Document:

EX-10.20

 Exhibit
10.20 
 INDEMNITY AGREEMENT 

THIS INDEMNITY AGREEMENT (the “Agreement”) is made and entered into as of September 24, 2018 (the
“Effective Date”) between Roan Resources, Inc., a Delaware corporation (the “Company”), and Anthony Tripodo (the “Indemnitee”). 

WITNESSETH THAT: 
 A. Experienced
and competent persons have become more reluctant to serve companies as directors, managers or officers unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the entity; 
 B. The Board of Directors of the Company (the
“Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and
its subsidiaries from certain liabilities. The Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of the Company, as each may be amended from time to time (the “Organizational Documents”),
require indemnification of the officers, managers and directors of the Company. The Organizational Documents state that the indemnification provisions contained therein are in addition to any other indemnification rights of the Indemnitee under any
other agreement; 
 C. Section 145 of the General Corporation Law of Delaware permits the Company to indemnify and advance defense costs to
its officers and directors and to indemnify and advance expenses to persons who serve at the request of the Company as directors, officers, employees, or agents of other corporations or enterprises; 

D. It is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance Expenses on behalf
of, such persons so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

E. This Agreement is supplemental to the Organizational Documents of the Company and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder; 
 F. The Indemnitee is willing to
serve, or to continue to serve, or to take on additional service for, the Company or its affiliates or other Enterprise (as defined below) as a director on condition that the Indemnitee be indemnified, and in consideration for being indemnified, as
provided for in this Agreement. 
 NOW, THEREFORE, in consideration of the Indemnitee’s agreement to serve or continue to serve as a
director after the date hereof, the parties hereto agree as follows: 
 1. Definitions. For purposes of this Agreement: 

(a) “Chancery Court” means the Delaware Court of Chancery. 

 (b) “Change of Control” means a change in control of the Company
occurring after the Effective Date of a nature that would be required to be reported in response to Item 5.01 of Current Report on Form 8-K (or in response to any similar item on any similar schedule or form)
promulgated under the Securities Exchange Act of 1934 (the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, a Change of Control shall be deemed to
have occurred if after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) becomes the “beneficial owner” (as defined in Rule 13d-3
under the Act), directly or indirectly, of securities of the Company representing greater than fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person attaining such percentage; (ii) the Company is a party to a merger, consolidation, sale of assets or other
reorganization, or a proxy contest, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) during any
period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (including for this purpose any new director whose election or nomination for election by the Company’s shareholders was
approved by a vote of at least a majority of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of
which indemnification is sought by the Indemnitee. 
 (d) “Enterprise” shall mean the Company and any other limited
liability company, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that the Indemnitee is or was serving at the express written request of the Company as a director, manager, officer, employee, agent or
fiduciary. 
 (e) “Enterprise Fiduciary” means a person who is or was serving as a director, manager, officer, employee or
agent of an Enterprise, or, while serving as a director, manager, officer, employee or agent of an Enterprise, is or was serving as a tax matters partner of the Company or, at the request of the Company, as a director, manager, officer, tax matters
partner, employee, partner, manager, fiduciary or trustee of any affiliate of the Company or any other Enterprise. 
 (f)
“Expenses” shall include all direct and indirect costs including, but not limited to, reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, advisory fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, bond premiums, the costs of collecting, processing, producing, and hosting electronic materials and documents, and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include expenses incurred in
connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. The parties agree that for the
purposes of any advancement of Expenses for which Indemnitee has made written request to the Company in accordance with this Agreement, all Expenses included in such request that are certified by affidavit of Indemnitee’s counsel as being
reasonable shall be presumed conclusively to be reasonable. 

  
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 (g) “Final Adjudication” shall mean a final judicial decision from which
there is no further right to appeal. 
 (h) “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of public companies, fiduciary duties, indemnity matters and corporation and limited liability company law, and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or the
Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement, unless the party with whom counsel had a conflict of interest agrees, in such party’s
sole discretion, to waive such conflict. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above. 
 (i)
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any corporate internal investigation), inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party, witness or
otherwise, by reason of the fact that the Indemnitee is or was an Enterprise Fiduciary, by reason of any action taken by the Indemnitee or of any inaction on the Indemnitee’s part while acting as an Enterprise Fiduciary, or by reason of the
fact that the Indemnitee is or was serving at the request of the Company as a director, manager, officer, employee, agent or fiduciary of another limited liability company, corporation, partnership, joint venture, trust or other Enterprise; in each
case whether or not the Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this
Agreement, but excluding one initiated by the Indemnitee pursuant to Section 8 of this Agreement to enforce the Indemnitee’s rights under this Agreement. 

2. Indemnification of the Indemnitee. The Company hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by applicable Delaware law as it currently exists and to such greater extent as applicable law may hereafter permit, with respect to claims asserted from and after the Effective Date, which claims relate to any act or alleged act of
Indemnitee, or other event, regardless of whether any such act, alleged act or event occurred prior to or after the Effective Date, but subject to the limitations expressly provided in this Agreement. The Company shall be deemed to have requested
the Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by the Indemnitee to the Company also imposes duties on, or otherwise involves services by the Indemnitee to the plan or participants or beneficiaries of the
plan. In such case, the Indemnitee shall be deemed to be an “Enterprise Fiduciary.” Excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the
meaning of Sections 2(a) and 2(b). In furtherance of the foregoing indemnification, and without limiting the generality thereof: 

  
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 (a) Proceedings Other Than Proceedings by or in the Right of the Company. The
Indemnitee shall be entitled to the rights of indemnification provided in this Section 2(a) to the extent that the Indemnitee was or is a party or is threatened to be made a party to, or otherwise requires representation of
counsel in connection with, any Proceeding (other than an action by or in the right of the Company which is governed by Section 2(b) below) by reason of the fact that the Indemnitee is or was an Enterprise Fiduciary or by
reason of any action alleged to have been taken or omitted in such capacity, against losses, Expenses, judgments, fines, damages, penalties, interest, liabilities and amounts paid in settlement actually and reasonably incurred by the Indemnitee in
connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that the Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption
that the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to
believe that the Indemnitee’s conduct was unlawful. 
 (b) Proceedings by or in the Right of the Company. The Indemnitee
shall be entitled to the rights of indemnification provided in this Section 2(b) to the extent that the Indemnitee was or is a party or is threatened to be made a party to, or otherwise requires representation of counsel in
connection with, any threatened, pending or completed action, suit or proceeding, by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee was or is an Enterprise Fiduciary, or by reason of any
action alleged to have been taken or omitted in such capacity, against losses, Expenses, judgments, fines, damages, penalties, interest, liabilities and amounts paid in settlement actually and reasonably incurred by the Indemnitee in connection with
such action, suit or proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any
claim, issue or matter as to which the Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the Indemnitee obtains a Final Adjudication that, despite the adjudication of liability but in view of all the
circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such losses, Expenses, judgments, fines, damages, penalties, interest, liabilities or amounts paid in settlement, as applicable. Action taken or omitted by
the Indemnitee with respect to any employee benefit plan in the performance of the Indemnitee’s duties for a purpose reasonably believed by the Indemnitee to be in the interest of the participants and beneficiaries of the plan shall be deemed
to be for a purpose that is in, or not opposed to, the best interests of the Company. 
 (c) Indemnification for Expenses of a Party
Who is Wholly or Partly Successful. To the extent that the Indemnitee is successful, on the merits or otherwise, in any Proceeding, the Indemnitee shall be indemnified with respect to Expenses to the maximum extent permitted by this
Agreement and by Delaware law if greater, against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with the successful resolution of a Proceeding. If the Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  
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 3. Insurance. 

(a) If available, the Company shall maintain an insurance policy or policies providing liability insurance for Enterprise Fiduciaries which is
at least as favorable to the Indemnitee as the policy in effect on the Effective Date and for so long as the Indemnitee’s services are covered pursuant to this Agreement, regardless of whether the Company would have the power to indemnify such
Enterprise Fiduciaries against such liability under the provisions of this Agreement; provided and to the extent that such insurance is available on a reasonable commercial basis, as determined by the Board. To the extent that the Company maintains
an insurance policy or policies providing liability insurance for its Enterprise Fiduciaries, the Indemnitee shall be covered by such policy or policies to the maximum extent permitted under its or their terms. However, the Indemnitee shall continue
to be entitled to the indemnification rights provided pursuant to this Agreement regardless of whether liability or other insurance coverage is at any time obtained or retained by the Company. 

(b) In the event of and immediately upon a Change of Control, Company (or any successor to the interests of Company by way of merger, sale of
assets, or otherwise) shall be obligated to continue, procure, and otherwise maintain in effect for a period of six (6) years from the date on which such Change of Control is effective a policy or policies of insurance (which may be a
“tail” policy) (the “Change of Control Coverage”) providing Indemnitee with coverage for losses from alleged wrongful acts occurring on or before the effective date of the Change of Control. If such insurance is in
place immediately prior to the Change of Control, then the Change of Control Coverage shall contain limits, retentions or deductibles, terms and exclusions that are no less favorable to Indemnitee than those set forth above. Each policy evidencing
the Change of Control Coverage shall be non-cancellable by the insurer except for non-payment of premium. No such policy shall contain any provision that limits or
impacts adversely any right or privilege of Indemnitee given by this Agreement. 
 4. Contribution. 

(a) Whether or not the indemnification provided in Sections 2 and 3 hereof is available, in respect of any
Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding
without requiring the Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against the Indemnitee. The Company shall not enter into a settlement of any Proceeding in which the
Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against the Indemnitee. 

  
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 (b) Without diminishing or impairing the obligations of the Company set forth in
Section 4(a), if, for any reason, the Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with the Indemnitee (or would be
if joined in such Proceeding), the Company shall contribute to the amount of Expense, judgments, fines and settlements actually and reasonably incurred and paid or payable by the Indemnitee in proportion to the relative benefits received by the
Company and all officers, directors, managers or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, from
the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the
Company and all officers, directors, managers or employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, in
connection with the events that resulted in such Expense, judgments, fines or settlement amounts, as well as any other equitable considerations which the law may require to be considered. The relative fault of the Company and all officers,
directors, managers or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or
passive. 
 (c) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable
to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, managers, officers,
employees and agents) and the Indemnitee in connection with such event(s) and/or transaction(s). 
 5. Indemnification for Expenses of
a Witness. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of the Indemnitee’s status as an Enterprise Fiduciary or a former Enterprise Fiduciary, a witness in any Proceeding to
which the Indemnitee is not a party, the Indemnitee shall be indemnified by the Company against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith. 

  
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 6. Advancement of Expenses. 

(a) Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of the Indemnitee in
connection with any Proceeding to the fullest permitted by applicable Delaware law by reason of the fact that the Indemnitee is or was an Enterprise Fiduciary, within 20 days after the receipt by the Company of a statement or statements from the
Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be
preceded or accompanied by an undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if it shall ultimately be determined by a Final Adjudication that the Indemnitee is not entitled to be indemnified against such Expenses.
Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Any advances and undertakings to repay pursuant to this
Section 6 shall be unsecured and interest free. 
 (b) The indemnification, advancement of Expenses and other
provisions of this Section 6 are for the benefit of the Indemnitee, the Indemnitee’s heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other persons. 

7. Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure
for the Indemnitee rights of indemnity that are at least as favorable as those rights permitted under the Organizational Documents and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and
presumptions shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement. 

(a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Any Expenses incurred by the Indemnitee in connection with his request for indemnification hereunder shall be borne by
the Company. Notwithstanding the foregoing, any failure or delay in providing such request shall not relieve the Company of any liability that it may have to Indemnitee hereunder unless, and to the extent, that such failure actually prevents the
Company from defending or assuming the defense of any such Proceeding. 
 (b) Upon written request by the Indemnitee for indemnification
pursuant to the first sentence of Section 7(a) hereof, a determination with respect to the Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the
election of the Board: (i) by a majority vote of the Disinterested Directors, even though less than a quorum, (ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less
than a quorum, (iii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iv) if so
directed by the Board, by the Company’s shareholders. Notwithstanding the foregoing, in the event that a Change of Control has occurred, a determination with respect to the Indemnitee’s entitlement to indemnification shall be made by
Independent Counsel (selected by Indemnitee) in a written opinion to the Board of Directors of the Company, a copy of which shall be delivered to the Indemnitee. 

