Document:

EXHIBIT 10.3

	
$15,498,750.84

	
June 14, 2013

 

AMENDED AND RESTATED CLOSING DATE TERM NOTE

 

FOR VALUE RECEIVED, each of the undersigned, Primo Water Corporation, a Delaware corporation, Primo Products, LLC, a North Carolina limited liability company, Primo Direct, LLC, a North Carolina limited liability company, Primo Refill, LLC, a North Carolina limited liability company, and Primo Ice, LLC, a North Carolina limited liability company  (collectively, the “Maker”), hereby, jointly and severally, promises to pay to Comvest Capital II, L.P., a Delaware limited partnership (“Comvest”), or its registered assigns (hereinafter, collectively with Comvest, the “Payee”), the sum of Fifteen Million Four Hundred Ninety Eight Thousand Seven Hundred Fifty and 84/100 ($15,498,750.84) Dollars (the “Principal”), with interest thereon, on the terms and conditions set forth herein and in the Credit and Security Agreement dated as of April 30, 2012 by and among the Maker and Comvest (as the same may be amended, modified, supplemented and/or restated from time to time, the “Credit Agreement”).  Terms defined in the Credit Agreement and not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

Payments of principal of, interest on and any other amounts with respect to this Term Note (this “Note”) are to be made in lawful money of the United States of America.

 

1.    Payments.

 

(a)    Interest.  This Note shall bear interest (“Interest”) on Principal amounts outstanding from time to time from the date hereof at a per annum interest rate equal to twelve and one-half percent (12.5%).

 

(b)     Computation and Payment of Interest.  All Interest shall be computed on the daily unpaid Principal balance of this Note based on a three hundred sixty (360) day year.  Accrued Interest hereunder shall be payable monthly in arrears on or before the fifth day of each calendar month commencing on July 5, 2013.  All Interest shall be paid in cash.

 

(c)    Default Rate.  Following the occurrence and during the continuation of any Event of Default, (i) the outstanding Principal balance of this Note and all other Obligations shall bear Interest at the applicable rate as set forth in clause (a) above plus five percent (5%) per annum (the “Default Rate”) to be paid in cash.

 

(d)    Maturity.  The outstanding balance of this Note shall be due and payable in a single installment on or before April 30, 2016, in an amount equal to the entire outstanding Principal balance of this Note and all accrued and unpaid Interest.

 

2.    Prepayment.

 

(a)    Optional Prepayment of Principal.  Subject to the terms of the Credit Agreement, including, without limitation, Section 2.2(b) of the Credit Agreement, all or any portion of the unpaid Principal balance of this Note, together with all accrued and unpaid Interest on the Principal amount being prepaid, may at the Maker's option be prepaid in whole or in part, at any time or from time to time, upon five (5) Business Days' prior written notice to the Payee.

 

(b)    Mandatory Prepayments of Principal.  The Principal balance of this Note, and all accrued and unpaid Interest hereunder, may be required to be prepaid during the existence of any Event of Default.  In addition, all or a portion of the Principal balance of this Note shall be required to be prepaid as and to the extent provided in Section 2.5 of the Credit Agreement.  Any prepayment made pursuant to this clause (b) shall be subject to the terms of the Credit Agreement, including, without limitation, Section 2.2(b) of the Credit Agreement

 

(c)    Application of Prepayments.  Any and all prepayments hereunder shall be applied in accordance with Section 2.8 of the Credit Agreement.

 

3.    Events of Default.  The existence of an Event of Default shall constitute a default under this Note and shall entitle the Payee to accelerate the entire indebtedness hereunder and take such other action as may be provided for in the Credit Agreement and/or in any and all Other Documents, or as may be provided under the law.

 

4.    Assignment.  This Note shall be binding upon and shall inure to the benefit of the respective successors and permitted assigns of the parties hereto, provided that the Maker may not assign any of its rights or obligations hereunder without the prior written consent of the Payee.

 

5.    Waiver and Amendment.  No waiver of a right in any instance shall constitute a continuing waiver of successive rights, and any one waiver shall govern only the particular matters waived.  Neither any provision of this Note nor any performance hereunder may be amended or waived except pursuant to an agreement in writing signed by the Maker and the Payee.  Except as otherwise expressly provided in this Note, the Maker hereby waives, to the extent not prohibited by applicable law, diligence, demand, presentment for payment, protest, dishonor, nonpayment, default, notice of any and all of the foregoing, and any other notice or action otherwise required to be given or taken under all applicable laws in connection with the delivery, acceptance, performance, default, enforcement or collection of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended, modified or subordinated (by forbearance or otherwise) from time to time, without in any way affecting the liability of the Maker.  The Maker further waives, to the extent not prohibited by applicable law, the benefit of any exemption under the homestead exemption laws, if any, or any other exemption, appraisal or insolvency laws, and consents that the Payee may release or surrender, exchange or substitute any personal property or other collateral security now held or which may hereafter be held as security for the payment of this Note.

 

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

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7.    CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.  THE MAKER HEREBY CONSENTS TO THE JURISDICTION OF ALL COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AS WELL AS TO THE JURISDICTION OF ALL COURTS FROM WHICH AN APPEAL MAY BE TAKEN FROM SUCH COURTS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR WITH RESPECT TO THIS NOTE, ANY OTHER AGREEMENTS, INSTRUMENTS, CERTIFICATES OR OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR THEREWITH, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR ANY OF THE MAKER'S OBLIGATIONS HEREUNDER OR THEREUNDER.  THE MAKER HEREBY WAIVES THE RIGHT TO INTERPOSE ANY COUNTERCLAIMS (OTHER THAN COMPULSORY COUNTERCLAIMS) IN ANY ACTION BROUGHT BY THE PAYEE HEREUNDER OR IN RESPECT OF ANY OTHER DOCUMENT, PROVIDED THAT THIS WAIVER SHALL NOT PRECLUDE THE MAKER FROM PURSUING ANY SUCH CLAIMS BY MEANS OF SEPARATE PROCEEDINGS.  THE MAKER HEREBY EXPRESSLY WAIVES ANY AND ALL OBJECTIONS WHICH IT MAY HAVE AS TO VENUE IN ANY OF SUCH COURTS, AND ALSO WAIVES TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING.  THE MAKER MAY FILE A COPY OF THIS AGREEMENT AS EVIDENCE OF THE FOREGOING WAIVER OF RIGHT TO JURY TRIAL.

 

8.    Usury Savings Clause.  Section 2.7 of the Credit Agreement is hereby incorporated into this Note by this reference.

 

9.    Collection Costs.  In the event that the Payee shall place this Note in the hands of an attorney for collection during the continuance of any Event of Default, the Maker shall further be liable to the Payee for all reasonable out-of-pocket costs and expenses (including reasonable attorneys' fees) which may be incurred by the Payee in enforcing this Note, all of which costs and expenses shall be obligations under and part of this Note; and the Payee may take judgment for all such amounts in addition to all other sums due hereunder.

 

10.      Amendment and Restatement of Term Note.  This Note amends and restates and replaces in its entirety the Term Note dated April 30, 2012 in the maximum principal amount of $15,150,000.00 made by Borrowers payable to Comvest, but shall not constitute a repayment or novation of the indebtedness evidenced thereby.

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IN WITNESS WHEREOF, the Maker has executed this Note on the date first above written.

