Document:

Exhibit 10.1

 

Amendment
No. 15 to

Loan and Servicing Agreement

 

This
AMENDMENT NO. 15 TO LOAN AND SERVICING AGREEMENT (the “Amendment”),
dated as of December 29, 2021 (the “Amendment Effective Date”), is entered into by and among ARES
CAPITAL CP FUNDING LLC, a Delaware limited liability company, as the borrower (the “Borrower”), ARES CAPITAL
CORPORATION, a Maryland corporation, as the servicer (the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as
the agent (the “Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, BANK OF AMERICA, N.A., SAMPENSION LIVSFORSIKRING
A/S, and ARKITEKTERNES PENSIONSKASSE, PENSIONSKASSEN FOR JORDBRUGSAKADEMIKERE OG DYRLAEGER (each, a “Lender” and together,
the “Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as Trustee, Bank, and Collateral Custodian (in such capacities,
 “U.S. Bank”);

 

WHEREAS, Canadian Imperial Bank of Commerce shall
become a Lender under the Loan Agreement as of the date hereof;

 

WHEREAS, the Borrower, the
Agent, the Lenders, Wells Fargo Bank, National Association, as the Swingline Lender, the Servicer, U.S. Bank and each of the other lenders,
are party to the Loan and Servicing Agreement, dated as of January 22, 2010 (as amended, modified, waived, supplemented, restated
or replaced from time to time, prior to the date hereof, the “Loan and Servicing Agreement”); and

 

WHEREAS, the parties hereto
desire to amend the Loan and Servicing Agreement in accordance with the provisions thereof and subject to the terms and conditions set
forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.1.     Defined
Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement.

 

     

     

    

 

ARTICLE II

 

Amendments to Loan and Servicing Agreement

 

SECTION 2.1.     As
of the Amendment Effective Date, the Loan and Servicing Agreement is hereby amended to:

 

(a) 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 attached as Appendix A hereto; and

 

(b) 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 attached as Appendix B hereto.

 

ARTICLE III

 

Representations and Warranties

 

SECTION 3.1.     Each
of the Borrower and the Servicer hereby represents and warrants (as to itself) to the Agent that, as of the date first written above,
(i) no Unmatured Event of Default, Event of Default or Servicer Termination Event has occurred and is continuing and (ii) the
representations and warranties of the Borrower and the Servicer contained in the Loan and Servicing Agreement are true and correct in
all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

 

ARTICLE IV

 

Conditions Precedent

 

SECTION 4.1.     This
Amendment shall become effective as of the date hereof upon:

 

(a)            the
execution and delivery of this Amendment by each party hereto;

 

(b)           the
Agent shall have received satisfactory evidence that the Borrower has obtained all required consents and approvals of all Persons to
the execution, delivery and performance of this Amendment and the consummation of the transactions contemplated hereby;

 

(c)            the
Lenders shall have received the executed legal opinion or opinions of Latham & Watkins LLP, and any applicable local counsel
to the Borrower, in form and substance acceptable to the Agent in its reasonable discretion;

 

(d)            each
of the Agent and the Lender have received all fees due and payable to such Person; and

 

(e)            the
Agent shall have received, with a copy for each Lender, certificates dated as of a recent date from the Secretary of State or other appropriate
authority, evidencing the good standing of the Borrower.

 

    2

     

    

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.1.     Governing
Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 5.2.     Severability
Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 5.3.     Ratification.
Except as expressly amended hereby, the Loan and Servicing Agreement is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and Servicing Agreement for
all purposes.

 

SECTION 5.4.     Counterparts.
The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the
same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as
delivery of a manually executed counterpart hereof.

 

SECTION 5.5.     Headings.
The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or
affect the meaning or interpretation of any provisions hereof.

 

SECTION 5.6.     Direction
to Execute.  The Lenders hereby authorize and direct U.S. Bank in each of its capacities to execute this Amendment.

 

SECTION 5.7.     Execution.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Amendment or any document to be signed in connection with this Amendment and the transactions contemplated hereby
shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform
Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

[Signature Pages Follow]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed as of the date first written above.

 

	 	ARES CAPITAL
    CP FUNDING LLC
	 	 	 
	 	 	 
	 	By:	/s/ Joshua Bloomstein
	 	 	Name: Joshua Bloomstein
	 	 	Title: Authorized Signatory

 

[Signature Page to Amendment No. 15 to LSA]

 

     

     

    

 

	 	ARES CAPITAL CORPORATION, as
    the Servicer
	 	 
	 	 
	 	By:	/s/ Joshua Bloomstein
	 	 	Name: Joshua Bloomstein
	 	 	Title: Authorized Signatory

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as the Agent
	 	 
	 	 
	 	By:	/s/ Steve Sebo
	 	 	Name: Steve Sebo
	 	 	Title: Director

 

[Signature Page to Amendment No. 15 to LSA]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Steve Sebo
	 	 	Name: Steve Sebo
	 	 	Title: Director

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Ben Holcombe
	 	 	Name: Ben Holcombe
	 	 	Title: Vice President

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee, Bank and Collateral Custodian
	 	 	 
	 	 	 
	 	By:	/s/ Ralph J. Creasia, Jr.
	 	 	Name: Ralph J. Creasia, Jr.
	 	 	Title: Senior Vice President

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	SAMPENSION LIVSFORSIKRING A/S, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kim Majker
	 	 	Name: Kim Majker
	 	 	Title: Senior Portfolio Manager
	 	 
	 	 
	 	By:	/s/ Anders Tauber Lassen
	 	 	Name: Anders Tauber Lassen
	 	 	Title: Head of Credit

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	ARKITEKTERNES PENSIONSKASSE, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kim Majker
	 	 	Name: Kim Majker
	 	 	Title: Senior Portfolio Manager
	 	 
	 	 
	 	By:	/s/ Anders Tauber Lassen
	 	 	Name: Anders Tauber Lassen
	 	 	Title: Head of Credit

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	PENSIONSKASSEN
    FOR JORDBRUGSAKADEMIKERE OG DYRLÆGER, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kim Majker
	 	 	Name: Kim Majker
	 	 	Title: Senior Portfolio Manager
	 	 
	 	 
	 	By:	/s/ Anders Tauber
    Lassen
	 	 	Name: Anders Tauber Lassen
	 	 	Title: Head of Credit

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

	 	CANADIAN
    IMPERIAL BANK OF COMMERCE, as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kathryn Lagroix
	 	 	Name: Kathryn Lagroix
	 	 	Title: Executive Director

 

[Signature Page to Amendment No. 15
to LSA]

 

     

     

    

 

 

APPENDIX A

 

    

     

    

 

EXECUTION COPY

VERSION

Conformed through Amendment No. 1415

 

 

 

Up to U.S. $1,525,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of January 22, 2010

 

Among

 

ARES CAPITAL CP FUNDING LLC,

as the Borrower

 

and

 

ARES CAPITAL CORPORATION,

as the Servicer and the Transferor

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Agent and the Swingline
Lender

 

and

 

EACH OF THE LENDERS FROM TIME
TO TIME PARTY HERETO,

as the Lenders

 

and

 

U.S. BANK
NATIONAL ASSOCIATION,

as the Collateral Custodian, Trustee
and the Bank

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS	2
	 	 	 	 
	 	Section 1.01	Certain Defined Terms.	2
	 	Section 1.02 	Other Terms.	5360
	 	Section 1.03 	Computation of Time Periods.	5360
	 	Section 1.04 	Interpretation.	5360
	 	 	 	 
	ARTICLE II.	THE FACILITY	5461
	 	 	 	 
	 	Section 2.01 	Advances.	5461
	 	Section 2.02 	Procedure for Advances.	5663
	 	Section 2.03 	Determination of Yield.	5764
	 	Section 2.04 	Remittance Procedures.	5865
	 	Section 2.05 	Instructions to the Trustee and the Bank.	6269
	 	Section 2.06	Borrowing Base Deficiency Payments.	6269
	 	Section 2.07	Substitution and Sale of Loan Assets; Affiliate Transactions.	6270
	 	Section 2.08	Payments and Computations, Etc.	6875
	 	Section 2.09 	Fees.	6977
	 	Section 2.10 	Increased Costs; Capital Adequacy.	7077
	 	Section 2.11 	Taxes.	7179
	 	Section 2.12 	Collateral Assignment of Agreements.	7481
	 	Section 2.13 	Grant of a Security Interest.	7482
	 	Section 2.14 	Evidence of Debt.	7582
	 	Section 2.15 	Survival of Representations and Warranties.	7582
	 	Section 2.16 	Release of Loan Assets.	7583
	 	Section 2.17 	Treatment of Amounts Paid by the Borrower.	7683
	 	Section 2.18 	Prepayment; Termination.	7683
	 	Section 2.19	Extension of Stated Maturity Date and Reinvestment Period.	7784
	 	Section 2.20 	Collections and Allocations.	7784
	 	Section 2.21 	Reinvestment of Principal Collections.	7886
	 	Section 2.22 	Additional Lenders; Increase of Commitment.	7986
	 	Section 2.23 	Defaulting Lenders.	8087
	 	Section 2.24 	Mitigation Obligations; Replacement of Lenders.	8189
	 	Section 2.25 	Refunding of Swingline Advances.	8390
	 	Section 2.26 	Effect of Benchmark Transition Event.	91
	 	 	 	 
	ARTICLE III.	CONDITIONS PRECEDENT	8493
	 	 	 	 
	 	Section 3.01	Conditions Precedent to Effectiveness.	8493
	 	Section 3.02 	Conditions Precedent to All Advances.	8494
	 	Section 3.03	Advances Do Not Constitute a Waiver.	8796
	 	Section 3.04 	Conditions to Pledges of Loan Assets.	8796

 

    

     

    

 

	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES	8898
	 	 	 	 
	 	Section 4.01 	Representations and Warranties of the Borrower.	8898
	 	Section 4.02 	Representations and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio.	96106
	 	Section 4.03 	Representations and Warranties of the Servicer.	98107 
	 	Section 4.04 	Representations and Warranties of the Trustee.	102111 
	 	Section 4.05 	Representations and Warranties of each Lender.	102112 
	 	Section 4.06 	Representations and Warranties of the Collateral Custodian.	103112
	 	 	 	 
	ARTICLE V.	GENERAL COVENANTS	103113
	 	 	 	 
	 	Section 5.01 	Affirmative Covenants of the Borrower.	103113
	 	Section 5.02 	Negative Covenants of the Borrower.	110120
	 	Section 5.03 	Affirmative Covenants of the Servicer.	114124
	 	Section 5.04	Negative Covenants of the Servicer.	119129
	 	Section 5.05 	Affirmative Covenants of the Trustee.	121130
	 	Section 5.06 	Negative Covenants of the Trustee.	121131
	 	Section 5.07 	Affirmative Covenants of the Collateral Custodian.	121131
	 	Section 5.08 	Negative Covenants of the Collateral Custodian.	121131
	 	Section 5.09 	Covenants of the Borrower Relating to Hedging of Loan Assets. 	122131
	 	 	 	 
	ARTICLE VI.	ADMINISTRATION AND SERVICING OF CONTRACTS	123133
	 	 	 	 
	 	Section 6.01 	Appointment and Designation of the Servicer.	123133
	 	Section 6.02	Duties of the Servicer.	125135
	 	Section 6.03	Authorization of the Servicer.	127137
	 	Section 6.04	Collection of Payments; Accounts.	128138
	 	Section 6.05 	Realization Upon Loan Assets.	130139
	 	Section 6.06 	Servicing Compensation.	130140
	 	Section 6.07	Payment of Certain Expenses by Servicer.	130140
	 	Section 6.08 	Reports to the Agent; Account Statements; Servicing Information. 	131141
	 	Section 6.09 	Annual Statement as to Compliance.	133143
	 	Section 6.10 	Annual Independent Public Accountant’s Servicing Reports.	133143
	 	Section 6.11 	The Servicer Not to Resign.	134144
	 	 	 	 
	ARTICLE VII.	EVENTS OF DEFAULT	134144
	 	 	 	 
	 	Section 7.01	Events of Default.	134144
	 	Section 7.02	Additional Remedies of the Agent.	138148
	 	 	 	 
	ARTICLE VIII.	INDEMNIFICATION	141151
	 	 	 	 
	 	Section 8.01	Indemnities by the Borrower.	141151
	 	Section 8.02	Indemnities by Servicer.	144154

 

    

     

    

 	 	Section 8.03 	Legal Proceedings.	146156
	 	Section 8.04 	After-Tax Basis.	147157
	 	Section 8.05 	Benefit of Indemnity.	147157
	 	 	 	 
	ARTICLE IX.	THE AGENT	147157
	 	 	 	 
	 	Section 9.01	The Agent.	147157
	 	 	 	 
	ARTICLE X.	TRUSTEE	152162
	 	 	 	 
	 	Section 10.01	Designation of Trustee.	152162
	 	Section 10.02	Duties of Trustee.	152162
	 	Section 10.03	Merger or Consolidation.	154164
	 	Section 10.04 	Trustee Compensation.	154164
	 	Section 10.05 	Trustee Removal.	155164
	 	Section 10.06 	Limitation on Liability.	155165
	 	Section 10.07 	Trustee Resignation.	156166
	 	 	 	 
	ARTICLE XI.	MISCELLANEOUS	156167
	 	 	 	 
	 	Section 11.01	Amendments and Waivers.	156167
	 	Section 11.02	Notices, Etc.	158168
	 	Section 11.03 	No Waiver; Remedies.	161171
	 	Section 11.04 	Binding Effect; Assignability; Multiple Lenders.	161172
	 	Section 11.05 	Term of This Agreement.	162173
	 	Section 11.06 	GOVERNING LAW; JURY WAIVER.	163173
	 	Section 11.07 	Costs, Expenses and Taxes.	163173
	 	Section 11.08	No Proceedings.	164174
	 	Section 11.09 	Recourse Against Certain Parties.	164174
	 	Section 11.10 	Execution in Counterparts; Severability; Integration.	165175
	 	Section 11.11 	Consent to Jurisdiction; Service of Process.	165176
	 	Section 11.12 	Characterization of Conveyances Pursuant to the Purchase and Sale Agreements.	166176
	 	Section 11.13 	Confidentiality.	167178
	 	Section 11.14 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	169179
	 	Section 11.15 	Waiver of Set Off.	170180
	 	Section 11.16 	Headings and Exhibits.	170180
	 	Section 11.17 	Ratable Payments.	170180
	 	Section 11.18	Breaches of Representations, Warranties and Covenants.	170181
	 	Section 11.19 	Assignments of Loan Assets.	171181
	 	Section 11.20 	Affirmation.	171181
	 	Section 11.21 	Covered Transactions.	171182

 

    

     

    

 

	ARTICLE XII.	COLLATERAL CUSTODIAN	171182
	 	 	 	 
	 	Section 12.01 	Designation of Collateral Custodian.	171182
	 	Section 12.02	Duties of Collateral Custodian.	172182
	 	Section 12.03	Merger or Consolidation.	175185
	 	Section 12.04	Collateral Custodian Compensation.	175185
	 	Section 12.05 	Collateral Custodian Removal.	175185
	 	Section 12.06 	Limitation on Liability.	175186
	 	Section 12.07 	Collateral Custodian Resignation.	176187
	 	Section 12.08	Release of Documents.	177187
	 	Section 12.09 	Return of Required Loan Documents.	178188
	 	Section 12.10 	Access
to Certain Documentation and Information Regarding the Collateral Portfolio; Audits of Servicer.	178188
	 	Section 12.11	Custodian as Agent of Trustee.	178189
	 	Section 12.12	Recognition of the U.S. Special Resolution Regimes.	179189

 

    

     

    

 

This LOAN AND
SERVICING AGREEMENT (as amended, restated, supplemented or modified from time to time, the “Loan and Servicing Agreement”)
is made as of January 22, 2010, among:

 

(1)            ARES
CAPITAL CP FUNDING LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”);

 

(2)            ARES
CAPITAL CORPORATION, a Maryland corporation, as the Servicer (as defined herein) and the Transferor (as defined herein);

 

(3)            WELLS
FARGO BANK, NATIONAL ASSOCIATION, as agent (together with its successor and assigns in such capacity, the “Agent”)
and as swingline lender (together with its successor and assigns in such capacity, the “Swingline Lender”);

 

(4)            EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as a Lender; and

 

(5)            U.S.
BANK NATIONAL ASSOCIATION (“U.S. Bank”), as the Trustee (together with its successors and assigns in such capacity,
the “Trustee”), the Bank (as defined herein) and the Collateral Custodian (together with its successors and assigns
in such capacity, the “Collateral Custodian”).

 

PRELIMINARY STATEMENT

 

WHEREAS, certain
parties hereto were party to a Sale and Servicing Agreement, dated as of November 3, 2004, by and among the Servicer, as the servicer,
the Transferor, as the originator, the Borrower, as the borrower, Ares CP Funding II LLC, as the guarantor, Variable Funding Capital Company
LLC (“VFCC”), as a conduit purchaser, the Note Purchaser, as an institutional purchaser, Wells Fargo Securities, LLC
(f/k/a Wachovia Capital Markets, LLC) (together with its successors and assigns, “WFS”), as the administrative agent
and as the purchaser agent for VFCC, Ares Capital CP Funding II, as the guarantor (the “Guarantor”) the Trustee, as
the trustee, and Lyon Financial Services, Inc. d/b/a U.S. Bank Portfolio Services (“Lyon”), as the backup servicer
(as amended, restated, supplemented or modified prior to the date hereof, the “Original Agreement”);

 

WHEREAS, certain
parties hereto are party to an Amended and Restated Sale and Servicing Agreement, dated as of January 22, 2010, by and among the
Servicer, as the servicer, the Transferor as the originator, the Borrower, as the borrower, Wells Fargo Bank, National Association, in
its individual capacity (together with its successors and assigns, “Wells Fargo”), as the note purchaser, WFS, as the
administrative agent, and U.S. Bank, as the collateral custodian, trustee and bank (as amended, restated, supplemented or modified prior
to the date hereof, (the “Restatement Agreement”) that amended and restated the Original Agreement;

 

     

     

    

 

control by, a common Financial
Sponsor; provided, further, that, for the purposes of Section 2.07(b), Section 2.07(g), Section 4.01(ii),
Section 4.03(q), Section 5.01(p) and Section 5.03(j) of this Agreement, as well as Section 4.1(ii) and
Section 5.2(j)(v) of each of the Purchase and Sale Agreements, the term “Affiliate” shall not include any
Excluded Affiliate.

 

“Agent”
means Wells Fargo, in its capacity as agent for the Lenders, together with its successors and assigns, including any successor appointed
pursuant to Article IX.

 

“Agent
Fee” means the “agent fee” set forth in the Wells Fargo Fee Letter.

 

“Agented Note” means
any Loan Asset (i) originated as a part of a syndicated loan transaction that has been closed (without regard to any
contemporaneous or subsequent syndication of such Loan Asset) prior to such Loan Asset becoming part of the Collateral Portfolio and
(ii) with respect to which, upon an assignment of the note under the Purchase and Sale Agreements to the Borrower, the
Borrower, as assignee of the note, will have all of the rights but none of the obligations of the Transferor with respect to such
note and the Underlying Collateral.

 

“Aggregate
Funded Coupon” means, as of any date of determination, the sum of, for each Eligible Loan Asset included in the Collateral Portfolio
that is a Fixed Rate Loan Asset, the product of (i) the current per annum rate at which such Eligible Loan Asset provides
payment of interest in cash (including, for any PIK Loan Asset, only the required current cash pay interest rate thereon) multiplied
by (ii) the Adjusted Borrowing Value of such Eligible Loan Asset.

 

“Aggregate Funded Spread”
means, as of any date of determination, the sum of:

 

(a)            in
the case of each Eligible Loan Asset (other than any Floor Obligation) included in the Collateral Portfolio that is a Floating Rate Loan
Asset that bears interest at a spread over the Ares LIBOR Rate, (i) the stated interest rate spread on such Eligible Loan Asset (including,
for any PIK Loan Asset, only the required current cash pay interest rate thereon) above the Ares LIBOR Rate on such date multiplied
by (ii) the Adjusted Borrowing Value of such Eligible Loan Asset; and

 

(b)            in
the case of each Floor Obligation included in the Collateral Portfolio and each other Eligible Loan Asset included in the Collateral Portfolio
that is a Floating Rate Loan Asset that bears interest at a spread over an index other than the Ares LIBOR Rate, (i) the excess of
the sum of such spread and such index (including in the case of each Floor Obligation, the “floor” rate) on such Eligible
Loan Asset (including, for any PIK Loan Asset, only the required current cash pay interest rate thereon) above the Ares LIBOR Rate on
such date multiplied by (ii) the Adjusted Borrowing Value of such Eligible Loan Asset.

 

“Agreement”
means this Loan and Servicing Agreement, as the same may be amended, restated, supplemented and/or otherwise modified from time to time
hereafter.

 

“Announcements”
has the meaning specified in Section 2.26(f).

 

     

     

    

 

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

 

“Anti-Money
Laundering Laws” means Applicable Law in any jurisdiction in which the Borrower, the Servicer, the Transferor or any of their
respective Subsidiaries are located or doing business that relates to money laundering or terrorism financing, any predicate crime to
money laundering, or any financial record keeping and reporting requirements related thereto.

 

“Applicable
Law” means for any Person all existing and future laws, rules, regulations (including proposed, temporary and final income tax
regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental
Authority which are applicable to such Person (including, without limitation, predatory lending laws, usury laws, the Federal Truth-in-Lending
Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices
Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and
 “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer
Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) 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.

 

“Applicable
Percentage” means (a) with respect to any First Lien Loan Asset, 6570%,
(b) with respect to any First Lien Last Out Loan Asset, 55% and (c) with respect to any Second Lien Loan Asset, 35%.

 

“Applicable
Spread” means, for any date of determination (x),
from and including the Ninth Amendment Effective Date
to but excluding the Eleventh Amendment Effective Date, in the event that the Yield Rate is calculated utilizing LIBOR 2.15% per annum,
and in the event that the Yield Rate is calculated utilizing the Base Rate, 1.15% per annum and (y) from and including the
EleventhFifteenth Amendment
Effective Date, in the event that the Yield Rate is calculated utilizing LIBOR 2.00or
the Benchmark Replacement, 1.90% per annum, and in the event that the Yield Rate is calculated
utilizing the Base Rate, 1.00% per annum.

 

“Approval
Notice” means, with respect to any Eligible Loan Asset, the written notice, in substantially the form attached hereto as Exhibit A,
evidencing the approval by the Agent, in its sole discretion, of the conveyance of such Eligible Loan Asset by the Transferor to the Equityholder
pursuant to the terms of the First Tier Purchase and Sale Agreement and by the Equityholder to the Borrower pursuant to the terms of the
Second Tier Purchase and Sale Agreement and the Assignments by which the Transferor effects such conveyance.

 

“Approved
Lender” means any prospective Lender that acting, for its own account, in the aggregate owns and invests on a discretionary
basis, not less than $25,000,000 in investments.

 

     

     

    

 

 

“Asset
Specific Hedged Loan Asset” means any Loan Asset for which the Borrower has entered into an Asset Specific Hedge. If an Asset
Specific Hedge effectively provides for the conversion of a fixed rate of interest under the related Loan Asset to a floating rate of
interest, such Loan Asset will, for all purposes under this Agreement, (i) be considered a Floating Rate Loan Asset and (ii) be
deemed to pay interest at a floating rate equal to the implied spread over LIBOR to be received by the Borrower under such Asset Specific
Hedge. If an Asset Specific Hedge effectively provides for the conversion of a floating rate of interest under the related Loan Asset
to a fixed rate of interest, such Loan Asset will, for all purposes under this Agreement, (a) be considered a Fixed Rate Loan Asset
and (b) be deemed to pay interest at a fixed rate to be received by the Borrower under the related Asset Specific Hedge.

 

“Assigned Documents”
has the meaning assigned to that term in Section 2.12.

 

“Assigned
Value” means, with respect to each Loan Asset, as of any date of determination and expressed as a percentage of the
principal balance of such Loan Asset (exclusive of Accreted Interest), the lower of (x) the amount (not greater than par) paid
by the Borrower to acquire such Loan Asset from the Equityholder (in each case, expressed exclusive of Accreted Interest) or
(y) the value determined by the Agent, in its sole reasonable discretion, as of the applicable Cut-Off Date, subject to the
following terms:

 

(a)           If
a Value Adjustment Event of the type described in clauses (iii),
(iv) or through (vi) of
the definition thereof with respect to such Loan Asset occurs, the Assigned Value of such Loan Asset will be zero.

 

(b)           If
a Value Adjustment Event of the type described in clauses (i), (iii) or (v) of
the definition thereof with respect to such Loan Asset occurs, “the
Assigned Value” may be amended at any time by
the Agent, in its sole discretion (provided that, after the initial
amendment to the Assigned Value with respect to any Loan Asset, any additional amendment (other than an amendment as a result of the occurrence
of a separate Value Adjustment Event) shall only be on a quarterly or monthly
basis, as applicable, after
receipt by the Agent from the Servicer of the applicable financial information with respect to such Loan Asset),
thereafter by the Administrative Agent, in its sole discretion.

 

(b) (c)     The
Assigned Value of any Loan Asset may be increased at the sole reasonable discretion of the Agent upon improvement in the Net Leverage
Ratio or the Interest Coverage Ratio of such Loan Asset, as the case may be, as part of a Value Adjustment Event. The Assigned Value of
any Loan Asset whose Assigned Value is lower than 100% may be increased at the sole reasonable discretion of the Agent (i)(x) upon
the cure of any Value Adjustment Event with respect to such Loan Asset or (y) if the Net Leverage Ratio for such Loan Asset is at
least 0.500.75x
lower than the Net Leverage Ratio calculated as of the applicable Cut-Off Date and (ii) upon the written request of the Borrower.

 

The Agent shall promptly notify
the Servicer of any change effected by the Agent of the Assigned Value of any Loan Asset; provided that, solely with respect to
the occurrence of a Value Adjustment Event of the type described in clause (i)(y) of the definition thereof,

 

     

     

    

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark (x) if such then-current Benchmark
is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark that is or may be used for determining the length of a Remittance 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 “Remittance Period”
pursuant to Section 2.26.

 

“Average
Life” means, for any Loan Asset, as of any date of determination, the number determined by multiplying the amount of each Scheduled
Payment of principal to be paid after such date of determination by the number of years (rounded to the nearest hundredth) from such date
of determination until such Scheduled Payment of principal is due.

 

“Bail-In Action”
has the meaning assigned to that term in Section 11.14.

 

“Bail-In Legislation” has the meaning assigned
to that term in Section 11.14.

 

“Bank”
means U.S. Bank, in its capacity as the “Bank” pursuant to each of the Collection Account Agreement and the Unfunded Exposure
Account Agreement.

 

“Bankruptcy
Code” means Title 11, United States Code, 11 U.S.C. §§ 101 et seq., as amended from time to time.

 

“Bankruptcy Event” shall
be deemed to have occurred with respect to a Person if either:

 

(i)            a
case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of
a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets
under any Bankruptcy Laws, or any similar action with respect to such Person, in each case, under any law relating to bankruptcy, insolvency,
reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed
and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary
case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or

 

(ii)           such
Person shall commence a voluntary case or other proceeding under any Bankruptcy Laws now or hereafter in effect, or shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official)
for such Person or all or substantially all of its assets under any Bankruptcy Laws, or shall make any general assignment for the benefit
of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation
or similar entity, its board of directors or members shall vote to implement any of the foregoing.

 

     

     

    

 

“Bankruptcy
Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally.

 

“Bankruptcy
Proceeding” means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy
Event.

 

“Base
Rate” means, on any date, a fluctuating per annum interest rate equal to the higher of (a) the Prime Rate or (b) the
Federal Funds Rate plus 0.5%.

 

“Benchmark”
means, initially, LIBOR; 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 LIBOR or the applicable 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 Section 2.26.

 

“Benchmark
Replacement” means the sum of: (a,
for any Available Tenor:

 

(a)           with
respect to any Benchmark Transition Event or Early Opt-in Election with respect to a then-current Benchmark, the first alternative set
forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(i)            the
sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;

 

(ii)           the
sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

(iii)           the
sum of: (A) the alternate benchmark rate (which
may include Term SOFR) that has been selected by the Administrative
Agent and the Borrower 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 of interest
as a replacement to LIBOR for United
States dollars for
such Benchmark for Dollar-denominated syndicated credit facilities at
such time and (bB)
the related
Benchmark Replacement Adjustment; or

 

(b)           with
respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark
Replacement Adjustment;

 

     

     

    

 

provided
that, if the Benchmark Replacement as so determined(i) in
the case of clause (a)(i), if, after consultation with the other Lenders, the Administrative Agent decides that Term SOFR is not administratively
feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in
the case of clause (a)(i) or clause (b) of this definition, the applicable 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. If the Benchmark Replacement as determined pursuant to clause (a)(i), (a)(ii) or (a)(iii) or clause (b) of
this definition would be less than zerothe
Floor, the Benchmark Replacement will be deemed to be zerothe
Floor for the purposes of this Agreement and
the other Transaction Documents.

 

“Benchmark
Replacement Adjustment” means, with
respect to any replacement of LIBOR (or aany
then-current Benchmark Replacement that is not Term SOFR)
with an Unadjusted Benchmark Replacement for eachany
applicable Remittance Period, and
Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(a)           for
purposes of clauses (a)(i) and (a)(ii) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agent:

 

(i)            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 Remittance Period that has been selected or
recommended by the Relevant
Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement;

 

(ii)           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 Remittance 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 Available Tenor of such Benchmark;

 

(b)           for
purposes of clause (a)(iii) 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 and the Borrower 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 LIBORsuch
Available Tenor 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
LIBORsuch
Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement
for United States dollars Dollar-denominated
syndicated credit facilities at;
and

 

     

     

    

 

(c)           for
purposes of clause (b) 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) as of the Reference Time such Benchmark Replacement
is first set for such Remittance Period that has been selected or recommended by the Relevant Governmental Body for the replacement of
such Available Tenor of such Benchmark Replacement with a SOFR-based rate;

 

provided
that, (x) in the case of clause (a) 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 and (y) if
such then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement
Date and the applicable Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with Section 2.26 will not
be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment”
shall be deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference
thereto, the Available Tenor that has approximately the same length (disregarding business day adjustments) as such
timepayment period.

 

“Benchmark
Replacement Conforming Changes” means with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Prime Rate,” the definition of “Ares LIBOR Rate,” the definition
of “Ares Prime Rate,” the definition of “Federal Funds Rate,” the definition of “Remittance Period,”
timing and frequency of determining rates and making payments of interest and other administrative matters) that the Agent, in consultation
with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the
administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration
of the Benchmark Replacement exists, in such other manner of administration as the Agent, in consultation with the Borrower, decides is
reasonably necessary in connection with the administration of this Agreement and
the other Transaction Documents).

 

“Benchmark
Replacement Date” means, the
earlierearliest
to occur of the following events with respect to LIBORany
then-current Benchmark:

 

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

 

(2             all
Available Tenors of such Benchmark (or such component thereof) ;

 

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

 

     

     

    

 

(c)           in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR
Notice to the Lenders and the Borrower pursuant to Section 2.26; and

 

(d)           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 Lenders.

 

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 (a) or (b) 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, the
occurrence of one or more of the following events with respect to LIBORany
then-current Benchmark:

 

(a)           (1) a
public statement or publication of information by or on behalf of the administrator of LIBORsuch
Benchmark (or the published component used in the calculation thereof) announcing
that such administrator has ceased or will cease to provide LIBORall
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 LIBORany
Available Tenor of such Benchmark (or such component thereof);

 

(b)           (2) a
public statement or publication of information by the regulatory supervisor for the administrator of LIBORsuch
Benchmark (or the published component used in the calculation thereof), the
U.S. Federal Reserve
SystemBoard,
the Federal Reserve Bank of New York, an insolvency official with jurisdiction
over the administrator for LIBORsuch
Benchmark (or such component), a resolution authority with jurisdiction over
the administrator for LIBORsuch
Benchmark (or such component) or a court or an entity with similar insolvency
or resolution authority over the administrator for LIBORsuch
Benchmark (or such component), which states that the administrator of
LIBORsuch
Benchmark (or such component) has ceased or will cease to provide LIBORall
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 LIBORany
Available Tenor of such Benchmark (or such component thereof); or

 

     

     

    

 

(c)           (3) a
public statement or publication of information by the regulatory supervisor for the administrator of LIBORsuch
Benchmark (or the published component used in the calculation thereof) announcing
that LIBOR isall
Available Tenors of such Benchmark (or such component thereof) are no longer
representative.

 

For
the avoidance of doubt, a “Benchmark Transition Start
Date” means: (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicableEvent”
will be deemed to have occurred with respect to any Benchmark Replacement
Date and (ii) if such Benchmark Transition Event isif
a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of informationset
forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or
if the expected
date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Agent or the Required Lenders, as applicable, by notice
to the Borrower (in such case of such notice by the Agent or Required Lenders), the Agent (in the case of such notice by the Required
Lenders), the Servicer and the Lenderspublished component used
in the calculation thereof).

 

“Benchmark Unavailability
Period” means if a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement,
the period (if
any) (x) beginning at the time that sucha
Benchmark Replacement Date pursuant
to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark
Replacement has replaced LIBORthe
then-current Benchmark for all purposes hereunder and
under any Transaction Document in accordance with Section 11.012.26
and (y) ending at the time that a Benchmark Replacement has replaced LIBORthe
then-current Benchmark for all purposes hereunder pursuant
toand
under any Transaction Document in accordance with Section 11.012.26.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal
Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial
Markets Association.

 

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

 

“Benefit
Plan Investor” means a “benefit plan investor” as defined in Department of Labor regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA, and includes an employee benefit plan that is subject to the fiduciary responsibility provisions
of Title I of ERISA, a plan that is subject to Section 4975 of the Code, and an entity the underlying assets of which are deemed
to include plan assets.

 

“BHC
Act Affiliate” means the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with,
12 U.S.C. § 1841(k).

 

     

     

    

 

Borrowing Value of all Eligible Loan Assets
to such Obligors may exceed 6.0% but shall not exceed 7.5% of the Maximum Facility Amount;

 

(iii)          the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Second Lien Loan Assets shall not exceed 20% of the aggregate
Adjusted Borrowing Value of all Eligible Loan Assets;

 

(iv)          the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are First Lien Last Out Loan Assets and Eligible Loan Assets that
are Second Lien Loan Assets shall not exceed 40% of the aggregate Adjusted Borrowing Value of all Eligible Loan Assets;

 

(v)           the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Fixed Rate Loan Assets shall not exceed 15% of the aggregate Adjusted
Borrowing Value of all Eligible Loan Assets; provided that Asset Specific Hedged Loan Assets shall be considered Fixed Rate Loan
Assets or Floating Rate Loan Assets, as applicable, as provided in the definition thereof;

 

(vi)          the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that pay interest in cash less frequently than quarterly shall not exceed
15% of the aggregate Adjusted Borrowing Value of all Eligible Loan Assets;

 

(vii)         the
aggregate Outstanding Balances and Exposure Amounts of all Eligible Loan Assets that are Revolving Loan Assets and the Exposure Amounts
of Eligible Loan Assets that are Delayed Draw Loan Assets shall not exceed 10% of the aggregate Adjusted Borrowing Value of all Eligible
Loan Assets;

 

(viii)        the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Partial PIK Loan Assets shall not exceed 10% of the aggregate
Adjusted Borrowing Value of all Eligible Loan Assets; and

 

(ix)           the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Participation Interests shall not exceed (i) during the Acquisition
Participation Elevation Period, 10.0% and (ii) thereafter, 0.0%.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.

 

“Controlled
Accounts” means the Collection Account and the Unfunded Exposure Account.

 

“Corresponding
Tenor” means, with respect to any Available Tenor, 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.

 

     

     

    

 

“Covered
Party” means any Secured Party that is one of the following: (i) a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a “covered bank” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R.
Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

 

“Cut-Off
Date” means, with respect to each Loan Asset, the date such Loan Asset is Pledged hereunder.

 

“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 syndicated 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.

 

“Default
Funding Rate” means a floating interest rate per annum equal to 4.00% plus LIBOR; provided that if any
Lender shall have notified the Agent that a Eurodollar Disruption Event has occurred, the Default Funding Rate with respect to Advances
of such Lender shall be equal to the Base Rate plus 3.00% until such Lender shall have notified the Agent that such Eurodollar
Disruption Event has ceased, at which time the Default Funding Rate with respect to Advances of such Lender shall again be equal to LIBOR
for such date plus 4.00%.

 

“Default
Right” means the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“Defaulting
Lender” means any Lender that (i) has failed to fund any portion of the Advances or participations in Swingline
Advances required to be funded by it hereunder within one Business Day (or, solely in the case of a European Lender that receives
the applicable Notice of Borrowing after 9:00 a.m. (New York City time) on the second Business Day prior to the related Advance
Date, two Business Days and (a) Wells Fargo, in its sole discretion, agrees for such two Business Day period to fund the amount
that was to be funded by the European Lender and (b) the European Lender agrees to reimburse Wells Fargo within two
(2) Business Days for any amounts paid pursuant to clause (a) above) of the date required to be funded by it hereunder,
(ii) has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder
within three Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified
the Borrower, the Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under
this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its
funding obligations under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or
(iv) has (or, with respect to such Lender (x) the bank holding company (as defined in Federal Reserve Board Regulation Y),
if any, of such Lender and/or (y) any Person owning, beneficially or of record, directly or indirectly, a majority of the
shares of such Lender, has) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent
to, approval of or acquiescence in any such proceeding or appointment.

 

     

     

    

 

“Delayed
Draw Loan Asset” means a Loan Asset that is fully committed on the initial funding date of such Loan Asset and is required to
be fully funded in one or more installments on draw dates to occur after the initial funding of such Loan Asset but which, once all such
installments have been made, has the characteristics of a Term Loan Asset.

 

“Designated
Lender” means Wells Fargo, in its capacity as a Lender hereunder, and any successor-in-interest thereto.

 

“Designated
Loan Asset” means any Loan Asset designated by the Agent in its sole discretion as a “Designated Loan Asset” at
the time of approval of such Loan Asset.

 

“Determination
Date” means the last day of each calendar month.

 

“Disbursement
Request” means a disbursement request from the Borrower to the Agent and the Trustee in the form attached hereto as Exhibit D in
connection with a disbursement request from the Unfunded Exposure Account in accordance with Section 2.04(d) or a
disbursement request from the Principal Collection Account in accordance with Section 2.21, as applicable.

 

“Early
Opt-in Election” means if
the then-current Benchmark is LIBOR, the occurrence of:

 

(1a)
         (i) a determination by the Agent or (ii) a
notification by the Required LendersAdministrative
Agent to (or the
Agent (with a copy torequest
by the Borrower andto
the Servicer) that the Required Lenders have determined that United
States dollars Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit
facilities being executed at such time,
or that include language similar to that contained in Section 11.01 are being executed or
amended, as applicable, to incorporate or adopt 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 new benchmark interest
rate to replace LIBOR,(and
such syndicated credit facilities are identified in such notice and are publicly available for review); and

 

(2b)         (i) the joint election
by the Administrative Agent or
(ii)and the election
by the Required Lenders to declare that
an Early Opt-in Election has occurredBorrower
to trigger
a fallback from LIBOR and the provision, as
applicable, by the Administrative Agent
of written notice of such election to the Borrower, the Servicer and the
Lenders or by the Required Lenders of written notice of such election to the
Agent.

 

     

     

    

 

“EBITDA”
means, with respect to any period and any Loan Asset, the meaning of “EBITDA”, “Adjusted EBITDA” or any
comparable definition in the Loan Agreement for such Loan Asset (together with all add-backs and exclusions as designated in such
Loan Agreement), and in any case that “EBITDA”, “Adjusted EBITDA” or such comparable definition is not rates
as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Agent (or, if
such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day,
the rate determined, in the sole discretion of the Agent, to be the rate at which overnight federal funds are being offered in the
national federal funds market at 9:00 a.m. on such day.

 

“Fees” means all fees payable
to each Lender pursuant to the terms of any Lender Fee Letter.

 

“Fifteenth
Amendment Effective Date” means December 29, 2021. 

 

“Fifth Amendment Effective
Date” means June 7, 2012.

 

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

 

“Financial Sponsor”
means any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling
investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate
management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition
and creditworthiness are independent of the other companies so owned by such Person.

 

“First
Lien Last Out Loan Asset” means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on all
of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to any expressly permitted liens under the
applicable covenants in the Loan Agreement for such Loan Asset, including those set forth in “permitted liens” as defined
in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein,
so long as such definition is reasonable and customary, (ii) has a Loan-to-Value Ratio not greater than 65%, and (iii) is not
by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed
money of the Obligor of such Loan Asset, other than with respect to the liquidation of such Obligor or such Underlying Collateral.

 

“First
Lien Loan Asset” means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on all of the Obligor’s
assets constituting Underlying Collateral for the Loan Asset, subject to any expressly permitted liens under the applicable covenants
in the Loan Agreement for such Loan Asset, including those set forth in “permitted liens” as defined in the applicable Loan
Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition
is reasonable and customary, (ii) has a Loan-to-Value Ratio not greater than 60%, and (iii) provides that the payment obligation
of the Obligor on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor.

 

“First
Out Attachment Ratio” means, with respect to any Loan Asset, as of any date of determination, an amount equal to the
Senior Net Leverage Ratio with respect to all or any portion of such Loan Asset that constitutes first lien senior secured
Indebtedness that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any
bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (excluding any First Lien Last Out Loan
Asset or first lien last out Indebtedness within the capital structure).

 

     

     

    

 

“First
Tier Loan Assignment” has the meaning set forth in the First Tier Purchase and Sale Agreement.

 

“First
Tier Purchase and Sale Agreement” means that certain Amended and Restated Purchase and Sale Agreement, dated as of the Closing
Date and amended and restated as of the Restatement Date, between the Transferor, as the seller, and the Equityholder, as the purchaser,
as amended, modified, waived, supplemented, restated or replaced from time to time.

 

“Fixed
Rate Excess” means as, as of any date of determination, a fraction (expressed as a percentage) the numerator of which is the
product of (i) the greater of zero and the excess of the Weighted Average Coupon for such date of determination over the Minimum
Weighted Average Coupon on such date of determination and (ii) the Adjusted Borrowing Value of all Fixed Rate Loan Assets (excluding
any defaulted Loan Assets) held by the Borrower as of such date of determination, and the denominator of which is the Adjusted Borrowing
Value of all Floating Rate Loan Assets (excluding any defaulted Loan Assets) held by the Borrower as of such date of determination.

 

“Fixed Rate Loan Asset”
means a Loan Asset other than a Floating Rate Loan Asset.

 

“Floating Rate Loan
Asset” means a Loan Asset under which the interest rate payable by the Obligor thereof is based on the Ares Prime Rate or
Ares LIBOR Rate, plus some specified interest percentage in addition thereto, and which provides that such interest rate will
reset immediately upon any change in the related Ares Prime Rate or Ares LIBOR Rate.

