Document:

Exhibit 10.5 

 

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A
GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

	 	 	 
	Principal Amount: $10,340,000.00

	 	Issue Date: December 18, 2020
 

UNSECURED CONVERTIBLE PROMISSORY
NOTE

FOR VALUE
RECEIVED, ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (hereinafter called “Borrower”), hereby
promises to pay to BD 1 Investment Holding LLC, a Delaware limited liability company, or its assigns (the “Holder”
and together with the Borrower, the “Parties”) or order, without demand, the sum of Ten Million Three Hundred
Forty Thousand Dollars ($10,340,000.00) (“Principal Amount”), without accrued interest on the unpaid principal
balance hereof and maturing on December 18, 2025 (the “Maturity Date”) together with fees incurred or other
amounts owing hereunder, all as set forth below in this Promissory Note (this “Note” or this “Agreement”),
if not sooner paid. All payments due hereunder (to the extent not converted into the Borrower’s common stock, $.0001 par
value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in Common Stock equal
to the Conversion Price as stipulated in Clause 2.1(b) and such payments shall be applied to amounts owing under the Note by Holder,
in its sole discretion. 

This Note is
free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights
or other similar rights of shareholders of the Borrower and will not impose personal liability upon the Holder thereof.

The following terms shall apply to
this Note:

 

ARTICLE I

GENERAL PROVISIONS

1.1        Payment
Grace Period. The Borrower shall have a five (5) day grace period to pay any monetary amounts due under this Note,
after which grace period a default interest rate of ten percent (10%) per annum shall apply from the due date thereof until the
same is paid (“Default Interest”).  

 

1.2        Original
Issue Discount. The Borrower acknowledges that the Principal Amount of this Note exceeds the Purchase Price for this Note
and that such excess is an original issue discount and shall be fully earned and charged to the Borrower upon the execution of
this Note, and shall be paid to the Holder as part of the outstanding principal balance as set forth in this Note.

1.3        Application
of Payments. The Borrower acknowledges that the payments made in connection with this Note shall be applied first to collection
expenses (including all attorneys’ fees and expenses), if any, thereafter to amounts due hereunder other than principal and
interest, thereafter to accrued and unpaid interest (if any) and finally to Principal Amount all in the Holder’s sole discretion.

 

1.4        Change
of Control. In the event of (i) any transaction or series of related transactions (including any reorganization, merger
or consolidation) by an individual or legal entity or “group” (as

 

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described in Rule 13d-5(b)(1) promulgated under
the Exchange Act (as defined below)) of effective control (whether through legal or beneficial ownership of capital stock of the
Borrower, by contract or otherwise) that results in the transfer of 33% or more of the outstanding voting power of the Borrower,
(ii) the Borrower merges into or consolidates with any other Person, or any Person merges into or consolidates with the Borrower
and, after giving effect to such transaction, the stockholders of the Borrower immediately prior to such transaction own less than
66% of the aggregate voting power of the Borrower or the successor entity of such transaction, or (iii) a sale of all or substantially
all of the assets of the Borrower to another person or entity ((i), (ii) and (iii) together, a “Change of Control”),
this Note shall be automatically due and payable in full, immediately. The Borrower will give the Holder not less than twenty (20)
business days prior written notice of the occurrence of any events referred to in this Section 1.4. The Holder acknowledges
that the capital raising and restructuring transactions that are occurring on or about the date of this Note shall not be considered
a Change of Control.

 

1.5       Exchange
and Exchange Agreement. This Note and a related note in the principal amount of One Hundred Sixty Thousand Dollars ($160,000.00)
are issued pursuant to an exchange agreement between the Parties of even date herewith (the “Exchange Agreement”).
The Parties acknowledge and agree that this Note is issued to Holder solely in exchange for previously issued and outstanding Exchange
Securities (as defined in the Exchange Agreement) without the payment of any additional consideration.

 

1.6       Miscellaneous.
The Default Interest on this Note shall be calculated on the basis of a 365-day year and the actual number of days elapsed. Principal
and interest on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated
in lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim. Upon
assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s instructions
upon receipt of written notice thereof.

 

ARTICLE II

OPTIONAL CONVERSION

The Holder, in
its sole option, shall have the right to convert the principal due under this Note into Shares of the Borrower’s Common Stock
as set forth below.

2.1        Conversion
into the Borrower’s Common Stock.

(a) 
Conversion Right.   At the Holder’s sole discretion, the Holder shall have the right from and
after the date of the issuance of this Note and then at any time until this Note is fully paid, to convert any outstanding and
unpaid principal portion of this Note at the election of the Holder (the date of giving of such notice of conversion in accordance
with Section 2.3(a) being a “Conversion Date”) into fully paid and nonassessable shares of Common Stock
as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such Common Stock
shall hereafter be changed or reclassified, at the conversion price as defined in Section 2.1(b) hereof (the “Conversion
Price”), determined as provided herein.

Upon delivery to
the Borrower of a completed notice of conversion, a form of which is annexed hereto as Exhibit A (the “Notice of
Conversion”), Borrower shall issue and deliver to the Holder within three (3) business days after the Conversion
Date (such third day being the “Delivery Date”) that number of shares of Common Stock for the portion of the
Note converted in accordance with the foregoing. At the election of the Holder, the Borrower will deliver accrued but unpaid interest
on the Note, if any, through the Conversion Date directly to the Holder on or before the Delivery Date. The number of shares of
Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal of the
Note and interest, if any, to be converted, by the Conversion Price. To effect conversions hereunder, the Holder shall not be required
to physically surrender this Note to the Borrower unless the entire principal amount of this Note, plus all accrued and unpaid
interest thereon, has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount
of this Note in an

 

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amount equal to the applicable conversion
listed on the Notice of Conversion. The Holder and the Borrower shall maintain records showing the principal amount(s) converted
and the date of such conversion(s). In the event of any dispute or discrepancy, the records of the Holder shall be controlling
and determinative in the absence of manifest error.

(b)
 Conversion Price. Subject to adjustment as provided in Section 2.1(c) hereof, the conversion
price per share shall be equal to $0.0001 (“Conversion Price”). The Conversion Price may be adjusted
pursuant to the other terms of this Note.

(c)  Effect
of Certain Events. The Conversion Price and number and kind of shares or other securities to be issued upon
conversion determined pursuant to Section 2.1(a), shall be subject to adjustment from time to time upon the
happening of certain events while this conversion right remains outstanding, as follows:

A.  Reclassification,
etc. If the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different
number of securities of any class or classes that may be issued or outstanding, this Note, as to the unpaid principal portion thereof,
shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would
have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification or
other change.

B.  Stock
Splits, Combinations and Dividends. If the shares of Common Stock are subdivided or combined into a greater or smaller
number of shares of Common Stock, or if a dividend is paid on the Common Stock in shares of Common Stock, the Conversion Price
shall be proportionately reduced in case of subdivision of shares or stock dividend or proportionately increased in the case of
combination of shares, in each such case by the ratio which the total number of shares of Common Stock outstanding immediately
after such event bears to the total number of shares of Common Stock outstanding immediately prior to such event.

(d) Notice
of Adjustments. Whenever the Conversion Price is adjusted pursuant to Section 2.1(c) above, the Borrower shall
promptly mail to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a statement of
the facts requiring such adjustment. The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder
a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii)
the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received
upon conversion of the Note at the sole expense of the Borrower.

 

(e) Further
Adjustments. In case at any time or, from time to time, the Borrower shall take any action that affects the Common Stock
or other class of securities into which this Note may be converted under Article II, other than an action described herein, then,
unless such action will not have a material adverse effect upon the rights of the Holder, the number of shares of such class of
Common Stock (or other securities) into which this Note is convertible shall be adjusted in such a manner and at such time as shall
be equitable under the circumstances.

 

(f) Voluntary
Adjustments. The Borrower may at any time during the term of this Note reduce the then current Conversion Price to any
amount and for any period of time deemed appropriate by the Board of Directors of the Borrower.

 

2.2        Authorized
Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized
and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock
upon the full conversion of this Note. 

 

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2.3        Method
of Conversion. This Note may be converted by the Holder in whole or in part as described in Section 2.1(a) hereof.
Upon partial conversion of this Note, a new Note containing the same date and provisions of this Note shall, at the request of
the Holder, be issued by the Borrower to the Holder for the principal balance of this Note and interest which shall not have been
converted or paid.

(a)  Mechanics
of Conversion. This Note may be converted by the Holder in whole or in part at any time from time to time after the Issue
Date, by (A) submitting to the Borrower a copy of an executed Notice of Conversion in the form attached hereto as Exhibit
A (via facsimile, electronic mail (email) or other reasonable means of communication dispatched on the Conversion Date on or prior
to 11:59 p.m., New York, New York time). The Conversion Date specified in the Notice of Conversion shall be the Conversion Date
so long as the Notice of Conversion is received by the Borrower before 11:59 p.m., New York, New York time, on such date.

 

(b) Borrower’s
Response. Upon receipt by the Borrower of a copy of a Notice of Conversion, the Borrower shall as soon as practicable,
but in no event later than two (2) business days after receipt of such Conversion Notice, send, via facsimile or electronic mail
(email) (or otherwise deliver) a confirmation of receipt of such Conversion Notice (the “Conversion Confirmation”)
to the Holder indicating that the Borrower will process such Conversion Notice in accordance with the terms herein. In the event
the Borrower fails to issue its Conversion Confirmation within said two (2) Business Day time period, the Holder shall have the
absolute and irrevocable right and authority to deliver the fully executed Conversion Notice to the Borrower’s transfer agent,
and the Borrower’s transfer agent shall issue the applicable shares of Common Stock specified in such Conversion Notice (the
“Conversion Shares”) to Holder as hereby provided. To effect conversions hereunder, the Holder shall not be
required to physically surrender this Note to the Borrower unless the entire principal amount of this Note, plus all accrued and
unpaid interest thereon and other sums due hereunder, has been so converted. Conversions hereunder shall have the effect of lowering
the outstanding sums owing under this Note in an amount stated in each applicable conversion notice. The Holder and the Borrower
shall maintain records showing the principal and/or interest amount(s) converted and the date of such conversion(s).

 

(c) Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission (or other reasonable
means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 2.3,
the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder the electronic transfer
(as described in Section 2.3 (e) herein below) the Common Stock issuable upon such conversion within three (3) business
days after such receipt (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this
Note) (such fifth business day being hereinafter referred to as the “Deadline”) in accordance with the terms
hereof.

 

(d)  Obligation
of Borrower to Deliver Common Stock Absolute. Upon submission by the Holder to the Borrower of a Notice of Conversion,
the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal
amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the
Borrower defaults on its obligations under this Article II, all rights with respect to the portion of this Note being so converted
shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided,
on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to
issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action
or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any
judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower or any violation or alleged violation of law by the Holder or any other
person or entity, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the
Holder in connection with such conversion.

 

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(e)        Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer (“FAST”) program or any similar program hereafter adopted by DTC performing
substantially the same function, upon request of the Holder and its compliance with the provisions contained in Section 2.1
and in this Section 2.3, the Borrower shall cause its transfer agent to electronically transmit the Common Stock issuable
upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent
Commission (“DWAC”) system.

 

(f)        Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion
of this Note is more than two (2) business days after the Deadline the Borrower shall pay to the Holder $1,000 per day in cash
or stock under the terms of this Note, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock.  Such
cash amount shall be paid to Holder by the fifth (5th) day of the month following the month in which it has accrued
or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it
has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with
the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance with the terms
of this Note.

 

(g)        Rescindment
of Conversion Notice. Without in any way limiting the Holder’s right to pursue other remedies, including actual damages
and/or equitable relief, the parties agree that if (A) the Borrower fails to respond to Holder with a Conversion Confirmation pursuant
to Section 2.3(b), (B) the Borrower fails to deliver of the Common Stock issuable upon conversion of this Note is more than
two (2) business days after the Deadline, (C) the Holder is unable to procure a legal opinion required to have the Common Stock
issued unrestricted and/or deposited to sell for any reason related to the Borrower’s standing with the Securities and Exchange
Commission (“SEC”) or FINRA, or any action or inaction by the Borrower, (D) the Holder is unable to deposit
the Common Stock requested in the Conversion Notice for any reason related to the Borrower’s standing with the SEC or FINRA,
or any action or inaction by the Borrower, (E) if the Holder is informed by the Borrower that the Borrower does not have enough
Common Stock authorized to satisfy the Conversion Notice, or (F) if OTC Markets, Inc. f/k/a “Pink Sheets” changes the
Borrower’s designation to ‘Limited Information’ (Yield), ‘No Information’ (Stop Sign), ’Caveat
Emptor’ (Skull and Crossbones), or ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation Mark
Sign) on any day after the date of the Conversion Notice prior to delivery of such Common Stock, the Holder may, at the Holder’s
sole discretion, rescind or void the Conversion Notice (“Rescindment Notice”) by notifying the Borrower in the same
manner that a Conversion Notice is required to be delivered to the Borrower pursuant to the terms of this Note. If the Holder chooses
to provide the Borrower a timely Rescindment Notice, the Borrower shall pay to the Holder $2,000 per day in cash or stock under
the terms of this Note, for each day that the Borrower was in violation of A-F in this Section 2.3(g) up until the day the
Holder submits a Rescindment Notice to the Borrower.  Such cash amount shall be paid to Holder by the fifth (5th)
day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower
by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Note,
in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall
be convertible into Common Stock in accordance with the terms of this Note.

 

(h)        Transfer
Taxes and Legal Opinions. Without limitation, the issuance of certificates for shares of the Common Stock on conversion
of this Note shall be made without charge to the Holder hereof for any legal opinion fees, documentary stamp or similar taxes,
or any other issuance or transfer fees of any nature or kind that may be payable in respect of the issue or delivery of such certificates,
any such taxes or fees, if payable, to be paid by the Borrower. The Borrower agrees, at the Borrower’s sole expense, to provide
the Holder with a valid and reasonably accepted legal opinion concerning the issuance of certificates for shares of the Common
Stock on conversion of this Note. If the Holder is required to obtain a legal opinion, the Borrower shall reimburse the Holder
$2,000 which may be deducted from the principal received by the Conversion Notice.

 

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2.4       Concerning
the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless (i)
such shares are sold pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Act”)
or (ii) the Borrower or its transfer agent shall have been furnished with an opinion of counsel (which opinion shall be in form,
substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant
to Rule 144 under the Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section
2.4. Until such time as the shares of Common Stock issuable upon conversion of this Note have been registered under the Act
or an exemption that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF COUNSEL IN FORM,
SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SAID ACT.”

 

The legend set forth above
shall be removed and the Borrower shall issue to the Holder a new certificate therefor free of any transfer legend if (i) the Borrower
or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary for opinions of counsel
in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made without registration
under the Act and the shares are so sold or transferred, (ii) such Holder provides the Borrower or its transfer agent with reasonable
assurances that the Common Stock issuable upon conversion of this Note (to the extent such securities are deemed to have been acquired
on the same date) can be sold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information
requirements as determined by the counsel to the Borrower as set forth in a written opinion letter to such effect and addressed
to the Transfer Agent and the Holder, or (iii) in the case of the Common Stock issuable upon conversion of this Note, such security
is registered for sale by the Holder under an effective registration statement filed under the Act or otherwise may be sold pursuant
to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold. The
Borrower acknowledges and agrees that the holding period of the Common Stock issuable upon conversion of this Note under Rule 144(d)
shall be deemed to have commenced as of October 22, 2019 (the most recent issuance date of the Exchange Securities exchanged for
this Note pursuant to the Exchange Agreement) and, accordingly, a failure to remove legends from Common Stock issuable upon conversion
of this Note shall cause liquidated damages to accrue pursuant to Section 2.3 herein. In any event, and subject to compliance
with applicable securities laws, the Holder may enter into lawful hedging transactions in the course of hedging the position it
assumes and the Holder may also enter into lawful short positions or other derivative transactions relating to the Common Stock
or other securities, or interests in the Common Stock or other securities, and deliver the Common Stock or other securities, or
interests in the Common Stock, to close out its short or other positions or otherwise settle other transactions, or loan or pledge
the Common Stock, or interests in the Common Stock, to third parties who in turn may dispose of the Common Stock.

2.5        [Reserved].

 

2.6   Status
as Shareholder. Upon submission of a Notice of Conversion by the Holder, (i) the shares covered thereby shall be deemed
converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of such converted portion of this Note shall
cease and terminate, excepting only the right to receive certificates for such shares of Common Stock and to any remedies provided
herein or otherwise available at law or in equity to such Holder because of a failure by the Borrower to comply with the terms
of this Note or the Exchange Agreement. Notwithstanding the foregoing, if a Holder has not received certificates for all

 

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shares of Common Stock prior to the tenth (10th)
business day after the expiration of the Deadline with respect to a conversion of any portion of this Note for any reason, then
(unless the Holder otherwise elects to retain its status as a holder of Common Stock by so notifying the Borrower) the Holder shall
regain the rights of a Holder of this Note with respect to such unconverted portions of this Note and the Borrower shall, as soon
as practicable, return such unconverted Note to the Holder or, if the Note has not been surrendered, adjust its records to reflect
that such portion of this Note has not been converted. In all cases, the Holder shall retain all of its rights and remedies including,
without limitation, (i) the right to receive Default Interest and Default Amounts for any Event of Default and (ii) the right to
have the Default Interest and Default Amounts added to the principal amount of this Note which shall be convertible into Common
Stock in accordance with the terms of this Note.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

  3.       Representations
and Warranties of the Borrower. The Borrower hereby represents and warrants to the Holder that:

 

(a)       The
Borrower’s Common Stock is registered under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange
Act”);

 

(b)       The
Borrower is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports
under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the
issuer was required to file such reports);

 

(c)       Regulatory
Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended.  Borrower is not engaged as one of its important
activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower
has complied in all material respects with the Federal Fair Labor Standards Act.  Neither Borrower nor any of its subsidiaries
(“Subsidiaries”) is a “holding company” or an “affiliate” of a “holding company”
or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility
Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the violation of which could reasonably
be expected to have a material adverse effect on its business.  None of Borrower’s or any of its Subsidiaries’
properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons,
in disposing, producing, storing, treating, or transporting any hazardous substance other than legally.  Borrower and
each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and
given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted;

 

(d)       Litigation.  There
is no claim, legal action, suit, arbitration, investigation or other proceeding pending, or to the knowledge of the Borrower,
threatened against or relating to the Borrower or its assets.  Neither the Borrower nor any of its assets are subject
to any outstanding judgment, order, writ, injunction or decree of any Governmental Authority. There is currently no investigation
or review by any Governmental Authority with respect to the Borrower pending or, to the knowledge of the Borrower, threatened,
nor has any Governmental Authority notified the Borrower of its intention to conduct the same;

 

(e)       SEC
Matters.  To the knowledge of the Borrower, neither the Borrower, nor any current or past officer or director
of the Borrower has ever been sanctioned, disciplined, fined, and/or imprisoned for any violations of any securities laws of the
United States or any other jurisdiction.

 

ARTICLE IV

CERTAIN COVENANTS

 

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4.1       Exchange
Listing, Existence. The Borrower shall make such filings, registrations or qualifications and take all other necessary
action and will use its best efforts to obtain such consents, approvals and authorizations, if any, and satisfy all conditions
that any stock exchange or the OTCBB (as defined below) may impose on the listing of the Common Stock and shall use its best efforts
to obtain and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Note remains
outstanding. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence,
rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good
standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its
business makes such qualification necessary.

 

4.2       No
Integration.  Neither the Borrower nor any of its affiliates (as defined in Rule 501(b) of Regulation D (“Regulation
D”) of the Act) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated
in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Note in a manner
that would require registration of the Note under the Securities Act.

 

4.3       Shell
Company Status.  The Borrower is not now, and has not, prior to the date of this Note, been a “shell company”
as such term is defined in Rule 12b-2 of the Exchange Act.

 

4.4       Public
Information. The Borrower shall make such filings, registrations or qualifications and take all other necessary action
and will use its best efforts to satisfy all conditions to be in compliance and satisfy the current public information requirement
under Rule 144(c), more specifically with Rule 144(c)(1), and otherwise without restriction or limitation pursuant to Rule 144,
and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all
or any of the principal amount of the Note remains outstanding.

 

4.5        DTCC
Eligibility. The Borrower shall make such filings, registrations or qualifications and take all other necessary action
to remain DTCC-eligible and not have its eligibility revoked or “chilled” by the Depository Trust Company (“DTC”)
or any similar program hereafter adopted performing substantially the same function.

 

4.6       Legal
Action Notice. The Borrower shall promptly report of any legal actions pending or threatened in writing against Borrower
or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in
the aggregate, Fifty Thousand Dollars ($50,000) or more.

 

4.7       Other
Financial Information. The Borrower shall deliver budgets, sales projections, operating plans and other financial information
reasonably requested by the Holder.

 

4.8       Change
in Nature of Business. So long as the Borrower shall have any obligation under this Note, the Borrower shall not make,
or permit any of its Subsidiaries to make, any material change in the nature of its business as described in the Borrower’s
most recent annual report filed on Form 10-K with the SEC. The Borrower shall not modify its corporate structure or purpose.

 

4.9       Statutory
Disqualification. So long as the Borrower shall have any obligation under this Note, the Borrower nor any of its officers,
directors, controlling persons, employees, representatives, agents, affiliates, or any other person working for or on behalf of
the Borrower is or shall be subject to statutory disqualification as defined in Section 3(a)(39) of the Exchange Act, as amended
or Rule 506(d) under the Act.

 

    	8  

    	 

    

 

ARTICLE V

EVENT OF DEFAULT

The occurrence
of any of the following events of default (“Event of Default”) shall, at the option of the Holder hereof, make
all sums of principal and interest then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable,
upon demand, without presentment, or grace period, all of which hereby are expressly waived, except as set forth below:

5.1        Failure
to Pay Principal. The Borrower fails to pay any principal, interest, or other sum due under this Note whether on demand,
at maturity, upon acceleration, Change of Control or otherwise.

 

5.2     Conversion
of Note into Common Stock. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance
with the terms of this Note, fails to transfer or cause its transfer agent to transfer (electronically or in certificated form)
any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when
required by this Note or fails to remove any restrictive legend (or to withdraw any stop transfer instructions in respect thereof)
on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as
and when required by this Note (or makes any announcement, statement or threat that it does not intend to honor the obligations
described in this paragraph) and any such failure shall continue uncured (or any announcement, statement or threat not to honor
its obligations shall not be rescinded in writing) for ten (10) days after the Borrower shall have been notified thereof in writing
by the Holder.

5.3        Breach
of Covenant. The Borrower or any Subsidiary of Borrower breaches any material covenant or other material term or condition
of this Note or the Exchange Agreement in any material respect and such breach, if subject to cure, continues for a period of five
(5) business days after written notice to the Borrower or any such Subsidiary of Borrower from the Holder.

5.4        Breach
of Representations and Warranties. Any material representation or warranty of the Borrower or any Subsidiary of Borrower
made herein or in the Exchange Agreement, in any statement or certificate given in writing pursuant hereto or in connection herewith
or therewith shall be false or misleading in any material respect as of the date made and as of the Issue Date.

5.5      
 Liquidation. Any dissolution, liquidation or winding up of Borrower or any operating Subsidiary of Borrower
or any substantial portion of its business.

5.6       Cessation
of Operations. Any cessation of operations by Borrower or any operating Subsidiary of Borrower for a period of 30 consecutive
days.

5.7       Maintenance
of Assets. The failure by Borrower or any Subsidiary of Borrower to protect, defend and maintain validity and enforceability
of any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business
(whether now or in the future).

5.8       Receiver
or Trustee. The Borrower or any Subsidiary of Borrower shall make an assignment for the benefit of creditors, or apply
for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such
a receiver or trustee shall otherwise be appointed.

5.9        Judgments.
Any money judgment, writ or similar process shall be entered or filed against the Borrower or any Subsidiary of the Borrower
or any of its property or other assets for more than Fifty Thousand Dollars ($50,000), and shall remain unvacated, unbonded or
unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

5.10     Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any
law for the relief of debtors shall be instituted by the Borrower or any Subsidiary of Borrower or any such proceeding shall be
instituted against the Borrower or any Subsidiary of Borrower, which proceedings are not, within sixty (60) days after institution
thereof, discharged or stayed pending appeal.

    	9  

    	 

    

 

    	10  

    	 

    

5.11        Delisting.
An event resulting in the Borrower’s Common Stock no longer being quoted on the Over-The-Counter Bulletin Board (the “OTCBB”);
failure to comply with the requirements for continued quotation on the OTCBB for a period of five (5) consecutive trading days;
or notification from the OTCBB that the Borrower is not in compliance with the conditions for such continued quotation and such
non-compliance continues for five (5) days following such notification. If the Borrower’s Common Stock is quoted by OTC Markets,
Inc. f/k/a “Pink Sheets,” then any event or failure of the Borrower’s Common Stock to be listed as “Pink
Current Information” for trading or quotation for five (5) or more consecutive days.

5.12        DTC
Eligible. An event resulting in the Borrower’s Common Stock no longer being eligible to deposit (either electronically
or by physical certificates, or otherwise) shares into the DTC system; failure to comply with the requirements for continued DTC
eligibility for a period of seven (7) consecutive trading days; or notification from DTC that the Borrower is not in compliance
with the conditions for such continued DTC eligibility and such non-compliance continues for seven (7) days following such notification

5.13       Stop
Trade. An SEC or judicial stop trade or order trading suspension with respect to the Borrower’s Common Stock that
lasts for seven (7) or more consecutive trading days.

5.14       Failure
to Deliver Replacement Note. Borrower’s failures to timely deliver, if required, a replacement Note.

5.15      Financial
Statement Restatement. A restatement of any financial statements filed by the Borrower with the SEC for any date or period
from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement
could reasonably be expected to have, by comparison to the unrestated financial statements, a material adverse effect on the Borrower’s
business or operations.

5.16      Reverse
Splits. The Borrower effectuates a reverse split of its Common Stock without twenty-five (25) business days prior
written notice to the Holder.

 

5.17      Misrepresentations.
Borrower or any representative acting for Borrower makes any representation, warranty, or other statement now or later in this
Note or in any writing delivered to the Holder or to induce the Holder to enter this Note, and such representation, warranty, or
other statement is incorrect or contains any untrue statement of a material fact, or omits or will omit to state a material fact
necessary to make the statements or facts contained herein or therein not misleading in any material respect in light of the circumstances
under which they were made.

 

5.18       Other
Note Default. A default by the Borrower or the occurrence of an Event of Default under any other note issued by the Borrower.

 

5.19       Failure
to Timely File Borrower’s Financial Reports. The Borrower fails to timely file all reporting required under the Exchange
Act, filed with the SEC and, if the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets,”
then the Borrower’s failure to timely file all reports required to be filed by it with OTC Markets, Inc. f/k/a “Pink
Sheets” whereby the Borrower either (i) fails to be reported as “Pink Current Information” designated company,
or (ii) is reported as “No Inside.”

 

5.20     
Default Under the Note. An Event of Default has occurred and is continuing under this Note, then, upon the occurrence
and during the continuation of any Event of Default specified in Section 5.1, 5.2, 5.3, 5.4, 5.5, 5.6, 5.7, 5.9, 5.10, 5.11, 5.12,
5.13, 5.14, 5.15, 5.16, 5.17, 5.18 or 5.19, at the option of the Holder exercisable through the delivery of written notice to the
Borrower by such Holder (the “Default Notice”), and upon the occurrence of an Event of Default specified in
Section 5.8, the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of
its obligations hereunder, an amount equal to the sum of (w) the then outstanding principal amount of this Note plus
(x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory
Payment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w)

 

    	11  

    	 

    

and/or (x) plus (z) any other amounts
owed to the Holder pursuant to this Note (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Amount”) and
all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of
which hereby are expressly waived, together with all costs, including, without limitation, any and
all legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available
at law or in equity. If the Borrower fails to pay the Default Amount within five (5) business days of written notice that such
amount is due and payable, then the Holder shall have the right at any time, so long as the Borrower remains in default (and so
long and to the extent that there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately
issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount then in
effect divided by the Conversion Price then in effect.

 

ARTICLE VI

MISCELLANEOUS

6.1
       Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder
hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver,
election, or acquiescence thereof, nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver hereunder shall
be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for
which it is given. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available provided for by law, or in equity.

6.2        Demand
Waiver. Borrower hereby waives: (i) demand, notice of default, delinquency or dishonor, notice of payment and nonpayment,
notice of any default, notice of acceleration, nonpayment at maturity, notice of costs, expenses and losses and interest thereon,
notice of late charges; (ii) all defenses and pleas on the grounds of any release, compromise, settlement, extension, or extensions
of the time of payment or any due date under this Note, in whole or in part, whether before or after maturity and with or without
notice; and (iii) diligence in taking any action to collect any sums owing under this Note or in proceeding against any the rights
and interests in and to properties securing payment of this Note such as, but not limited to, the renewal of accounts, documents,
instruments, chattel paper, and guarantees held by the Holder on which Borrower is liable.

6.3        Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, electronic mail (email), or facsimile, addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery, when received, (b) upon email or facsimile, upon confirmation of receipt by the
recipient, or (c) on the third business day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall
be:

(i) if
to Borrower, to:

Ascent Solar Technologies,
Inc.

12300 N. Grant
Street

Thornton, CO 80241

Attn: Victor Lee,
CEO

Email: victor.lee@ascentsolar.com

    	12  

    	 

    

 

With
a copy to:

James
H. Carroll, Esq.

Carroll
Legal LLC

233
McKinley Park Lane

Louisville,
CO 80027

Email:
jcarroll@carroll.legal

(ii) if
to the Holder, to:

BD 1 Investment
Holding LLC

c/o Capitol Services,
Inc.

Attn: Todd Steadman

1675 South State
Street, Suite B

Kent County, DE
19901

Email: toddsteadman@gmail.com

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

Karen
L. Witt, Esq.

Lewis
Roca Rothgerber Christie, LLP

1200
17th Street, Suite 3000

Denver,
CO 80202

Email: kwitt@lrrc.com

6.4        Amendment
Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented in writing, then as so amended or supplemented.

6.5        Assignability.
The Holder, without consent from or notice to anyone, may at any time assign the Holder’s rights in this Note, the Borrower’s
obligations under this Note, or any part thereof. This Note shall be binding upon the Borrower and their respective legal
representatives, heirs and its successors, and shall inure to the benefit of the Holder and its successors, assigns, heirs, administrators
and transferees. The Borrower may not assign its obligations under this Note.

6.6        Cost
of Collection. Borrower shall pay to the Holder, on demand and if demanded, prior to any conclusion of any action related
hereto, the amount of any and all expenses, including, without limitation, attorneys’ fees, appellate attorney’s fees,
legal costs and expenses, as well as collection agency fees and costs, any of which the Holder, whether or not the Holder agrees
to dismiss an action upon payment of sums allegedly due, obtains substantially the relief sought or may incur in connection with
(a) enforcement or collection of this Note following an Event of Default; (b) exercise or enforcement of any the rights, remedies
or powers of the Holder hereunder or with respect to any or all of the obligations under this Note upon breach or threatened breach;
or (c) failure by Borrower to perform and observe any agreements of Borrower contained herein.

6.7        Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to
conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought
by either party against the other concerning the transactions contemplated by this Agreement must be brought only in the civil
or state courts of New York or in the federal courts located in the State and county of New York. Both parties and the individual
signing this Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs at both the trial and appellate level.
In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with
such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity
or unenforceability of any other provision of this Note in any other jurisdiction. Nothing contained herein shall be deemed or
operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to
collect on the Borrower’s obligations to Holder, to realize on any

 

    	13  

    	 

    

collateral or any other security
for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall be deemed an unconditional
obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against
Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or
statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement
to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine
Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other
document or agreement was delivered together herewith or was executed apart from this Note.