 

		PRIMO WATER CORPORATION	
	
 

	
 

	
 

	
	
 

	
By:

	 /s/ Mark Castaneda	
	
 

	
Name:

	Mark Castaneda     	
	
 

	
Title:

	Chief Financial Officer	
	
 

	
 

	
 

	
	
 

	
PRIMO PRODUCTS, LLC

	
	
 

	
 

	
 

	
	
 

	
By:

	/s/ Mark Castaneda	
	
 

	
Name:

	Mark Castaneda      	
	
 

	
Title:

	Chief Financial Officer	
	
 

	
 

	
 

	
	
 

	PRIMO DIRECT, LLC	
	
 

	
 

	
 

	
	
 

	
By:

	 /s/ Mark Castaneda	
	
 

	
Name:

	Mark Castaneda 	
	
 

	
Title:

	Chief Financial Officer	
	
 

	
 

	
 

	
	
 

	
PRIMO REFILL, LLC

	
	
 

	
 

	
 

	
	
 

	
By:

	/s/ Mark Castaneda	
	
 

	
Name:

	Mark Castaneda  	
	
 

	
Title:

	Chief Financial Officer	
	
 

	
 

	
 

	
	
 

	PRIMO ICE, LLC	
	
 

	
 

	
 

	
	
 

	
By:

	/s/ Mark Castaneda	
	
 

	
Name:

	Mark Castaneda	
	
 

	
Title:

	Chief Financial OfficerExhibit 10.1

 

EXECUTION VERSION

 

KCAP SENIOR
FUNDING I, LLC

NOTES

 

U.S.$77,250,000
Class A-1 Senior Secured Floating Rate Notes due 2024

U.S.$9,000,000
CLASS B-1 SENIOR SECURED FLOATING RATE NOTES DUE 2024

U.S.$10,000,000
Class C-1 Secured Deferrable Floating Rate Notes due 2024

U.S.$9,000,000
Class D-1 Secured Deferrable Floating Rate Notes due 2024

 

PURCHASE
AGREEMENT

 

as of June 16, 2013

 

Guggenheim Securities, LLC,

as the Initial Purchaser (the “Initial Purchaser”)

330 Madison Avenue

New York, NY 10017

Attention: Paul M. Friedman

 

Ladies and Gentlemen:

 

Section 1.          Authorization
of Notes.

 

KCAP Financial, Inc.
(the “Company”), as designated manager of KCAP Senior Funding I Holdings, LLC (the “Depositor”)
and the Issuer, has duly authorized the sale of the KCAP SENIOR FUNDING I, LLC Notes, consisting of the Class A-1 Notes, the Class
B-1 Notes, the Class C-1 Notes and the Class D-1 Notes (collectively, the “Offered Notes”) and the Subordinated
Notes (the “Subordinated Notes” and, together with the Offered Notes, the “Notes”) of KCAP
SENIOR FUNDING I, LLC, a Delaware limited liability company (the “Issuer”). The Offered Notes will be issued
in an aggregate principal amount of $105,250,000 and the Subordinated Notes will be issued in an aggregate principal amount of
$34,750,000. The Offered Notes will be secured by the assets of the Issuer. The Depositor will be the sole equity member of the
Issuer. The Notes will be issued pursuant to an Indenture, to be dated as of June 18, 2013 (the “Indenture”),
between the Issuer and U.S. Bank National Association, as the Trustee (the “Trustee”). The primary assets of
the Issuer will be a pool of bank loans, or participation interests therein (collectively, the “Collateral Obligations”).
On the Closing Date, the Company will sell and/or contribute to the Depositor all of its right, title and interest of the Company
in and to the initial Collateral Obligations and the Depositor will transfer and assign to the Issuer all of its right, title and
interest of the Depositor in and to the initial Collateral Obligations pursuant to a Master Loan Sale Agreement, to be dated as
of June 18, 2013 (the “Master Loan Sale Agreement”), between the Company, the Depositor and the Issuer. Pursuant
to the Indenture, as security for the indebtedness represented by the Offered Notes, the Issuer will pledge and grant to the Trustee
a security interest in the Collateral Obligations, and its rights under the Master Loan Sale Agreement. The Collateral Obligations
will be managed by KCAP Financial, Inc., in its capacity as collateral manager (the “Collateral Manager”) pursuant
to a Collateral Management Agreement, to be dated as of June 18, 2013 (the “Collateral Management Agreement”),
between the Issuer and the Collateral Manager. The Issuer has retained U.S. Bank National Association (in such capacity, the “Collateral
Administrator”), to perform certain administrative duties with respect to the Collateral Obligations pursuant to a Collateral
Administration Agreement, to be dated as of June 18, 2013 (the “Collateral Administration Agreement”), between
the Issuer, the Collateral Manager and the Collateral Administrator. This Purchase Agreement (the “Agreement”),
the Master Loan Sale Agreement, the Indenture, the Collateral Management Agreement and the Collateral Administration Agreement
are referred to collectively herein as the “Transaction Documents.”

 

    	 

    	 

    

 

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

 

The Offered Notes are
to be offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”),
(i) to “qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A under
the Securities Act (“QIBs”), (ii) in offshore transactions in reliance on Regulation S under the Securities
Act (“Regulation S”), and (iii) to institutional “accredited investors” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) (“Institutional Accredited Investors”) who, in each case, are “qualified
purchasers” (“Qualified Purchasers”) for purposes of Section 3(c)(7) under the Investment Company Act
of 1940, as amended (the “1940 Act”).

 

In connection with
the sale of the Offered Notes, the Company has prepared a preliminary offering circular dated April 3, 2013 (including any exhibits
thereto and all information incorporated therein by reference, the “Preliminary Offering Circular”), a second
preliminary offering circular dated May 3, 2013 (including any exhibits thereto and all information incorporated therein by reference,
the “Second Preliminary Offering Circular”), and a final offering circular dated June 16, 2013 (including any
exhibits, amendments or supplements thereto and all information incorporated therein by reference, the “Final Offering
Circular”, and each of the Preliminary Offering Circular, the Second Preliminary Offering Circular and the Final Offering
Circular, collectively the “Offering Circular”) including a description of the terms of the Offered Notes, the
terms of the offering, and the Issuer. It is understood and agreed that the close of business on June 16, 2013 constitutes the
time of the contract of sale for each purchaser of the Offered Notes offered to the investors for purposes of Rule 159 under the
Securities Act (the “Time of Sale”) and that (i) the Second Preliminary Offering Circular and (ii) the information
set forth on Schedule II hereto constitute the entirety of the information conveyed to investors as of the Time of Sale
(the “Time of Sale Information”).

 

It is understood and
agreed that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements, underwriting
agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and
nothing contained herein shall be construed in any way as precluding or restricting the Initial Purchaser’s right to sell
or offer for sale any securities issued by any person, including securities similar to, or competing with, the Notes.

 

During each Interest
Accrual Period, the Class A-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 1.50%
per annum, the Class B-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.25%
per annum, the Class C-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 4.25%
per annum, and the Class D-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus
5.25% per annum.

 

    	2

    	 

    

 

Each of the Company,
the Depositor and the Issuer, as applicable, hereby agrees with the Initial Purchaser as follows:

 

Section 2.          Purchase
and Sale of Offered Notes.