 

“Floor”
means for purposes of this Agreement, 0%.

 

“Floor
Obligation” means, as of any date, a Floating Rate Loan Asset (a) for which the related Underlying Instruments allow
a floating rate option, (b) that provides that such floating rate is (in effect) calculated as the greater of (i) a
specified “floor” rate per annum and
(ii)           the London interbank
offered rate or other floating rate for the applicable interest period for such Loan Asset and (c) that, as of such date, bears
interest based on such floating rate option, but only if as of such date such London interbank offered rate or other floating rate
for the applicable interest period is less than the “floor” rate.

 

“Foreign Lender”
has the meaning assigned to that term in Section 2.11(d)(ii)(B).

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting
Lender’s Pro Rata Share of Swingline Advances other than Swingline Advances as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit
support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof.

 

     

     

    

 

transaction approved in writing by the Agent, between
the Borrower and a Hedge Counterparty that is entered into pursuant to Section 5.09 and is governed by a Hedging Agreement.

 

“Hedge
Notional Amount” means, for any Loan Asset, the aggregate notional amount in effect on any day under all Hedge Transactions
entered into pursuant to Section 5.09 for that Loan Asset.

 

“Hedging
Agreement” means each agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered
into by the Borrower and such Hedge Counterparty pursuant to Section 5.09, which agreement shall consist of a “Master
Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule”
and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction; provided that the
 “Schedule” and the form of each “Confirmation” to any Hedging Agreement shall be subject to the written approval
of the Agent, in its reasonable discretion.

 

“IBA”
has the meaning specified in Section 2.26(f). 

 

“Indebtedness” means:

 

(i)             with
respect to any Obligor under any Loan Asset, for the purposes of the definition of the Interest Coverage Ratio, the Senior Net Leverage
Ratio and the Net Leverage Ratio, the meaning of “Indebtedness” or any comparable definition in the Loan Agreement for each
such Loan Asset, and in any case that “Indebtedness” or such comparable definition is not defined in such Loan Agreement,
without duplication, (a) all obligations of such entity for borrowed money or with respect to deposits or advances of any kind, (b) all
obligations of such entity evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such entity under
conditional sale or other title retention agreements relating to property acquired by such entity, (d) all obligations of such entity
in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course
of business), (e) all indebtedness of others secured by (or for which the holder of such indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such entity, whether or not the indebtedness secured thereby
has been assumed, (f) all guarantees by such entity of indebtedness of others, (g) all Capital Lease Obligations of such entity,
(h) all obligations, contingent or otherwise, of such entity as an account party in respect of letters of credit and letters of guaranty
and (i) all obligations, contingent or otherwise, of such entity in respect of bankers’ acceptances; and

 

(ii)           for
all other purposes, with respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred
purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance
with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness
customary for indebtedness of that type, (b) all

 

     

     

    

 

“Last
Out Attachment Ratio” means, with respect to any Loan Asset, as of any date of determination, an amount equal to the Senior
Net Leverage Ratio with respect to all or any portion of such Loan Asset that constitutes first lien senior secured Indebtedness that
is (or by its terms could become) subordinate in right of payment to one or more tranches of first lien senior secured indebtedness.

 

“Lender”
means (i) Wells Fargo and (ii) each financial institution which may from time to time become a Lender hereunder by executing
and delivering this Agreement or a Joinder Supplement to the Agent and the Borrower as contemplated by Section 2.22, and/or
any other Person to whom a Lender assigns any part of its rights and obligations under this Agreement and the other Transaction Documents
in accordance with the terms of Section 11.04. For the avoidance of doubt, the Swingline Lender shall constitute a “Lender”
with respect to the repayment of Swingline Advances for all purposes hereunder.

 

“Lender
Fee Letter” means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer, the Agent and
the applicable Lender in connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented,
restated or replaced from time to time.

 

“LIBOR”
means, for any day during the Remittance Period, with respect to any Advance (or portion thereof) the greater of (x)(a) the rate
per annum appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page) as the London interbank offered rate
administered by ICE Benchmark Administration Limited (or any other person
which takes over the administration of that rate) for deposits in dollars at approximately 11:00
a.m., London time, for such day, provided, if such day is not a Business Day, the immediately preceding Business Day, for a one-month
maturity; and (b) if no rate specified in clause (a) of this definition so appears on Reuters Screen LIBOR01 Page (or any
successor or substitute page), the interest rate per annum at which dollar deposits of $5,000,000 and for a one-month maturity
are offered by the principal London office of Wells Fargo in immediately available funds in the London interbank market at approximately
11:00 a.m., London time, for such day and (y) zero.

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a security interest
of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject to a repurchase
obligation, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the
same economic effect as any of the foregoing) or the filing of or agreement to give any financing statement perfecting a security interest
under the UCC or comparable law of any jurisdiction.

 

“Lien Release Dividend”
has the meaning assigned to that term in Section 2.07(d).

 

“Lien Release Dividend
Date” means the date specified by the Borrower, which date may be any Business Day, provided written notice is
given in accordance with Section 2.07(d).

 

     

     

    

 

adjust the Net Leverage Ratio for any Loan
Asset as determined on the applicable Cut-Off Date.

 

(c)           waives
one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount of such
Loan Asset (other than any deferral or capitalization already allowed by the terms of the Loan Agreement of any Partial PIK Loan Asset),
or reduces the spread or coupon with respect to such Loan Asset; provided that a “Material Modification” shall not
be deemed to have occurred pursuant to this clause (c) if (x) such spread or coupon is reduced a maximum of one time and by
not more than 20% from the spread or coupon on the related Cut-Off Date and (y) the Interest Coverage Ratio of such Loan Asset is
greater than 2.0:1.0 at the time of such reduction; provided further that in connection with any Revenue Recognition Implementation
or any Operating Lease Implementation, the Agent (with the consent of the Servicer (such consent not to be unreasonably withheld, delayed
or conditioned)) may retroactively adjust the Interest Coverage Ratio for any Loan Asset as determined on the applicable Cut-Off Date.

 

(d)           (i) in
the case of a First Lien Loan Asset, contractually or structurally subordinates such Loan Asset by operation of a priority of payments,
turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than “permitted
liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens”
is not defined therein, so long as such definition is reasonable and customary) on any of the Underlying Collateral securing such Loan
Asset or (ii) in the case of a First Lien Last Out Loan Asset or Second Lien Loan Asset, (x) contractually or structurally subordinates
such Loan Asset to any obligation (other than any loan which existed at the Cut-Off Date for such Loan Asset which is senior to such Loan
Asset) by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor
or the granting of Liens (other than “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or
such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary)
on any of the Underlying Collateral securing such Loan Asset or (y) increases the commitment amount of any loan senior to such Loan
Asset and the Net Leverage Ratio of such Loan Asset increases by more than 0.5x as a result of such increase;

 

(e)           substitutes,
alters or releases the Underlying Collateral securing such Loan Asset and each such substitution, alteration or release, as determined
in the sole reasonable discretion of the Agent, materially and adversely affects the value of such Loan Asset;

 

(f)            provides
additional funds to the Obligor of such Loan Asset with the intent of keeping that Loan Asset current; or

 

     

     

    

 

(g)           amends,
waives, forbears, supplements or otherwise modifies (i) the meaning of “Senior Net Leverage Ratio”, “Net
Leverage Ratio”, “Interest Coverage Ratio”, or
 “Permitted Liens” or any respective comparable definitions in the Loan Agreement for such Loan Asset or (ii) any
term or provision of such Loan Agreement referenced
in or utilized in the calculation of the “Senior Net Leverage Ratio”, “Net Leverage Ratio”, “Interest
Coverage Ratio”, or
 “Permitted Liens” or any respective comparable definitions for such Loan Asset, in either case in a manner that, in the
sole reasonable judgment of the Agent, is materially adverse to the Secured Parties; provided that in connection with any
Revenue Recognition Implementation or any Operating Lease Implementation, the Agent (with the consent of the Servicer (such consent
not to be unreasonably withheld, delayed or conditioned)) may retroactively adjust the Interest Coverage Ratio, Senior Net Leverage
Ratio or Net Leverage Ratio for any Loan Asset as determined on the applicable Cut-Off Date.

 

“Maximum
Facility Amount” means the aggregate Commitments of the Lenders then in effect, which amount may be up to $1,525,000,000, as
such amount may vary from time to time pursuant to Section 2.18(b) or Section 2.22; provided that,
at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time.

 

“Minimum
Required Equity Amount” means, as of any date of determination, an amount equal to the greater of (i) $300,000,000 and
(ii) the sum of the Adjusted Borrowing Values of all Eligible Loan Assets attributable to the three Obligors having the largest Obligor
concentration; such Obligor concentrations to be determined by summing, for each Obligor, the Adjusted Borrowing Values for all Eligible
Loan Assets of such Obligor on such date of determination.

 

“Minimum Weighted Average Coupon”
means 5.00%.

 

“Minimum
Weighted Average Coupon Test” means a test that will be satisfied on any date of determination if the Weighted Average Coupon
of all Loan Assets included in the Collateral Portfolio is equal to or greater than the Minimum Weighted Average Coupon.

 

“Minimum Weighted Average Spread”
means 3.00%.

 

“Minimum
Weighted Average Spread Test” means a test that will be satisfied on any date of determination if the Weighted Average Spread
of all Loan Assets included in the Collateral Portfolio is equal to or greater than the Minimum Weighted Average Spread.

 

“Monthly
Period” means, for any date of determination, the period from but excluding the immediately preceding Determination Date to
and including the immediately succeeding Determination Date.

 

“Moody’s”
means Moody’s Investors Service, Inc. (or its successors in interest).

 

“Mortgage”
means the mortgage, deed of trust or other instrument creating a Lien on an interest in real property securing a Loan Asset,
including the assignment of leases and rents related thereto.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which, in the case of
the Borrower, the Borrower or any ERISA Affiliate thereof, or in the case of the Servicer, the Servicer or any ERISA Affiliate thereof,
contributed or

 

     

     

    

 

 

“Purchase
and Sale Agreements” means the First Tier Purchase and Sale Agreement and the Second Tier Purchase and Sale Agreement.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“Records”
means all documents relating to the Loan Assets, including books, records and other information executed in connection with the origination
or acquisition of the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors that the Borrower,
the Transferor or the Servicer have generated, in which the Borrower, the Transferor or the Equityholder have acquired an interest pursuant
to the Purchase and Sale Agreements or in which the Borrower, the Transferor or the Equityholder have otherwise obtained an interest.

 

“Recoveries”
means, as of the time any Underlying Collateral with respect to any Loan Asset subject to clauses (ii) or (iv) of the definition
of “Value Adjustment Event”, as applicable, is sold, discarded or abandoned (after a determination by the Servicer that such
Underlying Collateral has little or no remaining value) or otherwise determined to be fully liquidated by the Servicer in accordance with
the Servicing Standard, the proceeds from the sale of the Underlying Collateral, the proceeds of any related Insurance Policy, any other
recoveries with respect to such Loan Asset, as applicable, the Underlying Collateral, and amounts representing late fees and penalties,
net of any amounts received that are required under such Loan Asset, as applicable, to be refunded to the related Obligor.

 

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

 

“Register” has
the meaning assigned to that term in Section 2.14.

 

“Registered”
means, for the purposes of the definition of “Permitted Investments”, in registered form for United States federal income
tax purposes and issued after July 18, 1984; provided that a certificate of interest in a grantor trust shall not be treated
as Registered unless each of the obligations or securities held by the trust was issued after that date.

 

“Reinvestment
Period” means, the dateperiod commencing
on the Eighth Amendment EffectiveClosing Date
and ending on the earliest to occur of (i) January 31, 2023the
three year anniversary of the Fifteenth Amendment Effective Date (or such later date as is
agreed to in writing by the Borrower, the Servicer, the Agent and the Lenders pursuant to Section 2.19), (ii) the
occurrence of an Event of Default (past any applicable notice or cure period provided in the definition thereof) and (iii) the
date of any voluntary termination by the Borrower pursuant to Section 2.18(b); provided that if any of the
foregoing is not a Business Day, the Reinvestment Period shall end on the next succeeding Business Day.

 

     

     

    

 

Required
Lenders; provided further that with respect to the waiver of an Event of Default pursuant to Section 11.01 or the appointment
of a replacement Servicer pursuant to Section 6.01(c), Required Lenders shall also include each Lender holding 20% or more
of the aggregate Commitments (provided that such Lender also held 20% or more of the aggregate Commitments as of the ThirteenthFifteenth
Amendment Effective Date).

 

“Required
Loan Documents” means, for each Loan Asset, originals (except as otherwise indicated) of the following documents or instruments,
all as specified on the related Loan Asset Checklist:

 

(a)           (i) other
than in the case of a Noteless Loan Asset, the original or, if accompanied by an original “lost note” affidavit and indemnity,
a copy of, the underlying promissory note, endorsed by the Borrower or the prior holder of record either in blank or to the Trustee (and
evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements either in blank or
to the Trustee, subject to Section 11.19), with any endorsement to the Trustee to be in the following form: “U.S. Bank
National Association, as Trustee for the Secured Parties” and (ii) in the case of a Noteless Loan Asset (x) a copy of
each transfer document or instrument relating to such Noteless Loan Asset evidencing the assignment of such Noteless Loan Asset to the
Transferor and from the Transferor to the Borrower (or, in the case of Third Party Acquired Loan Assets purchased by the Transferor from
third parties, from such third party directly to the Borrower as provided in Section 11.19) and from the Borrower either
to the Trustee or in blank, and (y) a copy of the Loan Asset Register with respect to such Noteless Loan Asset, as described in
Section 5.03(l)(ii);

 

(b)           originals
or copies of each of the following, to the extent applicable to the related Loan Asset; any related loan agreement, credit agreement,
note purchase agreement, security agreement (if separate from any Mortgage), sale and servicing agreement, acquisition agreement, subordination
agreement, intercreditor agreement or similar instruments, guarantee, Insurance Policy, assumption or substitution agreement or similar
material operative document, in each case together with any amendment or modification thereto, as set forth on the Loan Asset Checklist;

 

(c)           if
any Loan Asset is secured by a Mortgage, in each case as set forth in the Loan Asset Checklist:

 

(i)            either
(i) the original Mortgage, the original assignment of leases and rents, if any, and the originals of all intervening assignments,
if any, of the Mortgage and assignments of leases and rents with evidence of recording thereon,

 

(ii)           copies
thereof certified by the Servicer, by closing counsel or by a title company or escrow company to be true and complete copies thereof
where the originals have been transmitted for recording until such time as the originals are returned by the public recording
office; provided that, solely for purposes of the Review Criteria, the Collateral Custodian shall have no duty to ascertain
whether any certification set forth in this subsection (c)(ii) has been received, other than a certification which has been
clearly delineated as being provided by the Servicer or (iii) copies certified by the public recording offices where such
documents the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

     

     

    

 

“SOFR-Based Rate”
means SOFR or Term SOFR.

 

“Spread
Differential” means, for any date of determination, (a) the weighted average interest rate of the Loan Assets included
in the Collateral Portfolio (and for the avoidance of doubt, with respect to Floating Rate Loan Assets, including LIBOR) on such date
minus (b) the Yield Rate for such date.

 

“Spread
Excess” means, as of any date of determination, a fraction (expressed as a percentage) the numerator of which is the product
of (i) the greater of zero and the excess of the Weighted Average Spread for such date of determination over the Minimum Weighted
Average Spread on such date of determination and (ii) the Adjusted Borrowing Value of all Floating Rate Loan Assets (excluding any
defaulted Loan Assets) held by the Borrower as of such date of determination, and the denominator of which is the Adjusted Borrowing Value
of all Fixed Rate Loan Assets (excluding any defaulted Loan Assets) held by the Borrower as of such date of determination.

 

“State” means one of the
fifty states of the United States or the District of Columbia.

 

“Stated
Maturity Date” means January 31, 2025,
the five year anniversary following
the Fifteenth Amendment Effective Date or such later date as is agreed to in writing by the Borrower,
the Servicer, the Agent and the Lenders pursuant to Section 2.19.

 

“Subsidiary”
means with respect to a person, a corporation, partnership or other entity of which shares of stock or other ownership interests having
ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency)
to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned,
or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such person.

 

“Substitute
Eligible Loan Asset” means each Eligible Loan Asset Pledged by the Borrower to the Trustee, on behalf of the Secured Parties,
pursuant to Section 2.07(a) or Section 2.07(e)(ii).

 

“Supermajority”
means a combination of Lenders representing an aggregate of more than 66-2/3% of the aggregate Commitments of the Lenders then in effect;
provided that, if there are two or more unaffiliated Lenders party to this Agreement as of the applicable date of determination,
then at least two such Lenders shall be required to constitute a Supermajority; provided further that the Commitment of, and the
portion of any outstanding Advances, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of a Supermajority.

 

     

     

    

 

“Swingline
Advance” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.01, and all
such swingline loans collectively as the context requires.

 

“Swingline
Commitment” means the commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions herein,
in an amount not greater than $175,000,000 (without regard to any future reimbursement of Swingline Advances by the Lenders), as such
amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The Swingline Commitment
is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Lender hereunder, and is not in addition thereto.

 

“Swingline
Lender” means Wells Fargo in its capacity as swingline lender hereunder or any successor thereto.

 

“Swingline Refund
Date” has the meaning assigned to that term in Section 2.25(a).

 

“TARGET2” means the
Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and
which was launched on November 19, 2007.

 

“TARGET
Day” means any day on which TARGET2 is open for the settlement of payments in EUR.

 

“Taxes”
means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties,
and additions thereto) that are imposed by any Governmental Authority.

 

“Term
Loan Asset” means a Loan Asset that is a term loan that has been fully funded and does not contain any unfunded commitment on
the part of the Transferor arising from an extension of credit by the Transferor to an Obligor.

 

“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 Borrower of
(i) the occurrence of a Term SOFR Transition Event
and (ii) the determination of the proposed Benchmark Replacement Adjustment related to Term SOFR,
if any.

 

“Term
SOFR Transition Event” means, the
determination by the Administrative Agent,
in consultation with the Borrower, 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) this Agreement was previously amended to provide fora
Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the
applicable then-current Benchmark with respect to any
Obligations denominated in Dollars or calculated with respect thereto for all purposes hereunder and under any Transaction Document
in accordance with Section 2.26 with a Benchmark Replacement thatthe
Unadjusted Benchmark Replacement component of which is not Term SOFR.

 

     

     

    

 

“Third
Party Acquired Loan Asset” means any Loan Asset purchased by the Transferor from third parties not Affiliated with the Transferor
and then sold from the Transferor to the Equityholder pursuant to the First Tier Purchase and Sale Agreement and from the Equityholder
to the Borrower pursuant to the Second Tier Purchase and Sale Agreement.

 

“Thirteenth Amendment Effective Date”
means January 31, 2020.

 

“Transaction
Documents” means this Agreement, any Hedging Agreement, any Joinder Supplement, the Purchase and Sale Agreements, the Participation
Agreement, the Collection Account Agreement, the Unfunded Exposure Account Agreement, the Trustee and Collateral Custodian Fee Letter,
any Lender Fee Letter, the Pledge Agreement and each document, instrument or agreement related to any of the foregoing.

 

“Transferee Letter”
has the meaning assigned to that term in Section 2.22.

 

“Transferor”
means Ares, in its capacity as the transferor hereunder and as the seller under the First Tier Purchase and Sale Agreement, together
with its successors and assigns in such capacity.

 

“Trustee” has the meaning
assigned to that term in the preamble hereto.

 

“Trustee
Expenses” means the trustee expenses set forth in the Trustee and Collateral Custodian Fee Letter and any other accrued and
unpaid fees, expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or
the Servicer to the Trustee under the Transaction Documents.

 

“Trustee
and Collateral Custodian Fee Letter” means the Trustee and Collateral Custodian Fee Letter, dated as of the Restatement Date
and amended and restated on the Fifth Amendment Effective Date, between the Trustee, the Collateral Custodian, the Borrower, the Servicer
and the Agent, as such letter may be amended, modified, supplemented, restated or replaced from time to time.

 

“Trustee
Fees” means the trustee fees set forth in the Trustee and Collateral Custodian Fee Letter, as such fee letter may be amended,
restated, supplemented and/or otherwise modified from time to time.

 

“Trustee Termination Notice”
has the meaning assigned to that term in Section 10.05.

 

“U.S. Bank” has the meaning
assigned to that term in the preamble hereto.

 

“U.S. Person” has the meaning assigned to that term in Section 2.11(d)(ii)(A).

 

     

     

    

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to that term in Section 2.11(d)(ii)(B)(3).

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction.

 

“Unadjusted
Benchmark Replacement” means, the
applicable Benchmark Replacement excluding
the related Benchmark Replacement
Adjustment.

 

“Underlying
Collateral” means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged as collateral
to secure repayment of such Loan Asset, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock,
membership or other ownership interests in the related Obligor and all proceeds from any sale or other disposition of such property or
other assets.

 

“Unfunded
Exposure Account” means a special trust account (account number 787456-702 at the Bank) in the name of the Borrower subject
to the Lien of the Trustee for the benefit of the Secured Parties; provided that the funds deposited therein (including any interest
and earnings thereon) from time to time shall constitute the property and assets of the Borrower and the Borrower shall be solely liable
for any Taxes payable with respect to the Unfunded Exposure Account.

 

“Unfunded
Exposure Account Agreement” means that certain controlled account agreement (unfunded exposure account), dated as of the Second
Amendment Effective Date, among the Borrower, the Servicer, the Bank, the Agent, and the Trustee, which agreement relates to the Unfunded
Exposure Account, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the terms
thereof.

 

“Unfunded
Exposure Amount” means, as of any date of determination, the amount, if any, by which (i) the aggregate of all Exposure
Amounts exceeds (ii) the amount on deposit in the Unfunded Exposure Account.

 

“Unfunded
Exposure Equity Amount” means, as of any date of determination, with respect to any Revolving Loan Asset or Delayed Draw
Loan Asset, an amount equal to (a) the Exposure Amount for such Revolving Loan Asset or Delayed Draw Loan Asset multiplied
by (b) the
difference of 100% minus the product of (i) the Applicable Percentage for such Revolving Loan Asset or Delayed Draw Loan
Asset and (ii) the Assigned Value for such Revolving Loan Asset or Delayed Draw Loan Asset.

 

“Unfunded
Exposure Equity Shortfall” means, as of any date of determination, an amount equal to the excess, if any, of (i) the aggregate
of all Unfunded Exposure Equity Amounts over (ii) the amount on deposit in the Unfunded Exposure Account.

 

“United States” means the
United States of America.

 

“Unmatured
Event of Default” means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice,
constitute an Event of Default.

 

     

     

    

 

“Unrestricted
Cash” the meaning of “Unrestricted Cash” or any comparable definition in the Loan Agreements for each Loan Asset,
and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Loan Agreement, all cash available
for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes
or subject to any lien (other than blanket liens permitted under or granted in accordance with such Loan Agreement).

 

“U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

“Value
Adjustment Event” means, with respect to any Loan Asset, the occurrence of any one or more of the following events after the
related Cut-Off Date:

 

(i)            (x) The
Interest Coverage Ratio for any Relevant Test Period with respect to such Loan Asset is (A) less than 90% of the Interest
Coverage Ratio with respect to such Loan Asset as calculated on the applicable Cut-Off Date, and (B) less
than 1.50:1.00, or (y) the Senior Net Leverage Ratio (or, with respect to any Second Lien Loan Asset or Designated Loan Asset,
the Net Leverage Ratio) for any Relevant Test Period of the related Obligor with respect to such Loan Asset is (A) more
than 0.500.75x
higher than such ratio as calculated on the applicable Cut-Off Date, and
(B) greater than 3.50:1.00; provided that in connection with any Revenue Recognition Implementation or any Operating
Lease Implementation, the Agent (with the consent of the Servicer (such consent not to be unreasonably withheld, delayed or
conditioned)) may retroactively adjust the Interest Coverage Ratio, the Senior Net Leverage Ratio, or the Net Leverage Ratio for any
Loan Asset as determined on the applicable Cut-Off Date;

 

(ii)           an
Obligor payment default under any Loan Asset (after giving effect to any applicable grace or cure periods, but in any case not to exceed
five Business Days, in accordance with the Loan Agreement);

 

(iii)          (x) the
failure to deliver a “loan level” financial reporting package no later than 45 days after the end of each month (to the
extent required by the underlying loan documents), 60 days after the end of each quarter or 130 days after the end of each fiscal
year, or such greater number of days as allowed in the Loan Agreement, including any grace and/or cure periods set forth in the Loan
Agreement, but which shall in no case exceed 150 days after the end of each fiscal year (unless waived or otherwise agreed to by the
Agent in its sole discretion) or (y) any other Obligor default under any Loan Asset (after giving effect to any
applicable grace or cure periods in accordance with the Loan Agreement) that could reasonably be expected to have a material and
adverse effect on the creditworthiness of such Obligor or on the collectability of any amount required to be paid under the related
Loan Agreement for such Loan Asset;

 

(iv)          a
Bankruptcy Event with respect to the related Obligor;

 

     

     

    

 

additional amounts as will compensate
such Affected Party for such reduction; provided that, notwithstanding anything in this Section 2.10(b) to the
contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder
or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in law” for the purposes of
clause (i) above, regardless of the date enacted, adopted or issued. For the avoidance of doubt, if the issuance of any amendment
or supplement to Interpretation No. 46 or to Statement of Financial Accounting Standards No. 140 by the Financial Accounting
Standards Board, or the issuance of any other pronouncement, release or interpretation, causes or requires the consolidation of all or
a portion of the assets and liabilities of the Transferor, the Borrower or any Secured Party with the assets and liabilities of the Agent
or any Lender and, as a result, imposes any loss, cost, expense, reduction of return on capital or other loss, such event shall constitute
a circumstance on which such Indemnified Party may base a claim for reimbursement under this Section 2.10. For the further
avoidance of doubt, any increase in cost and/or reduction in Yield with respect to any Affected Party caused by regulatory capital allocation
adjustments due to Financial Accounting Standards Nos. 166, 167 and subsequent statements and interpretations shall constitute a circumstance
on which such Affected Party may base a claim for reimbursement under this Section 2.10.

 

(c)           In
determining any amount provided for in this Section 2.10, the Affected Party may use any reasonable averaging and attribution
methods. The Agent, on behalf of any Affected Party making a claim under this Section 2.10, shall submit to the Borrower a
certificate setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate
shall be conclusive absent manifest error.

 

(d)           The payment of amounts
under this Section 2.10 shall be on an after Tax basis.

 

(e)           Notwithstanding
anything to the contrary herein, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith, and all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in
Applicable Law for purposes of clause (a) above, regardless of the date enacted, adopted or issued.

 

(f)            If
a Eurodollar Disruption Event with respect to any Lender occurred on any date prior to the occurrence of a Benchmark Transition Event,
such Lender shall in turn so notify the Borrower, whereupon all Advances Outstanding of the affected Lender in respect of which Interest
accrues at LIBOR shall immediately be converted into Advances Outstanding in respect of which such Interest accrues at the Base Rate.

 

     

     

    

 

have been made, purchase an undivided participating interest
in the Swingline Advance to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swingline Advance. Each
Lender will immediately transfer to the Swingline Lender, in immediately available funds, the amount of its participation and upon receipt
thereof the Swingline Lender will deliver to such Lender a certificate evidencing such participation dated the date of receipt of such
funds and for such amount. Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s participating
interest in a Swingline Advance, the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to
such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender’s participating interest was outstanding and funded).

 

(d)           Notwithstanding
anything to the contrary contained in this Section 2.25, the Swingline Lender shall not be obligated to make any Swingline
Advance at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender has entered into arrangements (which may
include the delivery of cash collateral) with the Borrower or such Defaulting Lender which are satisfactory to the Swingline Lender to
eliminate the Swingline Lender’s Fronting Exposure (after giving effect to Section 2.23(a)(iii)) with respect to any
such Defaulting Lender.

 

Section 2.26           Effect
of Benchmark Transition Event.

 

(a)           Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Transaction 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 any then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(i) or
(a)(ii) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date and such Benchmark, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Transaction 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 Transaction Document upon delivery by the Administrative Agent of notice pursuant to Section 2.26(c) hereunder and (y) if
a Benchmark Replacement is determined in accordance with clause (a)(iii) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date and such Benchmark, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Transaction 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 on which 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 Transaction Document so long as the Administrative Agent has not
received, by such time, written notice of objection to such Benchmark Replacement from Lenders holding greater than 50% of the aggregate
Commitments then in effect (or, after the end of the Reinvestment Period, the Advances Outstanding).

 

     

     

    

 

Notwithstanding
anything to the contrary herein or in any other Transaction Document, 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 applicable then-current Benchmark, then
the applicable Benchmark Replacement will replace the then-current Benchmark
for all purposes hereunder or under any Transaction 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 Transaction Document upon
delivery by the Administrative Agent of notice pursuant to Section 2.26(c) hereunder; provided that this paragraph shall
not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance
of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may
elect or not elect to do so in its sole discretion.

 

(b)           Benchmark
Replacement Conforming Changes. In connection with the implementation of any 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 Transaction 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 Transaction Document upon delivery by the Administrative
Agent of notice pursuant to Section 2.26(c) hereunder.

 

(c)           Notices.
The Administrative Agent will promptly notify the Borrower and the Lenders (with a copy to the Collateral Agent) 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 the below and (v) the commencement or conclusion
of any Benchmark Unavailability Period.

 

Notwithstanding
anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of
a Benchmark Replacement), (A) if any then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (1) 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 (2) 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 “Remittance Period” for any Benchmark settings at or after such
time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above
either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) 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 “Remittance Period” for all Benchmark settings at
or after such time to reinstate such previously removed tenor.

 

(d)           Standards
for Decisions and Determinations. Any determination, decision or election that may be made by the Administrative Agent or Lenders
pursuant to this Section 2.26 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, 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 hereto, except, in each case, as expressly required pursuant to this Section 2.26 (or the defined terms
used in this Section 2.26).

 

     

     

    

 

(e)           Benchmark
Unavailability Period. For any determination of interest hereunder or under any other Transaction Document during a Benchmark Unavailability
Period with respect to a given Benchmark, the principal amount of Advances which bear interest on such Benchmark, shall instead bear interest
determined in relation to the Base Rate, computed as otherwise described herein; provided, however, that no such determination of interest
shall take effect during any applicable Remittance Period.

 

(f)           London
Interbank Offered Rate Benchmark Transition Event. On March 5, 2021, the ICE Benchmark Administration (the “IBA”), the
administrator of the London interbank offered rate, and the Financial Conduct Authority, the regulatory supervisor of the IBA, announced
in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank
offered rate for: (i) Dollars for 1-week and 2-month tenor settings will be December 31, 2021 and (ii) Dollars for overnight,
1-month, 3-month, 6-month and 12-month tenor settings will be June 30, 2023. No successor administrator for the IBA was identified
in such Announcements. The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition
Event with respect to the London interbank offered rate for Dollars and that any obligation of the Administrative Agent to notify any
parties of any such Benchmark Transition Event pursuant to clause (c) of this Section 2.26 shall be deemed satisfied.

 

ARTICLE III.

 

CONDITIONS PRECEDENT

 

Section 3.01           Conditions
Precedent to Effectiveness.

 

(a)           This
Agreement shall be effective upon satisfaction of the conditions precedent that:

 

(i)            all
reasonable up-front expenses and fees (including legal fees and any fees required under any Lender Fee Letter and the
Trustee and Collateral Custodian Fee Letter) that are invoiced at or prior to the Restatement Date shall have been paid in full;

 

(ii)           any
and all information submitted to each Lender and the Agent by the Borrower, the Transferor, the Equityholder or the Servicer or any of
their Affiliates is true, accurate, complete in all material respects and not misleading in any material respect;

 

(iii)          each
Lender shall have received all documentation and other information requested by such Lender in its sole discretion and/or required by
regulatory authorities with respect to the Borrower, the Transferor and the Servicer under applicable “know your customer”
and Anti-Money Laundering Laws, including, without limitation, the USA PATRIOT Act, all in form and substance reasonably satisfactory
to each Lender;

 

     

     

    

 

unless it has received instructions
from the Servicer or the Agent, as applicable. The Trustee shall in all events have no liability, risk or cost for any action taken pursuant
to and in compliance with the instruction of the Agent. In no event shall the Trustee be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(i)            The
Trustee shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor
the performance of the Collateral Custodian. Notwithstanding anything herein to the contrary, unless appointed as successor Collateral
Custodian hereunder, the Trustee shall have no duty to perform any of the duties of the Collateral Custodian under this Agreement.

 

(j)            The
Trustee and the Bank shall be under no obligation to (i) monitor, determine or verify the unavailability or cessation of LIBOR, SOFR,
Term SOFR, Benchmark Replacement (or other applicable interest rate), or whether or when there has occurred, or to give notice to any
other transaction party of the occurrence of (except as expressly provided herein), any Benchmark Transition Event or any amendment or
change required to be made to the applicable interest rate, (ii) select, determine or designate any LIBOR, SOFR, Term SOFR, Benchmark
Replacement or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied,
(iii) select, determine or designate any Benchmark Replacement Adjustment or other modifier to any replacement or successor index,
or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with
any of the foregoing.

 

(k)            The
Trustee and the Bank shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this
Agreement as a result of the unavailability of LIBOR, SOFR, Term SOFR, Benchmark Replacement (or other applicable interest rate) and absence
of a designated replacement Interest Rate, including as a result of any inability, delay, error or inaccuracy on the part of any other
transaction party, including without limitation the Agent or Required Lenders, in providing any direction, instruction, notice or information
required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.

 

Section 10.07         Trustee
Resignation.

 

The Trustee
may resign at any time by giving not less than 90 days written notice thereof to the Agent (who will provide each Lender with a copy promptly
upon receipt thereof) and with the consent of the Agent, which consent shall not be unreasonably withheld. Upon receiving such notice
of resignation, the Agent shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by the
Agent, one copy of which shall be delivered to the Trustee so resigning and one copy to the successor trustee or trustees, together with
a copy to the Borrower, Servicer and Collateral Custodian. If no successor trustee shall have been appointed and an instrument of acceptance
by a successor Trustee shall not have been delivered to the Trustee within 45 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the appointment of a

 

     

     

    

 

(h)           release
all or substantially all of the Collateral Portfolio or release any Transaction Document (other than as specifically permitted or contemplated
in this Agreement or the applicable Transaction Document) without the written consent of each Lender; or

 

(i)            make
material amendments to the definitions of “Collateral Quality Test”, “Minimum Weighted Average Coupon Test”, “Minimum
Weighted Average Spread Test” or any definitions therein, in each case, without the written consent of a Supermajority of the Lenders;

 

(j)            make
any modification to the definitions of “Borrowing Base”, “Adjusted Borrowing Value”, “Excess Concentration
Amount” or any definitions therein, in each case, which would have a material adverse effect on the calculation of the Borrowing
Base, without the written consent of each Lender;

 

provided,
further, that (i) any amendment of this Agreement that is solely for the purpose of adding a Lender may be effected with the
consent of the Agent, but without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver or modification
materially adversely affecting the rights or obligations of the Trustee, the Bank or the Collateral Custodian shall be effective without
the written agreement of the Trustee, the Bank or the Collateral Custodian, as applicable, (iii) no amendment, waiver or modification
adversely affecting the rights or obligations of any Hedge Counterparty shall be effective without the written agreement of such Person,
(iv) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required
above, affect the rights or duties of the Swingline Lender under this Agreement, (v) no amendment, waiver or consent shall, unless
in writing and signed by the Agent, affect the rights or duties of the Agent under this Agreement or any other Transaction Document and
(vi) the Agent and the Borrower shall be permitted to amend any provision of the Transaction Documents (and such amendment shall
become effective without any further action or consent of any other party to any Transaction Document) if the Agent and the Borrower shall
have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any such provision. Any waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given. For the avoidance of doubt,
in the event that an Event of Default has occurred but has been waived unconditionally and in its entirety in accordance with the terms
hereof, such Event of Default shall be deemed to have not “occurred” and references to “after the occurrence of an Event
of Default” shall be inapplicable for all purposes in this Agreement or any of the Transaction Documents, except to the extent otherwise
provided for in the relevant waiver; provided that any waiver which by its terms becomes effective upon certain conditions precedent
being met will not be considered a conditional waiver solely due to the existence of such conditions precedent if all such conditions
precedent to effectiveness have been satisfied. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or
extended without the consent of such Lender.

 

     

     

    

 

Notwithstanding
anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, as applicable, the Agent and the Borrower may amend this Agreement to replace LIBOR with a Benchmark
Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth
(5th) Business Day after the Agent has delivered such proposed amendment to all Lenders, the Servicer and the Borrower so long as
the Agent has not received, by such time, written notice of objection from Lenders comprising the Required Lenders to (x) in
the case of an amendment to replace LIBOR with a SOFR-Based Rate, the Benchmark Replacement Adjustment or (y) in the case of an
amendment to replace LIBOR with a Benchmark Replacement that is not a SOFR-Based Rate, such amendment; provided that
for the avoidance of doubt, in the case of clause (x), the Required Lenders shall not be entitled to object to any SOFR-Based Rate
contained in such amendment. Any such amendment with respect to an Early Opt-in Election will become effective on the date that
Lenders comprising the Required Lenders have delivered to the Agent written notice that such Required Lenders accept such amendment.
No replacement of LIBOR with a Benchmark Replacement pursuant to this Section 11.01 will occur prior to the
applicable Benchmark Transition Start Date.

 

In
connection with the implementation of a Benchmark Replacement, the Agent, in consultation with the Borrower,
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 Transaction 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.

 

The Agent
will promptly notify the Borrower, the Servicer and the Lenders of (i) any occurrence of a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent
or Lenders pursuant to this Section 11.01 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,
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 hereto, except, in each case, as expressly required pursuant to this Section 11.01.

 

During
any Benchmark Unavailability Period, (x) all Advances denominated in United States dollars shall bear interest at the Base Rate
and (y) the Borrower may revoke any Notice of Borrowing to be made or any continuation of an Advance during such Benchmark Unavailability
Period.

 

Notwithstanding
anything to the contrary in this Agreement or in any other Transaction Document, upon the occurrence of a Term SOFR Transition
Event, and the delivery of a Term SOFR Notice, if the Benchmark Replacement is not Term SOFR, then 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, for all
purposes hereunder or under any Transaction Document without any amendment to, or further action or consent of any other party to,
this Agreement or any other Transaction Document, and such changes shall become effective at 5:00 p.m. (New York time) on the
fifth Business Day after the Agent shall have delivered a Term SOFR Notice.

 

     

     

    

 

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

 

	BORROWER:	ARES CAPITAL CP FUNDING LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING
PAGE]

  

     

     

    

 

	TRUSTEE:	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	BANK:	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	COLLATERAL CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

ANNEX A

 

Commitments

 

	Lender	 	Commitment	 
	Wells Fargo Bank, National Association	 	$	900,000,000	 
	Bank of America, N.A.	 	$	375,000,000	 
	Sampension Livsforsikring A/S	 	$	127,000,000	 
	Arkitekternes Pensionskasse	 	$	9,000,000	 
	Pensionskassen for Jordbrugsakademikere og Dyrlæger	 	$	14,000,000	 
	Canadian
Imperial Bank of Commerce	 	$	100,000,000	 
	TIAA, FSBExhibit 10.2

 
AMENDMENT NO. 1

 

THIS AMENDMENT NO. 1 (this
 “Agreement”), dated as of December 29, 2021, is entered into among ARES CAPITAL CORPORATION, a Maryland corporation
(the “Borrower”), each other Guarantor party hereto (together with Holdings and the Borrower, the “Loan Parties”)
and JPMOrgan CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and as collateral agent.

 

RECITALS

 

WHEREAS, the Borrower, the
lenders from time to time party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as Administrative Agent and
collateral agent, are party to the Twelfth Amended and Restated Senior Secured Credit Agreement, dated as of March 31, 2021 (as amended,
modified, extended, restated, replaced, or supplemented from time to time prior to the date hereof, the “Credit Agreement”);
and

 

WHEREAS, certain loans, commitments
and/or other extensions of credit (the “Loans”) under the Credit Agreement denominated in Sterling (the “Affected
Currencies”) incur or are permitted to incur interest, fees or other amounts based on the London Interbank Offered Rate as administered
by the ICE Benchmark Administration (“LIBOR”) in accordance with the terms of the Credit Agreement;

 

WHEREAS, pursuant to Section 2.12(d) of
the Credit Agreement, the Administrative Agent and the Borrower have determined in accordance with the Credit Agreement that LIBOR for
the Affected Currencies should be replaced with an alternate rate of interest in accordance with the Credit Agreement and, in connection
therewith, the Administrative Agent has determined that certain Benchmark Replacement Conforming Changes are necessary or advisable and
such changes shall become effective with the consent of the Borrower and without any further consent of any other party to the Credit
Agreement or any other Loan Document.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Defined
Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit
Agreement, as amended by this Agreement.

 

2.            Agreement.
The Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages attached as Exhibit A hereto.

 

     

     

    

 

3.            Conditions
Precedent. This effectiveness of this Agreement is subject to the satisfaction of each of the following conditions (the date of the
satisfaction of all such conditions, the “Amendment Effective Date”):

 

(a)            The
Administrative Agent (or its counsel) shall have received from the Borrower, either (x) a counterpart of this Agreement signed on
behalf of such party or (y) written evidence reasonably satisfactory to the Administrative Agent (which may include delivery of a
signed signature page of this Agreement by facsimile or other means of electronic transmission (e.g., “pdf”)) that such
party has signed a counterpart of this Agreement.

 

(b)            The
representations and warranties of each Obligor set forth in the Loan Documents shall be true and correct in all material respects, in
each case on and as of the Amendment Effective Date (or true and correct in all material respects as of a specified date, if earlier).]

 

(e)            At
the time of and immediately after effectiveness of this Agreement, no Default or Event of Default shall have occurred and be continuing.

 

4.            Representations
and Warranties The Borrower hereby represents and warrants to the Lenders and the Administrative Agent on the date hereof that:

 

(a)            the
execution, delivery and performance by the Borrower of this Amendment, and the consummation of the transactions contemplated hereby, (i) are
within the Borrower’s corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) require
no consent or approval of or action by or in respect of, or registration or filing with, any Governmental Authority, agency or official,
except such as have been obtained or made and are in full force and effect, (iv) do not contravene, or constitute a default under,
any provision of applicable law, regulation or order of any Governmental Authority or the organizational documents of the Borrower or
of any judgment, injunction, order or decree binding upon the Borrower, (v) do not result in the creation or imposition of any Lien
on any asset of the Borrower except Liens in favor of the Lenders, and (vi) will not violate or result in a default under any indenture,
loan agreement or other material agreement or instrument binding upon the Borrower or its assets, or give rise to a right thereunder to
require any payment to be made by the Borrower which violation or default, in the case of this clause (vi), would reasonably be expected
to result in a Material Adverse Effect;

 

(b)            this
Amendment has been duly executed and delivered by the Borrower and is the legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, provided that the enforceability hereof is subject to general principles of equity
and to bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights generally;

 

(c)            the
representations and warranties contained in Article III of the Credit Agreement and the other Loan Documents are true and correct
in all material respects (or, in the case of any portion of any representations and warranties already subject to a materiality qualifier,
true and correct in all respects), except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they are true and correct in all material respects as of such earlier date; and

 

(d)            no
Default or Event of Default (i) has occurred and is continuing or (ii) shall result from the effectiveness of this Amendment.