 

6.8        Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND THE HOLDER EACH HEREBY KNOWINGLY, VOLUNTARILY,
INTENTIONALLY AND IRREVOCABLY WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS
AGREEMENT OR ANY CONTEMPLATED TRANSACTION, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF OR BETWEEN ANY PARTY HERETO, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THE BORROWER AGREES AND
CONSENTS TO THE GRANTING TO HOLDER OF RELIEF FROM ANY STAY ORDER WHICH MIGHT BE ENTERED BY ANY COURT AGAINST HOLDER AND TO ASSIST
HOLDER IN OBTAINING SUCH RELIEF.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.  EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. THE BORROWER’S REASONABLE RELIANCE UPON SUCH INDUCEMENT IS HEREBY ACKNOWLEDGED.

 

6.9      Certain
Amounts.   Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding
principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest
on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this
Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty
and is intended to compensate the Holder in part for loss of the opportunity to convert this Note and to earn a return from the
sale of shares of Common Stock acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant
to this Note.  The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate
to the possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Note into shares
of Common Stock. To the extent it may lawfully do so, the Borrower hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Holder in order
to enforce any right or remedy under this Note.

 

6.10       Usury
Savings Clause.   Borrower and Holder intend to contract in compliance with all state and federal usury laws
governing the loan evidenced by this Note. Holder and Borrower agree that none of the terms of this Note shall be construed to
require payment of interest at a rate in excess of the maximum interest rate allowed by any applicable state, federal or foreign
usury laws. If Holder receives sums which constitute interest that would otherwise increase the effective interest rate on this
Note to a rate in excess of that permitted by any applicable law, then all such sums constituting interest in excess of the maximum
lawful rate shall at Holder’s option either be credited to the payment of principal or returned to Borrower.

 

Notwithstanding any provision
in this Note to the contrary, the total liability for payments of interest and payments in the nature of interest, including, without
limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit
imposed by the usury laws of the jurisdiction governing this Note or any other applicable law.  In the event the total
liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions
or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an

    	14  

    	 

    

 

    	15  

    	 

    

effective rate of interest, which for any month
or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums
in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice by, between,
or to any party hereto, be applied to the reduction of the outstanding principal balance due hereunder immediately upon receipt
of such sums by the Holder hereof, with the same force and effect as though the Borrower had specifically designated such excess
sums to be so applied to the reduction of the principal balance then outstanding, and the Holder hereof had agreed to accept such
sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and from time to time, elect,
by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible
as interest, rather than accept such sums as a prepayment of the principal balance then outstanding.  It is the intention
of the parties that the Borrower does not intend or expect to pay, nor does the Holder intend or expect to charge or collect any
interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law. 

 

6.11        Maximum
Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum rate permitted by applicable law. In the event that the rate of interest required to be paid or other
charges hereunder exceed the maximum rate permitted by applicable law, any payments in excess of such maximum rate shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the Borrower, the manner of handling such excess to be
at the Holder’s election.

 

6.12       Further
Assurances.  At any time or from time to time after the date hereof, the Parties agree to cooperate with each other
and, at the request of any other Party, to execute and deliver any further instruments or documents and to take all such further
action as the other Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated
hereby and to otherwise carry out the intent of the Parties hereunder.

 

6.13      Remedies.
  The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

6.14       No
Impairment. The Borrower will not, by amendment of its Articles of Incorporation or By-Laws or other organizational document,
or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary
action, willfully avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate
in order to protect the rights of the Holder under this Note against impairment or dilution.

 

6.15       Substitute
Note or Notes. Upon (i) receipt by the Borrower of evidence reasonably satisfactory to it of the ownership of and the loss,
theft, destruction or mutilation hereof, and, in the case of loss, theft or destruction, of any indemnification undertaking by
the Holder to the Borrower in customary form, or (ii) the request of the Holder of this Note upon surrender hereof, the Borrower
shall execute and deliver in lieu hereof, a new Note or Notes, payable to the order of the Holder or such persons as the Holder
may request and in a principal amount equal to the unpaid principal amount hereof, which shall be dated and bear interest from
the date to which interest has theretofore been paid hereon. Each such Note shall in all other respects be in the same form and
be treated the same as this Note and all references herein to this Note shall apply to each such Note. This Note is exchangeable,
upon the surrender hereof by the Holder at the principal office of the Borrower, for a new Note or Notes representing in the aggregate
the outstanding

 

    	16  

    	 

    

Principal of this Note, and each such new Note
will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

6.16       Absolute
Obligation.  No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute and
unconditional, to pay the principal of, accrued interest, Default Amounts, or damages as applicable, on this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct, unconditional and secured debt obligation
of the Borrower.

 

6.17       Relationship.
 The relationship of the parties to this Note is determined solely by the provisions of this Note. The parties do not
intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different
from those of parties to an arm’s-length contract.

 

6.18       Entire
Agreement.  This Note and any instruments and agreements to be executed pursuant to this Note, sets forth the entire
agreement and understanding of the Parties with respect to its subject matter of this Note and supersedes, merges and replaces
all prior and contemporaneous understandings, discussions and negotiations, oral or written, regarding the same subject matter
which shall remain in full force and effect and may not be altered or modified, except in writing and signed by the party to be
charged thereby, and supersedes any and all previous discussions between the parties relating to the subject matter thereof.

 

6.19       Counterparts.
 This Note may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when this Note has been signed by the Borrower and delivered to any other party, it being
understood that all parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission, by email in “portable document format” (“.pdf”), electronic signature or other similar
electronic means intended to preserve the original graphic and pictorial appearance of this Note, such signature shall have the
same effect as physical delivery of the paper document bearing original signature and create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile
signature were an original thereof.

 

6.20       Counsel.
The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given
a reasonable opportunity to do so.

 

6.21       Headings.
The headings in this Note are for convenience of reference only and shall not affect the interpretation of this Note.

 

[ Signatures on Following
Pages ]

    	17  

    	 

    

IN WITNESS WHEREOF, Borrower
has caused this Promissory Note to be signed in its name by an authorized officer as of the first date written above.

 

 

ASCENT SOLAR TECHNOLOGIES, INC.

 

 

By:  /s/ Victor Lee

Name: Victor Lee

Title: CEO

 

 

 

    	18  

    	 

    

ASCENT SOLAR TECHNOLOGIES, INC.

 

NOTICE OF CONVERSION 

(To be Executed by the Registered Holder

in order to Convert the Note)

 

The undersigned hereby irrevocably elects
to convert the sum of: $_____________ principal amount due under the terms of the Note (defined below) into shares of common
stock, par value $0.0001 per share (“Common Stock”), of ASCENT SOLAR TECHNOLOGIES, INC. a Delaware corporation
(the “Borrower”) according to the conditions of the Unsecured Convertible Promissory Note of the Borrower dated
as of December 18, 2020 (the “Note”), as of the date written below.  If securities are to be
issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto
and is delivering herewith such certificates.  No fee will be charged to the Holder for any conversion, except for transfer
taxes, if any. A copy of each Note is attached hereto (or evidence of loss, theft or destruction thereof).

 

The Borrower shall electronically transmit
the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through
its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name of DTC Prime Broker:_________________________DTC#:
___________________

Account Number: ____________________ Name:
________________________________

 

In lieu of receiving shares of Common Stock
issuable pursuant to this Notice of Conversion by way of a DWAC Transfer, the undersigned hereby requests that the Borrower issue
a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s
calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment
hereto:

 

Name: _____________________________________________________________

Address: ___________________________________________________________

 

The undersigned represents and warrants that
all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the Note shall be made
pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”), or pursuant
to an exemption from registration under the Act.

 

Date of Conversion:                                              .

Conversion Price:                                                 .

Applicable Conversion Discount:                            .

Conversion Shares:                                               .

Default Sums/Damages Shares:                              .

Total number of Shares of Common Stock to
be Issued Pursuant

To the terms of the Notes:                                    .

 

Conversion Shares to be Registered to the
Following:

 

Name:                                                                .

Address:                                                             .

Address:                                                             .

 

 

BD 1 INVESTMENT HOLDING
LLC

 

By: ______________________________

Name: ____________________________

Title: _____________________________

 

The Borrower hereby acknowledges this Notice
of Conversion and agrees to direct the Borrower’s Transfer Agent to issue the above indicated number of shares of Common
Stock.

 

Ascent
Solar Technologies, Inc.

 

By: ______________________________

Name: ____________________________

Title: _____________________________

 

 

19Exhibit
10.1

 

Execution
Version

 

FIRST AMENDMENT TO FOURTH AMENDED AND
RESTATED LOAN AGREEMENT

 

This First Amendment to the Fourth Amended and Restated Loan
Agreement (this "Amendment"), dated as of December 21, 2020, is entered into by and among WHITEHORSE FINANCE
CREDIT I, LLC (the "Company"), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as lender (the "Lender")
and administrative agent (the "Administrative Agent"), CITIBANK, N.A., as collateral agent (the "Collateral
Agent") and securities intermediary (the "Securities Intermediary"), WHITEHORSE
FINANCE, INC. (the "Portfolio Manager") and Virtus Group LP, as collateral administrator (the "Collateral
Administrator"). Reference is hereby made to the Fourth Amended and Restated Loan Agreement (as amended or modified from
time to time, the "Loan Agreement"), dated as of November 22, 2019, among the Company, the Lender, the Administrative
Agent, the Collateral Agent, the Securities Intermediary, the Portfolio Manager and the Collateral Administrator. Capitalized
terms used herein without definition shall have the meanings assigned thereto in the Loan Agreement.

 

WHEREAS, the parties
hereto are parties to the Loan Agreement;

 

WHEREAS, the parties hereto desire to amend
the terms of the Loan Agreement in accordance with Section 10.05 thereof as provided for herein; and

 

ACCORDINGLY, the Loan
Agreement is hereby amended as follows:

 

SECTION 1.      AMENDMENT
TO THE LOAN AGREEMENT

 

(a)               
The Loan Agreement is hereby amended in accordance with Section 10.05 thereof to delete the stricken text (indicated textually
in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated
textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Loan and Security Agreement attached as Exhibit
A hereto. Exhibit A hereto constitutes a conformed copy of the Loan and Security Agreement.

 

SECTION 2.      MISCELLANEOUS.

 

(A)       The
parties hereto hereby agree that, except as specifically amended herein, the Loan Agreement is and shall continue to be in full
force and effect and is hereby ratified and confirmed in all respects. Except as specifically provided herein, the execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party hereto under
the Loan Agreement, or constitute a waiver of any provision of any other agreement.

 

(B)       The
Collateral Administrator, the Collateral Agent and the Securities Intermediary are hereby directed to execute and deliver this
Amendment.

 

(C)       The
effectiveness of this Amendment shall be subject to receipt by the Administrative Agent of an opinion of counsel for the Company
to the effect that this Amendment constitutes a legal, valid and binding obligation of the Company (subject to standard qualifications
and assumptions).

 

(D)       The
Portfolio Manager hereby certifies that (i) all of the Company’s representations and warranties set forth in Section 6.01
of the Loan Agreement are true and correct (subject to any materiality qualifiers set forth therein) as of the date hereof and
(ii) as of the date hereof, no Default, Event of Default or Market Value Cure Failure has occurred and is continuing.

 

(E)       This
Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

(F)       This
Amendment may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall
be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one
and the same instrument.

 

(G)       This
Amendment shall be effective as of the date of this Amendment first written above.

 

    1

     

    

 

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

 

	 	WHITEHORSE FINANCE CREDIT I,
    LLC
	 	 
	 	By:  	/s/
    Joyson Thomas
	 	 	Name: Joyson Thomas
	 	 	Title: Authorized Signatory
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL
    ASSOCIATION, as Administrative Agent
	 	 
	 	By:	/s/ James
    Greenfield
	 	 	Name: James Greenfield
	 	 	Title: Executive Director
	 	 
	 	CITIBANK, N.A., as Collateral
    Agent
	 	 
	 	By:	/s/ Jose
    Mayorga
	 	 	Name: Jose Mayorga
	 	 	Title: Senior Trust Officer
	 	 
	 	CITIBANK, N.A., as Securities
    Intermediary
	 	 
	 	By:	/s/ Jose
    Mayorga
	 	 	Name: Jose Mayorga
	 	 	Title: Senior Trust Officer

 

     

     

    

 

	 	VIRTUS GROUP LP, as Collateral
    Administrator
	 	 
	 	By:  	Rocket Partners holdings, LLC,
	 	 	its General Partner
	 	 
	 	By:	/s/ Joseph
    U. Elston
	 	 	Name: Joseph U. Elston
	 	 	Title: Senior Vice President
	 	 
	 	WHITEHORSE
    FINANCE, INC., as Portfolio Manager
	 	 
	 	By:	/s/ Joyson
    Thomas
	 	 	Name: Joyson Thomas
	 	 	Title: Authorized Signatory
	 	 
	 	The Financing Provider
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL
    ASSOCIATION, as Lender
	 	 
	 	By:	/s/ James
    Greenfield
	 	 	Name: James Greenfield
	 	 	Title: Executive Director

 

     

     

    

 

Annex A

 

Conformed Loan Agreement

 

     

     

    

 

Execution
Version

 

Conformed
through First Amendment to Fourth Amended and Restated Loan Agreement,

dated
as of December 21, 2020

 

 

FOURTH
AMENDED AND RESTATED

 

LOAN
AGREEMENT

 

dated
as of

 

November
22, 2019

 

among

 

WHITEHORSE
FINANCE CREDIT I, LLC

 

The
Financing Providers Party Hereto

 

The
Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto

 

JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

and

 

WHITEHORSE
FINANCE, INC.,

as Portfolio Manager

 

 

     

     

    

 

Table
of Contents 

Page 

 

	 	 	 
		ARTICLE
    I	 
		THE PORTFOLIO INVESTMENTS	 
	 	 	 
	SECTION 1.01.	Purchases of Portfolio Investments	2127
	SECTION 1.02.	Procedures for Purchases and Related Financings.	2127
	SECTION 1.03.	Conditions to Purchases or Substitutions	2127
	SECTION 1.04.	Sales of Portfolio Investments	2329
	SECTION 1.05.	Substitution.	2430
	SECTION 1.06.	Certain Assumptions Relating to Portfolio Investments.	2531
	SECTION 1.07.	Currency Equivalents.	2531
	SECTION
    1.08.	Interest
    Rates; LIBOR Notification.	31
	 	 	 
		ARTICLE
    II	 
		THE FINANCINGS	 
	 	 	 
	SECTION 2.01.	Financing Commitments	2532
	SECTION 2.02.	[reserved]	2632
	SECTION 2.03.	Financings; Use of Proceeds.	2632
	SECTION 2.04.	Other Conditions to Financings	2734
	SECTION 2.05.	Commitment Increase Option.	2835
	 	 	 
		ARTICLE
    III	 
		ADDITIONAL TERMS
    APPLICABLE TO THE FINANCINGS	 
	 	 	 
	SECTION 3.01.	The Advances.	2936
	SECTION 3.02.	General	3340
	SECTION 3.03.	Taxes.	3340
	SECTION
    3.04.	Interest
    Rate Unascertainable, Inadequate or Unfair	43
	 	 	 
		ARTICLE
    IV	 
		COLLECTIONS AND PAYMENTS	 
	 	 	 
	SECTION 4.01.	Interest Proceeds	3645
	SECTION 4.02.	Principal Proceeds	3745
	SECTION 4.03.	Principal and Interest Payments; Prepayments;
    Commitment Fee.	3846
	SECTION 4.04.	MV Cure Account	3948
	SECTION 4.05.	Priority of Payments	4048
	SECTION 4.06.	Payments Generally	4149
	SECTION 4.07.	Termination or Reduction of Financing Commitments.	4150
	 	 	 
		ARTICLE
    V	 
		THE PORTFOLIO MANAGER	 
	 	 	 
	SECTION 5.01.	Appointment and Duties of the Portfolio Manager	4251
	SECTION 5.02.	Portfolio Manager Representations As to Eligibility
    Criteria; Etc.	4351
	SECTION 5.03.	Limitation of Liability; Indemnification.	4351
	 	 	 
		ARTICLE
    VI	 
		REPRESENTATIONS,
    WARRANTIES AND COVENANTS	 
	 	 	 
	SECTION 6.01.	Representations and Warranties	4453
	SECTION 6.02.	Covenants of the Company	4856
	SECTION 6.03.	Amendments of Portfolio Investments, Etc	5362

 

     

     

    

 

		ARTICLE
    VII	 
		EVENTS OF DEFAULT	 
	 	 	 
		ARTICLE
    VIII	 
		ACCOUNTS; COLLATERAL
    SECURITY	 
	 	 	 
	SECTION 8.01.	The Accounts; Agreement As to Control.	5665
	SECTION 8.02.	Collateral Security; Pledge; Delivery.	5967
	 	 	 
		ARTICLE
    IX	 
		THE AGENTS	 
	 	 	 
	SECTION 9.01.	Appointment of Administrative Agent and Collateral
    Agent	6271
	SECTION 9.02.	Additional Provisions Relating to the Collateral
    Agent, Securities Intermediary and the Collateral Administrator.	6574
	 	 	 
		ARTICLE
    X	 
		MISCELLANEOUS	 
	 	 	 
	SECTION 10.01.	Non-Petition; Limited Recourse; Limited Recourse	6876
	SECTION 10.02.	Notices	6877
	SECTION 10.03.	No Waiver	6977
	SECTION 10.04.	Expenses; Indemnity; Damage Waiver; Right of
    Setoff.	6977
	SECTION 10.05.	Amendments	7079
	SECTION 10.06.	Successors; Assignments.	7179
	SECTION 10.07.	Governing Law; Submission to Jurisdiction; Etc.	7381
	SECTION 10.08.	Interest Rate Limitation	7481
	SECTION 10.09.	PATRIOT Act	7482
	SECTION 10.10.	Counterparts	7482
	SECTION 10.11.	Headings	7482
	SECTION 10.12.	Acknowledgement and Consent to Bail-In of EEA
    Financial Institutions	7482

 

	Schedules	 
	 	 
	Schedule
    1	Transaction
    Schedule
	Schedule
    2	Contents
    of Notice of Acquisition
	Schedule
    3	Eligibility
    Criteria
	Schedule
    4	Concentration
    Limitations
	Schedule
    5	Initial
    Portfolio Investments
	Schedule
    6	Moody's
    Industry Classifications
	 	 
	Exhibit	 
	 	 
	Exhibit
    A	Form
    of Request for Advance

 

    	 	- ii -	 

     

    

 

FORTH
AMENDED AND RESTATED LOAN AGREEMENT, dated as of November 22, 2019 (this "Agreement"), among WHITEHORSE FINANCE
CREDIT I, LLC, as borrower (the "Company"); WHITEHORSE FINANCE, INC. (the "Portfolio Manager");
the Financing Providers party hereto; the Collateral Agent party hereto (in such capacity, the "Collateral Agent");
the Collateral Administrator party hereto (in such capacity, the "Collateral Administrator"); the Securities
Intermediary party hereto (in such capacity, the "Securities Intermediary"); and JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as administrative agent for the Financing Providers hereunder (in such capacity, the "Administrative Agent").

 

The
parties hereto have entered into that certain Loan Agreement, dated as of December 23, 2015, as amended and restated as of June
27, 2016, as further amended October 14, 2016, as further amended and restated as of June 29, 2017, as further amended and restated
as of May 15, 2018, as further amended as of November 19, 2018 and as further amended as of July 19, 2019 (the "Original
Agreement").

 

The
Portfolio Manager and the Company wish for the Company to acquire and finance certain loans and other debt securities (together
with the Subsidiary Investments (as defined below), the "Portfolio Investments"), all on and subject to the terms
and conditions set forth herein.

 

The
Company has entered into a Sale and Contribution Agreement (the "Parent Sale Agreement"), dated as of December
23, 2015, between the Company and WhiteHorse Finance, Inc. (the "Parent"), pursuant to which the Company acquired
certain Portfolio Investments listed, together with certain other Portfolio Investments acquired by the Company on the Effective
Date, on Schedule 5 hereof (the "Initial Portfolio Investments") and from time to time may acquire additional
Portfolio Investments from the Parent.

 

The
Company has formed the Permitted Subsidiary to purchase or originate certain loans made to obligors in the State of California
(the "Subsidiary Investments") and the Company wishes to provide proceeds of Advances to the Permitted Subsidiary
from time to time for that purpose.

 

On
and subject to the terms and conditions set forth herein, JPMorgan Chase Bank, National Association ("JPMCB")
has agreed to make advances to the Company ("Advances") hereunder to the extent specified on the transaction
schedule attached as Schedule 1 hereto (the "Transaction Schedule"). JPMCB, together with its respective successors
and permitted assigns, are referred to herein as the "Financing Providers", and the types of financings to be
made available by them hereunder are referred to herein as the "Financings". For the avoidance of doubt, the
terms of this Agreement relating to types of Financings not indicated on the Transaction Schedule as being available hereunder
shall not bind the parties hereto, and shall be of no force and effect.

 

Accordingly,
the parties hereto agree that the Original Agreement is hereby amended and restated in its entirety as follows:

 

Certain
Defined Terms

 

"Accounts"
has the meaning set forth in Section 8.01(a).

 

"Additional
Distribution Date" has the meaning set forth in Section 4.05.

 

"Adjusted
Applicable Margin" means the stated Applicable Margin for Advances set forth on the Transaction Schedule plus 2% per annum.

 

    	 	 	 

     

    

 

"Adverse
Proceeding" means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation
or arbitration (whether or not purportedly on behalf of the Company) at law or in equity, or before or by any Governmental Authority,
domestic or foreign, whether pending, active or, to the Company's or the Portfolio Manager's knowledge, threatened against or
affecting the Company or the Portfolio Manager or their respective property that would reasonably be expected to result in a Material
Adverse Effect.

 

"Affiliate"
means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with,
such former Person (whether by virtue of ownership, contractual rights or otherwise) but, which shall not, with respect to the
Company include the obligors under any Portfolio Investment.

 

"Agent"
has the meaning set forth in Section 9.01.

 

"Agent
Business Day" means any day on which commercial banks settle payments in each of New York City and the city in which
the corporate trust office of the Collateral Agent is located (which shall initially be New York City).

 

"Amendment"
has the meaning set forth in Section 6.03.

 

"Amendment
Date" means the date of this Agreement.

 

"Amendment
Date Letter" means that letter agreement, dated as of the Amendment Date, by and between the Company and the Administrative
Agent.

 

"Amendment
Effective Date" has the meaning set forth in Section 2.04.

 

"Anti-Corruption
Laws" means all laws, rules, and regulations of any jurisdiction applicable to the Company from time to time concerning
or relating to bribery or corruption.

 

"Applicable
Law" means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental
Authority applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator
or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

"Asset
Pledge Agreement" means the asset pledge agreement, dated May 15, 2018, between the Permitted Subsidiary and Citibank,
N.A., in its capacity as collateral agent, related to the Pledged Accounts and the other assets of the Permitted Subsidiary.

 

"Available
Tenor" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, 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 a Calculation Period pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of "Calculation Period" pursuant to
clause (f) of Section 3.04.

 

"Base
Rate" means, for any day, (i) with respect to USD denominated Advances, a rate per annum equal to the greater
of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 0.50% and
(ii) with respect to CAD denominated Advances shall be the Canadian Prime Rate. Any change in the Base Rate due to a change in
the Prime Rate, the Federal Funds Effective Rate or the Canadian Prime Rate, as applicable, shall be effective from and including
the effective date of such change in the applicable rate. In the event that any applicable Base Rate is below zero percent
at any time during the term
of this Agreement, it shall be deemed to be zero percent
until it exceeds zero percent
again.

 

    - 2 -

     

    

 

"Base
Rate Advance" means, on any date of determination, any Advance denominated in any Currency that bears interest at the applicable
Base Rate plus the Applicable Margin for Advances (or the Adjusted Applicable Margin, as applicable).

 

"Benchmark"
means, with respect to Advances in each Currency, initially, the applicable Reference Rate; provided that if a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement
Date have occurred with respect to the LIBO Rate or the then-current Benchmark, then "Benchmark" means the applicable
Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause
(b) or clause (c) of Section 3.04.

 

"Benchmark
Replacement" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by
the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Advance denominated
in a Permitted Non-USD Currency, "Benchmark Replacement" shall mean the alternative set forth in (3) below:

 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities
denominated in the applicable Currency at such time and (b) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided
further that, solely with respect to Advances denominated in USD, notwithstanding anything to the contrary in this Agreement
or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on
the applicable Benchmark Replacement Date the "Benchmark Replacement" shall revert to and shall be deemed to be the
sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject
to the first proviso above).

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than 0% per annum, the Benchmark
Replacement will be deemed to be 0% per annum for the purposes of this Agreement and the other Loan Documents.

 

    - 3 -

     

    

 

"Benchmark
Replacement Adjustment" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Calculation Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of "Benchmark Replacement," the first alternative set forth in
the order below that can be determined by the Administrative Agent:

 

(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Calculation Period that has been selected or
recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for the applicable Corresponding Tenor;

 

(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Calculation Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor;
and

 

(2)
for purposes of clause (3) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated
in the applicable Currency;

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes
such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

"Benchmark
Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition
of "Calculation Period," timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment 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 Benchmark Replacement 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 Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan
Documents).

 

"Benchmark
Replacement Date" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such
then-current Benchmark:

 

(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);

 

    - 4 -

     

    

 

(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; or

 

(3)
in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to
the Lenders and the Company pursuant to Section 3.04(c); or 

 

(4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early
Opt-in Election from Lenders comprising the Required Financing Providers.

 

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).

 

"Benchmark
Transition Event" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect
to such then-current Benchmark:

 

(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 Federal Reserve Board, the NYFRB, 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).

 

    - 5 -

     

    

 

"Benchmark
Unavailability Period" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark
Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has
replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.04 and
(y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under
any Loan Document in accordance with Section 3.04.

 

"Beneficial
Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

"Beneficial
Ownership Regulation" means 31 C.F.R. § 1010.230.

 

"Borrowing
Base Test" means a test that will be satisfied on any date of determination if the following is true:

 

 

Where:

 

Adv
= the aggregate principal amount of the Advances actually outstanding on such date of determination;

 

PP
= Principal Proceeds then on deposit in the Accounts and the Permitted CAD Accounts (including cash and Eligible Investments
(other than Principal Proceeds that have been identified for use to settle outstanding Purchase Commitments which have traded
but not settled)); and

 

AR
= 60%.

 

"Business
Day" means any day on which commercial banks are open in each of New York City and the city in which the corporate trust
office of the Collateral Agent is located; provided that, (i) with respect to any LIBO Rate related provisions herein,
 "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in London,
England and (ii) with respect to any provisions herein relating to the calculation or conversion of amounts denominated in CAD,
Business Day shall be deemed to exclude any day on which banks are required or authorized to be closed in Toronto, Canada.

 

"CAD"
and "C$" mean Canadian dollars.

 

"CAD
Collection Account" means the account established by the Securities Intermediary (acting through its London Branch) in
accordance with Section 8.01 and designated as the "CAD Collection Account".

 

"CAD
Equivalent" means, with respect to any amount in USD, the amount of CAD that could be purchased with such amount of USD
using the reciprocal foreign exchange rate(s) obtained as described in the definition of the term Spot Rate.

 

"CAD
Obligation" means any Portfolio Investment denominated in CAD.

 

    - 6 -

     

    

 

"CAD
Unfunded Exposure Account" means the account established by the Securities Intermediary (acting through its London Branch)
in accordance with Section 8.01 and designated as the "CAD Unfunded Exposure Account".

 

"Calculation
Period" means the quarterly period from and including the date on which the first Advance is made hereunder to but excluding
the first Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including
a Calculation Period Start Date to but excluding the immediately succeeding Calculation Period Start Date (or, in the case of
the last Calculation Period, if the last Calculation Period does not end on the 5th calendar day of March, June, September or
December, the period from and including the related Calculation Period Start Date to but excluding the Maturity Date).

 

"Calculation
Period Start Date" means the 5th calendar day of March, June, September and December of each year (or, if any such date
is not a Business Day, the immediately succeeding Business Day), commencing in March, 2016.

 

"Canadian
Prime Rate" means, on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal
to the PRIMCAN Index rate published by Bloomberg Financial Markets Commodities News (or any successor to or substitute for such
service, providing rate quotations comparable to those currently provided by such service, as determined by the Administrative
Agent from time to time) at 10:15 a.m. Toronto time on such day and (ii) the CDOR Rate, plus 1% per annum. Any change in the Canadian
Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective from and including the effective date of such
change in the PRIMCAN Index or CDOR Rate, respectively.

 

"Cash
Equivalents" means, any of the following, denominated in U.S. Dollars: (i) marketable securities (a) issued or directly
and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the
United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within
one year after such date; (ii) marketable direct obligations issued by any state of the United States or any political subdivision
of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at
the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's;
(iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time of the acquisition
thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iv) certificates of deposit
or bankers' acceptances maturing within three months after such date and issued or accepted by any Lender or by any commercial
bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at
least "adequately capitalized" (as defined in the regulations of its primary Federal banking regulator) and (b) has
Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; and (v) shares of any money market mutual fund
that (a) has substantially all of its assets invested continuously in the types of investments referred to in clauses (i) and
(ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from either S&P
or Moody's. Subject to the foregoing, Cash Equivalents may include investments in which the Collateral Agent or its Affiliates
provide services and receive compensation.

 

"CDOR
Rate" means, on any day and for any period, an annual rate of interest equal to the average rate applicable to CAD bankers’
acceptances for a three month period (or, for purposes of the definition of the term "Canadian Prime Rate", a thirty
day period) that appears on the Reuters Screen CDOR Page (or on any successor or substitute page of such service, or any successor
to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service,
as determined by the Administrative Agent from time to time), rounded to the nearest 1/100th of 1% (with .005% being
rounded up), at approximately 10:15 a.m. Toronto time on such day, or if such day is not a Business Day, then on the immediately
preceding Business Day (the "Screen Rate"); provided that if such Screen Rate shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. The CDOR Rate shall be determined by the Administrative Agent
(and notified in writing to the Collateral Administrator and the Portfolio Manager), and such determination shall be conclusive
absent manifest error.

 

    - 7 -

     

    

 

"Change in Law" means the
occurrence, after the date of this 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 all requests, rules, guidelines or directives concerning
liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection with the implementation
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations
of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor
or similar authority) shall be deemed to have occurred after the date of this Agreement for purposes of this definition, regardless
of the date adopted, issued, promulgated or implemented.

 

"Change of Control" means
an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or
indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all
times have a majority of the votes of the board of managers (or similar governing body) of the Company or to direct the management
policies and decisions of the Company or (ii) shall cease, directly or indirectly, to own and control legally and beneficially
all of the equity interests of the Company, (B) H.I.G. WhiteHorse Advisers, LLC or its Affiliates shall cease to be the investment
advisor of the Parent or (C) the Company shall (i) cease to possess the right to elect or appoint managers that at all times have
a majority of the votes of the board of managers (or similar governing body) of the Permitted Subsidiary or to direct the management
policies and decisions of the Permitted Subsidiary or (ii) cease to own and control legally and beneficially all of the equity
interests of the Permitted Subsidiary.

 

"Charges" has the meaning
set forth in Section 10.08.

 

"Code" means the Internal
Revenue Code of 1986, as amended.

 

"Collateral" has the meaning
set forth in Section 8.02(a).

 

"Collateral Principal Amount"
means on
any date of determination (A) the aggregate principal balance of the Portfolio, includingexcluding
the funded and unfunded balance of any Delayed Funding Term Loan or
Revolving Loan as
of such date, plus (B) the amounts on deposit in the Accounts and the Permitted CAD Accounts (including cash
and Eligible Investments) representing Principal Proceeds as
of such date and the amounts on deposit in the Unfunded Exposure Account (including cash and Eligible Investments) and the CAD
Unfunded Exposure Account as of such date minus (C) the aggregate principal balance of all Ineligible Investments
as
of such date.

 

"Collection Account" has
the meaning set forth in Section 8.01(a).