 

Subject to the terms
and conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to the Initial
Purchaser the Offered Notes (other than any Class B-1 Note that is a Certificated Secured Note sold directly by the Issuer on the
Closing Date), and the Initial Purchaser has agreed to use its commercially reasonable efforts to place the aggregate principal
amount of Offered Notes set forth on Schedule I hereto with investors in accordance with the terms hereof. If purchased,
the Offered Notes will be purchased at a price of 100%. It is understood and agreed that the structuring and placement fee payable
by the Issuer to the Initial Purchaser on the Closing Date with respect to the Offered Notes is $2,864,375. Such fees payable by
the Issuer may be netted by the Initial Purchaser against its purchase price payment for the Offered Notes. It is understood and
agreed that the Initial Purchaser is not acquiring, and has no obligation to acquire, the Subordinated Notes (which Subordinated
Notes will be acquired by the Depositor on the Closing Date pursuant to the Master Loan Sale Agreement). It is further understood
and agreed that the Initial Purchaser may retain all or any portion of the Offered Notes, purchase the Offered Notes for its own
account, or sell the Offered Notes to its affiliates or to any other investor in accordance with the applicable provisions hereof
and of the Indenture.

 

(a)          In
addition, whether or not the transaction contemplated hereby shall be consummated, the Company agrees to pay (or cause to be paid
by the Issuer) all costs and expenses incident to the performance by the Company of its obligations hereunder and under the documents
to be executed and delivered in connection with the offering, issuance, sale and delivery of the Offered Notes (the “Documents”),
including, without limitation or duplication: (i) the fees and disbursements of counsel to the Company; (ii) the fees and expenses
of the Trustee and the Collateral Administrator incurred in connection with the issuance of the Offered Notes and their or its
counsel, as applicable; (iii) the fees and expenses of any bank establishing and maintaining accounts on behalf of the Issuer or
in connection with the transaction; (iv) the fees and expenses of the accountants for the Company, including the fees for the “comfort
letters” or “agreed—upon procedures letters” required by the Initial Purchaser, any rating agency or any
purchaser in connection with the offering, sale, issuance and delivery of the Offered Notes; (v) all expenses incurred in connection
with the preparation and distribution of each Offering Circular and other disclosure materials prepared and distributed and all
expenses incurred in connection with the preparation and distribution of the Transaction Documents; (vi) the fees charged by any
securities rating agency for rating the Offered Notes; (vii) the fees for any securities identification service for any CUSIP or
similar identification number required by the purchasers or requested by the Initial Purchaser; (viii) the reasonable fees and
disbursements of counsel to the Initial Purchaser; (ix) all expenses in connection with the qualification of the Offered Notes
for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel and, if requested
by the Initial Purchaser, the cost of the preparation and reproduction of any “blue sky” or legal investment memoranda;
(x) any federal, state or local taxes, registration or filing fees (including Uniform Commercial Code financing statements) or
other similar payments to any federal, state or local governmental authority in connection with the offering, sale, issuance and
delivery of the Offered Notes; and (xi) the reasonable fees and expenses of any special counsel or other experts required to be
retained by the Company, the Depositor or the Issuer to provide advice, opinions or assistance in connection with the offering,
issuance, sale and delivery of the Offered Notes.

 

    	3

    	 

    

 

 

Section 3.          Delivery.

 

Delivery of the Offered
Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Offered
Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser for purposes
of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined herein), shall be delivered in fully registered,
certificated form in an amount not less than the applicable minimum denomination set forth in the Final Offering Circular at the
offices of Dechert LLP at 10:00 a.m. New York City, New York time, on June 18, 2013, or such other place, time or date as may be
mutually agreed upon by the Initial Purchaser and the Company (the “Closing Date”). Subject to the foregoing,
the Offered Notes will be registered in such names and such denominations as the Initial Purchaser shall specify in writing to
the Company and the Trustee. The Subordinated Notes shall be delivered to the Depositor on the Closing Date in fully registered,
certificated form in the permitted denominations and the required proportions set forth in the Final Offering Circular.

 

Section 4.          Representations
and Warranties of the Company.

 

The Company represents
and warrants to the Initial Purchaser, as of the date hereof and as of the Closing Date, (a) with respect to the Company, in its
individual capacity, (b) with respect to the Depositor, in its capacity as designated manager on behalf of the Depositor, and and
(c) with respect to the Issuer, in its capacity as designated manager on behalf of the Issuer, that:

 

(i)          Each
Offering Circular, the “Referenced Information” (as defined in the Final Offering Circular) and any additional information
and documents concerning the Offered Notes, including but not limited to one or more marketing books or preliminary offering circulars,
delivered by or on behalf of the Company to prospective purchasers of the Offered Notes (collectively, such additional information
and documents, the “Additional Offering Documents”), did not, each as of their respective dates or date on which
such statement was made and, with respect to the Final Offering Circular, as of the Closing Date, include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements in each, in light of the circumstances
under which they were made, not misleading; provided that the Company makes no representation or warranty as to the information
contained in or omitted from any Offering Circular or the Additional Offering Documents in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of the Initial Purchaser referenced in the last sentence of Section
8(a) herein.

 

    	4

    	 

    

 

 

(ii)         The
Time of Sale Information, as of the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided that the Company makes no representation or warranty as to the information contained in or omitted from the Time
of Sale Information in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of
the Initial Purchaser referenced in the last sentence of Section 8(a) herein.

 

(iii)        The
Company is a Delaware corporation, duly organized and validly existing under the laws of the State of Delaware, has all corporate
power and authority necessary to own or hold its properties and conduct its business in which it is engaged as described in each
Offering Circular and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified
in each jurisdiction in which the conduct of its business (including, without limitation, the origination and acquisition of Collateral
Obligations and performing its obligations hereunder and under the other Transaction Documents) requires such licensing or qualification
except where the failure to be so licensed or qualified would not, individually or in the aggregate, have a material adverse effect
on the business, properties, assets, or condition (financial or otherwise) of the Company (a “Material Adverse Effect”).

 

(iv)        This
Agreement has been duly authorized, executed and delivered by the Company, the Depositor and the Issuer and, assuming due authorization,
execution and delivery thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Company,
the Depositor and the Issuer enforceable against the Company, the Depositor and the Issuer in accordance with its terms, subject,
as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or
in equity.

 

(v)         Each
of the other Transaction Documents has been duly authorized, executed and delivered by the Company, the Depositor and the Issuer,
as applicable, and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes the valid
and binding agreement of the Company, the Depositor and the Issuer, as applicable, enforceable against the Company, the Depositor
and the Issuer, as applicable, in accordance with their respective terms, subject, as to enforcement only, to the effect of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the
application of equitable principles in any proceeding, whether at law or in equity.

 

(vi)        The
Offered Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to
and paid for by the Initial Purchaser in accordance with this Agreement, the Offered Notes will constitute valid and binding obligations
of the Issuer, enforceable against the Issuer in accordance with their terms, subject, as to enforcement only, to the effect of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally
or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits
of the Indenture.

 

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(vii)       Other
than as set forth in or contemplated by each Offering Circular, there are no legal or governmental proceedings pending to which
the Company, the Depositor or the Issuer is a party or of which any property or assets of the Company, the Depositor or the Issuer
are the subject of which could reasonably be expected to materially adversely affect the financial position, stockholders’
equity or results of operations of the Company, the Depositor or the Issuer or on the performance by the Company, the Depositor
or the Issuer of its obligations hereunder or under the other Transaction Documents; and to the knowledge of the Company, no such
proceedings have been threatened or contemplated by governmental authorities or threatened by others.