 

 

     

     

    

 

5.             Reaffirmation;
Reference to and Effect on the Loan Documents.

 

(a)            From
and after the Amendment Effective Date, each reference in the Credit Agreement to “hereunder,” “hereof,” “this
Agreement” or words of like import and each reference in the other Loan Documents to “Credit Agreement,” “thereunder,”
 “thereof” or words of like import shall, unless the context otherwise requires, mean and be a reference to the Credit Agreement
as amended by this Agreement. This Agreement is a Loan Document.

 

(b)            The
Loan Documents, and the obligations of the Borrower and the Guarantors under the Loan Documents, are hereby ratified and confirmed and
shall remain in full force and effect according to their terms.

 

(c)            The
Borrower (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations
under the Loan Documents, (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce
or discharge its obligations under the Loan Documents, (iv) agrees that the Security Documents continue to be in full force and effect
and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the
Security Documents to which it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported
to be granted) pursuant to the Security Documents remain and continue in full force and effect in respect of, and to secure, the Obligations.

 

(d)            The
execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents.

 

(e)            In
the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the other Loan Documents, the terms
hereof shall control.

 

6.             Governing
Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial, Etc.

 

(a)            This
Agreement shall be construed in accordance with and governed by the law of the State of New York, without regard to conflict of laws principles
thereof to the extent such principles would cause the application of the law of another state.

 

(b)            EACH
PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.10 OF THE CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.

 

7.            Amendments;
Headings; Severability. This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed
by the Borrower and the Administrative Agent. The Section headings used herein are for convenience of reference only, are not part
of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting this Agreement. Any provision
of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

     

     

    

 

8.            Execution
in Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective
as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the
transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the
Administrative Agent to accept electronic signatures in any form or format without its prior written consent.

 

9.            Notices.
All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.

 

[remainder of page intentionally
left blank]

 

     

     

    

 

Each of the parties hereto
has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	BORROWER:	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By: 	/s/ Scott Lem
	 	Name: Scott Lem
	 	Title: Authorized Signatory

  

     

     

    

 

	ADMINISTRATIVE AGENT:	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent
	 	 
	 	By: 	/s/ Alfred Chi
	 	Name: Alfred Chi
	 	Title: Vice President

 

     

     

    

 

Execution
VersionEXHIBIT A 

Conformed Copy

 

 

TWELFTH AMENDED AND RESTATED 

SENIOR SECURED CREDIT AGREEMENT

 

dated as of

 

March 31, 2021

 

between

 

ARES CAPITAL CORPORATION

 

The LENDERS Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A. 

as Administrative Agent

 

Bank of
America, N.A., 

TRUIST BANK, 

MUFG UNION BANK, N.A., 

SUMITOMO MITSUI BANKING CORPORATION, 

as Syndication Agents

 

$3,963,000,000

 

 

 

JPMORGAN CHASE BANK, N.A. 

BOFa sECURITIES, INC. 

TRUIST SECURITIES, INC., 

MUFG UNION BANK, N.A., 

SUMITOMO
MITSUI BANKING CORPORATION 

as Joint Bookrunners and Joint Lead Arrangers

 

 

     

     

    

 

	TABLE OF CONTENTS	 
	 	 
		Page
	 	 
	ARTICLE I	 
	 	 
	DEFINITIONS	 
	 	 
	SECTION 1.01. 	Defined Terms	52
	SECTION 1.02.	 Classification of Loans and Borrowings	51
	SECTION 1.03. 	Terms Generally	52
	SECTION 1.04. 	Accounting Terms; GAAP	53
	SECTION 1.05. 	Currencies; Currency Equivalents; LIBO Rate Notification	53
	SECTION 1.06. 	Divisions	56
	 	 
	ARTICLE II	 
	 	 
	THE CREDITS	 
	 	 
	SECTION 2.01. 	The Commitments	56 
	SECTION 2.02. 	Loans and Borrowings	57 
	SECTION 2.03. 	Requests for Borrowings	58 
	SECTION 2.04. 	Letters of Credit	60 
	SECTION 2.05. 	Funding of Borrowings	66 
	SECTION 2.06. 	Interest Elections	66 
	SECTION 2.07. 	Termination, Reduction or Increase of the Commitments	68 
	SECTION 2.08.	 Repayment of Loans; Evidence of Debt	71 
	SECTION 2.09. 	Prepayment of Loans	72 
	SECTION 2.10. 	Fees	77 
	SECTION 2.11. 	Interest	78 
	SECTION 2.12. 	Alternate Rate of Interest	79 
	SECTION 2.13. 	Increased Costs	83 
	SECTION 2.14. 	Break Funding Payments	84 
	SECTION 2.15. 	Taxes	86 
	SECTION 2.16. 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	89 
	SECTION 2.17. 	Defaulting Lenders	91 
	SECTION 2.18.	 Mitigation Obligations; Replacement of Lenders	93 
	 	 

     

     

    

 

	ARTICLE III	 
	 	 
	REPRESENTATIONS AND WARRANTIES	 
	 	 
	SECTION 3.01.	 Organization; Powers	94 
	SECTION 3.02. 	Authorization; Enforceability	94 
	SECTION 3.03. 	Governmental Approvals; No Conflicts	95 
	SECTION 3.04. 	Financial Condition; No Material Adverse Change	95 
	SECTION 3.05.	 Litigation	95 
	SECTION 3.06.	 Compliance with Laws and Agreements	96 
	SECTION 3.07.	 Sanctions and Anti-Corruption Laws	96 
	SECTION 3.08. 	Taxes	96 
	 SECTION 3.09. 	ERISA	96 
	SECTION 3.10. 	Disclosure	97 
	SECTION 3.11. 	Investment Company Act; Margin Regulations	97 
	SECTION 3.12. 	Material Agreements and Liens	97 
	SECTION 3.13. 	Subsidiaries and Investments	98 
	SECTION 3.14. 	Properties	98 
	SECTION 3.15. 	Affiliate Agreements	99 
	SECTION 3.16. 	Security Documents	99 
	SECTION 3.17. 	Affected Financial Institutions	99 
	 	 
	ARTICLE IV	 
	 	 
	CONDITIONS	 
	 	 
	SECTION 4.01. 	Restatement Effective Date	99 
	SECTION 4.02. 	Each Credit Event	101 
	 	 
	ARTICLE V	 
	 	 
	AFFIRMATIVE COVENANTS	 
	 	 
	SECTION 5.01. 	Financial Statements and Other Information	102 
	SECTION 5.02. 	Notices of Material Events	104 
	SECTION 5.03. 	Existence; Conduct of Business	105 
	SECTION 5.04. 	Payment of Obligations	105 
	SECTION 5.05.	 Maintenance of Properties; Insurance	105 
	SECTION 5.06. 	Books and Records; Inspection Rights	105 
	SECTION 5.07. 	Compliance with Laws; Anti-Corruption; Sanctions	106 
	SECTION 5.08. 	Certain Obligations Respecting Subsidiaries; Further Assurances	106 
	SECTION 5.09. 	Use of Proceeds	108 
	SECTION 5.10. 	Status of RIC and BDC	108 
	SECTION 5.11. 	Investment and Valuation Policies	108 
	SECTION 5.12. 	Portfolio Valuation and Diversification, Etc.	109 
	SECTION 5.13. 	Calculation of Borrowing Base	113 
	 	 
	ARTICLE VI	 
	 	 
	NEGATIVE COVENANTS	 
	 	 
	SECTION 6.01. 	Indebtedness	122 
	SECTION 6.02. 	Liens	123 
	SECTION 6.03. 	Fundamental Changes and Dispositions of Assets	124 
	SECTION 6.04. 	Investments	126 
	SECTION 6.05.	 Restricted Payments	127 
	SECTION 6.06.	 Certain Restrictions on Subsidiaries	129 
	SECTION 6.07. 	Certain Financial Covenants	129 
	SECTION 6.08. 	Transactions with Affiliates	129 
	SECTION 6.09. 	Lines of Business	129 
	SECTION 6.10.	 No Further Negative Pledge	130 
	SECTION 6.11.	 Modifications of Certain Documents	130 
	SECTION 6.12. 	Payments of Other Indebtedness	130 
	SECTION 6.13. 	Specified Debt	131 
	 	 

    (ii)

     

    

 

	ARTICLE VII	 
	 	 
	EVENTS OF DEFAULT	 
	 	 
	ARTICLE VIII	 
	 	 
	THE ADMINISTRATIVE AGENT	 
	 	 
	ARTICLE IX	 
	 	 
	MISCELLANEOUS	 
	 	 
	SECTION 9.01.	 Notices; Electronic Communications	140 
	SECTION 9.02. 	Waivers; Amendments	142 
	SECTION 9.03. 	Expenses; Indemnity; Damage Waiver	145 
	SECTION 9.04. 	Successors and Assigns	147 
	SECTION 9.05. 	Survival	151 
	SECTION 9.06. 	Counterparts; Integration; Effectiveness; Electronic Execution	151 
	SECTION 9.07.	 Severability	152 
	SECTION 9.08. 	Right of Setoff	152 
	SECTION 9.09. 	Governing Law; Jurisdiction; Etc.	152 
	SECTION 9.10. 	WAIVER OF JURY TRIAL	153 
	SECTION 9.11. 	Judgment Currency	153 
	SECTION 9.12. 	Headings	154 
	SECTION 9.13. 	Treatment of Certain Information; Confidentiality	154 
	SECTION 9.14. 	USA PATRIOT Act	155 
	SECTION 9.15. 	Acknowledgment and Consent to Bail-In of Affected Financial
Institutions	155 
	SECTION 9.16. 	No Fiduciary Duty	156 
	SECTION 9.17. 	German Bank Separation Act	156 
	SECTION 9.18. 	Acknowledgement Regarding Any Supported QFCs	158 

 

    (iii)

     

    

 

	SCHEDULE I	–	Commitments 
	SCHEDULE II	–	Material Agreements and Liens 
	SCHEDULE III	–	Permitted Indebtedness outstanding on the Restatement Effective Date 
	SCHEDULE IV	–	Subsidiaries and Investments 
	SCHEDULE V	–	Transactions with Affiliates 
	SCHEDULE VI	–	GICS Industry Classification Group List 
	SCHEDULE VII	–	Approved Dealers and Approved Pricing Services 
	SCHEDULE VIII	–	Excluded Assets 
	SCHEDULE IX	–	Letter of Credit Commitments

 

	EXHIBIT A	-	Form of Assignment and Assumption 
	EXHIBIT B	-	Form of Guarantee and Security Agreement Confirmation 
	EXHIBIT C	-	Form of Opinion of Maryland Counsel to the Borrower 
	EXHIBIT D	-	Form of Opinion of Counsel to JPMCB 
	EXHIBIT E	-	Form of Borrowing Base Certificate 
	EXHIBIT F	-	Form of Borrowing Request 
	EXHIBIT G	-	Form of Interest Election Request

 

    (iv)

     

    

 

TWELFTH AMENDED AND RESTATED SENIOR SECURED CREDIT
AGREEMENT dated as of March 31, 2021 (this “Agreement”), between ARES CAPITAL CORPORATION, the LENDERS party hereto,
and JPMORGAN CHASE BANK, N.A. as Administrative Agent.

 

Ares Capital Corporation, the “Lenders”
party thereto, (the “Existing Lenders”) and the Administrative Agent, are parties to a Senior Secured Revolving Credit
Agreement dated as of December 28, 2005 as amended and restated as of March 30, 2020 (the “Existing Credit Facility”).

 

Each of the Existing Lenders and each other lender
party hereto shall become or continue as a “Lender” under the Existing Credit Facility as amended and restated by this Agreement.

 

The Borrower has requested that the Lenders provide
the credit facilities described herein under this Agreement which shall amend and restate the Existing Credit Facility in its entirety
on the terms specified herein to, inter alia, extend credit to the Borrower in an initial aggregate principal or face amount not exceeding
$3,963,000,000 at any one time outstanding. The Lenders are prepared to amend and restate the Existing Credit Facility in its entirety
upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01. Defined Terms. As used
in this Agreement, the following terms have the meanings specified below:

 

“ABR”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are denominated in Dollars and bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

“Additional Debt Amount” means,
as of any date, the greater of (a) $50,000,000 and (b) an amount equal to 5% of Shareholders’ Equity plus the principal
amount of any repayment after the Restatement Effective Date of the Borrower’s unsecured notes described in clauses (i) through
(viii) of the definition of “Covered Debt Amount”; provided that the maximum amount of additional debt allowed under
this clause (b) shall not exceed 10% of Shareholders’ Equity.

 

“Adjusted
Daily Simple RFR” means, with respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (a) the
Daily Simple RFR for Sterling, plus (b) 0.0326%; provided that if the Adjusted Daily Simple RFR Rate as so determined would be less
than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

Senior Secured Credit
Agreement

 

     

    - 2 -

    

 

“Adjusted Eurocurrency Rate”
means, for the Interest Period with respect to any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if necessary,
to the next 1/16 of 1%) equal to (a) the Eurocurrency Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate for such Interest Period.

 

“Administrative Agent” means JPMCB,
in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Agent’s Account”
means, for each Currency, an account in respect of such Currency designated by the Administrative Agent in a notice to the Borrower and
the Lenders.

 

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

 

“Advance Rate” has the meaning
assigned to such term in Section 5.13.

 

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

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or
is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate” shall
not include any Person that constitutes an Investment held by any Obligor in the ordinary course of business.

 

“Affiliate Agreements” means collectively,
(a) the Restated Investment Advisory and Management Agreement dated as of June 6, 2011 between the Borrower and Ares Capital
Management, (b) the Amended and Restated Administration Agreement dated as of June 1, 2007, between the Borrower and Ares Operations
LLC, (c) the Trademark License Agreement dated as of September 30, 2004 between Ares Capital Corporation and Ares Management
LLC and (d) other than for purposes of Section 6.11, the CP Facility Documents and the JB Facility Documents.

 

“Agreed Foreign Currency”
means, at any time, any of CAD, GBP, EUR and, with the agreement of each Multicurrency Lender and Issuing Bank, any other Foreign
Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time (a) such
Foreign Currency is dealt with in the London interbank deposit market, or in the case of CAD, the relevant local market for
obtaining quotations, and (b) no central bank or other governmental authorization in the country of issue of such Foreign
Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such
Foreign Currency by any Multicurrency Lender for making any Revolving Loan hereunder or to permit any Issuing Bank to issue (or to
make payment under) any Letter of Credit denominated in such Foreign Currency and/or to permit the Borrower to borrow and repay the
principal thereof and to pay the interest thereon (or to repay any LC Disbursement under a Letter of Credit denominated in such
Foreign Currency), unless such authorization has been obtained and is in full force and effect.

 

Senior Secured Credit
Agreement

 

     

    - 3 -

    

 

 

“Alternate Base Rate” means, for
any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the New York Fed Bank
Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Eurocurrency Rate for Eurocurrency Loans denominated in Dollars
for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided
that the Adjusted Eurocurrency Rate for Eurocurrency Loans denominated in Dollars for any day shall be based on the LIBO Screen Rate (or
if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London
time on such day, subject to the interest rate floor set forth in the definition of the term “LIBO Rate”. Any change in the
Alternate Base Rate due to a change in the Prime Rate, the New York Fed Bank Rate or the Adjusted Eurocurrency Rate for Eurocurrency Loans
denominated in Dollars shall be effective from and including the effective date of such change in the Prime Rate, the New York Fed Bank
Rate or the Adjusted Eurocurrency Rate for Eurocurrency Loans denominated in Dollars, respectively. If the Alternate Base Rate is being
used as an alternate rate of interest pursuant to Section 2.12 (for the avoidance of doubt, only until the Benchmark Replacement
has been determined pursuant to Section 2.12(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above
and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined
pursuant to the foregoing would be less than 1%, such rate shall be deemed to be 1% for purposes of this Agreement.

 

“Anti-Corruption Laws” means all
laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating
to money laundering, bribery or corruption.

 

“Applicable Dollar Percentage”
means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented by such Lender’s Dollar Commitment.
If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentages shall be determined based upon the Dollar Commitments
most recently in effect, giving effect to any assignments.

 

“Applicable Margin” means,
for any day, (a) (i) if the Gross Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is equal
to or greater than 1.60 times the Combined Debt Amount, (A) with respect to any ABR Loan, 0.75% and (B) in the case of any
Eurocurrency Loan or RFR Loan, 1.75%, and (ii) if
the Gross Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is less than 1.60 times the Combined Debt
Amount, (A) with respect to any ABR Loan, 0.875%, and (B) in the case of any Eurocurrency Loan, or
RFR Loan 1.875%, and (b) with respect to the commitment fees payable under Section 2.10(a) hereunder,
0.375%. Any change in the Applicable Margin due to a change in the ratio of the Gross Borrowing Base to the Combined Debt Amount as
set forth in any Borrowing Base Certificate shall be effective from and including the day immediately succeeding the date of
delivery of such Borrowing Base Certificate; provided that if any Borrowing Base Certificate has not been delivered in accordance
with Section 5.01(d), then from and including the day immediately succeeding the date on which such Borrowing Base Certificate
was required to be delivered, the Applicable Margin shall be the Applicable Margin set forth in clause (b) above to and
including the date on which the required Borrowing Base Certificate is delivered.

 

Senior
Secured Credit Agreement

 

     

    - 4 -

    

 

“Applicable Multicurrency Percentage”
means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented by such Lender’s
Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentages shall
be determined based upon the Multicurrency Commitments most recently in effect, giving effect to any assignments.

 

“Applicable Percentage” means,
with respect to any Lender, the percentage of the aggregate Term Loans and total Revolving Commitments of such Lender. If the Revolving
Commitments have terminated or expired, the Applicable Percentages previously based on such Revolving Commitments shall be determined
based upon the existing Revolving Exposure.

 

“Approved Dealer” means (a) in
the case of any Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered under the Securities
Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof, (b) in the case of a U.S. Government Security, any
primary dealer in U.S. Government Securities, and (c) in the case of any foreign Portfolio Investment, any foreign broker-dealer
of internationally recognized standing or an Affiliate thereof, in the case of each of clauses (a), (b) and (c) above,
as set forth on Schedule VII or any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination.

 

“Approved Pricing Service”
means a pricing or quotation service as set forth in Schedule VII or any other pricing or quotation service approved by the Board of
Directors of the Borrower and designated in writing to the Administrative Agent (which designation shall be accompanied by a copy of
a resolution of the Board of Directors of the Borrower that such pricing or quotation service has been approved by the
Borrower).

 

“Approved Third Party Appraiser”
means each of (a) Houlihan Lokey Howard & Zukin Inc., (b) Lincoln International LLC (formerly known as Lincoln Partners
LLC), (c) Duff & Phelps Corporation, (d) Valuation Research Corporation, and (e) any other third party appraiser
selected by the Borrower in its reasonable discretion.

 

“Ares Capital CP” means Ares Capital
CP Funding LLC, a wholly owned Subsidiary of the Borrower.

 

“Ares Capital CP Holdings” means
Ares Capital CP Funding Holdings LLC, a wholly owned Subsidiary of the Borrower.

 

Senior
Secured Credit Agreement

 

     

    - 5 -

    

 

“Ares Capital JB” means Ares Capital
JB Funding LLC, a wholly owned Subsidiary of the Borrower.

 

“Ares Capital Management” means
Ares Capital Management LLC, a Delaware Limited Liability Company.

 

“Asset Coverage Ratio” means the
ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the value of total assets of the
Borrower and its Subsidiaries, less all liabilities (other than outstanding Indebtedness, including outstanding Indebtedness hereunder)
of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries. For the purposes
of calculating the Asset Coverage Ratio, Indebtedness of an SBIC Subsidiary outstanding as of the date of such calculation shall
be excluded from the calculation of Asset Coverage Ratio to the extent and in the manner that such Indebtedness may be excluded from the
asset coverage requirements of sections 18(a) and 61(d) of the Investment Company Act pursuant to an effective exemptive order
issued by the US Securities and Exchange Commission.

 

“Assignment and Assumption” means
an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.

 

“Assuming Lender” has the meaning
assigned to such term in Section 2.07(e).

 

“Availability Period” means,
with respect to any Revolving Commitments, the period from and including the Restatement Effective Date to but excluding the earlier
of the Commitment Termination Date and the date of termination of such Revolving Commitments.

 

“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 an Interest
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 “Interest Period” pursuant to clause (f) of Section 2.12.

 

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

 

“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).

 

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“Basel III” means the agreements
on capital requirements, leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more
resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring”
and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking
Supervision on 16 December 2010, each as amended, supplemented or restated.

 

“Benchmark” means,
initially, the Relevant Ratewith
respect to any (i) RFR Loan in any Agreed Foreign Currency, the applicable Relevant Rate for such Agreed Foreign Currency or
(ii) Term Benchmark Loan in Dollars or any Agreed Foreign Currency, the applicable Relevant Rate for Dollars or such Agreed
Foreign Currency; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, a Term ESTR Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the
applicable Relevant Rate or the then-current Benchmark, then “Benchmark”for
such Currency 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 2.12.

 

“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 Loan denominated in a Currency other than Dollars, Sterling,
CAD or Euros, “Benchmark Replacement” shall mean the alternative set forth in (3) below:

 

(1)

 

(A) in the case of any Loan denominated
in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment,

 

(B) in the
case of any Loan denominated in Sterling, the sum of (a) Daily Simple SONIA and (b) the related Benchmark Replacement Adjustment,

 

(CB)
in the case of any Loan denominated in Euros, the sum of (a) Term ESTR and (b) the related Benchmark Replacement Adjustment,

 

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(2)

 

(A) in the case of any Loan denominated
in Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment,

 

(B) in the case of any Loan denominated
in Euros, the sum of (a) Daily Simple ESTR and (b) the related Benchmark Replacement Adjustment

 

(3) the sum of: (a) the alternate
benchmark rate that has been selected by the Administrative Agent and the Borrower 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)(A) or (1)(C), 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, (x) with respect to a Loan
denominated in Dollars, 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)(A) of this definition (subject to the first proviso above),
(y) with respect to a Loan denominated in Euros, notwithstanding anything to the contrary in this Agreement or in any other
Loan Document, upon the occurrence of a Term ESTR Transition Event, and the delivery of a Term ESTR Notice, on the applicable
Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of
(a) Term ESTR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1)(C) 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 the Floor, the Benchmark Replacement will be deemed to be the Floor for the
purposes of this Agreement and the other Loan Documents.

 

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“Benchmark Replacement Adjustment”
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest
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 Interest 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 Interest 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 and the Borrower
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 and/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 at such time; 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 “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing
and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters)
that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such 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).

 

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“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);

 

(2) in the case of clause (3) of the
definition of “Benchmark Transition Event,” the first
date of the publicon
which such Benchmark (or the published component used in the calculation thereof) has been determined and announced
by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative;
provided, that such non-representativeness will be determined by reference to the most recent statement or publication of
information referenced thereinin
such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such
date;

 

(3) in the case of a Term SOFR Transition Event
or a Term ESTR Transition Event, as applicable, the date that is thirty (30) days after the date a Term SOFR Notice or a Term ESTR Notice,
as applicable, is provided to the Lenders and the Borrower pursuant to Section 2.12(d); 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 Lenders.

 

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).

 

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“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, the central bank for the Currency applicable
to such Benchmark, 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), in each case 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,
or as of a specified future date will no longer be, 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).

 

“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 such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.12 and (y) ending at the time
that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.12.

 

“BHC Act Affiliate” of a party
means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

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“Board” means the Board of Governors
of the Federal Reserve System of the United States of America.

 

“Borrower” means Ares Capital
Corporation, a Maryland corporation.

 

“Borrowing” means (a) all
ABR Loans of the same Class made, converted or continued on the same date, (b) all Eurocurrency Loans of the same Class denominated
in the same Currency that have the same Interest Period, (c) all RFR
Loans of the same Class denominated in the same Currency that have the same Interest Period and/or (cd)
a Pro-Rata Borrowing, as applicable.

 

“Borrowing Base” has the meaning
assigned to such term in Section 5.13.

 

“Borrowing Base Certificate” means
a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit E and appropriately completed.

 

“Borrowing Base Deficiency” means,
at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds
(b) the Borrowing Base as of such date.

 

“Borrowing Request” means a request
by the Borrower for a Borrowing in accordance with Section 2.03 substantially in the form of Exhibit F.

 

“Business Day” means any day that
is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed;
and when used in connection with a Eurocurrency Loan for a LIBOR Quoted Currencydenominated
in Dollars, the term “Business Day” shall also exclude any day on which banks are not open for dealings in
deposits in Dollars in London; and in addition, with respect to any date for the payment or purchase of, or the fixing of an interest
rate in relation to, any Local Rate Currency, the term “Business Day” shall also exclude any day on which banks are not open
for international business in the principal financial center of the country of that currency; and, if the Borrowing or LC Disbursements
which are the subject of a borrowing, drawing, payment, reimbursement or rate selection are denominated in Euro, the term “Business
Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in Euro.;
and in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or
any other dealings in the applicable Agreed Foreign Currency of such RFR Loan, any such day that is an RFR Business Day.

 

“CAD” and “C$”
denote the lawful currency of Canada.

 

“CAD Screen Rate” has the meaning
assigned to such term in the definition of “CDOR Rate”.

 

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“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
that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN index is not
published by Bloomberg, any other information services that publishes such index from time to time, as selected by the
Administrative Agent in its reasonable discretion) and (ii) the CDOR Rate for thirty (30) days, 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.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be
classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Cash” means any immediately available
funds in Dollars or in any currency other than Dollars which is a freely convertible currency.

 

“Cash Equivalents” means investments
(other than Cash) that are one or more of the following obligations:

 

(a)            U.S.
Government Securities, in each case maturing within one year from the date of acquisition thereof;

 

(b)            investments
in commercial paper or other short-term corporate obligations maturing within 270 days from the date of acquisition thereof and having,
at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(c)            investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof
(i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof or under the laws of the jurisdiction or any constituent
jurisdiction thereof of any Agreed Foreign Currency, provided that such certificates of deposit, banker’s acceptances and time deposits
are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent can perfect a security
interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from
Moody’s;

 

(d)            fully
collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government Securities
and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or
(ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of
at least A-1 from S&P and at least P-1 from Moody’s;

 

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(e)            a
Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance
company or other corporation or entity, in each case, at the date of such acquisition having a credit rating of at least A-1 from S&P
and at least P-1 from Moody’s; provided that such Reinvestment Agreement may be unwound at the option of the Borrower at
any time without penalty;

 

(f)        
money market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm”
or “AAAm-G” by S&P, respectively; and

 

(g)       
any of the following offered by U.S. Bank National Association (or any successor custodian or other entity acting in a similar capacity
with respect to the Borrower) (I) money market deposit accounts, (II) eurodollar time deposits, (III) commercial eurodollar
sweep services or (IV) open commercial paper services, in each case having, at such date of acquisition, a credit rating of at least
A-1 from S&P and at least P-1 from Moody’s and maturing not later than 270 days from the date of acquisition thereof,

 

provided,
that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example,
interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any
ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody’s or S&P,
as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities or repurchase agreements) shall not include any
such investment of more than 10% of total assets of the Obligors in any single issuer; and (iv) in no event shall Cash Equivalents
include any obligation that is not denominated in Dollars or an Agreed Foreign Currency.

 

“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 the applicable
period that appears on the Reuters Screen CDOR Page (or, in the event such rate does not appear on such page or screen, on any
successor or substitute page or 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), 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 “CAD Screen Rate”); provided that if such CAD Screen Rate
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Central
Bank Rate” means, (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England (or any successor
thereto)’s “Bank Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euro,
one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate
for the main refinancing operations of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum
bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European
Central Bank (or any successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central
Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the
rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank
(or any successor thereto) from time to time and (c) any other Agreed Foreign Currency, a central bank rate as determined by the
Administrative Agent in its reasonable discretion and (ii) 0% ; plus (B) the applicable Central Bank Rate Adjustment.

 

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“Central
Bank Rate Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may
be a positive or negative value or zero) of (i) the average of the EURIBOR Rate for the five most recent Business Days preceding
such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBOR Rate applicable
during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day
in such period, (b) Pounds Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the
average of SONIA for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such averaging,
the highest and the lowest SONIA applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect
of Pounds Sterling in effect on the last RFR Business Day in such period, and (c) any other Agreed Foreign Currency, a Central Bank
Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the
term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) each of the EURIBOR
Rate on any day shall be based on the EURIBOR Screen Rate, on such day at approximately the time referred to in the definition of such
term for deposits in the applicable Agreed Foreign Currency for a maturity of one month (or, in the event the EURIBOR Screen Rate for
deposits in the applicable Agreed foreign Currency is not available for such maturity of one month, shall be based on the EURIBOR Interpolated
Rate as of such time); provided that if such rate shall be less than 0.00%, such rate shall be deemed to be 0.00%.

 

“Change in Control” means (a) the
acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities
Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the Restatement Effective
Date), of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock
of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by
Persons who were neither (i) nominated by the requisite members of the board of directors of the Borrower nor (ii) appointed
by a majority of the directors so nominated; or (c) the acquisition of direct or indirect Control of the Borrower by any Person or
group other than Ares Capital Management or any Affiliate of Ares Capital Management that is organized under the laws of a jurisdiction
located in the United States of America and in the business of managing or advising clients.

 

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“Change in Law” means (a) the
adoption of any law, rule or regulation after the Restatement Effective Date, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority after the Restatement Effective Date or (c) compliance
by any Lender or any Issuing Bank (or, for purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’s
or such Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law)
of any Governmental Authority made or issued after the Restatement Effective Date; provided that, notwithstanding anything herein
to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
or directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines,
requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be
deemed to be a “Change in Law”.

 

“Class”, when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Term Loans or
Revolving Loans and, in the case of a Revolving Loan, whether such Loan, or the Loans constituting such Borrowing, are Dollar Loans
or Multicurrency Loans; when used in reference to any Lender, refers to whether such Lender is a Term Lender or a Revolving Lender
and, in the case of any Revolving Lender, whether such Lender is a Dollar Lender or a Multicurrency Lender; and, when used in
reference to any Commitment, refers to whether such Commitment is a Term Commitment or Revolving Commitment, in the case of any
Revolving Commitment, whether such Commitment is a Dollar Commitment or Multicurrency Commitment, and when used in reference to LC
Exposure, refers to whether such LC Exposure is a Dollar LC Exposure or Multicurrency LC Exposure.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Collateral” has the meaning assigned
to such term in the Guarantee and Security Agreement.

 

“Collateral Agent” means JPMCB
in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any successor Collateral Agent thereunder.

 

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“Collateral Pool” means, at any
time, each Portfolio Investment that has been Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent and
is subject to the Lien of the Guaranty and Security Agreement, and then only for so long as such Portfolio Investment continues to be
Delivered as contemplated therein and in which the Collateral Agent has a first-priority perfected Lien as security for the Secured Obligations
(subject to any Lien permitted by Section 6.02 hereof), provided that in the case of any Portfolio Investment in which the Collateral
Agent has a first-priority perfected security interest pursuant to a valid Uniform Commercial Code filing (and for which no other method
of perfection with a higher priority is possible), such Portfolio Investment may be included in the Borrowing Base so long as all remaining
actions to complete “Delivery” are satisfied in full within 7 days of such inclusion.

 

“Combined Debt Amount” means,
as of any date, (i) the greater of (A) the sum of the aggregate amount of Revolving Credit Exposures of all Lenders as of such
date plus the aggregate outstanding amount of Term Loans as of such date and (B) 85% of the sum of the aggregate amount of Revolving
Commitments as of such date (or, if greater, the Revolving Credit Exposures of all Lenders as of such date) plus the aggregate outstanding
amount of Term Loans as of such date plus (ii) the aggregate amount of outstanding Designated Indebtedness and, without duplication,
unused Designated Indebtedness Commitments (as each such term is defined in the Guarantee and Security Agreement).

 

“Commitment” means, collectively,
the Term Commitments and the Revolving Commitments.

 

“Commitment Increase” has the
meaning assigned to such term in Section 2.07(e).

 

“Commitment Increase Date” has
the meaning assigned to such term in Section 2.07(e).

 

“Commitment Termination Date”
means March 31, 2025.

 

“Commodity Exchange Act” means
the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto.

 

“Controlled Foreign Corporation”
means any Subsidiary which is (i) a “controlled foreign corporation” (within the meaning of Section 957 of the Code),
(ii) a subsidiary substantially all the assets of which consist of equity in Subsidiaries described in clause (i) of this definition,
or (iii) an entity treated as disregarded for U.S. federal income tax purposes that owns more than 65% of the voting stock of a Subsidiary
described in clause (i) or (ii) of this definition.

 

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“Conversion Rights” means, collectively,
the rights set forth in Article 13 of the Indentures (such conversion rights, including Physical Settlement, Cash Settlement and/or
Combination Settlement, as each such term is defined in the respective Indentures).

 

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

 

“Covered Debt Amount” means,
on any date, (a) all of the Credit Exposures of all Lenders on such date plus (b) the aggregate amount of
outstanding Permitted Indebtedness on such date plus (c) the aggregate amount of any Indebtedness incurred pursuant to
Sections 6.01(g), 6.01(i), and 6.01(j) minus (d) the LC Exposures fully cash collateralized on such date
pursuant to Section 2.04(k) and the last paragraph of Section 2.08(a); provided that the aggregate principal
amount of (i) the Borrower’s 3.625% notes due January 2022, (ii) the Borrower’s 3.750% convertible notes
due February 2022, (iii) the Borrower’s 3.500% notes due February 2023, (iv) the Borrower’s 4.625%
convertible notes due March 2024, (v) the Borrower’s 4.200% notes due June 2024, (vi) the Borrower’s
4.250% notes due March 2025, (vii) the Borrower’s 3.250% notes due July 2025, (viii) the Borrower’s
3.875% notes due January 2026, (ix) the Borrower’s 2.150% notes due July 2026 and (x) all Unsecured
Indebtedness, Special Longer Term Unsecured Indebtedness (other than Excess Special Longer Term Unsecured Indebtedness), and 50% of
all then outstanding Shorter Term Unsecured Indebtedness (including, for the avoidance of doubt, Excess Special Longer Term
Unsecured Indebtedness) shall be excluded from the calculation of the Covered Debt Amount, in each case, to the extent then
outstanding, until the date that is 9 months prior to the scheduled maturity date of such notes, Unsecured Indebtedness, Special
Longer Term Unsecured Indebtedness, or Shorter Term Unsecured Indebtedness (including, for the avoidance of doubt, Excess Special
Longer Term Unsecured Indebtedness), as applicable, provided, that to the extent, but only to the extent, any portion of
Unsecured Indebtedness, Special Longer Term Unsecured Indebtedness, or Shorter Term Unsecured Indebtedness (including, for the
avoidance of doubt, Excess Special Longer Term Unsecured Indebtedness) referred to in clause (x) above is subject to a
contractually scheduled amortization payment, other principal payment or redemption earlier than 6 months after the Maturity Date
(in the case of Unsecured Indebtedness), or earlier than the original final maturity date of such Indebtedness (in the case of
Special Longer Term Unsecured Indebtedness or Shorter Term Unsecured Indebtedness), all of such portion of such Indebtedness, to the
extent then outstanding, shall be included in the calculation of the Covered Debt Amount beginning upon the date that is the later
of (i) 9 months prior to such scheduled amortization payment, other principal payment or redemption and (ii) the date the
Borrower becomes aware that such Indebtedness is required to be paid or redeemed; provided  further that in the case of notes
referred to in clauses (i) through (viii) above, such notes, to the extent then outstanding, shall be included in the
Covered Debt Amount at all times after the Commitment Termination Date. For the avoidance of doubt, for purposes of calculating the
Covered Debt Amount, any convertible securities will be included at the then outstanding principal balance thereof.

 

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“Covered Entity” means any of
the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party” has the meaning assigned
to it in Section 9.18.

 

“Credit Party” means the Administrative
Agent, each Issuing Bank, the Swingline Lenders or any other Lender.

 

“CP Facility” means the credit
facility dated January 22, 2010 between, among others, Ares Capital CP and Wells Fargo Securities, LLC pursuant to the CP Facility
Documents.

 

“CP Facility Documents” means,
collectively, (a) the Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010 between the Borrower and
Ares Capital CP Holdings, (b) the Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010 between Ares
Capital CP Holdings and Ares Capital CP, (c) the Amended and Restated Sale and Servicing Agreement, dated as of January 22,
2010 by and among the Borrower, Ares Capital CP, Wells Fargo Bank, National Association, as the note purchaser, Wells Fargo Securities,
LLC, as the administrative agent and U.S. Bank National Association, as the collateral custodian, trustee and the bank and (d) the
Amended and Restated Intercreditor and Concentration Account Agreement, dated as of December 28, 2005, by and among the Borrower,
U.S. Bank National Association as the trustee and the concentration account bank, JPMCB, the note purchaser and each securitization agent
party thereto from time to time. It is understood that the term “CP Facility Documents” shall not include the exhibits and
schedules thereto.

 

“Credit Exposure” means, with
respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Term Loans and Revolving Credit
Exposure at such time.

 

“Currency” means Dollars or any
Foreign Currency.

 

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“Custodian Agreement” means the
Amended and Restated Custodian Agreement dated as of May 15, 2009 between the Borrower and U.S. Bank National Association.

  

“Daily Simple ESTR” means, for
any day, ESTR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance
with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple ESTR”
for business loans or conventions that are otherwise used in the United States syndicated lending market for syndicated loans denominated
in Euros; 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.

 

“Daily Simple SOFRRFR”
means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; 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. (an “RFR Interest
Day”), an interest rate per annum equal to, for any RFR Loan denominated in Sterling, SONIA for the day that is 5 RFR Business Days
prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business
Day, the RFR Business Day immediately preceding such RFR Interest Day.

  

“Daily Simple SONIASOFR”
means, for any day, SONIASOFR,
with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the
conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SONIASOFR”
for business loans or conventions that are otherwise used in the United States syndicated lending
market for syndicated loans denominated in Sterling; 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.

 

“Default” means any event or condition
which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

 

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“Defaulting Lender” means
any Lender, as determined by the Administrative Agent, that has (a) failed to fund any portion of its Loans or participations
in Letters of Credit within three Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans,
such Lender’s failure is based on such Lender’s reasonable determination that the conditions precedent to funding such
Loan under this Agreement have not been met, such conditions have not otherwise been waived in accordance with the terms of this
Agreement and such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not
been satisfied) prior to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative
Agent, any Issuing Bank or any Lender in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this
Agreement or generally under other agreements in which it commits to extend credit (unless such writing or public statement states
that such position is based on such Lender’s commercially reasonable determination that a condition precedent to funding or
extension of credit (which condition precedent, together with the applicable default, if any, shall be specifically identified in
such writing or public statement) cannot be satisfied), (c) failed, within three Business Days after request by the
Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, (e) (i) become or
is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee
for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for
it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment or (f) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by
virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender.

 

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“Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Designated Subsidiary” means:

 

1.            An
SBIC Subsidiary; or

 

2.           (a)          a
direct or indirect Subsidiary of the Borrower designated by the Borrower as a “Designated Subsidiary” which meets the following
criteria:

 

(i)            to
which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly) Portfolio Investments, which engages in no material
activities other than in connection with the purchase or financing of such assets;

 

(ii)            no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (A) is Guaranteed by any Obligor
(other than Guarantees in respect of Standard Securitization Undertakings), (B) is recourse to or obligates any Obligor in any way
other than pursuant to Standard Securitization Undertakings or (C) subjects any property of any Obligor (other than property that
has been contributed or sold, purported to be sold or otherwise transferred to such Subsidiary), directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof,

 

(iii)            with
which no Obligor has any material contract, agreement, arrangement or understanding other than on terms no less favorable to such Obligor
than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary
course of business in connection with servicing receivables or financial assets, and

 

(iv)            to
which no Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain
levels of operating results, other than pursuant to Standard Securitization Undertakings; or

 

(b)  a direct or indirect Subsidiary of the
Borrower designated by the Borrower as a “Designated Subsidiary” and which satisfies each of the foregoing criteria set forth
in clauses (2)(a)(ii), (iii) and (iv).

 

Any such designation under this clause (2) by the Borrower shall
be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a
statement to the effect that, to the best of such officer’s knowledge, such designation complied with the foregoing conditions set
forth in clauses (2)(a) or (2)(b). For the avoidance of doubt, in the case of clause (2)(a), the Borrower shall be in compliance
with Section 6.03(d) after giving effect to any such designation. Each Subsidiary of a Designated Subsidiary shall be deemed
to be a Designated Subsidiary and shall comply with the foregoing requirements of this definition. The parties hereby agree that the Subsidiaries
identified as Designated Subsidiaries on Schedule IV hereto shall each constitute a Designated Subsidiary so long as they comply with
the foregoing requirements of this definition.

 

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“Dollar Commitment” means,
with respect to each Dollar Lender, the commitment of such Dollar Lender to make Revolving Loans denominated in Dollars hereunder,
expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Dollar Credit Exposure permitted
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.07 and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each
Lender’s Dollar Commitment is set forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender
shall have assumed its Dollar Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the
Restatement Effective Date is $653,250,000.

 

“Dollar Equivalent” for any amount,
at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, and (b) if such amount is expressed
in a Foreign Currency, the equivalent of such amount in Dollars determined at such time on the basis of the Exchange Rate for the purchase
of Dollars with such Foreign Currency at such time.

 

“Dollar Issuing Bank” means any
Issuing Bank identified in Schedule IX that has agreed to issue Letters of Credit under its respective Dollar Commitment.

 

“Dollar LC Exposure” means a Dollar
Lender’s LC Exposure under its Dollar Commitment.

 

“Dollar Lender” means the Persons
listed on Schedule I as having Dollar Commitments and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar Credit Exposure, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof.

 

“Dollar Loan” means a Revolving
Loan made pursuant to the Dollar Commitments.

 

“Dollars” or “$”
refers to lawful money of the United States of America.

 

“Domestic Subsidiary” means any
Subsidiary other than a Controlled Foreign Corporation.

 

“Early Opt-in Election” means,
with respect to any Currency, the occurrence of:

 

(1)            a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties
hereto that syndicated credit facilities denominated in the applicable Currency being executed at such time, or that include language
similar to that contained in Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest
rate to replace the Relevant Rate, and

 

(2)            the
joint election by the Administrative Agent and the Borrower to declare that an Early Opt-in Election for such Currency has occurred
and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the
Lenders.

