding of the Loans;

 

(ii)       (x)
Administrative Agent’s and the Lenders’ agreement to agree to the consents and the amendments contained herein does
not and shall not create (nor shall any Credit Party rely upon the existence of or claim or assert that there exists) any obligation
of Administrative Agent or any Lender to consider or agree to any further waiver, consent or amendment with respect to any Credit
Document, and (y) in the event that Administrative Agent or any Lender subsequently agrees to consider any further waiver, consent
or amendment with respect to any Credit Document, neither this Amendment nor any other conduct of Administrative Agent or any
Lender shall be of any force and effect on Administrative Agent’s or any Lender’s consideration or decision with respect
thereto.

 

    3 

     

    

 

SECTION
5.               Conditions Precedent. The effectiveness of this Amendment is subject
to the following conditions:

 

(a)       The
Administrative Agent shall have received a duly authorized, executed and delivered counterpart of the signature page to this Amendment
(whether the same or different counterparts) from each Credit Party named on the signature pages hereto, the Administrative Agent
and the Requisite Lenders.

 

(b)       The
Administrative Agent shall have received executed copies of each Acknowledgement and Consent attached hereto as Exhibit A.

 

(c)       The
Administrative Agent shall have received a fully-executed copy of the third amendment to the Senior Credit Agreement (the “Senior
Credit Agreement Amendment”), in form and substance reasonably satisfactory to the Administrative Agent.

 

(d)       The
effectiveness of the Senior Credit Agreement Amendment shall have occurred or shall occur concurrently with the effectiveness
of this Amendment.

 

(e)       The
Administrative Agent shall have received a fully-executed copy of the Amendment No. 1 to Subordination Agreement (the “Subordination
Agreement Amendment”), in form and substance reasonably satisfactory to the Administrative Agent.

 

(f)       The
effectiveness of the Subordination Agreement Amendment shall have occurred or shall occur concurrently with the effectiveness
of this Amendment.

 

(g)       The
Borrower shall have paid all reasonable and documented out-of-pocket fees and expenses (including the reasonable and documented
legal fees and expenses of Hunton Andrews Kurth LLP, counsel to Administrative Agent) required to be paid or reimbursed by Borrower
under this Amendment and the Credit Agreement; provided, that an invoice for all such fees and expenses shall be received
by Borrower at least one (1) Business Day prior to the Third Amendment Effective Date.

 

(h)       Both
immediately before and after giving effect to this Amendment, (i) no Default or Event of Default shall have occurred or be continuing
or result therefrom and (ii) the representations and warranties contained in Section 4 of this Amendment shall be true
and correct.

 

SECTION
6.               SUBORDINATION AGREEMENT AMENDMENT. Each Lender, in accordance with Section 10.05(a) of the Credit Agreement, hereby
(a) consents to the Subordination Agreement Amendment and (b) authorizes Administrative Agent to enter into such Subordination
Agreement Amendment on behalf of such Lender.

 

SECTION
7.               Reaffirmation. To induce the Lenders party hereto and Administrative
Agent to enter into this Amendment, each of the Credit Parties hereby acknowledges and reaffirms its obligations under each Credit
Document to which it is a party, in each case, as amended, restated, supplemented or otherwise modified prior to or as of the
date hereof. Each Credit Party acknowledges and agrees that (a) each of the Credit Documents to which it is a party or otherwise
bound shall continue in full force and effect, that all of its obligations thereunder shall be valid and enforceable and shall
not be impaired or limited by the execution or effectiveness of this Amendment and (b) there are no rights of set-off or counterclaim,
nor any defenses of any kind, whether legal, equitable or otherwise, that would enable such Credit Party to avoid or delay timely
performance of its obligations under the Credit Documents.

 

    4 

     

    

 

SECTION
8.               Miscellaneous Provisions.