 

(viii)      The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation
by the Company, the Depositor and the Issuer of the transactions contemplated herein and therein and in all documents relating
to the Notes will not result in any breach or violation of, or constitute a default under, or require any consent under any agreement
or instrument to which the Company, the Depositor or the Issuer is a party or to which any of its properties or assets are subject,
except for such of the foregoing as to which relevant waivers, consents or amendments have been obtained and are in full force
and effect, nor will any such action result in a violation of the organizational documents of the Company, the Depositor or the
Issuer or any applicable law, except, in the case of the Company, for such breaches, violations or defaults that would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(ix)         Neither
the Issuer, the Depositor nor the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by
the Transaction Documents will be, required to be registered as an “investment company” under the 1940 Act.

 

(x)          Assuming
the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection with the offer, sale
and delivery of the Offered Notes in the manner contemplated by this Agreement and each Offering Circular to register the Offered
Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

 

(xi)         The
Offered Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. As of the Closing Date, the Offered
Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered
under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (ii) quoted in any
“automated inter-dealer quotation system” (as such term is used in the Exchange Act) in the United States.

 

(xii)        At
the time of execution and delivery of the Master Loan Sale Agreement, the Originator owned the Collateral Obligations to be conveyed
by it to the Depositor on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests (“Liens”)
other than Liens permitted by the Transaction Documents, and the Originator had the power and authority to transfer such Collateral
Obligations to the Depositor.

 

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(xiii)       At
the time of execution and delivery of the Master Loan Sale Agreement and after giving effect to the transfer from the Originator
described in clause (xii) above, the Depositor owned the Collateral Obligations conveyed to it on the Closing Date free and clear
of all Liens other than Liens permitted by the Transaction Documents, and the Depositor had the power and authority to transfer
such Collateral Obligations to the Issuer.

 

(xiv)      Upon
the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Offered Notes (other than any
Class B-1 Note that is a Certificated Secured Note sold directly by the Issuer on the Closing Date), delivery to the Initial Purchaser
of the Offered Notes (other than any Class B-1 Note that is a Certificated Secured Note sold directly by the Issuer on the Closing
Date), delivery to the applicable investor in the case of the Class B-1 Notes delivered as Certificated Secured Notes on the Closing
Date and delivery to the Depositor of the Subordinated Notes, the Issuer will own the Collateral Obligations conveyed to it on
the Closing Date and the Initial Purchaser will acquire title to the Offered Notes (other than any Class B-1 Note that is a Certificated
Secured Note sold directly by the Issuer on the Closing Date), in each case free of Liens except such Liens as may be created or
granted by the Initial Purchaser and those permitted in the Transaction Documents.

 

(xv)       No
consent, authorization or order of, or filing or registration with, any court or governmental agency is required for the issuance
and sale of the Offered Notes or the execution, delivery and performance by the Company, the Depositor or the Issuer, as applicable,
of this Agreement or the other Transaction Documents to which it is a party, except such consents, approvals, authorizations, filings,
registrations or qualifications as have been obtained or as may be required under the Securities Act or state securities or blue
sky laws or the rules and regulations of the Financial Industry Regulatory Authority in connection with the sale and delivery of
the Offered Notes in the manner contemplated herein.

 

(xvi)      The
Collateral Obligations in all material respects have the characteristics described in the Time of Sale Information and the Final
Offering Circular.

 

(xvii)     Each
of the representations and warranties of the Company, the Depositor and the Issuer set forth in each of the other Transaction Documents
is true and correct in all material respects.

 

(xviii)    No
adverse selection procedures were used in selecting the Collateral Obligations from among the loans that meet the representations
and warranties of the Company contained in the Master Loan Sale Agreement and that are included in the Assets.

 

    	7

    	 

    

 

(xix)       Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”))
of the Issuer nor anyone acting on their behalf has, directly or indirectly (except to or through the Initial Purchaser), sold
or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of,
any of the Offered Notes and neither the Issuer nor any of its affiliates will do any of the foregoing. As used herein, the terms
“offer” and “sale” have the meanings specified in Section 2(3) of the Securities Act.

 

(xx)        Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer 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)
which is or will be integrated with the sale of the Offered Notes in a manner that would require the registration under the Securities
Act of the offering contemplated by each Offering Circular or engaged in any form of general solicitation or general advertising
in connection with the offering of the Offered Notes.

 

(xxi)       With
respect to any Offered Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has not offered or sold
such Offered Notes during the Distribution Compliance Period to a U.S. person or for the account or benefit of a U.S. person (other
than the Initial Purchaser). For this purpose, the term “Distribution Compliance Period” and “U.S. person”
are defined as such term is defined in Regulation S.

 

(xxii)      Since
the date of the latest un-audited financial statements of the Company as of March 30, 2013, there has been no change nor any development
or event involving a prospective change which has had or could reasonably be expected to have a material adverse change in or effect
on (i) the business, operations, properties, assets, liabilities, stockholders’ equity, earnings, condition (financial or
otherwise), results of operations or management of the Company and its subsidiaries, considered as one enterprise, whether or not
in the ordinary course of business, or (ii) the ability of the Company to perform its obligations hereunder or under the other
Transaction Documents.

 

(xxiii)     The
Notes and the Transaction Documents conform in all material respects to the descriptions thereof in the Final Offering Circular.

 

(xxiv)    Any
taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and the other Transaction
Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date.

 

(xxv)     No
proceeds received by the Company, the Depositor or the Issuer in respect of the Notes will be used by the Company, the Depositor
or the Issuer to acquire any security in any transaction which is subject to Section 13 or 14 of the Exchange Act.

 

(xxvi)    (i)
To the extent applicable thereto, each of the Company, the Issuer and their respective ERISA Affiliates is in compliance in all
material respects with ERISA unless any failure to so comply could not reasonably be expected to have a material adverse effect
and (ii) no lien under Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph,
the term “ERISA Affiliate” means, with respect to any Person, a corporation, trade or business that is, along
with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA).

 

    	8

    	 

    

 

(xxvii)   
The Company has not paid or agreed to pay to any Person any compensation for soliciting another Person to purchase any of the Offered
Notes (except as contemplated by this Agreement).

 

(xxviii)    The
Company has not taken, directly nor indirectly, any action designed to cause or to result in, or that has constituted or which
might reasonably be expected to constitute, the stabilization or manipulation of the price of any Offered Note or to facilitate
the sale or resale of the Offered Notes.

 

(xxix)      On
and immediately after the Closing Date, each of the Company, the Depositor and the Issuer (after giving effect to the issuance
of the Notes and to the other transactions related thereto as described in the Time of Sale Information and the Final Offering
Circular) will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular
date such Person, that on such date (A) the present fair market value (or present fair saleable value) of the assets of such Person
is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities
(including contingent liabilities) as they become absolute and matured, (B) such Person is able to realize upon its assets and
pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course
of business, (C) assuming the sale of the Offered Notes as contemplated by this Agreement, Time of Sale Information and the Final
Offering Circular, such Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature
and (D) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for
which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the
industry in which such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended that
such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability.

 

Section 5.          Sale
of Offered Notes to the Initial Purchaser.

 

The sale of the Offered
Notes to the Initial Purchaser will be made without registration of the Offered Notes under the Securities Act, in reliance upon
the exemption therefrom provided by Section 4(2) of the Securities Act.