 

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“EBITDA” means the consolidated
net income of the applicable Person (excluding extraordinary, unusual or non-recurring gains and extraordinary losses (to the extent excluded
in the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant agreement
relating to the applicable Portfolio Investment)) for the relevant period plus, without duplication, the following to the extent deducted
in calculating such consolidated net income in the relevant agreement relating to the applicable Portfolio Investment for such period:
(i) consolidated interest charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable
for such period, (iii) depreciation and amortization expense for such period, and (iv) such other adjustments included in the
definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant agreement relating
to the applicable Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market
terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably
determined in good faith by the Borrower.

 

“EEA Financial Institution” means
(a) any credit institution or investment firm 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 financial 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.

 

“Equity Interests” means shares
of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other
equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire
any such equity interest.

 

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

 

“ERISA Affiliate” means any trade
or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of
the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code.

 

“ERISA Event” means (a) any
 “reportable event”, as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum
funding standard (within the meaning of Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA) applicable to such Plan; (c) the
filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan under Section 4041 of ERISA or to appoint a
trustee to administer any Plan under Section 4042 of ERISA; (f) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability with respect to a withdrawal from a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial
employer” (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal
under Section 4062(e) of ERISA, or a complete withdrawal or partial withdrawal (within the meanings of Sections 4203 and 4205
of ERISA) from any Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice from any Multiemployer
Plan concerning the imposition of Withdrawal Liability on the Borrower or any ERISA Affiliate or a determination that a Multiemployer
Plan is insolvent (within the meaning of Section 4245 of ERISA) or in reorganization (within the meaning of Section 4241 of
ERISA).

 

“ESTR” means, with respect to
any Business Day, a rate per annum equal to the Euro Short Term Rate for such Business Day published by the ESTR Administrator on the
ESTR Administrator’s Website.

 

“ESTR Administrator” means the
European Central Bank (or any successor administrator of the Euro Short Term Rate).

 

“ESTR Administrator’s Website”
means the European Central Bank’s website, currently at http://www.ecb.europa.eu, or any successor source for the Euro Short Term
Rate identified as such by the ESTR Administrator from time to time.

 

“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.

 

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“EUR”, “€”
and “Euro” denote the single currency of the Participating Member States.

 

“EURIBOR Interpolated Rate” means,
at any time, with respect to any Eurocurrency Borrowing denominated in Euros and for any Interest Period, the rate per annum (rounded
to the same number of decimal places as the EURIBOR 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
EURIBOR Screen Rate for the longest period (for which the EURIBOR Screen Rate is available for Euros) that is shorter than the Impacted
EURIBOR Rate Interest Period; and (b) the EURIBOR Screen Rate for the shortest period (for which the EURIBOR Screen Rate is available
for Euros) that exceeds the Impacted EURIBOR Rate Interest Period, in each case, at such time; provided that, if any EURIBOR Interpolated
Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“EURIBOR Rate” means, with respect
to any Eurocurrency Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate at approximately 11:00 a.m., Brussels
time, two TARGET Days prior to the commencement of such Interest Period; provided that, if the EURIBOR Screen Rate shall not be available
at such time for such Interest Period (an “Impacted EURIBOR Rate Interest Period”) with respect to Euros then the EURIBOR
Rate shall be the EURIBOR Interpolated Rate.

 

“EURIBOR Screen Rate” means the
euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters
page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time
to time in place of Thomson Reuters as of 11:00 a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period.
If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the
relevant rate after consultation with the Borrower. If the EURIBOR Screen Rate shall be less than zero, the EURIBOR Screen Rate shall
be deemed to be zero for purposes of this Agreement.

 

“Eurocurrency”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined
by reference to the Adjusted Eurocurrency Rate.

 

“Eurocurrency Rate” means,
with respect to (A) any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any applicable Interest Period,
the LIBO Rate as of the Reference Time on the Quotation Day for such LIBOR Quoted Currency and Interest Period, (B) any
Eurocurrency Borrowing denominated in Euros and for any applicable Interest Period, the EURIBOR Rate as of the Reference Time on the
Quotation Day for Euros and such Interest Period and (C) any Eurocurrency Borrowing denominated in any Local Rate Currency and
for any applicable Interest Period, the applicable Local Rate as of the Reference Time on the Quotation Day for such Local Rate
Currency and Interest Period; provided that, if the applicable Screen Rate shall not be available for such Interest Period
and/or for the applicable Currency with respect to such Eurocurrency Borrowing for any reason, then the rate determined in
accordance with Section 2.12 shall be the Eurocurrency Rate for such Interest Period for such Eurocurrency Borrowing, and provided
further, that, if the Eurocurrency Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement.

 

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“Event of Default” has the meaning
assigned to such term in Article VII.

 

“Excess Special Longer Term Unsecured Indebtedness”
means any Special Longer Term Unsecured Indebtedness in excess of $1,500,000,000 at any one time outstanding.

 

“Exchange
Rate” means, on any day with respect to any Foreign Currency, the rate of exchange for the purchase of Dollars with such
Foreign Currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters
Corp. (“Reuters”) source on the Business Day (New York City time) immediately preceding the date of determination
or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Foreign Currency,
as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters
chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of
exchange, the equivalent of such amount in Dollars that would be required to purchase such amount of such Foreign Currency on the date
two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent offers to sell such Foreign Currency
for Dollars in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later).

 

“Excluded Assets” means the entities
identified as Excluded Assets in Schedule VIII hereto, any CDO Securities and finance lease obligations, and each Designated Subsidiary,
and any similar assets or entities in which any Obligor holds an interest on or after the Restatement Effective Date, and, in each case,
their respective Subsidiaries.

 

“Excluded Asset Lien” has the
meaning set forth in Section 6.02(e).

 

“Excluded Swap Obligation”
means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such
Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or
becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or
the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time
the Guarantee of such Guarantor (determined after giving effect to Section 3.10 of the Guarantee and Security Agreement and any
other “Keepwell, support or other agreement” for the benefit of such Guarantor) or the grant of such security interest
becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one
swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee
or security interest is or becomes illegal.

 

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“Excluded Taxes” means, with respect
to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America,
or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable lending office is located or that are Other Connection Taxes,
(b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which
the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under
Section 2.18(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes
a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability
(other than as a result of a Change in Law described in clause (a) or (b) of the definition of Change in Law) to comply with
Section 2.15(e) or (g), except to the extent, other than in a case of failure to comply with Section 2.15(e), that such
Foreign Lender’s (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to
receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.15(a), (d) any United
States federal withholding Taxes imposed under FATCA and (e) in the case of any Lender or any Issuing Bank that is not a Foreign
Lender, any withholding tax that is imposed as a result of such Lender’s or such Issuing Bank’s failure or inability to comply
with Section 2.15(f).

 

“Existing Lenders” has the meaning
set forth in the recitals.

 

“Extending Lenders” means
(a) each Existing Lender that has agreed to extend its Commitment as set forth on Schedule I, (b) each Non-Extending
Lender that has agreed after the Restatement Effective Date to become an “Extending Lender” (which agreement shall be in
form and substance reasonably satisfactory to the Borrower and the Administrative Agent and, in the case of any assignee of a
Non-Extending Lender, may be included in the Assignment and Assumption Agreement pursuant to which such assignee assumed the
Commitment or Credit Exposure of a Non-Extending Lender), (c) any Assuming Lender and (d) any other Person that shall have
become a party hereto pursuant to an Assignment and Assumption that provides for it to assume any Commitment or to acquire Credit
Exposure from any such Existing Lender, as applicable, or other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Assumption or otherwise in accordance with the terms hereof.

 

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“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) and any current or future regulations or official interpretations thereof.

 

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

 

“Financial Officer” means the
chief executive officer, president, chief financial officer, principal accounting officer, chief accounting officer, treasurer, assistant
treasurer, controller or assistant controller of the Borrower.

 

“Floor” means the benchmark rate
floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of
this Agreement or otherwise) with respect to LIBO Rate,
Daily Simple RFR or the EURIBOR Rate, as applicable.

 

“Foreign Currency” means at any
time any Currency other than Dollars.

 

“Foreign Currency Equivalent”
means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars using
the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”, as determined
by the Administrative Agent.

 

“Foreign Lender” means any Lender
or any Issuing Bank that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes
of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction.

 

“GAAP” means generally accepted
accounting principles in the United States of America.

 

“GBP”, “£”
and “Sterling” denote the lawful currency of the United Kingdom.

 

“GBSA” has the meaning assigned
to such term in Section 9.17.

 

“GBSA Consultation Notice” has
the meaning assigned to such term in Section 9.17.

 

“GBSA Consultation Period” has
the meaning assigned to such term in Section 9.17.

 

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“GBSA Final Notice” has the meaning
assigned to such term in Section 9.17.

 

“GBSA Initial Notice” has the
meaning assigned to such term in Section 9.17.

 

“GBSA Lender” has the meaning
assigned to such term in Section 9.17.

 

“GICS” means, as of any date,
the most recently published Global Industry Classification Standard.

 

“GICS Industry Group Classification”
means any industry group classification within GICS, as updated and amended from time to time.

 

“Governmental Authority” means
the government of the United States of America, or of any other nation, or 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.

 

“Gross Borrowing Base” has the
meaning assigned to such term in Section 5.13(h).

 

“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or
indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of
the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party
in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that
the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guarantee and Security Agreement”
means that certain Amended and Restated Guarantee and Security Agreement dated as of May 4, 2012 between the Borrower, the Subsidiary
Guarantors, the Administrative Agent, each holder (or a representative or trustee therefor) from time to time of any Other Secured Indebtedness,
and the Collateral Agent.

 

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“Guarantee and Security Agreement Confirmation”
means a Guarantee and Security Agreement Confirmation between the parties to the Guarantee and Security Agreement substantially in the
form of Exhibit B.

 

“Guarantee Assumption Agreement”
means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between the
Administrative Agent and an entity that, pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under
the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request, consistent with the requirements of
Section 5.08).

 

“Hedging Agreement” means any
interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement or other interest
or currency exchange rate or commodity price hedging arrangement.

 

“IBA” has
the meaning assigned to such term in Section 1.05.

 

“Impacted EURIBOR Rate
Interest Period” has the meaning assigned to such term in the definition of “EURIBOR Rate.”

 

“Impacted LIBO Rate
Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate.”

 

“Increasing Lender”
has the meaning assigned to such term in Section 2.07(e).

 

“Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of
any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,
(d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts
payable incurred in the ordinary course of business), (e) all Indebtedness of others secured by any Lien on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of
Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of
such Person as an account party in respect of letters of credit and letters of guaranty, and (i) all obligations, contingent or
otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor. For the avoidance of doubt, Indebtedness shall not include
(a) any revolving commitments or letters of credit for which any Obligor is acting as a lender or issuing lender, as
applicable, as part of or in connection with a Portfolio Investment nor (b) any non-recourse liabilities for participations
sold by any Person in any Bank Loan.

 

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“Indemnified Taxes” means Taxes
other than Excluded Taxes.

 

“Indentures” means, collectively,
the Indenture dated July 19, 2013 by and between U.S. Bank National Association and the Borrower, the Indenture dated January 27,
2017 by and between U.S. Bank National Association and the Borrower, and any other indenture entered into by the Borrower with Similar
Conversion Rights.

 

“Independent Valuation Provider”
has the meaning set forth in 5.12(b)(iii)(A).

 

“Industry Classification Group”
means (a) any of the GICS Industry Group Classifications set forth in Schedule VI hereto, together with any such group classifications
that may be subsequently added to GICS and provided by the Borrower to the Lenders and (b) up to three additional industry group
classifications established by the Borrower pursuant to Section 5.12. For the avoidance of doubt, CDO Securities shall be treated
as belonging to the “Diversified Financials” Industry Classification Group.

 

“Interest Election Request” means
a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.06 substantially in the form of Exhibit G.

 

“Interest Payment Date” means
(a) with respect to any ABR Loan, each Quarterly Date, and (b) with
respect to any Eurocurrency Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at three-month intervals after the first
day of such Interest Period. and
(c) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month that is
one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of
such month) and (2) the Maturity Date.

 

“Interest Period” means, for any
Eurocurrency Loan or Borrowing (a) in a LIBOR Quoted Currency, the period commencing on the date of such Loan or Borrowing and ending
on the numerically corresponding day in the calendar month that is one, three or six months thereafter, and (b) in CAD, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months
thereafter; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period (other than an Interest Period
pertaining to a Eurocurrency Borrowing denominated in a Foreign Currency that ends on the Maturity Date that is permitted to be of less
than one month’s duration as provided in this definition) that commences on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business
Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such
Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a
Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation
of such Loans.

 

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“Interpolated Rate” means, at
any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) 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 applicable Screen Rate (for the longest period for which the applicable Screen Rate is available for the applicable
currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which
such Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.

 

“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.

 

“Investment” means, for any Person:
(a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire any Equity Interests,
bonds, notes, debentures or other securities of any other Person (including any “short sale” or any sale of any securities
at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances, loans or other extensions
of credit made to any other Person (including purchases of property from another Person subject to an understanding or agreement, contingent
or otherwise, to resell such property to such Person); or (c) Hedging Agreements.

 

“Investment Policies” has the
meaning assigned to such term in Section 3.11(c).

 

“Investment Company Act” means
the Investment Company Act of 1940, as amended from time to time.

 

“Issuing Banks” means JPMCB, Bank
of America, N.A., Truist Bank, MUFG Union Bank, N.A. and Sumitomo Mitsui Banking Corporation in their capacity as the issuers of Letters
of Credit hereunder, and their respective successors in such capacity as provided in Section 2.04(j).

 

“JB Facility” means the credit
facility established on January 20, 2012 between, among others, Ares Capital JB and Sumitomo Mitsui Banking Corporation pursuant
to the JB Facility Documents.

 

“JB Facility Documents” means,
collectively, (a) the Purchase and Sale Agreement, dated as of January 20, 2012 between the Borrower and Ares Capital JB and
(b) the Loan and Servicing Agreement, dated as of January 20, 2012 between Ares Capital JB, the Borrower, Sumitomo Mitsui Banking
Corporation as the administrative agent, the collateral agent and the lender and U.S. Bank National Association as the collateral custodian
and the bank. It is understood that the term “JB Facility Documents” shall not include the exhibits and schedules thereto.

 

“Joint Lead Arrangers” means JPMCB,
Truist Securities, Inc., BofA Securities, Inc., MUFG Union Bank, N.A. and Sumitomo Mitsui Banking Corporation.

 

“JPMCB” means JPMorgan Chase Bank,
N.A.

 

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“LC Disbursement” means a
payment made by any Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure” means, at any
time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time (including any Letter of Credit
for which a draft has been presented but not yet honored by any Issuing Bank) plus (b) the aggregate amount of all LC Disbursements
in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of
any Multicurrency Lender at any time shall be its Applicable Multicurrency Percentage of the total Multicurrency LC Exposure at such time
and the LC Exposure of any Dollar Lender at any time shall be its Applicable Dollar Percentage of the total Dollar LC Exposure at such
time.

 

“Lenders” means, collectively,
the Term Lenders, Dollar Lenders and the Multicurrency Lenders.

 

“Letter of Credit” means any letter
of credit issued pursuant to this Agreement.

 

“Letter of Credit Collateral Account”
has the meaning assigned to such term in Section 2.04(k).

 

“Letter of Credit Documents” means,
with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other
documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights
and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any
of such obligations, each as the same may be modified and supplemented and in effect from time to time.

 

“LIBO Interpolated Rate” means,
at any time, with respect to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any Interest Period, 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 (for which the LIBO Screen Rate is available for the applicable Currency) that is
shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen
Rate is available for the applicable Currency) that exceeds the Impacted LIBO Rate Interest Period, in each case, at such time; provided
that if any LIBO Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

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“LIBO Rate” means, with respect
to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall
not be available at such time for such LIBOR Quoted Currency for such Interest Period (an “Impacted LIBOR Interest Period”),
then LIBOR for such LIBOR Quoted Currency shall be the LIBOR Interpolated Rate for such LIBOR Quoted Currency.

 

“LIBO Screen Rate” means, for
any day and time, with respect to any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any Interest 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 such Agreed Currency for a period equal in length to such Interest Period 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 as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

 

“LIBOR” means, for any Currency,
the rate at which deposits denominated in such Currency are offered to leading banks in the London interbank market (or, in the case of
GBP, in the eurocurrency market).

 

“LIBOR Quoted Currency” means
USD and GBP.

 

“Lien” means, with respect to
any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such
asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in
the case of securities, any purchase option, call or similar right of a third party with respect to such securities (other than on market
terms at fair value so long as in the case of any Portfolio Investment, the Value used in determining the Borrowing Base is not greater
than the call price), except in favor of the issuer thereof (and in the case of Portfolio Investments that are securities, excluding customary
drag along, tag along, right of first refusal and other similar rights in favor of the equity holders of the same issuer).

 

“Lien Restricted Investment” means
a Portfolio Investment consisting of an Obligor’s equity investment in an entity that holds Investments subject to underlying agreements
that restrict the granting of a direct Lien on such Investments under this Agreement; provided that (A) there are no greater restrictions
or limitations in any material respect on the ability of the Borrower to liquidate such entity or its Investments therein (including any
material redemption restrictions or penalties) and use the proceeds thereof than would be applicable if each Investment held by such entity
was held directly as a Portfolio Investment by the Borrower and (B) there is no leverage employed by such entity.

 

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“Loan Documents” means, collectively,
this Agreement, the Letter of Credit Documents and the Security Documents.

 

“Loans” means the loans of any
Class made hereunder, including the Revolving Loans and the Term Loans.

 

“Local Rate” means,
for Loans in CAD, the CDOR Rate.

 

“Local Rate Currency”
means CAD.

 

“Local Screen Rates”
mean the CAD Screen Rate.

 

“Local Time” means, with respect
to any Loan denominated in or any payment to be made in any Currency, the local time in the Principal Financial Center for the Currency
in which such Loan is denominated or such payment is to be made.

 

“Margin Stock” means “margin
stock” within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System.

 

“Material Adverse Effect” means
a material adverse effect on (a) the business, Portfolio Investments and other assets, liabilities and financial condition of the
Borrower and its Subsidiaries taken as a whole (excluding in any case a decline in the net asset value of the Borrower or a change in
general market conditions or values of the Investments of the Borrower and its Subsidiaries), or (b) the validity or enforceability
of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder.

 

“Material Indebtedness” means
(a) Indebtedness (other than the Loans, Letters of Credit and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries
in an aggregate principal amount exceeding $100,000,000 and (b) obligations in respect of one or more Hedging Agreements under which
the maximum aggregate amount (giving effect to any netting agreements) that the Borrower and the Subsidiaries would be required to pay
if such Hedging Agreement(s) were terminated at such time would exceed $100,000,000.

 

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“Maturity Date” means the earliest
to occur of (a) March 31, 2026 and (b) the date on which all Commitments have been terminated and the aggregate amount
of Loans outstanding has been repaid in full and all other obligations of the Borrower hereunder have been indefeasibly paid in full
(other than any indemnities and similar contingent obligations that are not then due and that survive the termination of this Agreement).

 

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

 

“Multicurrency Commitment” means,
with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Revolving Loans, and to acquire participations
in Letters of Credit denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed as an amount representing the maximum
aggregate amount of such Lender’s Revolving Multicurrency Credit Exposure permitted hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Multicurrency Commitment as of the Restatement
Effective Date is set forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender shall have assumed
its Multicurrency Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency Commitments as of the Restatement
Effective Date is $2,492,500,000.

 

“Multicurrency Issuing Bank”
means any Issuing Bank identified in Schedule IX that has agreed to issue Letters of Credit under its respective Multicurrency Commitment.

 

“Multicurrency LC Exposure” means
a Multicurrency Lender’s LC Exposure under its Multicurrency Commitment.

 

“Multicurrency Lender” means
the Persons listed on Schedule I as having Multicurrency Commitments and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency
Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in
accordance with the terms hereof.

 

“Multicurrency Loan” means any
Revolving Loan made pursuant to the Multicurrency Commitments.

 

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“Multiemployer Plan” means a “multiemployer
plan” as defined in Section 4001(a)(3) of ERISA in respect of which the Borrower or any ERISA Affiliate makes any contributions.

  

“National Currency” means the
currency, other than the Euro, of a Participating Member State.

 

“New York Fed” means the Federal
Reserve Bank of New York.

 

“New York Fed Bank Rate” means,
for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day; provided that if both such rates are not so published for any day that is a Business Day, the term “New
York Fed Bank Rate” means the rate quoted for such day for a federal funds transaction at 11:00 a.m. on such day received by
the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any
of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Non-Extending Lender” means collectively,
Bank of Montreal and any successor or assign thereof in accordance with this Agreement, and any other Person that shall have become a
party hereto pursuant to an Assignment and Assumption that provides for it to assume any Commitment or to acquire Credit Exposure from
any such Non-Extending Lender, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or
otherwise in accordance with the terms hereof.

 

“NYFRB’s Website” means
the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“Obligor” means, collectively,
the Borrower and the Subsidiary Guarantors.

 

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

 

“Other Permitted
Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any
Obligor’s business which are not overdue for a period of more than 90 days or which are being contested in good faith by
appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions
in the ordinary course of any Obligor’s business in connection with its purchasing of securities, derivatives transactions,
reverse repurchase agreements or dollar rolls to the extent such transactions are permitted under the Investment Company Act and the
Investment Policies, provided that such Indebtedness does not arise in connection with the purchase of Portfolio Investments
other than Cash Equivalents and U.S. Government Securities and (c) Indebtedness in respect of judgments or awards that have
been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an
Event of Default under clause (l) of Article VII.

 

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“Other Secured Indebtedness” means,
as at any date, Indebtedness (other than Indebtedness hereunder) of an Obligor (which may be Guaranteed by one or more other Obligors)
that (i) (a) has no amortization prior to (other than for amortization in an amount not greater than 1% of the aggregate initial
principal amount of such Indebtedness per annum, provided that amortization in excess of 1% per annum shall be permitted so long as the
amount of such amortization in excess of 1% is permitted to be incurred pursuant to Section 6.01(g) hereof, and, in the case
of any term loan, other than for any customary mandatory prepayment required by the terms thereof, it being understood that if any mandatory
prepayment is required under such Other Secured Indebtedness constituting a term loan that is not required pursuant to Section 2.09(c) hereof,
the Borrower shall offer to repay Loans (and/or provide cover for LC Exposure as specified in Section 2.04(k)) in an amount
at least equal to the aggregate Revolving Credit Exposure’s ratable share (such ratable share being determined based on the outstanding
principal amount of the Revolving Credit Exposures as compared to the Other Secured Indebtedness being paid), provided the Borrower shall
only be required to make an offer to repay the Loans (or provide cover for LC Exposure) to the extent of any amounts that the Borrower
would not be permitted to borrow as a new Loan hereunder at such time), and has a final maturity date not earlier than, six months after
the Maturity Date, (b) has terms substantially comparable to market terms for substantially similar debt of other similarly situated
borrowers as determined by the Borrower in good faith and (c) is not secured by any assets of any Obligor other than pursuant to
the Security Documents and the holders of which have agreed, in a manner satisfactory to the Administrative Agent and the Collateral Agent,
to be bound by the provisions of the Security Documents, or (ii) is permitted pursuant to Section 6.01(g) hereof and that
has been designated by the Borrower as “Designated Indebtedness” in accordance with the requirements of Section 6.01
of the Guaranty and Security Agreement.

 

“Other Taxes” means any and all
present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment
made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.

 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar transactions by
U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the New York Fed as set
forth on its public website from time to time) and published on the next succeeding Business Day by the New York Fed as an overnight
bank funding rate (from and after such date as the New York Fed shall commence to publish such composite rate).

 

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“Participating Member State” means
any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with the legislation
of the European Union relating to the European Monetary Union.

 

“Payment” has the meaning assigned
to such term in Article VIII.

 

“Payment Notice” has the meaning
assigned to such term in Article VIII.

 

“PBGC” means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted Conversion Feature”
means, collectively, the Conversion Rights or any Similar Conversion Rights.

 

“Permitted Indebtedness” means,
collectively, Other Secured Indebtedness, Unsecured Indebtedness and any Indebtedness outstanding on the Restatement Effective Date and
set forth on Schedule III, provided that any Shorter Term Unsecured Indebtedness outstanding as of the Restatement Effective Date
(including any “Shorter Term Unsecured Indebtedness” as defined under the Existing Credit Facility) shall not be included
as “Permitted Indebtedness” for any purpose under this Agreement.

 

“Permitted Liens” means:
(a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in
good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in
accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of
business, provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure
only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing;
(c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage and
repairmen’s Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than
Indebtedness for borrowed money); (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary
course of business under workers’ compensation laws, unemployment insurance or other similar social security legislation
(other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations; (e) Liens
securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders,
government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other
obligations of a similar nature incurred in the ordinary course of business, provided that all Liens on any Collateral that
is permitted pursuant to this clause (e) shall have a priority that is junior to the Liens of the Security Documents;
(f) Liens arising out of judgments or awards that have been in force for less than the applicable period for taking an appeal
so long as such judgments or awards do not constitute an Event of Default under clause (l) of Article VII;
(g) customary rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions in
which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts in
favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and
(iii) assets held by a custodian in favor of such custodian in the ordinary course of business securing payment of fees,
indemnities and other similar obligations; (h) Liens arising solely from precautionary filings of financing statements under
the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases entered into by the Borrower or any of
its Subsidiaries in the ordinary course of business; (i) deposits of money that are not Collateral securing leases to which the
obligor is a party as the lessee made in the ordinary course of business, (j) easements, rights of way, zoning restrictions and
similar encumbrances on real property and minor irregularities in the title thereto that do not (i) secure obligations for the
payment of money or (ii) materially impair the value of such property or its use by any Obligor or any of its Subsidiaries in
the normal conduct of such Person’s business; (k) Liens in favor of any escrow agent solely on and in respect of any cash
earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement (to the extent that the
acquisition or disposition with respect thereto is otherwise permitted hereunder); and (l) precautionary Liens, and filings of
financing statements under the Uniform Commercial Code, covering assets sold or contributed to any Person not prohibited
hereunder.

 

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“Permitted SBIC Guarantee” means
a guarantee by one or more Obligors of Indebtedness of an SBIC Subsidiary on the SBA’s then applicable form.

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

 

“Plan” means any “employee
pension benefit plan” (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan subject to the provisions
of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate
is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA.

 

“Portfolio Investment” means any
Investment held by the Obligors in their asset portfolio (and solely for purposes of determining the Borrowing Base, and of Sections 6.02(d) and
6.04(d) and clause (p) of Article VII, Cash, excluding Cash pledged as cash collateral for Letters of Credit). Without
limiting the generality of the foregoing, it is understood and agreed that (A) any Portfolio Investments that have been contributed
or sold, purported to be contributed or sold or otherwise transferred to any Excluded Asset, or held by any Controlled Foreign Corporation
that is not a Subsidiary Guarantor, or which secure obligations in respect of the CP Facility or the JB Facility, shall not be treated
as Portfolio Investments, and (B) any Investment in which any Obligor has sold a participation therein shall not be treated as a
Portfolio Investment to the extent of such participation. Notwithstanding the foregoing, nothing herein shall limit the provisions of
Section 5.12(b)(i), which provides that, for purposes of this Agreement, all determinations of whether an investment is to be included
as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not
be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded
as a Portfolio Investment until such sale has settled), provided that no such investment shall be included as a Portfolio Investment
to the extent it has not been paid for in full.

 

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“Prime Rate” means the rate of
interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote
such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519)
(Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted
therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective.

 

“Principal Financial Center” means,
in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative
Agent.

 

“Pro-Rata Borrowing” has the meaning
set forth in Section 2.03(a).

 

“Pro-Rata Dollar Portion” means,
in connection with any Pro-Rata Borrowing, an amount equal to (i) the aggregate amount of such Pro-Rata Borrowing multiplied by (ii) the
aggregate Dollar Commitments of all Dollar Lenders at such time divided by (iii) the aggregate Revolving Commitments of all Lenders
at such time.

 

“Pro-Rata Multicurrency
Portion” means, in connection with any Pro-Rata Borrowing, an amount equal to (i) the aggregate amount of such
Pro-Rata Borrowing multiplied by (ii) the aggregate Multicurrency Commitments of all Multicurrency Lenders at such time divided
by (iii) the aggregate Revolving Commitments of all Lenders at such time.

 

“QFC” has the meaning assigned
to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support” has the meaning
assigned to it in Section 9.18.

 

“Quarterly Dates” means the last
Business Day of March, June, September and December in each year.

 

“Quoted Investments” has the meaning
set forth in Section 5.12(b)(ii)(A).

 

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“Quotation Day” means, with respect
to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is CAD or GBP, the first day of such Interest Period,
(ii) if the currency is Euro, two TARGET Days before the first day of such Interest Period, and (iii) for any other currency,
two Business Days prior to the commencement of such Interest Period (unless, in each case under this clause (iii), market practice differs
in the relevant market where the Eurocurrency Rate for such currency is to be determined, in which case the Quotation Day will be determined
by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than
one day, then the Quotation Day will be the last of those days).

 

“Reference Time” with respect
to any setting of the then-current Benchmark means (1) if such Benchmark is LIBO Rate, 11:00 a.m. (London time) on the day that
is two London banking days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time
two TARGET Days preceding the date of such setting, and (3) if
the RFR for such Benchmark is SONIA, then four Business Days prior to such setting and (4) if such Benchmark is none
of the LIBO Rate, SONIA or the EURIBOR Rate, the time determined
by the Administrative Agent in its reasonable discretion.

 

“Register” has the meaning set
forth in Section 9.04.

 

“Regulations T, U and X” means,
respectively, Regulations T, U and X of the Board of Governors of the Federal Reserve System (or any successor), as the same may be modified
and supplemented and in effect from time to time.

 

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

 

“Relevant Asset Coverage Ratio”
means, as of any date, the Asset Coverage Ratio as of the most recent Quarterly Date.

 

“Relevant Governmental Body” means
(i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, 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,
(ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially
endorsed or convened by the Bank of England or, in each case, any successor thereto and (iii) with respect to a Benchmark Replacement
in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central
Bank or, in each case, any successor thereto.

 

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“Relevant Rate” means (i) with
respect to any Eurocurrency Borrowing denominated in Dollars or Sterling, the
LIBO Rate, (ii) with respect to any Eurocurrency Borrowing denominated in Euros, the EURIBOR Rate and,
(iii) with respect to any RFR Borrowing denominated in Sterling, the
applicable Adjusted Daily Simple RFR, as applicable or (iv) with respect to any Local Rate Currency, the Local Rate.

   

“Relevant Screen Rate” means (i) with
respect to any Eurocurrency Borrowing denominated in Dollars or Sterling, the
LIBO Screen Rate, (ii) with respect to any Eurocurrency Borrowing denominated in Euros, the EURIBOR Screen Rate and (iii) with
respect to any Local Rate Currency, the Local Screen Rate.

 

“Reinvestment Agreement” means
a guaranteed reinvestment agreement from a bank, insurance company or other corporation or entity having a credit rating of at least A-1
from S&P and at least P-1 from Moody’s; provided that such agreement provides that it is terminable by the purchaser, without
penalty, if the rating assigned to such agreement by either S&P or Moody’s is at any time lower than such ratings.

 

“Required Lenders” means, at any
time, Lenders having Credit Exposures and unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused
Commitments at such time; provided that the Credit Exposure and unused Commitments of any Defaulting Lender shall be disregarded in the
determination of Required Lenders. The Required Lenders of a Class (which shall include the terms “Required Term Lenders”,
 “Required Revolving Lenders”, “Required Dollar Lenders” and “Required Multicurrency Lenders”) means
Lenders having Credit Exposures and unused Commitments of such Class representing more than 50% of the sum of the total Credit Exposures
and unused Commitments of such Class at such time.

 

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

 

“Restatement Effective Date” means
the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Restricted Acquisition Asset”
means any Portfolio Investment (a) that was acquired by an Obligor in connection with the acquisition of Allied Capital Corporation
or American Capital, Ltd. by the Borrower and (b) the underlying governing agreements for which (i) prohibit the grant
of a Lien thereon or (ii) require the satisfaction of certain conditions for the grant of a Lien thereon. Any such Portfolio Investment
shall no longer constitute a “Restricted Acquisition Asset” to the extent that a waiver of, or consent under, any restriction
on a pledge to the Collateral Agent contained in the underlying governing agreements for such Restricted Acquisition Asset has been obtained
or the applicable conditions required thereunder for a pledge have been satisfied, in each case, to permit the grant of a Lien on such
Restricted Acquisition Asset in favor of the Collateral Agent pursuant to the Security Documents.

 

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“Restricted Payment” means any
dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock
of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of
capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Borrower.

  

“Revaluation Date” shall mean
(a) with respect to any Loan denominated in any Agreed Foreign Currency, each of the following: (i) the date of the Borrowing
of such Loan and (ii) each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement; (b) with
respect to any Letter of Credit denominated in an Agreed Foreign Currency, each of the following: (i) the date on which such
Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such
Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative
Agent may determine at any time when an Event of Default exists.

 

“Revolving Commitments” means,
collectively, the Dollar Commitments and the Multicurrency Commitments.

 

“Revolving Credit Exposure” means,
with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Dollar Credit Exposure
and Revolving Multicurrency Credit Exposure at such time.

 

“Revolving Dollar Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Loans and Dollar LC
Exposure, at such time made or incurred under the Dollar Commitments.

 

“Revolving Loans” means the revolving
loans made by the Lenders to the Borrower pursuant to Section 2.01(a) or (b).

 

“Revolving Multicurrency Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Loans and Multicurrency
LC Exposure, at such time made or incurred under the Multicurrency Commitments.

 

“RFR”
means, for any RFR Loan denominated in Sterling, SONIA.

 

“RFR
Administrator” means the SONIA Administrator.

 

“RFR
Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing.

 

“RFR
Business Day” means, for any Loan denominated in Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which banks are closed for general business in London; provided, that such day is also a Business Day.

 

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“RFR
Interest Day” has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR
Loan” means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR.

 

“RIC” means a person qualifying
for treatment as a “regulated investment company” under the Code.

 

“Sanctions” means all economic
or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the Office of Foreign Assets Control
of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s
Treasury of the United Kingdom.

 

“Sanctioned Country” means, at
any time, a country, region or territory which is itself the subject or target of any Sanctions (as of the Restatement Effective Date,
Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“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, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons. For purposes
of this definition, “Person” shall include a vessel.

 

“SBA” means the United States
Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Subsidiary” means any direct
or indirect wholly-owned Subsidiary (including such Subsidiary’s general partner or managing entity to the extent that the only
material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of the Borrower licensed as a
small business investment company under the Small Business Investment Act of 1958, as amended (or that has applied for such a license
and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted), and which is designated
by the Borrower (pursuant to a certificate of a Financial Officer delivered to the Administrative Agent) as an SBIC Subsidiary.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto.

 

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“Scheduled Payment Date” means
(a) with respect to any Loans held by Non-Extending Lenders, the 4th day of each calendar month after March 30, 2024
through and including March 30, 2025 and (b) with respect to any Loans held by the Extending Lenders, the 4th day
of each calendar month after the Commitment Termination Date through and including the Maturity Date.

  

“Screen Rate” means the LIBO Screen
Rate and the Local Screen Rates collectively and individually as the context may require.

 

“Secured Obligations” has the
meaning set forth in the Guarantee and Security Agreement. The Secured Obligations shall in no event include Excluded Swap Obligations.

 

“Security Documents” means,
collectively, the Guarantee and Security Agreement, all Uniform Commercial Code financing statements filed with respect to the
security interests in personal property created pursuant to the Guarantee and Security Agreement and all other assignments, pledge
agreements, security agreements, intercreditor agreements, control agreements and other instruments executed and delivered at any
time by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral
security for any of the Secured Obligations. Without limiting the generality of the foregoing, the term “Security
Documents” includes the Guarantee and Security Agreement Confirmation.

 

“Shareholders’ Equity” means,
at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP, of shareholders’ equity
for the Borrower and its Subsidiaries at such date.

 

“Shorter Term Unsecured Indebtedness”
means (a) all unsecured indebtedness issued after the Restatement Effective Date that has a maturity date earlier than 6 months after
the Maturity Date and an initial term of at least three (3) years at issuance, except to the extent such unsecured indebtedness constitutes
Special Longer Term Unsecured Indebtedness, and (b) any Excess Special Longer Term Unsecured Indebtedness.

 

“Significant Subsidiary” means,
at any time of determination, any (a) Obligor or (b) any other Subsidiary that, on a consolidated basis with its Subsidiaries,
has aggregate assets or aggregate revenues greater than 10% of the aggregate assets or aggregate revenues of the Borrower and its Subsidiaries,
taken as a whole, at such time.

 

“Similar Conversion Rights” means
conversion rights that are substantially consistent with the Conversion Rights (other than quantitative differences or differences in
the maturity, timing, or amounts with respect to such Conversion Rights), including provision for “Physical Settlement”, “Cash
Settlement” and/or “Combination Settlement” in substantially the same manner as the Conversion Rights.

 

“SMBC” means Sumitomo Mitsui Banking
Corporation.

 

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“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.

 

“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.

 

“SONIA” means, with respect to
any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator
on the SONIA Administrator’s Website.

 

“SONIA Administrator” means the
Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s Website”
means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight
Index Average identified as such by the SONIA Administrator from time to time.

 

“Specified Debt” means any portion
of unsecured Indebtedness of the Borrower described in clauses (a) or (b) of the definition of Indebtedness incurred or assumed
from and after the Restatement Effective Date that (i) matures or comes due more than six months after the Maturity Date, (ii) is
not prepayable, redeemable or purchasable by the Borrower or any of its Subsidiaries at any time on or before the date six months after
the Maturity Date (except for regularly scheduled payments, prepayments or redemptions of principal and interest in respect thereof required
pursuant to the instruments evidencing such Indebtedness), (iii) cannot be accelerated in circumstances that would not constitute
an Event of Default, (iv) is accounted for by the Borrower on a fair value basis pursuant to Financial Accounting Standard No. 159
or by application of Financial Accounting Standard No. 141(R), and (v) the Borrower elects to treat as Specified Debt, provided
that the Borrower shall not be permitted to revoke or rescind any such election.

 

“Specified Debt Payment” means
(a) any purchase, redemption, retirement or other acquisition for value of, (b) any setting apart of any money for a sinking,
defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or (c) any voluntary payment
or prepayment of, in each case, the principal of or interest on, or any other amount owing in respect of, Specified Debt.

 

“Special Equity Interest” means
any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest, provided that (a) such
Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in existence at
the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously with
such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not intended
to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest
in the Collateral.

 

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“Special Longer Term Unsecured
Indebtedness” means indebtedness issued after the Restatement Effective Date that (a) has a maturity date of at least
five years from its date of issue, (b) has terms substantially comparable to market terms for substantially similar debt of
other similarly situated borrowers as determined by the Borrower in good faith, and (c) is not secured by any assets of any
Obligor; provided, that any incremental issuance of indebtedness under a prior issuance of Special Longer Term Unsecured
Indebtedness shall be considered Special Longer Term Unsecured Indebtedness so long as the final maturity date for such incremental
indebtedness is after the Maturity Date.

 

“Special Shorter Term Unsecured Indebtedness”
means indebtedness issued after the Restatement Effective Date that (a) has a maturity date of less than three years from its date
of issue, and (b) is not secured by any assets of any Obligor.

 

“Standard
Securitization Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any related
performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or
grant purchase price credits for dilutive events or misrepresentations (in each case unrelated to the collectability of the assets sold
or the creditworthiness of the associated account debtors ) and (c) representations, warranties, covenants and indemnities (together
with any related performance guarantees) of a type that are reasonably customary in accounts receivable securitizations or securitizations
of financial assets.

 

“Statutory Reserve Rate” means,
for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the numerator of which is the number one
and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period, of the aggregate
of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established
by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities”
in Regulation D). Such reserve percentages shall include those imposed pursuant to Regulation D. Eurocurrency Loans shall be
deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions
or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

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“Subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership,
more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such
date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of
the parent. Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not include any Person that
constitutes an Investment held by any Obligor in the ordinary course of business and that is not, under GAAP, consolidated on the
financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary” means a Subsidiary
of the Borrower.

 

“Subsidiary Guarantor” means any
Subsidiary of the Borrower that is a Guarantor under the Guarantee and Security Agreement. It is understood and agreed that Excluded Assets
and Pledge LLC shall not be required to be Subsidiary Guarantors.

 

“Supported QFC” has the meaning
assigned to it in Section 9.18.

 

“Swap Obligation” means, with
respect to any Guarantor, any obligation to pay or perform under any Hedging Agreement that constitutes a “swap” within the
meaning of Section 1a(47) of the Commodity Exchange Act.

 

“TARGET Day” means any day on
which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative
Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on
November 19, 2007.

 

“Taxes” means any and all present
or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.

 

“Term
Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the LIBO Rate, the EURIBOR Rate or the applicable Local Rate.

 

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

  

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“Term ESTR Notice” means a notification
by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term ESTR Transition Event.

 

“Term ESTR Transition Event” means
the determination by the Administrative Agent (in consultation with the Borrower) that (a) Term ESTR has been recommended for use
by the Relevant Governmental Body, (b) the administration of Term ESTR is administratively feasible for the Administrative Agent
and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark
Replacement in accordance with Section 2.12 that is not Term ESTR.

 

“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 Borrower 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 or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.12
that is not Term SOFR.

 

“Term Commitment” means as to
each Term Lender, the obligation of such Lender to make, on and subject to the terms and conditions hereof, a Term Loan to the Borrower
in Dollars pursuant to Section 2.01(c) in an aggregate principal amount up to but not exceeding the amount set forth opposite
the name of such Lender on Schedule I. The initial amount of each Lender’s Term Commitment is set forth on Schedule I, or in
the Assignment and Assumption pursuant to which such Lender shall have assumed its Term Commitment, as applicable. The aggregate amount
of the Lenders’ Term Commitments as of the Restatement Effective Date is $817,250,000.

 

“Term Lender” means each Lender
having a Term Commitment or, as the case may be, an outstanding Term Loan.

 

“Term Loans” means the term loans
made by the Lenders to the Borrower pursuant to Section 2.01(c).

 

“Transactions” means the execution,
delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

  

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“Type”, when used in reference
to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined
by reference to the Adjusted Eurocurrency Rate or the Alternate Base Rate.

 

“UK Financial Institution” means
any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person subject to 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.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Uniform Commercial Code” means
the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“Unquoted Investments” has the
meaning set forth in Section 5.12(b)(ii)(B).

 

“Unsecured Indebtedness” means
any Indebtedness of an Obligor (which may be Guaranteed by one or more other Obligors) that (a) has no amortization prior to, and
a final maturity date not earlier than, six months after the Maturity Date, (b) has terms substantially comparable to market terms
for substantially similar debt of other similarly situated borrowers as determined by the Borrower in good faith and (c) is not secured
by any assets of any Obligor.