 

(a)       Ratification.
This Amendment is limited to the matters specified herein and shall not constitute a modification, acceptance or waiver of any
other provision of the Credit Agreement or any other Credit Document. Nothing herein contained shall be construed as a substitution
or novation of the obligations outstanding under the Credit Agreement or any other Credit Document or instruments securing the
same, which shall remain in full force and effect as modified hereby or by instruments executed concurrently herewith.

 

(b)       Governing
Law; Submission to Jurisdiction, Etc. Sections 10.14, 10.15 and 10.16 of the Credit Agreement are incorporated
by reference herein as if such Sections appeared herein, mutatis mutandis.

 

(c)       Severability.
Section 10.11 of the Credit Agreement is incorporated by reference herein as if such Section appeared herein, mutatis
mutandis.

 

(d)       Counterparts;
Headings. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery by telecopier, .pdf or other electronic imaging means of
an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart
of this Amendment. The Administrative Agent may also require that signatures delivered by telecopier, .pdf or other electronic
imaging means be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same
shall not limit the effectiveness of this Amendment or signature delivered by telecopier, .pdf or other electronic imaging means.
Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Amendment.

 

(e)       Costs
and Expenses. The Borrower hereby agrees to pay and reimburse the Administrative Agent and the Lead Arranger for their respective
reasonable and documented out-of-pocket expenses in connection with the negotiation, preparation, syndication and execution and
delivery of this Amendment, including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent
and the Lead Arranger, all in accordance with Section 10.02 of the Credit Agreement.

 

[Remainder
of page intentionally blank]

 

    5 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.

	 	 	 
	BORROWER:	PRIORITY HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	GUARANTORS:	PIPELINE CYNERGY HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY INSTITUTIONAL PARTNER
    SERVICES LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY PAYMENT SYSTEMS HOLDINGS
    LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY PAYMENT SYSTEMS LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO

 

     

     

    

 

	 	 	 
	 	FINCOR SYSTEMS LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PIPELINE CYNERGY INC.
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	CYNERGY HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	CYNERGY DATA, LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY PAYMENT EXPRESS SYSTEMS
    LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY INTEGRATED PARTNER HOLDINGS,
    LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO

 

     

     

    

 

	 	 	 
	 	PRIORITY PAYRIGHT HEALTH SOLUTIONS,
    LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	ROSCO ALPHA DELTA, LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore
	 	Name: Thomas C. Priore
	 	Title: Executive Chairman and CEO
	 	 	 
	 	PRIORITY REAL ESTATE TECHNOLOGY,
    LLC
	 	 	 
	 	By:	/s/ R. Copley Broer Jr.
	 	Name: R. Copley Broer Jr.
	 	Title: President

 

     

     

    

 

	 	 	 
	ADMINISTRATIVE AGENT:	GOLDMAN SACHS SPECIALTY LENDING
    GROUP, L.P.
	 	 	 
	 	By:	/s/
    Justin Betzen
	 	Name: Justin Betzen
	 	Title: Senior Vice President
	 	 	 
	LENDERS:	GOLDMAN SACHS SPECIALTY LENDING
    HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Justin Betzen
	 	Name: Justin Betzen
	 	Title: Senior Vice President

 

     

     

    

 

Exhibit
A

 

ACKNOWLEDGEMENT
AND CONSENT

 

December
24, 2018

 

Priority
Holdings LLC, a Delaware limited liability company (“Borrower”), the guarantors party thereto from time to
time (“Guarantors”), various lenders from time to time party thereto (the “Lenders”) and
Goldman Sachs Specialty Lending Group, L.P., as administrative agent (in such capacity, the “Administrative Agent”),
are party to that certain Credit and Guaranty Agreement, dated as of January 3, 2017 (as the same has been and may be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant
to which the Lenders have extended to Borrower certain Loans and other financial accommodations.