 

"Commitment Increase Date"
means any Business Day on which the Administrative Agent (in its sole discretion) approves in writing (which may be by email),
with a copy to the Collateral Administrator and the Collateral Agent, a Commitment Increase Request.

 

    - 8 -

     

    

 

"Commitment Increase Request"
means, on any date prior to the termination of the Reinvestment Period, the request of the Company in writing (which may be by
email) to the Administrative Agent and the Lenders for an increase of the Financing Commitments pursuant to Section 2.05.

 

"Concentration Limitation Excess"
means, without duplication, the principal amount of any Portfolio Investment that exceeds any Concentration Limitation; provided
that the Portfolio Manager shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration
Limitation Excess; provided, further, that, with respect to any Delayed Funding Term Loan or Revolving Loan, the Portfolio Manager
shall select any term Portfolio Investment from the same obligor and/or any funded portion of the aggregate commitment amount
of such Delayed Funding Term Loan or Revolving Loan before selecting any unfunded portion of such aggregate commitment amount;
provided, further, that, if the Portfolio Manager does not so select any Portfolio Investment(s), the applicable portion of the
Portfolio Investment(s) with the lowest Market Value (as determined in the reasonable commercial judgment of the Administrative
Agent) shall make up the Concentration Limitation Excess.

 

"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.

 

"Corresponding
Tenor" means 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.

 

"Credit Risk Parties" has
the meaning set forth in Article VII(b).

 

"Currency" means USD and
CAD.

 

"Currency Shortfall" has
the meaning specified in Section 4.06(b).

 

"Custodial Account" has
the meaning set forth in Section 8.01(a).

 

"Deliver"
has the meaning set forth in Section
8.02(b).Daily
Simple SOFR" means, for any day, SOFR, with the conventions for this rate (which will 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; provided, that if the Administrative Agent decides
that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish
another convention in its reasonable discretion.

 

"Delayed Funding Term Loan"
means any Loan that (a) requires the holder thereof to make one or more future advances to the obligor under the underlying instruments
relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit
the re-borrowing of any amount previously repaid by the obligor thereunder; but any such loan will be a Delayed Funding Term Loan
only to the extent of undrawn commitments except as expressly set forth herein and only until all commitments by the holders thereof
to make advances to the obligor thereon expire or are terminated or reduced to zero.

 

"Deliver"
has
the meaning set forth in Section 8.02(b).

 

"Designated Email Notification Address"
means operations@higcapital.com, provided that, so long as no Event of Default shall have occurred and be continuing and
no Market Value Event shall have occurred, the Company may, upon at least five Business Day's written notice to the Administrative
Agent, the Collateral Administrator and the Collateral Agent, designate any other email address with respect to the Company as
the Designated Email Notification Address.

 

    - 9 -

     

    

 

"Designated Independent Broker-Dealer"
means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event shall have occurred and no Event of Default
shall have occurred and be continuing, the Company may, upon at least five Business Day's written notice to the Administrative
Agent, the Collateral Administrator and the Collateral Agent, designate another Independent Broker-Dealer as the Designated Independent
Broker-Dealer; provided further that, with respect to the proposed sale of a Portfolio Investment, no other Independent
Broker-Dealer may be designated as the Designated Independent Broker-Dealer without the consent of the Administrative Agent.

 

"Disruption Event" means
either or both of (a) a material disruption to those payment or communications systems or to those of financial markets which
are, in each case, required to operate in order for payments to be made in connection with this Agreement (or otherwise in order
for the transactions contemplated by the Loan Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the parties hereto; or (b) the occurrence of any other event which results in a disruption (of a technical
of systems-related nature) to the treasury or payments operations of a party preventing that or any other party (i) from performing
its payment obligations under the Loan Documents or (ii) from communicating with other parties in accordance with the terms of
the Loan Documents.

 

"Dollar Equivalent" means,
with respect to any Advance denominated in CAD, the amount of USD that would be required to purchase the amount of CAD of such
Advance using the reciprocal foreign exchange rates obtained as described in the definition of the term Spot Rate.

 

"Early
Opt-in Election" means

 

(a)       in
the case of Advances denominated in USD, the occurrence of:

 

(1)       a
notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding syndicated credit facilities denominated in U.S. dollars at such
time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review), and

 

(2)       the
joint election by the Administrative Agent and the Company to trigger a fallback from the LIBO Rate and the provision by the Administrative
Agent of written notice of such election to the Lenders; and

 

(b)
        in the case of Advances denominated in any Permitted Non-USD Currency, the occurrence
of:

 

(1)       (i)
a determination by the Administrative Agent or (ii) a notification by the Required Financing Providers to the Administrative Agent
(with a copy to the Company) that the Required Financing Providers have determined that syndicated credit facilities denominated
in the applicable Permitted Non-USD Currency being executed at such time, or that include language similar to that contained in
Section 3.04 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the
applicable Reference Rate, and 

 

    - 10 -

     

    

 

(2)       (i)
the election by the Administrative Agent or (ii) the election by the Required Financing Providers to declare that an Early Opt-in
Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the
Company and the Lenders or by the Required Financing Providers of written notice of such election to the Administrative Agent.

 

"EBITDA" means, with respect
to the last four full fiscal quarters with respect to any Portfolio Investment, the meaning of "EBITDA", "Adjusted
EBITDA" or any comparable definition in the underlying instruments for each such Portfolio Investment, and in any case that
 "EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such underlying instruments, an
amount, for the obligor on such Portfolio Investment and any parent that is obligated pursuant to the underlying instruments for
such Portfolio Investment (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from
continuing operations for such period plus (a) interest expense, (b) income taxes, (c) depreciation and amortization for
such four fiscal quarter period (to the extent deducted in determining earnings from continuing operations for such period), (d)
amortization of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other non-cash
charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring or non-cash charges
consistent with the applicable compliance statements and financial reporting packages provided by such obligor, and (g) any other
item the Portfolio Manager and the Administrative Agent mutually deem to be appropriate; provided that with respect to
any obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such obligor
based on annualizing the economic data from the reporting periods actually available.

 

"Effective Date" means December
23, 2015.

 

"Eligibility Criteria" has
the meaning set forth in Section 1.03(1).

 

"Eligible Investments" has
the meaning set forth in Section 4.01.

 

"Equity Pledge Agreement"
means the Equity Pledge Agreement, dated as of May 15, 2018, among the Company, as pledgor, and the Collateral Agent, as security
agent, pursuant to which the Company pledges all of its rights, title and interest in the equity interests in the Permitted Subsidiary
to the Collateral Agent, for the benefit of the Secured Parties.

 

"ERISA" means the United
States Employee Retirement Income Security Act of 1974, as amended.

 

"ERISA Affiliate" means
any trade or business (whether or not incorporated) under common control with the Company, the Permitted Subsidiary or the Parent,
as applicable, 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, 430 or 431 of the Code).

 

"ERISA Event" means that
(1) any of the Company, the Permitted Subsidiary or the Parent has underlying assets which constitute "plan assets"
within the meaning of the Plan Asset Rules or (2) any of the Company, the Permitted Subsidiary or the Parent sponsors, maintains,
contributes to, is required to contribute to or has any material liability with respect to any Plan.

 

"Events of Default" has
the meaning set forth in Article VII.

 

    - 11 -

     

    

 

"Excess Interest Proceeds"
means, at any time of determination, the excess of (1) amounts then on deposit in the Accounts and the Permitted CAD Accounts
representing Interest Proceeds over (2) the projected amount required to be paid pursuant to Section 4.05(a), (b)
and (c) on the next Interest Payment Date or the Maturity Date, as applicable, in each case, as determined by the Company
in good faith and in a commercially reasonable manner and verified by in the case of clause (1) the Collateral Agent and otherwise
by the Administrative Agent.

 

"Excluded Taxes" means any
of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to
a Secured Party, (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 Secured Party being organized under the laws of, or having its principal office
or, in the case of any Lender, its applicable 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 Financing Commitment or Advance
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.03, 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 Secured Party's failure to
comply with Section 3.03(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

"Expense Reserve Account"
has the meaning set forth in Section 8.01(a).

 

"Expense Reserve Account Amount"
means, on any date of determination, an amount equal to U.S.$100,000 minus the available balance of the Expense Reserve
Account on such date; provided that, with respect to any Additional Distribution Date, the aggregate Expense Reserve Account
Amount with respect to such Additional Distribution Date shall be an amount equal to U.S.$100,000 minus the available balance
of the Expense Reserve Account on such date minus the Expense Reserve Account Amount(s) on any prior Additional Distribution
Date(s) occurring during the same Calculation Period.

 

"FATCA" means Sections 1471
through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any intergovernmental
agreements thereunder, similar or related non-U.S. Law that corresponds to Sections 1471 to 1474 of the Code, any agreements entered
into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation
of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices
adopted pursuant to such intergovernmental agreement.

 

"Federal Funds Effective Rate"
means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions
by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public
website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the effective
federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement.

 

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

 

    - 12 -

     

    

 

"Financing Commitment" means,
with respect to each Financing Provider and each type of Financing available hereunder at any time, the commitment of such Financing
Provider to provide such type of Financing to the Company hereunder in an amount up to but not exceeding the portion of the applicable
financing limit set forth on the Transaction Schedule that is held by such Financing Provider at such time.

 

"FLLO Loan" means any interest
in a loan, including any assignment of or participation in or other interest in a loan, that satisfies the definition of "Senior
Secured Loan" except that, at any time after an event of default under the related underlying instruments, such interest
will be paid after one or more tranches of Senior Secured Loans issued by the related obligor have been paid in full in accordance
with a specified waterfall or other priority of payments as specified in the related underlying instruments, an agreement among
lenders or other applicable agreement. For the avoidance of doubt, any FLLO Loan identified as such on the related Notice of Acquisition
and approved by the Administrative Agent shall not be reclassified by the Administrative Agent after the related Trade Date.

 

"Foreign Lender" means a
Lender that is not a U.S. Person.

 

"Fourth
A&R First Amendment Effective Date" means December 21, 2020.

 

"GAAP" means generally accepted
accounting principles in the effect from time to time in the United States, as applied from time to time by the Company.

 

"Governmental Authority"
means the government of the United States of America 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).

 

"Indebtedness" as applied
to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed
money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments;
(iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified
as a liability of such Person on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any
bank or other Person in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all
debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all
debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds for payment, to supply
funds to invest in any Person or otherwise to assure a creditor against loss. Notwithstanding the foregoing, "Indebtedness"
shall not include a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance
with the terms of this Agreement.

 

"Indemnified Person" has
the meaning specified in Section 5.03(b).

 

    - 13 -

     

    

 

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

 

"Indemnitee" has the meaning
set forth in Section 10.04(b).

 

"Independent Broker-Dealer"
means any of the following (as such list may be revised from time to time by mutual agreement of the Company and the Administrative
Agent): Bank of America/Merrill Lynch, Barclays Bank, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan
Stanley, Nomura, Royal Bank of Scotland, UBS any Affiliate of any of the foregoing, but in no event including the Company or any
Affiliate of the Company.

 

"Ineligible Investment"
means, from time to time, any Portfolio Investment that fails, at such time, to satisfy the Eligibility Criteria; provided,
that, with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth
on Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria
at any time after such waiver and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason
of its failure to meet such waived criteria; provided, further, that any Portfolio Investment (other than an Initial
Portfolio Investment) which has not been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its
Trade Date or Substitution Date, as applicable, will be deemed to be an Ineligible Investment until such later date (if any) on
which such Portfolio Investment is so approved.

 

"Initial Portfolio Investments"
has the meaning set forth in the recitals.

 

"Interest Payment Date"
has the meaning set forth in Section 4.03(b).

 

"Interest Proceeds" means
all payments of interest received in respect of the Portfolio Investments and Eligible Investments acquired with the proceeds
of Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds
received from the sale of interest accrued after the date on which the Company or the Permitted Subsidiary acquired the related
Portfolio Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for
the avoidance of doubt, such other payments shall not include principal payments (including, without limitation, prepayments,
repayments or sale proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees,
dividends and other similar amounts received in respect of the Portfolio Investments or deposited into any of the Accounts or
a Permitted CAD Account (including closing fees, commitment fees, facility fees, late payment fees, amendment fees, waiver fees,
prepayment fees and premiums, ticking fees, delayed compensation, customary syndication or other up-front fees and customary administrative
agency or similar fees); provided, however, that for the avoidance of doubt, Interest Proceeds shall not include
amounts or Eligible Investments in the MV Cure Account, the Unfunded Exposure Account, the CAD Unfunded Exposure Account or any
proceeds therefrom.

 

"Investment" means (a) the
purchase of any debt or equity security of any other Person, or (b) the making of any loan or advance to any other Person, or
(c) becoming obligated with respect to a contingent obligation in respect of obligations of any other Person.

 

"IRS" means the United States
Internal Revenue Service.

 

"ISDA
Definitions" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

"Lender" has the meaning
set forth in Section 2.01.

 

"Lender Participant" has
the meaning set forth in Section 10.06(c).

 

    - 14 -

     

    

 

"LIBO Rate" means, for each
Calculation Period relating to an Advance denominated in U.S. Dollars, the rate appearing on the ReutersLIBO
Screen Rate
at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Calculation Period,
as the rate for U.S. dollar deposits with a maturity of three months. If such rate is not available at such time for any reason,
then the LIBO Rate for such Calculation Period shall be equal to the rate that results from
interpolating on a linear basis between (a) the rate appearing on the Reuters
Screen for the longest period available that is shorter than three months and (b) the rate
appearing on the Reuters screen that is the shortest period available that is longer than three
months. The LIBO Rate shall be determined by the Administrative Agent (and notified in writing
to the Collateral Administrator and the Portfolio Manager), and such determination shall be conclusive absent manifest errorthe
rate (which shall not be less than zero) at which USD deposits in an amount corresponding to the amount of such Advance and for
the applicable maturity are offered by the principal London office of the Administrative Agent in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such
Calculation Period. Notwithstanding anything in the foregoing to the contrary, if the LIBO Rate as calculated for any
purpose under this Agreement is below zero percent,
the LIBO Rate will be deemed to be zero percent
for such purpose until such time as it exceeds zero percent
again.

 

"LIBO
Screen Rate" means, for any day and time, with respect to any Advance for any applicable Currency and for any Calculation
Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over
the administration of such rate for the relevant Currency for a term of three months as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays
such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such
screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate shall
not be available at such time for any reason, then the LIBO Rate for such Calculation Period shall be the rate per annum (rounded
to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall
be conclusive and binding absent manifest error) to be equal
to the rate that results from interpolating on a linear basis between (a) the LIBO
Screen Rate for the longest period available that is shorter
than three months and (b) the LIBO
Screen Rate that is the shortest period available that is longer than three months,
in each case at such time; provided, further, that if the LIBO Screen Rate as so determined would be less than zero
percent, such rate shall be deemed to be zero percent for the purposes of this Agreement.

 

"Lien" means any security
interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including tax liens, mechanics' liens and any liens
that attach by operation of law.

 

"Loan" means any obligation
for the payment or repayment of borrowed money that is documented by a term loan agreement or other similar credit agreement.

 

"Loan Documents" means this
Agreement, the Asset Pledge Agreement, the Equity Pledge Agreement, the Parent Sale Agreement and the Amendment Date Letter.

 

"Losses" has the meaning
set forth in Section 5.03(a).

 

"Margin Stock" has the meaning
provided such term in Regulation U of the Board of Governors of the Federal Reserve Board.

 

    - 15 -

     

    

 

"Market Value" means, on
any date of determination, (i) with respect to any Senior Secured Loan or Second Lien Loan, the average indicative bid-side price
determined by Markit Group Limited or LoanX, Inc. (or, if the Administrative Agent determines in its sole discretion that such
bid price is not available or is not indicative of the actual current market value, the market value of such Senior Secured Loan
or Second Lien Loan as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and (ii)
with respect to any other Portfolio Investment, the market value of such Portfolio Investment as determined by the Administrative
Agent in good faith and in a commercially reasonable manner, in each case, expressed as a percentage of par.

 

So long as no Market Value Event has occurred
or Event of Default has occurred and is continuing, the Portfolio Manager shall have the right to initiate a dispute of the Market
Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager provides the executable
bid or valuation set forth below no later than 2:00 p.m. New York City time on the Business Day immediately following the related
date of determination.;
provided, further, that with respect to each Portfolio Investment whose Market Value is not determined by the Administrative
Agent using Markit Group Limited or LoanX, Inc., the Portfolio Manager may not initiate a dispute of the Market Value thereof
until the earlier of (x) the date that is six (6) months following the Trade Date of such Portfolio Investment and (y) the next
date on which the Company (or the Portfolio Manager on behalf of the Company) delivers financial statements to the Administrative
Agent pursuant to Section 6.02(p). 

 

If the Portfolio Manager disputes the determination
of Market Value with respect to any Portfolio Investment (i) whose Market Value is not determined by the Administrative Agent
using Markit Group Limited or LoanX, Inc., the Portfolio Manager may, with respect to up to three such Portfolio Investments in
each calendar quarter, engage a Nationally Recognized Valuation Provider, at the expense of the Company, to provide a valuation
of the applicable Portfolio Investments and submit evidence of such valuation to the Administrative Agent;
provided that if the Company engages a Nationally Recognized Valuation Provider that provides a range of valuations, then
the valuation for the purposes of this clause (i) shall be equal to the mean of the highest and lowest valuations of such range,
and (ii) whose Market Value is determined by the Administrative Agent using Markit Group Limited or LoanX, Inc., the
Portfolio Manager may, at the expense of the Company, obtain a written executable bid from an Independent Broker-Dealer for the
lower of (x) the full principal amount of such Portfolio Investment and (y) an amount equal to at least $7,500,000 and submit
evidence of such bid to the Administrative Agent; provided that the Administrative Agent has the ability to execute any
such bid by selling any portion of such Portfolio Investment held by the Administrative Agent or its Affiliate for its own account
directly to any such Independent Broker-Dealer
(or indirectly through a broker or other intermediary reasonably acceptable to the Administrative Agent) at the time such bid
is delivered to the Administrative Agent by the Portfolio Manager.

 

The market value of any Portfolio Investment
determined in accordance with the immediately preceding paragraph will be the Market Value for the applicable Portfolio Investment
from and after (but not earlier than) the Business Day following delivery of notice of such executable bid or valuation to the
Administrative Agent until the Administrative Agent has made a good faith and commercially reasonable determination that the Market
Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in
accordance with the definition of Market Value).

 

Notwithstanding anything to the contrary
herein, (A) the Market Value for any Portfolio Investment shall not be greater than the par amount thereof, (B) the Market Value
of any Ineligible Investment shall be deemed to be zero, (C) the Administrative Agent shall be entitled to disregard as invalid
any bid submitted by the Portfolio Manager from any Independent Broker-Dealer if, in the Administrative Agent's good faith judgment:
(i) such Independent Broker-Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investment or portion
thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for such Portfolio
Investment, as reasonably determined by the Administrative Agent; or (ii) such firm bid or such firm offer is not bona fide due
to the insolvency of the Independent Broker-Dealer and (D) no valuation provided by a Nationally Recognized Valuation Provider
shall be effective unless it is in form and substance commercially reasonably acceptable to the Administrative Agent and takes
into account factors commonly used by market participants in conducting valuation processes, including without limitation (i)
industry and comparable company analysis, (ii) market yield assumptions, (iii) credit fundamentals, cyclical nature, and outlook
of the business of the Portfolio Investment's obligor; (iv) historical material debt-financed acquisitions consummated by the
Portfolio Investment's obligor (if relevant) and (v) other corporate actions taken by the Portfolio Investment's obligor (if relevant).

 

    - 16 -

     

    

 

The Administrative Agent shall notify the
Company, the Portfolio Manager and the Collateral Administrator in writing of the then-current Market Value of each Portfolio
Investment in the Portfolio no later than the 5th day of each calendar month or upon the reasonable request of the Portfolio Manager.
Any notification from the Administrative Agent to the Company that the events set forth in clause (A)(i) of the definition of
the term Market Value Event have occurred and is continuing shall be accompanied by a written statement showing the then-current
Market Value of each Portfolio Investment.

 

"Market Value Cure" means,
on any date of determination, (i) the contribution by the Parent of additional Portfolio Investments (provided that a Notice
of Acquisition has been approved by the Administrative Agent with respect to such Portfolio Investment) and the pledge and Delivery
thereof by the Company to the Collateral Agent pursuant to the terms hereof, (ii) the contribution by the Parent of cash to the
Company and the pledge and Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts
shall be deposited in the MV Cure Account), (iii) the prepayment by the Company of an aggregate principal amount of Advances (together
with accrued and unpaid interest thereon) or (iv) any combination of the foregoing clauses (i), (ii) and (iii), in each case during
the Market Value Cure Period, at the option of the Portfolio Manager, in an amount such that immediately after giving effect to
all such actions the Net Advances are less than the product of (a) the Market Value Cure Trigger specified on the Transaction
Schedule and (b) the Net Asset Value; provided that, any Portfolio Investment contributed to the Company in connection
with the foregoing must meet all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent)
and the Concentration Limitations (as defined on Schedule 4) shall be satisfied after such contribution or, if not satisfied immediately
prior to such contribution, maintained or improved. For the purposes of any request for consent of the Administrative Agent pursuant
to clause (i) in the immediately preceding sentence, if the Company notifies the Administrative Agent on the day on which the
events set forth in clause (A)(i) of the definition of the term Market Value Event has occurred and is continuing of its intention
to contribute a Portfolio Investment to the Company to cure such event and requests the related consent thereto, the Administrative
Agent shall respond to such request no later than one (1) Business Day after such notice is received. In connection with any Market
Value Cure, a Portfolio Investment shall be deemed to have been contributed to the Company if there has been a valid, binding
and enforceable contract for the assignment of such Portfolio Investment to the Company and, in the reasonable judgment of the
Portfolio Manager, such assignment will settle, in the case of a Loan, within fifteen (15) Business Days thereof and, in the case
of any other Portfolio Investment, within three (3) Business Days thereof. The Portfolio Manager shall use its commercially reasonable
efforts to effect any such assignment within such time period.

 

"Market Value Cure Failure"
means the failure by the Company to effect a Market Value Cure as set forth in the definition of such term.

 

    - 17 -

     

    

 

"Market
Value Cure Period" means the period commencing on the Business Day on which the Portfolio Manager receives notice from
the Administrative Agent (which if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have
been received on the next succeeding Business Day) of the occurrence of the events set forth in clause (A)(i) of the definition
of the term Market Value Event and ending at (x) the close of business in New York two (2) Business Days thereafter or (y) such
later date and time as may be agreed to by the Administrative Agent in its sole discretion.

 

"Market
Value Cure Trigger" has the meaning set forth in the Transaction Schedule.

 

"Market
Value Event" means (A) the occurrence of both of the following events (i) the Administrative Agent shall have determined
and notified the Portfolio Manager in writing as of any date that the Net Advances equal or exceed the product of (a) the Market
Value Trigger specified on the Transaction Schedule and (b) the Net Asset Value and (ii) a Market Value Cure Failure or (B) if
in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company
shall fail to settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer period of time agreed to by
the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other Portfolio
Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion)
from the related Trade Date thereof.

 

"Market
Value Trigger" has the meaning set forth in the Transaction Schedule.

 

"Material
Adverse Effect" means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise,
of the Company or the Portfolio Manager, taken as a whole, (b) the ability of the Company or the Portfolio Manager to perform
its obligations under this Agreement or any of the other Loan Documents or (c) the rights of or benefits available to the Agents
or the Lenders under this Agreement or any of the other Loan Documents.

 

"Material
Amendment" has the meaning set forth in Section 10.06(c).

 

"Maturity
Date" means the date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction Schedule,
(2) the date on which the Secured Obligations become due and payable upon the occurrence of an Event of Default under Article
VII and the acceleration of the Secured Obligations, (3) the date on which the principal amount of the Advances is irrevocably
reduced to zero as a result of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date
after a Market Value Event on which all Portfolio Investments have been sold and the proceeds therefrom have been received by
the Company.

 

"Maximum
Rate" has the meaning set forth in Section 10.08.

 

"Mezzanine
Obligation" means a Portfolio Investment which is unsecured, subordinated debt of a company that represents a claim on
such company's assets which is senior only to that of the equity securities of such company.

 

"Minimum
Equity Test" means a test that will be satisfied on any date of determination if the sum of the Net Asset Value minus
the Net Advances as of such date exceeds the Market Value of the four (4) largest Portfolio Investments (after giving effect
to any haircuts applied for the purposes of the Concentration Limitations) as of such date.

 

    - 18 -

     

    

 

"Minimum
Funding Amount" means, on any date of determination, the amount set forth in the table below; provided that, on
and after any Commitment Increase Date, the Minimum Funding Amount shall be the amount set forth in the last row below plus
70% of the increase in the Financing Commitment resulting from the Commitment Increase Request and any prior Commitment Increase
Request:

 

	Period
    Start Date	Period
    End Date	Minimum
    Funding Amount (U.S.$)
	Amendment
    Date	To
    and including the last day of the Reinvestment Period	175,000,000200,000,000

 

"MV
Cure Account" has the meaning set forth in Section 8.01(a).

 

"Nationally
Recognized Valuation Provider" means (i) Houlihan Lokey Howard & Zukin, (ii) Lincoln International LLC (f/k/a Lincoln
Partners LLC), (iii) Duff & Phelps Corp., (iv) Valuation Research Corporation, (v) FTI Consulting, Inc. and (vi) Murray Devine
and (vii) Alvarez & Marsal; provided that any independent entity providing professional asset valuation services may
be added to this definition by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative
Agent from time to time by notice thereof to the Company and the Portfolio Manager; provided, further, that (A)
the Administrative Agent may remove up to three providers from this definition by written notice to the Company and the Portfolio
Manager and (B) upon any such removal, the Company may add an equivalent number of entities providing professional asset valuation
services to this definition (with the consent of the Administrative Agent).

 

"Net
Advances" means the principal amount of the outstanding Advances (inclusive of Advances that have been requested for
any outstanding Purchase Commitments which have traded but not settled) minus the amounts then on deposit in the Accounts
and the Permitted CAD Accounts (including cash and Eligible Investments) representing Principal Proceeds (other than Principal
Proceeds that have been identified for use to settle outstanding Purchase Commitments which have traded but not settled).

 

"Net
Asset Value" means, (A) the sum of (I) the Market Value of each Portfolio Investment (both owned and in respect of which
there are outstanding Purchase Commitments which have traded but not settled) in the Portfolio that is not (x) an Ineligible Investment
or (y) a Portfolio Investment which has traded but not settled (i) in the case of a Loan, within fifteen (15) Business Days (or
such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and
(ii) in the case of any other Portfolio Investment, within three (3) Business Days (or such longer period of time agreed to by
the Administrative Agent in its sole discretion) from the related Trade Date thereof, multiplied by (II) the funded principal
amount of such Portfolio Investment minus (B) the Unfunded Exposure Shortfall; provided that product of the Market
Value and the Concentration Limitation Excess will be excluded from the calculation of the Net Asset Value and assigned a value
of zero for such purposes.

 

"New
York Collateral" has the meaning set forth in Section 8.02(b).

 

"Non-Call
Period" means the period beginning on, and including, the Amendment Date and ending on, but excluding, November 22, 2021.

 

    - 19 -

     

    

 

"Non-Call
Termination Event" means, at any time, that (a)(i) the Company has properly delivered at least ten (10) Notices of Acquisition
over the course of the prior twelve calendar month period relating to proposed Portfolio Investments having credit characteristics
similar to the Initial Portfolio Investments, (ii) each Notice of Acquisition has satisfied the Eligibility Criteria and approval
process set forth in this Agreement (other than any requirement to obtain the consent of the Administrative Agent) and (iii) the
Administrative Agent has rejected at least five (5) of such requests or (b) the Lenders or the Administrative Agent demand compensation
pursuant to Section 3.01(f).

 

"Notice
of Acquisition" has the meaning set forth in Section 1.02.

 

"NYFRB"
means the Federal Reserve Bank of New York.

 

"Original
Agreement" has the meaning set forth in the recitals.

 

"Other
Connection Taxes" means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection
between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party 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 Advance 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.

 

"Parent"
has the meaning set forth in the recitals.

 

"Participant
Register" has the meaning specified in Section 10.06(d).

 

"Participation
Interest" means a participation interest in a Loan or a debt security.

 

"PATRIOT
Act" has the meaning set forth in Section 2.04(f).

 

"Permitted
CAD Account" means (i) the CAD Collection Account and/or (ii) the CAD Unfunded Exposure Account.

 

"Permitted
Distribution" means, on any Business Day, distributions of (x) Interest Proceeds and (y) prior to November 22, 2022,
Principal Proceeds (in each case, at the discretion of the Company) to the Parent (or other permitted equity holders of the Company);
provided that amounts may be distributed pursuant to this definition only to the extent of available Excess Interest Proceeds
and Principal Proceeds and only so long as (i) no Default or Event of Default has occurred and is continuing (or would occur after
giving effect to such Permitted Distribution), (ii) no Market Value Event shall have occurred (or would occur after giving effect
to such Permitted Distribution), (iii) the Borrowing Base Test is satisfied (and will be satisfied after giving effect to such
Permitted Distribution), (iv) all Portfolio Investments satisfied the Eligibility Criteria on the Trade Date or Substitution Date,
as applicable, for their acquisition by the Company, (v) the Company gives at least two (2) Business Days' prior written notice
thereof to the Administrative Agent, (vi) the Company and the Administrative Agent confirm in writing (which may be by email)
to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted Distribution set forth herein are
satisfied, (vii) not more than five Permitted Distributions are made in any single Calculation Period and (viii) the Minimum Equity
Test is satisfied.

 

    - 20 -

     

    

 

"Permitted
Lien" means any of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a
Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves
in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's,
mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course
of business for sums that are not overdue or are being contested in good faith, (c) with respect to any collateral underlying
a Portfolio Investment, the Lien in favor of the Company and Liens permitted under the related underlying instruments, (d) as
to agented Portfolio Investments, Liens in favor of the agent on behalf of all the lenders of the related obligor, (e) Liens granted
pursuant to or by the Loan Documents, and (f) bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by such Person, in each case granted in the
ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such
bank with respect to cash management, operating account arrangements and netting arrangements.

 

"Permitted
Subsidiary" means WhiteHorse Finance (CA), LLC, a Delaware limited liability company and a wholly owned subsidiary of
the Company.

 

"Permitted
Tax Distribution" means distributions to the Parent (from the Accounts or otherwise) to the extent required to allow
the Parent to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or
state income or excise taxes payable by the Parent in or with respect to any taxable year of the Parent (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 Parent shall not exceed 115% of the amounts that the Company would have been required to distribute
to the Parent to: (i) allow the Company 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 Company'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 Company'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 Company had qualified to be taxed as a regulated investment company
under the Code and (B) if such Permitted Tax Distributions are made after the occurrence and during the continuance of an Event
of Default, the amount of Permitted Tax Distributions made in any 90 calendar day period shall not exceed U.S.$1,500,000.

 

"Person"
means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or unit,
or any other entity, whether acting in an individual, fiduciary or other capacity.

 

"Plan"
means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code
or Title IV of ERISA established by the Company, the Parent or any ERISA Affiliate.

 

"Plan
Asset Rules" means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA.

 

    - 21 -

     

    

 

"Pledged
Accounts" means the accounts (including any applicable sub-accounts) established by the Permitted Subsidiary at Citibank,
N.A. and pledged to the Collateral Agent pursuant to the Asset Pledge Agreement.

 

"Portfolio"
means all Portfolio Investments Purchased or Substituted hereunder and not otherwise sold or liquidated.

 

"Portfolio
Manager Breach" has the meaning set forth in Section 5.03(a).

 

"Portfolio
Manager Party" has the meaning set forth in Section 5.03(a).

 

"Prime
Rate" means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in
effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective.