 

“USD” refers to lawful money of
the United States of America.

 

“U.S. Government Securities” means
securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by,
the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit
of the United States and in the form of conventional bills, bonds, and notes.

 

“U.S. Special Resolution Regime”
has the meaning assigned to it in Section 9.18.

 

“Valuation Policy” has the meaning
assigned to such term in Section 5.12(b)(ii)(B).

 

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“Value” has the meaning assigned
to such term in Section 5.13.

 

“Withdrawal Liability” means liability
to a Multiemployer Plan as a result of a “complete withdrawal” or “partial withdrawal” from such Multiemployer
Plan, as such terms are defined in Sections 4203 and 4205 of ERISA.

 

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

 

SECTION 1.02. Classification of Loans and
Borrowings. For purposes of this Agreement, Loans, Letters of Credit and LC Exposure may be classified and referred to by Class (e.g.,
a “Term Loan” “or “Revolving Loan”), by Type (e.g., an “ABR Loan”,
 “RFR Loan”, “Eurocurrency Loan” or “Term Benchmark Loan”) or by Class and Type
(e.g., a “Revolving LIBOR Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Term
Borrowing” or “Revolving Borrowing”), by Type (e.g., an “ABR Borrowing”) or by Class and Type
(e.g., a “Multicurrency LIBOR Borrowing”). Loans and Borrowings may also be identified as “Multicurrency”
or “Dollar” or otherwise by Currency.

 

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SECTION 1.03. Terms Generally. The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated,
supplemented, renewed or otherwise modified (subject to any restrictions on such amendments, supplements, renewals or modifications
set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. For the avoidance of doubt, (a) any settlement in respect of a Permitted Conversion Feature to
the extent made through the delivery of common stock does not constitute a Restricted Payment and (b) a Permitted Conversion
Feature (or the triggering and/or settlement thereof) shall not (i) constitute “amortization” for purposes of
clause (a) of the definition of “Unsecured Indebtedness”, and any cash payment made by the Borrower in respect
thereof shall constitute a “regularly scheduled payment, prepayment or redemption of principal and interest” within the
meaning of clause (a) of Section 6.12 or (ii) constitute an event or condition described in clause (h) of
Article VII unless the Borrower’s actions or omissions in respect of such Permitted Conversion Feature (or the triggering
and/or settlement thereof) results in an “Event of Default” as defined in the applicable Indenture. Any cash payments
made in respect of a Permitted Conversion Feature shall otherwise comply with the terms and conditions of this Agreement. The
parties hereto acknowledge and agree that (i) this Agreement and the other Loan Documents, whether executed and delivered in
connection herewith or otherwise, do not constitute a novation or termination of the obligations under the Existing Credit Facility
as in effect immediately prior to the Restatement Effective Date, which remain outstanding, and (ii) such obligations are in
all respects continuing (as amended and restated hereby).

  

SECTION 1.04. Accounting Terms;
GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that
the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Restatement
Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the
basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. The Borrower covenants and agrees with the Lenders that whether or not
the Borrower may at any time adopt Financial Accounting Standard No. 159 (or successor standard solely as it relates to fair
valuing liabilities) or accounts for liabilities acquired in an acquisition on a fair value basis pursuant to Financial Accounting
Standard No. 141(R) (or successor standard solely as it relates to fair valuing liabilities), all determinations of
compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted Financial
Accounting Standard No. 159 (or such successor standard solely as it relates to fair valuing liabilities) or, in the case of
liabilities acquired in an acquisition, Financial Accounting Standard No. 141(R) (or such successor standard solely as it
relates to fair valuing liabilities); provided that, if the Borrower shall at any time adopt Financial Accounting Standard
No. 159, or if Financial Accounting Standard No. 141(R) shall apply with respect to any acquired assets or
liabilities, for purposes of calculating compliance with Section 6.07(a) and Section 6.07(b) after such
adoption, or for any period ending after such adoption, Specified Debt shall be valued as it is valued under Financial Accounting
Standard No. 159 or Financial Accounting Standard No. 141(R), as applicable.

 

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SECTION 1.05. Currencies; Currency Equivalents;
LIBO Rate Notification.

 

(a)            Currencies
Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any other provision
of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether or not the name
of such Currency is the same as it was on the Restatement Effective Date. Except as provided in Section 2.09(b) and the last
sentence of Section 2.16(a), for purposes of determining (i) whether the amount of any Borrowing or Letter of Credit under the
Multicurrency Commitments, together with all other Borrowings and Letters of Credit under the Multicurrency Commitments then outstanding
or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the
aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving Multicurrency Credit Exposure, (iv) the Multicurrency
LC Exposure, (v) the Covered Debt Amount and (vi) the Borrowing Base or the Value of any Portfolio Investment, the outstanding
principal amount of any Borrowing or Letter of Credit that is denominated in any Foreign Currency or the Value of any Portfolio Investment
that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such
Borrowing, Letter of Credit or the Portfolio Investment, as the case may be, determined as of the most recent Revaluation Date or, in
the case of a Portfolio Investment, the date of valuation of such Portfolio Investment. Wherever in this Agreement in connection with
a Borrowing, conversion, continuation or prepayment of a Eurocurrency Loan or the issuance, amendment or extension of a Letter of Credit,
an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign
Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such
Foreign Currency).

 

The Administrative Agent shall determine the
Exchange Rate for any Foreign Currency as of each Revaluation Date to be used for calculating the Dollar Equivalent amounts of
Loans, Letters of Credit and Revolving Credit Exposure denominated in such Foreign Currency. Such Exchange Rate shall become
effective as of such Revaluation Date and shall be the Exchange Rate employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered pursuant to
Section 5.01 or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of
the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

  

(b)            Special
Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National Currency of a state
that is not a Participating Member State on the Restatement Effective Date shall, effective from the date on which such state becomes
a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to the European
Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of any such party
payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor either in Euros or such
National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis
of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating
Member State after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice
in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace
such expressed basis effective as of and from the date on which such state becomes a Participating Member State; provided that,
with respect to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall
take effect at the end of the Interest Period therefor.

 

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Without prejudice to the respective liabilities of
the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement shall
be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation with the Borrower,
reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a
Participating Member State after the Restatement Effective Date; provided that the Administrative Agent shall provide the Borrower
and the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Borrower
and the Lenders an opportunity to respond to such proposed change.

 

(c)            LIBO
Rate Notification. The interest rate on Eurodollar Loans 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. LIBOR is intended to
represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On
March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: (a) immediately
after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR settings, the spot next,
1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month British Pound Sterling LIBOR
settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023,
publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December 31,
2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR
settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or
 “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to
measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month
U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a
synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that
representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or that the
administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or
characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to this agreement should consult
its own advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to
identify new or alternative reference rates to be used in place of LIBOR. Upon the occurrence of a Benchmark Transition Event, a
Term SOFR Transition Event, a Term ESTR Transition Event or an Early Opt-In Election, Section 2.12(b) and (c) provide
a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to
Section 2.12(e), of any change to the reference rate upon which the interest rate on Eurocurrency Loans 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 LIBOR or other rates in the definition of
 “LIBO Rate” (or “EURIBOR Rate”, 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 2.12(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition
Event, a Term ESTR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement
Conforming Changes pursuant to Section 2.12(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 EURIBOR Rate, as applicable) or have the same volume or liquidity as did LIBOR (or the euro interbank
offered rate, as applicable) prior to its discontinuance or unavailability.

  

SECTION 1.06. Divisions.

 

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

 

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ARTICLE II

THE CREDITS

  

SECTION 2.01. The Commitments.

 

Subject to the terms and conditions set forth herein
(including Section 2.07(f)):

 

(a)            each
Dollar Lender agrees to make Revolving Loans in Dollars to the Borrower from time to time during the Availability Period in an aggregate
principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar
Commitment, (ii) the aggregate Revolving Dollar Credit Exposure of all of the Lenders exceeding the Dollar Commitments, or (iii) the
total Covered Debt Amount exceeding the Borrowing Base then in effect;

 

(b)            each
Multicurrency Lender agrees to make Revolving Loans in Dollars or in any Agreed Foreign Currency to the Borrower from time to time during
the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency
Credit Exposure exceeding such Lender’s Multicurrency Commitment, (ii) the aggregate Revolving Multicurrency Credit Exposure
of all of the Lenders exceeding the Multicurrency Commitments, or (iii) the total Covered Debt Amount exceeding the Borrowing Base
then in effect; and

 

(c)            each
Term Lender agrees to make a Term Loan to the Borrower on the Restatement Effective Date in an aggregate principal amount
(i) up to but not exceeding such Term Lender’s Term Commitment and (ii) that will not result in the total Covered
Debt Amount exceeding the Borrowing Base then in effect, provided that such Term Loans may be effected by book entry to the
extent such Term Loans were extended to the Borrower under the Existing Credit Agreement and have not been repaid.

 

Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid with respect
to the Term Loans may not be reborrowed. The Term Commitment of each Term Lender shall automatically terminate upon such Term Lender fully
funding its Term Commitment.

 

SECTION 2.02. Loans and Borrowings.

 

(a)            Obligations
of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made by the applicable
Lenders ratably in accordance with their respective Commitments of the same Class. The failure of any Lender to make any Loan required
to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders
are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

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(b)            Type
of Loans. Subject to Section 2.12, (i) each Borrowing of a Class shall be constituted entirely of ABR Loans,
RFR Loans or of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance
herewith. Each ABR Loan shall be denominated in Dollars and (ii) each Pro-Rata Borrowing shall be constituted entirely of ABR Loans
or of Eurocurrency Loans denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan or
RFR Loans by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that
any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

  

(c)            Minimum
Amounts. Each Borrowing (whether Eurocurrency, RFR or
ABR) shall be in multiples of $1,000,000 or, with respect to any Agreed Foreign Currency, such smaller minimum amount as may be agreed
to by the Administrative Agent; provided that (i) an ABR Borrowing of a Class may be in an aggregate amount that
is equal to the entire unused balance of the total Commitments of such Class or that is required to finance the reimbursement of
an LC Disbursement of such Class as contemplated by Section 2.04(f) and (ii) any Pro-Rata Borrowing may be in
an aggregate amount of $1,000,000 or a larger multiple of $1,000,000. Borrowings of more than one Class, Currency and Type may be outstanding
at the same time.

 

(d)            Limitations
on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request (or to
elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor would
end after the Maturity Date.

 

(e)            Restatement
Effective Date Adjustments. If, in connection with the Restatement Effective Date, there is any increase, reduction or change in the
Commitments, on the Restatement Effective Date the Borrower will borrow from each of the Lenders, and the Lenders will make Loans to the
Borrower (in the case of Eurocurrency Loans, with Interest Period(s) ending on the date(s) of any then outstanding Interest
Period(s) under the Existing Credit Facility), and (notwithstanding the provisions in this Agreement requiring that borrowings and
prepayments be made ratably in accordance with the principal amounts of the Loans held by the Lenders) taking into consideration outstanding
Revolving Dollar Credit Exposure, Revolving Multicurrency Credit Exposure and Term Commitments as of the Restatement Effective Date, the
Borrower shall prepay the Loans held by the Lenders in such amounts as may be necessary, together with any amounts payable under Section 2.14,
so that after giving effect to such Loans and prepayments, the Loans (and Interest Period(s) of Eurocurrency Loan(s)) of each Class shall
be held by the Lenders pro rata in accordance with the respective amounts of their Commitments of such Class. Concurrently therewith,
the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of a Class so that
such interests are held ratably in accordance with their Commitments of such Class as so modified.

 

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SECTION 2.03. Requests for Borrowings.

  

(a)            Notice
by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone
(i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three
Business Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in a Foreign
Currency, not later than 11:00 a.m., London time, three Business Days before the date of the proposed Borrowing, or (iii) in
the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing
or (iv) in the case of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, three Business
Days before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall
be confirmed promptly by hand delivery, telecopy or electronic mail to the Administrative Agent of a written Borrowing Request in a
form approved by the Administrative Agent and signed by the Borrower. Notwithstanding the other provisions of this Agreement, in the
case of any Revolving Borrowing denominated in Dollars, the Borrower may request that such Borrowing be split into a Dollar Loan in
an aggregate principal amount equal to the Pro-Rata Dollar Portion and a Multicurrency Loan in an aggregate amount equal to the
Pro-Rata Multicurrency Portion (any such Borrowing, a “Pro-Rata Borrowing”). Except as expressly set forth
in this Agreement, a Pro-Rata Borrowing shall be treated as being comprised of two separate Borrowings, a Dollar Borrowing under the
Dollar Commitments and a Multicurrency Borrowing under the Multicurrency Commitments.

 

(b)            Content
of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 

(i)            whether
such Borrowing is to be made under the Term Commitments, Dollar Commitments, the Multicurrency Commitments or a Pro-Rata Borrowing;

 

(ii)            in
the case of a Revolving Borrowing, if such Borrowing is a Pro-Rata Borrowing, the Pro-Rata Dollar Portion and the Pro-Rata Multicurrency
Portion;

 

(iii)            in
the case of a Revolving Borrowing, the aggregate amount and Currency of the requested Borrowing;

 

(iv)            the
date of such Borrowing, which shall be a Business Day (or, in the case of the Borrowing of the Term Loans, the Restatement Effective Date);

 

(v)            in
the case of the Term Loans or any Revolving Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or
a Eurocurrency Borrowing;

 

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(vi)            in
the case of a Eurocurrencyany
Revolving Borrowing denominated in any Agreed Foreign Currency, whether such Borrowing is a Term Benchmark or RFR Borrowing,
the Interest Period therefor, which shall be a period contemplated by the definition of the term “Interest Period” and permitted
under Section 2.02(d); and

  

(vii)            the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05.

 

(c)            Notice
by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Loan to be made
as part of the requested Borrowing.

 

(d)            Failure
to Elect. If no election as to the Class of a Revolving Borrowing is specified, then the requested Borrowing shall be
denominated in Dollars and shall be a Pro-Rata Borrowing. If no election as to the Currency of a Revolving Borrowing is
specified, then the requested Borrowing shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified,
then the requested Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed Foreign
Currency has been specified, the requested Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency
and having an Interest Period of one month. If a Eurocurrency Borrowing is requested but no Interest Period is specified,
(i) if the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing
shall be a Eurocurrency Borrowing denominated in Dollars having an Interest Period of one month’s duration, and (ii) if
the Currency specified for such Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

 

SECTION 2.04. Letters of Credit.

 

(a)            General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower may request
any Issuing Bank to issue, at any time and from time to time during the Availability Period, Letters of Credit denominated in Dollars
or in any Agreed Foreign Currency for its own account or the account of its designee (provided the Obligors shall remain primarily liable
to the Lenders hereunder for payment and reimbursement of all amounts payable in respect of such Letter of Credit hereunder) in such form
as is acceptable to such Issuing Bank in its reasonable determination and for the benefit of such named beneficiary or beneficiaries as
are specified by the Borrower. Letters of Credit issued hereunder shall constitute utilization of the Multicurrency Commitments or the
Dollar Commitments, as applicable, up to the aggregate amount then available to be drawn thereunder. Without limiting any rights of an
Issuing Bank under this Section 2.04, no Issuing Bank shall be obligated to issue, amend, renew or extend any Letter of Credit denominated
in any Foreign Currency if at the time of such issuance, such Issuing Bank, in its capacity as a Lender, would not be required to make
Loans in such Foreign Currency hereunder.

 

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(b)            Notice
of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or extension
of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by such Issuing Bank) to any Issuing Bank and the Administrative Agent (reasonably in advance of the
requested date of issuance, amendment, renewal or extension, which in each case in respect of Letters of Credit to be issued by SMBC
in its capacity as Issuing Bank, shall be at least two (2) Business Days) a notice requesting the issuance of a Letter of Credit,
or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension
(which shall be a Business Day, and in the case of SMBC, a Business Day at least two (2) Business Days following delivery
of such notice), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section),
the amount, Class and Currency of such Letter of Credit, stating that such Letter of Credit is to be issued under the Multicurrency
Commitments or Dollar Commitments, as applicable, the name and address of the beneficiary thereof and such other information as shall
be necessary to prepare, amend, renew or extend such Letter of Credit. The Administrative Agent will promptly notify the Lenders following
the issuance of any Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit
application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank relating to any Letter of Credit, the
terms and conditions of this Agreement shall control.

 

(c)            Limitations
on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension
of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the aggregate LC Exposure of the Issuing Banks (determined for these purposes without giving effect
to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed $300,000,000, (ii) the
aggregate LC Exposure of the applicable Issuing Bank requested to issue such Letter of Credit (determined for these purposes without
giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed the
amount set forth opposite the name of such Issuing Bank in Schedule IX hereto, (iii) the total Revolving Multicurrency Credit Exposures
shall not exceed the aggregate Multicurrency Commitments and the total Revolving Dollar Credit Exposure shall not exceed the aggregate
Dollar Commitments, and (iv) the total Covered Debt Amount shall not exceed the Borrowing Base then in effect.

 

(d)            Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after the date of the issuance
of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of
such Letter of Credit, so long as such renewal or extension occurs within three months of such then-current expiration date); provided
that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods; provided further,
that in no event shall a Letter of Credit which expires after the Commitment Termination Date be renewed and no Letter of Credit shall
have an expiry date after the Maturity Date.

 

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(e)            Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by an Issuing Bank, and without
any further action on the part of the Issuing Banks or the Lenders, (i) in the case of a Multicurrency Issuing Bank, such
Multicurrency Issuing Bank hereby grants to each Multicurrency Lender, and each Multicurrency Lender hereby acquires from such
Multicurrency Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Multicurrency
Percentage of the aggregate amount available to be drawn under such Letter of Credit and (ii) in the case of a Dollar Issuing
Bank, such Dollar Issuing Bank hereby grants to each Dollar Lender, and each Dollar Lender hereby acquires from such Dollar Issuing
Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Dollar Percentage of the aggregate amount
available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation to acquire participations
pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of
a Default or reduction or termination of the applicable Class of Commitments, provided that no Lender shall be required
to purchase a participation in a Letter of Credit pursuant to this Section 2.04(e) if (x) the conditions set forth in
Section 4.02 would not be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and (y) the
Administrative Agent shall have so notified such Issuing Bank in writing at least two Business Days prior to the requested date of
issuance of such Letter of Credit and shall not have subsequently determined that the circumstances giving rise to such conditions
not being satisfied no longer exist. Unless an Issuing Bank has received written notice from any Lender, the Administrative Agent or
the Borrower, at least two Business Days prior to the requested date of issuance of the applicable Letter of Credit, that one or
more applicable conditions contained in Section 4.02 shall not then be satisfied, then, subject to the terms and conditions
hereof, such Issuing Bank shall be entitled to assume all such conditions are satisfied.

 

In consideration and in furtherance of the
foregoing, (x) each Multicurrency Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for
account of each Multicurrency Issuing Bank, such Lender’s Applicable Multicurrency Percentage of each LC Disbursement
made by each such Multicurrency Issuing Bank and (y) each Dollar Issuing Bank hereby absolutely and unconditionally agrees to
pay to the Administrative Agent, for account of each Dollar Issuing Bank, such Lender’s Applicable Dollar Percentage of each
LC Disbursement made by each such Dollar Issuing Bank, in each case, in respect of Letters of Credit promptly upon the request
of each such Issuing Bank at any time from the time of such LC Disbursement until such LC Disbursement is reimbursed by
the Borrower or at any time after any reimbursement payment is required to be refunded to the Borrower for any reason. Such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner
as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to such Issuing Bank the
amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower
pursuant to the next following paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or,
to the extent that the Lenders have made payments pursuant to this paragraph to reimburse an Issuing Bank, then to such Lenders and
such Issuing Banks as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing
Bank for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such
LC Disbursement.

 

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(f)            Reimbursement.
If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such Issuing Bank
in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later
than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement,
if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day
that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement
is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03
that such payment be financed with an ABR Borrowing of either Class (or a Pro-Rata Borrowing) in an equivalent amount and,
to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing.

 

If the Borrower fails to make such payment when
due, the Administrative Agent shall notify each affected Lender of the applicable LC Disbursement, the payment then due from the
Borrower in respect thereof and such Lender’s Applicable Multicurrency Percentage or Applicable Dollar Percentage thereof.

 

(g)            Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, or any
term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under
a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit,
and (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder.

 

Neither the Administrative Agent, the Lenders
nor the Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit by the Issuing Banks or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or
delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including
any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from
causes beyond the control of the Issuing Banks; provided that the foregoing shall not be construed to excuse any Issuing Bank
from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which
are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by any Issuing
Bank’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The
parties hereto expressly agree that:

 

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(i)            the
Issuing Banks may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without
responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation
of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit;

 

(ii)            the
Issuing Banks shall have the right, in their sole discretion, to decline to accept such documents and to make such payment if such documents
are not in strict compliance with the terms of such Letter of Credit; and

 

(iii)            this
sentence shall establish the standard of care to be exercised by the Issuing Banks when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable
law, any standard of care inconsistent with the foregoing).

 

(h)            Disbursement
Procedures. Each Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly after such examination notify the Administrative
Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will
make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the
Borrower of its obligation to reimburse the applicable Issuing Bank and the applicable Lenders with respect to any such LC Disbursement.

 

(i)            Interim
Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such
LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest,
for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses
such LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the Borrower fails to
reimburse such LC Disbursement within two Business Days following the date when due pursuant to paragraph (f) of this
Section, then the provisions of Section 2.11(c) shall apply. Interest accrued pursuant to this paragraph shall be for
account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to
paragraph (f) of this Section to reimburse an Issuing Bank shall be for account of such Lender to the extent of such
payment.

 

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(j)            Replacement
of an Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement between the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. In addition, if any Issuing Bank, in its capacity as a Lender, assigns all
of its Loans and Commitments in accordance with the terms of this Agreement, such Issuing Bank may, with the prior written consent of
the Borrower (such consent not to be unreasonably withheld or delayed; provided that no consent of the Borrower shall be required
if an Event of Default has occurred and is continuing), resign as an Issuing Bank hereunder upon not less than three Business Days prior
written notice to the Administrative Agent and the Borrower. The Administrative Agent shall notify the Lenders of any such replacement
or resignation of an Issuing Bank. At the time any such replacement or resignation shall become effective, the Borrower shall pay all
unpaid fees accrued for account of the replaced or retiring Issuing Bank pursuant to Section 2.10(b). From and after the effective
date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank
under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Bank” and/or “Issuing Banks” shall be deemed to refer to such successor or successors (and the other current Issuing
Banks, if applicable) or to any previous Issuing Bank, or to such successor or successors (and all other current Issuing Banks) and all
previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced
or retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under
this Agreement with respect to Letters of Credit issued by it prior to such replacement or resignation, but shall not be required to
issue additional Letters of Credit.

 

(k)            Cash
Collateralization. If the Borrower shall be required to provide cover for LC Exposure of a Class pursuant to
Section 2.08(a), Section 2.09(c), Section 2.09(d) or the last paragraph of Article VII, the Borrower shall
immediately deposit into a segregated collateral account or accounts (herein, collectively, the “Letter of Credit
Collateral Account”) in the name and under the dominion and control of the Administrative Agent, Cash denominated in the
Currency of the Letter of Credit under which such LC Exposure arises in an amount equal to the amount required under
Section 2.08(a), Section 2.09(c), Section 2.09(d) or the last paragraph of Article VII, as applicable. Such
deposit shall be held by the Administrative Agent as collateral in the first instance for the LC Exposure under this Agreement
and thereafter for the payment of the Secured Obligations, and for these purposes the Borrower hereby grants a security interest to
the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets (as
defined in the Uniform Commercial Code) or other property held therein.

 

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(l)            Restatement
Effective Date. Notwithstanding anything to the contrary contained herein, it is acknowledged and agreed that, on and after the Restatement
Effective Date, (i) each Letter of Credit issued under the Multicurrency Commitments and outstanding immediately prior to the Restatement
Effective Date (each such Letter of Credit, a “Converting Letter of Credit”) shall be deemed to be issued under the
Multicurrency Commitments or, in the case of any Converting Letter of Credit issued by Truist Bank, the Dollar Commitments and (ii) the
interests and participations of the Multicurrency Lenders in the Converting Letters of Credit shall automatically terminate and such
interests and participations in the Converting Letters of Credit shall without further action be reallocated to the Multicurrency Lenders
or Dollar Lenders, as applicable, such that the interests and participations in the Converting Letters of Credit (other than those issued
by Truist Bank) shall be held ratably by the Multicurrency Lenders in accordance with their respective Multicurrency Commitments and
the interests and participations in the Converting Letters of Credit issued by Truist Bank shall be held ratably by the Dollar Lenders
in accordance with their respective Dollar Commitments.

 

SECTION 2.05. Funding of Borrowings.

 

(a)            Funding
by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 1:00 p.m., Local Time, to the account of the Administrative Agent most recently designated by it for such purpose
by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so
received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided
that ABR Borrowings made to finance the reimbursement of an LC Disbursement as provided in Section 2.04(f) shall
be remitted by the Administrative Agent to the applicable Issuing Bank.

 

(b)            Presumption
by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such
Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on
demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal
Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays
such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
Nothing in this paragraph shall relieve any Lender of its obligation to fulfill its commitments hereunder, and shall be without
prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

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SECTION 2.06. Interest Elections.

 

(a)            Elections
by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period specified
in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to continue
such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the Interest Period therefor,
all as provided in this Section; provided, however, that (i) a Borrowing of a Class may only be continued or
converted into a Borrowing of the same Class, (ii) a Borrowing denominated in one Currency may not be continued as, or converted
to, a Borrowing in a different Currency, (iii) no Eurocurrency Borrowing
denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures
would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not
be converted to a Borrowing of a different Type. The Borrower may elect different options with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans
constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing.

 

(b)            Notice
of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a
Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic
Interest Election Request shall be irrevocable and shall be confirmed promptly (but no later than the close of business on the date
of such request) by hand delivery, telecopy or electronic communication to the Administrative Agent of a written Interest Election
Request signed by the Borrower.

 

(c)            Content
of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information in compliance
with Section 2.02:

 

(i)            the
Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be
specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing);

 

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(ii)            the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)            whether,
in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
and

 

(iv)            if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which shall be
a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d).

 

(d)            Notice
by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)            Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a
Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein,
(i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to a
Eurocurrency Borrowing of the same Class having an Interest Period of one month, and (ii) if such Borrowing is denominated
in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing no
outstanding Eurocurrency Borrowing may have an Interest Period of more than one month’s duration.

 

SECTION 2.07. Termination, Reduction or
Increase of the Commitments.

 

(a)            Scheduled
Termination. Unless previously terminated (including as set forth in Section 2.07(f) below), the Revolving Commitments
of each Class shall terminate on the Commitment Termination Date.

 

(b)            Voluntary
Termination or Reduction. The Borrower may at any time without premium or penalty terminate, or from time to time reduce, the Commitments;
provided that (i) each reduction of the Commitments shall be in an amount that is $25,000,000 (or, if less, the entire remaining
amount of the Commitments of any Class) or a larger multiple of $5,000,000 in excess thereof (or the entire amount of the Commitments
of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.09, the total Revolving Credit Exposures of either Class would exceed
the total Commitments of such Class.

 

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(c)            Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination
or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall
be irrevocable; provided that a notice of termination of the Commitments of a Class delivered by the Borrower may state that
such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

 

(d)            Effect
of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction of
the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

 

(e)            Increase
of the Commitments.

 

(i)            Requests
for Increase by Borrower. The Borrower shall have the right, at any time after the Restatement Effective Date but prior to the Commitment
Termination Date, to propose that the Commitments of a Class hereunder be increased (each such proposed increase being a
 “Commitment Increase”) by notice to the Administrative Agent, specifying each existing Lender (each an
 “Increasing Lender”) and/or each additional lender (each an “Assuming Lender”) that shall
have agreed to an additional Commitment and the date on which such increase is to be effective (the “Commitment Increase
Date”), which shall be a Business Day at least three Business Days (or such lesser period as the Administrative Agent may
reasonably agree) after delivery of such notice and 30 days prior to the Commitment Termination Date; provided that:

 

(A)            each
increase shall be in a minimum amount of at least $25,000,000 or a larger multiple of $5,000,000 in excess thereof (or such lesser amount
as the Administrative Agent may reasonably agree);

 

(B)            the
aggregate amount of all Commitment Increases shall not exceed $1,981,500,000;

 

(C)            no
Non-Extending Lender may participate in any Commitment Increase under the Commitments of the same Class unless in connection therewith,
it shall have agreed to become an “Extending Lender” hereunder;

 

(D)            in
the case of a Commitment Increase under the Revolving Commitments, each Assuming Lender shall be consented to by the Administrative Agent
and the Issuing Banks;

 

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(E)            no
Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;
and

 

(F)            the
representations and warranties contained in this Agreement shall be true and correct in all material respects (or, in the case of the
representations and warranties in Sections 3.01 (first sentence with respect to the Obligors), 3.02, 3.04, 3.11 and 3.15 of this Agreement,
and in Sections 2.01, 2.02 and 2.04 through 2.09 of the Guarantee and Security Agreement, true and correct in all respects) on and as
of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to
have been made as of a specific date, as of such specific date). No Lender shall be obligated to provide any increased Commitment.

 

(ii)            Effectiveness
of Commitment Increase by Borrower. The Assuming Lender, if any, shall become a Lender hereunder as of such Commitment Increase Date
and the Commitment of the respective Class of any Increasing Lender and such Assuming Lender shall be increased as of such Commitment
Increase Date; provided that:

 

(x)            the
Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment Increase Date a certificate
of a duly authorized officer of the Borrower stating that each of the applicable conditions to such Commitment Increase set forth in
the foregoing paragraph (i) has been satisfied;

 

(y)            each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City
time, on such Commitment Increase Date, an agreement, in form and substance satisfactory to the Borrower and the Administrative Agent,
pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment
in each case of the respective Class, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and
acknowledged by the Administrative Agent; and

 

(z)            in
the case of a Commitment Increase under the Term Commitments, each Assuming Lender and Increasing Lender shall on such Commitment Increase
Date make available their respective Term Loans to the Borrower pursuant to procedures reasonably established by the Administrative Agent.

 

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(iii)            Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an Assuming Lender or an
Increasing Lender and, if applicable, upon the making of any additional Term Loans pursuant to clause (ii)(z), together with the certificate
referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement has been completed, (x) accept
such agreement, (y) record the information contained therein, and if applicable, the additional Term Loans, in the Register and
(z) give prompt notice thereof to the Borrower.

 

(iv)            Adjustments
of Borrowings upon Effectiveness of Increase. On the Commitment Increase Date, the Borrower shall (A) prepay the
outstanding Loans (if any) of the affected Class in full, (B) simultaneously borrow new Loans of such Class hereunder
in an amount equal to such prepayment (in the case of Eurocurrency Loans, with LIBO Rates equal to the outstanding LIBO Rate and
with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s) provided that for any
outstanding Interest Period of less than 1-month, the LIBO Rate will be equal to 1-month LIBOR), as applicable (as modified hereby);
provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall
be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from
such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among
themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such
Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Class of
such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if
any, payable under Section 2.14 as a result of any such prepayment. Concurrently therewith, the Lenders of such
Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so
that such interests are held ratably in accordance with their Commitments of such Class as so increased.

 

(f)            Mandatory
Termination of Commitments of Non-Extending Lenders. Unless previously terminated, the Revolving Commitments of each Non-Extending
Lender shall terminate on March 30, 2024. In connection with the foregoing, each Lender (other than any Non-Extending Lender), hereby
agrees that it shall not be entitled to any pro-rata reduction in its Commitments of the same Class notwithstanding Section 2.16(c) or
other provision hereof to the contrary.

 

SECTION 2.08. Repayment of Loans; Evidence
of Debt.

 

(a)            Repayment.
The Borrower hereby unconditionally promises to pay to the Administrative Agent for account of the applicable Lenders the outstanding
principal amount of each Class of the Loans on the Maturity Date.

 

In addition, on the Maturity Date, to the extent
any Letter of Credit is outstanding (notwithstanding the requirements of Section 2.04(d)), the Borrower shall deposit into the Letter
of Credit Collateral Account Cash in an amount equal to 102% of the undrawn face amount of all Letters of Credit outstanding on the close
of business on the Maturity Date, such deposit to be held by the Administrative Agent as collateral security for the LC Exposure
under this Agreement in respect of the undrawn portion of such Letters of Credit.

 

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(b)            Manner
of Payment. Subject to Section 2.09(d), prior to any repayment or prepayment of any Borrowings hereunder, the Borrower
shall select the Borrowing or Borrowings to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy)
of such selection not later than 11:00 a.m., New York City time, three Business Days before the scheduled date of such
repayment; provided that, each repayment of Borrowings within a Class shall be applied to repay any outstanding
ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection
of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding
ABR Borrowings pro rata between any outstanding Dollar ABR Borrowings and outstanding Multicurrency ABR Borrowings, second, if
no Class is specified, to any Pro-Rata Borrowings in the order of the remaining duration of their respective Interest Periods
(the Pro-Rata Borrowing with the shortest remaining Interest Period to be repaid first) and, third, within each Class, to any
remaining Borrowings in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest
remaining Interest Period to be repaid first). Each payment of a Pro-Rata Borrowing shall be applied ratably between the Dollar
Loans and Multicurrency Loans included in such Pro-Rata Borrowing. Each payment of a Borrowing of a Class shall be applied
ratably to the Loans of such Class included in such Borrowing.

 

(c)            Maintenance
of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and interest payable
and paid to such Lender from time to time hereunder.

 

(d)            Maintenance
of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount
and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and
Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such Class hereunder
and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for account of the Lenders and each
Lender’s share thereof.

 

(e)            Effect
of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall
be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; provided
that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

 

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(f)            Promissory
Notes. Any Lender may request that Loans made by it be evidenced by a promissory note (or, in the case of any Lender having
Commitments of different Classes, by separate promissory notes in respect of each Class of Commitments). In such event, the
Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such
Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans
evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04)
be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a
registered note, to such payee and its registered assigns).

 

SECTION 2.09. Prepayment of Loans.

 

(a)            Optional
Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without
premium or penalty except for payments under Section 2.14, subject to the requirements of this Section.

 

(b)            Mandatory
Prepayments due to Changes in Exchange Rates.

 

(i)            Determination
of Amount Outstanding. On each Revaluation Date, the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit
Exposure. For the purpose of this determination, the outstanding principal amount of any Loan or LC Exposure that is denominated in any
Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan or LC Exposure, determined
as of such Revaluation Date. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders
and the Borrower thereof.

 

(ii)            Prepayment.
If, on the date of such determination the aggregate Revolving Multicurrency Credit Exposure minus the Multicurrency LC Exposure
fully cash collateralized pursuant to Section 2.04(k) on such date exceeds 105% of the aggregate amount of the Multicurrency
Commitments as then in effect, the Borrower shall prepay the Multicurrency Loans (and/or provide cover for Multicurrency LC Exposure
as specified in Section 2.04(k)) within 15 Business Days following such date of determination in such amounts as shall be necessary
so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.

 

Any prepayment pursuant to this paragraph shall be
applied, first, to Multicurrency Loans outstanding and second, as cover for Multicurrency LC Exposure.

 

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(c)            Mandatory
Prepayments due to Borrowing Base Deficiency. In the event that at any time any Borrowing Base Deficiency shall exist, the
Borrower shall prepay the Loans (or provide cover for Letters of Credit as contemplated by Section 2.04(k)), or either
(y) if the aggregate Credit Exposure (to the extent not cash collateralized as contemplated by Section 2.04(k)) is greater
than zero, in addition to prepaying the Loans (and providing cover for Letters of Credit) pursuant to the immediately succeeding
proviso, reduce Other Secured Indebtedness and, only if such reduction of Other Secured Indebtedness is insufficient to cure any
Borrowing Base Deficiency, Permitted Indebtedness (other than Other Secured Indebtedness), Special Longer Term Unsecured
Indebtedness, Shorter Term Unsecured Indebtedness, Special Shorter Term Unsecured Indebtedness, or Indebtedness incurred pursuant to Section 6.01(g) (in
each case, to the extent included in the Covered Debt Amount), or (z) if the aggregate Credit Exposure (to the extent not cash
collateralized as contemplated by Section 2.04(k)) is not greater than zero, reduce Permitted Indebtedness, Special Longer Term
Unsecured Indebtedness, Shorter Term Unsecured Indebtedness, Special Shorter Term Unsecured Indebtedness, or Indebtedness incurred
pursuant to Section 6.01(g) (in each case, to the extent included in the Covered Debt Amount), in such amounts as shall be
necessary so that such Borrowing Base Deficiency is immediately cured, provided that (i) in the case of clause (y), the
aggregate amount of such prepayment of Loans (and cover for Letters of Credit) shall be at least equal to the Revolving Credit
Exposure’s ratable share of the aggregate prepayment and reduction of Other Secured Indebtedness, other Permitted
Indebtedness, Special Longer Term Unsecured Indebtedness, Shorter Term Unsecured Indebtedness, Special Shorter Term Unsecured
Indebtedness, and Indebtedness incurred pursuant to Section 6.01(g) and (ii) if, within five Business Days after
delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency (and/or at such other times as the Borrower
has knowledge of such Borrowing Base Deficiency), the Borrower shall present the Administrative Agent with a reasonably feasible
plan to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the
five Business Days permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected
immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so
long as such Borrowing Base Deficiency is cured within such 30-Business Day period, provided, solely to the extent such Borrowing
Base Deficiency is due to a failure to satisfy the requirements of Section 5.13(h) as a consequence of a change in either
(x) the ratio of the Gross Borrowing Base to the Senior Debt Amount or (y) the Relevant Asset Coverage Ratio from one
quarterly period to the next, such 30-Business Day Period shall be extended to a 45-Business Day period solely with respect to
compliance with Section 5.13(h).

 

(d)            Scheduled
Payments. (i) On each Scheduled Payment Date on or prior to the Commitment Termination Date, the Borrower shall prepay the Loans
of the Non-Extending Lenders in an aggregate amount equal to 1/12 of the aggregate outstanding amount of such Loans for each Class and
Currency of such Loans, based on the outstanding principal amount of such Loans as of March 30, 2024. In connection with any repayment,
pursuant to this clause (d)(i), of the Loans held by the Non-Extending Lenders, each other Lender hereby agrees that, so long as its Loans
are not otherwise due and payable hereunder, it shall not be entitled to any pro-rata repayment of its Loans of the same Class notwithstanding
Section 2.16(c) or any other provision hereof to the contrary. In addition, if any LC Exposure exists at the time of such repayment
to the Non-Extending Lenders:

 

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(1)            an
amount equal to 1/12 of such LC Exposure held by the applicable Non-Extending Lenders shall be reallocated among the other Lenders with
Commitments of the same Class as such LC Exposure in accordance with their respective Applicable Multicurrency Percentages or Applicable
Dollar Percentages, as applicable, but only to the extent (x) the sum of all Revolving Credit Exposures of a Class does not
exceed the total of all Extending Lenders’ Commitments of such Class, (y) no Lender’s Revolving Credit Exposure of a
Class will exceed such Lender’s Commitment of such Class, and (z) the conditions set forth in Section 4.02 are satisfied
at such time; and

 

(2)            if
the reallocation described in clause (1) above cannot, or can only partially, be effected, the Borrower shall on the day of such
prepayment to the applicable Non-Extending Lenders also prepay Loans in accordance with Section 2.09(a) in an amount such that
after giving effect thereto, an amount equal to 1/12 of the LC Exposure of the applicable Non-Extending Lenders could be reallocated in
accordance with clause (1) above (whereupon such LC Exposure shall be so reallocated regardless of whether the conditions set forth
in Section 4.02 are satisfied at such time).

 

(ii)            On
each Scheduled Payment Date after the Commitment Termination Date, the Borrower shall prepay the Loans (and provide cash collateral for
Letters of Credit as contemplated by Section 2.04(k)) in an aggregate amount equal to 1/12 of the aggregate outstanding amount of
Loans, and 1/12 of the face amount of Letters of Credit, for each Class and Currency of Loans (including, for the avoidance of doubt,
the Term Loans) and Letters of Credit outstanding, based on the outstanding Loans and Letters of Credit as of the Commitment Termination
Date. Following the Commitment Termination Date, any other optional or mandatory prepayment of Loans (or cash collateralization or expiration
of outstanding Letters of Credit) will reduce in direct order the amount of any subsequent repayment of Loans or cash collateralization
of Letters of Credit required to be made pursuant to this clause (d)(ii).

 

(e)            Payments
Following the Commitment Termination Date. Notwithstanding any provision to the contrary in Section 2.08 or this Section 2.09,
following the Commitment Termination Date:

 

(i)  no optional prepayment of the
Loans of any Class shall be permitted unless at such time, the Borrower also prepays the Loans of the other Class or, to the
extent no Loans of the other Class are outstanding, provides cash collateral as contemplated by Section 2.04(k) for outstanding
Letters of Credit of such Class, which prepayment (and cash collateral) shall be made on a pro-rata basis between each outstanding Class of
Credit Exposure; and

 

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(ii)  any prepayment of Loans required
to be made pursuant to clause (c) above shall be applied to prepay Loans and cash collateralize outstanding Letters of Credit on
a pro-rata basis between each outstanding Class of Credit Exposure.

 

(f)            Notices,
Etc. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic communication) of any prepayment
hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time or, in the
case of a Borrowing denominated in a Foreign Currency, 11:00 a.m., London time, three Business Days before the date of prepayment
or,
(ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment
or (iii) in the case of prepayment of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m. New York City time,
three Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment
date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably
detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment is given in connection with a conditional
notice of termination of the Commitments of a Class as contemplated by Section 2.07, then such notice of prepayment may be revoked
if such notice of termination is revoked in accordance with Section 2.07. Promptly following receipt of any such notice relating
to a Borrowing, the Administrative Agent shall advise the affected Lenders of the contents thereof. Each partial prepayment of any Borrowing
shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02, except as
necessary to apply fully the required amount of a mandatory prepayment or scheduled payment. Each prepayment of a Borrowing of a Class shall
be applied ratably to the Loans of such Class included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest
to the extent required by Section 2.11 and shall be made in the manner specified in Section 2.08(b).