 

In
connection with the Credit Agreement, SunTrust Bank (“SunTrust”) executed that certain Subordination Agreement,
dated as of January 3, 2017, among SunTrust, Borrower, Guarantors and Administrative Agent (as amended or otherwise modified,
including as amended on the date hereof, the “Subordination Agreement”).

 

Borrower,
Guarantors, Administrative Agent and the Lenders are amending the Credit Agreement pursuant to that certain Consent and Third
Amendment to Credit and Guaranty Agreement, dated as of the date hereof (the “Credit Agreement Amendment”).
SunTrust desires to acknowledge and consent to the Credit Agreement Amendment and reaffirm its rights and obligations under the
Subordination Agreement.

 

In
connection with the foregoing, SunTrust hereby acknowledges, consents and agrees to the Credit Agreement Amendment. Furthermore,
SunTrust agrees that the Subordination Agreement remains in full force and effect and continues to be the legal valid and binding
obligation of SunTrust enforceable against SunTrust in accordance with its terms.

 

This
Acknowledgment and Consent shall be binding upon and inure to the benefit of the successors and permitted assigns of the undersigned.
This Acknowledgment and Consent shall be governed by, and construed in accordance with, the laws of the State of New York, without
regard to its conflicts of law provisions thereof (other than Section 5-1401 and 5-1402 of the New York General Obligation laws).

 

[Remainder
of Page Intentionally Blank]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Acknowledgement and Consent to be duly executed and delivered by its duly
authorized officer as of the date first written above.

	 	 	 
	 	SUNTRUST BANK
	 	 	 
	 	By:	/s/ Andrew Johnson
	 	Name Andrew Johnson
	 	Title: Director

 

     

     

    

 

ACKNOWLEDGEMENT
AND CONSENT

 

December
24, 2018

 

Priority
Holdings LLC, a Delaware limited liability company (“Borrower”), the guarantors party thereto from time to
time (“Guarantors”), various lenders from time to time party thereto (the “Lenders”) and
Goldman Sachs Specialty Lending Group, L.P., as administrative agent (in such capacity, the “Administrative Agent”),
are party to that certain Credit and Guaranty Agreement, dated as of January 3, 2017 (as the same has been and may be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant
to which the Lenders have extended to Borrower certain Loans and other financial accommodations.

 

In
connection with the Credit Agreement, Thomas C Priore and PSD Partners, LLC, a Delaware limited liability company (together, the
“Subordinated Creditors”) executed that certain Subordination Agreement, dated as of January 3, 2017, among
the Subordinated Creditors, Borrower, Guarantors and Administrative Agent (the “Subordination Agreement”).

 

Borrower,
Guarantors, Administrative Agent and the Lenders are amending the Credit Agreement pursuant to that certain Consent and Third
Amendment to Credit and Guaranty Agreement, dated as of the date hereof (the “Credit Agreement Amendment”).
Each Subordinated Creditor desires to acknowledge and consent to the Credit Agreement Amendment and reaffirm its rights and obligations
under the Subordination Agreement.

 

In
connection with the foregoing, each Subordinated Creditor hereby acknowledges, consents and agrees to the Credit Agreement Amendment.
Furthermore, each Subordinated Creditor agrees that the Subordination Agreement remains in full force and effect and continues
to be the legal valid and binding obligation of such Subordinated Creditor enforceable against such Subordinated Creditor in accordance
with its terms.

 

This
Acknowledgment and Consent shall be binding upon and inure to the benefit of the successors and permitted assigns of the undersigned.
This Acknowledgment and Consent shall be governed by, and construed in accordance with, the laws of the State of New York, without
regard to its conflicts of law provisions thereof (other than Section 5-1401 and 5-1402 of the New York General Obligation laws).

 

[Remainder
of Page Intentionally Blank]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has caused this Acknowledgement and Consent to be duly executed and delivered as
of the date first written above.