 

"Principal
Proceeds" means all amounts received with respect to the Portfolio Investments or any other Collateral, and all amounts
otherwise on deposit in the Accounts and the Permitted CAD Accounts (including cash contributed by the Company), in each case
other than Interest Proceeds or amounts on deposit in the Unfunded Exposure Account or the CAD Unfunded Exposure Account.

 

"Priority
of Payments" has the meaning set forth in Section 4.05.

 

"Proceeding"
has the meaning set forth in Section 10.07(b).

 

"Purchase"
means each acquisition of a Portfolio Investment hereunder (other than by Substitution), including, for the avoidance of doubt,
by way of a contribution by the Parent to the Company pursuant to the Parent Sale Agreement and, in the case of the Permitted
Subsidiary, origination of such Portfolio Investment, directly or indirectly.

 

"Purchase
Commitment" has the meaning set forth in Section 1.02.

 

"Reference
Rate" means (i) with respect to Advances denominated in USD and related calculations, the applicable
LIBO Rate and (ii) with respect to Advances denominated
in CAD and related calculations, the CDOR Rate. The Reference Rate shall be determined by the Administrative Agent (and notified
in writing to the Collateral Administrator and the Portfolio Manager), and such determination shall be conclusive absent manifest
error.

 

"Reference
Time" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBO Rate, 11:00 a.m.
(London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not
the LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.

 

"Register"
has the meaning set forth in Section 10.06(b).

 

"Reinvestment
Period" means the period beginning on, and including, the Amendment Date and ending on, but excluding, the earliest of
(i) November 22, 2023, (ii) the date on which a Market Value Event occurs and (iii) the date on which an Event of Default occurs.

 

"Related
Party" has the meaning set forth in Section 9.01.

 

    - 22 -

     

    

 

"Relevant
Governmental Body" means (i) with respect to a Benchmark Replacement in respect of Advances denominated in USD, the Federal
Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or,
in each case, any successor thereto and (ii) with respect to a Benchmark Replacement in respect of Advances denominated in CAD,
(a) the central bank of Canada or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark
Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or
convened by (1) the central bank of Canada, (2) any central bank or other supervisor that is responsible for supervising either
(A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other
supervisors or (4) the Financial Stability Board or any part thereof.

 

"Required
Financing Providers" means the Financing Providers with respect to 66 2/3% of the aggregate principal amount of the outstanding
Advances.

 

"Responsible
Officer" means (a) with respect to the Collateral Agent, any officer of the Collateral Agent customarily performing functions
with respect to corporate trust matters and, with respect to a particular corporate trust matter under this Agreement, any other
officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject in
each case, having direct responsibility for the administration of this Agreement and (b) with respect to the Collateral Administrator,
any officer of the Collateral Administrator customarily performing functions with respect to collateral administration matters
and, with respect to a particular matter under this Agreement, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject in each case, having direct responsibility for the administration
of this Agreement.

 

"Restricted
Payment" means (i) any dividend or other distribution (including, without limitation, a distribution of non-cash assets),
direct or indirect, on account of any shares or other equity interests in the Company now or hereafter outstanding; (ii) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Company of any
shares or other equity interests in the Company now or hereafter outstanding; and (iii) any payment made to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire shares or other equity interests in the Company
now or hereafter outstanding.

 

"Reuters
Screen" means Reuters Screen LIBOR 01 Page on the Bloomberg Financial Markets Commodities News (or on any successor or
substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing
quotations of interest rates applicable to U.S. dollar deposits in the London interbank market).

 

"Revolving
Loan" means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving
credit lines not backed by cash and letter of credit facilities, unfunded commitments under specific facilities and other similar
loans and investments) that under the underlying instruments relating thereto may require one or more future advances to be made
to the obligor by a creditor; but any such loan will be a Revolving Loan only to the extent of undrawn commitments except as expressly
set forth herein and only until all commitments by the holders thereof to make advances to the obligor thereon expire or are terminated
or are irrevocably reduced to zero.

 

"Sanctioned
Country" means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at
the time of this Agreement, Cuba, Iran, North Korea, Syria and Crimea).

 

    - 23 -

     

    

 

"Sanctioned
Person" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations
Security Council, the European Union, any EU member state, Her Majesty's Treasury of the United Kingdom or any other relevant
sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled
by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any person otherwise the subject of Sanctions.

 

"Sanctions"
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any EU member state, Her Majesty's Treasury of the United
Kingdom or any other relevant sanctions authority.

 

"Second
Lien Loan" means a Loan (i) that is secured by a pledge of collateral, which security interest is validly perfected and
second priority (subject to liens for taxes or regulatory charges and any other liens permitted under the related underlying instruments
that are reasonable and customary for similar loans) under Applicable Law (other than a Loan that is second priority to a Permitted
Working Capital Lien) and (ii) the Portfolio Manager determines in good faith that the value of the collateral securing the loan
(including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the
outstanding principal balance thereof plus the aggregate outstanding balances of all loans of equal or higher seniority secured
by the same collateral.

 

"Secured
Party" has the meaning set forth in Section 8.02(a).

 

"Secured
Obligation" has the meaning set forth in Section 8.02(a).

 

"Senior
Secured Loan" means any interest in a loan, including any assignment of or participation in or other interest in a loan,
that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the
obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant
to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured
by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to
liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law
in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments,
chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts and any other assets securing
any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a
 "Permitted Working Capital Lien") and (2) validly perfected and first priority (subject to liens for taxes or
regulatory charges and any other liens permitted under the related underlying instruments that are reasonable and customary for
similar loans) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the
value of the collateral for such loan (including based on enterprise value) on or about the time of acquisition equals or exceeds
the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority
secured by a first priority Lien over the same collateral. For the avoidance of doubt, debtor-in-possession loans and FLLO Loans
shall constitute Senior Secured Loans.

 

"Settlement
Date" has the meaning set forth in Section 1.03.

 

    - 24 -

     

    

 

"SOFR"
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
published by the SOFR Administrator on the SOFR Administrator's Website at approximately 8:00 a.m. (New York City time) on the
immediately succeeding Business Day.

 

"SOFR
Administrator" means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

"SOFR
Administrator's Website" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the
secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

"Solvent"
means, with respect to any entity, that as of the date of determination, (a) the sum of such entity's debt (including contingent
liabilities) does not exceed the present fair value of such entity's present assets; (b) such entity's capital is not unreasonably
small in relation to its business as contemplated on the date of this Agreement; and (c) such entity has not incurred debts beyond
its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount
of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

"Spot
Rate" means, as of any date of determination, (x) with respect to actual currency exchange between USD and CAD and the
calculations made pursuant to Section 1.07(b), the CAD-USD spot rate available through Citibank, N.A.'s banking facilities (or,
if Citibank, N.A. has notified the Administrative Agent and the Company that it will no longer provide such services or if Citibank,
N.A. or one of its Affiliates is no longer the Collateral Agent, through such other source agreed to by the Administrative Agent
in writing) at the time of such exchange or calculation and (y) with respect to all other purposes between USD and CAD, the CAD-USD
spot rate that appeared on the BFIX page of Bloomberg Professional Service (or any successor thereto) (or such other recognized
service or publication used by the Collateral Administrator for purposes of determining currency spot rates in the ordinary course
of its business from time to time) for such currency at 5:00 p.m. New York City time on the immediately preceding Business Day,
as determined by the Collateral Administrator. The determination of the Spot Rate shall be conclusive absent manifest error.

 

"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.

 

"Subsidiary
Investments" has the meaning set forth in the recitals.

 

"Substitute
Portfolio Investment" has the meaning set forth in Section 1.05.

 

"Substitution"
has the meaning set forth in Section 1.05.

 

"Substitution
Date" has the meaning set forth in Section 1.03.

 

    - 25 -

     

    

 

"Taxes"
means all present or future 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 or penalties applicable
thereto.

 

"Term
SOFR" means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based
on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

"Term
SOFR Notice" means a notification by the Administrative Agent to the Lenders and the Company of the occurrence of a Term
SOFR Transition Event. 

 

"Term
SOFR Transition Event" means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use
by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent
and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with Section 3.04
that is not Term SOFR.

 

"Trade
Date" has the meaning set forth in Section 1.03.

 

"UCC"
has the meaning set forth in Section 8.01(b).

 

"Unadjusted
Benchmark Replacement" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment;
provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero percent, the Unadjusted
Benchmark Replacement will be deemed to be zero percent for the purposes of this Agreement.

 

"Unfunded
Exposure Account" has the meaning set forth in Section 8.01(a).

 

"Unfunded
Exposure Amount" means, on any date of determination, the sum (determined on a traded basis), with respect to each Delayed
Funding Term Loan or Revolving Loan, of an amount equal to the aggregate amount of all unfunded commitments (in the case of unfunded
commitments denominated in CAD, converted to USD at the Spot Rate on such date of determination) associated with such Delayed
Funding Term Loan or Revolving Loan, as applicable.

 

"Unfunded
Exposure Shortfall" means, on any date of determination, an amount equal to the greater of (x) 0 and (y) the Unfunded
Exposure Amount minus (a) amounts on deposit in the Unfunded Exposure Account and the CAD Unfunded Exposure Account and
(b) 2.5% of the Collateral Principal Amount.

 

"USD"
or "U.S. Dollars" means United States dollars.

 

"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" has the meaning set forth in Section 3.03(f).

 

"Working
Capital Revolver" means a revolving lending facility secured by all or a portion of the current assets of the related
obligor, which current assets subject to such security interest do not constitute a material portion of the obligor's total assets.

 

    - 26 -

     

    

 

Article
I

THE PORTFOLIO INVESTMENTS

 

Section
1.01.        Purchases
of Portfolio Investments. On the Effective Date, the Company acquired the Initial Portfolio Investments and has acquired additional
Portfolio Investments in accordance with the Original Agreement from time to time thereafter. From time to time on and after the
Amendment Effective Date and during the Reinvestment Period, the Company may Purchase (or cause the Permitted Subsidiary to Purchase)
additional Portfolio Investments, or request that Portfolio Investments be Purchased for the Company's account, all on and subject
to the terms and conditions set forth herein.

 

Section
1.02.        Procedures
for Purchases and Related Financings.

 

(a)               
Timing of Notices of Acquisition. No later than five (5) Agent Business Days (or such shorter period as the Administrative
Agent may agree in its sole discretion) before the date on which the Company proposes that a binding commitment to acquire any
Portfolio Investment (other than an Initial Portfolio Investment) be made by it or for its account or the account of the Permitted
Subsidiary (a "Purchase Commitment") or that a Substitution occur, the Portfolio Manager, on behalf of the Company,
shall deliver to the Administrative Agent a notice of acquisition (a "Notice of Acquisition").

 

(b)               
Contents of Notices of Acquisition. Each Notice of Acquisition shall consist of one or more electronic submissions
to the Administrative Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager
and the Company may reasonably agree (which shall initially be the format and include the information regarding such Portfolio
Investment identified on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably
request.

 

(c)               
Eligibility of Portfolio Investments. The Administrative Agent shall have the right, on behalf of all Financing
Providers, to reasonably request additional information regarding any proposed Portfolio Investment. The Administrative Agent
shall notify the Portfolio Manager and the Company (including via e-mail or other customary electronic messaging system) of its
approval or failure to approve each Portfolio Investment proposed to be acquired pursuant to a Notice of Acquisition (and, if
approved, an initial determination of the Market Value for such Portfolio Investment) no later than the fifth (5th) Agent Business
Day succeeding the date on which it receives such Notice of Acquisition and any information reasonably requested in connection
therewith); provided that (i) any Initial Portfolio Investment shall be deemed to be approved by the Administrative Agent
and (ii) the failure of the Administrative Agent to notify the Portfolio Manager and the Company of its approval in accordance
with this Section 1.02(c) shall be deemed to be a disapproval of such proposed acquisition.

 

(d)               
The failure of the Administrative Agent to approve the acquisition of a Portfolio Investment will not prohibit the Company
from acquiring such Portfolio Investment (subject to the conditions set forth in Section 1.03); provided, that any
Portfolio Investment not so approved prior to its Trade Date or Substitution Date (each as defined below) shall be deemed to be
an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved.

 

Section
1.03.        Conditions
to Purchases or Substitutions. No Purchase Commitment, Purchase or Substitution shall be entered into unless each of the following
conditions is satisfied (or waived as provided below) as of the date on which such Purchase Commitment is entered into (such Portfolio
Investment's "Trade Date") or the Company consummates a Substitution (the "Substitution Date")
(and such Portfolio Investment shall not be Purchased or Substituted, and any related Financing shall not be required to be made
available to the Company by the applicable Financing Providers, unless each of the following conditions is satisfied or waived
as of such Trade Date or Substitution Date, as applicable):

 

    - 27 -

     

    

 

(1)               
the information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment
and, unless waived by the Administrative Agent, such Portfolio Investment satisfies the eligibility criteria set forth in Schedule
3 (the "Eligibility Criteria");

 

(2)               
with respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not later than (i) in the case
of a Loan, the date that is fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in
its sole discretion) after such Trade Date or (ii) in the case of any other Portfolio Investment, the date that is three (3) Business
Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date;

 

(3)               
no Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would constitute
an Event of Default (a "Default"), in each case, has occurred and is continuing, and the Reinvestment Period
has not otherwise ended; and

 

(4)               
after giving pro forma effect to the Purchase or Substitution of such Portfolio Investment and the related provision of
Financing (if any) hereunder:

 

(x)               
(i) the Borrowing Base Test is satisfied and (ii) the Minimum Equity Test is satisfied;

 

(y)               
the Concentration Limitations (as defined on Schedule 4) shall be satisfied or, if not satisfied immediately prior to such
Purchase Commitment, maintained or improved;

 

(z)               
the aggregate principal balance of Advances then outstanding will not exceed, for each type of Financing available hereunder,
the limit for such type of Financing set forth in the Transaction Schedule; and

 

(aa)            
in the case of a Purchase, the amount of such Financing (if any) shall be not less than U.S.$2,000,000.

 

The Administrative Agent, on behalf of the
Financing Providers, may waive any conditions to a Purchase Commitment, Purchase or Substitution, as the case may be, specified
above in this Section 1.03 by written notice thereof to the Company, the Collateral Administrator, the Portfolio Manager
and the Collateral Agent.

 

If the above conditions to a Purchase Commitment,
a Purchase or a Substitution are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation
with the Administrative Agent and with notice to any applicable Financing Providers, the Collateral Agent and the Collateral Administrator,
the date on which such Purchase (if any) or Substitution shall settle (the "Settlement Date" for such Portfolio
Investment) and any related Financing shall be provided.

 

With respect to a Purchase, promptly following
the Settlement Date for a Portfolio Investment and its receipt thereof, the Collateral Administrator shall provide to the Administrative
Agent a copy of the executed assignment agreement (or, in the case of a Portfolio Investment that is not a Loan, the executed
purchase agreement or similar instrument) pursuant to which such Portfolio Investment was assigned, sold or otherwise transferred
to the Company.

 

    - 28 -

     

    

 

Section
1.04.        Sales
of Portfolio Investments. The Company will not (and will not permit the Permitted Subsidiary to) sell, transfer or otherwise
dispose of any Portfolio Investment or any other asset without the prior consent of the Administrative Agent (acting at the direction
of the Required Financing Providers), except that, subject to Section 6.02(x), the Company may sell any Portfolio Investment
(including any Ineligible Investment) or other asset without such consent so long as, (x) after giving effect thereto, no Market
Value Event has occurred and no Default or Event of Default has occurred and is continuing and (y) the sale of such asset by the
Company shall be on an arm's-length basis and in accordance with the Portfolio Manager's standard market practices. In addition,
within ten (10) calendar days of any Revolving Loan or Delayed Funding Term Loan with an unfunded commitment becoming an Ineligible
Investment, the Company, subject to clauses (x) and (y) in the immediately preceding sentence, shall either (i) sell such Revolving
Loan or Delayed Funding Term Loan and shall pay any amount payable in connection with such sale or (ii) distribute such Revolving
Loan or Delayed Funding Term Loan to the Parent; provided that, in the case of this clause (ii), the Parent has paid the
Company an amount equal to the Market Value of such Revolving Loan or Delayed Funding Term Loan on the date of its Purchase multiplied
by the then-current funded balance of such Revolving Loan or Delayed Funding Term Loan.

 

Notwithstanding anything in this Agreement
to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event
of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the sale, transfer or other
disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in
the Accounts or the Permitted CAD Accounts) without the prior written consent of the Administrative Agent (which consent may be
granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event,
the Company shall use commercially reasonable efforts to sell Portfolio Investments (individually or in lots, including a lot
comprised of all of the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the
time of sale, sale price, principal amount to be sold and purchaser) required by the Administrative Agent (provided that
the Administrative Agent shall only require sales at the direction of the Required Financing Providers and at then-current fair
market values and in accordance with the Administrative Agent's standard market practices) and the proceeds from such sales shall
be used to prepay the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Portfolio
Manager shall have no right to act on behalf of, or otherwise direct, the Company, the Administrative Agent, the Collateral Agent
or any other person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with
the prior written consent of the Administrative Agent (including via email). Any prepayments made pursuant to this paragraph shall
automatically reduce the Financing Commitments as provided in Section 4.07(c). The Company shall cause the Permitted Subsidiary
to comply with all of the provisions of this paragraph.

 

In connection with any sale of Portfolio
Investments required by the Administrative Agent following the occurrence of an Event of Default or a Market Value Event, in connection
with such sale, the Administrative Agent or a designee of the Administrative Agent shall:

 

(i)                
notify the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding
the sale of such Portfolio Investments; and

 

(ii)              
direct the Company to sell such Portfolio Investments to the Designated Independent Broker-Dealer if the Designated Independent
Broker-Dealer provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments,
it being understood that if the Designated Independent Broker-Dealer provides a bid to the Administrative Agent that is the highest
bona fide bid to purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio
Investments for which there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole
discretion), then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other
line-item bids by the Designated Independent Broker-Dealer or any other bidder for other Portfolio Investments in such pool) is
greater than the bid on a pool basis.

 

    - 29 -

     

    

 

For purposes of this paragraph, the Administrative
Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Broker-Dealer if, in the Administrative
Agent's judgment (acting reasonably):

 

(A)             
either:

 

(x)               
the Designated Independent Broker-Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments
or any portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market
for the relevant Portfolio Investments; or

 

(y)               
the Designated Independent Broker-Dealer would not, through the exercise of its commercially reasonable efforts, be able
to obtain any consent required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments
to the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or

 

(A)             
such bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Broker-Dealer
or (y) the inability, failure or refusal of the Designated Independent Broker-Dealer to settle the purchase of the relevant Portfolio
Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations
generally.

 

In connection with any sale of a Portfolio
Investment directed by the Administrative Agent pursuant to this Section 1.04 and the application of the net proceeds thereof,
the Company hereby appoints the Administrative Agent as the Company's attorney-in-fact (it being understood that the Administrative
Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the
place and stead of the Company and in the name of the Company to effectuate the provisions of this Section 1.04 (including,
without limitation, the power to execute any instrument which the Administrative Agent or the Required Financing Providers may
deem necessary or advisable to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral
Agent in respect of the application of net proceeds of any such sales). None of the Administrative Agent, the Financing Providers,
the Collateral Administrator, the Securities Intermediary, the Collateral Agent nor any Affiliate of any thereof shall incur any
liability to the Company, the Portfolio Manager, the Financing Providers or any other person in connection with any sale effected
at the direction of the Administrative Agent in accordance with this Section 1.04, including, without limitation, as a
result of the price obtained for any Portfolio Investment, the timing of any sale or sales of Portfolio Investments or the notice
or lack of notice provided to any person in connection with any such sale, so long as, in the case of the Administrative Agent
only, any such sale does not violate Applicable Law.

 

Section
1.05.        Substitution.

 

During the Reinvestment Period, the Company
may replace a Portfolio Investment with another Portfolio Investment (each such replacement, a "Substitution"
and such new Portfolio Investment, a "Substitute Portfolio Investment") so long as the Company has submitted
a Notice of Acquisition and all applicable conditions precedent set forth in Section 1.02(c) and Section 1.03 have
been satisfied with respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution.

 

    - 30 -

     

    

 

Section
1.06.        Certain
Assumptions Relating to Portfolio Investments.

 

(a)               
For purposes of all calculations hereunder, any Portfolio Investment for which the trade date in respect of a sale thereof
by the Company or the Permitted Subsidiary has occurred, but the settlement date for such sale has not occurred, shall be considered
to be owned by the Company or the Permitted Subsidiary until such settlement date.

 

(b)               
Unfunded commitments in respect of Delayed Funding Loans and Revolving Loans shall not be considered funded for purposes
of the definition of the term Market Value and the calculation of the Net Asset Value, the Borrowing Base Test and the Minimum
Equity Test.

 

Section
1.07.        Currency
Equivalents.

 

(a)       Except
as set forth in clause (b) and Section 4.06(b), for purposes of all valuations and calculations under the Loan Documents, (i)
the principal amount and Market Value of all Portfolio Investments denominated in CAD, (ii) proceeds denominated in CAD on deposit
in any Permitted CAD Account and (iii) for the purposes of Net Advances and the Borrowing Base Test, the outstanding aggregate
principal amount of Advances denominated in CAD shall be converted to USD at the Spot Rate in accordance with the definition of
such term in consultation with the Administrative Agent on the applicable date of valuation or calculation, as applicable.

 

(b)       Except
as provided in Section 4.06(b), for purposes of determining (i) whether the amount of any Advance, together with all other Advances
then outstanding or to be made at the same time as such Advances, would exceed the aggregate amount of the Financing Commitments,
(ii) the aggregate unutilized amount of the Financing Commitments and (iii) the limitations on the portion of the Financing Limit
and the Financing Commitment that may be utilized in CAD shall be deemed to be the Dollar Equivalent of the amount of CAD of such
Advances determined as of the date such Advances were made. Wherever in this Agreement in connection with an Advance, an amount,
such as a required minimum or multiple amount, is expressed in U.S. Dollars, but such Advance is denominated in CAD, such amount
shall be the CAD Equivalent of such U.S. dollar amount (rounded to the nearest 1,000 units of CAD).

 

SECTION
1.08.        Interest
Rates; LIBOR Notification.

 

The
interest rate on an Advance denominated in USD or a Permitted Non-USD Currency may be derived from an interest rate benchmark
that is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark
reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply
with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change.
The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end
of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administration, the "IBA") for purposes of the IBA setting the London
interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be
available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Advances denominated
in USD. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or
alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition
Event, a Term SOFR Transition Event or an Early Opt-In Election, Section 3.04 provides a mechanism for determining an alternative
rate of interest. The Administrative Agent will promptly notify the Company, pursuant to Section 3.04, of any change to the reference
rate upon which the interest rate on an Advance is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London
interbank offered rate or other rates in the definition of "LIBO Rate" (or any other Reference Rate or definition related
thereto, as applicable) or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 3.04(b) or (c), whether
upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation
of any Benchmark Replacement Conforming Changes pursuant to Section 3.04(d)), including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the LIBO Rate (or the applicable Reference Rate) or have the same volume or liquidity as did the London
interbank offered rate (or the applicable Reference Rate) prior to its discontinuance or unavailability.

 

    - 31 -

     

    

 

Article
II

THE FINANCINGS

 

Section
2.01.        Financing
Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Financing Provider
hereby severally agrees to make available to the Company the types of Financing identified on the Transaction Schedule as applicable
to such Financing Provider, in a Currency, in an aggregate amount, for such Financing Provider and such Currency, not exceeding
the amount of its Financing Commitment for such Currency. The Financing Commitments shall terminate on the earliest of (a) the
last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event (or, if earlier, the
date of termination of the Financing Commitments pursuant to Article VII).

 

A Financing Provider with a Financing Commitment
to make Advances hereunder is referred to as a "Lender".

 

Section
2.02.        [reserved]

 

Section
2.03.        Financings;
Use of Proceeds.

 

(a)               
Subject to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section
1.03 both as of the related Trade Date and Settlement Date, the applicable Financing Providers will make the applicable Financing
available to the Company on the related Settlement Date (or otherwise on the related specified borrowing date if no Portfolio
Investment is being acquired on such date) as provided herein; provided that, if no Portfolio Investment is being acquired
on such date, only the conditions set forth in clauses (3) and (4) of Section 1.03 shall require satisfaction or waiver.

 

(b)               
Except as expressly provided herein, the failure of any Financing Provider to make any Advance required hereunder shall
not relieve any other Financing Provider of its obligations hereunder. If any Financing Provider shall fail to provide any Financing
to the Company required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Financing Provider to satisfy
such Financing Provider's obligations hereunder until all such unsatisfied obligations are fully paid.

 

    - 32 -

     

    

 

(c)               
The Company shall use the proceeds of the Financings received by it hereunder to purchase the Portfolio Investments identified
in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term Loans or Revolving Loans in accordance
with the underlying instruments relating thereto, provided that, if the proceeds of a Financing are deposited in the Collection
Account or the CAD Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio
Investment but the Company is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds
of such Financing remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio
Manager the Collateral Agent shall apply such proceeds as provided in Section 4.05. The proceeds of the Financings shall
not be used for any other purpose.

 

(d)               
With respect to any Advance, the Portfolio Manager shall, on behalf of the Company, submit a request substantially in the
form of Exhibit A to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator,
not later than 2:00 p.m. New York City time, one (1) Business Day prior to the Business Day specified as the date on which such
Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set
forth in Section 3.01. Any requested Advance shall be in an amount such that, after giving effect thereto and the related
purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test and the Minimum Equity Test are each satisfied.

 

(e)               
[Reserved]

 

(f)                
If two Business Days prior to the end of the Reinvestment Period, the Company has any outstanding unfunded obligations
to make future advances under any Delayed Funding Term Loan or Revolving Loan, then the Portfolio Manager, on behalf of the Company,
shall be deemed to have requested a Financing in the applicable Currency on such date, and the Lenders shall make a corresponding
Advance on the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the Administrative
Agent) in accordance with Article III in amount equal to the least of (i) the aggregate amount of all such unfunded obligations,
(ii) the Financing Commitments in the aggregate and in the applicable Currency in excess of the aggregate principal amount of
the outstanding Advances and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance;
provided that, if the Company provides evidence to the Administrative Agent that it has cash from other sources that is
available in accordance with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term
Loan or Revolving Loan, then the amount of any such Advance shall be reduced by the amount of such funds. After giving effect
to such Advance, the Company shall cause the proceeds of such Advance and cash from other sources that is available in accordance
with the terms of this Agreement in an amount equal to the aggregate amount of all unfunded obligations remaining in respect of
any Delayed Funding Term Loans or Revolving Loans to be deposited in the Unfunded Exposure Account and/or the CAD Unfunded Exposure
Account, as applicable, and held as cash and Eligible Investments pending the funding of such future advances or until all commitments
to make such future advances are terminated or expire or are irrevocably reduced to zero. For the avoidance of doubt, the amounts
deposited in the Unfunded Exposure Account and/or the CAD Unfunded Exposure Account pursuant to this clause (f) shall not be used
for any purpose other than as set forth in Section 8.01(h).

 

(g)               
Without limitation to clause (f) above, neither the Company nor the Permitted Subsidiary shall acquire any unfunded commitment
under any Revolving Loan or Delayed Funding Term Loan unless, on a pro forma basis after giving effect to such purchase, the Borrowing
Base Test, the Minimum Equity Test and item 5 of the Concentration Limitations will each be satisfied.

 

    - 33 -

     

    

 

Section
2.04.        Other
Conditions to Financings. Notwithstanding anything to the contrary herein, the obligations of the Lenders to make Advances
on and after the Amendment Date shall not become effective until the date (the "Amendment Effective Date") on
which each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion):

 

(a)               
Executed Counterparts. The Administrative Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative
Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement.

 

(b)               
Loan Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that
Amendment Date Letter and any other Loan Documents to be amended on the Amendment Date have been executed and are in full force
and effect.

 

(c)               
Opinions. The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written
opinions of Milbank LLP, counsel for the Company and the Parent, covering such corporate and enforceability matters relating to
the transactions contemplated hereby and by the other Loan Documents as the Administrative Agent shall reasonably request in writing.

 

(d)               
Corporate Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions
or other action, incumbency certificates and/or other certificates of officers of the Company, the Parent and the Portfolio Manager
as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or
other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates
as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of
the Company, the Parent and the Portfolio Manager and any other legal matters relating to the Company, the Parent, the Portfolio
Manager, this Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative
Agent and its counsel.

 

(e)               
Payment of Fees, Etc. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator
shall have received all fees and other amounts due and payable by the Company in connection herewith on or prior to the Amendment
Effective Date, including the fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment
of all reasonable and documented out-of-pocket (including reasonable and documented legal fees and expenses) expenses required
to be reimbursed or paid by the Company hereunder.

 

(f)                
PATRIOT Act, Etc. To the extent requested by the Administrative Agent or any Lender, the Administrative Agent or
such Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities
under the USA PATRIOT Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the "PATRIOT Act")
and other applicable "know your customer" and anti-money laundering rules and regulations.

 

    - 34 -

     

    

 

(g)               
Officer's Certificate. The Administrative Agent shall have received a certificate of an officer of the Company in
form and substance reasonably satisfactory to the Administrative Agent to the effect that, as of the Amendment Date: (i) all of
the representations and warranties set forth in Section 6.01 of the Original Agreement are true and correct (subject to any materiality
qualifiers set forth therein) and (ii) no Default, Event of Default or Market Value Event has occurred.

 

(h)               
Certain Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices
or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized
and (ii) such other searches that the Administrative Agent deems necessary or appropriate.

 

Section
2.05.        Commitment
Increase Option. The Company may, at any time during the Reinvestment
Period, submit a Commitment Increase Request for an increase in the Financing Commitment to up to $350,000,000 (in the aggregate),
subject to satisfaction of the following conditions precedent:

 

(a)               
each of the Lenders and Administrative Agent (in their sole discretion) approve in writing (which may be by email) such
Commitment Increase Request; provided, that each of the Lenders and the Administrative Agent shall use commercially reasonable
efforts to respond to any Commitment Increase Request within ten (10) Business Days of receipt thereof; provided, further,
that the failure of any Lender or the Administrative Agent to respond within ten (10) Business Days shall not constitute a breach
or default of any duty or obligation by such party.

 

(b)               
no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, in each case on
and as of the Commitment Increase Date;

 

(c)               
the Borrowing Base Test and the Minimum Equity Test are each satisfied on and as of the Commitment Increase Date;

 

(d)               
all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct
in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct), in each case on and as of the Commitment Increase 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 (or
with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct)
as of such earlier date;

 

(e)               
no commitment reduction shall have occurred pursuant to Section 4.07(a) in connection with JPMorgan Chase Bank, National
Association ceasing to act as Administrative Agent or the occurrence of a Non-Call Termination Event prior to the Commitment Increase
Date;

 

(f)                
the Company shall have paid to the Administrative Agent on the Commitment Increase Date, for the account of each Lender,
an upfront fee in the amount specified in the Amendment Date Letter;

 

(g)               
any Commitment Increase Request shall be in an amount not less than $35,000,000 (or, if the positive difference between
$350,000,000 and the Financing Commitment in effect immediately prior to such Commitment Increase Request is less than $35,000,000,
the amount of such positive difference); and

 

    - 35 -

     

    

 

(h)               
receipt by the Administrative Agent of such other documentation as the Administrative Agent may reasonably request, including
without limitation, documentation similar to that provided pursuant to Sections 2.04(c), (d) and (g) on the Amendment Effective
Date.

 

Article
III

ADDITIONAL TERMS APPLICABLE TO THE FINANCINGS

 

Section
3.01.        The
Advances.

 

(a)               
Making the Advances. If the Lenders are required to make an Advance to the Company as provided in Section 2.03,
then each Lender shall make such Advance on the proposed date thereof by wire transfer of immediately available funds by 12:00
noon, New York City time, to the Collateral Agent for deposit to the Collection Account or the CAD Collection Account, as applicable.
Each Lender at its option may make any Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such
Advance, provided that any exercise of such option shall not affect the obligation of the Company to repay such Advance
in accordance with the terms of this Agreement. Subject to the terms and conditions set forth herein, the Company may borrow and
prepay Advances. The Company may, during the Reinvestment Period, reborrow Advances in an amount up to (x) the aggregate Financing
Commitments of the Lenders on such date minus (y) the Minimum Funding Amount, subject to the terms and conditions set forth herein.
Except as set forth in the immediately preceding sentence, once prepaid, Advances may not be reborrowed.