  
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 (c) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 7 hereof (except for in the case of a Change of Control), the Independent Counsel shall be selected as provided in this Section 7(c). The Independent Counsel shall be
selected by the Board. The Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by the Indemnitee of a written request for indemnification pursuant to Section 7(a)
hereof, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee may petition the Chancery Court for resolution of any objection which shall have been made by the Indemnitee to the Company’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the
person so appointed shall act as Independent Counsel under Section 7(b) hereof. The Company shall pay any and all reasonable fees and Expenses of Independent Counsel incurred by such Independent Counsel in connection with
acting pursuant to Section 7(b) hereof, and the Company shall pay all reasonable fees and Expenses incident to the procedures of this Section 7, regardless of the manner in which such Independent
Counsel was selected or appointed. 
 (d) The Company agrees that if there is a Change in Control of the Company (other than a Change in
Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) then with respect to all matters thereafter arising concerning the rights of the Indemnitee to
indemnification under this Agreement or any other agreements, the Organizational Documents or any other document now or hereafter in effect relating to such indemnification, the Company shall seek legal advice only from Independent Counsel selected
by Indemnitee. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto. 
 (e) Neither the failure of the Company (including its Disinterested
Directors, a committee of such directors, Independent Counsel, or its shareholders) to have made a determination prior to the commencement of a Proceeding that indemnification of the Indemnitee is proper in the circumstances under the applicable
standard of conduct set forth in this Agreement, nor an actual determination by the Company (including its Disinterested Directors, a committee of such Disinterested Directors, Independent Counsel, or the Company’s shareholders) that the
Indemnitee has not met the applicable standard of conduct shall create a presumption that the Indemnitee has not met the applicable standard of conduct, or, in the case of a suit brought by the Indemnitee, be a defense to such suit. In any suit
brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expense hereunder, or brought by the Company to recover an advancement of Expense pursuant to the terms of an undertaking, the burden of proving that the
Indemnitee is not entitled to be indemnified or to such advancement of Expense, under this Section 7(e) or otherwise shall be on the Company. 

  
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 (f) the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s
action or inaction is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to the Indemnitee by the officers or managers of the Enterprise in the course of their duties, or on the
advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In
addition, the knowledge and/or actions, or failure to act, of any other director, manager, officer, agent or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this
Agreement. Whether or not the foregoing provisions of this Section 7(f) are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, that the Indemnitee had no cause to believe that the Indemnitee’s conduct was unlawful. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (g) the Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board shall act reasonably and in
good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or Expense incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. 

(h) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid
expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which the Indemnitee is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that the Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

  
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 (i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a
presumption that the Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had
reasonable cause to believe that the Indemnitee’s conduct was unlawful. 
 8. Remedies of the Indemnitee.

 (a) If a claim under this Agreement is not paid in full by the Company within 60 days after a written claim has been received by the
Company, except in the case of a claim for an advancement of Expenses, in which case the applicable period shall be 20 days, the Indemnitee may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim. If
successful in whole or in part in any such suit, or in a suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Indemnitee shall be entitled to be paid also the reasonable Expenses of
prosecuting or defending such suit. In any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an advancement of Expenses) it shall be a defense that, in
accordance with the procedures, presumptions and provisions set forth in this Agreement, the Indemnitee has not met any material applicable standard for indemnification set forth in this Agreement under procedures and provisions set forth herein. In
any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a Final Adjudication that the Indemnitee has not met any material applicable
standard for indemnification set forth in this Agreement at the Effective Date. 
 (b) In the event that a determination shall have been made
pursuant to Section 7(b) of this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 8 shall be conducted in all respects as
a de novo trial on the merits, and the Indemnitee shall not be prejudiced by reason of the adverse determination under Section 7(b). 

(c) If a determination shall have been made pursuant to Section 7(b) of this Agreement that the Indemnitee is
entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 8, absent (i) a misstatement by the Indemnitee of a material fact, or an
omission of a material fact necessary to make the Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that the Indemnitee, pursuant to this Section 8, seeks a judicial adjudication of the
Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on the Indemnitee’s
behalf, in advance, any and all Expenses (of the types described in the definition of “Expenses” in Section 1 of this Agreement) actually and reasonably incurred by the Indemnitee in such judicial adjudication,
regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery. 

  
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 (e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this
Agreement. 
 (f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement shall be required to be made prior to the final disposition of the Proceeding. 
 9.
Non-Exclusivity; Insurance; Subrogation. 
 (a) The rights of indemnification,
advancement of Expenses and other rights of the Indemnitee under this Agreement shall be in addition to any other rights to which an the Indemnitee may be entitled under any agreement, including (i) the Organizational Documents;
(ii) pursuant to those rights adopted by any vote of the shareholders; (iii) as a matter of law; or (iv) otherwise, as to actions in the Indemnitee’s capacity as an Enterprise Fiduciary. No amendment or modification of this
Agreement or of any provision hereof shall limit or restrict any right of the Indemnitee under this Agreement in respect of any action taken or omitted by such the Indemnitee in the Indemnitee’s capacity as an Enterprise Fiduciary prior to such
amendment, alteration or repeal. To the extent that an amendment or modification of the Organizational Documents, whether by law, amendment or otherwise, or an amendment to Delaware law, permits greater indemnification than would be afforded
currently under this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other
right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) If, at the time of the
receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such claim to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of
such policies. 
 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights. 
 (d) The Company’s obligation to indemnify or advance Expenses hereunder to the Indemnitee who is or was serving at the
request of the Company as an Enterprise Fiduciary to an Enterprise other than the Company shall be reduced by any amount the Indemnitee has actually received as indemnification or advancement of Expenses from such other Enterprise. 

  
 11 

 (e) Any indemnification pursuant to this Agreement shall be made only out of the assets of
the Company, including any insurance purchased and maintained by the Company for such purpose, it being agreed that the Company’s shareholders shall not be personally liable for such indemnification and shall have no obligation to contribute or
loan any monies or property to the Company to enable it to effectuate such indemnification. 
 (f) the Indemnitee shall not be denied
indemnification in whole or in part under this Agreement because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement as in
effect at the time of the transaction. 
 10. Exception to Right of Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee: 

(a) for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or 
 (b) for an accounting of
profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law
or common law; or 
 (c) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, against the Company
or its directors, managers, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law. 
 11. Duration of Agreement. All agreements
and obligations of the Company contained herein shall continue until six years after the Indemnitee has ceased to be an Enterprise Fiduciary of the Company (or is or was serving at the request of the Company as an Enterprise Fiduciary another
Enterprise) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of the fact that the Indemnitee is or was an Enterprise
Fiduciary, whether or not the Indemnitee is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company),
assigns, spouses, heirs, executors and personal and legal representatives. 

  
 12 

 12. Security. To the extent requested by the Indemnitee and approved by the
Board, the Company may at any time and from time to time provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit or other collateral. Any such security, once provided to the
Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 
 13. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order
to induce the Indemnitee to serve as a director of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving as such Enterprise Fiduciary of the Company. 

(b) This Agreement and the Organizational Documents constitute the entire agreement between the parties hereto with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

14. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon the Indemnitee indemnification rights to the fullest extent not prohibited by law. In the event any provision hereof
conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

15. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
 16. Notice By the Indemnitee. the Indemnitee agrees promptly to notify the Company in writing upon being
served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the
Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

17. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent: 

  
 13 

 (e) To the Indemnitee at the address set forth below the Indemnitee signature hereto. 

To the Company at: 
 Roan
Resources, Inc. 
 14701 Hertz Quail Springs Pkwy 

Oklahoma City, OK 73134 
 Fax: 405-753-9041 
 Attention: General Counsel 

or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be. 

18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 19. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 20. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and the Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court and not in any other state or federal
court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Chancery Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(c) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably The Corporation Trust Company, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801 (as such
address may be changed from time to time by such agent) as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force
and validity as if served upon such party personally within the State of Delaware, (d) waive any objection to the laying of venue of any such action or proceeding in the Chancery Court, and (e) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Chancery Court has been brought in an improper or inconvenient forum. 

  
 14 

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

			
	ROAN RESOURCES, INC.
		
	By:	 	 /s/ David Edwards

	Name: 	 	David Edwards
	Title: 	 	Chief Financial Officer
	
	INDEMNITEE
	
	 /s/ Anthony Tripodo

	Anthony Tripodo
	
	 Address:
  

 
  

 

  
 15Exhibit 10.1

 

Execution Version

 

 

AMENDED AND RESTATED SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

September 21, 2018,

 

among

 

ALCENTRA CAPITAL CORPORATION

as Borrower

 

The LENDERS Party Hereto

 

and

 

ING CAPITAL LLC

as Administrative Agent,

Arranger and Bookrunner

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	 
	DEFINITIONS
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	36
	Section 1.03.	Terms Generally	37
	Section 1.04.	Accounting Terms; GAAP	37
	Section 1.05.	Currencies Generally	38
	Section 1.06.	Special Provisions Relating to Euro	38
	Section 1.07.	Interest Rates	39
	 	 	 
	Article II
	 
	THE CREDITS
	 	 	 
	Section 2.01.	The Commitments	39
	Section 2.02.	Loans and Borrowings	39
	Section 2.03.	Requests for Borrowings	41
	Section 2.04.	Funding of Borrowings	42
	Section 2.05.	Interest Elections	43
	Section 2.06.	Termination, Reduction or Increase of the Commitments	45
	Section 2.07.	Repayment of Loans; Evidence of Debt	48
	Section 2.08.	Prepayment of Loans	49
	Section 2.09.	Fees	53
	Section 2.10.	Interest	54
	Section 2.11.	Eurocurrency Borrowing Provisions	55
	Section 2.12.	Increased Costs	56
	Section 2.13.	Break Funding Payments	57
	Section 2.14.	Taxes	58
	Section 2.15.	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	62
	Section 2.16.	Defaulting Lenders	64
	Section 2.17.	Mitigation Obligations; Replacement of Lenders	64
	 	 	 
	Article III
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	Section 3.01.	Organization; Powers	66
	Section 3.02.	Authorization; Enforceability	66
	Section 3.03.	Governmental Approvals; No Conflicts	66
	Section 3.04.	Financial Condition; No Material Adverse Effect	66
	Section 3.05.	Litigation	67

 

    (i)

     

    

 

	Section 3.06.	Compliance with Laws and Agreements	67
	Section 3.07.	Taxes	67
	Section 3.08.	ERISA	68
	Section 3.09.	Disclosure	68
	Section 3.10.	Investment Company Act; Margin Regulations	68
	Section 3.11.	Material Agreements and Liens	69
	Section 3.12.	Subsidiaries and Investments	69
	Section 3.13.	Properties	70
	Section 3.14.	Solvency	70
	Section 3.15.	Affiliate Agreements	70
	Section 3.16.	No Default	70
	Section 3.17.	Use of Proceeds	70
	Section 3.18.	Security Documents	71
	Section 3.19.	Compliance with Sanctions	71
	Section 3.20.	Anti-Money Laundering Program	71
	Section 3.21.	Capitalization	71
	Section 3.22.	Financing Subsidiaries	72
	Section 3.23.	Foreign Corrupt Practices Act	72
	Section 3.24.	EEA Financial Institution	72
	Section 3.25.	GBSA	72
	Section 3.26.	Beneficial Ownership Certification	73
	 	 	 
	Article IV
	 
	CONDITIONS
	 	 	 
	Section 4.01.	Restatement Effective Date	73
	Section 4.02.	Conditions to Loans	76
	 	 	 
	Article V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	Section 5.01.	Financial Statements and Other Information	77
	Section 5.02.	Notices of Material Events	80
	Section 5.03.	Existence; Conduct of Business	81
	Section 5.04.	Payment of Obligations	81
	Section 5.05.	Maintenance of Properties; Insurance	81
	Section 5.06.	Books and Records; Inspection and Audit Rights	81
	Section 5.07.	Compliance with Laws and Agreements	82
	Section 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	83
	Section 5.09.	Use of Proceeds	85
	Section 5.10.	Status of RIC and BDC	86
	Section 5.11.	Investment Policies	86
	Section 5.12.	Portfolio Valuation and Diversification Etc.	86
	Section 5.13.	Calculation of Borrowing Base	91
	SECTION 5.14	Taxes	101

 

    (ii)

     

    

 

	SECTION 5.16	Post-Closing Matters	102
	 	 	 
	ARTICLE VI
	 
	NEGATIVE COVENANTS
	 	 	 
	Section 6.01.	Indebtedness	102
	Section 6.02.	Liens	104
	Section 6.03.	Fundamental Changes	104
	Section 6.04.	Investments	106
	Section 6.05.	Restricted Payments	107
	Section 6.06.	Certain Restrictions on Subsidiaries	108
	Section 6.07.	Certain Financial Covenants	108
	Section 6.08.	Transactions with Affiliates	109
	Section 6.09.	Lines of Business	109
	Section 6.10.	No Further Negative Pledge	110
	Section 6.11.	Modifications of Indebtedness and Affiliate Agreements	110
	Section 6.12.	Payments of Longer-Term Indebtedness	111
	Section 6.13.	Modification of Investment Policies	111
	Section 6.14.	SBIC Guarantee	111
	Section 6.15.	Derivative Transactions	111
	Section 6.16.	Financing Subsidiaries	111
	 	 	 
	Article VII
	 
	EVENTS OF DEFAULT
	 
	Article VIII
	 
	THE ADMINISTRATIVE AGENT
	 	 	 
	Section 8.01.	Appointment	116
	Section 8.02.	Capacity as Lender	116
	Section 8.03.	Limitation of Duties; Exculpation	116
	Section 8.04.	Reliance	117
	Section 8.05.	Sub-Agents	117
	Section 8.06.	Resignation; Successor Administrative Agent	117
	Section 8.07.	Reliance by Lenders	118
	Section 8.08.	Modifications to Loan Documents	118
	Section 8.09.	Indemnification by Lenders	118
	Section 8.10.	Certain ERISA Matters	119
	Section 8.11.	Collateral Matters	121