	 	/s/ Thomas C. Priore
	 	THOMAS C. PRIORE
	 	 
	 	PSD PARTNERS LLC
	 	 	 
	 	By:	/s/ Thomas C. Priore

	 	Name Thomas C. Priore
	 	Title: Managing MemberExhibit 10.1

 

 

AMENDED AND RESTATED EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT

 

THIS AMENDED AND RESTATED EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT
(the “Agreement”) is made the 26th day of December, 2018, by and between CION Investment
Corporation, a Maryland corporation (the “Company”) and CION Investment Management, LLC, a Delaware
limited liability company (the “Adviser”).

 

WHEREAS, the Company is a non-diversified, closed-end management investment company
that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the “1940
Act”);

 

WHEREAS, the Adviser is the Company’s investment adviser and an affiliate of
the Company;

 

WHEREAS, in connection with the joint venture between Apollo Investment Management,
L.P., a Delaware limited partnership (“AIM”) and CION Investment Group, LLC, a Delaware limited liability company (“CIG”
and with AIM, the “Members”) the Members entered into the Fourth Amended and Restated Limited Liability Company Agreement
of the Adviser, dated as of December 4, 2017;

 

WHEREAS, the Company and the Adviser previously entered into the Expense Support and
Conditional Reimbursement Agreement, dated as of January 2, 2018;

 

WHEREAS, in connection with the ongoing relationship between the Members, the Adviser
has determined that it is appropriate and in the best interest of the Company and the Adviser to continue to make available expense
support to the Company;

 

WHEREAS, the Company and the Adviser have determined that it is appropriate and in
the best interests of the Company to reduce the Company’s operating expenses to ensure that it bears a reasonable level
of expense in relation to its investment income (the “Operating Expense Objective”);

 

WHEREAS, the Company and the Adviser have
determined that it is appropriate and in the best interests of the Company to endeavor to ensure that no portion of distributions
made to the Company’s shareholders will be paid from the Company’s offering proceeds or borrowings (the “Distribution
Objective”); and

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the parties hereby agree as follows:

 

		1.	Adviser Expense Payments to the Company.

 

1.1 Commencing with the quarter starting January
1, 2019, and on a quarterly basis thereafter, the Adviser hereby agrees to reimburse to the Company all operating expenses in an
amount sufficient to meet the Operating Expense Objective and/or the Distribution Objective. Any payments required to be made by
the Adviser pursuant to this paragraph shall be referred to herein as an “Expense Payment.”

 

1.2 The Adviser’s obligation to make
an Expense Payment shall automatically become a liability of the Adviser and the right to such Expense Payment shall be an asset
of the Company no later than the last business day of the applicable calendar quarter. The Expense Payment for any calendar quarter
shall, as promptly as possible, be: (i) paid by the Adviser to the Company in any combination of cash or other immediately available
funds, and/or (ii) offset against amounts due from the Company to the Adviser.

 

     

     

    

 

1.3 For purposes of this Agreement, “Available
Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term
capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net
long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to or otherwise earned
by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included
under clauses (i) and (ii) above.)

 

1.4 For purposes of this Agreement, “Reimbursable
Expenses” means all costs and expenses paid or incurred by the Company, as determined under generally accepted accounting
principles, that are: (i) reimbursable pursuant to the Investment Advisory Agreement dated as of June 19, 2012 between the Adviser
and the Company (the “Advisory Agreement”), (ii) reimbursable pursuant to the Administration Agreement
dated as of April 1, 2018 between the Company and the Adviser, or (iii) paid or accrued by the Adviser on behalf of the Company
and not otherwise reimbursable pursuant to Section 1.4(i) or Section 1.4(ii) above.

 

		2.	Reimbursement of Expense Payments by the Company.

 

2.1 Following any calendar quarter in which
Available Operating Funds exceed the cumulative distributions declared to the Company’s shareholders in respect of such
calendar quarter and such excess is intended to be used to pay expenses qualifying as a Reimbursable Expense (the amount of such
excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess
Operating Funds, or a portion thereof in accordance with Section 2.2, to the Adviser or accrue such Excess Operating Funds as
a liability until such time as all Expense Payments made by the Adviser to the Company within three (3) years prior to the last
business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant
to this Section 2.1 shall be referred to herein as a “Reimbursement Payment.”