 

    	9

    	 

    

 

 

(a)          The
Company, the Initial Purchaser, the Issuer and the Depositor hereby agree that the Offered Notes will be offered and sold only
in transactions exempt from registration under the Securities Act. The Company, the Initial Purchaser, the Issuer and the Depositor
will each reasonably believe at the time of any sale of the Offered Notes by the Issuer through the Initial Purchaser (i) that
either (A) each purchaser of the Offered Notes is (1) a QIB who is a Qualified Purchaser purchasing for its own account (or for
the accounts of QIBs who are Qualified Purchasers to whom notice has been given that the resale, pledge or other transfer is being
made in reliance on Rule 144A) in transactions meeting the requirements of Rule 144A, or (2) an Institutional Accredited Investor
who is a Qualified Purchaser who purchases for its own account and provides the Initial Purchaser with a written certification
in substantially the form attached to the Indenture, or (B) each purchaser is acquiring the Offered Notes in an offshore transaction
meeting the requirements of Regulation S and is a Qualified Purchaser, and (ii) that the offering of the Offered Notes will be
made in a manner that will enable the offer and sale of the Offered Notes to be exempt from registration under state securities
or Blue Sky laws; and each such party understands that no action has been taken to permit a public offering in any jurisdiction
where action would be required for such purpose. The Company, the Initial Purchaser, the Issuer and the Depositor each further
agree not to (i) engage (and represents that it has not engaged) in any activity that would constitute a public offering of the
Offered Notes within the meaning of Section 4(2) of the Securities Act or (ii) offer or sell the Offered Notes by (and represents
that it has not engaged in) any form of general solicitation or general advertising (as those terms are used in Regulation D),
including the methods described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Offered Notes.

 

(b)          The
Initial Purchaser hereby represents and warrants to and agrees with the Company, that (i) it is a QIB and a Qualified Purchaser
and (ii) it will offer the Offered Notes only (A) to persons who it reasonably believes are QIBs who are Qualified Purchasers in
transactions meeting the requirements of Rule 144A, (B) to institutional investors who it reasonably believes are Institutional
Accredited Investors who are Qualified Purchasers or (C) to persons it reasonably believes are Qualified Purchasers in offshore
transactions in accordance with Regulation S. The Initial Purchaser further agrees that (i) it will deliver to each purchaser of
the Offered Notes, at or prior to the Time of Sale, a copy of the Time of Sale Information, as then amended or supplemented, and
(ii) prior to any sale of the Offered Notes (other than any Class B-1 Note that is a Certificated Secured Note sold directly by
the Issuer on the Closing Date) to an Institutional Accredited Investor that it does not reasonably believe is a QIB who is a Qualified
Purchaser, it will receive from such Institutional Accredited Investor a written certification in substantially the applicable
form attached to the Indenture.

 

(c)          The
Initial Purchaser hereby represents that it is duly authorized and possesses the requisite limited liability company power to enter
into this Agreement.

 

(d)          The
Initial Purchaser hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the Initial
Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency,
or official which could reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform its
obligations under this Agreement.

 

(e)          The
Initial Purchaser hereby represents and agrees that all offers and sales of the Offered Notes by it to non-United States persons,
prior to the expiration of the Distribution Compliance Period, will be made only in accordance with the provisions of Rule 903
or Rule 904 of Regulation S and only upon receipt of certification of beneficial ownership of the securities by a non-U.S. person
in the form provided in the Indenture. For this purpose, the term “Distribution Compliance Period” and “U.S.
person” are defined as such terms are defined in Regulation S.

 

    	10

    	 

    

 

 

(f)          The
Initial Purchaser hereby represents that it (i) has not offered or sold, and it will not offer or sell, any Offered Notes to any
Person in the United Kingdom except to (A) investment professionals as defined in Article 19 of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the “Order”) and investment personnel of the foregoing, (B) persons
who fall within any of the categories of persons described in Articles 49(2)(A) to 49(2)(E) of the Order (high net worth companies,
unincorporated associations, etc.) and investment personnel of the foregoing and (C) any person to whom it may otherwise lawfully
be made, or otherwise in circumstances that have not resulted and will not result in an offer to the public in the United Kingdom
within the meaning of Section 102B of the Financial Services and Markets Act 2000 (the “FSMA”); (ii) has complied
and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Offered Notes
in, from or otherwise involving the United Kingdom; and (iii) has only communicated or caused to be communicated and will only
communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section
21 of the FSMA) received by it in connection with the issue or sale of any Offered Notes in circumstances in which Section 21(1)
of the FSMA does not apply to the Issuer, or to persons to whom such communication may otherwise lawfully be made.

 

(g)          In
relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each,
a “Relevant Member State”), the Initial Purchaser hereby represents and agrees that effective from and including
the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation
Date”) it has not made and will not make an offer of the Offered Notes to the public in that Relevant Member State prior
to the publication of a prospectus in relation to the Offered Notes which has been approved by the competent authority in that
Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority
in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, effective from and including
the Relevant Implementation Date, make an offer of the Offered Notes to the public in that Relevant Member State at any time:

 

(i)          to
legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities:

 

(ii)         to
any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total
balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last
annual or consolidated financial statements; or

 

(iii)        in
any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 3 of the Prospectus
Directive.

 

    	11

    	 

    

 

For the purposes of
this Section 5(g), the expression “offer of Offered Notes to the public” in relation to any Offered Notes in
any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Offered Notes so as to enable an investor to decide to purchase or subscribe the Offered Notes, as the same may be varied
in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

 

Section 6.          Certain
Agreements of the Company.

 

The Company covenants
and agrees with the Initial Purchaser as follows:

 

(a)          If,
at any time prior to the 90th day following the Closing Date, any event involving the Company, the Depositor, the Issuer or, to
the knowledge of a Responsible Officer of the Company, the Collateral Manager shall occur as a result of which the Final Offering
Circular (as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Company
will immediately notify the Initial Purchaser and will cause the Issuer to prepare and furnish to the Initial Purchaser an amendment
or supplement to the Final Offering Circular that will correct such statement or omission. The Issuer will not at any time amend
or supplement the Final Offering Circular (i) prior to having furnished the Initial Purchaser with a copy of the proposed form
of the amendment or supplement and giving the Initial Purchaser a reasonable opportunity to review the same or (ii) except to the
extent the Company may determine it or the Issuer is required to so disclose pursuant to applicable law and after consultation
with the Initial Purchaser (and, in such a circumstance, shall remove all references to the Initial Purchaser therefrom if so requested
by the Initial Purchaser), in a manner to which the Initial Purchaser or its counsel shall object.

 

(b)          During
the period referred to in Section 6(a), the Company will furnish to the Initial Purchaser, without charge, copies of the
Final Offering Circular (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and
all amendments or supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial
Purchaser may from time to time reasonably request.

 

(c)          Subject
to compliance with Regulation FD, at all times during the course of the private placement contemplated hereby and prior to the
Closing Date, (i) the Company will make available to each offeree the Additional Offering Documents and such information concerning
any other relevant matters as it or any of its affiliates possess or can acquire without unreasonable effort or expense, as determined
in good faith by it or such affiliate, as applicable, (ii) the Company will provide each offeree the opportunity to ask questions
of, and receive answers from, it concerning the terms and conditions of the offering and to obtain any additional information,
to the extent it or any of its affiliates possess such information or can acquire it without unreasonable effort or expense (as
determined in good faith by it or such affiliate, as applicable), necessary to verify the accuracy of the information furnished
to the offeree, (iii) the Company will not publish or disseminate any material in connection with the offering of the Offered Notes
except as contemplated herein or as consented to by the Initial Purchaser or in connection with the Company’s disclosure
obligations under the Exchange Act, provided that no such disclosure under the Exchange Act would result in a requirement
that the offering of the Notes be registered under §5 of the Securities Act, (iv) the Company will advise the Initial Purchaser
promptly of the receipt by the Company of any communication from the SEC or any state securities authority concerning the offering
or sale of the Offered Notes, (v) the Company will advise the Initial Purchaser promptly of the commencement of any lawsuit or
proceeding to which the Company is a party relating to the offering or sale of the Offered Notes, and (vi) the Company will advise
the Initial Purchaser of the suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction, or
the initiation or threat of any procedure for any such purpose.