 

    (iii)

     

    

 

	Article IX
	 
	MISCELLANEOUS
	 	 	 
	Section 9.01.	Notices; Electronic Communications	122
	Section 9.02.	Waivers; Amendments	125
	Section 9.03.	Expenses; Indemnity; Damage Waiver	128
	Section 9.04.	Successors and Assigns	130
	Section 9.05.	Survival	134
	Section 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	135
	Section 9.07.	Severability	135
	Section 9.08.	Right of Setoff	135
	Section 9.09.	Governing Law; Jurisdiction; Etc	135
	Section 9.10.	WAIVER OF JURY TRIAL	136
	Section 9.11.	Judgment Currency	137
	Section 9.12.	Headings	137
	Section 9.13.	Treatment of Certain Information; Confidentiality	137
	Section 9.14.	USA PATRIOT Act	139
	Section 9.15.	Termination	139
	Section 9.16.	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	139
	Section 9.17.	Material Non-Public Information	140
	Section 9.18.	Amendment and Restatement	141

 

	SCHEDULE 1.01(a)	-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	-	Commitments
	SCHEDULE 1.01(c)	-	[Intentionally omitted]
	SCHEDULE 1.01(d)	-	Eligibility Criteria
	SCHEDULE 1.01(e)	-	[Intentionally omitted]
	SCHEDULE 3.11(a)	-	Material Agreements
	SCHEDULE 3.11(b)	-	Liens
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 3.21	-	Capitalization
	SCHEDULE 6.08	-	Certain Affiliate Transactions
	SCHEDULE 9.18	-	Limited Waivers

 

	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D	-	Form of Borrowing Request

 

    (iv)

     

    

 

AMENDED AND RESTATED
SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of September 21, 2018 (this “Agreement”), among ALCENTRA
CAPITAL CORPORATION, a Maryland corporation (the “Borrower”), the LENDERS party hereto, solely with respect
to Section 2.02(e)(ii), the DEPARTING LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent.

 

WHEREAS, the Borrower
and the Administrative Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of May 8, 2014 (as the
same has been amended, supplemented, or otherwise modified from time to time prior to the Restatement Effective Date, the “Existing
Credit Agreement”) with the lenders party thereto from time to time (the “Existing Lenders”), pursuant
to which the Existing Lenders extended certain commitments and made certain loans to the Borrower (the “Existing Loans”);

 

WHEREAS, the Borrower
desires to amend and restate the Existing Credit Agreement and to make certain changes, including to reduce the size of the commitments
thereunder and to extend the maturity date;

 

WHEREAS, the Borrower
wishes to prepay in full the pro rata portion of the Loans and other obligations owing to certain Existing Lenders identified
in writing by the Administrative Agent to the Borrower (the “Departing Lenders” and the Existing Lenders that
are not Departing Lenders, the “Existing Continuing Lenders”) with a corresponding termination of such Departing
Lenders’ commitments (the “Prepayment”);

 

WHEREAS, concurrently
with the Prepayment, each person identified as an “Increasing Lender” on the signature pages hereto wishes to increase
the aggregate amount of their commitments under the Credit Agreement, each person identified as a “Reducing Lender”
on the signature pages hereto wishes to reduce the aggregate amount of their commitments under the Credit Agreement, and each person
identified as a “New Lender” on the signature pages hereto wishes to become a Lender under the Credit Agreement; and

 

WHEREAS, the Existing
Continuing Lenders are willing to make such changes to the Existing Credit Agreement upon the terms and subject to the conditions
set forth herein.

 

NOW, THEREFORE,
in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree that, effective
as of the Restatement Effective Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

Article I

 

DEFINITIONS

 

Section 1.01.         Defined
Terms. As used in this Agreement, the following terms have the meanings specified below and the terms defined in Section
5.13 have the meanings assigned thereto in such section:

 

     

     

    

 

“2020 Notes”
means, in each case as in effect on August 11, 2015, the Borrower’s (a) 6.375% Notes due 2020 in the initial aggregate principal
amount of $2,055,000 due February 15, 2020, (b) 6.375% Notes due 2020 in the initial aggregate principal amount of $1,000,000 due
February 15, 2020, (c) 6.375% Notes due 2020 in the initial aggregate principal amount of $1,050,000 due February 15, 2020, (d)
6.375% Notes due 2020 in the initial aggregate principal amount of $500,000 due March 15, 2020, (e) 6.375% Notes due 2020 in the
initial aggregate principal amount of $124,000 due April 15, 2020, (f) 6.25% Notes due 2020 in the initial aggregate principal
amount of $17,000,000 due April 15, 2020 and (g) 6.50% Notes due 2020 in the initial aggregate principal amount of $16,853,000
due April 15, 2020.

 

“2021 Notes”
means, in each case as in effect on the Restatement Effective Date, the Borrower’s (a) 6.50% Notes due 2021 in the initial
aggregate principal amount of $2,688,000 due February 15, 2021, (b) 6.50% Notes due 2021 in the initial aggregate principal
amount of $2,165,000 due February 15, 2021, (c) 6.50% Notes due 2021 in the initial aggregate principal amount of $548,000
due February 15, 2021, (d) 6.375% Notes due 2021 in the initial aggregate principal amount of $2,816,000 due June 15, 2021,
(e) 6.375% Notes due 2021 in the initial aggregate principal amount of $1,744,000 due June 15, 2021, (f) 6.375% Notes
due 2021 in the initial aggregate principal amount of $872,000 due June 15, 2021, (g) 6.375% Notes due 2021 in the initial
aggregate principal amount of $711,000 due June 15, 2021, (h) 6.25% Notes due 2021 in the initial aggregate principal amount
of $2,669,000 due July 15, 2021, and (i) 6.25% Notes due 2021 in the initial aggregate principal amount of $787,000 due July
15, 2021.

 

“2022 Notes”
means, in each case as in effect on the Restatement Effective Date, the Borrower’s (a) 6.50% Notes due 2022 in the initial
aggregate principal amount of $1,331,000 due January 15, 2022 and (b) 6.75% Notes due 2022 in the initial aggregate principal
amount of $87,000 due April 15, 2022.

 

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

 

“Adjusted Borrowing
Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing
Base.

 

“Adjusted Covered
Debt Balance” means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of
Cash and Cash Equivalents included in the Borrowing Base.

 

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

 

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

 

    	 	2	 

     

    

 

“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.

 

“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” of an Obligor shall not include any Person that constitutes a Portfolio Investment held by any Obligor
in the ordinary course of business.

 

“Affiliate Agreements”
means, collectively, (a) the Amended and Restated Investment Advisory Agreement, dated as of May 4, 2018, by and between the Borrower
and the Investment Advisor, and (b) the License Agreement, dated as of May 5, 2014, by and between the Borrower and the Investment
Advisor.

 

“Affiliate Investment”
means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls more than 25% of the Equity
Interests.

 

“Agency Account”
has the meaning assigned to such term in Section 5.08(c)(v).

 

“Agreed Foreign
Currency” means, at any time, any of Canadian Dollars, Euros, Pounds Sterling and, with the prior consent of each Multicurrency
Lender, any other Foreign Currency, so long as, in respect of any such Foreign Currency, at such time (a) such Foreign Currency
is dealt with in the London interbank deposit market, (b) such Foreign Currency is freely transferable and convertible into Dollars
in the London foreign exchange market and (c) 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 Loan hereunder and/or to permit the Borrower to borrow and
repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and
effect.

 

“Agreement”
has the meaning assigned to such term in the preamble of this Agreement.

 

“Alcentra Holdings”
means BNY Alcentra Group Holdings, Inc., a Delaware corporation.

 

“Alternate Base
Rate” means, for any date, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate for such day plus 1⁄2 of 1%, (c) the LIBO Rate for deposits in Dollars for a period of
three (3) months plus 1% and (d) zero. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or such LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the
Federal Funds Effective Rate, or such LIBO Rate, as the case may be.

 

    	 	3	 

     

    

 

“Anti-Corruption
Laws” means, collectively with the FCPA, any applicable law or regulation implementing the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions.

 

“Applicable
Commitment Fee Rate” means, with respect to any day during the period commencing on the Original Effective Date and ending
on the earlier of the date the Commitments are terminated and the Revolver Termination Date, a rate per annum equal to (x) 1.00%,
if the utilized portion of the aggregate Commitments as of the close of business on such day (after giving effect to Borrowings,
prepayments and Commitment reductions on such day) is less than or equal to an amount equal to thirty-five percent (35%) of such
aggregate Commitments and (y) 0.50%, if the utilized portion of the aggregate Commitments as of the close of business on such day
(after giving effect to Borrowings, prepayments and Commitment reductions on such day) is greater than an amount equal to thirty-five
percent (35%) of such aggregate Commitments.

 

For purposes of determining
the Applicable Commitment Fee Rate, the Commitments shall be deemed to be utilized to the extent of the outstanding Loans of all
Lenders.

 

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

 

“Applicable
Margin” means, if the contribution to the Borrowing Base of Eligible Portfolio Investments that are Long-Term U.S. Government
Securities and First Lien Bank Loans (other than First Lien Bank Loans that have an issuer with a trailing twelve month total debt
to EBITDA ratio of greater than 6.00x) is (a) greater than or equal to 70%, then (i) 1.50% per annum, in the case of
ABR Loans and (ii) 2.50% per annum, in the case of Eurocurrency Loans; and (b) less than 70%, then (i) 1.75% per
annum, in the case of ABR Loans and (ii) 2.75% per annum, in the case of Eurocurrency Loans. Any change in the Applicable
Margin due to a change in the contribution to the Borrowing Base of Eligible Portfolio Investments that are Long-Term U.S. Government
Securities and First Lien Bank Loans (other than First Lien Bank Loans that have an issuer with a trailing twelve month total debt
to EBITDA ratio of greater than 6.00x) shall be as specified in reasonable detail in the Borrowing Base Certificate required to
be delivered pursuant to Section 5.01(d) immediately prior to the Applicable Margin Determination Date, and shall be effective
from and including such Applicable Margin Determination Date until the immediately succeeding Applicable Margin Determination Date;
provided, however, that if the Borrower fails to provide such Borrowing Base Certificate prior to such Applicable
Margin Determination Date, the Applicable Margin for the applicable period shall be determined pursuant to clause (b) of this definition.

 

    	 	4	 

     

    

 

“Applicable
Margin Determination Date” means the Restatement Effective Date and, thereafter, the last Business Day of each calendar
month.

 

“Applicable
Multicurrency Percentage” means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency
Commitments represented by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated
or expired, the Applicable Multicurrency Percentage shall be determined based upon the Multicurrency Commitments most recently
in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitments. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments
most recently in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Approved Dealer”
means (a) in the case of any Eligible 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 as set forth on
Schedule 1.01(a), (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities as
set forth on Schedule 1.01(a), or (c) any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable
determination.

 

“Approved Pricing
Service” means (a) a pricing or quotation service as set forth in Schedule 1.01(a) or (b) any other pricing
or quotation service (i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower 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), and (iii) acceptable to the Administrative Agent in
its reasonable determination.

 

“Approved Third-Party
Appraiser” means any Independent nationally recognized third-party appraisal firm (a) designated by the Borrower 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 firm has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in making
valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company
Act) and (b) acceptable to the Administrative Agent, provided that, if any proposed appraiser requests or requires a non-reliance
letter, confidentiality agreement or similar agreement prior to allowing the Administrative Agent to review any written valuation
report, such Person shall only be deemed an Approved Third-Party Appraiser if the Administrative Agent and such Approved Third-Party
Appraiser shall have entered into such a letter or agreement on customary and reasonable terms. Subject to the foregoing (other
than clause (b)), it is understood and agreed that, so long as the same are Independent third-party appraisal firms approved by
the Board of Directors of the Borrower, Stout Risius Ross, Duff & Phelps, Murray, Devine and Company, Lincoln Advisors, Houlihan
Lokey, Alvarez & Marsal and Valuation Research Corporation are acceptable to the Administrative Agent solely to the extent
they are not serving as the Independent Valuation Provider.

 

    	 	5	 

     

    

 

“Asset Coverage
Ratio” means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less
all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing
indebtedness (which for the avoidance of doubt, shall include Guarantees made by the Borrower or any of its Subsidiaries pursuant
to Section 6.01(j)) of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders
of the SEC issued to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance
with any exemptive order issued by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act
relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such
order is in effect, (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee and
(c) such Indebtedness is held or guaranteed by the SBA. For the avoidance of doubt, the outstanding utilized notional amount of
any Total Return Swap less all of the cash collateral supporting such Total Return Swap at such time shall be treated as a Senior
Security for the purposes of calculating the Asset Coverage Ratio.