 

2.2 The amount of the Reimbursement Payment
for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such calendar quarter, or (ii) the aggregate
amount of all Expense Payments made by the Adviser to the Company (or otherwise accrued by the Adviser with respect to the Company)
within three (3) years prior to the last business day of such calendar quarter that have not been previously reimbursed by the
Company to the Adviser.

 

2.3 The Company’s obligation to make
a Reimbursement Payment shall automatically become a liability of the Company and the proportionate right to such share of the
Reimbursement Payment shall be an asset of the Adviser no later than the last business day of the applicable calendar quarter.
The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any
combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser
for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement under this Section
2.

 

		3.	Effective Date; Termination; Survival.

 

3.1 Effective Date. This Agreement
shall become effective as of the date first set forth above.

 

3.2 Termination.

 

     

     

    

 

(i) Unless otherwise agreed by the parties,
this Agreement shall terminate on December 31, 2019.

 

(ii) This Agreement may be terminated
at any time, without the payment of any penalty, by the Company or the Adviser, upon written notice to the Company.

 

(iii) This Agreement shall automatically
terminate in the event of (a) the termination by the Company of the Advisory Agreement, or (b) the board of directors of the Company
makes a determination to dissolve or liquidate the Company.

 

(iv) Notwithstanding anything contrary
set forth in this Agreement, if this Agreement terminates automatically pursuant to Section 3.2(iii) above, or, following a termination
of this Agreement pursuant to Section 3.2(ii), an event described in Section 3.2(iii) occurs, the Company agrees to pay the Adviser
an amount equal to all Expense Payments paid to the Company within three (3) years prior to the date of such termination pursuant
to Section 3.2(iii) or the occurrence of such event, as applicable, and that have not been previously reimbursed by the Company
to the Adviser. Such repayment shall be made no later than thirty (30) days after such date of termination or the date of such
event, as applicable.

 

3.3 Survival. Sections 3 and 4 of this
Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement
shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Company
to the Adviser.

 

4. Miscellaneous.

 

4.1 Captions. The captions of this
Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their
construction or effect.

 

4.2 Entire Agreement. This Agreement
contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof.

 

4.3 Interpretation. Notwithstanding
the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with
the laws of the State of Delaware. For so long as the Company is regulated as a business development company under the 1940 Act,
this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the extent
the applicable laws of the State of Delaware, or any provisions herein, conflict with the provisions of the 1940 Act, the latter
shall control. Further, nothing in this Agreement shall be deemed to require the Company to take any action contrary to the Company’s
Second Articles of Amendment and Restatement of the Articles of Incorporation and/or the Amended and Restated By-Laws, as each
may amended or restated, or to relieve or deprive the board of directors of the Company of its responsibility for and control of
the conduct of the affairs of the Company.

 

4.4 Severability. If any provision
of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement
shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

 

4.5 Amendments and Counterparts. This
Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number
of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall
be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

     

     

    

 

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

 

CION INVESTMENT CORPORATION

 

By: /s/ Michael A. Reisner                        

 

Name: Michael
A. Reisner

 

Title:Co-Chief Executive Officer

 

 

CION
Investment Management, LLC

Board of Directors:

/s/ Michael A. Reisner                               

Michael A. Reisner

 

/s/ Mark Gatto                                            

Mark Gatto

 

/s/ Howard Widra                                       

Howard Widra

 

 

SERIES C MEMBER:

 

APOLLO INVESTMENT MANAGEMENT, L.P.

 

By: ACC Management, LLC, its general Partner

 

 

By: /s/ Joseph D. Glatt                              

 

Name: Joseph D. Glatt

 

Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]