 

(g)            Special
Mandatory Repayment to Non-Extending Lenders. On March 30, 2025 (or, so long as no Default or Event of Default has occurred and
is continuing, on such earlier date on or after March 30, 2024 as the Borrower may elect by written notice in accordance with Section 2.09(f)),
the Borrower shall repay all of the Loans of the Non-Extending Lenders and, in connection therewith, each other Lender hereby agrees that,
so long as its Loans of the same Class are not otherwise due and payable hereunder, it shall not be entitled to any pro-rata repayment
of its Loans of the same Class notwithstanding Section 2.16(c) or any other provision hereof to the contrary. If any LC
Exposure exists at the time of such repayment to the Non-Extending Lenders:

 

(1)            all
of such LC Exposure held by the Non-Extending Lenders shall be reallocated among the remaining Lenders with Commitments of the same
Class as the Non-Extending Lenders in accordance with their respective Applicable Multicurrency Percentages or
Applicable Dollar Percentages, as applicable, but only to the extent (x) the sum of all Revolving Credit Exposures of any
Class of the Extending Lenders does not exceed the total of all Extending Lenders’ Commitments of such Class, (y) no
Extending Lender’s Revolving Credit Exposure of a Class will exceed such Lender’s Commitment of such Class, and
(z) the conditions set forth in Section 4.02 are satisfied at such time; and

 

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(2)            if
the reallocation described in clause (1) above cannot, or can only partially, be effected, the Borrower shall on the day of such
prepayment to the Non-Extending Lenders also prepay Loans in accordance with Section 2.09(a) in an amount such that after giving
effect thereto, all LC Exposure of the Non-Extending Lenders could be reallocated in accordance with clause (1) above (whereupon
such LC Exposure shall be so reallocated regardless of whether the conditions set forth in Section 4.02 are satisfied at such time).

 

Upon termination of any Non-Extending Lenders’
Revolving Commitments pursuant to Section 2.07(f) and the reallocation of such Non-Extending Lenders’ LC Exposure and
repayment of each such Non-Extending Lender’s Revolving Loans and all other amounts then due and payable to such Non-Extending Lenders
in accordance with clause (g) of this Section 2.09, such Non-Extending Lenders shall cease being party to this Agreement in
their capacity as “Revolving Lenders” but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.03
with respect to facts and circumstances occurring prior to such date.

 

SECTION 2.10. Fees.

 

(a)            Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for account of each Revolving Lender a commitment fee, which shall accrue
at the Applicable Margin on the daily unused amount of the Dollar Commitment and Multicurrency Commitment, as applicable, of such Lender
during the period from and including the Restatement Effective Date to but excluding the earlier of the date such Commitment terminates
and the Commitment Termination Date. Accrued commitment fees shall be payable within 15 Business Days after each Quarterly Date and on
the earlier of the date the Commitments of the respective Class terminate and the Commitment Termination Date, commencing on the
first such date to occur after the Restatement Effective Date. 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). For purposes of computing
commitment fees, (i) the daily unused amount of the applicable Commitment shall be determined as of the end of each day and (ii) the
Commitment of any Class of a Lender shall be deemed to be used to the extent of the outstanding Loans and LC Exposure of such
Class of such Lender.

 

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(b)            Letter
of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for account of each Lender a participation fee with
respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin applicable to
interest on Eurocurrency Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the Restatement Effective Date to but excluding the later
of the date on which such Lender’s Commitment of the applicable Class terminates and the date on which such Lender ceases to
have any LC Exposure of such Class, and (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per
annum on the daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) applicable
to Letters of Credit issued by such Issuing Bank during the period from and including the Restatement Effective Date to but excluding
the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as each
Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the
fifteenth Business Day following such Quarterly Date, commencing on the first such date to occur after the Restatement Effective Date;
provided that, all such fees with respect to the Letters of Credit shall be payable on the date on which the Commitments of the
applicable Class terminate (the “termination date”), the Borrower shall pay any such fees that have accrued and
that are unpaid on the termination date and, in the event any Letters of Credit shall be outstanding that have expiration dates after
the termination date, the Borrower shall prepay on the termination date the full amount of the participation and fronting fees that will
accrue on such Letters of Credit subsequent to the termination date through but not including the date such outstanding Letters of Credit
are scheduled to expire (and in that connection, the Lenders agree not later than the date two Business Days after the date upon which
the last such Letter of Credit shall expire or be terminated to rebate to the Borrower the excess, if any, of the aggregate participation
and fronting fees that have been prepaid by the Borrower over the amount of such fees that ultimately accrue through the date of such
expiration or termination). Any other fees payable to the Issuing Banks pursuant to this paragraph shall be payable within 10 days after
demand. All participation fees and fronting 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).

 

(c)            Administrative
Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times
as set forth in the Administrative Agent Fee Letter dated March 2, 2021 between the Borrower and the Administrative Agent.

 

(d)            Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative
Agent (or to the Issuing Banks, in the case of fees payable to them) for distribution, in the case of facility fees and participation
fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent obvious error.

 

SECTION 2.11. Interest.

 

(a)            ABR Loans.
The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the
Applicable Margin.

 

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(b)            Eurocurrency
Loans. and RFR
Loans. (i) The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the
Adjusted Eurocurrency Rate for the related Interest Period for such Borrowing plus the Applicable Margin and
(ii) the Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple
RFR plus the Applicable Margin.

 

(c)            Default
Interest. Notwithstanding the foregoing clauses (a) and (b), if any principal of or interest on any Loan or any fee or other
amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory prepayment
or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the
case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the
case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d)            Payment
of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the Currency
in which such Loan is denominated and upon the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of
this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment
of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Borrowing denominated in Dollars prior
to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion.

 

(e)            Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and interest on all Loans denominated in
Pounds Sterlingcomputed
by reference to Adjusted Daily Simple RFR shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
The applicable Alternate Base Rate, Adjusted Eurocurrency Rate, LIBO Rate,
Adjusted Daily Simple RFR or EURIBOR Rate shall be determined by the Administrative Agent, and such determination
shall be conclusive absent manifest error.

 

SECTION 2.12. Alternate Rate of Interest.

 

(a)            If,
subject to clauses (b), (c), (d), (e), (f), and (g) of this Section 2.12, prior
to the commencement of any Interest Period for a Eurocurrency Borrowing of a Class (the Currency
of such Borrowing herein called the “Affected Currency”)2.12:

 

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(i)            the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) (A) prior
to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist
for ascertaining the Adjusted Eurocurrency Rate, the LIBO Rate or the EURIBOR Rate, as applicable (including because the Relevant Screen
Rate is not available or published on a current basis), for a Loan in the Affected Currency or for the applicable Interest Period,;
provided, that no Benchmark Transition Event shall have occurred
at such time with respect to such Benchmark, or (B) at any time, that
adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR or RFR for the applicable Currency;
or

 

(ii)            the
Administrative Agent is advised by the Required Lenders of such Class or, in the case of a Pro-Rata Borrowing, the Required Lenders,
that the (A) prior
to the commencement of any Interest Period for a Term Benchmark
Borrowing, the Adjusted Eurocurrency Rate, the LIBO Rate or the EURIBOR Rate, as applicable, for a Loan in the applicable
currencyCurrency
or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing for such Interest Period; or
(B) at any time, the applicable Adjusted Daily Simple RFR or RFR for the applicable Currency will not adequately and fairly reflect
the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable
Currency;

 

then the Administrative Agent shall give notice thereof to the
Borrower and the affected Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a EurocurrencyTerm
Benchmark Borrowing shall be ineffective, (B) if any Borrowing Request requests a EurocurrencyTerm
Benchmark Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (C) if any Borrowing
Request requests a EurocurrencyTerm
Benchmark Borrowing or an RFR Borrowing for the
relevant rate above in any Agreed Foreign Currency, then such request shall be ineffective; provided, that
(x) if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings
shall be permitted. Furthermore, if any EurocurrencyTerm
Benchmark Loan or RFR Loan in any Currency is outstanding on the date of the Borrower’s receipt of the notice
from the Administrative Agent referred to in this Section 2.12(a) with respect to a Relevant Rate applicable to such EurocurrencyTerm
Benchmark Loan or RFR Loan, then until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) if such EurocurrencyTerm
Benchmark Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Loan, such
Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day,
(ii) if such EurocurrencyTerm
Benchmark Loan is denominated in any Currency other than CAD or Dollars, then such Loan shall, on the last day of the
Interest Period applicable to such Loan, such Loan shall be prepaid by the Borrower on such day and, (iii) if
such EurocurrencyTerm
Benchmark Loan is denominated in CAD, then such Loan shall, on the last day of the Interest Period applicable to such
Loan, at the Borrower’s election prior to such day (A) be prepaid by the Borrower on such day or (B) be converted by
the Administrative Agent to a EurocurrencyTerm
Benchmark Loan where the Eurocurrency Rate is equal to the Canadian Prime Rate. and
(iv) if such RFR Loan is denominated in any Agreed Foreign Currency, then such Loan shall bear interest at the Central Bank
Rate for the applicable Agreed Foreign Currency plus the Applicable Margin; provided that, if the Administrative Agent determines
(which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed
Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any Agreed Foreign Currency , at the
Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the
Dollar Equivalent of such Agreed Foreign Currency) immediately or (B) be prepaid in full immediately.

 

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(b)            Notwithstanding
anything to the contrary herein or in any other Loan Document (and any Hedging Agreement shall be deemed not to be a “Loan
Document” for purposes of this Section 2.12), 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 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 Lenders of each affected Class.

 

(c)            Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, (x) with respect
to a Loan denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date or (y) with respect
to a Loan denominated in Euros, if a Term ESTR Transition Event and its related Benchmark Replacement Date, as applicable, 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 Borrower a Term
SOFR Notice or a Term ESTR Notice, as applicable. For the avoidance of doubt, the Administrative Agent shall not be required to deliver
any (x) Term SOFR Notice after the occurrence of a Term SOFR Transition Event or (y) Term ESTR Notice after the occurrence of
a Term ESTR Transition Event, and may do so in its sole discretion.

 

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(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 Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or
an Early Opt- in Election, as applicable, (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 2.12, 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 2.12.

 

(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, Term ESTR, LIBO Rate or EURIBOR 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 “Interest 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 “Interest Period” for all
Benchmark settings at or after such time to reinstate such previously removed tenor.

 

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(g)            Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a EurocurrencyTerm
Benchmark Borrowing of, conversion to or continuation of EurocurrencyTerm
Benchmark Loans to be made, converted or continued during any Benchmark
Unavailability Period and, failing that, (x) the Borrower will be deemed to have converted any request for a EurocurrencyTerm
Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or
conversion to ABR Loans, (y) any EurocurrencyTerm
Benchmark Borrowing or RFR Borrowing denominated in a Foreign Currency shall be
ineffective or (z) the Borrower will be deemed to have converted any request for a EurocurrencyTerm
Benchmark Borrowing denominated in CAD into a request for a Borrowing of or
conversion to a EurocurrencyTerm Benchmark
Borrowing at the Canadian Prime Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as
applicable, will not be used in any determination of ABR. Furthermore, if any EurocurrencyTerm
Benchmark Loan or RFR Loan in any Currency is outstanding on the date of the Borrower’s receipt of notice of
the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such EurocurrencyTerm
Benchmark Loan or RFR Loan , then until such time as a Benchmark Replacement for such Currency is implemented
pursuant to this Section 2.12, (i) if such Eurocurrency Loan is denominated in Dollars, then on the last day of the
Interest Period applicable to such Loan, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR
Loan denominated in Dollars on such day, (ii) if such EurocurrencyTerm
Benchmark Loan is denominated in any Currency other than CAD or Dollars, then such Loan shall, on the last day of the
Interest Period applicable to such Loan, at the Borrower’s election prior to such day be prepaid by the Borrower on such day or, (iii) if
such EurocurrencyTerm
Benchmark Loan is denominated in CAD, then such Loan shall, on the last day of the Interest Period applicable to such
Loan, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) be converted
by the Administrative Agent to a EurocurrencyTerm
Benchmark Loan where the Eurocurrency Rate is equal to the Canadian Prime Rate. or
(iv) if such RFR Loan is denominated in any Agreed Foreign Currency, then such Loan shall bear interest at the Central Bank
Rate for the applicable Agreed Foreign Currency plus the Applicable Margin; provided that, if the Administrative Agent determines
(which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed
Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any Agreed Foreign Currency, at the
Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the
Dollar Equivalent of such Agreed Foreign Currency) immediately or (B) be prepaid in full immediately.

 

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SECTION 2.13. Increased Costs.

 

(a)            Increased
Costs Generally. If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, compulsory loan, insurance charge, special deposit or similar requirement against assets of, deposits
with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Eurocurrency
Rate) or any Issuing Bank; or

 

(ii)            impose
on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense, affecting this Agreement or Eurocurrency
Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be to increase the cost
(other than costs which are Indemnified Taxes or Excluded Taxes) to such Lenders of making, continuing, converting into or maintaining
any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to increase the cost (other than costs which are Indemnified
Taxes or Excluded Taxes) to such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce
the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal, interest or otherwise),
then the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will
compensate such Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)            Capital
Requirements. If any Lender or any Issuing Bank 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 or such Issuing Bank’s capital or on the capital
of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by,
or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that
which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s
or such Issuing Bank’s holding company with respect to capital adequacy), by an amount deemed to be material by such Lender or such
Issuing Bank, then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional
amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company
for any such reduction suffered.

 

(c)            Certificates
from Lenders. A certificate of a Lender or an Issuing Bank setting forth the amount or amounts, in Dollars, necessary to compensate
such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of
this Section shall be promptly delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

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

 

SECTION 2.14. Break Funding Payments.
In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period therefor
(including as a result of the occurrence of any Commitment Increase Date or an Event of Default), (b) the conversion of any Eurocurrency
Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Loan on
the date specified in any notice delivered pursuant hereto (including, in connection with any Commitment Increase Date, and regardless
of whether such notice is permitted to be revocable under Section 2.09(f) and is revoked in accordance herewith), or (d) the
assignment as a result of a request by the Borrower pursuant to Section 2.18(b) of any Eurocurrency Loan other than on the last
day of an Interest Period therefor, then, in any such event, the Borrower shall compensate each affected Lender for the loss, cost and
expense attributable to such event. In the case of a Eurocurrency Loan, the loss to any Lender attributable to any such event shall be
deemed to include an amount determined by such Lender to be equal to the excess, if any, of

 

(i)            the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan denominated in the Currency of
such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have
resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted Eurocurrency
Rate, for such Currency for such Interest Period, over

 

(ii)            the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount
for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated in such
Currency from other banks in the eurocurrency market at the commencement of such period.

 

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With
respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date
applicable thereto (including as a result of an Event of Default or an optional
or mandatory prepayment of Loans), (ii) the failure to borrow or prepay any RFR Loan on the date specified in any notice
delivered pursuant hereto (regardless of whether such notice may be revoked under ‎Section 2.09(f) and
is revoked in accordance therewith), or (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable
thereto as a result of a request by the Borrower pursuant to ‎Section 2.18, then, in any such event, the Borrower shall
compensate each Lender for the loss, cost and expense attributable to such event.

  

Payment under this Section shall be made upon request of a Lender
delivered not later than ten Business Days following the payment, conversion, or failure to borrow, convert, continue or prepay that gives
rise to a claim under this Section accompanied by a certificate of such Lender setting forth the amount or amounts that such Lender
is entitled to receive pursuant to this Section, which certificate shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

SECTION 2.15. Taxes.

 

(a)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall
be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary
so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative
Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

 

(b)            Payment
of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law.

 

(c)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, each Lender and each Issuing Bank for, and within 30
Business Days after written demand therefor, pay the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent,
such Lender or such Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other 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 Borrower by a Lender or an
Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be
conclusive absent manifest error.

 

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(d)            Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower 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.

 

(e)            Foreign
Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested
by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made
without withholding or at a reduced rate.

 

In addition, any Foreign Lender, if requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Foreign
Lender is subject to backup withholding or information reporting requirements.

 

Without limiting the generality of the foregoing,
if the Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent,
but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(i)            duly
completed copies of Internal Revenue Service Form W-8BEN or any successor form claiming eligibility for benefits of an income tax
treaty to which the United States is a party, 

 

(ii)            duly
completed copies of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable pursuant to
this Agreement is effectively connected with the conduct of a trade or business in the United States,

 

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(iii)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(A) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the
Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (B) duly
completed copies of Internal Revenue Service Form W-8BEN (or any successor form) certifying that the Foreign Lender is not a United
States Person, or

   

(iv)            any
other form including Internal Revenue Service Form W-8IMY as applicable prescribed by applicable law as a basis for claiming exemption
from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed
by applicable law to permit the Borrower to determine the withholding or deduction required to be made.

 

In addition, upon reasonable request of the Borrower
or the Administrative Agent, each Foreign Lender shall deliver such forms promptly upon the expiration or invalidity of any form previously
delivered by such Foreign Lender, provided it is legally able to do so at the time. Each Foreign Lender shall promptly notify the Borrower
and the Administrative Agent at any time the chief tax officer of such Foreign Lender becomes aware that it no longer satisfies the legal
requirements to provide any previously delivered form or certificate to the Borrower (or any other form of certification adopted by the
U.S. or other taxing authorities for such purpose).

 

(f)            United
States Lenders. Each Lender and each Issuing Bank that is not a Foreign Lender shall deliver to the Borrower (with a copy to the Administrative
Agent), prior to the date on which such Issuing Bank or Lender becomes a party to this Agreement, upon the expiration or invalidity of
any forms previously delivered and at times reasonably requested by the Borrower, duly completed copies of Internal Revenue Service Form W-9
or any successor form, provided it is legally able to do so at the time.

 

(g)            FATCA.
If a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower 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 Borrower or the
Administrative Agent as may be necessary for the Borrower 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.

 

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(h)            Treatment
of Certain Refunds. If the Administrative Agent, any Lender or any Issuing Bank determines, in its sole discretion, that it has received
a refund or credit (in lieu of such refund) of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect
to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to
the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent, any Lender
or any Issuing Bank, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund), provided that the Borrower, upon the request of the Administrative Agent, any Lender or any Issuing Bank, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Administrative Agent, any Lender or any Issuing Bank in the event the Administrative Agent, any Lender or any Issuing Bank is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will
the Administrative Agent, any Lender or any Issuing Bank be required to pay any amount to the Borrower pursuant to this paragraph (h) the
payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative
Agent, such Lender or such Issuing Bank would have been in if the indemnification payments or additional amounts giving rise to such refund
had never been paid. This subsection shall not be construed to require the Administrative Agent, any Lender or any Issuing Bank to make
available its tax returns or its books or records (or any other information relating to its taxes that it deems confidential) to the Borrower
or any other Person.

  

SECTION 2.16. Payments Generally; Pro Rata
Treatment; Sharing of Set-offs.

 

(a)            Payments
by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees
or reimbursement of LC Disbursements, or under Section 2.13, 2.14 or 2.15, or otherwise) or under any other Loan Document
(except to the extent otherwise provided therein) prior to 2:00 p.m., Local Time, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as
otherwise expressly provided in the relevant Loan Document and except payments to be made directly to an Issuing Bank as expressly
provided herein and payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03, which shall be made directly to the Persons
entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All amounts owing under this Agreement (including commitment
fees, payments required under Section 2.13, and payments required under Section 2.14 relating to any Loan denominated in
Dollars, but not including principal of, and interest on, any Loan denominated in any Foreign Currency or payments relating to any
such Loan required under Section 2.14 or any reimbursement or cash collateralization of any LC Exposure denominated in any
Foreign Currency, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise
provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan
when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan shall,
if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due date
is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the
Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if the Borrower
shall fail to pay any interest on any Loan that is not denominated in Dollars, such interest shall automatically be redenominated in
Dollars on the due date therefor (or, if such due date is a day other than the last day of the Interest Period therefor, on the last
day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such
interest shall be payable on demand.

    

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(b)            Application
of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds shall be
applied (i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal and
unreimbursed LC Disbursements of such Class then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements of such Class then due to such parties.

 

(c)            Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the
Lenders of such Class, and each termination or reduction of the amount of the Commitments of a Class under
Section 2.07 shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts of
their respective Commitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders
of such Class according to the amounts of their respective Commitments of such Class (in the case of the making of Loans)
or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations
of Loans); (iii) each payment of commitment fee under Section 2.10 shall be made for account of the Lenders pro rata
according to the average daily unused amounts of their respective Commitments; (iv) each payment or prepayment of principal of
Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the
respective unpaid principal amounts of the Loans of such Class held by them; and (v) each payment of interest on Loans of
a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the amounts of
interest on such Loans then due and payable to such Lenders.

 

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(d)            Sharing
of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements of such Class resulting
in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements
and accrued interest thereon of such Class then due than the proportion received by any other Lender of such Class, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements
of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of
such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations
in LC Disbursements of such Class; provided that (i) if any such participations are purchased and all or any portion
of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made
by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant,
other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

(e)            Presumptions
of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Administrative Agent for account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment,
the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or each of the Issuing Banks, as the case may be, severally agrees to repay to
the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent,
at the Federal Funds Effective Rate.

 

(f)            Certain
Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(e),
2.05(b) or 2.16(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid.

 

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SECTION 2.17. Defaulting Lenders.

 

Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender:

 

(a)            commitment
fees pursuant to Section 2.10(a) shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting
Lender;

 

(b)            the
Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders or the Required
Lenders of a Class have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02),
provided that any waiver, amendment or modification requiring the consent of all Lenders (or all Lenders of a Class) or each affected
Lender, including as set forth in Section 9.02(b)(i), (ii), (iii), (iv) or (v), shall require the consent of such Defaulting
Lender;

 

(c)            if
any LC Exposure exists at the time a Lender becomes a Defaulting Lender then:

 

(i)            all
or any part of such LC Exposure shall be reallocated among the non-Defaulting Lenders holding Commitments of the same Class as such
Defaulting Lender in accordance with their respective Applicable Multicurrency Percentages or Applicable Dollar Percentages but only to
the extent (x) in the case of a Defaulting Lender that holds Commitments of a particular Class, the sum of all non-Defaulting Lenders’
Revolving Credit Exposures of such Class plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting
Lenders’ Commitments of such Class, (y) no non-Defaulting Lender’s Revolving Credit Exposure of the applicable Class will
exceed such Lender’s Commitment of such Class, and (z) the conditions set forth in Section 4.02 are satisfied at such
time;

 

(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice
to any right or remedy available to it hereunder or under law, within three Business Days following notice by the Administrative Agent
cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above)
in accordance with the procedures set forth in Section 2.04(k) for so long as such LC Exposure is outstanding;

 

(iii)            if
the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

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(iv)            if
the LC Exposure of the non-Defaulting Lenders of a Class is reallocated pursuant to clause (i) above, then the fees payable
to the Lenders pursuant to Section 2.10(a) and Section 2.10(b) shall be adjusted in accordance with such non-Defaulting
Lenders’ Applicable Multicurrency Percentages or Applicable Dollar Percentages; and

 

(v)            if
any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.17(c), then,
without prejudice to any rights or remedies of any Issuing Bank or any Lender hereunder, all facility fees that otherwise would have been
payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by
such LC Exposure) and letter of credit fees payable under Section 2.10(b) with respect to such Defaulting Lender’s LC
Exposure shall be payable to the applicable Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; and

 

(d)            so
long as any Lender is a Defaulting Lender, an Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless
it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Lenders of the applicable Class and/or
cash collateral will be provided by the Borrower in accordance with Section 2.17(c), and participating interests in any such newly
issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders of such Class in a manner consistent with Section 2.17(c)(i) (and
Defaulting Lenders shall not participate therein).

 

In the event that the Administrative Agent, the Borrower
and the Issuing Banks (with respect to the Issuing Banks, only to the extent that such Issuing Bank acts in such capacity under the same
Class of Commitments held by a Defaulting Lender) each agree that such Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then the Borrower shall no longer be required to cash collateralize any portion of such
Lender’s LC Exposure cash collateralized pursuant to Section 2.17(c)(ii) above and the LC Exposure of the Lenders of the
affected Class shall be readjusted to reflect the inclusion of such Lender’s Commitment of such Class and on such date
such Lender shall purchase at par such of the Loans of the other Lenders of such Class as the Administrative Agent shall determine
may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Multicurrency Percentage or Applicable
Dollar Percentage.

 

Subject to Section 9.15 no reallocation hereunder
shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become
a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure
following such reallocation.

 

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SECTION 2.18. Mitigation Obligations; Replacement
of Lenders.

  

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, then such Lender
shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would
not subject such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, or if any Lender becomes a Defaulting
Lender or is a non-consenting Lender (as provided in Section 9.02(d)), then the Borrower may, at its sole expense and effort, upon
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 Section 9.04), all its interests, rights and obligations under this Agreement to an assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the
Borrower shall have received the prior written consent of the Administrative Agent (and, if a Commitment is being assigned, the Issuing
Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13
or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

(c)            Defaulting
Lender. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(e), 2.05 or 9.03(c),
then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Banks to
satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold
any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under
such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

 

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ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Lenders
that:

 

SECTION 3.01. Organization; Powers.
Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required of the Borrower or
such Subsidiary, as applicable.

 

SECTION 3.02. Authorization; Enforceability.
The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required,
by all necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each of
the other Loan Documents when executed and delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable
in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium
or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

SECTION 3.03. Governmental Approvals; No
Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by,
any Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force and effect and (ii) filings
and recordings in respect of the Liens created pursuant to the Security Documents, (b) will not violate any applicable law or regulation
or the charter, by-laws or other organizational documents of the Borrower or any other Obligors or any order of any Governmental Authority,
(c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon
the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person,
and (d) except for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien
on any asset of the Borrower or any other Obligors.

 

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SECTION 3.04. Financial Condition; No Material
Adverse Change.

 

(a)            Financial
Statements. The Borrower has heretofore delivered the audited consolidated balance sheet and statements of operations, stockholders’
equity and cash flows of the Borrower and its Subsidiaries as of and for the fiscal year ended December 31, 2020, reported on by
KPMG LLP, independent public accountants. Such financial statements present fairly, in all material respects, the consolidated financial
position and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance
with GAAP applied on a consistent basis, subject to, in the case of such interim statements, year-end audit adjustments and the absence
of footnotes. None of the Borrower or any of its Subsidiaries had as of December 31, 2020 any material contingent liabilities, liabilities
for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments not reflected
in the financial statements referred to above.

  

(b)            No
Material Adverse Change. Since December 31, 2020, there has not been any event, development or circumstance that has had or could
reasonably be expected to have a material adverse effect on (i) the business, Portfolio Investments and other assets, liabilities
and financial condition of the Borrower and its Subsidiaries taken as a whole (excluding in any case a decline in the net asset value
of the Borrower or a change in general market conditions or values of the Portfolio Investments of the Borrower or any of its Subsidiaries),
or (ii) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the
Lenders thereunder.

 

SECTION 3.05. Litigation.

 

(a)            Actions,
Suits and Proceedings. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority
now pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as
to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions
(except, in each case, as disclosed to the Lenders and the Administrative Agent prior to the Restatement Effective Date).

 

SECTION 3.06. Compliance with Laws and Agreements.
Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable
to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to
do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. None of the Obligors
is subject to any contract or other arrangement, the performance of which by them could reasonably be expected to result in a Material
Adverse Effect.

 

SECTION 3.07. Sanctions and Anti-Corruption
Laws. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower,
its Subsidiaries and their respective directors, officers, employees and investment advisors with Anti-Corruption Laws and applicable
Sanctions in all material respects, and the Borrower, its Subsidiaries and to the knowledge of the Borrower, their respective employees,
officers, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of
the Borrower or any Subsidiary nor, to the knowledge of the Borrower, any director, officer, manager or agent of the Borrower or any Subsidiary
is the subject of any Sanctions.

 

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SECTION 3.08. Taxes. Each of the Borrower
and its Subsidiaries has timely filed or caused to be filed all material Tax returns and reports required to have been filed and has
paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves or (b) to the extent that
the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.09. ERISA. No ERISA Event
has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.10. Disclosure. The Borrower
has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is
subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other written information furnished by or on behalf of the
Borrower to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder
(as modified or supplemented by other information so furnished) when taken as a whole contains 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
misleading; provided that, with respect to projected financial information, other forward looking information relating to third
parties and information of a general economic or general industry nature, the Borrower represents only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time.

 

SECTION 3.11. Investment Company Act; Margin
Regulations.

 

(a)            Status
as Business Development Company. The Borrower is an “investment company” that has elected to be regulated as a “business
development company” within the meaning of the Investment Company Act and qualifies as a RIC.

 

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

 

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(c)            Investment
Policies. The Borrower is in compliance with all written investment policies, restrictions and limitations for the Borrower delivered
to the Lenders prior to the Restatement Effective Date (the “Investment Policies”), except to the extent that the
failure to so comply could not reasonably be expected to result in a Material Adverse Effect.

 

(d)            Use
of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part
of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.

 

SECTION 3.12. Material Agreements and Liens.

 

(a)            Material
Agreements. Part A of Schedule II is a complete and correct list of each credit agreement, loan agreement, indenture, note
purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension
of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any Obligor outstanding on the Restatement
Effective Date, and the aggregate principal or face amount outstanding or that may become outstanding under each such arrangement in
each case as of the Restatement Effective Date is correctly described in Part A of Schedule II.

 

(b)            Liens.
Part B of Schedule II is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the Restatement
Effective Date covering any property of the Borrower or any Obligors, and the aggregate Indebtedness secured (or that may be secured)
by each such Lien and the property covered by each such Lien is correctly described in Part B of Schedule II.

 

SECTION 3.13. Subsidiaries and Investments.

 

(a)            Subsidiaries.
Set forth in Part A of Schedule IV is a complete and correct list of all of the Subsidiaries of the Borrower on the Restatement
Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership interests held by each such Person and
the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Designated
Subsidiary or an Excluded Asset. Except as disclosed in Part A of Schedule IV, (x) the Borrower owns, free and clear of
Liens (other than any lien permitted by Section 6.02 hereof), and has (and will have) the unencumbered right to vote, all outstanding
ownership interests in each Person shown to be held by it in Part A of Schedule IV, (y) all of the issued and outstanding
capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) there are no
outstanding Equity Interests with respect to such Person. Each Subsidiary identified on said Part A of Schedule IV as
a “Designated Subsidiary” qualifies as such under the definition of “Designated Subsidiary” set forth in Section 1.01.

 

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(b)            Investments.
Set forth in Part B of Schedule IV is a complete and correct list of all Investments (other than Investments of the types referred
to in clauses (b), (c) and (d) of Section 6.04) held by any of the Obligors in any Person on the Restatement Effective
Date and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and (y) the nature of
such Investment. Except as disclosed in Part B of Schedule IV, each of the Borrower and its Subsidiaries owns, free and clear
of all Liens (other than Permitted Liens or Liens created pursuant to the Security Documents), all such Investments.

 

SECTION 3.14. Properties.

 

(a)            Title
Generally. Each of the Borrower and the other Obligors has good title to, or valid leasehold interests in, all its real and personal
property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as
currently conducted or to utilize such properties for their intended purposes.

 

(b)            Intellectual
Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

 

SECTION 3.15. Affiliate Agreements.
As of the Restatement Effective Date, the Borrower has heretofore delivered (to the extent not otherwise publicly filed with the Securities
and Exchange Commission) to each of the Lenders true and complete copies of each of the Affiliate Agreements (including any amendments,
supplements or waivers executed and delivered thereunder and, except in the case of the CP Facility Documents and the JB Facility Documents,
any schedules and exhibits thereto). As of the date of hereof, each of the Affiliate Agreements is in full force and effect.

 

SECTION 3.16. Security Documents. The
provisions of the Security Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties
a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 6.02) on all right, title and interest
of the respective Obligors in the Collateral described therein to secure the Secured Obligations, except for any failure that would not
constitute an Event of Default under Section 7.01(p). Except for filings completed prior to the Restatement Effective Date and as
contemplated hereby and by the Security Documents, no filing or other action will be necessary to perfect such Liens to the extent required
thereunder, except for the failure to make any filing that would not constitute an Event of Default under Section 7.01(p).

 

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SECTION 3.17. Affected Financial Institutions.
No Obligor is an Affected Financial Institution.

 

ARTICLE IV

CONDITIONS

 

SECTION 4.01.
Restatement Effective Date. This Agreement (and the amendment and restatement of the Existing Credit Facility to be effected
hereby) shall become effective on the date on which the Administrative Agent shall have received each of the following documents, each
of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance
(or such condition shall have been waived in accordance with Section 9.02):

 

(a)            Executed
Counterparts. From each of the parties hereto, either (i) a counterpart of this Agreement signed on behalf of such party or
(ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed
signature page to this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)            Fees
and Expenses. The Administrative Agent shall have received evidence of the payment by the Borrower of all fees payable to the Lenders
on the Restatement Effective Date that the Borrower has agreed to pay in connection with this Agreement. The Borrower shall have paid
all reasonable expenses (including the legal fees of Milbank LLP) for which invoices have been presented that the Borrower has agreed
to pay in connection with this Agreement.

 

(c)            Opinion
of Counsel to the Obligors. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Restatement
Effective Date) of Latham & Watkins LLP, New York counsel for the Obligors, in form and substance reasonably satisfactory to
the Administrative Agent and of Venable LLP, Maryland counsel for the Borrower, in substantially the form of Exhibit C, and in each
case covering such other matters relating to the Obligors, this Agreement or the Transactions as the Required Lenders shall reasonably
request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).

 

(d)            Opinion
of Special New York Counsel to JPMCB. An opinion, dated the Restatement Effective Date, of Milbank LLP, special New York counsel
to JPMCB in substantially the form of Exhibit D (and JPMCB hereby instructs such counsel to deliver such opinion to the Lenders).

 

(e)            Corporate
Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Obligors, the authorization of the Transactions and any other legal matters relating to the Obligors,
this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

 

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(f)            Officer’s
Certificate. A certificate, dated the Restatement Effective Date and signed by the President, a Vice President, the Chief Executive
Officer or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in the lettered clauses of the first
sentence of Section 4.02.

 

(g)            Liens.
Results of a recent lien search in each relevant jurisdiction with respect to the Borrower and such search shall reveal no liens on any
of the assets of the Obligors except for liens permitted under Section 6.02.

 

(h)            Guarantee
and Security Agreement Confirmation. The Guarantee and Security Agreement Confirmation, duly executed and delivered by each of the
parties to the Guarantee and Security Agreement.

 

(i)            Borrowing
Base Certificate. A Borrowing Base Certificate as of a date not more than five days prior to the Restatement Effective Date, updated
to reflect any changes to the calculation of the Borrowing Base or the Covered Debt Amount as of the Restatement Effective Date.

 

(j)            Restatement
Effective Date Adjustments. Evidence that each Existing Lender shall have, as of the Restatement Effective Date, received payment
in full of all accrued and unpaid interest, facility fees and LC participation fees owing to such Lender under the Existing Credit Facility
and the Borrowings and other adjustments to the Loans described in Section 2.02(e) shall have occurred.

 

(k)            Valuation
Policy. A copy of the Valuation Policy.

 

(l)            Other
Documents. Such other documents as the Administrative Agent or any Lender or special New York counsel to JPMCB may reasonably request.

 

SECTION 4.02. Each Credit Event. The
obligation of each Lender to make any Loan (including, on the Restatement Effective Date, the Term Loans), and of each Issuing Bank to
issue, amend, renew or extend any Letter of Credit, is additionally subject to the satisfaction of the following conditions:

 

(a)            the
representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct
in all material respects (or, in the case of the representations and warranties in Sections 3.01 (first sentence with respect to the
Obligors), 3.02, 3.04, 3.11 and 3.15 of this Agreement, and in Sections 2.01, 2.02 and 2.04 through 2.09 of the Guarantee and Security
Agreement, true and correct in all respects) on and as of the date of such Loan or the date of issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, or, as to any such representation or warranty that refers to a specific date, as of such specific
date;

 

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(b)            at
the time of and immediately after giving effect to such Loan or the issuance, amendment, renewal or extension of such Letter of Credit,
as applicable, no Default or Event of Default shall have occurred and be continuing; and

 

(c)            either
(i) the aggregate Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base reflected
on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered
an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall
not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Portfolio Investments
or payment of outstanding Loans or Permitted Indebtedness or Indebtedness incurred pursuant to Section 6.01(g), Section 6.01(i),
or Section 6.01(j).

 

Each Borrowing and each issuance, amendment, renewal or extension
of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters
specified in the preceding sentence.

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

Until the Commitments have expired or been terminated
and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit
shall have expired or been terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with
the Lenders that:

 

SECTION 5.01. Financial Statements and Other
Information. The Borrower will furnish to the Administrative Agent and each Lender:

 

(a)            within
90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants
of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied; provided that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative
Agent and the Lenders the report of the Borrower to the SEC on Form 10-K for the applicable fiscal year;

 

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(b)            within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the consolidated balance sheet
and related statements of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures
for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified
by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations
of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (b) may be fulfilled
by providing to the Lenders the report of the Borrower to the SEC on Form 10-Q for the applicable quarterly period;

 

(c)            concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer
of the Borrower (i) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.01, 6.02, 6.04, 6.05 and 6.07 and (iii) stating whether any change
in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the date of the audited financial statements
referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate;

 

(d)            as
soon as available and in any event not later than the last Business Day of the calendar month following each monthly accounting period
(ending on the last day of each calendar month) of the Borrower, a Borrowing Base Certificate as at the last day of such accounting period
presenting (i) the Borrower’s computation (and including the rationale for any industry reclassification) and including a
certification of a Financial Officer as to compliance with Section 6.03(d) and 6.04(d) during the period covered by such
Borrowing Base Certificate and (ii) the ratio of the Gross Borrowing Base to the Combined Debt Amount (showing the components of
the Combined Debt Amount);

 

(e)            promptly
but no later than five Business Days after the Borrower shall at any time have knowledge that there is a Borrowing Base Deficiency, a
Borrowing Base Certificate as at the date the Borrower has knowledge of such Borrowing Base Deficiency indicating the amount of the Borrowing
Base Deficiency as at the date the Borrower obtained knowledge of such deficiency and the amount of the Borrowing Base Deficiency as
of the date not earlier than one Business Day prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph;

 

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(f)            promptly
upon receipt thereof, copies of all significant reports submitted by the Borrower’s independent public accountants in connection
with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the
Borrower or any of its Subsidiaries delivered by such accountants to the management or board of directors of the Borrower;

 

(g)            promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any
of the Obligors with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions
of said Commission, or with any national securities exchange, as the case may be;

 

(h)            within
45 days after the end of the first three fiscal quarters of each fiscal year of the Borrower and 90 days after the end of each fiscal
year of the Borrower, a schedule setting forth in reasonable detail with respect to each Portfolio Investment where there has been a
sale in the most recently completed fiscal quarter, (i) the quantity sold of each Portfolio Investment, (ii) the value assigned
to each Portfolio Investment as of the prior quarter end, (iii) the weighted average sale price of each Portfolio Investment, and
(iv) the variance between (ii) and (iii);

 

(i)            within
45 days after the end of the first three fiscal quarters of each fiscal year of the Borrower and 90 days after the end of each fiscal
year of the Borrower, a schedule setting forth in reasonable detail with respect to each Portfolio Investment, (i) the aggregate
amount of all accrued paid-in-kind interest for such Portfolio Investment during the most recently ended fiscal quarter and (ii) the
aggregate amount of all paid-in-kind interest collected during the most recently ended fiscal quarter;

 

(j)            within
45 days after the end of the first three fiscal quarters of each fiscal year of the Borrower and 90 days after the end of each fiscal
year of the Borrower, a schedule setting forth in reasonable detail with respect to each Portfolio Investment, (i) the quantity
held of each Portfolio Investment, (ii) the value assigned to each Portfolio Investment as of the prior quarter end, (iii) the
value assigned to each Portfolio Investment as of the current quarter end, and (iv) the variance between (ii) and (iii); and

 

(k)            promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower
or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent
or any Lender may reasonably request.

 

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Notwithstanding anything in this Section 5.01 to the contrary,
the Borrower shall be deemed to have satisfied the requirements of this Section 5.01 (other than Sections 5.01(c), (d) and
(e)) if the reports, documents and other information of the type otherwise so required are publicly available when required to be filed
on EDGAR at the www.sec.gov website or any successor service provided by the Securities and Exchange Commission, provided notice of such
availability is provided to the Administrative Agent at or prior to the time period required by this Section 5.01.

 

SECTION 5.02. Notices of Material Events.
The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

 

(a)            the
occurrence of any Default;

 

(b)            the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the
Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c)            the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $50,000,000; and

 

(d)            any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section shall be accompanied
by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03. Existence; Conduct of Business.
The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep
in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of
its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution not prohibited
under Section 6.03.

 

SECTION 5.04. Payment of Obligations.
The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities and material contractual
obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent
or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

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SECTION 5.05. Maintenance of Properties;
Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the
conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially
sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies
engaged in the same or similar businesses operating in the same or similar locations.

 

SECTION 5.06. Books and Records; Inspection
Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and account in accordance with GAAP.
The Borrower will, and will cause each other Obligor to, permit any representatives designated by the Administrative Agent or any Lender,
upon reasonable prior notice, to visit and inspect its properties during business hours, to examine and make extracts from its books
and records (including books and records maintained by it in its capacity as a “servicer” in respect of Ares Capital CP,
Ares Capital JB, or in a similar capacity with respect to any other Designated Subsidiary, and any books, records and documents held
by the Custodian), and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested, in each case, to the extent such inspection or requests for such information are reasonable
and such information can be provided or discussed without violation of law, rule, regulation or contract; provided that the Borrower
shall be entitled to have its representatives and advisors present during any inspection of its books and records.

 

SECTION 5.07. Compliance with Laws; Anti-Corruption;
Sanctions. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the
Investment Company Act, any applicable rules, regulations or orders issued by the Securities and Exchange Commission thereunder and orders
of any other Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and
procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents
with Anti-Corruption Laws and applicable Sanctions in all material respects.

 

SECTION 5.08. Certain Obligations Respecting
Subsidiaries; Further Assurances.

 

(a)            Subsidiary
Guarantors. In the event that any Obligor shall form or acquire any new Domestic Subsidiary (other than an Excluded Asset), the Borrower
will cause such new Subsidiary to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under a Guarantee
Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents
as is consistent with those delivered by the Borrower pursuant to Section 4.01 upon the Restatement Effective Date or as the Administrative
Agent shall have requested.

 

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(b)            Ownership
of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall be necessary
to ensure that each of its Subsidiaries is a wholly owned Subsidiary (other than any Subsidiary that is an Excluded Asset).

 

(c)            Further
Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as shall reasonably
be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting the generality
of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time (including
filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements
and other instruments) as shall be reasonably requested by the Administrative Agent

 

(i)            to
create, in favor of the Collateral Agent for the benefit of the Lenders (and any affiliate thereof that is a party to any Hedging Agreement
entered into with the Borrower) and the holders of any Other Secured Indebtedness, perfected security interests and Liens in the Collateral;
provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; provided
further, that in the case of any Collateral consisting of voting stock of any Controlled Foreign Corporation, such security interest
shall be limited to 65% of the issued and outstanding voting stock of such Controlled Foreign Corporation,

 

(ii)            subject
to Section 7.04 of the Security Agreement, to cause any bank or securities intermediary (within the meaning of the Uniform Commercial
Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control”
over each bank account or securities account of the Obligors (other than any thereof that are maintained by the Obligors in their capacity
as “servicer” for Ares Capital CP, Ares Capital JB or any other Designated Subsidiary, or which hold solely money or financial
assets of Ares Capital CP, Ares Capital JB or any other Excluded Asset), and in that connection, the Borrower agrees to cause all cash
and other proceeds of Portfolio Investments received by any Obligor to be promptly deposited into such an account (or otherwise delivered
to, or registered in the name of, the Collateral Agent) and, until such deposit, delivery or registration such cash and other proceeds
shall be held in trust by the Borrower for and as the property of the Collateral Agent and shall not be commingled with any other funds
or property of such Obligor or of any Designated Subsidiary or other Person (including with any money or financial assets of any Obligor
in its capacity as “servicer” for Ares Capital CP, Ares Capital JB or any other Excluded Asset, or any money or financial
assets of any Excluded Asset).