 

“Asset Sale”
means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition
to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of any Obligor’s
assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired; provided, however, the term “Asset Sale” as used in this Agreement shall not include the disposition of Portfolio
Investments originated by the Borrower and promptly transferred to a Financing Subsidiary pursuant to the terms of Section 6.03(e)
hereof.

 

“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(b)), 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 2.06(f)(i).

 

“Availability
Period” means the period from and including the Restatement Effective Date to but excluding the earlier of the Revolver
Termination Date and the date of termination of the Commitments.

 

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

 

“Bail-In Legislation”
means, 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 for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

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

 

    	 	6	 

     

    

 

“Beneficial
Ownership Certification” means a certification regarding a beneficial ownership required by the Beneficial Ownership
Regulation.

 

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

 

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

 

“Board of Directors”
means, with respect to any person, (a) in the case of any corporation, the board of directors of such person, (b) in the case of
any limited liability company, the board of managers of such person, or if there is none, the Board of Directors of the managing
member of such Person, (c) in the case of any partnership, the Board of Directors of the general partner of such person and (d)
in any other case, the functional equivalent of the foregoing.

 

“Borrower”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Borrowing”
means Loans of the same Type made, converted or continued on the same date and, in the case of Eurocurrency Loans, that have the
same Interest Period.

 

“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 B
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
D hereto or such other form as is reasonably acceptable to the Administrative Agent.

 

“Business Day”
means any day (a) 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, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation
or conversion of or into, or the Interest Period for, a Eurocurrency Borrowing denominated in Dollars, or to a notice by the Borrower
with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which
dealings in deposits denominated in Dollars are carried out in the London interbank market and (c) if such day relates to a borrowing
of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for,
any Borrowing denominated in any Foreign Currency, or to a notice by the Borrower with respect to any such borrowing, payment,
prepayment, continuation, conversion, or Interest Period, that is also a day on which commercial banks and the London foreign exchange
market settle payments in the Principal Financial Center for such Foreign Currency.

 

    	 	7	 

     

    

 

“CAM Exchange”
means the exchange of the Lenders’ interests provided for in Article VII.

 

“CAM Exchange
Date” means the first date on which there shall occur (a) an event referred to in paragraph (h) or (i)
of Article VII or (b) an acceleration of Loans pursuant to Article VII.

 

“CAM Percentage”
means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent
of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange
Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders
(whether or not at the time due and payable) immediately prior to the CAM Exchange Date.

 

“Canadian Dollar”
means the lawful money of Canada.

 

“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 or finance 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 Agreed Foreign Currency (measured in terms of the Dollar Equivalent
thereof).

 

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

 

(a)          Short-Term
U.S. Government Securities (as defined in Section 5.13);

 

(b)          investments
in commercial paper maturing within 180 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, Canada or any province thereof,
the United Kingdom or, if consented to by the Administrative Agent in its sole discretion, 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;

 

    	 	8	 

     

    

 

(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; and

 

(e)          investments
in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the types described
in clauses (a) through (d) above;

 

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, certificates of deposit or repurchase agreements) shall
not include any such investment representing more than 25% 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, with respect to any Interest Period, the rate per annum equal to the average of the annual yield rates applicable to Canadian
Dollar bankers’ acceptances at or about 10:00 a.m., Toronto, Ontario time, on the day that is two Business Days prior to
the first day of such Interest Period as reported on the “CDOR Page” (or any display substituted therefor) of Reuters
Monitor Money Rates Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian
Dollar bankers’ acceptances as may be designated by the Administrative Agent from time to time) for a term equivalent to
such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months
closest to such Interest Period); provided that if the CDOR Rate is less than zero, such rate shall be zero for purposes
of this Agreement.

 

“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 SEC thereunder as in effect on the Original 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, (c) the Investment Advisor shall cease to be the sole investment adviser of the Borrower,
(d) Alcentra Holdings fails to own, directly or indirectly, all of the issued and outstanding membership interests of the Investment
Advisor, (e) The Bank of New York Mellon Corporation fails to own, directly or indirectly, at least 51% of (x) each class of outstanding
voting stock of Alcentra Holdings and (y) the economic rights associated with all classes of outstanding stock of Alcentra Holdings,
or (f) The Bank of New York Mellon Corporation ceases to Control Alcentra Holdings.

 

    	 	9	 

     

    

 

“Change in Law”
means (a) the adoption of any law, rule or regulation or treaty after the Original Effective Date, (b) any change in any law, rule
or regulation or treaty or in the interpretation, implementation or application thereof by any Governmental Authority after the
Original Effective Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b) or Section 2.17(a),
by such Lender’s holding company, if any, or by any lending office of such Lender) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the Original 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 or directives in connection therewith and (II) all requests, rules, guidelines or directives promulgated
by the Bank For International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law” regardless of the date enacted, adopted, issued, promulgated or implemented.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to 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 Dollar Lender or a Multicurrency
Lender; and when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency
Commitment.

 

“Code”
means the United States 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 ING Capital LLC in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes
any successor Collateral Agent thereunder.

 

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

 

“Commitment
Increase” has the meaning assigned to such term in Section 2.06(f)(i).

 

“Commitment
Increase Date” has the meaning assigned to such term in Section 2.06(f)(i).

 

“Consolidated
Adjusted Interest Expense” means, for any period with respect to the Borrower and its Subsidiaries on a consolidated
basis, the sum of (x) amounts paid in respect of interest (including any default rate of interest, if applicable) and any
commitment and other fees treated as interest under GAAP (other than any original issue discount) applicable to any Indebtedness
plus (y) the net amount paid in cash (or minus the net amount received in cash) under Hedging Agreements permitted
under Section 6.04 relating to interest during such period and to the extent not already taken into account under clause
(x) plus (z) if the Borrower or any of its Subsidiaries is a counterparty to any Total Return Swap, the net amount paid
in cash relating to interest on the outstanding utilized notional amount of such Total Return Swap less all of the cash collateral
supporting such Total Return Swap during such period.

 

    	 	10	 

     

    

 

“Consolidated
EBIT” means, for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, income (including,
for the avoidance of doubt, interest and fees generated by Total Return Swap reference assets) after deduction of all expenses
and other proper charges other than Taxes, Consolidated Interest Expense and non-cash employee stock options expense and excluding
(a) net realized gains or losses (including, for the avoidance of doubt, in connection with the sale or repayment of Total
Return Swap reference assets), (b) net change in unrealized appreciation or depreciation, (c) gains on re-purchases of
Indebtedness, (d) the amount of interest paid-in-kind to the Borrower or any of its Subsidiaries (“PIK”)
to the extent such amount exceeds the sum of (i) PIK interest collected in cash (including any amortization payments on such
applicable debt instrument up to the amount of PIK interest previously capitalized thereon) and (ii) realized gains collected
in cash (net of realized losses); provided that the amount determined pursuant to this clause (d)(ii) shall not be
less than zero, all as determined in accordance with GAAP, and (e)  other non-cash charges and gains to the extent included
to calculate income.

 

“Consolidated
Interest Coverage Ratio” means the ratio as of the last day of any fiscal quarter of the Borrower and its Subsidiaries
on a consolidated basis of (a) Consolidated EBIT for the four fiscal quarter period then ending, taken as a single accounting
period, to (b) Consolidated Adjusted Interest Expense for such four fiscal quarter period.

 

“Consolidated
Interest Expense” means, with respect to the Borrower and its Subsidiaries on a consolidated basis and for any period,
the sum of (x) the total consolidated interest expense (including capitalized interest expense and interest expense attributable
to Capital Lease Obligations) of the Borrower and/or its Subsidiaries and in any event shall include all interest expense with
respect to any Indebtedness in respect of which the Borrower and/or its Subsidiaries is wholly or partially liable plus
(y) the net amount paid or payable (or minus the net amount receivable) under Hedging Agreements permitted under Section 6.04
relating to interest during such period (whether or not actually paid or received during such period) and to the extent not already
taken into account under clause (x) plus (z) if the Borrower or any of its Subsidiaries is a counterparty to any Total Return
Swap, the interest payable (on the outstanding utilized notional amount of such Total Return Swap less all of the cash collateral
supporting such Total Return Swap) during such period (whether or not actually paid or received during such period).

 

“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.

 

“Control Account”
has the meaning assigned to such term in Section 5.08(c)(ii).

 

“Covered Debt
Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date, plus
(y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind
interest) of Other Covered Indebtedness outstanding on such date, plus (z) the aggregate amount of Guarantees of the Borrower
pursuant to Section 6.01(j) outstanding on such date.

 

    	 	11	 

     

    

 

“Covered Taxes”
means (i) Taxes other than Excluded Taxes and (ii) Other Taxes.

 

“Currency”
means Dollars or any Foreign Currency.

 

“Currency Valuation
Notice” has the meaning assigned to such term in Section 2.08(b).

 

“Custodian”
means State Street Bank and Trust Company, or any other financial institution mutually agreeable to the Collateral Agent and the
Borrower, as custodian holding documentation for Portfolio Investments and accounts of the Obligors holding Portfolio Investments,
on behalf of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent. The term “Custodian” includes
any agent or sub-custodian acting on behalf of the Custodian pursuant to the terms of the Custodian Agreement.

 

“Custodian Account”
means an account subject to a Custodian Agreement.

 

“Custodian Agreement”
means, collectively, (a) the Amended and Restated Control Agreement, dated as of the Restatement Effective Date, among the Borrower,
the Collateral Agent, and State Street Bank and Trust Company, (b) the Amended and Restated Control Agreement, dated as of the
Restatement Effective Date, among Alcentra BDC Equity Holdings, LLC, the Collateral Agent, and State Street Bank and Trust Company,
and (c) such other control agreements as may be entered into by and among an Obligor, the Collateral Agent and a Custodian, in
form and substance reasonably acceptable to the Collateral Agent.

 

“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.

 

    	 	12	 

     

    

 

“Defaulting
Lender” means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any
portion of its Loans within three (3) Business Days of the date required to be funded by it hereunder, unless, in the case
of any Loans, such Lender notifies the Administrative Agent in writing that 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, 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 that it does not intend to comply
with its funding obligations under this Agreement (unless such writing or public statement states that such position is based on
such Lender’s determination that one or more conditions precedent to funding (which conditions 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 (3) Business Days after request by the Administrative Agent to confirm in writing that it will comply with the
terms of this Agreement relating to its obligations to fund prospective Loans (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),
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis
amount) required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good
faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any
Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company that
has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets
to be, insolvent, (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 (iii) become the subject of a Bail-In Action
(unless in the case of any Lender referred to in this clause (e) the Borrower and the Administrative Agent shall be satisfied in
the exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to
continue to perform its obligations as a Lender hereunder); provided that a Lender shall not qualify as a Defaulting Lender
solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise
of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely
as a result of an Undisclosed Administration, so long as such ownership interest or Undisclosed Administration 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.

 

“Departing Lenders”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Direct Competitor”
means any Person designated by the Borrower to the Administrative Agent that is a business development company and is a “direct
competitor” of the Borrower, and is specified on a list, which shall not include more than twenty (20) Persons, on file with
the Administrative Agent on the Effective Date, which such list may be updated (but in no event will include more than twenty (20)
Persons) from time to time when no Event of Default is in existence by the Borrower with the consent of the Administrative Agent.

 

“Designated
Obligations” means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b)
accrued and unpaid fees under the Commitments.

 

    	 	13	 

     

    

 

“Dollar Commitment”
means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars hereunder,
expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Dollar Credit Exposure hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Sections 2.06 and 2.08(c)
or as otherwise provided in this Agreement 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 Dollar Commitment as of the Restatement
Effective Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender
shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the Restatement
Effective Date is $50,000,000.

 

“Dollar Equivalent”
means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to
an amount denominated in any Foreign Currency, the amount of 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 (or
other foreign currency broker reasonably acceptable to 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.

 

“Dollar Lender”
means the Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) 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.

 

“Dollar Loan”
means a Loan denominated in Dollars made by a Dollar Lender.

 

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

 

“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 clause (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.

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record.

 

    	 	14	 

     

    

 

“Eligible Liens”
means any right of offset, banker’s lien, security interest or other like right against the Portfolio Investments held by
the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account, provided that
such rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest
in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein.

 

“Eligible Portfolio
Investment” means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing
Base, Cash and Cash Equivalents held by any Obligor) that, in each case, meets all of the criteria set forth on Schedule 1.01(d)
hereto; provided, that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment
or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject
to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment,
Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security
Agreement). Without limiting the generality of the foregoing, it is understood and agreed that (i) any Portfolio Investments that
have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held
by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary and (ii) Special Equity Interests shall not
be treated as Eligible Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear of
all Liens (other than Eligible Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i),
which provide that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible
Portfolio Investment shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will not
be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has
been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such Investment
shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

“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. As used in this Agreement, “Equity Interests” shall not include convertible
debt unless and until such debt has been converted to capital stock.

 

“Equity Redemption
Amount” means, as of any date of determination, an amount equal to the result of (x) $10,000,000 minus (y) the amount
of redemptions of notes made in accordance with Section 6.12(c) on or prior to such date of determination.