 

    	12

    	 

    

 

 

(d)          Subject
to compliance with Regulation FD, the Company will furnish, upon the written request of any Noteholder or of any owner of a beneficial
interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder
or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a QIB and a Qualified Purchaser designated
by such Noteholder or beneficial owner, or (iii) to the Trustee for delivery to such Noteholder, beneficial owner or prospective
purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of
such Note or beneficial interest therein by such holder or beneficial owner in reliance on Rule 144A unless, at the time of such
request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 or is
exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b).

 

(e)          Except
as otherwise provided in the Indenture, each Offered Note will contain legends in the forms set forth in the Final Offering Circular.

 

(f)          Neither
the Issuer nor any of its affiliates or any other Person acting on their behalf shall engage, in connection with the offer and
sale of the Offered Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D under the Securities Act, including, but not limited to, the following:

 

(i)          any
advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over
television or radio; and

 

(ii)         any
seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(g)          The
Issuer shall not solicit any offer to buy from or offer to sell or sell to any Person any Offered Notes, except through the Initial
Purchaser or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time prior to the
Closing Date; on or prior to the Closing Date, neither the Issuer nor any of its affiliates (except for compliance by the Company
with Regulation FD) shall publish or disseminate any material other than the Additional Offering Documents consented to by the
Initial Purchaser, the Time of Sale Information and the Final Offering Circular in connection with the offer or sale of the Offered
Notes as contemplated by this Agreement, unless the Initial Purchaser shall have consented to the use thereof; if the Issuer or
any of its affiliates makes any press release including “tombstone” announcements, in connection with the Transaction
Documents, the Issuer shall permit the Initial Purchaser to review and approve such release in advance.

 

    	13

    	 

    

 

 

(h)          The
Issuer shall not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of requiring
the registration, under the Securities Act, of the offer or sale of the Offered Notes.

 

(i)          The
Issuer shall not take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected
to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Offered Note to facilitate
the sale or resale of the Offered Notes.

 

(j)          The
Company shall apply the net proceeds from the sale of the Offered Notes as set forth in the Final Offering Circular under the heading
“Use of Proceeds”.

 

Section 7.          Conditions
of the Initial Purchaser Obligations.

 

The obligation of the
Initial Purchaser to purchase the Offered Notes on the Closing Date will be subject to the accuracy, in all material respects,
of the representations and warranties of the Company, the Depositor and the Issuer herein, to the performance, in all material
respects, by the Company, the Depositor and the Issuer of their respective obligations hereunder and to the following additional
conditions precedent:

 

(a)          The
Offered Notes shall have been duly authorized, executed, authenticated, delivered and issued, the Transaction Documents shall have
been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the documents
required to be delivered pursuant to the Indenture in respect of the Collateral Obligations shall have been delivered to the Custodian
pursuant to and as required by the Transaction Documents.

 

(b)          The
Initial Purchaser shall have received (I) a certificate, dated as of the Closing Date, of the Chief Executive Officer or Chief
Financial Officer of the Company, in its individual capacity (and, with respect to the Depositor, in its capacity as designated
manager on behalf of the Depositor and, with respect to the Issuer, in its capacity as designated manager on behalf of the Issuer),
to the effect that such officer has carefully examined this Agreement, the Final Offering Circular and the Transaction Documents
and that, to the best of such officer’s knowledge (i) since the date information is given in the Second Preliminary Offering
Circular, there has not been any material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company, the Depositor or the Issuer whether or not arising in the ordinary course of business,
or the ability of the Company, the Depositor or the Issuer to perform its obligations hereunder or under the Transaction Documents
except as contemplated by the Final Offering Circular, (ii) each of the Company, the Depositor and the Issuer has complied in all
material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder and under
the other Transaction Documents, at or prior to the Closing Date, (iii) the representations and warranties of the Company and the
Issuer in the Transaction Documents are true and correct in all material respects, as of the Closing Date, as though such representations
and warranties had been made on and as of such date, and (iv) nothing has come to the attention of such officer that would lead
such officer to believe that (A) the Time of Sale Information, as of the Time of Sale, contained any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading, and (B) the Final Offering Circular, as of its date and as of the Closing Date, or any Additional
Offering Document, as of its respective date, contained or contains an untrue statement of a material fact or omits to state any
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading and (II) a certificate, dated as of the Closing Date, of a senior officer of the Company to the effect that such officer
has carefully examined the Final Offering Circular and that, to the best of such officer’s knowledge, nothing has come to
the attention of such officer that would lead such officer to believe that the “Collateral Manager Information” (as
defined in the Final Offering Circular), as of the date of the Final Offering Circular and as of the Closing Date, contained any
untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.

 

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(c)          The
Class A-1 Notes shall have been rated no less than “Aaa (sf)” and “AAA (sf)” by Moody’s
and S&P, respectively, the Class B-1 Notes shall have been rated no less than “Aa2 (sf)” and “AA (sf)”
by Moody’s and S&P, respectively, the Class C-1 Notes shall have been rated no less than “A2 (sf)”
and “A (sf)” by Moody’s and S&P, respectively, and the Class D-1 Notes shall have been rated no less
than “Baa2 (sf)” and “BBB (sf)” by Moody’s and S&P, respectively. Such ratings
shall not have been rescinded, and no public announcement shall have been made by either of Moody’s or S&P that any ratings
of the Offered Notes have been placed under review.

 

(d)          On
the date of the Final Offering Circular, Ernst & Young shall have furnished to the Initial Purchaser an “agreed upon
procedures” letter, dated the date of delivery thereof, in form and substance satisfactory to the Initial Purchaser, with
respect to certain financial and statistical information contained in the Final Offering Circular.

 

(e)          The
Initial Purchaser shall have received an opinion, dated the Closing Date, of Seward & Kissel LLP, counsel to the Trustee, in
form and substance satisfactory to the Initial Purchaser.

 

(f)          The
Initial Purchaser shall have received legal opinions of Sutherland Asbill & Brennan LLP, counsel to the Company, the Issuer
and the Collateral Manager, (i) with respect to certain corporate matters with respect to the Company and the Collateral Manager
and certain securities law and investment company matters, in form and substance satisfactory to the Initial Purchaser, (ii) with
respect to certain “true sale” and “non—consolidation” issues and (iii) “perfection issues,”
in each case, in form and substance satisfactory to the Initial Purchaser.

 

(g)          The
Initial Purchaser shall have received an opinion of Dechert LLP, special U.S. federal income tax counsel to the Issuer, with respect
to the treatment of the Offered Notes as debt for U.S. federal income tax purposes and in form and substance satisfactory to the
Initial Purchaser.

 

    	15

    	 

    

 

(h)          The
Initial Purchaser shall have received an opinion of Pepper Hamilton LLP, counsel to the Depositor and the Issuer, with respect
to certain limited liability company matters with respect to the Depositor and the Issuer in form and substance satisfactory to
the Initial Purchaser.

 

(i)          The
Initial Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers of the Trustee,
dated as of the Closing Date, in customary form.

 

(j)          The
Company shall have furnished to the Initial Purchaser and its counsel such further information, certificates and documents as the
Initial Purchaser and its counsel may reasonably have requested, and all proceedings in connection with the transactions contemplated
by this Agreement, the other Transaction Documents and all documents incident hereto shall be in all respects satisfactory in form
and substance to the Initial Purchaser and its counsel.