 

(a)               
Interest on the Advances. Subject to Section 3.01(h), all outstanding Advances shall bear interest (from and including
the date on which such Advance is made) at a per annum rate equal to the applicable Reference
RateBenchmark
for each Calculation Period in effect plus the Applicable Margin for such Advances set forth on the Transaction
Schedule. Notwithstanding the foregoing, if any principal of or interest on any Advance is not paid when due, whether at stated
maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to 2% plus the rate otherwise applicable to the Advances as provided in the preceding
sentencethe
applicable Benchmark plus the Adjusted Applicable Margin. If, on any date the aggregate principal amount of the outstanding
Advances is less than the Minimum Funding Amount specified in the definition of the term Minimum Funding Amount, then the Company
shall pay the Lenders interest at a per annum rate equal to (i) the Applicable Margin for Advances in U.S. Dollars set forth on
the Transaction Schedule multiplied by (ii) the amount equal to the Minimum Funding Amount minus the aggregate principal
amount of the outstanding Advances.

 

(a)               
Evidence of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts
of principal and interest payable and paid to such Lender from time to time hereunder and the Currency thererofthereof.
The Administrative Agent shall maintain accounts in which it shall record (1) the amount of each Advance made hereunder, (2) the
amount of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder, (3)
the Currency of such Advance and (4) the amount of any sum received by the Administrative Agent hereunder for the account of the
Lenders and each Lender's share thereof. The entries made in the accounts maintained pursuant to this paragraph (c) shall, to
the extent consistent with the records in the Register, be prima facie evidence of the existence and amounts of the obligations
recorded therein, provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any
error therein shall not in any manner affect the obligation of the Company to repay the Advances in accordance with the terms
of this Agreement.

 

    - 36 -

     

    

 

Any Lender may request that Advances made
by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory
note payable to such Lender (or, if a registered note is requested by such Lender, to such Lender and its registered assigns)
and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed), which
delivery the Administrative Agent shall record in the Register. Thereafter, to the extent so reflected in the Register, the Advances
evidenced by such promissory note and interest thereon shall at all times be represented by one or more promissory notes in such
form payable to the payee named therein (or to such payee and its registered assigns).

 

(d)               
Pro Rata Treatment. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances
shall be made on a pro rata basis by or to the Lenders in accordance with their respective portions of the Financing Commitments
in respect of Advances held by them.

 

(e)               
Illegality. Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall
notify the Company that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation
or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, in each case after the Effective Date, makes it unlawful, or any central bank or other Governmental Authority
asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or maintain
Advances hereunder, then (1) the obligation of such Lender or the Administrative Agent hereunder shall immediately be suspended
until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance is again
lawful, (2) at the request of the Company, such Lender or the Administrative Agent, as applicable, shall use reasonable efforts
(which will not require such party to incur a loss, other than immaterial, incidental expenses), until such time as the Advances
are required to be prepaid as mandated by law in clause (3) below, to transfer all of its rights and obligations under this Agreement
to another of its offices, branches or Affiliates with respect to which such performance would not be unlawful, and (3) if such
Lender or the Administrative Agent is unable to effect a transfer under clause (2), then any outstanding Advances of such Lender
shall be promptly paid in full by the Company (together with all accrued interest and other amounts owing hereunder) but not later
than such date as shall be mandated by law; provided that, to the extent that any such adoption or change makes it unlawful
for the Advances to bear interest by reference to the applicable Reference Rate, then the foregoing clauses (1) through (3) shall
not apply and the Advances shall bear interest (from and after the last day of the Calculation Period ending immediately after
such adoption or change) at a per annum rate equal to the applicable Base Rate plus the Applicable Margin for Advances
set forth on the Transaction Schedule.

 

(f)                
Increased Costs.

 

(i)                
If any Change in Law shall:

 

(A)             
impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended
by, any Lender;

 

(B)             
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Advances made by such Lender; or

 

    - 37 -

     

    

 

(C)             
subject any Lender or the Administrative Agent to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (z) 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;

 

and the result of any of the
foregoing shall be to increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining
any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether
of principal, interest or otherwise), then, upon request by such Lender or the Administrative Agent, the Company will pay to such
Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender or the
Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered.

 

(ii)              
If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence
of this Agreement or the Advances made by such Lender to a level below that which such Lender or such Lender's holding company
could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's
holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender to be material (which demand
shall be accompanied by a statement setting forth the basis for such demand), then from time to time the Company will pay to such
Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction
suffered.

 

(iii)            
A certificate of a Lender or the Administrative Agent, as the case may be, setting forth in reasonable detail the amount
or amounts necessary to compensate such Lender, its holding company or the Administrative Agent, as the case may be, as specified
in paragraph (i) or (ii) of this Section shall be delivered to the Company and shall be conclusive absent manifest error. The
Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(iv)             
Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender's or and Administrative Agent's right to demand such compensation; provided
that the Company shall not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company
of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention
to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
No Lender nor the Administrative Agent shall be entitled to any such compensation unless such Person is generally seeking such
compensation from borrowers under substantially similar facilities with substantially similar assets and from whom such Person
is entitled so seek such compensation.

 

    - 38 -

     

    

 

(v)               
Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the Company
may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section
3.01(f) and in Section 3.03(a) or (c); provided that no Lender or the Administrative Agent shall be obligated
to take any actions that would, in the reasonable opinion of such Lender or the Administrative Agent, be disadvantageous to such
Lender or the Administrative Agent (including, without limitation, due to a loss of money). In no event will the Company be responsible
for increased amounts referred to in this Section 3.01(f) or in Section 3.03(a) or (c) which relates to any
other entities to which any Lender provides financing.

 

(vi)             
If any Lender (A) provides notice of unlawfulness or requests compensation under clause (e) above or this clause (f), (B)
defaults in its obligation to make Advances hereunder or (C) becomes the subject of a Bail-In Action, then the Company may, at
its sole expense and effort, upon written notice to such Lender and the 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
10.06), all of its interests, rights and obligations under this Agreement and the related transaction documents to an assignee
identified by the Company that shall assume such obligations (whereupon such Lender shall be obligated to so assign), provided
that, (x) such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder through the date of such assignment and (y) 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 Company to require such assignment and delegation cease to apply. No prepayment fee that may otherwise
be due hereunder shall be payable to such Lender in connection with any such assignment.

 

(g)               
No Set-off or counterclaim. All payments to be made hereunder by the Company in respect of the Advances shall be
made without set-off or counterclaim and in such amounts as may be necessary in order that every such payment shall not be less
than the amounts otherwise specified to be paid under this Agreement; provided that this Section 3.01(g) shall not apply
with respect to Taxes.

 

(h)       Alternate
Rate of Interest. (i)      If prior to the commencement of any Calculation
Period:(x) the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining 
the Reference Rate (including, without limitation, because the Reference
Rate is not available or published on a current basis), for deposits in the
applicable Currency and such Calculation Period; or (y) the Administrative Agent is advised by the Required
Financing Providers that the applicable Reference Rate for such Calculation Period will
not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its
Advance) included in such Advance for such Calculation Period; then the Administrative Agent shall give notice thereof to the
Company, the Portfolio Manager and the Lenders by
telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies the Company, the Portfolio
Manager and the Lenders that the circumstances giving rise to such notice no longer
exist, if any Advance is requested, such Advance shall accrue interest at the Base Rate plus the
Applicable Margin for Advances set forth on the Transaction Schedule.

 

(ii)       If
at any time the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that (x) the circumstances set forth in Section 3.01(h)(i)(x) have arisen
and such circumstances are unlikely to be temporary or (y) the circumstances set forth in Section 3.01(h)(i)(x) have not arisen
but the supervisor for the administrator of the Reference Rate or a governmental authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which the Reference Rate shall no longer be used for determining
interest rates for loans, then the Administrative Agent and the Company shall endeavor to establish an alternate rate of interest
to the Reference Rate that gives due consideration to the then prevailing market convention for determining a rate of interest
for syndicated loans in the United States (or, with respect to CAD denominated Advances, Canada) at such time, and shall enter
into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement
as may be applicable (but for the avoidance of doubt, such changes shall not include a reduction in the Applicable Margin). Notwithstanding
anything to the contrary in Section 10.05, such amendment shall become effective without any further action or consent of any
other party to this Agreement (but with prior written notice to the Portfolio Manager (which may be by email))so long as the Administrative
Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to
the Lenders, a written notice from the Required Financing Providers stating that such Required Financing Providers object to such
amendment. Until an alternate rate of interest shall be determined in accordance with this clause (ii) (but, in the case of the
circumstances described in clause (y) of the first sentence of this Section 3.01(h)(ii), only to the extent the Reference Rate
for deposits in the applicable Currency and such Calculation Period is not available or published at such time on a current basis),
all outstanding Advances (and all subsequently requested Advances) shall accrue interest at the Base Rate plus the Applicable
Margin for Advances set forth on the Transaction Schedule.

 

    - 39 -

     

    

 

Section
3.02.        General.
The provisions of Section 3.01 and any other provisions relating to the types of Financings contemplated by each such section
shall not be operative until and unless such types of Financing have been made available to the Company, as evidenced by the Transaction
Schedule.

 

Section
3.03.        Taxes.

 

(a)               
Payments Free of Taxes. All payments to be made hereunder by the Company in respect of the Advances shall be made
without deduction or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law
requires the deduction or withholding of any Tax from any such payment by the Company, then the Company shall be entitled to make
such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section) the applicable Lender receives an amount equal to the sum it would have received
had no such deduction or withholding been made.

 

(b)               
Payment of Other Taxes by the Company. The Company shall timely pay to the relevant Governmental Authority in accordance
with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)               
Indemnification by the Company. The Company shall indemnify each Lender, within 10 days after 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) payable or paid by such Lender or required to be withheld or deducted from a payment to such Lender 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. A certificate as to the amount of such payment or liability delivered
to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error.

 

(d)               
Indemnification by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii) any Taxes
attributable to such Lender's failure to comply with the provisions of 10.06 relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, 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 the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due
to the Administrative Agent under this paragraph (d).

 

    - 40 -

     

    

 

(e)               
Evidence of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority
pursuant to this Section 3.03, the Company shall deliver to the Administrative Agent 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 the Administrative Agent.

 

(f)                
Status of Secured Parties. (i)Any Secured Party 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 Company and the Administrative Agent, at the time
or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver
such other documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will
enable the Company or the Administrative Agent to determine whether or not such Lender 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 Section 3.03(f)(ii)(A), (ii)(B) and
(ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

(ii)              
Without limiting the generality of the foregoing,

 

(A)             
any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company
or the Administrative Agent), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)             
any Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Company or the Administrative Agent, but only if the Foreign Lender
is legally entitled to do so), whichever of the following is applicable:

 

(i)                
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, two copies of executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable
successor form 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, an IRS Form W-8BEN or
IRS Form W-8BEN-E or any applicable successor form 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;

 

    - 41 -

     

    

 

(ii)              
two copies of executed IRS Form W-8ECI;

 

(iii)            
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 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A)
of the Code, is not a "10 percent shareholder" of the Company within the meaning of Section 881(c)(3)(B) of the Code,
and is not a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance
Certificate") and (y) two copies of executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or

 

(iv)             
to the extent a Foreign Lender is not the beneficial owner, two copies of executed IRS Form W-8IMY, accompanied by IRS
Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable;

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative
Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the
Administrative Agent), executed originals 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 Company or the Administrative Agent to determine the withholding or deduction required to be made;
and

 

(D)             
each Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such
time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by Applicable Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender'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 Agreement.

 

Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

 

(E)              
The Administrative Agent shall deliver to the Company an electronic copy of an IRS Form W-9 upon becoming a party under
this Agreement. The Administrative Agent represents to the Company that it is a "U.S. person" and a "financial
institution" within the meaning of Treasury Regulations Section 1.1441-1 and a "U.S. financial institution" within
the meaning of Treasury Regulations Section 1.1471-3(a)(3)(iii) and that it will comply with its obligations to withhold under
Section 1441 of the Code and FATCA.

 

    - 42 -

     

    

 

(g)               
Treatment of Certain Refunds. If any party 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 pursuant to this Section 3.03 (including by the payment
of additional amounts pursuant to this Section 3.03), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification
payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.

 

(h)               
Survival. Each party's obligations under this Section 3.03 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 Financing Commitments,
and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

Section
3.04.       
Interest Rate Unascertainable,
Inadequate or Unfair. 

 

(a)       Subject
to clauses (b), (c), (d), (e), (f) and (g) of this Section 3.04, if prior to the commencement of any Calculation Period for an
Advance, (x) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining a
Reference Rate (including, without limitation, because
such
Reference Rate is not available or published on a current
basis) for
the applicable Currency and such Calculation Period;
provided
that no Benchmark Transition Event shall have occurred at such time or
(y) the Administrative Agent is advised by the Required
Financing Providers that the applicable Reference Rate for the applicable Currency and such
Calculation Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their
Advances (or its Advance) included in such Advance for such Calculation Period; then the Administrative Agent shall give notice
thereof to the Company and the Lenders by telephone,
telecopy or electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such
notice no longer exist, any
Advance denominated in such Currency made by the Lenders shall thereupon constitute a Base Rate Advance.

 

(b)       Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as
applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of
the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition
of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y)
if a Benchmark Replacement is determined in accordance with clause (3) of the definition of "Benchmark Replacement"
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received,
by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Financing Providers.

 

    - 43 -

     

    

 

(c)       Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, solely with
respect to an Advance denominated in USD, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting
and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered
to the Lenders and the Company a Term SOFR Notice.

 

(d)       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 or
consent of any other party to this Agreement or any other Loan Document.

 

(e)       The
Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event, a
Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability
Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or
group of Lenders) pursuant to this Section 3.04, 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 its or their sole discretion and without
consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 3.04.

 

(f)       Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of
a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (A) any
tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or
will be no longer representative, then the Administrative Agent may modify the definition of "Calculation Period" for
any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was
removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including
a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Calculation
Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

    - 44 -

     

    

 

(g)       Upon
the Company's receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke any request for
an Advance in, conversion to or continuation of Advances in the applicable Currency to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any request for an Advance
into a request for a Base Rate Advance or conversion of an outstanding Advance to a Base Rate Advance.

 

Article
IV

COLLECTIONS AND PAYMENTS

 

Section
4.01.        Interest
Proceeds. The Company shall (or shall cause the Permitted Subsidiary to) notify the obligor with respect to each Portfolio
Investment to remit all amounts that constitute Interest Proceeds to the Collection Account (or, in the case of Subsidiary Assets,
the applicable Pledged Account); provided that Interest Proceeds denominated in CAD shall be deposited into the CAD Collection
Account. To the extent Interest Proceeds are received other than by deposit into the Collection Account or the CAD Collection
Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Collection Account
or the CAD Collection Account, as applicable, or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause
to be credited) to the Collection Account or the CAD Collection Account, as applicable, all Interest Proceeds received by it promptly
upon receipt thereof in accordance with the written direction of the Portfolio Manager.

 

Interest Proceeds shall be retained in the
Collection Account or the CAD Collection Account, as applicable, and held in cash and/or, in the case of the Collection Account,
invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral
Agent in Cash Equivalents selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market
Value Event has occurred, in which case, selected by the Administrative Agent) ("Eligible Investments"). Eligible
Investments shall mature no later than the end of the then-current Calculation Period. For the avoidance of doubt, (i) Interest
Proceeds received in CAD shall remain uninvested and shall be deposited in the CAD Collection Account and (ii) amounts held in
the CAD Collection Account shall remain uninvested. Not later than five Business Days following receipt, the Company shall cause
the Permitted Subsidiary to distribute Interest Proceeds received by it to the Company as a dividend or equivalent equity distribution
and deposit such Interest Proceeds into the Collection Account

 

Interest Proceeds on deposit in the Collection
Account or the CAD Collection Account, as applicable, shall be withdrawn by the Collateral Agent (at the written direction of
the Company (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value
Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted
Distributions or Permitted Tax Distributions in accordance with this Agreement with two (2) Business Days prior notice to the
Administrative Agent.

 

Section
4.02.        Principal
Proceeds. The Company shall (or shall cause the Permitted Subsidiary to) notify the obligor with respect to each Portfolio
Investment to remit all amounts that constitute Principal Proceeds to the Collection Account (or, in the case of Subsidiary Assets,
the applicable Pledged Account); provided that Principal Proceeds denominated in CAD shall be deposited into the CAD Collection
Account. To the extent Principal Proceeds are received other than by deposit into the Collection Account or the CAD Collection
Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Collection
Account or the CAD Collection Account, as applicable, or remitted to the Collateral Agent, and the Collateral Agent shall credit
(or cause to be credited) to the Collection Account or the CAD Collection Account, as applicable, all Principal Proceeds received
by it immediately upon receipt thereof in accordance with the written direction of the Portfolio Manager.

 

    - 45 -

     

    

 

All Principal Proceeds shall be retained
in the Collection Account or the CAD Collection Account, as applicable, and held in cash and/or, in the case of the Collection
Account, invested at the written direction of the Administrative Agent in overnight Eligible Investments selected by the Portfolio
Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected
by the Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds. For the avoidance
of doubt, (i) Principal Proceeds received in CAD shall remain uninvested and shall be deposited in the CAD Collection Account
and (ii) amounts held in the CAD Collection Account shall remain uninvested. Not later than the fifth Business Day following receipt,
the Company shall cause the Permitted Subsidiary to distribute all Principal Proceeds received by it to the Company as a dividend
or equivalent equity distribution and deposit such Principal Proceeds into the Collection Account

 

Principal Proceeds on deposit in the Collection
Account or the CAD Collection Account, as applicable, shall be withdrawn by the Collateral Agent (at the written direction of
the Company (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value
Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement with prior written notice
to the Administrative Agent, (ii) towards the purchase price of Portfolio Investments purchased in accordance with this Agreement
with prior written notice to the Administrative Agent or (iii) to make Permitted Distributions in accordance with this Agreement
with two (2) Business Days prior notice to the Administrative Agent.

 

The Portfolio Manager shall notify the Administrative
Agent and the Collateral Agent if the Portfolio Manager reasonably determines in good faith that any amounts in the Collection
Account or the CAD Collection Account, as applicable, have been deposited in error or do not otherwise constitute Principal Proceeds,
whereupon such amounts on deposit in the Collection Account or the CAD Collection Account, as applicable, may be withdrawn by
the Collateral Agent (at the direction of the Company and with written confirmation from the Administrative Agent (or, upon the
occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative
Agent)) on the next succeeding Business Day and remitted to the Company. For the avoidance of doubt, Principal Proceeds received
in connection with the sale of any Portfolio Investment pursuant to Section 1.04 following a Market Value Event shall be used
to prepay Advances as set forth therein at the written direction of the Administrative Agent.

 

Section
4.03.        Principal
and Interest Payments; Prepayments; Commitment Fee.

 

(a)               
The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative
Agent for the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in
the Accounts or any Permitted CAD Account shall be applied to the satisfaction of the Secured Obligations on the Maturity Date
and on each Additional Distribution Date in accordance with the Priority of Payments.

 

(b)               
Accrued interest on the Advances shall be payable in arrears on each Interest Payment Date, each Additional Distribution
Date and on the Maturity Date in accordance with the Priority of Payments; provided that (i) interest accrued pursuant
to the second sentence of Section 3.01(b) shall be payable on demand and (ii) in the event of any repayment or prepayment
of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment. "Interest Payment Date" means the fifth Business Day after the last day of each Calculation Period.

 

    - 46 -

     

    

 

(c)               
 

 

(i)                
Subject to the requirements of this Section 4.03(c), the Company shall have the right from time to time to prepay
outstanding Advances in whole or in part (A) on any Business Day that JPMorgan Chase Bank, National Association ceases to act
as Administrative Agent or following the date of a Non-Call Termination Event, (B) in connection with a Market Value Cure or to
cure a Default described in Article VII(n) or (C) subject to the payment of the premium described in clause (ii) below, up to
but not more than three times during any Calculation Period; provided that, the Company may not prepay any outstanding
Advances pursuant to this Section 4.03(c)(i)(C) during the Non-Call Period in an amount that would cause the aggregate
outstanding principal amount of the Advances to be below the Minimum Funding Amount. The Company shall notify the Administrative
Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or
similar file) of any prepayment pursuant to Section 4.03(c)(i)(A) or Section 4.03(c)(i)(C) not later than 2:00 p.m.,
New York City time, two (2) Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Except in connection with a Market Value Cure or to cure
a Default described in Article VII(n), each partial prepayment of outstanding Advances shall be in an amount not less than U.S.$2,000,000.
Prepayments shall be accompanied by accrued and unpaid interest.

 

(ii)              
Each prepayment or commitment reduction pursuant to Section 4.03(c)(i)(C) and Section 4.07(a) that is made
on or before the date which is 9 months following the end of the Non-Call Period, whether in full or in part, shall be accompanied
by a premium equal to 1% of the principal amount of such prepayment or commitment reduction; provided that no such premium
shall be payable with respect to any prepayment (or portion thereof) that does not exceed the positive difference (if any) of
(x) the then-current aggregate outstanding principal amount of the Advances over (y) the then-current Minimum Funding Amount (the
 "Excess Funded Amount").

 

(d)               
The Company agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee in accordance with
the Priority of Payments which shall accrue at 0.75% per annum on the average daily unused amount of the Financing Commitment
of such Lender (excluding any portion of such unused amount with respect to which interest is paid pursuant to Section 3.01(b))
during the period from and including the date of this Agreement to but excluding the last day of the Reinvestment Period. Accrued
commitment fees shall be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments
terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day).

 

(e)               
The Company agrees to pay the Administrative Agent, for the account of each Lender, an upfront fee on the Amendment Date
in an aggregate amount set forth in the Amendment Date Letter. Once paid, such fees or any part thereof shall not be refundable
under any circumstances.

 

(f)                
Without limiting Section 4.03(c), the Company shall have the obligation from time to time to prepay outstanding
Advances in whole or in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent
pursuant to Section 1.04 and as set forth in Sections 2.03(f) and 8.01(h). Prepayments shall be accompanied
by accrued and unpaid interest.

 

    - 47 -

     

    

 

Section
4.04.        MV
Cure Account

 

(a)              
The Company shall cause all cash received by it in connection with an Market Value Cure to be deposited in the MV Cure
Account or remitted to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received
by it (and identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the
MV Cure Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed
by the Required Financing Providers). All amounts contributed to the Company by Parent in connection with an MV Event Cure shall
be paid free and clear of any right of chargeback or other equitable claim.

 

(b)               Amounts
on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at the written direction of the Company (or, upon
the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative
Agent)) and remitted to the Company with prior notice to the Administrative Agent (or, upon the occurrence and during the continuance
of an Event of Default or upon the occurrence of a Market Value Event, to the Lenders for prepayment of Advances and reduction
of Financing Commitment); provided that the Company may not direct any withdrawal from the MV Cure Account if the Borrowing
Base Test is not satisfied (or would not be satisfied after such withdrawal).

 

Section
4.05.        Priority
of Payments. On (w) each Interest Payment Date, (x) the Maturity Date, (y) any Agent Business Day after the occurrence of
a Market Value Event and (z) any Agent Business Day after the Maturity Date following an Event of Default and the declaration
of the Secured Obligations as due and payable (each date set forth in clauses (y) and (z) above, an "Additional Distribution
Date"), the Collateral Agent shall distribute all amounts in the Collection Account or the CAD Collection Account in
the following order of priority (the "Priority of Payments"):

 

(a)               
To pay (i) first, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary
hereunder and under each other Loan Document (including fees, out-of-pocket expenses and indemnities) and (ii) second, any other
accrued and unpaid fees and out-of pocket expenses (other than the commitment fee payable to the Lenders, but including Lender
indemnities) due hereunder and under each other Loan Document, up to a maximum amount under this clause (a) of U.S.$100,000 (the
 "Cap") on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of
any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional
Distribution Date or Interest Payment Date occurring in the same calendar quarter); provided that if an Event of Default
has occurred and the Administrative Agent has terminated the Financing Commitments and declared the Secured Obligations due and
payable, the Cap shall be increased to $200,000 for payment to the Collateral Agent, the Collateral Administrator and the Securities
Intermediary in connection with any actions it has taken with respect to enforcement of rights on the Collateral.

 

(b)               
To deposit an amount equal to the Expense Reserve Account Amount in the Expense Reserve Account;

 

(c)               
To pay interest due in respect of the Advances, any amounts due or payable pursuant to Section 3.03(c) and 3.03(a) and
commitment fees payable to the Lenders (pro rata based on amounts due);

 

(d)               
To pay (i) on each Interest Payment Date, all prepayments of the Advances permitted or required under this Agreement (including
any applicable premium) and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), principal of the
Advances until the Advances are paid in full;

 

    - 48 -

     

    

 

(e)               
(i) prior to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure
Account or the CAD Unfunded Exposure Account up to the Unfunded Exposure Amount and (ii) after the Reinvestment Period but prior
to the Maturity Date, to fund the Unfunded Exposure Account or the CAD Unfunded Exposure Account up to the Unfunded Exposure Amount;

 

(f)                
To pay all amounts set forth in clause (a) above not paid due to the limitation set forth therein;

 

(g)               
To the extent not reimbursed out of funds on deposit in the Expense Reserve Account, to reimburse the Portfolio Manager
and the Company for any and all reasonable costs and expenses incurred by the Portfolio Manager and the Company, as applicable,
in connection with the Collateral or in the performance of its obligations under this Agreement;

 

(h)               
To make any Permitted Distributions or Permitted Tax Distributions (using Interest Proceeds and, in the case of Permitted
Distributions occurring during the Reinvestment Period, Principal Proceeds) directed pursuant to this Agreement; and

 

(i)                
(i) On any Interest Payment Date other than the Maturity Date, to deposit any remaining amounts in the Collection Account
and (ii) on the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company.

 

Section
4.06.        Payments
Generally.

 

(a)       All
payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in writing
to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative
Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the
Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Lenders
in respect of the Advances and the amounts payable to the Portfolio Manager. At least two (2) Business Days prior to each Interest
Payment Date, the Maturity Date and any Additional Distribution Date, the Administrative Agent shall deliver an invoice to the
Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due on such date. All payments
not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative
Agent. Subject to Section 3.03 hereof, all payments by the Company hereunder shall be made without setoff or counterclaim.
All payments hereunder shall be made in U.S. Dollars, other than payments of interest and principal made in respect of Advances
denominated in CAD, which shall be made in CAD. All interest calculated using the LIBOReference
Rate hereunder shall be computed on the basis of a year of 360 days and all interest calculated using the Base Rate
or the CDOR Rate hereunder shall be computed on the basis of a year of 365 days in each case, payable for the actual number of
days elapsed (including the first day but excluding the last day).

 

(b)       If
after receipt of an invoice from the Administrative Agent pursuant to Section 4.06(a) and at least two (2) Business Days prior
to any Interest Payment Date or the Maturity Date or an Additional Distribution Date, the Collateral Administrator shall have
notified the Company, the Collateral Agent and the Administrative Agent that the Company does not have a sufficient amount of
funds in a Currency on deposit in the applicable Accounts that will be needed (1) to pay to the Lenders all of the amounts required
to be paid on such date and/or (2) to pay any expenses required to be paid in accordance with the Priority of Payments, in each
case, in such Currency as required for such payment (a "Currency Shortfall"), then, so long as no Event of Default
shall have occurred and be continuing and no Market Value Event has occurred, the Company shall exchange (or shall direct the
Collateral Agent to exchange) amounts in the other Currency in any a Permitted CAD Account or the Collection Account, as applicable,
for the Currency in respect of which there is a Currency Shortfall in an amount necessary to cure such Currency Shortfall. Each
such exchange shall occur no later than one Business Day prior to such Interest Payment Date or Additional Distribution Date or
the Maturity Date, as applicable, and shall be made at the Spot Rate at the time of conversion. If for any reason the Company
shall have failed to effect any such currency exchange by the Business Day prior to such date, then the Administrative Agent shall
be entitled to (but shall not be obligated to) direct such currency exchange on behalf of the Company.

 

    - 49 -

     

    

 

(c)       At
any time following the occurrence of a Market Value Event or if an Event of Default has occurred and is continuing, the Administrative
Agent may in its sole discretion direct the Collateral Agent to exchange amounts held in any Permitted CAD Account for USD, or
exchange amounts in the Collection Account for CAD, in each case, at the Spot Rate for application hereunder.

 

Section
4.07.        Termination
or Reduction of Financing Commitments.

 

(a)               
After the Non-Call Period (or any other date if JPMorgan Chase Bank, National Association ceases to act as Administrative
Agent or a Non-Call Termination Event has occurred), the Company shall be entitled at its option, subject to the payment of the
premium described in Section 4.03(c)(ii), and upon three (3) Business Days' prior written notice to the Administrative
Agent (with a copy to the Collateral Agent and the Collateral Administrator) to either (i) terminate the Financing Commitments
in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premium and all other Secured Obligations
(other than unmatured contingent indemnification and reimbursement obligations) or (ii) reduce in part the portion of the Financing
Commitments that exceeds the sum of the outstanding Advances. In addition, the Financing Commitments shall be automatically and
irrevocably reduced by the amount of any prepayment of Advances pursuant to Section 4.03(c)(i)(C) during the Reinvestment
Period that exceeds the Excess Funded Amount.

 

(b)               
The Financing Commitments shall be automatically and irrevocably reduced on the date of any prepayment made in accordance
with the definition of "Market Value Cure" or in connection with the cure of a Default described in Article VII(n) in
an amount equal to the amount of such prepayment.

 

(c)               
[Reserved].

 

(d)               
All unused Financing Commitments as of the last day of the Reinvestment Period shall automatically be terminated.

 

(e)               
The Financing Commitments shall be irrevocably reduced by the amount of any repayment or prepayment of Advances following
the last day of the Reinvestment Period.

 

    - 50 -

     

    

 

Article
V

THE PORTFOLIO MANAGER

 

Section
5.01.        Appointment
and Duties of the Portfolio Manager. The Company hereby appoints the Portfolio Manager as its portfolio manager under this
Agreement and to perform the investment management functions of the Company set forth herein, and the Portfolio Manager hereby
accepts such appointment. For so long as no Market Value Event has occurred and subject to Section 1.04, the services to
be provided by the Portfolio Manager shall consist of (x) selecting, purchasing, managing and directing the investment, reinvestment,
substitution and disposition of Portfolio Investments, delivering Notices of Acquisition on behalf of and in the name of the Company
and (y) acting on behalf of the Company for all other purposes hereof and the transactions contemplated hereby. The Portfolio
Manager agrees to comply with all covenants and restrictions imposed on the Company herein and in each other Loan Document. The
Company hereby irrevocably appoints the Portfolio Manager its true and lawful agent and attorney-in-fact (with full power of substitution)
in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein. Without
limiting the foregoing:

 

(a)               
The Portfolio Manager shall perform its obligations hereunder with reasonable care, using a degree of skill not less than
that which the Portfolio Manager exercises with respect to assets of the nature of the Portfolio Investments that it manages for
itself and others having similar investment objectives and restrictions; and

 

(b)               
The Portfolio Manager shall not (and shall not cause the Company to) take any action that it knows or reasonably should
know would (1) violate the constituent documents of the Company, (2) violate any law, rule or regulation applicable to the Company
that would reasonably be expected to result in a Material Adverse Effect, (3) require registration of the Company as an "investment
company" under the Investment Company Act of 1940, or (4) cause the Company to violate the terms of this Agreement or any
instruments relating to the Portfolio Investments in any material respect.