 

“ERISA”
means the United States 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.

 

    	 	15	 

     

    

 

“ERISA Event”
means (a) any “reportable event,” as defined in Section 4043 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) with respect to any Plan that
is intended to qualify under Section 401(a) of the Code, the notification by the Internal Revenue Service of its intent to disqualify
the Plan; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard (as defined in Sections 412
and 430 of the Code or Sections 302 and 303 of ERISA), whether or not waived; (d) 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;
(e) the incurrence by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower, any of its Subsidiaries or
any of their respective ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate
any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower, any of its Subsidiaries
or any of their respective ERISA Affiliates of any Withdrawal Liability; (h) the occurrence of any nonexempt prohibited transaction
within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to any Plan; (i) the failure to make any required
contribution to a Multiemployer Plan or failure to make by its due date any required contribution to any Plan; (j) the receipt
by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, or the receipt by any Multiemployer
Plan from the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA; or (k) the incurrence with respect to any “employee benefit plan” as defined
in Section 3(3) of ERISA that is sponsored or maintained by the Borrower, any of its Subsidiaries or any of their respective ERISA
Affiliates or with respect to which the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates has any liability
of any material liability for post-retirement health or welfare benefits, except as may be required by 4980B of the Code or similar
laws.

 

“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.

 

“Euro”
means the lawful currency of the member states of the European Union that have adopted and retained a common single currency through
monetary union in accordance with European Union treaty law, as such treaty law is amended from time to time.

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are,
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. For clarity, a Loan or Borrowing bearing interest
by reference to clause (c) of the definition of Alternate Base Rate shall not be a Eurocurrency Loan or Eurocurrency Borrowing.

 

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

 

    	 	16	 

     

    

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended from time to time.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, 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
(i) 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 (ii) 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 Documents, or
sold or assigned an interest in any Loan or Loan Document), (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 Lender (other
than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any U.S. withholding tax that is imposed
on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or designates a new lending office) or
is attributable to such Lender’s failure or inability to comply with Section 2.14(e), except to the extent, other
than in a case of failure to comply with Section 2.14(e), that such Lender (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 2.14(a), and (d) any withholding taxes imposed under FATCA.

 

“Existing Continuing
Lenders” has the meaning assigned to such term in the preamble to this Agreement.

 

“Existing Lenders”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Existing Loans”
has the meaning assigned to such term in the preamble to this Agreement.

 

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

 

“External Unquoted
Value” means (i) with respect to Borrower Tested Assets, the Borrower External Unquoted Value and (ii) with respect to
IVP Tested Assets, the IVP External Unquoted Value.

 

“Extraordinary
Receipts” means any cash received by or paid to any Obligor on account of any foreign, United States, state or local
tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with
any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received not in the ordinary course
of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement
and proceeds of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity Interests by the
Borrower and issuances of Indebtedness by any Obligor), provided, however, that Extraordinary Receipts shall
not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.14(g),
or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity
payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds,
awards or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and
promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of
such Person with respect thereto.

 

    	 	17	 

     

    

 

“FATCA”
means (1) Sections 1471 through 1474 of the Code, as of the Original Effective Date (or any amendment or successor version that
is substantively comparable and not materially more onerous to comply with), (2) any current or future regulations or official
interpretations thereof and (3) any agreements entered into pursuant to Section 1471(b)(1) of the Code or pursuant to any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such Sections of the Code.

 

“FCPA”
has the meaning assigned to such term in Section 3.23.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that
if the Federal Funds Effective Rate is less than zero, such rate shall be zero for purposes of this Agreement.

 

“Financial Officer”
means the chief executive officer, president, co-president, chief financial officer, chief accounting officer, principal accounting
officer, treasurer or controller of the Borrower, in each case, who has been authorized by the Board of Directors of the Borrower
to execute the applicable document or certificate.

 

“Financing Subsidiary”
means (a) any SBIC Subsidiary or (b) any Structured Subsidiary.

 

“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 Eligible
Portfolio Investments” means any Eligible Portfolio Investment with respect to which the requirements of paragraph 11
of Schedule 1.01(d) hereto are met by reference to any Permitted Foreign Jurisdiction.

 

    	 	18	 

     

    

 

“Foreign Lender”
means any Lender that is not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created
or organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject
to U.S. federal income taxation regardless of the source of its income.

 

“Fund III”
means BNY Mellon-Alcentra Mezzanine III, L.P., a Delaware limited partnership.

 

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

 

“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
(including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

 

“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 or customary indemnification agreements entered
into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee
at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect
of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount
equal to such lesser amount).

 

“Guarantee and
Security Agreement” means that certain Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the
Restatement Effective Date, among the Borrower, the Subsidiary Guarantors, the Administrative Agent, each holder (or a representative,
agent or trustee therefor) from time to time of any Secured Longer-Term Indebtedness, and the Collateral Agent, as the same shall
be amended, restated, modified and supplemented from time to time.

 

    	 	19	 

     

    

 

“Guarantee Assumption
Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and
Security Agreement between the Collateral 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. For the avoidance of doubt, in no event shall
a Hedging Agreement include a total return swap.

 

“Hedging Agreement
Obligations” has the meaning specified in the Guarantee and Security Agreement.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.06(f)(i).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits,
loans or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt 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 (other
than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than 90 days after the
date on which such trade account payable was due), (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 (with the value of such debt being the
lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien), (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, (i) the amount such Person
would be obligated for under any Hedging Agreement if such Hedging Agreement was terminated at mid-market at that time, (j) redeemable
preferred and other equity, and (k) 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 (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing, “Indebtedness”
shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase
price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment or (y) a commitment
arising in the ordinary course of business to make a future Portfolio Investment.

 

    	 	20	 

     

    

 

“Independent”
when used with respect to any specified Person means the more restrictive of the following: (a) that such Person (i) does
not have any direct financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or
Affiliates (including its investment adviser or any Affiliate thereof) other than ownership of publicly traded stock of the
Borrower or any such Subsidiary or Affiliate with a market value not to exceed $1,000,000 and (ii) is not an officer, employee,
promoter, underwriter, trustee, partner, director or a Person performing similar functions of the Borrower or of its Subsidiaries
or Affiliates (including its investment adviser or any Affiliate thereof), (b) the definition of “disinterested” as
defined in the Investment Company Act or (c) the definition of “independent” as defined in the Exchange Act.

 

“Independent
Valuation Provider” means any of Stout Risius Ross, Duff & Phelps, Murray, Devine and Company, Lincoln Advisors,
Houlihan Lokey, Alvarez & Marsal and Valuation Research Corporation, or any other Independent nationally recognized third-party
appraisal firm selected by the Administrative Agent.

 

“Industry Classification
Group” means any of the classification groups that are currently in effect by Moody’s or may be subsequently established
by Moody’s and provided by the Borrower to the Lenders.

 

“ING”
means ING Capital LLC.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.

 

“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.

 

“Interest Period”
means, for any Eurocurrency Loan or Borrowing, 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, two, three or six months thereafter or, with respect to such portion
of any Loan or Borrowing that is scheduled to be repaid on the Maturity Date, a period of less than one month’s duration
commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified in the applicable Interest Election
Request; provided, that (a) 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 (b) any Interest Period (other than an Interest
Period 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.

 

    	 	21	 

     

    

 

“Internal Value”
has the meaning set forth in Section 5.12(b)(ii)(C).

 

“Internotes”
means, collectively, the 2020 Notes, the 2021 Notes and the 2022 Notes.

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible
securities) 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
Advisor” means Alcentra NY, LLC, a Delaware limited liability company.

 

“Investment
Policies” means the written statement of the investment objectives, policies, restrictions and limitations of the Borrower
and the Borrower’s investment allocation policy between affiliated investment vehicles managed directly or indirectly by
the Investment Advisor, as delivered on or prior to the Restatement Effective Date pursuant to Section 4.01(j), as may be
amended or modified from time to time by a Permitted Policy Amendment.

 

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

 

“IVP Tested
Assets” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(x).

 

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

 

“LIBO Quoted
Currency” means each of the following currencies: Dollars; Euros; and Pounds Sterling, in each case so long as there
is a published LIBO Rate with respect thereto.

 

“LIBO Rate”
means, for any Interest Period:

 

    	 	22	 

     

    

 

(a)          for any Eurocurrency
Borrowing denominated in a LIBO Quoted Currency, (i) the Intercontinental Exchange Benchmark Administration Ltd. LIBO Rate (or
the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates available)
per annum for deposits in such Currency for a period equal to the Interest Period appearing on the display designated as Reuters
Screen LIBO01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange Benchmark
Administration Ltd. LIBO Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer
making such rates available) for the display of such Administration’s Interest Settlement Rates for deposits in such Currency)
as of 11:00 a.m., London time on the day that is two Business Days prior to the first day of the Interest Period (or if such
Reuters Screen LIBO01 Page is unavailable for any reason at such time, the rate which appears on the Reuters Screen ISDA Page as
of such date and such time); (ii) if the Administrative Agent determines that the sources set forth in clause (i) are unavailable
for the relevant Interest Period, LIBO Rate for purposes of this clause (a) shall mean the rate of interest determined by the Administrative
Agent to be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rates per annum at which
deposits in such Currency are offered to the Administrative Agent two (2) business days preceding the first day of such Interest
Period by leading banks in the London interbank market as of 11:00 a.m. for delivery on the first day of such Interest Period,
for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion
of the relevant Eurocurrency Borrowing; or (iii) subject to Section 2.11, if the Administrative Agent determines that the
sources set forth in clause (i) are permanently unavailable for the relevant Interest Period, LIBO Rate for purposes of this clause
(a) shall mean a comparable or successor rate, which rate is reasonably approved by the Administrative Agent in consultation with
the Borrower and the Lenders and which rate is consistent with the then prevailing market convention for determining a rate of
interest for syndicated loans in the applicable Currency in the United States at such time. To the extent a comparable or successor
rate is approved by the Administrative Agent in consultation with the Borrower and the Lenders in accordance with clause (iii)
above, the approved rate shall be applied in a manner consistent with market practice; provided that to the extent such
market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner
as otherwise reasonably determined by the Administrative Agent;

 

(b)          for any Eurocurrency
Borrowings denominated in Canadian Dollars, the CDOR Rate per annum;

 

(c)          for any Eurocurrency
Borrowings denominated in Non-LIBO Quoted Currencies (other than Canadian Dollars), the calculation of the applicable reference
rate shall be determined in accordance with market practice;

 

provided that if the LIBO Rate under
clause (a), (b) or (c) is less than zero for the relevant Interest Period, such rate shall be deemed to be zero for such Interest
Period.

 

“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, except in favor of the issuer thereof (and, in the case of Portfolio Investments that are equity securities,
excluding customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of
the same issuer).

 

“Loan Documents”
means, collectively, this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents.

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

    	 	23	 

     

    

 

“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 D, T, U and X.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken as a whole)
and other assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower and its
Subsidiaries (other than the Financing Subsidiaries), taken as a whole, 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 or the ability of the Obligors
to perform their respective obligations thereunder.

 

“Material Indebtedness”
means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries
(including any Financing Subsidiary) in an aggregate principal amount exceeding $2,000,000 and (b) obligations in respect
of one or more Hedging Agreements or other swap or derivative transactions (including any Total Return Swap) under which the maximum
aggregate amount (giving effect to any netting agreements) that the Borrower and its Subsidiaries would be required to pay
if such Hedging Agreement(s) or other swap or derivative transactions (including any Total Return Swap) were terminated at
such time at mid-market would exceed $2,000,000.

 

“Maturity Date”
means the date that is the one year anniversary of the Revolver Termination Date.

 

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

 

“Multicurrency
Commitments” means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans
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 hereunder, as such commitment may be (a) reduced or increased
from time to time pursuant to Sections 2.06 and 2.08(c) or as otherwise provided in this Agreement 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 1.01(b),
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate
amount of the Lenders’ Multicurrency Commitments as of the Restatement Effective Date is $65,000,000.

 

“Multicurrency
Lender” means the Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06)
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.

 

    	 	24	 

     

    

 

“Multicurrency
Loan” means a Loan denominated in Dollars or in an Agreed Foreign Currency made pursuant to the Multicurrency Commitments.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA.

 

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

 

“Net Asset Sale
Proceeds” means, with respect to any Asset Sale, an amount equal to (a) the sum of Cash payments and Cash Equivalents
received by the Obligors from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant
to, or by monetization of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees,
commissions, premiums and expenses actually incurred by any Obligor directly incidental to such Asset Sale and paid in cash to
a Person that is not an Affiliate of any Obligor (or if paid in cash to an Affiliate, only to the extent such expenses are reasonable
and customary), minus all taxes paid or reasonably estimated to be payable as a result of such Asset Sale (after taking
into account any tax credits or deductions that are reasonably expected to be available).

 

“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.02(d).

 

“Non-LIBO Quoted
Currency” means any Currency other than a LIBO Quoted Currency.