 

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(iii)            to
cause its Designated Subsidiaries or any Excluded Asset that is a Subsidiary, and any custodians or account banks and securities intermediaries
acting on their behalf, or trustee or representative acting for any Person extending credit to any Designated Subsidiary or any such
Excluded Asset, to execute and deliver such intercreditor and other agreements, in form and substance reasonably satisfactory to the
Administrative Agent, as it shall determine are necessary to confirm that none of such Designated Subsidiaries or Excluded Assets or
custodians claims any interest or Lien upon any property of any Obligor and that any custodian that holds documentation on behalf of
both the Obligors and any Designated Subsidiary or such Excluded Asset will provide access to such documentation consistent with the
provisions of Section 5.06,

 

(iv)            in
the case of any Portfolio Investment consisting of a Bank Loan that does not constitute all of the credit extended to the underlying
borrower under the relevant underlying loan documents and an Excluded Asset holds any interest in the loans or other extensions of credit
under such loan documents, (x) cause such Excluded Asset to be party to such underlying loan documents as a “lender”
having a direct interest (or a participation not acquired from an Obligor) in such underlying loan documents and the extensions of credit
thereunder and (y) ensure that all amounts owing to such Obligor or Excluded Asset by the underlying borrower or other obligated
party are remitted by such borrower or obligated party directly to separate accounts of such Obligor and such Excluded Asset,

 

(v)            in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan that
does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents, ensure that all
funds held by such Obligor in such capacity as agent or administrative agent is segregated from all other funds of such Obligor and clearly
identified as being held in an agency capacity and

 

(vi)            cause
all loan and other documents relating to any Portfolio Investment to be held by (x) the Collateral Agent or (y) the Custodian
pursuant to the terms of the Custodian Agreement (or another custodian reasonably satisfactory to the Administrative Agent), or pursuant
to an appropriate intercreditor agreement, so long as the Custodian (or custodian) has agreed to grant access to such loan and other
documents to the Administrative Agent and the Lenders pursuant to an access or similar agreement between the Borrower and such Custodian
(or custodian) in form and substance reasonably satisfactory to the Administrative Agent.

 

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SECTION 5.09. Use of Proceeds. The
Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower in the ordinary course of business,
including in connection with the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of
Portfolio Investments; provided that neither the Administrative Agent nor any Lender shall have any responsibility as to the
use of any of such proceeds. No part of the proceeds of any Loan will be used in violation of Sanctions or any other applicable law
or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock.
Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin
Stock (within the meaning of Regulation U), or with the proceeds of equity capital of the Borrower. Without limiting the
foregoing, no Obligor will directly or indirectly, use the proceeds of the Loans (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, to the extent such activities, businesses or transaction would be
prohibited by Sanctions if conducted by a corporation incorporated in the United States, or (C) in any manner that would result
in the violation of any Sanctions applicable to any party hereto.

 

SECTION 5.10. Status of RIC and BDC.
The Borrower shall at all times maintain its status as a RIC under the Code, and as a “business development company” under
the Investment Company Act.

 

SECTION 5.11. Investment and Valuation Policies.
The Borrower shall promptly advise the Lenders and the Administrative Agent of any material change in either its Investment Policies or
Valuation Policy.

 

SECTION 5.12. Portfolio Valuation and Diversification,
Etc.

 

(a)            Industry
Classification Groups. For purposes of this Agreement, the Borrower shall assign each Portfolio Investment to an Industry Classification
Group. To the extent that any Portfolio Investment is not correlated with the risks of other Portfolio Investments in an Industry Classification
Group, such Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to
such Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon notice to the Administrative Agent
and each Lender to create up to three additional industry classification groups for purposes of this Agreement.

 

(b)            Portfolio
Valuation Etc.

 

(i)            Settlement
Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included as a Portfolio Investment
shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio
Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded as a Portfolio Investment
until such sale has settled), provided that no such investment shall be included as a Portfolio Investment to the extent it has
not been paid for in full.

 

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(ii)            Determination
of Values. The Borrower will conduct reviews of the value to be assigned to each of its Portfolio Investments as follows:

 

(A)            Quoted
Investments—External Review. With respect to Portfolio Investments (including Cash Equivalents) for which market quotations
are readily available (“Quoted Investments”), the Borrower shall, not less frequently than once each calendar week,
determine the market value of such Portfolio Investments which shall, in each case, be determined in accordance with one of the following
methodologies (as selected by the Borrower):

 

(w)            in
the case of public and 144A securities, the average of the mean prices as determined by two Approved Dealers selected by the Borrower,

 

(x)            in
the case of bank loans, the mean price as determined by one Approved Dealer or Approved Pricing Service selected by the Borrower,

 

(y)            in
the case of any Portfolio Investment traded on an exchange, the closing price for such Portfolio Investment most recently posted on such
exchange, and

 

(z)            in
the case of any other Portfolio Investment, the fair value thereof as determined by an Approved Pricing Service; and

 

(B)            Unquoted
Investments- External Review. With respect to Portfolio Investments for which market quotations are not readily available (“Unquoted
Investments”), the Borrower shall value such Portfolio Investments quarterly in a manner consistent with its “Net Asset
Valuation Policy” (the “Valuation Policy”), including valuation of at least 35% by value of all Unquoted Investments
using the assistance of an Approved Third Party Appraiser.

 

(C)            Internal
Review. The Borrower shall conduct an internal review of the aggregate value of the Portfolio Investments included in the Borrowing
Base, and of the Borrowing Base, at least once each calendar week which shall take into account any events of which the Borrower has knowledge
that materially affects the aggregate value of the Portfolio Investments included in the Borrowing Base or the Borrowing Base. If, based
upon such weekly internal review, the Borrower determines that a Borrowing Base Deficiency exists, then the Borrower shall, within five
Business Days as provided in Section 5.01(c), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base
and shall take the actions, and make the payments and prepayments (and provide cover for Letters of Credit), all as more specifically
set forth in Section 2.09(c).

 

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(D)            Failure
to Determine Values. If the Borrower shall fail to determine the value of any Portfolio Investment as at any date pursuant to the
requirements of the foregoing sub-clauses (A) through (C), the “Value” of such Portfolio Investment as at such date
shall be deemed to be zero;

 

provided that, in no event shall any Portfolio Investment
be valued pursuant to the foregoing requirements less frequently than annually.

 

(iii)            Scheduled
Testing of Values.

 

(A)            Each
April 30, July 31, October 31 and February 28 of each calendar year (each a “Valuation Testing Date”),
the Administrative Agent through an independent valuation provider selected by the Administrative Agent (the “Independent Valuation
Provider”) will test the values determined pursuant to Section 5.12(b)(ii) above of those Portfolio Investments included
in the Borrowing Base selected by the Administrative Agent; provided, that the aggregate fair value of such Portfolio Investments tested
on any Valuation Testing Date will be approximately equal to the Tested Amount (as defined below).

 

(B)            For
purposes of this Agreement, the “Tested Amount” shall be equal to the greater of: (i) an amount equal to (y) 125%
of the Covered Debt Amount (as of the applicable Valuation Testing Date) minus (z) the sum of the values of all Quoted Investments
included in the Borrowing Base (as of the applicable Valuation Testing Date) and (ii) 10% of the aggregate value of all Unquoted
Investments included in the Borrowing Base; provided, however, in no event shall more than 25% (or, if clause (ii) applies, 10%,
or as near thereto as reasonably practicable) of the aggregate value of the Unquoted Investments in the Borrowing Base be tested by the
Independent Valuation Provider in respect of any applicable Valuation Testing Date.

 

(C)            With
respect to any Portfolio Investment, if the value of such Portfolio Investment determined pursuant to
Section 5.12(b)(ii) is not more than the lesser of (1) five (5) points more than the midpoint of the valuation
range (expressed as a percent of par) provided by the Independent Valuation Provider (provided that the value of such Portfolio
Investment is customarily quoted as a percentage of par) and (2) 110% of the midpoint of the valuation range provided by the
Independent Valuation Provider , then the value for such Portfolio Investment determined in accordance with
Section 5.12(b)(ii) shall be used as the “Value” for purposes of this Agreement. If the value of any
Portfolio Investment determined pursuant to Section 5.12(b)(ii) is more than the lesser of the values set forth in clause
(C)(1) and (2) (to the extent applicable), then for such Portfolio Investment, the “Value” for purposes of
this Agreement shall be the lesser of (x) the highest value of the valuation range provided by the Independent Valuation
Provider, (y) five (5) points more than the midpoint of the valuation range (expressed as a percent of par) provided by
the Independent Valuation Provider (provided that the value of such Portfolio Investment is customarily quoted as a percentage of
par) and (z) 110% of the midpoint of the valuation range provided by the Independent Valuation Provider. For the avoidance of
doubt, any values determined by the Independent Valuation Provider pursuant to this Section 5.12(b)(iii) or
Section 5.12(b)(iv) shall be used solely for purposes of determining the “Value” of a Portfolio Investment
under this Agreement and shall not be deemed to be the fair value of such asset as required under ASC 820 and the Investment Company
Act.

 

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(iv)            Supplemental
Testing of Values.

 

(A)            Notwithstanding
the foregoing, the Administrative Agent, individually or at the request of the Required Lenders, shall at any time have the right to
request, in its reasonable discretion, any Portfolio Investment included in the Borrowing Base with a value determined pursuant to
Section 5.12(b)(ii) to be independently tested by the Independent Valuation Provider. There shall be no limit on the
number of such tests that may be requested by the Administrative Agent in its reasonable discretion. If (x) the value
determined pursuant to Section 5.12(b)(ii) is less than the value determined by the Independent Valuation Provider, then
the value determined pursuant to Section 5.12(b)(ii) shall be used as the “Value” for purposes of this
Agreement and (y) if the value determined pursuant to Section 5.12(b)(ii) is greater than the value determined by the
Independent Valuation Provider and the difference between such values is: (1) less than 5% of the value determined pursuant to
Section 5.12(b)(ii), then the value determined pursuant to Section 5.12(b)(ii) shall be used as the
 “Value” for purposes of this Agreement; (2) between 5% and 20% of the value determined pursuant to
Section 5.12(b)(ii), then the “Value” of such Portfolio Investment for purposes of this Agreement shall be the
average of the value determined pursuant to Section 5.12(b)(ii) and the value determined by such Independent Valuation
Provider; and (3) greater than 20% of the value determined pursuant to Section 5.12(b)(ii), then the Borrower and the
Administrative Agent shall retain an additional third-party appraiser and the “Value” of such Portfolio
Investment for purposes of this Agreement shall be the average of the three valuations (with the Independent Valuation
Provider’s value to be used as the “Value” until the third value is obtained).

 

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(B)            The
Value of any Portfolio Investment for which the Independent Valuation Provider’s value is used shall be the midpoint of the range
(if any) determined by the Independent Valuation Provider. The Independent Valuation Provider shall apply a recognized valuation methodology
that is commonly accepted by the business development company industry for valuing Portfolio Investments of the type being valued and
held by the Obligors.

 

(C)            All
valuations shall be on a settlement date basis. For the avoidance of doubt, the Value of any Portfolio Investment determined in accordance
with this Section 5.12 shall be the Value of such Portfolio Investment for purposes of this Agreement until a new Value for such
Portfolio Investment is subsequently determined in good faith in accordance with this Section 5.12.

 

(D)            The
documented out-of-pocket costs of any valuation reasonably incurred by the Administrative Agent under this Section 5.12 shall be
at the expense of the Borrower.

 

(E)            In
addition, the values determined by the Independent Valuation Provider shall be deemed to be “Information” hereunder and subject
to Section 9.13 hereof.

 

(c)            Investment
Company Diversification Requirements. The Borrower will, and will cause its Subsidiaries (other than Subsidiaries that are exempt
from the Investment Company Act) at all times to (i) comply in all material respects with the portfolio diversification and similar
requirements set forth in the Investment Company Act applicable to business development companies and (ii) subject to applicable
grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable
to RICs, where applicable.

 

SECTION 5.13. Calculation of Borrowing Base.
For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum
of the Advance Rates of the Value of each Portfolio Investment, provided that:

 

(a)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1:00, the Advance Rate applicable to
that portion of the aggregate Value of the Portfolio Investments of all issuers in a consolidated group of corporations or
other entities in accordance with GAAP exceeding 6% of the aggregate Value of all Portfolio Investments in the Collateral Pool,
shall be 50% of the otherwise applicable Advance Rate; (ii) less than 2.00:1:00 and greater than or equal to 1.75:1.00, the
Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a consolidated group
of corporations or other entities in accordance with GAAP exceeding 5% of the aggregate Value of all Portfolio Investments in the
Collateral Pool, shall be 50% of the otherwise applicable Advance Rate or (iii) less than 1.75:1:00, the Advance Rate
applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a consolidated group of
corporations or other entities in accordance with GAAP exceeding 4% of the aggregate Value of all Portfolio Investments in the
Collateral Pool, shall be 50% of the otherwise applicable Advance Rate;

 

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(b)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1:00, the Advance Rate applicable to that
portion of the aggregate Value of the Portfolio Investments of all issuers in a consolidated group of corporations or other entities in
accordance with GAAP exceeding 12% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%; (ii) less
than 2.00:1:00 and greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio
Investments of all issuers in a consolidated group of corporations or other entities in accordance with GAAP exceeding 10% of the aggregate
Value of all Portfolio Investments in the Collateral Pool shall be 0% or (iii) less than 1.75:1:00, the Advance Rate applicable to
that portion of the aggregate Value of the Portfolio Investments of all issuers in a consolidated group of corporations or other entities
in accordance with GAAP exceeding 8% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%;

 

(c)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1:00, the Advance Rate applicable to
that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 25% of the
aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%, (ii) less than 2.00:1:00 and greater than or
equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single
Industry Classification Group that exceeds 20% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be
0%, provided that, with respect to Portfolio Investments in the Collateral Pool in a single Industry Classification Group from time
to time designated by the Borrower to the Administrative Agent, such 20% figure shall be increased to 25%, or (iii) less than
1.75:1:00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single
Industry Classification Group that exceeds 20% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be
0%;

 

(d)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1:00, the Advance Rate applicable to that
portion of the aggregate Value of the Borrower’s investments in Non-Core Investments shall be 0% to the extent necessary so that
no more than 20% of the Borrowing Base is attributable to such investments, (ii) less than 2.00:1:00 and greater than or equal to
1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Non-Core Investments
shall be 0% to the extent necessary so that no more than 10% of the Borrowing Base is attributable to such investments or (iii) less
than 1.75:1:00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Non-Core Investments
shall be 0% to the extent necessary so that no more than 5% of the Borrowing Base is attributable to such investments;

 

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(e)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) less than 2.00:1:00 and greater than or equal to 1.75:1.00, the Advance
Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Junior Investments and Non-Core Investments
shall be 0% to the extent necessary so that no more than 30% of the Borrowing Base is attributable to such investments or (ii) less
than 1.75:1:00, the Advance Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Junior Investments
and Non-Core Investments shall be 0% to the extent necessary so that no more than 20% of the Borrowing Base is attributable to such investments;

 

(f)            the
Advance Rate applicable to the Borrower’s investments in any Excluded Asset shall be 0%;

 

(g)            the
Advance Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Lien Restricted Investments and
Pledge LLC shall be 0% to the extent necessary so that no more than 2% of the Borrowing Base is attributable to such investments; and

 

(h)            if,
as of such date, (i)(A) the Borrowing Base (without giving effect to any adjustment required pursuant to this paragraph (h),
the “Gross Borrowing Base”) is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset
Coverage Ratio is less than 2.00:1:00 and greater than or equal to 1.75:1.00, then the Borrowing Base shall be reduced to the extent
necessary such that the contribution of Senior Investments to the Borrowing Base may not be less than 60% of the Covered Debt
Amount, (ii)(A) the Gross Borrowing Base is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset
Coverage Ratio is less than 1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary such that the contribution
of Senior Investments to the Borrowing Base may not be less than 75% of the Covered Debt Amount or (iii)(A) the Gross Borrowing
Base is greater than or equal to 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage Ratio is less than
1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary such that the contribution of Senior Investments to the
Borrowing Base may not be less than 25% of the Covered Debt Amount.

 

No Portfolio Investment may be included in the Borrowing
Base until such time as such Portfolio Investment has been Delivered (as defined in the Guarantee and Security Agreement) to the Collateral
Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; provided that in the
case of any Portfolio Investment in which the Collateral Agent has a first-priority perfected security interest pursuant to a valid Uniform
Commercial Code filing (and for which no other method of perfection with a higher priority is possible), such Portfolio Investment may
be included in the Borrowing Base so long as all remaining actions to complete “Delivery” are satisfied within 7 days of such
inclusion. Voting stock of any Controlled Foreign Corporation in excess of 65% of the issued and outstanding voting stock of such Controlled
Foreign Corporation shall not be included as a Portfolio Investment for purposes of calculating the Borrowing Base.

 

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The Borrower shall from time to time deliver a Borrowing
Base Certificate to the Administrative Agent and each Lender as provided in Sections 4.01(i), 5.01(d), 5.01(e) and 6.05(d).

 

For the avoidance of doubt, to avoid double-counting
of excess concentrations, any Advance Rate reductions set forth under this Section 5.13 shall be without duplication of any other
such Advance Rate reductions. For purposes of the categorization of each Portfolio Investment in accordance with this Section 5.13,
the amount of any “first lien debt” or EBITDA with respect to any Portfolio Investment shall be determined using the most
recent quarterly valuation determined in accordance with the Valuation Policy.

 

As used herein, the following terms have
the following meanings:

 

“Advance Rate” means, as to any
Portfolio Investment as of any date and subject to adjustment as provided in Section 5.13(a) through (g) and as provided
below based on the Relevant Asset Coverage Ratio as of such date, the following percentages with respect to such Portfolio Investment:

 

		 	Relevant Asset

 Coverage Ratio > 

2.00:1:00	 	 	2.00:1:00 > 

Relevant Asset 

Coverage Ratio > 

1.75:1.00	 	 	1.75:1:00 > 

Relevant Asset 

Coverage Ratio > 

1.50:1.00	 
	Portfolio
    Investment1	 	Quoted	 	 	Unquoted	 	 	Quoted	 	 	Unquoted	 	 	Quoted	 	 	Unquoted	 
	Cash, Cash Equivalents and Short-Term U.S. Government Securities	 	 	100	%	 	 	n.a.	 	 	 	100	%	 	 	n.a.	 	 	 	100	%	 	 	n.a.	 
	Long-Term U.S. Government Securities	 	 	95	%	 	 	n.a.	 	 	 	95	%	 	 	n.a.	 	 	 	95	%	 	 	n.a.	 
	Performing First Lien Bank Loans	 	 	85	%	 	 	75	%	 	 	85	%	 	 	75	%	 	 	85	%	 	 	75	%
	Performing First Lien Unitranche Bank Loans	 	 	85	%	 	 	75	%	 	 	80	%	 	 	70	%	 	 	75	%	 	 	65	%
	Performing First Lien Last Out Bank Loans	 	 	80	%	 	 	70	%	 	 	75	%	 	 	65	%	 	 	70	%	 	 	60	%
	Performing Second Lien Bank Loans	 	 	75	%	 	 	65	%	 	 	70	%	 	 	60	%	 	 	65	%	 	 	55	%
	Performing Cash Pay High Yield Securities	 	 	70	%	 	 	60	%	 	 	65	%	 	 	55	%	 	 	60	%	 	 	50	%
	Performing Cash Pay Mezzanine Investments	 	 	65	%	 	 	55	%	 	 	60	%	 	 	50	%	 	 	55	%	 	 	45	%
	Performing Non-Cash Pay High Yield Securities	 	 	60	%	 	 	50	%	 	 	55	%	 	 	45	%	 	 	50	%	 	 	40	%
	Performing Non-Cash Pay Mezzanine Investments	 	 	55	%	 	 	45	%	 	 	50	%	 	 	40	%	 	 	45	%	 	 	35	%
	Performing Preferred Equity	 	 	55	%	 	 	45	%	 	 	50	%	 	 	40	%	 	 	45	%	 	 	35	%
	Non-Performing First Lien Bank Loans	 	 	45	%	 	 	45	%	 	 	40	%	 	 	40	%	 	 	35	%	 	 	35	%
	Non-Performing First Lien Unitranche Bank Loans	 	 	45	%	 	 	45	%	 	 	40	%	 	 	40	%	 	 	35	%	 	 	35	%
	Non-Performing First Lien Last Out Bank Loans	 	 	40	%	 	 	35	%	 	 	35	%	 	 	30	%	 	 	30	%	 	 	25	%
	Non-Performing Second Lien Bank Loans	 	 	40	%	 	 	30	%	 	 	35	%	 	 	25	%	 	 	30	%	 	 	20	%
	Non-Performing High Yield Securities	 	 	30	%	 	 	30	%	 	 	25	%	 	 	25	%	 	 	20	%	 	 	20	%
	Non-Performing Mezzanine Investments	 	 	30	%	 	 	25	%	 	 	25	%	 	 	20	%	 	 	20	%	 	 	20	%
	Performing Common Equity*	 	 	30	%	 	 	20	%	 	 	25	%	 	 	20	%	 	 	20	%	 	 	20	%
	Non-Performing Preferred Equity	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%
	Non-Performing Common Equity	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%

 

 

		1	The above categories are intended to be indicative of the traditional
investment types in a fully capitalized issuer. All determinations of whether a particular portfolio investment belongs to one category
or another shall be made by the Borrower on a consistent basis with the foregoing.

 

* To include investment in Pledge LLC so long as (A) there are
no greater restrictions or limitations in any material respect on the ability of the Borrower to liquidate Pledge LLC or the investments
therein (including any material redemption restrictions or penalties) and use the proceeds thereof than would be applicable if each investment
held by Pledge LLC was held directly as a Portfolio Investment by the Borrower and (B) there is no leverage employed in Pledge LLC.

 

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“Bank Loans” means debt obligations
(including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded and unfunded portion of revolving
credit lines and letter of credit facilities and other similar loans and investments including interim loans and senior subordinated loans)
which are generally under a loan or credit facility.

 

“Capital Stock” of any Person
means any and all shares of corporate stock (however designated) of, and any and all other equity interests and participations representing
ownership interests (including membership interests and limited liability company interests) in, such Person.

 

“Cash” has the meaning assigned
to such term in Section 1.01 of this Agreement.

 

“Cash Equivalents” has the meaning
assigned to such term in Section 1.01 of this Agreement.

 

“Cash Pay Bank Loans” means First
Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time
of determination, all of the interest on which is payable not less frequently than quarterly and for which not less than 2/3rds of the
interest (including accretions and “pay-in-kind” interest) for the current monthly or quarterly period (as applicable) is
payable in cash.

 

 

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“CDO Securities” means debt securities,
equity securities or composite or combination securities (i.e. securities consisting of a combination of debt and equity securities that
are issued in effect as a unit), including synthetic securities that provide synthetic credit exposure to debt securities, equity securities
or composite or combination securities, that entitle the holders thereof to receive payments that (i) depend on the cash flow from
a portfolio consisting primarily of ownership interests in debt securities, corporate loans or asset-backed securities or (ii) are
subject to losses owing to credit events (howsoever defined) under credit derivative transactions with respect to debt securities, corporate
loans or asset-backed securities.

 

“First Lien Bank Loan” means a
Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest (subject to any Permitted Prior
Working Capital Lien and other customary encumbrances) on a substantial portion of the assets of the respective borrower and guarantors
obligated in respect thereof, provided that any First Lien Bank Loan that is also a First Lien Unitranche Bank Loan shall be treated for
purposes of determining the applicable Advance Rate as a First Lien Unitranche Bank Loan; provided, further, that any First Lien Bank
Loan that is also a First Lien Last Out Bank Loan shall be treated for purposes of determining the applicable Advance Rate as a First
Lien Last Out Bank Loan.

 

“First Lien Last Out Bank
Loan” means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to debt subordination
and superpriority rights of other lenders following an event of default (such portion, a “last out” portion) provided,
that the aggregate principal amount of the “last out” portion of such Bank Loan is at least 50% of the aggregate
principal amount of any “first out” portion of such Bank Loan, provided, further that the underlying obligor with
respect to such Bank Loan shall have a ratio of first lien debt (including the “first out” portion of such Bank Loan,
but excluding the “last out” portion of such Bank Loan) to EBITDA that does not exceed 3.25:1.00 and a ratio of
aggregate first lien debt (including both the “first out” portion and the “last out” portion of such Bank
Loan) to EBITDA that does not exceed 5.25:1.00. An Obligor’s investment in the “last out” portion of a First Lien
Last Out Bank Loan shall be treated as a First Lien Last Out Bank Loan for purposes of determining the applicable Advance Rate for
such Portfolio Investment under this Agreement. For the avoidance of doubt, an Obligor’s investment in the portion of such
Bank Loan that is not the last out portion (the “first out” portion) shall be treated as a First Lien Bank Loan for
purposes of determining the applicable Advance Rate for such Portfolio Investment under this Agreement and an Obligor’s
investment in any “last out” portion of a First Lien Bank Loan that does not meet the foregoing criteria shall be
treated as a Second Lien Bank Loan.

 

“First
Lien Unitranche Bank Loan” means a First Lien Bank Loan with a ratio of first lien debt to EBITDA that exceeds
5.25:1.00, and where the underlying borrower does not also have a Second Lien Bank Loan outstanding.

 

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“High Yield Securities” means
debt Securities (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant
to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents, Mezzanine
Investments or Bank Loans.

 

“Junior Investments” means, collectively,
Performing Cash Pay High Yield Securities and Performing Cash Pay Mezzanine Investments.

 

“Long-Term U.S. Government Securities”
means U.S. Government Securities maturing more than one month from the applicable date of determination.

 

“Mezzanine Investments” means
debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)) (a) issued
by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued pursuant to Rule 144A
under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated
in right of payment to other debt of the same issuer.

 

“Non-Core
Investments” means, collectively, Portfolio Investments in common equity, warrants, Non-Performing Bank Loans, Non-Performing
High Yield Securities, Non-Performing Mezzanine Investments, Performing Non-Cash Pay High Yield Securities, Performing Preferred Equity,
Performing Non-Cash Pay Mezzanine Investments and Performing Common Equity.

 

“Non-Performing Bank Loans” means,
collectively, Non-Performing First Lien Bank Loans, Non-Performing First Lien Last Out Bank Loans, Non-Performing First Lien Unitranche
Loans and Non-Performing Second Lien Bank Loans.

 

“Non-Performing Common Equity”
means Capital Stock (other than Preferred Stock) and warrants of an issuer having any debt outstanding that is non-Performing.

 

“Non-Performing First Lien Bank Loans”
means First Lien Bank Loans other than Performing First Lien Bank Loans.

 

“Non-Performing First Lien Last Out Bank
Loans” means First Lien Last Out Bank Loans other than Performing First Lien Last Out Bank Loans.

 

“Non-Performing First Lien Unitranche Bank
Loans” means First Lien Unitranche Bank Loans other than Performing First Lien Unitranche Loans.

 

“Non-Performing High Yield Securities”
means High Yield Securities other than Performing High Yield Securities.

 

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“Non-Performing Mezzanine Investments”
means Mezzanine Investments other than Performing Mezzanine Investments.

 

“Non-Performing Preferred Equity”
means Preferred Equity other than Performing Preferred Equity.

 

“Non-Performing Second Lien Bank Loans”
means Second Lien Bank Loans other than Performing Second Lien Bank Loans.

 

“Performing” means (a) with
respect to any Portfolio Investment that is debt, the issuer of such Portfolio Investment is not in default of any payment obligations
in respect thereof, after the expiration of any applicable grace period and (b) with respect to any Portfolio Investment that is
Preferred Stock, the issuer of such Portfolio Investment has not failed to meet any scheduled redemption obligations or to pay its latest
declared cash dividend, after the expiration of any applicable grace period.

 

“Performing Cash Pay High Yield Securities”
means High Yield Securities (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions
and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in
cash and (b) which are Performing.

 

“Performing Cash Pay Mezzanine Investments”
means Mezzanine Investments (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions
and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in
cash and (b) which are Performing.

 

“Performing Common Equity” means
Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose outstanding debt is Performing.

 

“Performing First Lien Bank Loans”
means First Lien Bank Loans which are Cash Pay Bank Loans and are Performing.

 

“Performing First Lien Last Out Bank Loans”
means First Lien Last Out Bank Loans which are Cash Pay Bank Loans and are Performing.

 

“Performing First Lien Unitranche Bank Loans”
means First Lien Unitranche Bank Loans which are Cash Pay Bank Loans and are Performing.

 

“Performing Non-Cash Pay High Yield Securities”
means Performing High Yield Securities other than Performing Cash Pay High Yield Securities.

 

“Performing Non-Cash Pay Mezzanine Investments”
means Performing Mezzanine Investments other than Performing Cash Pay Mezzanine Investments.

 

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“Performing Preferred Equity”
means Preferred Stock of an issuer that has not failed to meet any scheduled redemption obligations or to pay its latest declared cash
dividend, after the expiration of any applicable grace period.

 

“Performing Second Lien Bank Loans”
means Second Lien Bank Loans which are Cash Pay Bank Loans and are Performing.

 

“Permitted Prior Working Capital Lien”
means, with respect to any borrower under a Bank Loan, a security interest to secure a revolving facility for such borrower and any of
its subsidiaries; provided that (i) such Bank Loan has a second priority lien on the collateral that is subject to the first priority
lien of such revolving facility (or a pari passu lien on such collateral where the revolving facility has a super-priority right
of payment), (ii) such revolving facility is not secured by any other assets (other than a pari passu lien or a second priority
lien, subject to the first priority lien of the Bank Loan) and does not benefit from any standstill rights or other agreements (other
than customary rights) with respect to any other assets and (iii) the maximum outstanding amount of such revolving facility is not
greater than the lower of (a) 1.0x EBITDA of the borrower under such Bank Loan, and (b) 20% of the outstanding amount of the
associated First Lien Bank Loan.

 

“Pledge LLC” means Allied Asset
Holdings LLC, a Delaware limited liability company.

 

“Preferred Stock,” as
applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that
ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall
include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred
Capital Stock.

 

“Second Lien Bank Loan” means
a Bank Loan that is entitled to the benefit of a second lien and second priority perfected security interest (subject to customary encumbrances)
on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof.

 

“Senior Investments” means Cash,
Cash Equivalents, Short-Term U.S. Government Securities, Long-Term U.S. Government Securities, Performing First Lien Bank Loans, Performing
First Lien Unitranche Loans, and Performing First Lien Last Out Bank Loans.

 

“Securities” means common and
preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships, notes,
bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments of public
and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating thereto, representing
rights, or any combination thereof) and other property or interests commonly regarded as securities or any form of interest or participation
therein, but not including Bank Loans.

 

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“Securities Act” means the United
States Securities Act of 1933, as amended.

 

“Senior Debt Amount” means, on
any date, the greater of (i) the Covered Debt Amount and (ii) the Combined Debt Amount.

 

“Short-Term U.S. Government Securities”
means U.S. Government Securities maturing within one month of the applicable date of determination.

 

“U.S. Government Securities” has
the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Value” means with respect to
any Portfolio Investment, the most recent value as determined pursuant to Section 5.12.

 

ARTICLE VI

NEGATIVE COVENANTS

 

Until the Commitments have expired or terminated
and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired
or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION 6.01. Indebtedness. The Borrower
will not, nor will it permit any other Obligor to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)            Indebtedness
created hereunder or under any other Loan Document;

 

(b)            Permitted
Indebtedness and Special Longer Term Unsecured Indebtedness in an aggregate amount that, in each case, taken together with Indebtedness
permitted under clauses (a), (g), (i), and (j) of this Section 6.01 (1) does not exceed the amount required to comply
with the provisions of Section 6.07(b) and, (2) will not result in the Covered Debt Amount exceeding the Borrowing Base,
so long as no Default or Event of Default shall have occurred or be continuing after giving effect to the incurrence of such Permitted
Indebtedness or Special Longer Term Unsecured Indebtedness; provided, that for purposes of compliance with clause (2) hereof,
only the portion of Special Longer Term Unsecured Indebtedness consisting of Excess Special Longer Term Unsecured Indebtedness shall be
included in the calculation of the Covered Debt Amount in accordance with the definition thereof.

 

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(c)            Other
Permitted Indebtedness;

 

(d)            Indebtedness
of the Borrower to or from any other Obligor or Indebtedness of an Obligor to or from another Obligor;

 

(e)            repurchase
obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(f)            obligations
payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course of business;

 

(g)            other
Indebtedness (including the amortizing portion of any Other Secured Indebtedness in excess of 1% per annum described in clause
(i) of the definition thereof) in an aggregate amount not exceeding the Additional Debt Amount at any one time outstanding and
that, taken together with Indebtedness permitted under clauses (a), (b), (i), and (j) of this Section 6.01
(1) does not exceed the amount required to comply with the provisions of Section 6.07(b) and (2) will not result
in the Covered Debt Amount exceeding the Borrowing Base, so long as no Default or Event of Default shall have occurred or be
continuing after giving effect to the incurrence of such other indebtedness;

 

(h)            obligations
(including Guarantees) in respect of Standard Securitization Undertakings;

 

(i)            at
any time, Shorter Term Unsecured Indebtedness, so long as (i) no more than $1,000,000,000 of such indebtedness is incurred in reliance
on this clause (i) of this Section 6.01 from the Restatement Effective Date until the first anniversary of the Restatement Effective
Date, (ii) no more than $750,000,000 of such indebtedness is incurred in reliance of this clause (i) of this Section 6.01
in any one subsequent annual period thereafter, and (iii) such indebtedness, taken together with Indebtedness permitted under clauses (a),
(b), (g), and (j) of this Section 6.01 (1) does not exceed the amount required to comply with the provisions of Section 6.07(b),
and (2) will not result in the Covered Debt Amount exceeding the Borrowing Base, so long as no Default or Event of Default shall
have occurred or be continuing after giving effect to the incurrence of such Shorter Term Unsecured Indebtedness;

 

(j)            at
any time, Special Shorter Term Unsecured Indebtedness in an aggregate principal amount not to exceed $250,000,000 at any one time outstanding,
that, in each case, taken together with Indebtedness permitted under clauses (a), (b), (g), and (i) of this Section 6.01 (1) does
not exceed the amount required to comply with the provisions of Section 6.07(b) and, (2) will not result in the Covered
Debt Amount exceeding the Borrowing Base, so long as no Default or Event of Default shall have occurred or be continuing after giving
effect to the incurrence of such Special Shorter Term Unsecured Indebtedness; and

 

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(k)            Permitted
SBIC Guarantees.

 

SECTION 6.02. Liens. The Borrower will
not, nor will it permit any other Obligor to, create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof
(which, for the avoidance of doubt, shall not include participations in Investments to the extent that the portion of such Investment
represented by such participation is not treated as a Portfolio Investment), except:

 

(a)            any
Lien on any property or asset of the Borrower existing on the Restatement Effective Date and set forth in Part B of
Schedule II, provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any
Subsidiary Guarantors and (ii) any such Lien shall secure only those obligations which it secures on the Restatement Effective
Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

(b)            Liens
created pursuant to the Security Documents;

 

(c)            Liens
on Special Equity Interests included in the Portfolio Investments but only to the extent securing obligations in the manner provided in
the definition of “Special Equity Interests” in Section 1.01;

 

(d)            Liens
securing Indebtedness or other obligations in an aggregate principal amount not exceeding the Additional Debt Amount at any one time outstanding
(which may cover Portfolio Investments, but only to the extent released from the Lien in favor of the Collateral Agent in accordance with
the requirements of Section 10.03 of the Guarantee and Security Agreement, or, if designated by the Borrower as “Designated
Indebtedness” under the Guarantee and Security Agreement, may be secured on a pari passu basis by the Lien of the Security
Documents), so long as at the time thereof the aggregate amount of Indebtedness permitted under clauses (a), (b) and (g) of
Section 6.01 does not exceed the lesser of (i) the Borrowing Base and (ii) the
amount required to comply with the provisions of Section 6.07(b);

 

(e)            Liens
on an Obligor’s direct ownership interests in Excluded Assets (“Excluded Asset Liens”) but only to the extent
that at the time any such Lien is incurred, no more than 25% of the Value of all Obligors’ direct ownership interests in all Excluded
Assets (calculated as of the most recently delivered financial statements) have become subject to an Excluded Asset Lien or have been
transferred pursuant to Section 6.03(e);

 

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(f)            Permitted
Liens; and

 

(g)            Liens
on an Obligor’s Equity Interests in any SBIC Subsidiary created in favor of the SBA.

 

SECTION 6.03. Fundamental Changes and
Dispositions of Assets. The Borrower will not, nor will it permit any other Obligor to, enter into any transaction of merger or
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Borrower
will not, nor will it permit any other Obligor to, acquire any business or property from, or capital stock of, or be a party to any
acquisition of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of
the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this
Agreement or any other Loan Document. The Borrower will not, nor will it permit any other Obligor to, convey, sell, lease, transfer
or otherwise dispose of, in one transaction or a series of transactions, any part of its assets, whether now owned or hereafter
acquired, but excluding (x) assets sold or disposed of in the ordinary course of business (including to make expenditures of
cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries) (other than the transfer of
Portfolio Investments to Excluded Assets), (y) subject to the provisions of clause (d) below, Portfolio Investments
(to the extent not otherwise included in clause (x) of this Section) and (z) subject to the provisions of
clause (e) below, any Obligor’s ownership interest in any Excluded Asset.

 

Notwithstanding the foregoing provisions of this
Section:

 

(a)            any
Subsidiary Guarantor of the Borrower may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; provided
that if any such transaction shall be between a Subsidiary Guarantor and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary
Guarantor shall be the continuing or surviving corporation;

 

(b)            any
Obligor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or any wholly owned Subsidiary Guarantor of the Borrower;

 

(c)            the
capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of (including by way of consolidation or
merger) (i) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower or (ii) so long as such transaction results
in an Obligor receiving the proceeds of such disposition, to any other Person, provided that in the case of this clause (ii) if such
Subsidiary is a Subsidiary Guarantor or holds any Portfolio Investments, the Borrower would have been permitted to designated such Subsidiary
as a “Designated Subsidiary” hereunder and would not have been prohibited from disposing of any such Portfolio Investments
to such other Person under any other term of this Agreement;

 

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(d)            the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than direct ownership interests in Excluded Assets)
to an Excluded Asset so long as (i) after giving effect to such sale, transfer or disposition (and any concurrent acquisitions
of Portfolio Investments or payment of outstanding Loans) the Covered Debt Amount does not exceed the Borrowing Base and
(ii) either (x) the amount of any excess availability under the Borrowing Base immediately prior to such sale, transfer or
disposition is not diminished as a result of such release or (y) the Gross Borrowing Base immediately after giving
effect to such sale, transfer or disposition is at least 110% of the Covered Debt Amount;

 

(e)            the
Obligors may sell, transfer or otherwise dispose of direct ownership interests in any Excluded Asset to any Subsidiary that is not an
Obligor, if after giving effect to such sale, transfer or other disposition, no more than 25% of the Value of all Obligors’ direct
ownership interests in all Excluded Assets (calculated as of the date of the most recently delivered financial statements on or prior
to the date of such sale, transfer or other disposition) are subject to Excluded Asset Liens or have been sold, transferred or otherwise
disposed of to a Subsidiary that is not an Obligor pursuant to this clause (e); provided that, notwithstanding that a transfer may violate
such 25% limitation, such transfer shall nevertheless be permitted if it is required by law, rule, regulation or interpretive position
of the Securities and Exchange Commission;

 

(f)            the
Borrower may merge or consolidate with, or acquire all or substantially all of the assets of, any other Person so long as (i) the
Borrower is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect thereto,
no Default shall have occurred or be continuing;

 

(g)            the
Borrower or the other Obligors may dissolve or liquidate (i) any Subsidiary that does not own, legally or beneficially, assets (including,
without limitation, Portfolio Investments) which in aggregate have a value of $1,000,000 or more at such time of dissolution or liquidation
or (ii) any SBIC Subsidiary, provided that no portion of any Indebtedness or any other obligations (contingent or otherwise)
of such SBIC Subsidiary (a) is, or would as a result of dissolution or liquidation hereunder become, recourse to or obligate the
Borrower or any other Obligor (other than any SBIC Subsidiary) in any way, or (b) subjects, or would as a result of dissolution or
liquidation hereunder subject, any property of the Borrower or any other Obligor (other than any SBIC Subsidiary) to the satisfaction
of such Indebtedness; and

 

(h)            the
Borrower and the other Obligors may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do not consist
of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $50,000,000
in any fiscal year;

 

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provided that in no event shall the Borrower enter into any transaction
of merger or consolidation or amalgamation, or effect any internal reorganization, if the surviving entity would be organized under any
jurisdiction other than a jurisdiction of the United States.

 

SECTION 6.04. Investments. The Borrower
will not, nor will it permit any other Obligor to, acquire, make or enter into, or hold, any Investments except:

 

(a)            operating
deposit accounts with banks;

 

(b)            Investments
by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

 

(c)            Hedging
Agreements entered into in the ordinary course of any Obligor’s financial planning and not for speculative purposes;

 

(d)            Portfolio
Investments by the Borrower and its Subsidiaries (including investments in Excluded Assets) to the extent such Portfolio Investments are
permitted under the Investment Company Act and the Borrower’s Investment Policies; provided that, if such Portfolio Investment is
not included in the Collateral Pool, then (i) after giving effect to such Portfolio Investment (and any concurrent acquisitions of
Portfolio Investments in the Collateral Pool or payment of outstanding Loans), the Covered Debt Amount does not exceed the Borrowing Base
and (ii) either (x) the amount of any excess availability under the Borrowing Base immediately prior to such Portfolio Investment
is not diminished as a result of such Portfolio Investment or (y) the Gross Borrowing Base immediately after giving effect to such
Portfolio Investment is at least 110% of the Covered Debt Amount; and

 

(e)            additional
Investments up to but not exceeding $100,000,000 in the aggregate at any time outstanding.

 

For purposes of clause (e) of this Section, the aggregate
amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate
fair value of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment (calculated
at the time such Investment is made) minus (B) the aggregate amount of dividends, distributions or other payments received
in cash in respect of such Investment, provided that in no event shall the aggregate amount of such Investment be deemed to be
less than zero; the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased
by any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed
or otherwise paid out.