 

The Portfolio Manager may employ third parties
(including its Affiliates) to render advice (including investment advice) and assistance to the Company and to perform any of
the Portfolio Manager's duties hereunder, provided that the Portfolio Manager shall not be relieved of any of its duties
or liabilities hereunder regardless of the performance of any services by third parties.

 

Section
5.02.        Portfolio
Manager Representations As to Eligibility Criteria; Etc. The Portfolio Manager represents to the other parties hereto that
(a) as of the Trade Date and Settlement Date for each Portfolio Investment purchased and the Substitution Date for each Substitute
Portfolio Investment, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to
by the Administrative Agent) and, except as otherwise permitted hereunder, the Concentration Limitations (as defined on Schedule
4) shall be satisfied, or if not satisfied immediately prior to such Purchase or Substitution, maintained or improved, after the
consummation of the related Purchase or Substitution (unless otherwise consented to by the Administrative Agent) and (b) all of
the information contained in the related Notice of Acquisition is true, correct and complete in all material respects; provided
that, to the extent any such information was furnished to the Company by any third party, such information is as of its delivery
date true, complete and correct in all material respects to the knowledge of the Portfolio Manager.

 

Section
5.03.        Limitation
of Liability; Indemnification.

 

(a)               
None of the Portfolio Manager, its Affiliates (other than, for the avoidance of doubt, the Company and the Permitted Subsidiary
to the extent provided in the Loan Documents) and their respective partners, members, managers, stockholders, directors, officers,
employees and agents (each a "Portfolio Manager Party") will be liable to the Company, the Administrative Agent,
the Collateral Agent, the Collateral Administrator, the Securities Intermediary, the Financing Providers or any other Person for
any all expenses, losses, damages, liabilities, demands, charges or claims of any kind or nature whatsoever (including reasonable
attorneys' fees and accountants' fees and costs and expenses relating to investigating or defending any demands, charges and claims)
("Losses") incurred, or for any decrease in the value of the Collateral as a result of, the actions taken or
recommended, or for any omissions (including, with respect to the Administrative Agent, the Collateral Agent, the Collateral Administrator,
the Securities Intermediary, the Administrative Agent or any Financing Provider, any failure to timely grant any consent requested
by the Portfolio Manager) by, the Portfolio Manager, its Affiliates or their respective partners, members, managers, stockholders,
directors, officers, employees or agents under or in connection with this Agreement, except that the Portfolio Manager shall be
so liable as and to the extent such Losses arise out of or in connection with any Portfolio Manager Breach.

 

    - 51 -

     

    

 

As used herein, "Portfolio Manager
Breach" means the gross negligence, willful misconduct or bad faith on the part of the Portfolio Manager under or in
connection with this Agreement.

 

(b)               
To the extent permitted by Applicable Law, the Portfolio Manager shall indemnify and hold harmless the Agents, the Collateral
Administrator and the Financing Providers and their respective Affiliates, directors, officers, stockholders, partners, agents,
employees and controlling persons (each an "Indemnified Person") from and against any and all Losses awarded
against or incurred by such Indemnified Person resulting from any Portfolio Manager Breach, excluding, however, any Losses to
the extent resulting from the gross negligence, willful misconduct or bad faith on the part of such Indemnified Person.

 

(c)               
Any amounts subject to the indemnification provisions of this Section 5.03 shall be paid by the Portfolio Manager
to the Administrative Agent on behalf of the applicable Indemnified Person within 30 Business Days following receipt by the Portfolio
Manager of the Administrative Agent's written demand therefor (and the Administrative Agent shall pay such amounts to the applicable
Indemnified Person promptly after the receipt by the Administrative Agent of such amounts). The Administrative Agent, on behalf
of any Indemnified Person making a request for indemnification under this Section 5.03, shall submit to the Portfolio Manager
a certificate setting forth in reasonable detail the basis for and the computations of the Losses with respect to which such indemnification
is requested, which certificate shall be conclusive absent demonstrable error.

 

(d)               
If the Portfolio Manager has made any indemnity payments to the Administrative Agent, on behalf of an Indemnified Person,
pursuant to this Section 5.03 and such Indemnified Person thereafter collects any of such amounts from others, such Indemnified
Person will promptly repay such amounts collected to the Portfolio Manager.

 

(e)               
The Portfolio Manager shall not have any liability for making indemnification hereunder to the extent any such indemnification
constitutes recourse for uncollectible or uncollected Portfolio Investments, results from or relates to the performance of one
or more Portfolio Investments or any decision by the Portfolio Manager to acquire or sell or refrain from acquiring or selling
a Portfolio Investments or for special, punitive, indirect, consequential or incidental damages (including but not limited to
lost profits). Any indemnification pursuant to this Section 5.03 shall not be payable from the Collateral.

 

(f)                
This Section 5.03 shall survive the termination of this Agreement and the repayment of all amounts owing to the
Financing Providers, the Collateral Administrator and Agents hereunder.

 

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Article
VI

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section
6.01.        Representations
and Warranties. The Company (and, (i) with respect to clauses (a) through (e), (l), (n), (t) through (v) and (dd), the Portfolio
Manager and (ii) the Permitted Subsidiary) represents to the other parties hereto solely with respect to itself (and, in the case
of the Company, other than with respect to clauses (s), (cc) and (dd), the Permitted Subsidiary as of each Trade Date, if applicable)
that as of the date of the Original Agreement, the Effective Date, the Amendment Date, the Amendment Effective Date and each Trade
Date (or as of such other date as maybe expressly set forth below):

 

(a)               
it is duly organized or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its
organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each
other Loan Document to which it is or may become a party and to consummate the transactions herein and therein contemplated;

 

(b)               
the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the
transactions contemplated therein have been duly authorized by it and this Agreement and each other Loan Document to which it
is or may become a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms
(subject to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally,
(B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in
a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing);

 

(c)               
the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party
and the consummation of such transactions do not conflict with the provisions of its governing instruments and, except where such
violation would not reasonably be expected to have a Material Adverse Effect, will not violate in any material way any provisions
of Applicable Law or regulation or any applicable order of any court or regulatory body and will not result in the material breach
of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a party
or by which it or any of its property may be bound or affected;

 

(d)               
it is not subject to any Adverse Proceeding;

 

(e)               
it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental
Authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of
this Agreement and each other Loan Document to which it is or may become a party and each such consent and authorization is in
full force and effect except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

 

(f)                
it is not required to register as an "investment company" as defined in the Investment Company Act of 1940, as
amended;

 

(g)               
it has not issued any securities that are or are required to be registered under the Securities Act of 1933, as amended,
and it is not a reporting company under the Securities Exchange Act of 1934, as amended;

 

(h)               
it has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred
pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other
Loan Documents and (iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving
Loan;

 

(i)                
(x) it does not have underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules;
and (y) it has not within the last six years sponsored, maintained, contributed to, or been required to contribute to and does
not have any material liability with respect to any Plan;

  

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(j)                
as of the date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering
into this Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent
to hinder, delay or defraud any of its creditors;

 

(k)               
it is not in default under any other contract to which it is a party except where such default would not reasonably be
expected to have a Material Adverse Effect;

 

(l)                
it has complied in all material respects with all Applicable Laws, judgments, agreements with governmental authorities,
decrees and orders with respect to its business and properties and the Portfolio;

 

(m)             
it does not have any Subsidiaries (other than, solely with respect to the Company, the Permitted Subsidiary), or own any
Investments in any Person other than the Portfolio Investments or Investments (i) constituting Eligible Investments (as measured
at their time of acquisition), (ii) acquired by the Company with the approval of the Administrative Agent, or (iii) those the
Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring
or similar process or proceeding involving a Portfolio Investment or any issuer thereof;

 

(n)               
(x) it has disclosed to the Administrative Agent all agreements, instruments and corporate or other restrictions to which
it is subject, and all other matters actually known to it, without inquiry, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect and,
(y) no information (other than projections, forward-looking information, general economic data or industry information)
heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender in connection with this
Agreement or any transaction contemplated hereby (after taking into account all updates, modifications and supplements to such
information) contains (or, to the extent any such information was furnished by or relating to a third party, to the Company's
or the Portfolio Manager's knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not materially misleading and
(z) as of the Fourth A&R First Amendment Effective Date, to the best knowledge of the Company, the information included in
the Beneficial Ownership Certification provided on or prior to the Fourth A&R First Amendment Effective Date to any Lender
in connection with this Agreement is true and correct in all respects;

 

(o)               
[Reserved];

 

(p)               
it has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true
and correct in all material respects; and it has paid or withheld (as applicable) all Taxes owing or required to be withheld by
it (if any) shown on such Tax returns, except any such Taxes which are being contested in good faith by appropriate proceedings
and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records;

 

(q)               
each of the Company and the Permitted Subsidiary is and will be treated as a disregarded entity or partnership for U.S.
federal income tax purposes;

 

(r)                
the Company is and will be wholly owned by the Parent, and the Permitted Subsidiary is and will be wholly owned by the
Company, each of which is a U.S. Person;

 

    - 54 -

     

    

 

(s)                
prior to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership
entity for Portfolio Investments and similar loan or debt obligations and activities incidental thereto;

 

(t)                
neither it nor any of its Affiliates is (i) the subject or target of Sanctions; (ii) a Person that resides or has a place
of business in a country or territory named on such lists or which is designated as a "Non-Cooperative Jurisdiction"
by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction;
(iii) a "Foreign Shell Bank" within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical
presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation
and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the
United States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money
laundering concerns. It is in compliance with all applicable Sanctions and also in compliance with all applicable provisions of
the PATRIOT Act;

 

(u)               
the Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company,
its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable
Sanctions, and the Company and its officers and directors and, to its knowledge, its employees, members and agents are in compliance
with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that
would reasonably be expected to result in the Company being designated as a Sanctioned Person. None of (i) the Company or its
officers and employees or (ii) to the knowledge of the Company, any manager or agent of the Company that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person;

 

(v)               
the Loan Documents represent all of the material agreements between the Portfolio Manager, the Parent and the Permitted
Subsidiary, on the one hand, and the Company, on the other. The Company (or, in the case of Subsidiary Investments, the Permitted
Subsidiary) has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Liens
in favor of the Secured Parties pursuant to the Loan Documents, Permitted Liens and inchoate liens arising by operation of law);

 

(w)             
it is not relying on any advice (whether written or oral) of any Lender, the Administrative Agent or any of their Affiliates;

 

(x)              
there are no judgments for Taxes with respect to the Company and no claim is being asserted in writing with respect to
the Taxes of the Company;

 

(y)             
all proceeds of the Advances will be used by the Company only in accordance with the provisions of this Agreement. No part
of the proceeds of any Advance will be used by the Company to purchase or carry any Margin Stock or to extend credit to others
for the purpose of purchasing or carrying Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof
will violate or be inconsistent with the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve Board.
No Advance is secured, directly or indirectly, by Margin Stock, and the Collateral does not include Margin Stock;

 

(z)              
[Reserved];

 

(aa)            
[Reserved];

 

    - 55 -

     

    

 

(bb)           
upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected,
first priority and valid security interest (except, as to priority, for any Permitted Liens) in such Collateral, free and clear
of any adverse claim (other than Permitted Liens) or restrictions on transferability, to the extent (as to perfection and priority)
that a security interest in said Collateral may be perfected under the applicable UCC;

 

(cc)            
the Parent (i) is not required to register as an investment company under the Investment Company Act of 1940, as amended,
and (ii) has elected to be treated a business development corporation for purposes of the Investment Company Act of 1940, as amended;

 

(dd)           
the Portfolio Manager is not required to register as an investment adviser under the Investment Advisers Act of 1940, as
amended;

 

(ee)            
the constituent documents of the Permitted Subsidiary restrict its activities to the origination, acquisition, holding
and disposition of Subsidiary Investments and activities incidental or related thereto; and

 

(ff)             
the Company is the sole legal and beneficial owner of all equity interests in the Permitted Subsidiary.

 

Section
6.02.        Covenants
of the Company. The Company:

 

(a)               
shall at all times (and shall ensure that the Permitted Subsidiary shall at all times): (i) maintain at least one independent
manager or director (who is in the business of serving as an independent manager or director); (ii) maintain its own separate
books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from
any other Person (provided that this clause (iii) shall not bind the Company's position for Tax purposes); (iv) have a
board of managers separate from that of any other Person; (v) file its own Tax returns, except to the extent that the Company
is treated as a "disregarded entity" for Tax purposes and is not required to file Taxes under Applicable Law, and pay
any Taxes so required to be paid under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings
and in respect of which the Company has established proper reserves on its books in accordance with GAAP; (vi) not commingle its
assets with assets of any other Person; (vii) conduct its business in its own name and comply with all organizational formalities
to maintain its separate existence (provided that this clause (vii) shall not bind the Company's position for Tax purposes);
(viii) maintain separate financial statements; (ix) pay its own liabilities only out of its own funds; (x) maintain an arm's length
relationship with the Parent and each of its other Affiliates; (xi) not hold out its credit or assets as being available to satisfy
the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including
for shared office space; (xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement,
not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding its
separate identity (provided that this clause (xv) shall not bind the Company's position for Tax purposes); (xvi) maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and
liabilities from its own assets; (xvii) not acquire the obligations or any securities of its Affiliates; (xviii) cause the managers,
officers, agents and other representatives of the Company to act at all times with respect to the Company consistently and in
furtherance of the foregoing and in the best interests of the Company; and (xix) maintain at least one special member, who, upon
the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Company, shall immediately
become the member of the Company in accordance with its organizational documents.

 

    - 56 -

     

    

 

(b)               
shall not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed
under the preceding clause (a), including, other than with respect to any warrants received in connection with a Portfolio Investment,
controlling the decisions or actions respecting the daily business or affairs of any other Person except as otherwise permitted
hereunder (which, for the avoidance of doubt, shall not prohibit the Company from taking, or refraining to take, any action under
or with respect to a Portfolio Investment); (ii) fail to be Solvent; (iii) release, sell, transfer, convey or assign any Portfolio
Investment (or permit the Permitted Subsidiary to take any such action) unless in accordance with the Loan Documents; (iv) except
for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected
on the books and records of the Company, enter into any transaction with an Affiliate of the Company except on commercially reasonable
terms similar to those available to unaffiliated parties in an arm's-length transaction; (v) identify itself as a department or
division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental
personal property necessary for the ownership or operation of these assets.

 

(c)               
shall take all actions consistent with and shall not take any action contrary to the "Facts and Assumptions"
sections in the opinions of Dechert LLP, dated the date of the Original Agreement, relating to certain true sale and non-consolidation
matters;

 

(d)               
shall not create, incur, assume or suffer to exist any Indebtedness (and shall not permit the Permitted Subsidiary to do
so) other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred pursuant to certain
ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and
(iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

 

(e)               
shall comply with all Anti-Corruption Laws and applicable Sanctions and shall maintain in effect and enforce policies and
procedures designed to ensure compliance by the Company and its managers, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions;

 

(f)                
(i) shall not amend any of its constituent documents or any document to which it is a party in any manner that would reasonably
be expected to adversely affect the Lenders in any material respect without the prior written consent of the Administrative Agent
and (ii) shall not amend or permit the Permitted Subsidiary to amend any of its constituent documents or any document to which
it is a party in any manner (other than an amendment of a purely administrative or clerical nature) without the prior written
consent of the Administrative Agent);

 

(g)               
[Reserved];

 

(h)               
shall not (and shall not permit the Permitted Subsidiary to), without the prior consent of the Administrative Agent (acting
at the direction of the Required Financing Providers), which consent may be withheld in the sole and absolute discretion of the
Required Financing Providers, enter into any hedge agreement;

 

(i)                
shall not (and shall ensure that the Permitted Subsidiary does not) change its name, identity or entity structure in any
manner that would make any financing statement or continuation statement filed by the Company or the Permitted Subsidiary (or
by the Collateral Agent on behalf of the Company or the Permitted Subsidiary) in accordance with subsection (a) above materially
misleading or change its jurisdiction of organization, unless the Company or the Permitted Subsidiary shall have given the Administrative
Agent and the Collateral Agent at least 30 days prior written notice thereof, and shall promptly file, or authorize the filing
of, appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy
of such amendments to the Collateral Agent and Administrative Agent together with written confirmation to the effect that all
appropriate amendments or other documents in respect of previously filed statements have been filed);

 

    - 57 -

     

    

 

 

 

(j)                
shall do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence
as a limited liability company (and the Permitted Subsidiary's existence as a limited liability company) and take all reasonable
action to maintain its and the Permitted Subsidiary's rights, franchises, licenses and permits material to its business or the
Permitted Subsidiary's business in its applicable jurisdiction of its formation, (ii) qualify and remain qualified as a limited
liability company in good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be
expected to have a Material Adverse Effect and (iii) cause the Permitted Subsidiary to qualify and remain qualified as a limited
liability company in good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be
expected to have a Material Adverse Effect;

 

(k)               
shall comply (and shall cause the Permitted Subsidiary to comply) with all Applicable Law (whether statutory, regulatory
or otherwise), except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect;

 

(l)                
shall not merge (and shall not permit the Permitted Subsidiary to) into or consolidate with any person or dissolve, terminate
or liquidate in whole or in part, in each case, without the prior written consent of the Administrative Agent;

 

(m)             
except for the Permitted Subsidiary and Investments permitted by Section 6.02(u)(C) and without the prior written
consent of the Administrative Agent, shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist (or permit
the Permitted Subsidiary to make or suffer to exist) any loans or advances to, or extend any credit to, or make any investments
(by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition
of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein
and pursuant to the other Loan Documents;

 

(n)               
shall ensure that (i) its affairs and the Permitted Subsidiary's affairs are conducted so that its underlying assets do
not constitute "plan assets" within the meaning of the Plan Asset Rules, and (ii) it and the Permitted Subsidiary do
not sponsor, maintain, contribute to or become required to contribute to or have any liability with respect to any Plan;

 

(o)               
except for the security interest granted hereunder, under the Equity Pledge Agreement and the Asset Pledge Agreement and
as otherwise permitted hereunder, shall not (and shall not permit the Permitted Subsidiary to) sell, pledge, assign or transfer
to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or the Subsidiary Investments
or any interest therein (other than Liens in favor of the Secured Parties pursuant to the Loan Documents, Permitted Liens and
inchoate liens arising by operation of law), and the Company shall defend the right, title, and interest of the Collateral Agent
(for the benefit of the Secured Parties) and the Lenders in and to the Collateral and the Subsidiary Investments against all claims
of third parties claiming through or under the Company or the Permitted Subsidiary (other than Liens in favor of the Secured Parties
pursuant to the Loan Documents, Permitted Liens and inchoate liens arising by operation of law);

 

(p)               
shall promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of
the following financial statements, reports and information: (i) as soon as available, but in any event within 120 days after
the end of each fiscal year of the Parent, a copy of the audited consolidated and consolidating balance sheet of the Parent and
its consolidated Subsidiaries as at the end of such year, the related consolidated and consolidating statements of income for
such year and the related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each
case in comparative form the figures for the previous year; provided, that the financial statements required to be delivered
pursuant to this clause (i) which are made available via EDGAR, or any successor system of the Securities Exchange Commission,
in the Parent's annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are
made so available; (ii) as soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal
year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated and consolidating balance sheet of the
Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any),
and the unaudited consolidated and consolidating statements of income of the Parent and its consolidated Subsidiaries for such
fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter,
and the unaudited consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing
at the end of the previous fiscal year and ending with the end of such fiscal quarter; provided, that the financial statements
required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the Securities
Exchange Commission, in Parent's quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date
such documents are made so available; and (iii) from time to time, such other information or documents (financial or otherwise)
as the Administrative Agent or the Required Financing Providers may reasonably request so long as such information is within the
possession of the Company or may be obtained with neither undue burden nor expense;

 

    - 58 -

     

    

 

(q)               
shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or
imposed upon the Company; provided that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such Tax (i) the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and
for which disputed amounts adequate reserves in accordance with GAAP have been made or (ii) the failure of which to pay or discharge
could not reasonably be expected to have a Material Adverse Effect, and shall cause the Permitted Subsidiary to take all such
actions;

 

(r)                
shall permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent
shall reasonably request (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments
and (B) to visit its properties in connection with the collection, processing or managing of the Portfolio Investments for the
purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person's performance under
this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge of
such matters. The Company agrees to render to the Administrative Agent such clerical and other assistance as may be reasonably
requested with regard to the foregoing; provided that such assistance shall not interfere in any material respect with
the Company's or the Portfolio Manager's business and operations. So long as no Event of Default has occurred and is continuing,
such visits and inspections shall occur only (i) upon five (5) Business Days' prior written notice, (ii) during normal business
hours and (iii) no more than once in any calendar year. During the existence of an Event of Default, there shall be no limit on
the timing or number of such inspections and only one (1) Business Day' prior notice will be required before any inspection;

 

(s)                
shall not use (and shall not permit the Permitted Subsidiary to use) any part of the proceeds of any Advance, whether directly
or indirectly, for any purpose that entails a violation of any of the regulations of the Board of Governors of the Federal Reserve
System of the United States of America, including Regulations T, U and X;

 

(t)                
shall not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that
(A) the Company may make Permitted Distributions subject to the other requirements of this Agreement and (B) the Company may make
Permitted Tax Distributions so long as (i) after giving effect to such Permitted Tax Distribution, the Borrowing Base Test is
satisfied, (ii) the Company gives at least two (2) Business Days prior notice thereof to the Administrative Agent and (iii) if
Permitted Tax Distributions are made after the occurrence and during the continuance of an Event of Default, the aggregate amount
of all Permitted Tax Distributions made in any 90 calendar day period (after giving effect to such Permitted Tax Distribution)
is not greater than $1,500,000;

 

    - 59 -

     

    

 

(u)               
shall not make or hold any Investments, except its equity interest in the Permitted Subsidiary, the Portfolio Investments
or Investments (A) constituting Eligible Investments (measured at the time of acquisition), (B) that have been consented to by
the Administrative Agent, (C) those the Company shall have acquired or received as a distribution in connection with a workout,
bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof
or (D) received in connection with making an Eligible Investment;

 

(v)               
shall not request any Advance, and shall not directly, or to the knowledge of the Company, indirectly, use, and shall procure
that its agents shall not directly, or to the knowledge of the Company, indirectly, use, the proceeds of any Advance (A) 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 any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation
of any Sanctions applicable to any party hereto, and shall not permit the Permitted Subsidiary to take any such action;

 

(w)             
shall not (and shall ensure that the Permitted Subsidiary does not) acquire any Revolving Loan or Delayed Funding Term
Loan if such acquisition would cause the Unfunded Exposure Amount, collateralized or uncollateralized, to exceed 5% of the Collateral
Principal Amount;

 

(x)               
other than pursuant to the Parent Sale Agreement, shall not transfer to any of its Affiliates any Portfolio Investment
purchased from any of its Affiliates (other than sales to Affiliates and Substitutions conducted on terms and conditions consistent
with those of an arm's length transaction and, if applicable, at fair market value);

 

(y)               
shall post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager will have
access or deliver via email to the Administrative Agent, with respect to each obligor in respect of a Portfolio Investment, within
five (5) Business Days of the Portfolio Manager's receipt of such information, without duplication of any other reporting requirements
set forth in this Agreement or any other Loan Document, any management discussion and analysis provided by such obligor and any
financial reporting packages with respect to such obligor and with respect to each Portfolio Investment for such obligor (including
any attached or included information, statements and calculations). The Company shall cause the Portfolio Manager to provide such
other information as the Administrative Agent may reasonably request with respect to any Portfolio Investment or obligor (to the
extent reasonably available to the Portfolio Manager with neither undue burden nor expense);

 

(z)               
shall not elect to be classified as other than a disregarded entity or partnership for U.S. federal income tax purposes,
nor shall the Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation
or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes (including transferring interests
in the Company on or through an established securities market or secondary market (or the substantial equivalent thereof), within
the meaning of Section 7704(b) of the Code (and Treasury regulations thereunder) and shall cause the Permitted Subsidiary to be
classified as a disregarded entity or partnership for U.S. federal income tax purposes;

 

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(aa)            
shall only have partners or owners that are treated as U.S. Persons or that are disregarded entities owned by a U.S. Person
and shall not recognize the transfer of any interest in the Company that constitutes equity for U.S. federal income tax purposes
to a person that is not a U.S. Person;

 

(bb)           
shall from time to time execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably
necessary to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or any portion
of the Collateral, maintain or preserve the security interest (and the priority thereof) of this Agreement or to carry out more
effectively the purposes hereof, perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement,
preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral
and the Collateral Agent against the claims of all persons and parties, pay any and all Taxes levied or assessed upon all or any
part of the Collateral and use its commercially reasonable efforts to minimize Taxes and any other costs arising in connection
with its activities or give, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement
or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest granted pursuant
to this Agreement or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and
security interest, and hereby authorizes the Collateral Agent to file a UCC financing statement listing 'all assets of the debtor'
in the collateral description of such financing statement and shall ensure that the Permitted Subsidiary takes all such actions
with respect to its assets and the Asset Pledge Agreement;

 

(cc)            
shall use all commercially reasonable efforts to elevate all Participation Interests granted under the Parent Sale Agreement
to absolute assignments within the applicable then-current standard settlement timeframes set forth in LSTA guidelines;

 

(dd)           
[Reserved];

 

(ee)            
shall not (and shall not permit the Permitted Subsidiary to) become liable in any way, whether directly or by assignment
or as a guarantor or other surety, for the obligations of a lessee under any lease, hire any employees or make any distributions
(other than in accordance with the Loan Documents);

 

(ff)              
shall not maintain any bank accounts or securities accounts other than the Accounts and the Permitted CAD Accounts and
shall not permit the Permitted Subsidiary to maintain any bank accounts or securities accounts other than the Pledged Accounts;

 

(gg)           
shall not act on behalf of, a country, territory, entity or individual that, at the time of such act, is the subject or
target of Sanctions, and none of the Company, the Portfolio Manager or any of their respective Affiliates, owners, directors or
officers is a natural person or entity with whom dealings are prohibited under Sanctions for a natural person or entity required
to comply with such Sanctions. The Company does not own and will not acquire, and the Portfolio Manager will not cause the Company
to own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership would be or
is prohibited under Sanctions for a natural person or entity required to comply with Sanctions;

 

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(hh)           
shall not permit the Permitted Subsidiary to Purchase any Subsidiary Investment that is not held for the benefit of, or
intended to be transferred to, the Company or the Parent;

 

(ii)              
except as otherwise expressly permitted herein, shall not (and shall not permit the Permitted Subsidiary to) cancel or
terminate any of the underlying instruments in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity),
or consent to or accept any cancellation or termination of any of such agreements unless (in each case) the Administrative Agent
shall have consented thereto in its sole discretion; and

 

(jj)              
shall give notice to the Administrative Agent promptly in writing upon (and in no event later than three (3) Business Days
(or, in the case of clause (ii)(y) and (iv) below, one (1) Business Day) after) the Company or the Portfolio Manager has actual
knowledge of the occurrence of any of the following:

 

(i)                
any Adverse Proceeding;

 

(ii)              
any (x) Default or (y) Event of Default;

 

(iii)            
any adverse claim asserted against any of the Permitted Subsidiary, the Portfolio Investments, the Accounts, any Permitted
CAD Account, the Pledged Accounts or any other Collateral; and

 

(iv)           any
Portfolio Investment becomes an Ineligible Investment.

 

Section
6.03.        Amendments
of Portfolio Investments, Etc. If the Company or the Portfolio Manager receives any written notice or other written communication
concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying
instrument or rights thereunder (each, an "Amendment") with respect to any Portfolio Investment or any related
underlying instrument, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder,
it will give prompt (and in any event, not later than three (3) Business Days') notice thereof to the Administrative Agent. In
any such event, the Company shall exercise all voting and other powers of ownership relating to such Amendment or the exercise
of such rights or remedies as the Portfolio Manager shall deem appropriate under the circumstances. If an Event of Default has
occurred and is continuing or a Market Value Event has occurred, the Company will exercise all voting and other powers of ownership
as the Administrative Agent (acting at the direction of the Required Financing Providers) shall instruct (it being understood
that if the terms of the related underlying instrument expressly prohibit or restrict any such rights given to the Administrative
Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated). In any
such case, following the Company's receipt thereof, the Company shall promptly provide to the Administrative Agent copies of all
executed amendments to underlying instruments, executed waiver or consent forms or other documents executed or delivered in connection
with any Amendment.

 

Article
VII

EVENTS OF DEFAULT

 

If any of the following events ("Events
of Default") shall occur:

 

(a)               
the Company shall fail to pay any amount owing by it in respect of the Secured Obligations (whether for principal, interest,
fees or other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise and, in the case of amounts other than principal and interest, such failure continues for a period
of one (1) Business Day (or, in the case of a default in payment resulting solely from an administrative error or omission by
the Collateral Agent or from a Disruption Event, two (2) Business Days) following the earlier of (x) the Company becoming aware
of such failure or (y) receipt of written notice by the Company of such failure;

 

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(b)               
any representation or warranty made or deemed made by or on behalf of the Company, the Portfolio Manager, the Permitted
Subsidiary (collectively, the "Credit Risk Parties") or the Parent herein or in any Loan Document or any amendment
or modification thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking
information, general economic data, industry information or information relating to third parties) furnished pursuant hereto or
in connection herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any
material respect when made or deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility
Criteria after the date of its purchase shall not constitute a failure) and if such failure is capable of being remedied, such
failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party or the Parent, as
applicable, of written notice of such inaccuracy from the Administrative Agent and (ii) an officer of such Credit Risk Party or
the Parent, as applicable, becoming aware of such inaccuracy (or, if such failure could not reasonably be expected to be cured
within 30 days, such Credit Risk Party or the Parent, as applicable, commences and diligently pursues such cure and such failure
is cured within 45 days);

 

(c)               
(A) the Company (or to the extent it is obligated, the Permitted Subsidiary) shall fail to observe or perform any covenant,
condition or agreement contained in Section 6.02(a)(i) through (vii), (xi) or (xix), (b)(i)
through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v),
(dd), (ee) or (jj) or (B) any Credit Risk Party or the Parent shall fail to observe or perform any other
covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment to satisfy the
Eligibility Criteria after the date of its purchase shall not constitute such a failure) or in any other Loan Document and, in
the case of this clause (B), if such failure is capable of being remedied, such failure shall continue for a period of 30 days
following the earlier of (i) receipt by such Credit Risk Party or the Parent, as applicable, of written notice of such failure
from the Administrative Agent and (ii) an officer of such Credit Risk Party or the Parent, as applicable, becoming aware of such
failure (or, if such failure could not reasonably be expected to be cured within 30 days, such Credit Risk Party or the Parent,
as applicable, commences and diligently pursues such cure and such failure is cured within 45 days);

 

(d)               
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Credit Risk Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for thirty (30) days or an order or decree approving
or ordering any of the foregoing shall be entered;

 

(e)               
any Credit Risk Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for such Credit Risk Party or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

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(f)                
any Credit Risk Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due;

 

(g)               
the passing of a resolution by the equity holders of the Company or the Permitted Subsidiary in respect of the winding
up on a voluntary basis of the Company or the Permitted Subsidiary;

 

(h)               
any final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction
for the payment of money in an aggregate amount in excess of U.S.$1,000,000 (after giving effect to insurance, if any, available
with respect thereto) shall be rendered against the Company or the Permitted Subsidiary, and the same shall remain unsatisfied,
unvacated, unbonded or unstayed for a period of sixty (60) days after the date on which the right to appeal has expired;

 

(i)                
an ERISA Event occurs;

 

(j)                
a Change of Control occurs;

 

(k)               
the Company or the arrangements contemplated by the Loan Documents, shall become required to register as an "investment
company" within the meaning of the Investment Company Act of 1940, as amended;

 

(l)                
the Portfolio Manager resigns as Portfolio Manager under this Agreement;

 

(m)             
(i) failure of the Company to fund the Unfunded Exposure Account or the CAD Unfunded Exposure Account when required in
accordance with Section 2.03(f) other than in the case that any Lender fails to make the Advance required in accordance
with Section 2.03(f) or (ii) failure of the Company to satisfy its obligations in respect of unfunded obligations with
respect to any Delayed Funding Term Loan or Revolving Loan (including the payment of any amount in connection with the sale thereof
to the extent required under this Agreement) other than if the Company provides the Administrative Agent with written notice in
reasonable detail stating that it has elected not to fund any applicable amount due to a good faith contractual dispute with respect
to the related Portfolio Investment or a determination by the Company that an advance is not required under its underlying instruments;
provided that the failure of the Company to undertake any action set forth in this clause (m) is not remedied within two
Business Days; or

 

(n)               
the Net Advances exceed the product of (a) 72.5% and (b) Net Asset Value and the failure of the Company to maintain the
required Net Asset Value set forth in this clause (n) is not remedied within one Business Day after the earlier of (x) receipt
by the Company and the Portfolio Manager of written notice of such failure from the Administrative Agent or (y) the date the Company
or the Portfolio Manager has actual knowledge of the occurrence of such excess;

 

then, and in every such event (other than an event with respect
to the Company described in clause (d) or (e) of this Article), and at any time thereafter in each case during the continuance
of such event, the Administrative Agent may, and at the request of the Required Financing Providers shall, by notice to the Company,
take either or both of the following actions, at the same or different times: (i) terminate the Financing Commitments, and thereupon
the Financing Commitments shall terminate immediately, and (ii) declare all of the Secured Obligations then outstanding to be
due and payable in whole (or in part, in which case any Secured Obligations not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of
any event with respect to the Company described in clause (d) or (e) of this Article, the Financing Commitments shall automatically
terminate and all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations
of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Company.