 

“Non-Pledged
Financing Subsidiary” means, with respect to any Financing Subsidiary, the Equity Interest of such Financing Subsidiary
is not subject to a first-priority perfected security interest in favor of the Collateral Agent securing the Secured Obligations
under and as defined in the Guarantee and Security Agreement.

 

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

 

“Obligors’
Net Worth” means, at any date, the Stockholders’ Equity at such date, minus (x) the net asset value held by any
Obligor in any non-Obligor Subsidiary and (y) the net asset value held by any Obligor in any Special Equity Interest.

 

“OFAC”
has the meaning assigned to such term in Section 3.19.

 

“Original Effective
Date” means May 8, 2014.

 

“Other Covered
Indebtedness” means, collectively, Secured Longer-Term Indebtedness and Unsecured Shorter-Term Indebtedness.

 

“Other Permitted
Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any
Obligor’s business that are overdue for a period of more than 90 days and which are not being contested in good faith by
appropriate proceedings, (b) 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 (k) of
Article VII, (c) Indebtedness incurred in the ordinary course of business to finance equipment and fixtures; provided
that such Indebtedness does not exceed $100,000 in the aggregate at any time outstanding; and (d) other Indebtedness not to exceed
$1,000,000 in the aggregate.

 

    	 	25	 

     

    

 

“Other Taxes”
means any and all present or future stamp, court, documentary, intangible, recording or filing 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,
performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document.

 

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

 

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

 

“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, landlord,
and repairmen’s Liens and other similar Liens arising in the ordinary course of business and securing obligations (other
than Indebtedness for borrowed money) 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; (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;
(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; (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, in the case of each of clauses (i) through (iii) above, securing payment of fees, indemnities,
charges for returning items 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) zoning restrictions, easements, licenses, or other
restrictions on the use of any real estate (including leasehold title), in each case which do not interfere with or affect in any
material respect the ordinary course conduct of the business of the Borrower and its Subsidiaries; (j) purchase money Liens on
specific equipment and fixtures provided that (i) such Liens only attach to such equipment and fixtures, (ii) the Indebtedness
secured thereby is incurred pursuant to clause (c) of the definition of “Other Permitted Indebtedness” and (iii) the
Indebtedness secured thereby does not exceed the lesser of the cost and the fair market value of such equipment and fixtures at
the time of the acquisition thereof; (k) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary
course of business; and (l) Eligible Liens.

 

    	 	26	 

     

    

 

“Permitted Policy
Amendment” is an amendment, modification, termination or restatement of the Investment Policies, that either is (a) 
approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b)  required by applicable law
or Governmental Authority, or (c) not material.

 

“Permitted SBIC
Guarantee” means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable
form; provided that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of
an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided
in clause (q) of Article VII, it shall be an Event of Default hereunder if any such event or condition giving rise
to such recourse occurs).

 

“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 within the meaning of Section 3(2) of ERISA (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Sections 412 and 430 of the Code or Section 302 and 303 of ERISA, and
in respect of which the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates is (or would under Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Portfolio Company”
means the issuer or obligor under any Portfolio Investment held by any Obligor.

 

“Portfolio Investment”
means any Investment held by the Borrower and its Subsidiaries in their asset portfolio and included on the schedule of investments
on the financial statements of the Borrower delivered pursuant to Section 5.01(a) or (b) (or, for any Investment
made during a given quarter and before a schedule of investments is required to be delivered pursuant to Section 5.01(a)
or (b), as applicable, with respect to such quarter, is intended to be included on the schedule of investments when such
Investment is made and is in fact included on the schedule of investments delivered pursuant to Section 5.01(a) or (b),
as applicable, with respect to such quarter) (and, for the avoidance of doubt, shall not include any Subsidiary of the Borrower).

 

    	 	27	 

     

    

 

“Pounds Sterling”
means the lawful currency of England.

 

“Prime Rate”
means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate”
(or its successor), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest
or best rate actually charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans
at rates of interest at, above, or below the Prime Rate.

 

“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 assigned to such term in Section 2.03(a)

 

“Pro-Rata Dollar
Portion” means, in connection with any Pro-Rata Borrowing in Dollars, 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 Commitments of all Lenders at such time.

 

“Pro-Rata Multicurrency
Portion” means, in connection with any Pro-Rata Borrowing in Dollars, 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 Commitments of all Lenders at such time.

 

“Quarterly Dates”
means the last Business Day of March, June, September and December in each year, commencing on June 30, 2014.

 

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

 

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

 

“Regulations
D, T, U and X” means, respectively, Regulations D, T, U and X of the Board (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, partners, officers, employees,
agents and advisors of such Person and such Person’s Affiliates.

 

“Required Lenders”
means, at any time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing
more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if
there are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit
Exposures and unused Commitments representing more than two-thirds of the sum of the total Revolving Credit Exposures and unused
Commitments at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders”
shall mean all Lenders. The “Required Lenders” of a Class (which shall include the term “Required Multicurrency
Lenders”) means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more than 50%
of the sum of the total Revolving Credit Exposures and unused Commitments of such Class (or, if there are only three (3) Lenders
of such Class at such time, two-thirds of the sum of the total Revolving Credit Exposures and unused Commitments of such Class
and, if there are only two (2) Lenders of such Class at such time, all Lenders in such Class).

 

    	 	28	 

     

    

 

“Restatement
Effective Date” means September 21, 2018.

 

“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, provided, for clarity, neither the conversion of convertible debt into
capital stock nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely
with capital stock shall be a Restricted Payment hereunder.

 

“Return of Capital”
means (a) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of the outstanding
principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise), (b) without duplication of amounts
received under clause (a), any net cash proceeds (including net cash proceeds of any noncash consideration) received by any Obligor
at any time from the sale of any property or assets pledged as collateral in respect of any Portfolio Investment to the extent
such net cash proceeds are less than or equal to the outstanding principal balance of such Portfolio Investment, (c) any cash amount
(and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of any Portfolio Investment that is
an Equity Interest (x) upon the liquidation or dissolution of the issuer of such Portfolio Investment, (y) as a distribution of
capital made on or in respect of such Portfolio Investment, or (z) pursuant to the recapitalization or reclassification of the
capital of the issuer of such Portfolio Investment or pursuant to the reorganization of such issuer or (d) any similar return of
capital received by any Obligor in cash (and net cash proceeds of any noncash amount) in respect of any Portfolio Investment.

 

“Revolver Termination
Date” means the date that is the third (3rd) anniversary of the Restatement Effective Date, unless extended
with the consent of each Lender in its sole and absolute discretion.

 

“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 at such time made or incurred under the Dollar Commitments.

 

“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 at such time made or incurred under the Multicurrency Commitments.

 

    	 	29	 

     

    

 

“Revolving Percentage”
means, as of any date of determination, the result, expressed as a percentage, of the aggregate Revolving Credit Exposure on such
date divided by the aggregate outstanding Covered Debt Amount on such date.

 

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

 

“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto.

 

“Sanctions”
has the meaning assigned to such term in Section 3.19.

 

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

 

“SBIC Subsidiary”
means, subject to the prior written consent of the Required Lenders and the Administrative Agent, any Subsidiary of the Borrower
(or such Subsidiary’s general partner or manager entity) that is (x) either (i) a “small business investment
company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate
proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended, or (ii) any
wholly-owned, direct or indirect, Subsidiary of an entity referred to in clause (x)(i) of this definition, and (y) designated
in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as:

 

(a)          other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution
to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted
by Section 6.03(e) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness
or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries
(other than any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any
SBIC Subsidiary) in any way, or (iii) subjects any property of the Borrower or any of its Subsidiaries (other than any SBIC
Subsidiary) to the satisfaction thereof;

 

(b)          other
than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary;

 

(c)          neither
the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and

 

    	 	30	 

     

    

 

(d)          such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of
any one or more of the Obligors.

 

Any designation by the
Borrower under clause (y) above 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 Financial Officer’s knowledge,
such designation complied with the foregoing conditions.

 

“SEC”
means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions
thereof.

 

“Secured Longer-Term
Indebtedness” means, subject to the prior written consent of the Required Lenders and the Administrative Agent, Indebtedness
for borrowed money (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed by Subsidiary Guarantors) that
(a) ranks pari-passu with the Loans and 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 reasonably satisfactory to the Administrative Agent and the Collateral Agent,
to be bound by the provisions of the Security Documents, (b) has no amortization or mandatory redemption, repurchase or prepayment
prior to, and a final maturity date not earlier than, six months after the Maturity Date and (c) is incurred pursuant to documentation
containing financial covenants, covenants governing the borrowing base, if any, and portfolio valuations, and events of default
that are no more restrictive than those set forth for in this Agreement and other terms (other than interest) that are no more
restrictive in any material respect upon the Borrower and its Subsidiaries than those set forth in this Agreement.

 

“Security Documents”
means, collectively, the Guarantee and Security Agreement, the Custodian 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, 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 under and as defined in the Guarantee and Security Agreement.

 

“Senior Securities”
means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC
issued to the Borrower thereunder).

 

“Significant
Unsecured Indebtedness Event” means that the aggregate principal amount of Unsecured Longer-Term Indebtedness plus
the aggregate principal amount of Unsecured Shorter-Term Indebtedness plus the aggregate amount of Other Permitted Indebtedness
exceeds, at any time of determination, the sum of (A) the excess of the Borrowing Base over the Covered Debt Amount plus
(B) 30% of Stockholders’ Equity over Obligors’ Net Worth.

 

    	 	31	 

     

    

 

“Solvent”
means, with respect to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor’s debt
and liabilities (including contingent liabilities) does not exceed the present fair saleable value of such Person’s present
assets, (ii) such Obligor’s capital is not unreasonably small in relation to its business as contemplated on the Restatement
Effective Date and reflected in any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken
after the Restatement Effective Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor
should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity
or otherwise); and (b) such Obligor is “solvent” within the meaning given to such term and similar terms under
applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent
liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“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.

 

“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 breach of representations and warranties referred to in clause (c), and (c) representations,
warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary
in commercial loan securitizations (in each case in clauses (a), (b) and (c) excluding obligations related to the collectability
of the assets sold or the creditworthiness of the underlying obligors (other than a representation made by an Obligor solely at
the time of the initial transfer of the asset, that such Obligor does not have knowledge of any event that would cause such asset
at the time of such initial transfer to be uncollectible) and excluding obligations that constitute credit recourse).

 

“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.

 

    	 	32	 

     

    

 

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

 

“Structured
Subsidiaries” means, subject to the prior written consent of the Required Lenders and the Administrative Agent, a direct
or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly)
Portfolio Investments, which is formed in connection with, and which continues to exist for the sole purpose of, such Subsidiary
obtaining and maintaining third-party financing from an unaffiliated third-party, and which engages in no material activities other
than in connection with the purchase and financing of such assets from the Obligors or any other Person, and which is designated
by the Borrower (as provided below) as a Structured Subsidiary, so long as:

 

(a)          no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor
(other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any
way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor (other than property
that has been contributed or sold or otherwise transferred to such Subsidiary in accordance with the terms of Section 6.03(e)),
directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings or any Guarantee thereof;

 

(b)          no
Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary 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 loan assets;

 

(c)          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; and

 

(d)          definitive
documentation relating to a third party financing provided to such Subsidiary by an unaffiliated third party (1) remains in full
force and effect at all times and (2) does not permit such Subsidiary to become an Obligor hereunder.

 

Any designation of a
Structured Subsidiary 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 Financial Officer’s knowledge,
such designation complied with the foregoing conditions. Each Subsidiary of a Structured Subsidiary shall be deemed to be a Structured
Subsidiary and shall comply with the foregoing requirements of this definition.

 

    	 	33	 

     

    

 

“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
a Portfolio 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 that is or is required to be a Guarantor under the Guarantee and Security Agreement.
It is understood and agreed that, subject to Section 5.08(a), no Financing Subsidiary shall be required to be a Subsidiary
Guarantor as long as it remains a Financing Subsidiary as defined and described herein.

 

“Survivor’s
Option Amount” means, as of any date of determination, an amount equal to the result of (x) $10,000,000 minus (y) the
amount of all Restricted Payments made in accordance with Section 6.05(e) on or prior to such date of determination.

 

“Taxes”
means any and all present or future taxes levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Termination
Date” means the date on which the Commitments have expired or been terminated and the principal of and accrued interest
on each Loan and all fees and other amounts payable hereunder shall have been paid in full (excluding, for the avoidance of doubt,
any amount in connection with any contingent, unasserted indemnification obligations).

 

“Total Return
Swap” means any total return swap entered into by a Financing Subsidiary.

 

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

 

“Two Largest
Industry Classification Groups” means, as of any date of determination, each of the two Industry Classification Groups
that a greater portion of the Borrowing Base has been assigned to each such Industry Classification Group pursuant to Section 5.12(a)
than any other single Industry Classification Group; provided, that in no event shall the “Utilities: Oil & Gas”
Industry Classification Group (or any similar oil or gas Industry Classification Group) constitute or be a part of the Two Largest
Industry Classification Groups.