 

(k)          The
Depositor shall have purchased or otherwise acquired the Subordinated Notes in accordance with the terms of the Master Loan Sale
Agreement.

 

(l)          The
Indenture, the Master Loan Sale Agreement, the Collateral Management Agreement and all other documents incident hereto and to the
other Transaction Documents shall be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel.

 

If any of the conditions
specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above shall not be satisfactory in form and substance to the Initial Purchaser,
this Agreement and all of the Initial Purchaser’s obligations hereunder may be canceled by the Initial Purchaser at or prior
to delivery of and payment for the Offered Notes. Notice of such cancellation shall be given to the Company in writing, or by telephone
or facsimile confirmed in writing.

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Section 8.          Indemnification
and Contribution.

 

(a)       The
Company and the Issuer, jointly and severally (each an “indemnifying party” as such term is used in this Agreement),
shall indemnify and hold harmless the Initial Purchaser (whether acting as Initial Purchaser or as placement agent with respect
to any of the Offered Notes), its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser
within the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial Purchaser (each an “indemnified
party” as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several,
and any action in respect thereof, to which any indemnified party may become subject, under the Securities Act or Exchange Act
or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or
alleged untrue statement of a material fact contained in any Offering Circular, any Additional Offering Document, any “Referenced
Information” (as defined in the Final Offering Circular) or the Time of Sale Information or arises out of, or is based upon,
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein in light of the circumstances under which they were made not misleading, and shall reimburse any such indemnified party
for any legal and other expenses incurred by such indemnified party in investigating or defending or preparing to defend against
any such loss, claim, damage, liability or action; provided, however, that the indemnifying parties shall not be
liable to any such indemnified party in any such case to the extent that any such loss, claim, damage, liability or action arises
out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Time of
Sale Information, any Offering Circular or any Additional Offering Document in reliance upon and in conformity with written information
furnished to the Company by such indemnified party specifically for inclusion therein; provided, further, that the
foregoing indemnity shall not inure to the benefit of any indemnified party from whom the person asserting any such loss, claim,
damage or liability purchased the Offered Notes which are the subject thereof if the indemnified party sold Offered Notes to or
placed Offered Notes with the person alleging such loss, claim, damage or liability without sending or giving a copy of the Time
of Sale Information at or prior to the confirmation of the sale of the Offered Notes, if the Company shall have previously furnished
copies thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue statement
or omission of a material fact contained in the Second Preliminary Offering Circular which was corrected in the Time of Sale Information.
The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise have to any indemnified party.
The indemnifying parties acknowledge that the statements set forth in the Time of Sale Information and any Offering Circular (x)
under the caption: “Plan of Distribution” (but solely the second, fourth, seventh, ninth, eleventh and twelfth paragraphs
under such caption) of such Offering Circular, (y) relating to the Initial Purchaser in the third and fourth sentence of the third
paragraph on page i of the Preliminary Offering Circular and the Second Preliminary Offering Circular under the heading “Important
Notice Regarding the Offered Securities” and (z) relating to the Initial Purchaser in the second paragraph on page i of the
Final Offering Circular under the heading “Important Notice Regarding the Offered Securities”, in each case, constitute
the only written information furnished to the Company by or on behalf of the indemnified parties specifically for inclusion in
the Time of Sale Information, any Offering Circular or any Additional Offering Document.

 

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(b)          Promptly
after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8,
notify such indemnifying party in writing of the claim or commencement of that action, provided, however, that the
failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have to an indemnified
party under this Section 8, except to the extent that such indemnifying party has been materially prejudiced by such failure
and, provided, further, that the failure to notify an indemnifying party shall not relieve such indemnifying party from
any liability that it may have to an indemnified party otherwise than under this Section 8. If any such claim or action
shall be brought against an indemnified party, and it shall notify an indemnifying party thereof, such indemnifying party shall
be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party,
to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from any such indemnifying
party or parties to the indemnified party or parties of its or their election to assume the defense of such claim or action, any
such indemnifying party or parties shall not be liable to the indemnified party under this Section 8 for any legal or other
expenses subsequently incurred by the indemnified party or parties in connection with the defense thereof; provided that
the indemnified party seeking such indemnity shall have the right to employ counsel to represent it and any other indemnified party
who may be subject to liability arising out of any claim or action in respect of which indemnity may be sought by an indemnified
party against an indemnifying party under this Section 8, if (i) in the reasonable judgment of counsel, there may be legal
defenses available to such indemnified party and any other indemnified party different from or in addition to those available to
the Company, the Depositor or the Issuer, or there is an actual conflict of interest between it and any other indemnified party,
on one hand, and the Company, the Depositor or the Issuer, on the other, or (ii) the Company, the Depositor or the Issuer shall
fail to select counsel reasonably satisfactory to such indemnified party or parties, and in such event the fees and expenses of
such separate counsel shall be paid by the Company and the Issuer. No indemnifying party shall, without the prior written consent
of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
(i) does not include a statement as to, or admission of, fault, culpability or a failure to act by or on behalf of any such indemnified
party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter
of such proceeding.

 

(c)          If
the indemnification provided for in Section 8 shall for any reason be unavailable to an indemnified party under subsection
8(a) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as
shall be appropriate to reflect the relative benefits received by the Company and the Issuer on the one hand (without duplication)
and the Initial Purchaser on the other from the offering and sale of the Offered Notes or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company and the Issuer on the one hand and the Initial
Purchaser on the other with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action
in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company and the
Issuer on the one hand (without duplication) and the Initial Purchaser on the other with respect to such offering shall be deemed
to be in the same proportion as the total net proceeds from the offering and sale of the Offered Notes (before deducting expenses)
received by the Company and the Issuer bear (without duplication) to the total fees actually received by the Initial Purchaser
with respect to such offering and sale. The relative fault shall be determined by reference to whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company
and the Issuer or by the Initial Purchaser, the intent of the parties and their relative knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company, the Issuer and the Initial Purchaser agree that it would not be
just and equitable if contributions pursuant to this subsection 8(c) were to be determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount
paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred
to above in this subsection 8(c) shall be deemed to include, for purposes of this subsection 8(c), any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this subsection 8(c), the Initial Purchaser shall not be required to contribute any amount
in excess of the aggregate fee actually paid to the Initial Purchaser with respect to the offering of the Offered Notes. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

 

    	18

    	 

    

 

(d)          The
indemnity agreements contained in this Section 8 shall survive the delivery of the Offered Notes, and the provisions of
this Section 8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or
any investigation made by or on behalf of any indemnified party.

 

(e)          Notwithstanding
any other provision in this Section 8, no party shall be entitled to indemnification or contribution under this Agreement
in violation of Section 17(i) of the 1940 Act.

 

Section 9.          Termination.

 

This Agreement shall
be subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the Company prior to delivery
of and payment for the Offered Notes, if prior to such time (i) trading in securities generally on the New York Stock Exchange
shall have been suspended or materially limited or any setting of minimum prices for trading on such exchange shall have occurred,
(ii) there shall have been, since the respective dates as of which information is given in the Time of Sale Information or the
Final Offering Circular, any material adverse change in the condition, financial or otherwise, or in the properties (including,
without limitation, the Collateral Obligations) or the earnings, business affairs or business prospects of the Company, the Depositor,
the Issuer or the Collateral Manager, whether or not arising in the ordinary course of business, that is so material and adverse,
in the reasonable judgment of the Initial Purchaser, as to make it impractical or inadvisable to market the Offered Notes; (iii)
a general moratorium on commercial banking activities in New York shall have been declared by either U.S. federal or New York State
authorities, or (iv) there shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the
effect of which on the financial markets of the United States is such as to make it, in the reasonable judgment of the Initial
Purchaser, impracticable or inadvisable to market the Offered Notes.