 

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Article
VIII

ACCOUNTS; COLLATERAL SECURITY

 

Section
8.01.        The
Accounts; Agreement As to Control.

 

(a)               
Establishment and Maintenance of Accounts. The Company hereby appoints Citibank, N.A. as Securities Intermediary
and has directed and the Securities Intermediary hereby acknowledges that it has established (1) an account designated as the
 "Custodial Account", (2) an account designated as the "Collection Account", (3) an account designated
as the "MV Cure Account", (4) an account designated as the "Expense Reserve Account", (5) an
account designated as the "Unfunded Exposure Account", (6) the CAD Collection Account and (7) the CAD Unfunded
Exposure Account (each such account set forth in clauses (1) through (7) above and any successor accounts established in connection
with the resignation or removal of the Securities Intermediary, the "Accounts"), and the account numbers for
the Accounts are set forth on the Transaction Schedule. The Securities Intermediary agrees to maintain each of the Accounts as
a securities intermediary in the name of the Company subject to the lien of the Collateral Agent under this Agreement and (y)
agrees not to change the name or account number of any Account without the prior consent of the Collateral Agent. The Securities
Intermediary hereby certifies that it is a bank or trust company that in the ordinary course of business maintains securities
accounts for others and in that capacity has established the Accounts in the name of the Company.

 

The parties hereto acknowledge and agree
(i)that the Securities Intermediary (acting through its London Branch) will hold the funds held by it in the CAD Collection Account
and the CAD Unfunded Exposure Account (the "Deposit") in a non-interest bearing accounts established by it and
(ii) to the extent that the London Branch of the Securities Intermediary is treated as a Person separate from the New York branch
of the Securities Intermediary in connection with its establishment or maintenance of the CAD Collection Account and the CAD Unfunded
Exposure Account by any court or regulatory authority of competent jurisdiction, that, for all purposes under the this Agreement
and the UCC (as defined below), the London Branch is acting as the subcustodian and bailee of the securities intermediary within
the meaning of the UCC. The Securities Intermediary (acting through its London Branch) shall hold all money forming part of the
Deposit as banker and not as trustee or fiduciary and, as a result, such money will not be held as client money in accordance
with applicable local law.

 

(b)               
Collateral Agent in Control of Securities Accounts. Each of the parties hereto hereby agrees that (1) each Account
shall be deemed to be a "securities account" (within the meaning of Section 8-501(a) of the Uniform Commercial Code
in effect in the State of New York (the "UCC")), (2) all property credited to any Account shall be treated as
a financial asset for purposes of Article 8 of the UCC and (3) except as otherwise expressly provided herein, the Collateral Agent
will be exclusively entitled to exercise the rights that comprise each financial asset credited to each Account. The parties hereto
agree that the Securities Intermediary shall act only on entitlement orders or other instructions with respect to the Accounts
originated by the Collateral Agent and no other person (and without further consent by any other person); and the Collateral Agent,
for the benefit of the Secured Parties, shall have exclusive control and the sole right of withdrawal over each Account. The only
permitted withdrawals from the Accounts shall be in accordance with the provisions of this Agreement. Furthermore, the parties
hereto agree that the Portfolio Manager may, in its sole discretion, but shall not be obligated to, direct the Securities Intermediary
and the Collateral Agent to withdraw from the Expense Reserve Account and pay to the Portfolio Manager an amount equal to any
and all reasonable costs and expenses incurred on behalf of the Company in connection with its management, administration and
collection activities with respect to the Collateral and in compliance with the terms of this Agreement; provided that
such amount shall not exceed U.S.$100,000 during any Calculation Period.

 

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(c)               
Subordination of Lien, Etc. If the Securities Intermediary has or subsequently obtains by agreement, operation of
law or otherwise a security interest in any Account or any security entitlement credited thereto, the Securities Intermediary
hereby agrees that such security interest shall be subordinate to the security interest of the Collateral Agent. The property
credited to any Account will not be subject to deduction, set-off, banker's lien, or any other right in favor of any person other
than the Collateral Agent (except that the Securities Intermediary may set-off (1) all amounts due to the Securities Intermediary
in respect of its customary fees and expenses for the routine maintenance and operation of the Accounts, and (2) the face amount
of any checks which have been credited to any Account but are subsequently returned unpaid because of uncollected or insufficient
funds).

 

(d)               
Property Registered, Indorsed, etc. to Securities Intermediary. All securities or other property represented by
a promissory note or an instrument underlying any financial assets credited to any Account shall be registered in the name of
the Securities Intermediary, indorsed to the Securities Intermediary in blank or credited to another securities account maintained
in the name of the Securities Intermediary, and in no case will any financial asset credited to any Account be registered in the
name of the Company, payable to the order of the Company or specially indorsed to the Company except to the extent the foregoing
have been specially indorsed to the Securities Intermediary or in blank.

 

(e)               
Jurisdiction; Governing Law of Accounts. The establishment and maintenance of each Account and all interests, duties
and obligations related thereto shall be governed by the law of the State of New York and the "securities intermediary's
jurisdiction" (within the meaning of Section 8-110 of the UCC) shall be the State of New York. The parties further agree
that the law applicable to all of the issues in Article 2(1) of The Hague Convention on the Law Applicable to Certain Rights in
Respect of Securities Held with an Intermediary shall be the law of the State of New York. Terms used in this Section 8.01
without definition have the meanings given to them in the UCC.

 

(f)                
No Duties. The parties hereto acknowledge and agree that the Securities Intermediary shall not have any additional
duties under this Agreement other than those expressly set forth in this Section 8.01, and the Securities Intermediary
shall satisfy those duties expressly set forth in this Section 8.01 so long as it acts without gross negligence, fraud,
reckless disregard or willful misconduct. Without limiting the generality of the foregoing, the Securities Intermediary shall
not be subject to any fiduciary or other implied duties, and the Securities Intermediary shall not have any duty to take any discretionary
action or exercise any discretionary powers. The Securities Intermediary shall be subject to all of the rights, protections and
immunities given to the Collateral Agent hereunder, including indemnities.

 

(g)               
Investment of Funds on Deposit in the Expense Reserve Account, Unfunded Exposure Account. All amounts on deposit
in the Expense Reserve Account and the Unfunded Exposure Account shall be invested (and reinvested) at the written direction of
the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in Eligible Investments; provided
that, following the occurrence of an Event of Default or a Market Value Event, all amounts on deposit in the Expense Reserve Account
and the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative
Agent delivered to the Collateral Agent.

 

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(h)               
Unfunded Exposure Account and CAD Unfunded Exposure Account.

 

(i)                
Amounts may be deposited into the Unfunded Exposure Account or the CAD Unfunded Exposure Account from time to time in accordance
with Section 4.05. Amounts shall also be deposited into the Unfunded Exposure Account and/or the CAD Unfunded Exposure
Account as set forth in Section 2.03(f).

 

(ii)              
While an Event of Default is not occurring and a Market Value Event has not occurred and subject to satisfaction of the
Borrowing Base Test and Section 2.03(g) (each after giving effect to such release), the Portfolio Manager may direct, by
means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of
funds on deposit in the Unfunded Exposure Account or the CAD Unfunded Exposure Account (i) for the purpose of funding the Company's
unfunded commitments with respect to Delayed Funding Term Loans and Revolving Loans, for deposit into the Collection Account or
the CAD Collection Account, as applicable, and (ii) so long as no Unfunded Exposure Shortfall (determined in an aggregate basis
and with respect to each Currency individually) exists or would exist after giving effect to the withdrawal. Upon the occurrence
and during the continuance of an Event of Default or the occurrence of a Market Value Event, at the written direction of the Administrative
Agent (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in the Unfunded Exposure
Account and the CAD Unfunded Exposure Account to the Collection Account or the CAD Collection Account, as applicable, to prepay
the outstanding Advances. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary
(with a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any amounts on deposit in the
Unfunded Exposure Account or the CAD Unfunded Exposure Account, as applicable, in excess of outstanding funding obligations of
the Company in the applicable Currency shall be released to the Collection Account or the CAD Collection Account, as applicable,
to prepay the outstanding Advances; provided that no such prepayment would cause the aggregate outstanding principal amount
of the Advances to be below the Minimum Funding Amount.

 

Section
8.02.        Collateral
Security; Pledge; Delivery.

 

(a)               
Grant of Security Interest. As collateral security for the prompt payment in full when due of all the Company's
obligations to the Agents and the Lenders (collectively, the "Secured Parties") under this Agreement (collectively,
the "Secured Obligations"), the Company hereby pledges to the Collateral Agent and grants a continuing security
interest in favor of the Collateral Agent in all of the Company's right, title and interest in, to and under (in each case, whether
now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles, chattel paper,
electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any and all other property
of any type or nature owned by it (all of the property described in this clause (a) being collectively referred to herein as "Collateral"),
including: (1) each Portfolio Investment, (2) all of the Company's interests in the Accounts and all investments, obligations
and other property from time to time credited thereto, (3) the Parent Sale Agreement and all rights related thereto, (4) the Company's
equity interest in the Permitted Subsidiary, all rights relating thereto, and any other interest of the Company in the Permitted
Subsidiary, (5) all other property of the Company and (6) all proceeds thereof, all accessions to and substitutions and replacements
for, any of the foregoing, and all rents, profits and products of any thereof.

 

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(b)               
Delivery and Other Perfection. In furtherance of the collateral arrangements contemplated herein, the Company and
the Permitted Subsidiary shall (1) Deliver to the Collateral Agent the Collateral hereunder as and when acquired by the Company;
(2) if any of the securities, monies or other property pledged by the Company and the Permitted Subsidiary hereunder are received
by the Company or the Permitted Subsidiary, forthwith take such action as is necessary to ensure the Collateral Agent's continuing
perfected security interest in such Collateral (including Delivering such securities, monies or other property to the Collateral
Agent); and (3) upon the reasonable request of the Administrative Agent, deliver to the Administrative Agent, the Financing Providers
and the Collateral Agent, at the expense of the Company, legal opinions from Milbank LLP or other counsel reasonably acceptable
to the Administrative Agent and the Financing Providers, as to the perfection and priority of the Collateral Agent's security
interest in any of the Collateral.

 

"Deliver" (and its correlative
forms) means the taking of the following steps by the Company or the Portfolio Manager:

 

(1)               
except as provided in clauses (3) and (4) below, in the case of Portfolio Investments and Eligible Investments and amounts
on deposit in the Accounts, by (x) causing the Securities Intermediary to indicate by book entry that a financial asset comprised
thereof has been credited to the applicable Account and (y) causing the Securities Intermediary to agree that it will comply with
entitlement orders originated by the Collateral Agent with respect to each such security entitlement without further consent by
the Company;

 

(2)               
in the case of each general intangible, by notifying the obligor thereunder of the security interest of the Collateral
Agent;

 

(3)               
in the case of Portfolio Investments consisting of money or instruments (the "New York Collateral") that
do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to
clause (1) above, by causing (x) the Collateral Agent to obtain possession of such New York Collateral in the State of New York,
or (y) a person other than the Company and a securities intermediary (A)(I) to obtain possession of such New York Collateral in
the State of New York, and (II) to then authenticate a record acknowledging that it holds possession of such New York Collateral
for the benefit of the Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such
New York Collateral for the benefit of the Collateral Agent and (II) to then acquire possession of such New York Collateral in
the State of New York;

 

(4)               
in the case of any account which constitutes a "deposit account" under Article 9 of the UCC, by causing the Securities
Intermediary to continuously identify in its books and records the security interest of the Collateral Agent in such account and,
except as may be expressly provided herein to the contrary, establishing dominion and control over such account in favor of the
Collateral Agent; and

 

(5)               
in all cases, by filing or causing the filing of a financing statement with respect to such Collateral with the Delaware
Secretary of State.

 

(c)               
Remedies, Etc. During the period in which an Event of Default shall have occurred and be continuing, the Collateral
Agent shall (but only if and to the extent directed in writing by the Required Financing Providers, with a copy to the Company)
do any of the following:

 

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(1)               
Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral)
and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public
or private sale, at any of the Collateral Agent's or its designee's offices or elsewhere, for cash, on credit or for future delivery,
and upon such other terms as the Collateral Agent or a designee of the Collateral Agent (acting at the direction of the Required
Financing Providers) may deem commercially reasonable. The Company agrees that, to the extent notice of sale shall be required
by law, at least ten (10) days' prior notice to the Company of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale
of the Collateral regardless of notice of sale having been given. The Collateral Agent or its designee may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.

 

(2)               
Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof.

 

(3)               
Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof,
or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature
of any party with respect thereto.

 

(4)               
Endorse any checks, drafts, or other writings in the Company's name to allow collection of the Collateral.

 

(5)               
Take control of any proceeds of the Collateral.

 

(6)               
Execute (in the name, place and stead of any of the Company) endorsements, assignments, stock powers and other instruments
of conveyance or transfer with respect to all or any of the Collateral.

 

(7)               
Perform such other acts as may be reasonably required to do to protect the Collateral Agent's rights and interest hereunder.

 

(8)               
Without limitation to the foregoing, exercise any available rights and remedies under the Equity Pledge Agreement and the
Asset Pledge Agreement.

 

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(d)               
Compliance with Restrictions. The Company and the Portfolio Manager agree that in any sale of any of the Collateral
whenever an Event of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized
to comply with any limitation or restriction in connection with such sale as it may be advised by counsel in writing is necessary
in order to avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number of prospective
bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective
bidders and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and
not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or
of the purchaser by any governmental regulatory authority or official, and the Company and the Portfolio Manager further agree
that such compliance shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially
reasonable manner, nor shall the Collateral Agent be liable or accountable to the Company or the Portfolio Manager for any discount
allowed by the reason of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction.

 

(e)               
Private Sale. The Collateral Agent shall incur no liability as a result of a sale of the Collateral, or any part
thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. The Company and the Portfolio
Manager hereby waive any claims against each Agent and Financing Provider arising by reason of the fact that the price at which
the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale.

 

(f)                
Collateral Agent Appointed Attorney-in-Fact. The Company hereby appoints the Collateral Agent as the Company's attorney-in-fact
(it being understood that the Collateral Agent shall not be deemed to have assumed any of the obligations of the Company by this
appointment), with full authority in the place and stead of the Company and in the name of the Company, from time to time in the
Collateral Agent's discretion (exercised at the written direction of the Administrative Agent or the Required Financing Providers,
as the case may be), after the occurrence and during the continuation of an Event of Default, to take any action and to execute
any instrument which the Administrative Agent or the Required Financing Providers may deem necessary or advisable to accomplish
the purposes of this Agreement. The Company hereby acknowledges, consents and agrees that the power of attorney granted pursuant
to this clause is irrevocable during the term of this Agreement and is coupled with an interest.

 

(g)               
Further Assurances. The Company covenants and agrees that, from time to time upon the request of the Collateral
Agent (as directed by the Administrative Agent), the Company will execute and deliver such further documents, and do such other
acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in order fully to effect
the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder
or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral; provided
that no such document may alter the rights and protections afforded to the Company or the Portfolio Manager herein.

 

(h)               
Termination. Upon the payment in full of all Secured Obligations and termination of the Financing Commitments, the
security interest granted herein shall automatically (and without further action by any party) terminate and all rights to the
Collateral shall revert to the Company. Upon any such termination, the Collateral Agent will, at the Company's sole expense, deliver
to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind
whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary
hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence
such termination.

 

(i)                
Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of any
Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment
or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or
other disposition of such Loan or other Collateral (or such portion) and without any further action on the part of the Collateral
Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent will, at the Company's sole expense,
deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of
any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities
Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request
to evidence such release.

 

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Article
IX

THE AGENTS

 

Section
9.01.        Appointment
of Administrative Agent and Collateral Agent. Each of the Financing Providers hereby irrevocably appoints each of the Administrative
Agent and the Collateral Agent (each, an "Agent" and collectively, the "Agents") as its agent
and authorize such Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the
terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained herein to the contrary
notwithstanding, each Agent and each Financing Provider hereby agree that no Financing Provider shall have any right individually
to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and remedies hereunder
with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the Secured Parties at the
direction of the Administrative Agent.

 

Each financial institution serving as an
Agent hereunder shall have the same rights and powers in its capacity as a Financing Provider (if applicable) as any other Financing
Provider and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Company as if it were not an Agent hereunder.

 

No Agent or the Collateral Administrator
shall have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing,
(a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing
shall not limit any duty expressly set forth in this Agreement to include such rights and powers expressly contemplated hereby
that such Agent is required to exercise as directed in writing by (i) in the case of the Collateral Agent (A) in respect of the
exercise of remedies under Section 8.02(c), the Required Financing Providers, or (B) in all other cases, the Administrative
Agent or (ii) in the case of any Agent, the Required Financing Providers (or such other number or percentage of the Financing
Providers as shall be necessary under the circumstances as provided herein), and (c) except as expressly set forth herein, no
Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company
that is communicated to or obtained by the financial institution serving in the capacity of such Agent or any of its Affiliates
in any capacity. No Agent shall be liable for any action taken or not taken by it in the absence of its own gross negligence or
willful misconduct or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral
Administrator and the Collateral Agent only) or the Required Financing Providers (or such other number or percentage of the Financing
Providers that shall be permitted herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator
or the Securities Intermediary shall be deemed to have knowledge of any Default, Event of Default, Market Value Event, failure
of the Borrowing Base Test or failure of the Minimum Equity Test unless and until a Responsible Officer has received written notice
thereof from the Company, a Financing Provider or the Administrative Agent. None of the Collateral Agent, the Collateral Administrator,
the Securities Intermediary or the Administrative Agent shall 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 Agreement, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness, genuineness, value
or sufficiency of this Agreement, any other agreement, instrument or document or the Collateral, or (v) the satisfaction of any
condition set forth herein, other than to confirm receipt of items expressly required to be delivered to such Agent. None of the
Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be required to risk
or expend its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not
receive reimbursement therefor hereunder.

 

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Each Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, direction,
opinion, document or other writing reasonably believed by it in good faith to be genuine and to have been signed or sent by the
proper person. Each Agent also may rely upon any statement made to it orally or by telephone and reasonably believed by it in
good faith to be made by the proper person, and shall not incur any liability for relying thereon. Each Agent may consult with
legal counsel (who may be counsel for the Company), independent accountants and other experts, 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 selected by it with
due care.

 

In the event the Collateral Agent or the
Collateral Administrator shall receive conflicting instruction from the Administrative Agent and the Required Financing Providers,
the instruction of the Required Financing Providers shall govern. Neither the Collateral Administrator nor the Collateral Agent
shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced
herein) to which it is not a party. The grant of any permissive right or power to the Collateral Agent hereunder shall not be
construed to impose a duty to act.

 

It is expressly acknowledged and agreed that
neither the Collateral Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor
or determine, compliance with the Eligibility Criteria (Schedule 3) or the Concentration Limitations (Schedule 4) in any instance,
to determine if the conditions of "Deliver" have been satisfied or otherwise to monitor or determine compliance by any
other person with the requirements of this Agreement.

 

Each Agent may perform any and all its duties
and exercise its rights and powers by or through any one or more sub-agents appointed by it. No agent shall be responsible for
any misconduct or negligence on the part of any sub-agent or attorney appointed by such Agent with due care. Each Agent and any
such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the
respective directors, officers, employees, agents and advisors of such person and its Affiliates (the "Related Parties")
for such Agent. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties
of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent, as the case may be.

 

Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary
and the Administrative Agent may resign at any time upon 30 days' notice to each other agent, the Financing Providers, the Portfolio
Manager and the Company. Upon any such resignation, the Required Financing Providers shall have the right (with, so long as no
Event of Default has occurred and is continuing or Market Value Event has occurred, the consent of the Company and the Portfolio
Manager) to appoint a successor. If no successor shall have been so appointed by the Required Financing Providers and shall have
accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral Agent, Securities Intermediary
or Administrative Agent, as applicable, gives notice of its resignation, then the Administrative Agent may, on behalf of the Financing
Providers, appoint a successor which shall be a financial institution with an office in New York, New York, or an Affiliate of
any such financial institution. If no successor shall have been so appointed by the Administrative Agent and shall have accepted
such appointment within sixty (60) days after the retiring agent gives notice of its resignation, such agent may petition a court
of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator,
Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be, hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring agent, and the retiring
agent shall be discharged from its duties and obligations hereunder. After the retiring agent's resignation hereunder, the provisions
of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring 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 it
was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be.

 

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Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the Securities Intermediary
may be removed at any time with 30 days' notice by the Company (with the written consent of the Administrative Agent), with notice
to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Financing Providers and the Portfolio
Manager. Upon any such removal, the Company shall have the right (with the consent of the Administrative Agent) to appoint a successor
to the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any
such person shall have been so appointed by the Company and shall have accepted such appointment within thirty (30) days after
such notice of removal, then the Administrative Agent may appoint a successor which shall be a financial institution with an office
in New York, New York, or an Affiliate of any such financial institution. Upon the acceptance of its appointment as Collateral
Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the removed agent, and the removed agent shall
be discharged from its duties and obligations hereunder. After the removed agent's removal hereunder, the provisions of this Article
and Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed 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 it was acting as Collateral
Administrator, Securities Intermediary or Collateral Agent, as the case may be.

 

Upon the request of the Company or the Administrative
Agent or the successor agent, such retiring or removed agent shall, upon payment of its charges then unpaid, execute and deliver
an instrument transferring to such successor agent all the rights, powers and trusts of the retiring or removed agent, and shall
duly assign, transfer and deliver to such successor agent all property and money held by such retiring or removed agent hereunder.
Upon request of any such successor agent, the Company and the Administrative Agent shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor agent all such rights, powers and trusts.

 

Each Financing Provider acknowledges that
it has, independently and without reliance upon any Agent or any other Financing Provider and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Financing Provider
also acknowledges that it will, independently and without reliance upon any Agent or any other Financing Provider 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 Agreement, any related agreement or any document furnished hereunder or thereunder.

 

Anything in this Agreement notwithstanding,
in no event shall any Agent, the Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect
or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator
or the Securities Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action.

 

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Each Agent and the Collateral Administrator
shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator,
unless it shall be conclusively determined by a court of competent jurisdiction that such Agent or the Collateral Administrator
was grossly negligent in ascertaining the pertinent facts.

 

Each Agent and the Collateral Administrator
shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection
with this Agreement.

 

Each Agent and the Collateral Administrator
shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion,
report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien
granted to it hereunder.

 

No Agent shall be responsible for delays
or failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes,
lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled
to rely conclusively on any instructions provided to them by the Administrative Agent.

 

The rights, protections and immunities given
to the Agents in this Section 9.01, Section 9.02(c) and Section 9.02(h) shall likewise be available and applicable
to the Securities Intermediary and the Collateral Administrator.

 

Section
9.02.        Additional
Provisions Relating to the Collateral Agent, Securities Intermediary and the Collateral Administrator.

 

(a)               
Collateral Agent May Perform. The Collateral Agent shall from time to time take such action (at the written direction
of the Administrative Agent or the Required Financing Providers) for the maintenance, preservation or protection of any of the
Collateral or of its security interest therein, provided that the Collateral Agent shall have no obligation to take any
such action in the absence of such direction and shall have no obligation to comply with any such direction if it reasonably believes
that the same (1) is contrary to Applicable Law or (2) might subject the Collateral Agent to any loss, liability, cost or expense,
unless the Administrative Agent or the Required Financing Providers, as the case may be, issuing such instruction makes provision
satisfactory to the Collateral Agent for payment of same.

 

With respect to actions which are incidental
to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any
such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting
or refraining from acting) upon the written direction of the Administrative Agent; provided that the Collateral Agent shall
not be required to take any action hereunder at the request of the Administrative Agent, the Required Financing Providers or otherwise
if the taking of such action, in the determination of the Collateral Agent, (1) is contrary to Applicable Law or (2) is reasonably
likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required
Financing Providers, as the case may be, issuing such instruction make provision satisfactory to the Collateral Agent for payment
of same. In the event the Collateral Agent requests the consent of the Administrative Agent and the Collateral Agent does not
receive a consent (either positive or negative) from the Administrative Agent within ten (10) Business Days of its receipt of
such request, the Administrative Agent shall be deemed to have declined to consent to the relevant action. Any action to be taken
or not taken and any discretion to be exercised by the Collateral Agent under the Asset Pledge Agreement and the Equity Pledge
Agreement will be done solely at the direction of the Administrative Agent.

 

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If, in performing its duties under this Agreement,
the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent may request written instructions
from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions
within five (5) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain
from taking any such courses of action and shall have no liability in connection therewith except as otherwise provided in this
Agreement. The Collateral Agent shall act in accordance with instructions received after such five (5) Business Day period except
to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

 

(b)               
Reasonable Care. The Collateral Agent is required to exercise reasonable care in the custody and preservation of
any of the Collateral in its possession, provided that the Collateral Agent shall be deemed to have exercised reasonable
care in the custody and preservation of any of the Collateral if it takes such action for that purpose as the Company reasonably
requests at times other than upon the occurrence and during the continuance of any Event of Default, but failure of the Collateral
Agent to comply with any such request at any time shall not in itself be deemed a failure to exercise reasonable care. The Collateral
Agent will not be responsible for filing any financing or continuation statements or recording any documents or instruments in
any public office at any time or times or otherwise perfecting or maintaining the perfection of any liens thereon.

 

(c)               
Collateral Agent Not Liable. Except to the extent arising from the gross negligence, willful misconduct, criminal
conduct, fraud or reckless disregard of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance
with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than
for losses attributable to the Collateral Agent's failure to make payments on investments issued by the Collateral Agent, in its
commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or (2) losses incurred as
a result of the liquidation of any Eligible Investment prior to its stated maturity.

 

(d)               
Certain Rights and Obligations of the Collateral Agent. Without further consent or authorization from any Financing
Providers, the Collateral Agent may execute any documents or instruments necessary to release any lien encumbering any item of
Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted
or required hereunder or to which the Required Financing Providers have otherwise consented. Anything contained herein to the
contrary notwithstanding, in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public
or private sale, any Agent or Financing Provider may be the purchaser of any or all of such Collateral at any such sale and the
Collateral Agent, as agent for and representative of the Financing Providers (but not any Financing Provider in its individual
capacity unless the Required Financing Providers shall otherwise agree), shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and
apply any of the Secured Obligations as a credit on account of the purchase price for any collateral payable by the purchaser
at such sale.

 

(e)               
Collateral Agent, Securities Intermediary and Collateral Administrator Fees and Expenses. The Company agrees to
pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative Agent,
the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Portfolio Manager, may agree in writing.
The Company further agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator, or reimburse
the Collateral Agent, the Securities Intermediary and the Collateral Administrator for paying, reasonable and documented out-of-pocket
expenses, including attorney's fees, in connection with this Agreement, the Equity Pledge Agreement, the Asset Pledge Agreement
and the transactions contemplated hereby or thereby.

 

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(f)                
Execution by the Collateral Agent, the Securities Intermediary and the Collateral Administrator. The Collateral
Agent, the Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral
Agent, Securities Intermediary and Collateral Administrator hereunder and in no event shall have any obligation to make any Advance,
provide any Financing or perform any obligation of the Administrative Agent hereunder. Each of the Lenders, the Administrative
Agent and the Borrower hereby directs the Collateral Agent to execute and deliver the Asset Pledge Agreement and the Equity Pledge
Agreement and directs the Securities Intermediary to execute and deliver the Asset Pledge Agreement.

 

(g)               
Reports by the Collateral Administrator. The Company hereby appoints Virtus Group, LP as Collateral Administrator
and directs the Collateral Administrator to prepare the reports in a form agreed among the Collateral Administrator, Administrative
Agent and the Company. Without limitation to the foregoing, upon the written request (including via email) of the Administrative
Agent, which may be in the form of a standing request, the Collateral Administrator shall provide to the Administrative Agent
a copy of the most recent notice memo, distribution report or similar notice or report received by it in respect of any Portfolio
Investment(s) identified by the Administrative Agent as soon as reasonably practicable after such request is made by the Administrative
Agent (or, if such request is a standing request, as soon as reasonably practicable after such notice or report is received).

 

(h)               
Information Provided to Collateral Agent and Collateral Administrator. Without limiting the generality of any terms
of this Section, neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability
or unwillingness on the part of the Portfolio Manager, the Administrative Agent, the Company or the Required Financing Parties
to provide accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable,
or otherwise on the part of any such party to comply with the terms of this Agreement, and shall have no liability for any inaccuracy
or error in the performance or observance on the Collateral Agent's or Collateral Administrator's, as applicable, part of any
of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by
it, or other failure on the part of any such other party to comply with the terms hereof.

 

Article
X

MISCELLANEOUS

 

Section
10.01.    Non-Petition;
Limited Recourse; Limited Recourse. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator
and the Portfolio Manager hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for
the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case prior to the date that is one
year and one day (or if longer, any applicable preference period plus one day) after the payment in full of all amounts owing
to the parties hereto. The foregoing restrictions are a material inducement for the parties hereto to enter into this Agreement
and are an essential term of this Agreement. The Administrative Agent or the Company may seek and obtain specific performance
of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, winding-up, liquidation
or similar proceedings. The Company shall promptly object to the institution of any bankruptcy, winding-up, liquidation or similar
proceedings against it and take all necessary or advisable steps to cause the dismissal of any such proceeding; provided
that such obligation shall be subject to the availability of funds therefor. Nothing in this Section 10.01 shall limit
the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described
in this Section that was instituted by the Company or against the Company by any Person other than a party hereto.

 

Notwithstanding any other provision of this Agreement, no recourse
under any obligation, covenant or agreement of the Company or the Portfolio Manager contained in this Agreement shall be had against
any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Company, the Portfolio Manager
or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal
or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is
solely a corporate obligation of the Company and (with respect to the express obligations of the Portfolio Manager hereunder)
the Portfolio Manager and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder,
officer, director, member, manager, employee or agent of the Company, the Portfolio Manager or any of their respective Affiliates
(solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the
Company or the Portfolio Manager contained in this Agreement, or implied therefrom, and that any and all personal liability for
breaches by the Company or the Portfolio Manager of any of such obligations, covenants or agreements, either at common law or
at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee
or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

 

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Section
10.02.    Notices.
All notices and other communications in respect hereof (including, without limitation, any modifications hereof, or requests,
waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other
electronic messaging system of .pdf or other similar files) to the other parties hereto at the addresses for notices specified
on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice
to each other party hereto). All such notices and other communications shall be deemed to have been duly given when (a) transmitted
by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications
transmitted by electronic mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid.