 

“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 LIBO Rate or the Alternate Base Rate.

 

    	 	34	 

     

    

 

“Undisclosed
Administration” means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator
under or based on the law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction
supervision if applicable law requires that such appointment is not to be publicly disclosed and such appointment has not been
publicly disclosed (including, without limitation, under the Dutch Financial Supervision Act 2007 (as amended from time to time
and including any successor legislation)).

 

“Uniform Commercial
Code” or “UCC” 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 Longer-Term
Indebtedness” means any Indebtedness for borrowed money of the Borrower that (a) has no amortization, or mandatory redemption,
repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date, (b) is incurred
pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated
borrowers as reasonably determined in good faith by the Borrower (other than financial covenants and events of default (other than
events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit
agreements generally), which shall be no more restrictive upon the Borrower and the other Obligors, while any commitments or Loans
are outstanding, than those set forth in this Agreement) (it being understood that (i) put rights or repurchase or redemption obligations
arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible
note offerings) or be Events of Default under the Revolving Facility shall not violate clauses (a) or (b) for purposes of this
definition and (ii) the “Survivor’s Option” described in the draft Registration Statement on Form N-2 provided
by the Company via email to the Administrative Agent at 7:52 PM ET on January 11, 2015 shall not violate clauses (a) or (b) for
the purposes of this definition), and (c) is not secured by any assets of any Obligor. Notwithstanding the foregoing, the Internotes
shall continue to be deemed Unsecured Longer-Term Indebtedness in all respects despite the fact that the maturity dates of the
Internotes are prior to the Maturity Date so long as the Internotes continue to comply with all other requirements of this definition;
provided, that, with respect to any class, series, issuance or set of notes referred to in the definition of Internotes
(or the definition of any defined term therein), (i) on the date that is 9 months prior to the scheduled maturity of such Internotes
and on the first day of the next two months thereafter, in each case, an amount of such Internotes equal to one-ninth (1/9th)
of the aggregate amount of such Internotes outstanding as of the date that is 9 months prior to the scheduled maturity date of
such Internotes shall be reclassified as Unsecured Shorter-Term Indebtedness and (ii) from and after the date that is 6 months
prior to the scheduled maturity of such Internotes, the remaining amount of such Internotes shall be reclassified as Unsecured
Shorter-Term Indebtedness.

 

    	 	35	 

     

    

 

“Unsecured Shorter-Term
Indebtedness” means, collectively, (a) any Indebtedness of the Borrower or any Subsidiary (other than a Financing
Subsidiary) that is not secured by any assets of any Obligor and that does not constitute Unsecured Longer-Term Indebtedness (including,
with respect to any class, series, issuance or set of notes referred to in the definition of Internotes (or the definition of any
defined term therein), (i) on the date that is 9 months prior to the scheduled maturity of such Internotes and on the first day
of the next two months thereafter, in each case, an amount of such Internotes equal to one-ninth (1/9th) of the aggregate
amount of such Internotes outstanding as of the date that is 9 months prior to the scheduled maturity date of such Internotes shall
be reclassified as Unsecured Shorter-Term Indebtedness and (ii) from and after the date that is 6 months prior to the scheduled
maturity of such Internotes, the remaining amount of such Internotes shall be reclassified as Unsecured Shorter-Term Indebtedness),
and (b) any Indebtedness of the Borrower or any Subsidiary (other than a Financing Subsidiary) that is designated as “Unsecured
Shorter-Term Indebtedness” pursuant to Section 6.11(a).

 

“U.S. Borrower”
means any Borrower that is a U.S. Person.

 

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

 

“USA PATRIOT
Act” has the meaning assigned to such term in Section 3.20.

 

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

 

“wholly owned
Subsidiary” of any person shall mean a Subsidiary of such person, all of the Equity Interests of which (other than directors’
qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or
more wholly owned Subsidiaries of such person. Unless the context otherwise requires, “wholly owned Subsidiary Guarantor”
shall mean a wholly owned Subsidiary that is a Subsidiary Guarantor.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down
and Conversion Powers” means, 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.

 

Section 1.02.         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Dollar
Loan” or a “Multicurrency Loan”), by Type (e.g., an “ABR Loan” or a “Eurocurrency Loan”)
or by Class and Type (e.g., a “Multicurrency Eurocurrency Loan”). Borrowings also may be classified and referred to
by Class (e.g., a “Dollar Borrowing” or a “Multicurrency Borrowing”), by Type (e.g., an “ABR Borrowing”
or “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Borrowing”). Loans
and Borrowings may also be identified by Currency.

 

    	 	36	 

     

    

 

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, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements 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.

 

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 Original
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), then Borrower, Administrative
Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of this Agreement so as
to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower's financial
condition shall be the same after such change to comply with GAAP as if such change had not been made; provided, however,
until such amendments to equitably reflect such changes are effective and agreed to by Borrower, Administrative Agent and the Required
Lenders, the Borrower’s compliance with such financial covenants shall be determined on the basis of GAAP as in effect and
applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything herein to the contrary,
the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Accounting Standard Codification
825, all determinations relating to fair value accounting for liabilities or compliance with the terms and conditions of this Agreement
shall be made on the basis that the Borrower has not adopted Accounting Standard Codification 825. In addition, notwithstanding
Accounting Standards Update 2015-03, GAAP or any other matter, for purposes of calculating any financial or other covenants hereunder,
debt issuance costs shall not be deducted from the related debt obligation.

 

    	 	37	 

     

    

 

Section 1.05.         Currencies
Generally. (a) 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 2.08(b)
and the last sentence of Section 2.15(a), for purposes of determining (i) whether the amount of any Borrowing under the
Multicurrency Commitments, together with all other Borrowings 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 Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing
Base or the Value or the fair market value of any Portfolio Investment, the outstanding principal of any amount of any Borrowing
that is denominated in any Foreign Currency or the Value or the fair market 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 or
Portfolio Investment, as the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence
of the definition of the term “Interest Period”) or the date of valuation of such Portfolio Investment, as the case
may be; provided that in connection with the delivery of any Borrowing Base Certificate pursuant to Section 5.01(d)
or (e), such amounts shall be determined as of the date of the delivery of such Borrowing Base Certificate. Where any amount
is denominated in Dollars under this Agreement but requires for its determination an amount which is denominated in a Foreign Currency,
such amounts shall be converted to the Foreign Currency Equivalent on the date of determination. Wherever in this Agreement in
connection with a Borrowing or Loan 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).

 

Section 1.06.         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.

 

    	 	38	 

     

    

 

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.

 

Section 1.07.         Interest
Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect
to, the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with
respect to any comparable or successor rate thereto, or replacement rate therefor.

 

Article II

 

THE CREDITS

 

Section 2.01.         The
Commitments.

 

(a)          Subject
to the terms and conditions set forth herein, each Dollar Lender agrees to make Dollar Loans 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 aggregate Dollar Commitments, or (iii) the total Covered Debt Amount exceeding the Borrowing Base then
in effect; and

 

(b)          Subject
to the terms and conditions set forth herein, each Multicurrency Lender agrees to make Multicurrency Loans 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 aggregate Multicurrency Commitments, or (iii) the total Covered Debt Amount
exceeding the Borrowing Base then in effect.

 

Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

 

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 applicable 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.

 

    	 	39	 

     

    

 

(b)          Type
of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans or of Eurocurrency
Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each Pro-Rata Borrowing
denominated in Dollars shall be constituted entirely of ABR Loans or of Eurocurrency Loans. Each Borrowing denominated in an Agreed
Foreign Currency shall be constituted entirely of Eurocurrency Loans. Each Lender at its option may make any Eurocurrency Loan
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 shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000 in excess thereof or,
with respect to any Agreed Foreign Currency, 1,000,000 in the units of such Agreed Foreign Currency or a larger multiple of 100,000
in the units of such Agreed Foreign Currency in excess thereof; provided that a 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. 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.

 

(i)          On
the Restatement Effective Date, Borrower shall (A) prepay the Existing Loans (if any) in full, (B) simultaneously borrow new Loans
hereunder in an amount equal to such prepayment (plus the amount of any additional borrowings that may have been requested by the
Borrower at such time); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Existing
Continuing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Existing Continuing
Lender will be subsequently borrowed in Dollars from such Existing Continuing Lender and (y) the Lenders shall make and receive
payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans
are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (as set forth in Schedule 1.01(b))
and (C) pay to the Existing Continuing Lenders the amounts, if any, payable under Section 2.15 of the Existing Credit Agreement
as a result of any such prepayment. Each of the Existing Continuing Lenders agrees to waive repayment of the amounts, if any, payable
under Section 2.13 as a result of, and solely in connection with, any such prepayment, and hereby consents to the non-pro
rata payment described in this Section 2.02(e).

 

    	 	40	 

     

    

 

(ii)         On
the Restatement Effective Date, the Borrower shall prepay to the Departing Lenders such Departing Lenders’ pro rata portion
of the Existing Loans, including (i) all accrued but unpaid commitment fees relating to such Existing Loans as of such date, and
(ii) all accrued but unpaid interest relating to such Existing Loans as of such date (in each case, calculated at the rate set
forth in the Existing Credit Agreement). Each of the Departing Lenders agrees to waive repayment of the amounts, if any, payable
under Section 2.13 of the Existing Credit Agreement as a result of, and solely in connection with, any such prepayment,
and hereby consents to the non-pro rata payment described in this Section 2.02(e). Upon the receipt of such prepayment,
each Departing Lender shall cease to be a “Lender” under the Existing Credit Agreement, but shall continue to be entitled
to the benefits of Sections 2.12, 2.13 (subject to the immediately preceding sentence), 2.14 and 9.03
of the Existing Credit Agreement with respect to facts and circumstances occurring prior to the Restatement Effective Date.

 

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 delivery of
a signed Borrowing Request or by telephone or e-mail (in each case, followed promptly by delivery of a signed Borrowing Request)
(i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 12:00 p.m., New York City time, three
(3) Business Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated
in an Agreed Foreign Currency, not later than 12:00 p.m., Local Time, three (3) 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, one Business Day before the date
of the proposed Borrowing. Each such request for a Borrowing shall be irrevocable. Notwithstanding the other provisions of this
Agreement, in the case of any 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 principal amount
equal to the Pro-Rata Multicurrency Portion (any such Borrowing, a “Pro-Rata Borrowing”). Except as 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. It is the intention of the Borrower to
use its commercially reasonable efforts to make Borrowings hereunder in a manner such that, after giving effect to each extension
of credit hereunder, each Lender’s outstanding principal amount of its Loans as a percentage of the aggregate outstanding
principal amount of all Loans outstanding is in accordance with its Applicable Percentage.

 

(b)          Content
of Borrowing Requests. Each request for a Borrowing (whether a written Borrowing Request, a telephonic request or e-mail request)
shall specify the following information in compliance with Section 2.02:

 

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

 

    	 	41	 

     

    

 

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

 

(iii)        the
aggregate amount and Currency of the requested Borrowing;

 

(iv)        the
date of such Borrowing, which shall be a Business Day;

 

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

 

(vi)        in
the case of a Eurocurrency 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), provided that there shall be no more than ten
(10) separate Borrowings outstanding at any one time;

 

(vii)       the
Applicable Margin; and

 

(viii)      the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.04.

 

(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 Borrowing is specified in a Borrowing Request, 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 Borrowing is specified, then
the requested Borrowing shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified in a Borrowing
Request, then the requested Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one (1) 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 (1) 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 (1) month, 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 (1) month.

 

Section 2.04.         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.

 

    	 	42	 

     

    

 

(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, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation
to do so) 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 and (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.

 

Section 2.05.         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, subject to Section 2.05(e), 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 into 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 (except as provided under Section 2.11(b)), 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 delivery of a signed Interest Election Request in a form approved by the Administrative Agent or by telephone (followed promptly,
but no later than the close of business on the date of such request, by a signed Interest Election Request in a form approved by
the Administrative Agent) 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
Interest Election Request shall be irrevocable.

 

    	 	43	 

     

    

 

(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);

 

(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),
provided that there shall be no more than ten (10) separate Borrowings outstanding at any one time.

 

(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. 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, (i) any Eurocurrency Borrowing denominated in Dollars shall, at the end of the applicable Interest
Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing, (ii) the Borrower shall not be entitled
to elect to convert or continue any Borrowing into or as a Eurocurrency Borrowing and (iii) any Eurocurrency Borrowing denominated
in a Foreign Currency shall, at the end of the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted
to Dollars based on the Dollar Equivalent at such time and shall be an ABR Borrowing.

 

    	 	44	 

     

    

 

Section 2.06.         Termination,
Reduction or Increase of the Commitments.

 

(a)          Scheduled
Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Revolver Termination Date
the Commitments of each Class shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans
of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to the aggregate principal
amount of the Loans outstanding after giving effect to each payment of principal thereunder; provided that, for clarity,
no Lender shall have any obligation to make new Loans on or after the Revolver Termination Date, and any outstanding amounts shall
be due and payable on the Maturity Date in accordance with Section 2.07.