 

Section 10.         Severability
Clause.

 

Any part, provision,
representation, or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof.

 

Section 11.         Notices.

 

All demands, notices
and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed
by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial
Purchaser, will be delivered to Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attention: Chief Operating
Officer and to Guggenheim Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attention: General Counsel; or if sent
to the Company, the Depositor or the Issuer will be delivered to such party c/o KCAP Financial, Inc., 295 Madison Avenue, 6th
Floor, New York, NY 10017, Attention: Daniel Gilligan, LLC, facsimile No. (212) 983-7654.

 

    	19

    	 

    

 

Section 12.         Representations
and Indemnities to Survive.

 

The respective agreements,
representations, warranties, indemnities and other statements of the Company, the Depositor, the Issuer and their respective officers
and of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of
any investigation made by or on behalf of the Initial Purchaser, the Company, the Depositor, the Issuer or any indemnified party
referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Offered Notes.

 

Section 13.         Successors.

 

This Agreement will
inure to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition
of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and, except
as specifically set forth herein, no other person will have any right or obligation hereunder.

 

Section 14.         Applicable
Law.

 

(a)          THIS
AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

(b)          EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO
(I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
14(b).

 

(c)          ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT
OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE NON—EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION
TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

    	20

    	 

    

 

Section 15.         Counterparts,
Etc.

 

This Agreement supersedes
all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of
such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which
shall be deemed an original, which taken together shall constitute one and the same instrument.

 

Section 16.         No
Petition; Limited Recourse.

 

(a)          The
Initial Purchaser covenants and agrees that, prior to the date that is one year and one day (or such longer preference period as
shall then be in effect plus one day) after the payment in full of each Class of Notes rated by any Rating Agency, it will not
institute against the Issuer or the Depositor or join any other Person in instituting against the Issuer or the Depositor any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States
or any state of the United States.

 

(b)          Notwithstanding
anything to the contrary herein, the obligations of the Issuer and the Depositor hereunder are limited recourse obligations of
the Issuer and the Depositor, respectively, payable solely from the Assets securing the Notes, and following the exhaustion of
such Assets, any claims of the Initial Purchaser hereunder against the Issuer or the Depositor shall be extinguished. All payments
by the Issuer or the Depositor to the Initial Purchaser hereunder shall be made subject to and in accordance with the Priority
of Payments set forth in the Indenture.

 

(c)          This
Section 16 will survive the termination of this Agreement.

 

Section 17.         Arm’s-Length
Transaction; Other Transactions.

 

(a)          Each
of the Company, the Depositor and the Issuer acknowledges and agrees that (i) the purchase and sale of the Offered Notes pursuant
to this Agreement, including the determination of the offering price of the Offered Notes and any related discounts and commissions,
is an arm’s-length commercial transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand,
(ii) in connection with the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is
and has been acting solely as a principal and is not an agent or fiduciary of the Issuer, the Company or the Depositor or any of
their respective equity holders, creditors, employees or any other party, (iii) the Initial Purchaser has not assumed and will
not assume an advisory or fiduciary responsibility in favor of the Issuer, the Depositor or the Company with respect to the offering
contemplated hereby or the process leading thereto (irrespective of whether the Initial Purchaser has advised or is currently advising
any of the Issuer, the Depositor or the Company on other matters) and the Initial Purchaser has no obligation to any of the Issuer,
the Depositor or the Company with respect to the offering contemplated hereby, except the obligations expressly set forth in this
Agreement, and (iv) the Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the
offering contemplated hereby and each of the Issuer, the Depositor and the Company has consulted its own legal, accounting, regulatory
and tax advisors to the extent it deemed appropriate.

 

    	21

    	 

    

 

(b)          Each
of the Company, the Depositor and the Issuer acknowledges and agrees that the Initial Purchaser and its Affiliates may presently
have and may in the future have investment and commercial banking, trust and other relationships with parties other than the Company,
the Depositor and the Issuer, which parties may have interests with respect to the purchase and sale of the Offered Notes. Although
the Initial Purchaser in the course of such other relationships may acquire information about the purchase and sale of the Offered
Notes, potential purchasers of the Offered Notes or such other parties, the Initial Purchaser shall not have any obligation to
disclose such information to any of the Company, the Depositor or the Issuer. Furthermore, each of the Company, the Depositor and
the Issuer acknowledges that the Initial Purchaser may have fiduciary or other relationships whereby the Initial Purchaser may
exercise voting power over securities of various persons, which securities may from time to time include securities of any of the
Company, the Depositor or the Issuer or their respective Affiliates or of potential purchasers. Each of the Company, the Depositor
and the Issuer acknowledges that the Initial Purchaser may exercise such powers and otherwise perform any functions in connection
with such fiduciary or other relationships without regard to its relationship to the Company, the Depositor or the Issuer hereunder.

 

[REST OF
PAGE INTENTIONALLY LEFT BLANK]

 

    	22

    	 

    

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the undersigned a counterpart hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the Company, the Depositor, the Issuer and the Initial
Purchaser.

 

	 	Very truly yours,
	 	 
	 	KCAP FINANCIAL, INC.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	S-1	KCAP Senior Funding I
Purchase Agreement

    	 

    

 

	 	KCAP SENIOR FUNDING I, LLC 
	 	 
	 	By: KCAP Financial, Inc., its designated 

manager
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	S-2	KCAP Senior Funding I
Purchase Agreement

    	 

    

 

	 	KCAP SENIOR FUNDING I HOLDINGS, LLC 
	 	 
	 	By: KCAP Financial, Inc., its designated 

manager
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	S-3	KCAP Senior Funding I
Purchase Agreement

    	 

    

 

The foregoing Agreement is hereby confirmed and

accepted as of the date first above written.

 

GUGGENHEIM SECURITIES, LLC,

as the Initial Purchaser

 

	By:	 	 
	Name:	 	 
	Title:	 	 

    	 	S-4	KCAP Senior Funding I
Purchase Agreement

    	 

    

 

SCHEDULE I

 

	Class of Notes	 	Principal Amount	 
	A-1	 	$	77,250,000	 
	B-1	 	$	9,000,000	 
	C-1	 	$	10,000,000	 
	D-1	 	$	9,000,000	 

    	Sch. I-1

    	 

    

 

SCHEDULE II

 

TIME OF SALE INFORMATION

 

KCAP SENIOR FUNDING I, LLC **Priced** 144A/Reg
S/IAI

 

	CLS	 	SIZE	 	 	RATING	 	COUPON	 	PRICE	 
	 	 	 	 	 	 	 	 	 	 	 
	A-1	 	$	77,250,000	 	 	Aaa (sf),
 AAA (sf)	 	LIBOR + 1.50%	 	 	100	%
	B-1	 	$	9,000,000	 	 	Aa2 (sf),
 AA (sf)	 	LIBOR + 3.25%	 	 	100	%
	C-1	 	$	10,000,000	 	 	A2 (sf),
 A (sf)	 	LIBOR + 4.25%	 	 	100	%
	D-1	 	$	9,000,000	 	 	Baa2 (sf),
 BBB (sf)	 	LIBOR + 5.25%	 	 	100	%

 

    	Sch. II-1

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