 

Section
10.03.    No Waiver.
No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any
right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

Section
10.04.    Expenses;
Indemnity; Damage Waiver; Right of Setoff.

 

(a)               
The Company shall pay (1) all fees and reasonable and documented out of pocket expenses incurred by the Agents, the Collateral
Administrator, the Securities Intermediary and their Related Parties, including the fees, charges and disbursements of outside
counsel for each Agent, the Securities Intermediary and the Collateral Administrator, and such other local counsel as required
for the Agents, the Securities Intermediary and the Collateral Administrator, collectively, in connection with the preparation
and administration of this Agreement, the Equity Pledge Agreement, the Asset Pledge Agreement or any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated)
and (2) all reasonable and documented out-of-pocket expenses incurred by the Agents, the Securities Intermediary, the Collateral
Administrator and the Lenders, including the fees, charges and disbursements of outside counsel for each Agent, the Securities
Intermediary, the Collateral Administrator and such other local counsel as required for all of them, in connection herewith, including
the enforcement or protection of their rights in connection with this Agreement, including their rights under this Section, the
Equity Pledge Agreement or the Asset Pledge Agreement or in connection with the Financings provided by them hereunder, including
all such reasonable and documented out-of pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Financings.

 

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(b)               
The Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the Lenders and each
Related Party of any of the foregoing persons (each such person being called an "Indemnitee"), against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges
and disbursements of outside counsel for each Indemnitee and such other local counsel as required for any Indemnitees, incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (1) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
thereto of their respective obligations (including, without limitation, any breach of any representation or warranty made by the
Company or the Portfolio Manager hereunder (for the avoidance of doubt, after giving effect to any limitation included in any
such representation or warranty relating to materiality or causing a Material Adverse Effect)) or the exercise of the parties
thereto of their respective rights or the consummation of the transactions contemplated hereby, (2) any Financing or the use of
the proceeds therefrom, or (3) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or
is pursuing or defending any such action; provided that such indemnity shall not, as to any Indemnitee, be available to
the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence, fraud, reckless disregard or willful misconduct
of such Indemnitee or (ii) with respect to the Lenders, relate to the performance of the Portfolio Investments. This Section
10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from
any non-Tax claim.

 

(c)               
To the extent permitted by Applicable Law, neither the Company nor any Indemnitee shall assert, and each hereby waives,
any claim against the Company or any Indemnitee, as applicable, 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 Agreement
or any agreement, instrument or transaction contemplated hereby, any Financing or the use of the proceeds thereof.

 

(d)               
If an Event of Default shall have occurred and be continuing, each Financing Provider and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Financing
Provider or Affiliate to or for the credit or the account of the Company against any of and all the obligations of the Company
now or hereafter existing under this Agreement held by such Financing Provider, irrespective of whether or not such Financing
Provider shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Financing
Provider under this clause (d) are in addition to other rights and remedies (including other rights of setoff) which such Financing
Provider may have.

 

The rights of the Collateral Agent and the
Securities Intermediary pursuant to this Section 10.04 are not exclusive of the rights of such Persons pursuant to the
Equity Pledge Agreement, the Asset Pledge Agreement or any other Loan Document and under the laws of any jurisdiction outside
of the United States.

 

    - 78 -

     

    

 

Section
10.05.    Amendments.
No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including, without limitation,
a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Company, the Agents, the Collateral
Administrator, the Securities Intermediary, the Required Financing Providers and the Portfolio Manager; provided, however,
that any amendment to this Agreement that the Administrative Agent determines in its commercially reasonable judgment is necessary
to effectuate the purposes of Section 1.04 hereof following the occurrence and during the continuance of an Event of Default
or following the occurrence of a Market Value Event and which would not result in an increase or decrease in the rights, duties
or liabilities of the Portfolio Manager shall not be required to be executed by the Portfolio Manager; provided, further,
that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in Schedule 3 or Schedule
4 in its sole discretion; provided further , that none of the Collateral Agent, the Collateral Administrator or the Securities
Intermediary shall be required to execute any amendment that affects its rights, duties, protections or immunities.

 

Section
10.06.    Successors;
Assignments.

 

(a)               
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Portfolio Manager, the Administrative Agent and each Financing Provider (and
any attempted assignment or transfer by the Company without such consent shall be null and void) and the Portfolio Manager may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent. Except as expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon
any person any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)               
Subject to the conditions set forth below, any Lender may assign to one or more banks or other financial institutions (or
Affiliates thereof) or, after the occurrence and during the continuance of an Event of Default or after the occurrence of a Market
Value Event, any other person, all or a portion of its rights and obligations under this Agreement (including all or a portion
of its Financing Commitment and the Advances at the time owing to it) with the prior written consent (such consent not to be unreasonably
withheld) of the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment
of any Financing Commitment to an assignee that is a Lender (or any Affiliate thereof) with a Financing Commitment immediately
prior to giving effect to such assignment.

 

Assignments shall be subject to the following
additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender's rights and obligations under this Agreement; (B) the parties to each assignment shall execute and deliver to the Administrative
Agent an assignment and assumption agreement in form and substance acceptable to the Administrative Agent; and (C) unless a Market
Value Event has occurred or an Event of Default has occurred and is continuing, no Lender may assign this Agreement or any of
its rights and obligations under this Agreement to a Person that is primarily engaged in alternative asset management, including,
without limitation, any private equity fund, distressed asset fund or hedge fund, in each case, without the prior written consent
of the Company.

 

Subject to acceptance and recording thereof
below, from and after the effective date specified in each assignment and assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender
under this 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 Agreement (and, in the case of an assignment and assumption covering all
of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender
but shall continue to be entitled to the benefits of Sections 5.03 and 10.04).

 

    - 79 -

     

    

 

The Administrative Agent, acting for this
purpose as an agent of the Company, shall maintain at one of its offices a copy of each assignment and assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the Financing Commitment of, and principal
amount of the Advances 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 the parties hereto 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 Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Company, any Lender and the Portfolio Manager, at
any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed assignment and assumption
executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record
the information contained therein in the Register.

 

(c)               
Any Lender may, without the consent of the Company or the Administrative Agent, sell participations to one or more banks
or other entities (a "Lender Participant") in all or a portion of such Lender's rights and obligations under
this Agreement (including all or a portion of its Financing Commitment and the Advances owing to it); provided that (1)
such Lender's obligations under this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (3) the Company, the Agents and the other Financing Providers
shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this
Agreement. 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 Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Lender Participant, agree to any Material Amendment that affects such Lender Participant. As used herein, "Material Amendment"
means any amendment, modification or supplement to this Agreement that (i) increases the Financing Commitment of any Lender, (ii)
reduces the principal amount of any Advance or reduces the rate of interest thereon, or reduces any fees payable hereunder, (iii)
postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other amounts
payable hereunder, or reduces the amount of, waives or excuses any such payment, or postpones the scheduled date of expiration
of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required
hereby, or (v) changes any of the provisions of this Section or the definition of "Required Financing Providers" or
any other provision hereof specifying the number or percentage of Financing Providers required to waive, amend or modify any rights
hereunder or make any determination or grant any consent hereunder. No Lender Participant shall be a Person that is primarily
engaged in alternative asset management, including, without limitation, any private equity fund, distressed asset fund or hedge
fund, in each case, without the prior written consent of the Company.

 

(d)               
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register
on which it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender
Participant's interest in the Advances or other obligations under this Agreement (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 Lender Participant or any information relating to a Lender Participant's interest in any commitments, 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 United States Treasury Regulations and Section 1.163-5 of the proposed United States Treasury Regulations. 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 Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register. The Company agrees that each Lender
Participant shall be entitled to the benefits of Sections 3.01(e) and 3.03 (subject to the requirements
and limitations therein, including the requirements under Section 3.03(f) (it being understood that the documentation required
under Section 3.03(f) shall be delivered to the Lender that sells the participation)) to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to paragraph (d) of this Section; provided that such Lender
Participant (A) agrees to be subject to the provisions of Section 3.01(f) relating to Lenders as if it were
an assignee under paragraph (b) of this Section 10.06; and (B) shall not be entitled to receive any greater payment under
Sections 3.01(e) and 3.03, with respect to any participation, than the Lender that sells the 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 Lender or the Lender
Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Company's
request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions set forth in Section
3.01(f) with respect to any Lender
Participant.

 

    - 80 -

     

    

 

Section
10.07.    Governing
Law; Submission to Jurisdiction; Etc.

 

(a)               
Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York.

 

(b)               
Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (collectively,
 "Proceedings"), each party hereto irrevocably (i) submits to the non-exclusive jurisdiction of the courts of
the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim
that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such
Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party hereto
from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude
the bringing of Proceedings in any other jurisdiction.

 

(c)               
Waiver of Jury Trial. EACH OF THE PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE FINANCING PROVIDERS
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
10.08.    Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Advance, together
with all fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the
 "Charges"), shall exceed the maximum lawful rate (the "Maximum Rate") which may be contracted
for, charged, taken, received or reserved by the Financing Provider holding such Advance in accordance with Applicable Law, the
rate of interest payable in respect of such Advance hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Advance but were not payable as a result of the operation of this Section 10.08 shall be cumulated and the interest and
Charges payable to such Financing Provider in respect of other Advances or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Financing Provider.

 

    - 81 -

     

    

 

Section
10.09.    PATRIOT Act.
Each Financing Provider and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that pursuant
to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Company, which
information includes the name and address of the Company and other information that will allow such Financing Provider or Agent
to identify the Company in accordance with the PATRIOT Act.

 

Section
10.10.    Counterparts.
This Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which
shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute
one and the same instrument.

 

Section
10.11.    Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

Section
10.12.    Acknowledgement
and Consent to Bail-In of EEAAffected
Financial Institutions.

 

Notwithstanding anything to the contrary in this Agreement
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Lender that is an EEAAffected
Financial Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of an
EEAthe
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

(1) (1)
a reduction in full or in part or cancellation of any such liability;

 

(2) (2)
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAAffected
Financial Institution, its parent entity, 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 Agreement; or

 

(3) (3)
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers
of any EEAapplicable
Resolution Authority.

 

As used herein:

 

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

 

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

 

    - 82 -

     

    

 

"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).

 

"EEA Financial Institution"
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which 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.

 

"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.

 

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

 

"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.

 

"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.

 

[remainder of page intentionally blank]

 

    - 83 -

     

    

 

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

 

	 	WHITEHORSE FINANCE CREDIT I, LLC, as Company
	 
	 	By: WhiteHorse Finance, Inc., its Designated Manager
	 
	 	By	                   
	 	Name:
	 	Title:
	 
	 	WHITEHORSE FINANCE, INC., as Portfolio Manager
	 
	 	By	 
	 	Name:
	 	Title:

 

     

     

    

 

	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative
    Agent
	 
	 	By	                      
	 	Name:
	 	Title:

 

     

     

    

 

	 	CITIBANK, N.A., as Collateral Agent
	 
	 	By	                       
	 	Name:
	 	Title:
	 
	 	CITIBANK, N.A., as Securities Intermediary
	 
	 	By	 
	 	Name:
	 	Title:
	 
	 	VIRTUS GROUP, LP, as Collateral Administrator
	 
	 	By	 
	 	Name:
	 	Title:
	 
	 	The Financing Providers
	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
	 
	 	By	 
	 	Name:
	 	Title:

 

     

     

    

 

SCHEDULE 1

 

Transaction Schedule

 

					 
	1.	Types
                                         of Financing	Available	Financing
                                         Limit
	 	 	 	 
	 	Advances	yes	 	Prior to a Commitment
                                         Increase Date:  U.S.$250,000,000285,000,000;
                                         After a Commitment Increase Date, if any, U.S.$250,000,000285,000,000
                                         plus the principal amount of each increase in the Financing Commitment
                                         set forth in the applicable Commitment Increase Requests up to U.S. $350,000,000 in the
                                         aggregate.
	 	 	 	 	 
	 	 	 	 	Notwithstanding anything
                                         in this Agreement to the contrary, not more than 10% of the Financing Limit may be utilized
                                         in CAD.
	 	 	 	 	 
	2.	Financing Providers	 	Financing
                                         Commitment
	 	 	 	 	 
	 	Lender:	JPMorgan Chase Bank, National Association	 	Prior to a Commitment
                                         Increase Date: U.S.$250,000,000285,000,000;
                                         After a Commitment Increase Date, if any, U.S.$250,000,000285,000,000
                                         plus the principal amount of each increase in the Financing Commitment
                                         set forth in the applicable Commitment Increase Requests up to U.S. $350,000,000 in the
                                         aggregate, in each case, as reduced from time to time pursuant to Section 4.07
	 	 	 	 	 
	 	 	 	 	Notwithstanding
                                         anything in this Agreement to the contrary, not more than 10% of the Financing Commitment
                                         may be utilized in CAD.
	 	 	 	 	 

 

     

     

    

  

	 	 	 
	3.	Scheduled Termination Date:	November 22, 2024
	 	 	 
	4.	Interest Rates	 
	 	 	 
	 	Applicable Margin for Advances in U.S. Dollars:	With respect to interest based on the LIBO Rate, 2.50%
        per annum.

        With respect to interest based on the Base Rate, 2.50%
        per annum.

	 	Applicable Margin for Advances in CAD:	With respect to interest based on the CDOR Rate, 2.55%
        per annum.

        With respect to interest based on the Base Rate, 2.55%
        per annum.

	 	 	 
	5.	Account Numbers	 
	 	 	 
	 	Custodial Account:	********
	 	Collection Account:	********
	 	Expense Reserve Account:	********
	 	MV Cure Account:	********
	 	Unfunded Exposure Account:	********
	 	 	 
	6.	Market Value Trigger:	67.5%
	 	 	 
	7.	Market Value Cure Trigger:	60%
	 	 	 
	8.	Purchases of Restricted Securities	 
	 	 	 
	 	Notwithstanding anything herein to the contrary, no Portfolio
    Investment may constitute, at the time of initial purchase, a Restricted Security.  As used herein, "Restricted
    Security" means any security that forms part of a new issue of publicly issued securities (a) with respect to which
    an Affiliate of any Financing Provider that is a "broker" or a "dealer", within the meaning of the Securities
    Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed
    purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Financing Provider.  
	 	 	 	 	 	 

 

    - 2 -

     

    

 

Addresses for
Notices  

 

	The Company:	 	WhiteHorse Finance Credit I, LLC	 	Attn: Operations
	 	 	1450 Brickell Avenue, 31st Floor	 	Email: operations@higcapital.com
	 	 	Miami, FL 33131	 	 
	 	 	 	 	 
	The Portfolio Manager:	 	WhiteHorse Finance, Inc.	 	Attn: Operations
	 	 	1450 Brickell Avenue, 31st Floor	 	Email: operations@higcapital.com
	 	 	Miami, FL 33131	 	 
	 	 	 	 	 
	The Administrative Agent:	 	JPMorgan Chase Bank, National Association	 	Attention: DE_Custom_Business,
	 	 	c/o JPMorgan Services Inc.	 	attention: Nick Rapak
	 	 	500 Stanton Christiana Rd.,	 	Telephone: (302) 634-4961
	 	 	3rd Floor	 	 
	 	 	Newark, Delaware 19713	 	 
	 	 	 	 	 
	 	 	with a copy to	 	 
	 	 	 	 	 
	 	 	JPMorgan Chase Bank, National Association	 	Attention: Louis Cerrotta
	 	 	383 Madison Ave.	 	Telephone: 212-622-7092
	 	 	New York, New York 10179	 	Email: louis.cerrotta@jpmorgan.com
	 	 	 	 	With a copy to:
	 	 	 	 	de_custom_business@jpmorgan.com
	 	 	 	 	NA_Private_Financing_Diligence@jpmorgan.com
	 	 	 	 	brian.m.larocca@jpmorgan.com
	 	 	 	 	 
	The Collateral Agent:	 	Citibank, N.A.	 	Attention: Agency & Trust
	 	 	388 Greenwich Street	 	WhiteHorse Finance Credit I, LLC
	 	 	New York, NY 10013	 	Telephone: (713) 693-6677
	 	 	 	 	Email: jacqueline.suarez@citi.com
	 	 	 	 	 
	The Securities Intermediary:	 	Citibank, N.A.	 	Attention: Agency & Trust
	 	 	388 Greenwich Street	 	WhiteHorse Finance Credit I, LLC
	 	 	New York, NY 10013	 	Telephone: (713) 693-6677
	 	 	 	 	Email: jacqueline.suarez@citi.com
	 	 	 	 	 
	 	 	Address for delivery of any physical securities:	 	Attention: Mr. Keith Whyte
	 	 	Citibank, N.A.	 	WhiteHorse Finance Credit I, LLC
	 	 	399 Park Avenue	 	Telephone: (212) 559-1207
	 	 	Level “B” — Securities Vault	 	all physical securities must be sent by trackable courier 
	 	 	New York, NY 10022	 	services (e.g. UPS or Federal Express)
	 	 	 	 	 

 

    - 3 -

     

    

 

	The Collateral Administrator:	 	Virtus Group, LP	 	Attention: WhiteHorse Finance Credit I, LLC
	 	 	1301 Fannin St., Suite 1700	 	Telephone: (713) 993-4300
	 	 	Houston, TX	 	Facsimile: (877) 638-9907
	 	 	 	 	Email: WhitehorseFinCredLLC@virtusllc.com
	 	 	 	 	 
	JPMCB:	 	JPMorgan Chase Bank, National Association	 	Attention: Robert Nichols
	 	 	c/o JPMorgan Services Inc.	 	Facsimile: (302) 634-1092
	 	 	500 Stanton Christiana Rd., 3rd Floor	 	 
	 	 	Newark, Delaware 19713	 	 
	 	 	 	 	 
	 	 	with a copy to:	 	 
	 	 	 	 	 
	 	 	JPMorgan Chase Bank, National Association	 	Attention: Eugene O’Neill
	 	 	270 Park Avenue	 	Telephone: 212-834-9295
	 	 	New York, New York 10017	 	 
	 	 	 	 	 
	 	 	 	 	 
	Each other Financing Provider:	 	The address (or facsimile number or electronic mail address) provided by it to the Administrative Agent.	 	 

  

    - 4 -

     

    

 

SCHEDULE 2

 

Contents of Notices of Acquisition

 

Each Notice of Acquisition shall include the following information
for the related Portfolio Investment(s):

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Nick Rapak

Email: de_custom_business@jpmorgan.com

brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Michael Grogan

Email: NA_Private_Financing_Diligence@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Robert Nichols

 

cc:

 

Citibank, N.A., as Collateral Agent

Virtus Group, LP, as Collateral Administrator

 

     

     

    

 

Ladies and Gentlemen:

 

Reference is hereby made to the Fourth
Amended and Restated Loan Agreement, dated as of November 22, 2019 (as amended from time to time, the "Agreement"),
among WhiteHorse Finance Credit I, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association,
as administrative agent (the "Administrative Agent"), WhiteHorse Finance, Inc., as portfolio manager (the "Portfolio
Manager"), the financing providers party thereto and the collateral agent, collateral administrator and securities intermediary
party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms
in the Agreement.

 

Pursuant to the Agreement, the Portfolio
Manager hereby [requests approval for the Company to acquire][notifies the Administrative Agent of the Company's intention to
acquire] via [Purchase][Substitution] the following Portfolio Investment(s):

 

	 	Obligor	 	 	 	Jurisdiction	 	 	 	Currency	 	 	Identifier (LoanX)	 	Requested Notional
    Amount	 	Asset Class	 	Current Pay (Y/N)	 	Syndication Type	 	 	Lien	 	 	Tranche Size	 	 	Price	 	 	 	Spread/Coupon	 	 	Base Rate	 	Reference Rate
    Floor	 	 	Maturity	 	 	Moody's Industry	 	LTM EBITDA (in
    millions)	 	LTM Capital Expenditures
    (in millions)	 	Leverage Through
    Tranche (Net)	 	Financial Covenants
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

To the extent available, we have included
herewith (1) the material underlying instruments (including the collateral and security documents) relating to each such Portfolio
Investment, (2) audited financial statement for the previous most recently ended three years of the obligor of each such Portfolio
Investment, (3) quarterly statements for the previous most recently ended eight fiscal quarters of the obligor of each such Portfolio
Investment, (4) any appraisal or valuation reports conducted by third parties in connection with the proposed investment by the
Company, (5) applicable "proof of existence" details (if requested by the Administrative Agent) and (6) the ratio of
indebtedness to EBITDA as calculated by the Portfolio Manager. The Portfolio Manager acknowledges that it will provide such other
information from time to time reasonably requested by the Administrative Agent.

 

	 	Very truly yours,
	 	 
	 	WHITEHORSE FINANCE, INC., as
    Portfolio Manager
	 	
	 	By	                    
	 	Name:
	 	Title:

 

    - 2 -

     

    

 

SCHEDULE 3

 

Eligibility Criteria

 

	1.	 	Each Portfolio Investment is a Senior Secured
                                         Loan, Second Lien Loan, FLLO Loan or a debt security and is not a Synthetic Security,
                                         a Zero-Coupon Security, a Structured Finance Obligation, a Participation Interest (other
                                         than Initial Portfolio Investments), a Mezzanine Obligation (or, for the avoidance of
                                         doubt, any other unsecured obligation of an obligor) or a Letter of Credit.
	 	 	 
	2.	 	Such Portfolio Investment does not require the making
                                        of any future advance or payment by the Company to the issuer thereof or any related counterparty
                                        except in connection with a Delayed Funding Term Loan or a Revolving Loan.
	 	 	 
	3.	 	Such Portfolio Investment is eligible to be entered into
                                        by, sold or assigned to the Company and pledged to the Collateral Agent.
	 	 	 
	4.	 	Such Portfolio Investment is denominated and payable in
                                        USD or CAD.
	 	 	 
	5.	 	Such Portfolio Investment is issued by a company organized
                                        in an Eligible Jurisdiction and, if such company is not organized in the United States,
                                        such company has submitted to jurisdiction in the United States in the related underlying
                                        instrument and the related underlying instrument is governed by the laws of a State of
                                        the United States.
	 	 	 
	6.	 	Such Portfolio Investment provides for periodic payments
                                        of interest thereon in cash at least semi-annually.
	 	 	 
	7.	 	Such Portfolio Investment is not subject to an event of
                                        default (as defined in the underlying instruments for such Portfolio Investment) in accordance
                                        with its terms (including the terms of its underlying instruments after giving effect
                                        to any grace and/or cure period set forth in the related loan agreement, but not to exceed
                                        five (5) days) and no Indebtedness of the obligor thereon ranking pari passu with
                                        such Portfolio Investment is in default with respect to the payment of principal or interest
                                        for which the lenders for such pari passu Indebtedness have elected to accelerate
                                        such Indebtedness, which such default would trigger a default under the related loan agreement
                                        (after giving effect to any grace and/or cure period set forth in the related loan agreement,
                                        but not to exceed five (5) days) (a "Defaulted Obligation").
	 	 	 
	8.	 	On the Trade Date, the timely repayment of such Portfolio
                                        Investment is not subject to non-credit-related risk as determined by the Portfolio Manager
                                        in its good faith and reasonable judgment.
	 	 	 
	9.	 	Such Portfolio Investment is not an equity security and
                                        does not provide, on the date of acquisition, for conversion or exchange at any time over
                                        its life into an equity security.
	 	 	 
	10.	 	Such Portfolio Investment will not cause the Company or
                                        the pool of Collateral to be required to register as an investment company under the Investment
                                        Company Act of 1940, as amended.
	 	 	 
	11.	 	In the case of a Portfolio Investment that is a Senior
                                        Secured Loan, Second Lien Loan or FLLO Loan, (i) the Administrative Agent is an "Eligible
                                        Assignee" (as such term, or comparable term, is defined in the documents evidencing
                                        such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be
                                        entered into by, sold or assigned to the Administrative Agent and (ii) if the Portfolio
                                        Manager and the administrative agent in respect of such Portfolio Investment are affiliates,
                                        within 30 days following the date of the Purchase of such Portfolio Investment by the
                                        Company (or, if the Amendment Effective Date is later than the date of the Purchase of
                                        such Portfolio Investment, within 30 days following the Amendment Effective Date), the
                                        Company shall have delivered to the Administrative Agent an assignment agreement duly
                                        executed by the administrative agent and/or obligor in respect of such Portfolio Investment,
                                        naming the Administrative Agent as assignee.

 

     

     

    

  

	12.	The Portfolio Investment has been, or substantially
                                         concurrently with the acquisition thereof will be, Delivered to the Collateral Agent

 

The following capitalized terms used in this Schedule 3 shall have
the meanings set forth below:

 

"Eligible Jurisdictions"
means Canada and the United States.

 

"Letter of Credit"
means a facility whereby (i) a fronting bank ("LOC Agent Bank") issues or will issue a letter of credit ("LC")
for or on behalf of a borrower pursuant to an underlying instrument, (ii) if the LC is drawn upon, and the borrower does not reimburse
the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and (iii) the LOC Agent Bank passes
on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant.

 

"Structured Finance Obligation"
means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of,
a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities.

 

"Synthetic Security"
means a security or swap transaction, other than a participation interest or a letter of credit, that has payments associated
with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

"Zero-Coupon Security"
means any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding
or (b) pays interest only at its stated maturity.

 

    - 2 -

     

    

 

SCHEDULE 4

 

Concentration Limitations

 

The "Concentration Limitations" shall be satisfied
on any date of determination if, in the aggregate, the Portfolio Investments owned (or in relation to a proposed purchase of a
Portfolio Investment, proposed to be owned) by the Company comply with all the requirements set forth below:

 

	1.	 	Not more than 5% of the Collateral Principal
                                         Amount may constitute the funded principal amount and Unfunded Exposure Amount, collateralized
                                         or uncollateralized, of Portfolio Investments issued by a single obligor and its Affiliates;
                                         provided that, the funded principal amount and Unfunded Exposure Amount, collateralized
                                         or uncollateralized, of Portfolio Investments that are Senior Secured Loans issued by
                                         three obligors and their Affiliates may constitute up to 7.5% of the Collateral Principal
                                         Amount. Notwithstanding the foregoing, no obligor shall be deemed an Affiliate of any
                                         person solely because they are under the control of the same private equity sponsor or
                                         similar sponsor or because such obligor is owned by a common holding company with an
                                         obligor of another obligation so long as the collateral securing such loans is not common.
	 	 	 
	2.	 	Not less than 85% of the Collateral Principal Amount may
                                        consist of cash, Eligible Investments representing Principal Proceeds and the funded principal
                                        amount of Senior Secured Loans.
	 	 	 
	3.	 	(i) Not more than 15% of the Collateral Principal Amount
                                        may consist of FLLO Loans or Second Lien Loans (as determined by the Administrative Agent
                                        in its sole discretion) and (ii) not more than 10% of the Collateral Principal Amount
                                        may consist of Second Lien Loans.
	 	 	 
	4.	 	Not more than 25% of the Collateral Principal Amount may
                                        consist of the funded principal amount of obligations of obligors with an EBITDA of less
                                        than U.S.$10,000,000 for cash flow loans; provided that not more than 0.0% of the
                                        Collateral Principal Amount may consist of the funded principal amount of obligations
                                        of obligors with an EBITDA of less than U.S.$5,000,000 for cash flow loans.
	 	 	 
	5.	 	Not more than 20% of the Collateral Principal Amount may
                                        consist of the funded principal amount of Portfolio Investments that are issued by obligors
                                        that belong to the same Moody's Industry Classification. As used herein, "Moody's
                                        Industry Classifications" means the industry classifications set forth in Schedule
                                        6 hereto, as such industry classifications shall be updated at the option of the Portfolio
                                        Manager (with the consent of the Administrative Agent) if Moody's publishes revised industry
                                        classifications.
	 	 	 
	6.	 	The Unfunded Exposure Amount, collateralized or uncollateralized,
                                        shall not exceed 5% of the Collateral Principal Amount.
	 	 	 
	7.	 	Not more than 10% of the Collateral Principal Amount may
                                        consist of Portfolio Investments denominated and payable in CAD.
	 	 	 
	8.	 	Not more than 10% of the Collateral Principal Amount may
                                        consist of Portfolio Investments whose primary obligor is located in Canada.

 

     

     

    

 

SCHEDULE 5

 

Initial Portfolio Investments

 

     

     

    

 

SCHEDULE 6

 

	Moody's Industry Classifications
	Industry Code	 	 	Description
	1	 	 	Aerospace & Defense
	2	 	 	Automotive
	3	 	 	Banking, Finance, Insurance & Real Estate
	4	 	 	Beverage, Food & Tobacco
	5	 	 	Capital Equipment
	6	 	 	Chemicals, Plastics & Rubber
	7	 	 	Construction & Building
	8	 	 	Consumer goods:  Durable
	9	 	 	Consumer goods:  Non-durable
	10	 	 	Containers, Packaging & Glass
	11	 	 	Energy:  Electricity
	12	 	 	Energy:  Oil & Gas
	13	 	 	Environmental Industries
	14	 	 	Forest Products & Paper
	15	 	 	Healthcare & Pharmaceuticals
	16	 	 	High Tech Industries
	17	 	 	Hotel, Gaming & Leisure
	18	 	 	Media:  Advertising, Printing & Publishing
	19	 	 	Media:  Broadcasting & Subscription
	20	 	 	Media:  Diversified & Production
	21	 	 	Metals & Mining
	22	 	 	Retail
	23	 	 	Services:  Business
	24	 	 	Services:  Consumer
	25	 	 	Sovereign & Public Finance
	26	 	 	Telecommunications
	27	 	 	Transportation:  Cargo
	28	 	 	Transportation:  Consumer
	29	 	 	Utilities:  Electric
	30	 	 	Utilities:  Oil & Gas
	31	 	 	Utilities:  Water
	32	 	 	Wholesale

 

     

     

    

 

EXHIBIT A

 

Form of Request for Advance

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

DE_Custom_Business

Attention: Nick Rapak

Email: de_custom_business@jpmorgan.com

brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Louis Cerrotta

Email: louis.cerrotta@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Robert Nichols

 

cc:

 

Citibank, N.A., as Collateral Agent

 

Virtus Group, LP, as Collateral Administrator

 

Ladies and Gentlemen:

 

Reference is hereby made to the Fourth Amended
and Restated Loan Agreement, dated as of November 22, 2019 (as amended from time to time, the "Agreement"), among
WhiteHorse Finance Credit I, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association, as
administrative agent (the "Administrative Agent"), WhiteHorse Finance, Inc., as portfolio manager (the "Portfolio
Manager"), the financing providers party thereto and the collateral agent, collateral administrator and securities intermediary
party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms
in the Agreement.

 

Pursuant to the Agreement, you are hereby
notified of the following:

 

(1)               
The Company hereby requests an Advance under Section 2.03 of the Agreement to be funded on [____________].

 

     

     

    

 

(2)               
The aggregate amount of the Advance requested hereby is [USD][CAD][_________].1

 

(3)               
The Currency of the Advance requested hereby is [USD][CAD]

 

(4)               
The proposed purchases (if any) relating to this request are as follows:

 

	Security	Par	Price	Purchased Interest (if any)
	 	 	 	 
	 	 	 	 

 

We hereby certify that all conditions to
the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement have been satisfied or waived as
of the related Trade Date (and shall be satisfied or waived as of the related Settlement Date).

 

	 	Very truly yours,
	 	 
	 	WhiteHorse Finance Credit I,
    LLC
	 	 
	 	By: WhiteHorse Finance, Inc.,
    as Portfolio Manager
	 	 
	 	By  	                     
	 	Name:
	 	Title:

 

 

 

1 Note: The
requested Financing shall be in an amount such that, after giving effect thereto and the related purchase (if any) of the applicable
Portfolio Investment(s), the Borrowing Base Test and the Minimum Equity Test are each satisfied.

 

    - 2 -

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