 

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SECTION 6.05. Restricted Payments. The
Borrower will not, nor will it permit any other Obligor to, declare or make, or agree to pay or make, directly or indirectly, any Restricted
Payment, except that the Borrower may declare and pay:

 

(a)            dividends
with respect to the capital stock of the Borrower to the extent payable in additional shares of the Borrower’s common stock;

 

(b)            dividends
and distributions in either case in cash or other property (excluding for this purpose the Borrower’s common stock) in any taxable
year of the Borrower in amounts not to exceed the amount that is estimated in good faith by the Borrower to be required to (i) reduce
to zero for such taxable year or for the previous taxable year, its investment company taxable income (within the meaning of section 852(b)(2) of
the Code), and reduce to zero the tax imposed by section 852(b)(3) of the Code, and (ii) avoid federal excise taxes for
such taxable year (or for the previous taxable year) imposed by section 4982 of the Code;

 

(c)            dividends
and distributions in each case in cash or other property (excluding for this purpose the Borrower’s common stock) in addition to
the dividends and distributions permitted under the foregoing clauses (a) and (b), so long as on the date of such Restricted
Payment and after giving effect thereto:

 

(i)            no
Default shall have occurred and be continuing; and

 

(ii)            the
aggregate amount of Restricted Payments made during any taxable year of the Borrower after the Restatement Effective Date under this clause (c) shall
not exceed the sum of (x) an amount equal to 10% of the taxable income of the Borrower for such taxable year determined under section 852(b)(2) of
the Code, but without regard to subparagraphs (A), (B) or (D) thereof, minus (y) the amount, if any, by which
dividends and distributions made during such taxable year pursuant to the foregoing clause (b) (whether in respect of such taxable
year or the previous taxable year) based upon the Borrower’s estimate of taxable income exceeded the actual amounts specified in
subclauses (i) and (ii) of such foregoing clause (b) for such taxable year; and

 

(d)            other
Restricted Payments so long as (i) on the date of such other Restricted Payment and after giving effect thereto (x) no
Borrowing Base Deficiency exists and the Covered Debt Amount does not exceed 90% of the Gross Borrowing Base and (y) no Default
shall have occurred and be continuing and (ii) on the date of such other Restricted Payment the Borrower delivers to the
Administrative Agent and each Lender a Borrowing Base Certificate as at such date demonstrating compliance with
subclause (x) after giving effect to such Restricted Payment. For purposes of preparing such Borrowing Base Certificate,
(A) the Value of any Quoted Investment shall be the most recent quotation available for such Portfolio Investment and
(B) the Value of any Unquoted Investment shall be the Value set forth in the Borrowing Base Certificate most recently delivered
by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01(d), provided that the Borrower
shall reduce the Value of any Portfolio Investment referred to in this sub-clause (B) to the extent necessary to
take into account any events of which the Borrower has knowledge that adversely affect the value of such Portfolio Investment.

 

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In calculating the amount of Restricted Payments
made by the Borrower during any period referred to in paragraphs (b) or (c) above, any Restricted Payments made by Designated
Subsidiaries or any other Excluded Asset that is a Subsidiary during such period (other than any such Restricted Payments that are made
directly or indirectly to Obligors) shall be treated as Restricted Payments made by the Borrower during such period.

 

Nothing herein shall be deemed to prohibit the payment
of Restricted Payments by any Subsidiary Guarantor of the Borrower to the Borrower or to any other Subsidiary Guarantor.

 

For the avoidance of doubt, the Borrower shall not
declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it.

 

SECTION 6.06. Certain Restrictions on
Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Excluded Assets) to enter into or suffer to exist
any indenture, agreement, instrument or other arrangement (other than the Loan Documents or any indenture, agreement, instrument or
other arrangement entered into in connection with Indebtedness permitted under Section 6.01 to the extent any such indenture,
agreement, instrument or other arrangement does not prohibit or restrain, in each case in any material respect, or impose materially
adverse conditions upon, the requirements applicable to the Subsidiaries
under the Loan Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse
conditions upon, the incurrence or payment of Indebtedness, the granting of Liens, the declaration or payment of dividends, the
making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property (except for
restrictions imposed by the underlying governing agreements of any Restricted Acquisition Asset, or any asset held by Pledge LLC or
an entity the equity interests of which constitute a Lien Restricted Investment, and applicable only to such Restricted Acquisition
Asset, asset held by Pledge LLC or asset held by an entity the equity interests of which constitute a Lien Restricted
Investment).

 

SECTION 6.07. Certain Financial Covenants.

 

(a)            Minimum
Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of the Borrower
to be less than $4,100,000,000 plus 25% of the net proceeds of the sale of Equity Interests by the Borrower and its Subsidiaries
after the Restatement Effective Date.

 

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(b)            Asset
Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 1.50 to 1 at any time.

 

SECTION 6.08. Transactions with Affiliates.
The Borrower will not, and will not permit any other Obligors to enter into any transactions with any of its Affiliates, even if otherwise
permitted under this Agreement, except (a) transactions in the ordinary course of business at prices and on terms and conditions
not less favorable to the Borrower or such other Obligor than could be obtained on an arm’s-length basis from unrelated third
parties, (b) transactions between or among the Borrower and any other Obligors not involving any other Affiliate, (c) Restricted
Payments permitted by Section 6.05, (d) the transactions provided in the Affiliate Agreements, (e) transactions described
or referenced on Schedule V, (f) any Investment that results in the creation of an Affiliate, (g) transactions between
or among the Obligors and any SBIC Subsidiary at prices and on terms and conditions not less favorable to the Obligors than could be obtained
at the time on an arm’s-length basis from unrelated third parties or (h) transactions approved by a majority of the independent
members of the board of directors of the Borrower.

 

SECTION 6.09. Lines of Business. The
Borrower will not, nor will it permit any of its Subsidiaries to, engage in any business in a manner that would violate its Investment
Policies in any material respect.

 

SECTION 6.10. No Further Negative
Pledge. The Borrower will not, and will not permit any other Obligors to, enter into any agreement, instrument, deed or lease
which prohibits or limits in any material respect the ability of any Obligor to create, incur, assume or suffer to exist any Lien
upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant of any security
for an obligation if security is granted for another obligation, except the following: (a) this Agreement and the other Loan
Documents; (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further Liens on the assets
encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; (d) any agreement that imposes
such restrictions only on Equity Interests in Excluded Assets; (e) the underlying governing agreements of any Restricted
Acquisition Asset that impose such restrictions only on such Restricted Acquisition Asset; (f) the underlying governing
agreements of any minority equity interest that impose such restrictions only on such equity interest; and (g) any other
agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any
Collateral securing the Secured Obligations and does not require (other than pursuant to a grant of a Lien under the Loan Documents)
the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or
pledge of property of any Obligor to secure the Loans, or any Hedging Agreement.

 

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SECTION 6.11. Modifications of Certain Documents.
The Borrower will not consent to any modification, supplement, or waiver of (a) any of the provisions of any agreement, instrument
or other document evidencing or relating to any Permitted Indebtedness, Shorter Term Unsecured Indebtedness or Special Longer Term Unsecured
Indebtedness that would result in such Permitted Indebtedness, Shorter Term Unsecured Indebtedness or Special Longer Term Unsecured Indebtedness,
as applicable, not meeting the requirements of the definition of “Permitted Indebtedness”, “Shorter Term Unsecured Indebtedness”
or “Special Longer Term Unsecured Indebtedness”, as applicable, set forth in Section 1.01 of this Agreement; provided,
that the Borrower may consent to any such modification, supplement, or waiver if the Indebtedness subject to such modification, supplement,
or waiver would still be permitted under Section 6.01 after giving effect to such modification, supplement, or waiver, or (b) any
of the Affiliate Agreements or the Custodian Agreement, unless such modification, supplement or waiver is not materially less favorable
to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties, in each case, without the prior
consent of the Administrative Agent (with the approval of the Required Lenders).

 

SECTION 6.12. Payments of Other Indebtedness.
The Borrower will not, nor will it permit any other Obligor to, purchase, redeem, retire or otherwise acquire for value, or set apart
any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make
any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Permitted Indebtedness,
Shorter-Term Unsecured Indebtedness or Special Longer Term Unsecured Indebtedness or any Indebtedness
that is not then included in the Covered Debt Amount (other than the refinancing of such Indebtedness with Indebtedness permitted under
Section 6.01), except for:

 

(a)            regularly
scheduled payments, prepayments or redemptions of principal and interest in respect thereof required pursuant to the instruments evidencing
such Indebtedness;

 

(b)            payments
and prepayments thereof required to comply with requirements of Section 2.09(c);

 

(c)            Specified
Debt Payments permitted to be made under Section 6.13; and

 

(d)            other
payments and prepayments so long as at the time of and immediately after giving effect to such payment, (i) no Default shall have
occurred and be continuing and (ii) if such payment were treated as a “Restricted Payment” for the purposes of determining
compliance with Section 6.05(d), such payment would be permitted to be made under Section 6.05(d);

 

provided
that, in the case of clauses (a) through (c) above, in no event shall any Obligor be permitted to prepay or settle (whether
as a result of a mandatory redemption, conversion or otherwise) any such Indebtedness, including any cash settlement of convertible debt,
if after giving effect thereto, the Covered Debt Amount would exceed the Borrowing Base.

 

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SECTION 6.13. Specified Debt. The Borrower
will not, nor will it permit any of its Subsidiaries to:

 

(a)            make
any Specified Debt Payment at any time, provided that the Borrower may make a Specified Debt Payment described in clause (a) of
the definition of Specified Debt Payment if (i) such Specified Debt Payment does not exceed the then fair value (which fair value
shall include reasonable fees and premiums payable in connection therewith) as reasonably determined by the Borrower of the Specified
Debt purchased, redeemed, retired or otherwise acquired thereby, (ii) at the time of and immediately after giving effect to such
Specified Debt Payment, no Default shall have occurred and be continuing and (iii) if such Specified Debt Payment were treated as
a “Restricted Payment” for the purposes of determining compliance with Section 6.05, such Specified Debt Payment would
be permitted to be made under Section 6.05; and

 

(b)            notwithstanding
anything to the contrary in Section 6.02, create, incur, assume or permit to exist any Lien securing any Specified Debt at any time.

 

ARTICLE VII

EVENTS OF DEFAULT

 

SECTION 7.01. Events of Default. If any
of the following events (“Events of Default”) shall occur and be continuing:

 

(a)            the
Borrower shall (i) fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement 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 or
(ii) fail to deposit any amount into the Letter of Credit Collateral Account as required by Section 2.08(a) on the Commitment
Termination Date;

 

(b)            the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of
this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of five or more Business Days;

 

(c)            any
representation or warranty made (or deemed made pursuant to Section 4.02) by or on behalf of the Borrower or any of its Subsidiaries
in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document
or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect;

 

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(d)            the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.03 (with respect to
the Borrower’s existence) or Sections 5.08(a) and (b) or in Article VI or any Obligor shall default in the performance
of any of its obligations contained in Section 7 of the Guarantee and Security Agreement or (ii) Sections 5.01(d) and (e) or
5.02 and such failure shall continue unremedied for a period of five or more days after notice thereof by the Administrative Agent (given
at the request of any Lender) to the Borrower;

 

(e)            a
Borrowing Base Deficiency shall occur and continue unremedied for a period of five or more Business Days after delivery of a Borrowing
Base Certificate demonstrating such Borrowing Base Deficiency pursuant to Section 5.01(e), provided that it shall not be an
Event of Default hereunder if the Borrower shall present the Administrative Agent with a reasonably feasible plan to enable such Borrowing
Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the five Business Days permitted for delivery
of such plan), so long as such Borrowing Base Deficiency is cured within such 30-Business Day period; provided further, such 30-Business
Day period shall be extended to a 45-Business Day period solely to the extent as provided in Section 2.09(c) in order to cure
any failure to satisfy Section 5.13(h);

 

(f)            the
Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b), (d) or (e) of this Article) or any other Loan Document
and such failure shall continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent
(given at the request of any Lender) to the Borrower;

 

(g)            the
Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness, when and as the same shall become due and payable, taking into account (other than with respect to payments
of principal) any applicable grace period;

 

(h)            any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that shall continue
unremedied for any applicable period of time sufficient to enable or permit the holder or holders of any Material Indebtedness or any
trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity (for the avoidance of doubt, other than as permitted under Section 6.12 and
that is not a result of a breach, default or other violation or failure in respect of such Material Indebtedness by the Borrower or any
of its Subsidiaries and, after giving effect to any applicable grace period); provided that this clause (h) shall not
apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;

 

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(i)             an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute
a Significant Subsidiary) 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 the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute
a Significant Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(j)             the
Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute a Significant
Subsidiary) 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 (i) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or any of its Significant Subsidiaries (or group of
Subsidiaries that if consolidated would constitute a Significant Subsidiary) 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;

 

(k)            the
Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute a Significant Subsidiary)
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(l)             one
or more judgments for the payment of money in an aggregate amount in excess of $100,000,000 shall be rendered against the Borrower or
any of its Subsidiaries or any combination thereof and (i) the same shall remain undischarged for a period of 30 consecutive days
following the entry of such judgment during which 30 day period such judgment shall not have been vacated, stayed, discharged or bonded
pending appeal, or liability for such judgment amount shall not have been admitted by an insurer of reputable standing, or (ii) any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries to enforce
any such judgment;

 

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(m)           an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect;

 

(n)            a
Change in Control shall occur;

 

(o)            Ares
Capital Management or any Affiliate of Ares Capital Management that is organized under the laws of a jurisdiction located in the United
States of America and in the business of managing or advising clients shall cease to be the investment advisor for the Borrower;

 

(p)            the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments included in the Collateral Pool
having an aggregate Value in excess of 5% of the aggregate Value of all Portfolio Investments included in the Collateral Pool, not
be valid and perfected (to the extent perfection by filing, registration, recordation, possession or control is required herein or
therein) in favor of the Administrative Agent, free and clear of all other Liens (other than Liens permitted under Section 6.02
or under the respective Security Documents); provided that if such default is as a result of any action of the Administrative
Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action within its control, such
default shall continue unremedied for a period of ten (10) consecutive Business Days after the Borrower receives written notice
thereof from the Administrative Agent;

 

(q)            except
for expiration or termination in accordance with its terms, any of the Security Documents shall for whatever reason be terminated or cease
to be in full force and effect in any material respect, or the enforceability thereof shall be contested by the Borrower;

 

(r)            the
Obligors shall at any time, without the consent of the Required Lenders, (i) modify, supplement or waive in any material respect
the Investment Policies (other than any modification, supplement or waiver required by any applicable law, rule or regulation), provided
that it shall not be deemed a modification in any material respect of the Investment Policies if the permitted investment size of the
Portfolio Investments proportionately increases as the size of the Borrower’s capital base changes; (ii) modify, supplement
or waive in any material respect the Valuation Policy (other than any modification, supplement or waiver required under GAAP or required
by any applicable law, rule or regulation), (iii) fail to comply with the Valuation Policy in any material respect, or (iv) fail
to comply with the Investment Policies if the same could reasonably be expected to result in a Material Adverse Effect, and in the case
of sub-clauses (iii) and (iv) of this clause (r), such failure shall continue unremedied for a period of 30 or more days after
the earlier of notice thereof by the Administrative Agent (given at the request of any Lender) to the Borrower or knowledge thereof by
a Financial Officer.

 

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(s)            any
Excluded Asset that is a Subsidiary shall either (i) make any dividend or other distribution (whether in cash, securities or
other property) with respect to any shares of any class of capital stock of the Borrower, or any payment (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right
to acquire any such shares of capital stock of the Borrower that, if such actions were undertaken by the Obligors, would not be
permitted under Section 6.05 or (ii) purchase, redeem, retire or otherwise acquire for value, or set apart any money for a
sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make any voluntary
payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Permitted Indebtedness
that, if such actions were undertaken by the Obligors, would not be permitted under Section 6.12;

 

then, and in every such event (other than an event with respect to
the Borrower described in clause (i) or (j) of this Article), and at any time thereafter during the continuance of
such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall
terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the
Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower 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 Borrower; and in case of any event with respect to the Borrower described in clause (i) or (j) of
this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other obligations of the Borrower 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 Borrower.

 

In the event that the Loans shall be declared, or
shall become, due and payable pursuant to the immediately preceding paragraph then, upon notice from the Administrative Agent or Lenders
with LC Exposure representing more than 50% of the total LC Exposure of a Class demanding the deposit of cash collateral
pursuant to this paragraph, the Borrower shall immediately deposit into the Letter of Credit Collateral Account cash in an amount equal
to 102% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash shall become effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (i) or (j) of
this Article.

 

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ARTICLE VIII

THE ADMINISTRATIVE AGENT

 

Each of the Lenders and the Issuing Banks hereby
irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto.

 

The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not
the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind
of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

The Administrative Agent shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent
is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at
the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower
or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

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The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be
genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The Administrative 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 the Administrative Agent. The
Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective
Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties
of the Administrative 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.

 

The Administrative Agent may resign at any time by
notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with
the consent of the Borrower not to be unreasonably withheld (or, if an Event of Default has occurred and is continuing in consultation
with the Borrower), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent’s resignation shall nonetheless become effective except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders or the Issuing Banks under any of the Loan Documents, the retiring or removed Administrative Agent shall
continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the
duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent
shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for
above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and
the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as
provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of any actions
taken or omitted to be taken by it while it was acting as Administrative Agent.

 

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Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender 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 Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender 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 other
Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Except as otherwise provided in Section 9.02(b) with
respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to
any modification, supplement or waiver under any of the Loan Documents, provided that, without the prior consent of each Lender
and each Issuing Bank, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or substantially
all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral
security, agree to additional obligations being secured by all or substantially all of such collateral security, alter the relative priorities
of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all
of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien
covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders
have consented.

 

The Administrative Agent may treat any Loans and
Credit Exposure of the Non-Extending Lenders that are outstanding at any time as a distinct Class of Loans and Credit Exposure from
any outstanding Commitments, Loans and Credit Exposure of the Extending Lenders; provided that any such treatment is solely for administrative
purposes and will not affect any Lender’s rights or obligations hereunder.

 

Each Lender and Issuing Bank hereby agrees that
(x) if the Administrative Agent notifies such Lender or Issuing Bank that the Administrative Agent has determined in its sole
discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates (whether as
a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a
 “Payment”) were erroneously transmitted to such Lender or Issuing Bank (whether or not known to such Lender or
Issuing Bank), and demands the return of such Payment (or a portion thereof), such Lender or Issuing Bank shall promptly, but in no
event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof)
as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the
date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the
Administrative Agent at the greater of the New York Fed Bank Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by
applicable law, such Lender or Issuing Bank shall not assert, and hereby waives, as to the Administrative Agent, any claim,
counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative
Agent for the return of any Payments received, including without limitation any defense based on “discharge for value”
or any similar doctrine. A notice of the Administrative Agent to any Lender or Issuing Bank pursuant to the foregoing shall be
conclusive, absent manifest error.

 

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Each Lender and Issuing Bank hereby further agrees
that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on
a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect
to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall
be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender and Issuing Bank agrees that, in
each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Issuing Bank
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but
in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof)
as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date
such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative
Agent at the greater of the New York Fed Bank Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect.

 

The Borrower and each other Obligor hereby agrees
that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender or Issuing Bank that has received
such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Issuing
Bank with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations
owed by the Borrower or any other Obligor, except, in each case, to the extent such Payment is, and solely with respect to the amount
of such Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Obligor for the purpose
of making such Payment.

 

Each party’s obligations pursuant to the foregoing
shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement
of, a Lender, an Issuing Bank, the termination of the Commitments or the repayment, satisfaction or discharge of all obligations under
any Loan Document.

 

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ARTICLE IX

MISCELLANEOUS

 

SECTION 9.01. Notices; Electronic Communications

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by telecopy, as follows:

 

(i)            if
to the Borrower, to it at 245 Park Avenue, 44th Floor, New York, New York 10167, Attention of the Chief Financial Officer, and the General
Counsel (Telecopy No. (212) 750-1777; Telephone No. (212) 710-2122); with a copy to Latham & Watkins LLP, 355 South
Grand Avenue, Los Angeles, California 90071, Attention of Dominic K.L. Yoong, Esq. (Telephone No. (213) 485-1234);

 

(ii)           if
to the Administrative Agent, to JPMorgan Chase Bank, N.A., 500 Stanton Christiana Road, NCC5 / 1st Floor   Newark, Delaware
19713, Attention: Loan & Agency Services Group, Telephone No. 1-302-634-1920, michelle.keesee@chase.com and covenant.compliance@jpmchase.com,
and in respect of withholding tax inquiries, email: agency.tax.reporting@jpmorgan.com;

 

(iii)          if
to the Collateral Agent, to JPMorgan Chase & Co., CIB DMO WLO, Mail code NY1-C413, 4 CMC, Brooklyn, NY, 11245-0001, United States,
Email: ib.collateral.services@jpmchase.com;

 

(iv)          if
to JPMCB in its capacity as Issuing Bank, to JPMorgan Chase Bank, N.A., 10420 Highland Manor Dr. 4th Floor, Tampa, FL 33610, Attention:
Standby LC Unit, Tel: 800-364-1969, Fax: 856-294-5267 Email: GTS.Client.Services@jpmchase.com, with a copy to: JPMorgan Chase Bank, N.A.,
500 Stanton Christiana Road, NCC5 / 1st Floor Newark, Delaware 19713, Attention: Loan & Agency Services Group, Telephone No. 1-302-634-1920,
michelle.keesee@chase.com;

 

(v)           if
to any other Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire; and

 

(vi)          if
to any Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto
in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through
electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

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(b)            Electronic
Communications. Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Section 2.05
if such Lender or such Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval
of such procedures may be limited to particular notices or communications. Unless otherwise notified by the Administrative Agent to the
Borrower, the Borrower may satisfy its obligation to deliver documents or notices to the Administrative Agent or the Lenders under Sections 5.01
and 5.12(a) by delivering an electronic copy to: joseph.m.burke@jpmorgan.com and lauren.mayer@jpmorgan.com (or such other e-mail
address as provided to the Borrower in a notice from the Administrative Agent) (and the Administrative Agent shall promptly provide notice
thereof to the Lenders).

 

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

 

In no event shall the Administrative Agent or any
Lender have any liability to the Borrower or any other Person for damages of any kind (whether in tort contract or otherwise) arising
out of any transmission of communications through the internet, except in the case of direct damages, to the extent such damages are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, willful misconduct
or gross negligence of such relevant Person.

 

(c)            Documents
to be Delivered under Sections 5.01 and 5.12(a). For so long as an IntralinksTM or equivalent website is available to each
of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under
Sections 5.01 and 5.12(a) by delivering either an electronic copy to: joseph.m.burke@jpmorgan.com and lauren.mayer@jpmorgan.com
(as provided in clause (b) above) or a notice identifying the website where such information is located for posting by the Administrative
Agent on IntralinksTM or such equivalent website, provided that the Administrative Agent shall have no responsibility to
maintain access to IntralinksTM or an equivalent website.

 

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SECTION 9.02. Waivers; Amendments.

 

(a)            No
Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising
any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of
this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such
Default at the time.

 

(b)            Amendments
to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the
consent of the Required Lenders; provided that no such agreement shall

 

(i)            increase
the Commitment of any Lender without the written consent of such Lender,

 

(ii)            reduce
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender affected thereby,

 

(iii)            postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby,

 

(iv)            change
Section 2.16(b), (c) or (d) in a manner that would alter the pro rata sharing of payments required thereby without the
written consent of each Lender affected thereby, or

 

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(v)            change
any of the provisions of this Section or the definition of the term “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender;

 

provided 
further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent, any Issuing Bank hereunder without the prior written consent of the Administrative Agent, such Issuing Bank, as the case may be
and (y) the consent of Lenders holding not less than two-thirds of the Credit Exposure and unused Commitments will be required (A) for
any adverse change affecting the provisions of this Agreement relating to the calculation of the Borrowing Base (excluding changes to
the provisions of Section 5.12(b)(iii) or (iv), but including changes to the provisions of Section 5.12(c)(ii) and
the definitions set forth in Section 5.13) unless otherwise expressly provided herein and (B) for any release of Collateral
other than for fair value or as otherwise permitted hereunder or under the other Loan Documents.

 

For purposes of this Section, the “scheduled
date of payment” of any amount shall refer to the date of payment of such amount specified in this Agreement, and shall not refer
to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver, amendment
or modification requires the consent of a Lender “affected” thereby, such waiver, amendment or modification shall, upon consent
of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required
Lenders consent to such waiver, amendment or modification as provided above.

 

Anything in this Agreement to the contrary notwithstanding
(x) no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to
adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective against the Lenders
of such Class unless the Required Lenders of such Class shall have concurred with such waiver, amendment or modification as
provided above; provided, however, for the avoidance of doubt, in no other circumstances shall the concurrence of the Required
Lenders of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other
Loan Document and (y) the Required Revolving Lenders may waive any condition precedent to an extension of credit under the Revolving
Commitments (which, for the avoidance of doubt, shall not constitute a waiver of any ongoing or resulting Default or Event of Default).

 

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(c)            Amendments
to Security Documents. No Security Document nor any provision thereof may be waived, amended or modified, nor may the Liens thereof
be spread to secure any additional obligations (excluding any increase in the Loans and Letters of Credit hereunder pursuant to a Commitment
Increase under Section 2.07(e)) except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the
Administrative Agent with the consent of the Required Lenders; provided that, (i) without the written consent of each Lender
and each Issuing Bank, no such agreement shall release all or substantially all of the Obligors from their respective obligations under
the Security Documents and (ii) without the written consent of each Lender and each Issuing Bank, no such agreement shall release
all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under the Security Documents,
alter the relative priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with
securing additional obligations equally and ratably with the Loans and other obligations hereunder) with respect to all or substantially
all of the collateral security provided thereby, or release all or substantially all of the guarantors under the Guarantee and Security
Agreement from their guarantee obligations thereunder, except that no such consent shall be required, and the Administrative Agent is
hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement to, and
in addition to the rights of such parties under the Guarantee and Security Agreement, the Administrative Agent and the Collateral Agent
under the Guarantee and Security Agreement may, (1) release any Lien covering property (and to release any such guarantor) that
is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented
and (2) release from the Guarantee and Security Agreement any “Subsidiary Guarantor” (and any property of such Subsidiary
Guarantor) that is designated as a “Designated Subsidiary” or becomes an Excluded Asset in accordance with this Agreement
or which ceases to be consolidated on the Borrower’s financial statements and is no longer required to be a “Subsidiary Guarantor”,
so long as (A) after giving effect to any such release under this clause (2) (and any concurrent acquisitions of Portfolio
Investments or payment of outstanding Loans) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate
of a Financial Officer to such effect to the Administrative Agent, (B) either (I) the amount of any excess availability under
the Borrowing Base immediately prior to such release is not diminished as a result of such release or (II) the Gross Borrowing Base
immediately after giving effect to such release is at least 110% of the Covered Debt Amount and (C) no Event of Default has occurred
and is continuing.

 

(d)            Replacement
of Non-Consenting Lender. If, in connection with any proposed change, waiver, discharge or termination to any of the provisions of
this Agreement as contemplated by this Section 9.02, the consent of one or more Lenders whose consent is required for such proposed
change, waiver, discharge or termination is not obtained, then (so long as no Event of Default has occurred and is continuing) the Borrower
shall have the right, at its sole cost and expense, to replace each such non-consenting Lender or Lenders with one or more replacement
Lenders pursuant to Section 2.18(b) so long as at the time of such replacement, each such replacement Lender consents to the
proposed change, waiver, discharge or termination.

 

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SECTION 9.03. Expenses; Indemnity; Damage
Waiver.

 

(a)            Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection
with the syndication of the credit facilities provided for herein (as amended and restated hereby), the preparation and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether
or not the transactions contemplated hereby or thereby shall be consummated), subject to any limitation previously agreed in writing,
(ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all documented out-of-pocket
expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel
for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection
with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
thereof and (iv) and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein.

 

(b)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, the Issuing Banks, the Collateral Agent, the Lead Arrangers
and each Lender, 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, including environmental liabilities,
and related expenses (other than Taxes or Other Taxes which shall only be indemnified by the Borrower to the extent provided in Section 2.15),
including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated
hereby, (ii) the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (iii) any action taken in connection with this Agreement, including, but not limited
to, the payment of principal and interest and fees, (iv) any Loan or Letter of Credit or the use of the proceeds therefrom (including
any refusal by the Issuing Banks to honor a demand for payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit) or (v) 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; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from (i) the fraud, willful misconduct or gross negligence of such Indemnitee, or (ii) a claim brought
against such Indemnitee for breach in bad faith of such Indemnitee’s obligations under this Agreement or the other Loan Documents,
if there has been a final and nonappealable judgment against such Indemnitee on such claim as determined by a court of competent jurisdiction.

 

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The Borrower shall not be liable to any Indemnitee
for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions asserted
by an Indemnitee against the Borrower or any other Obligor, provided that the foregoing limitation shall not be deemed to impair or affect
the Obligations of the Borrower under the preceding provisions of this subsection.

 

(c)            Reimbursement
by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, any Issuing
Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent
and such Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or such Issuing
Bank in its capacity as such.

 

(d)            Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby,
the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

(e)            Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.

 

SECTION 9.04. Successors and Assigns.

 

(a)            Assignments
Generally. 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 (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender
(and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

 

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(b)            Assignments
by Lenders.

 

(i)            Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans and LC Exposure
at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)            the
Borrower, provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, or, if
an Event of Default has occurred and is continuing (except that so long as no Event of Default under clause (a), (b), (i), (j), or (k) of
Article VII is continuing, the Borrower shall have a consent right over any assignment to a “direct competitor” of the
Borrower identified to the Administrative Agent and the Lenders prior to the Restatement Effective Date and as may thereafter
be agreed between the Borrower and the Administrative Agent acting reasonably), any other assignee; and

 

(B)            the
Administrative Agent and, in the case of an assignment of Multicurrency Commitments, the Issuing Banks.

 

(ii)            Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)            except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans and LC Exposure of a Class, the amount of the Commitment or Loans and LC Exposure of such Class of
the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 (in the case of the Revolving Commitments) or U.S.
$1,000,000 (in the case of the Term Loans) unless each of the Borrower and the Administrative Agent otherwise consent, provided that
no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)            each
partial assignment of any Class of Commitments or Loans and LC Exposure shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments, Loans and
LC Exposure;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form
of Exhibit A hereto, together with a processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection
with an assignment to a Lender or to an Affiliate of a Lender) (for which the Borrower and the Guarantors shall not be obligated); and

 

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(D)            the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(iii)            Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, 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 but shall continue to be entitled to the benefits of Sections 2.13,
2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of
this Section.

 

(c)            Maintenance
of Registers by Administrative Agent. The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain
at one of its offices in New York City 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 Commitments of, and principal amount of the Loans and LC Disbursements owing to,
each Lender pursuant to the terms hereof from time to time (the “Registers” and each individually, a “Register”).
The entries in the Registers shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks
and the Lenders may treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower,
any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)            Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender
and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder),
the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record
the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

 

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(e)            Participations.
Any Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), sell participations to one
or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans and LC Disbursements owing
to it); provided that (i) such Lender’s obligations under this Agreement and the other Loan Documents shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
(iii) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents and
(iv) no consent of the Borrower shall be required for a participation to a Lender, an Affiliate of a Lender, or, if an Event of
Default has occurred and is continuing (except that so long as no Event of Default under clause (a), (b), (i), (j), or (k) of
Article VII is continuing, the Borrower shall have a consent right over any participation to a “direct competitor” of
the Borrower identified to the Administrative Agent and the Lenders prior to the Restatement Effective Date and as may thereafter be
agreed between the Borrower and the Administrative Agent acting reasonably). 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 the other Loan Documents
and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of
this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender,
provided such Participant agrees to be subject to Section 2.16(d) as though it were a Lender hereunder. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Commitments or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans 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 or other obligation is in registered
form under Section 5f.103-1(c) of the 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.

 

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(f)            Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14 or 2.15
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.15
as though it were a Lender and in the case of a Participant claiming exemption for portfolio interest under Section 871(h) or
881(c) of the Code, the applicable Lender shall provide the Borrower with satisfactory evidence that the participation is in registered
form and shall permit the Borrower to review such register as reasonably needed for the Borrower to comply with its obligations under
applicable laws and regulations.

 

(g)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank, and
this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment
of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as
a party hereto.

 

(h)            No
Assignments to Natural Persons, the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender
may assign or participate any interest in any Loan or LC Exposure held by it hereunder to any natural person (or a holding company,
investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural person) or the
Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender.

 

SECTION 9.05. Survival. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under
this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.
The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

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SECTION 9.06. Counterparts; Integration;
Effectiveness; Electronic Execution.

 

(a)            Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and
any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between and among
the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement
by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            Electronic
Execution of Assignments. The words “execution,” “execute”, “signed,” “signature,”
and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated
hereby (including without limitation Assignment and Assumptions, amendments or other Borrowing Requests, waivers and consents) shall
be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms
approved by the Administrative Agent (and, for the avoidance of doubt, electronic signatures utilizing the DocuSign platform shall be
deemed approved), or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION 9.07. Severability. Any provision
of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction.

 

SECTION 9.08. Right of Setoff. If an
Event of Default shall have occurred and be continuing, each Lender 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 Lender or Affiliate to or for the credit or the
account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by
such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations
may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights
of setoff) which such Lender may have.

 

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SECTION 9.09. Governing Law; Jurisdiction;
Etc.

 

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

 

(b)            Submission
to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in
such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating
to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

 

(c)            Waiver
of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)            Service
of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

SECTION 9.10. WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY

 

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(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) 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 (B) 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.

 

SECTION 9.11. Judgment Currency. This
is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the case may be (the “Specified
Currency”), and payment in New York City or the country of the Specified Currency, as the case may be (the “Specified
Place”), is of the essence, and the Specified Currency shall be the currency of account in all events relating to Loans denominated
in the Specified Currency. The payment obligations of the Borrower under this Agreement shall not be discharged or satisfied by an amount
paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion
to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified
Currency at the Specified Place due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum
due hereunder in the Specified Currency into another currency (the “Second Currency”), the rate of exchange that shall
be applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified
Currency with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the
Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document (in
this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually applied in rendering
such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged
to be due hereunder in the Second Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer
to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged to be due; and the Borrower hereby, as
a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled
Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due to such Entitled Person in the Specified
Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred.

 

SECTION 9.12. 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. None of the
Joint Lead Arrangers or the Syndication Agents shall have any responsibility under this Agreement.

 

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SECTION 9.13. Treatment of Certain Information;
Confidentiality.

 

(a)           Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services
may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any
Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share any information
delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender
to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving
such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such
authorization shall survive the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or
the termination of this Agreement or any provision hereof.

 

(b)           Confidentiality.
Each of the Administrative Agent, the Lenders, the Lead Arrangers and the Issuing Banks agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have
jurisdiction over it or its Affiliates (including any self-regulatory authority), (iii) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto or to any rating agency,
(v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an
agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or
any prospective assignee of or Participant in, any of its rights or obligations under this Agreement; provided that,
(a) so long as no Event of Default is continuing (or, in the case of a “direct competitor” of the Borrower, so long
as no Event of Default under clause (a), (b), (i), (j) or (k) of Article VII is continuing), such Person would be
permitted to be an assignee or participant pursuant to the terms hereof, (y) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations or (z) any market data service,
(vii) with the consent of the Borrower or (viii) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any
Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or its
Affiliates. In addition, the Administrative Agent and each Lender may disclose the existence of this Agreement and information about
this Agreement to market data collectors, similar service providers to the lending industry and service providers to the
Administrative Agent or any Lender in connection with the administration or servicing of this Agreement, the other Loan Documents
and the Commitments.

 

Senior Secured Credit Agreement

 

     

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For purposes of this Section, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any
of their respective businesses or any Portfolio Investment, other than any such information that is available to the Administrative Agent,
any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries, provided
that, in the case of information received from the Borrower or any of its Subsidiaries after the Restatement Effective Date, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION 9.14. USA PATRIOT Act. Each Lender
hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance
with said Act.

 

SECTION 9.15. Acknowledgment and Consent
to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of
the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

Senior Secured Credit Agreement

 

     

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

 

SECTION 9.16. No Fiduciary Duty.

 

Each Lender and their Affiliates (collectively, solely for
purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Obligors, their
stockholders and/or their affiliates. Each Obligor agrees that nothing in the Agreement or the Loan Documents or otherwise will be
deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one
hand, and such Obligor, its stockholders or its affiliates, on the other. The Obligors acknowledge and agree that (i) the
transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
arm’s-length commercial transactions between the Lenders, on the one hand, and the Obligors, on the other, and
(ii) solely in connection therewith and solely with the process leading thereto, (x) no Lender has assumed an advisory or
fiduciary responsibility in favor of any Obligor, its stockholders or its affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any
Lender has advised, is currently advising or will advise any Obligor, its stockholders or its Affiliates on other matters) or any
other obligation to any Obligor except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting
solely as principal and not as the agent or fiduciary of any Obligor, its management, stockholders, creditors or any other Person.
Each Obligor acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate
and that it is responsible for making its own independent judgment with respect to the transactions contemplated by the Loan
Documents and the process leading thereto. Each Obligor agrees that it will not claim that any Lender has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to such Obligor, solely in connection with the transactions
contemplated by the Loan Documents or the process leading thereto.

 

Senior Secured Credit Agreement

 

     

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SECTION 9.17. German Bank Separation Act.

 

Solely for so long as Deutsche Bank AG New York Branch, or any
Affiliate thereof, is a Lender, if any such Lender is subject to the GBSA (as defined below) (any such Lender, a “GBSA
Lender”) and such GBSA Lender shall have determined in good faith (based on advice of counsel (including in-house
counsel)), which determination shall be made in consultation with the Borrower subject to the terms hereof) that, due to the
implementation of the German Act on the Ring-fencing of Risks and for the Recovery and Resolution Planning for Credit Institutions
and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und
Finanzgruppen) of 7 August 2013 (commonly referred to as the German Bank Separation Act (Trennbankengesetz) (the
 “GBSA”), whether before or after the date hereof, or any corresponding European legislation (such as the proposed
regulation on structural measures improving the resilience of European Union credit institutions) that may amend or replace the GBSA
in the future or any regulation thereunder, or due to the promulgation of, or any change in the interpretation by, any court,
tribunal or regulatory authority with competent jurisdiction of the GBSA or any corresponding future European legislation that may
amend or replace the GBSA in the future or any regulation thereunder, the arrangements contemplated by this Agreement or the Loans
have, or will, become illegal, prohibited or otherwise unlawful (regardless of whether such illegality, prohibition or unlawfulness
could be prevented by transferring such arrangements, Commitments and/or Loans to an Affiliate or other third party), then, and in
any such event, such GBSA Lender shall give written notice to the Borrower and the Administrative Agent of such determination (which
written notice shall include a reasonably detailed explanation of such illegality, prohibition or unlawfulness, including, without
limitation, evidence and calculations used in the determination thereof, a “GBSA Initial Notice”), whereupon
until the fifth Business Day after the date of such GBSA Initial Notice, such GBSA Lender shall use commercially reasonable efforts
to transfer to the extent permitted under applicable law such arrangements, Commitments and/or Loans to an Affiliate or other third
party in accordance with Section 9.04. If no such transfer is effected in accordance with the preceding sentence, such GBSA
Lender shall give written notice thereof to the Borrower and the Administrative Agent a (“GBSA Final Notice”),
whereupon (i) all of the obligations of such GBSA Lender shall become due and payable, and the Borrower shall repay the
outstanding principal of such obligations together with accrued interest thereon and all other amounts due and payable to the GBSA
Lender, on the fifth Business Day immediately after the date of such GBSA Final Notice (the “Initial GBSA Termination
Date”) and, for the avoidance of doubt, such repayment shall not be subject to the terms and conditions of
Section 2.16(c) to the extent that there are no outstanding amounts then due and payable to the other Lenders on such
fifth Business Day and (ii) the Commitment of such GBSA Lender shall terminate on the Initial GBSA Termination Date; provided
that, notwithstanding the foregoing, if, prior to such Initial GBSA Termination Date, the Borrower and/or the Administrative Agent
in good faith reasonably believes that there is a mistake, error or omission in the grounds used to determine such illegality,
prohibition or unlawfulness under the GBSA or any corresponding future European legislation that may amend or replace the GBSA in
the future or any regulation thereunder, then the Borrower and/or the Administrative Agent, as applicable, may provide written
notice (which written notice shall include a reasonably detailed explanation of the basis of such good faith belief, including,
without limitation, evidence and calculations used in the determination thereof, a “GBSA Consultation Notice”) to
that effect, at which point the obligations owed to such GBSA Lender hereunder and under the Loans shall not become due and payable,
and the Commitments of such GBSA Lender shall not terminate, until the Business Day immediately following the tenth Business Day
immediately after the Initial GBSA Termination Date (the period from, and including, the date of the GBSA Consultation Notice until
the tenth Business Day immediately thereafter being the “GBSA Consultation Period”). In the event that the
Borrower and/or the Administrative Agent, as applicable, and such GBSA Lender cannot in good faith reasonably agree during the GBSA
Consultation Period whether the arrangements contemplated by this Agreement or the Loans have, or will, become illegal, prohibited
or otherwise unlawful under the GBSA or any corresponding future European legislation that may amend or replace the GBSA in the
future or any regulation thereunder, then all of the obligations owed to such GBSA Lender hereunder and under the Loans shall become
due and payable, and the Commitments of such GBSA Lender shall terminate,
on the Business Day immediately following the last day of such GBSA Consultation Period. Notwithstanding anything to the contrary contained
herein, no part of the proceeds of any extension of credit hereunder will be used to pay any GBSA Lender or otherwise satisfy any obligation
under this Section 9.17. To the extent that any LC Exposure exists at the time a GBSA Lender’s Commitments are cancelled and
its obligations under the Loan Documents are repaid in full, such LC Exposure shall be reallocated as set forth in Section 2.17 treating
for purposes hereof each Lender (other than any GBSA Lender) as a non-Defaulting Lender for purposes of such reallocation and treating
the GBSA Lender as a Defaulting Lender solely for such purposes.

 

Senior Secured Credit Agreement

 

     

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SECTION 9.18. Acknowledgement Regarding
Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such
QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of
the United States or any other state of the United States):

 

In the event a Covered Entity that is party to
a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported
QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered
Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported
QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States
or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws
of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support.

 

[Signature pages follow]

 

Senior Secured Credit Agreement

 

     

    - 159 -

    

 

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.

 

	 	ARES CAPITAL CORPORATION

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

 

     

     

    

 

	 	LENDERS
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender, an Issuing Bank and as Administrative Agent

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as a Lender and as an Issuing Bank

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

 

     

     

    

 

	 	TRUIST BANK,
	 	as a Lender and as an Issuing Bank

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

 

     

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

 

     

     

    

 

	 	[Name of Lender]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Senior Secured Credit Agreement

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