 

(b)          Voluntary
Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among
each Class; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be in
an amount that is $5,000,000 or a larger multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not terminate
or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans of any Class in accordance with Section 2.08,
the total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class.

 

(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 of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments.

 

(e)          [Intentionally
Omitted].

 

(f)          Increase
of the Commitments.

 

(i)          Requests
for Increase by Borrower. The Borrower may, at any time prior to the Revolver Termination Date, propose that the Commitments
hereunder of a Class 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 at least
30 days prior to the Revolver Termination Date; provided that each Lender may determine in its sole discretion whether or
not it chooses to participate in a Commitment Increase; provided, further that:

 

    	 	45	 

     

    

 

(A)         the
minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing
Lender, as part of such Commitment Increase shall be $5,000,000 or a larger multiple of $1,000,000 in excess thereof (or, in each
case, in such other amounts as agreed to by Administrative Agent),

 

(B)         immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed the lesser
of (x) $180,000,000 and (y) the Obligors’ Net Worth;

 

(C)         each
Assuming Lender shall be consented to by the Administrative Agent (which consent shall not be unreasonably withheld);

 

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

 

(E)         the
representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material
respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be
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).

 

(ii)         Effectiveness
of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each Assuming Lender part
of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with a Commitment in the
amount set forth in the agreement referred to in Section 2.06(f)(ii)(y) and the Commitment of the respective Class
of any Increasing Lender part of such Commitment Increase shall be increased as of such Commitment Increase Date to the amount
set forth in the agreement referred to in Section 2.06(f)(ii)(y); 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 (or
on or prior to a time on an earlier date specified by the Administrative Agent) 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; and

 

(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 (or on or prior to a time on an earlier date specified by the Administrative Agent),
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, as applicable, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged
by the Administrative Agent.

 

    	 	46	 

     

    

 

Promptly following satisfaction
of such conditions, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) thereof and of the
occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

 

(iii)        Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an Assuming Lender or
any Increasing Lender, 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 in the
Register and (z) give prompt notice thereof to the Borrower.

 

(iv)        Adjustments
of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding
Loans of such Class (if any)  in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal
to such prepayment; 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 Lenders
of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts,
if any, payable under Section 2.13 as a result of any such prepayment. Notwithstanding the foregoing, unless otherwise
consented in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an Interest
Period. The Administrative Agent shall amend Schedule 1.01(b) to reflect the aggregate amount of each Lender’s Commitments
(including Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in this Agreement shall be to Schedule
1.01(b) as amended pursuant to this Section.

 

(v)         Terms
of Loans issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued
by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be
identical to the Loans of the applicable Class issued by, and the Commitments of the applicable Class of, the Lenders immediately
prior to the applicable Commitment Increase Date.

 

    	 	47	 

     

    

 

Section 2.07.         Repayment
of Loans; Evidence of Debt.

 

(a)          Repayment.
Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative
Agent for account of the Lenders of each Class the outstanding principal amount of the Loans of such Class and all other amounts
due and owing hereunder and under the other Loan Documents on the Maturity Date.

 

(b)          Manner
of Payment. 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 or e-mail) of such selection not
later than the time set forth in Section 2.08(g) prior to the scheduled date of such repayment. Subject to Section
2.08 and to the proviso to Section 2.15(c), if the repayment or prepayment is denominated in Dollars and the Class to
be repaid or prepaid is specified (or if no Class is specified and there is only one Class of Loans with Borrowings in Dollars
outstanding), such repayment or prepayment shall be applied ratably between or among, as applicable, the Loans of such Class (based
on the then outstanding principal amounts of such Loans), in each case first to repay or prepay any outstanding ABR Borrowings
of such Loans and second to repay or prepay the remaining Borrowings denominated in Dollars of such Loans in the order of the remaining
duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid or prepaid
first). Subject to Section 2.08 and to the proviso to Section 2.15(c), if the repayment or prepayment is denominated
in Dollars and the Class to be repaid or prepaid is not specified, such repayment or prepayment shall be applied (i) ratably between
or among, as applicable, the Dollar Loans of the Multicurrency Lenders (based on the then outstanding principal amounts of such
Dollar Loans), in each case (x) first to repay or prepay any outstanding ABR Borrowings of the Multicurrency Lenders, and (y) then
second to repay or prepay the remaining Borrowings denominated in Dollars of the Multicurrency Lenders in the order of the remaining
duration of their respective Interest Periods (the Borrowings with the shortest remaining Interest Period to be repaid first),
and (ii) once the outstanding principal amount of all Dollar Loans of the Multicurrency Lenders is paid in full, ratably between
or among, as applicable, the Loans of the Dollar Lenders (based on the then outstanding principal amounts of such Loans), in each
case (x) first to repay or prepay any outstanding ABR Borrowings of the Dollar Lenders, and (y) then second to repay or prepay
the remaining Borrowings of the Dollar Lenders in order of the remaining duration of their respective Interest Periods (the Borrowings
with the shortest remaining Interest Period to be repaid first). Subject to Section 2.08, and to the proviso to Section
2.15(c), if the repayment or prepayment is denominated in a particular Agreed Foreign Currency, such repayment or prepayment
shall be applied ratably between or among, as applicable, any remaining Borrowings denominated in such Agreed Foreign Currency
(based on the then outstanding principal amounts of such Loans), in each case 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 specified as a payment
on account of the Pro-Rata Borrowings shall be applied ratably between the Dollars Loans and the Multicurrency Loans (based on
the then outstanding principal amounts of Loans denominated in Dollars), in each case first to repay or prepay the outstanding
ABR Borrowings of such Loans and second to repay or prepay the remaining Borrowings of such Loans denominated in Dollars in the
order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period
to be repaid or prepaid first). Each payment of a Borrowing of a Class shall be applied ratably to the Loans of such Class included
in such Borrowing (except as otherwise provided in Section 2.11(b)).

 

    	 	48	 

     

    

 

(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 manifest 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. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

(f)          Promissory
Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. 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 permitted registered assigns) and in a form attached hereto as Exhibit C. 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 permitted registered assigns).

 

Section 2.08.         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 fee (but subject to Section 2.13), subject to the requirements of this Section. Each prepayment in part
under this Section 2.08(a) shall be in a minimum amount of $1,000,000 or a larger multiple of $100,000 in excess thereof
or, with respect to any Agreed Foreign Currency, 1,000,000 in the units of such Agreed Foreign Currency or a larger multiple of
100,000 in the units of such Agreed Foreign Currency in excess thereof.

 

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

 

    	 	49	 

     

    

 

(i)          Determination
of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a
Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit
Exposure. For the purpose of this determination, the outstanding principal amount of any Loan 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, determined as of such
Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York
City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first
Business Day after such Currency Valuation Notice is received. 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 exceeds 105% of the aggregate amount
of the Multicurrency Commitments as then in effect, the Borrower shall prepay the Multicurrency Loans within 15 Business Days of
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.

 

For purposes hereof, “Currency
Valuation Notice” means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that
such notice is a “Currency Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving
Multicurrency Credit Exposure. The Administrative Agent shall not be required to make more than one valuation determination pursuant
to Currency Valuation Notices within any rolling three month period.

 

(c)          Mandatory
Prepayments due to Excess Revolving Credit Exposure and Borrowing Base Deficiency. In the event that (i) the amount of total
Revolving Dollar Credit Exposure exceeds the total Dollar Commitments and/or (ii) the amount of total Revolving Multicurrency Credit
Exposure exceeds the total Multicurrency Commitments (other than as a result of a change in exchange rates pursuant to Section
2.08(b)), the Borrower shall prepay Loans in such amounts as shall be necessary so that (x) in the case of clause (i), the
amount of total Revolving Dollar Credit Exposure does not exceed the total Dollar Commitments and (y) in the case of clause (ii),
the amount of total Revolving Multicurrency Credit Exposure does not exceed the total Multicurrency Commitments. In the event that,
immediately after the application of any prepayment made pursuant to the first sentence of this subclause (c), if applicable, or
otherwise at any time, the amount of total Revolving Credit Exposure exceeds the total Commitments, the Borrower shall prepay the
remaining Borrowings ratably (based on the outstanding Dollar Equivalent principal amounts of the Loans of each Class outstanding)
between the Dollar Loans and the Multicurrency Loans so that the amount of total Revolving Credit Exposure does not exceed the
total Commitments. In the event that at any time any Borrowing Base Deficiency shall exist, promptly (but in no event later than
5 Business Days), the Borrower shall either prepay (1) the Loans so that the Borrowing Base Deficiency is promptly cured (such
prepayment to be applied ratably between the Dollar Lenders and the Multicurrency Lenders based on the aggregate outstanding Dollar
Equivalent principal amounts of such Loans (and, for the avoidance of doubt, in the applicable Currency or Currencies)) or (2)
the Loans and the Other Covered Indebtedness in such amounts as shall be necessary so that such Borrowing Base Deficiency is promptly
cured (and, as among the Loans and the Other Covered Indebtedness, at least ratably (based on the aggregate outstanding Dollar
Equivalent principal amount of such Indebtedness) and, with respect to the Loans, in the manner set forth in the preceding subclause
(1)) as to payments of Loans in relation to Other Covered Indebtedness); provided, that if within such 5 Business Day period,
the Borrower shall present to the Administrative Agent a reasonably feasible plan, which plan is reasonably satisfactory to the
Administrative Agent that will enable any such Borrowing Base Deficiency to be cured within 30 Business Days of the occurrence
of such Borrowing Base Deficiency (which 30-Business Day period shall include the 5 Business Days permitted for delivery of such
plan), then such prepayment or reduction shall be effected in accordance with such plan (subject, for the avoidance of doubt, to
the limitations as to the allocation of such prepayments set forth above in this Section 2.08(c)). Notwithstanding the foregoing,
the Borrower shall pay interest in accordance with Section 2.10(c) for so long as the Covered Debt Amount exceeds the
Borrowing Base during such 30-Business Day period. For clarity, in the event that the Borrowing Base Deficiency is not cured prior
to the end of such 5 Business Day period (or, if applicable, such 30- Business Day period), it shall constitute an Event of Default
under clause (a) of Article VII.

 

    	 	50	 

     

    

 

(d)          Mandatory
Prepayments due to Certain Events Following Availability Period.

 

(i)          Asset
Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans in
an amount equal to such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such amount); provided,
that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not be required to prepay the
Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such Asset Sales are greater
than $2,000,000.

 

(ii)         Extraordinary
Receipts. In the event (but only to the extent) that the aggregate Extraordinary Receipts received by the Obligors at any time
after the Availability Period exceed $2,000,000, the Borrower shall, no later than the third Business Day following the receipt
of such excess Extraordinary Receipts, prepay the Loans in an amount equal to 100% of such excess Extraordinary Receipts (and the
Commitments shall be permanently reduced by such amount).

 

(iii)        Returns
of Capital. In the event that any Obligor shall receive any Return of Capital at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the Loans in an amount
equal to 100% of such Return of Capital (and the Commitments shall be permanently reduced by such amount).

 

(iv)        Equity
Issuances. In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests of the Borrower
at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such
Cash proceeds, prepay the Loans in an amount equal to 75% of such Cash proceeds, net of underwriting discounts and commissions
or other similar payments and other costs, fees, premiums and expenses directly associated therewith, including, without limitation,
reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

    	 	51	 

     

    

 

(v)         Indebtedness.
In the event that any Obligor shall receive any Cash proceeds from the issuance of Indebtedness at any time after the Availability
Period, such Obligor shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay the Loans
in an amount equal to 100% of such Cash proceeds, net of underwriting discounts and commissions or other similar payments and other
costs, fees, commissions, premiums and expenses directly associated therewith, including, without limitation, reasonable legal
fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

(e)          Mandatory
Prepayment of Eurocurrency Loans. If the Loans to be prepaid pursuant to Sections 2.08(d)(ii) and (iii) are Eurocurrency
Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest Period applicable
to such Loans, so long as the Borrower deposits an amount equal to an amount required to be prepaid, no later than the third Business
Day following the receipt of such amount, into a segregated collateral account in the name and under the dominion and control (within
the meaning of Section 9-104 of the Uniform Commercial Code) of the Administrative Agent pending application of such amount to
the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.

 

(f)          Payments
following the Revolver Termination Date or During an Event of Default. Notwithstanding any provision to the contrary in Section
2.07 or this Section 2.08, following the Revolver Termination Date or if an Event of Default shall have occurred and
be continuing:

 

(i)          subject
to the proviso of the first sentence of subclause (iii) and subclause (iv) of this Section 2.08(f), no optional prepayment
of the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the outstanding Loans in the same Currency
of the other Class, which prepayment shall be made on a pro-rata basis (based on the outstanding principal amounts of such Loans
in the same Currency) between each outstanding Class of Loans in such Currency;

 

(ii)         any
prepayment of Loans required to be made pursuant to clause (c) above shall be made as specified in clause (c), subject to subclause
(iv) of this Section 2.08(f);

 

(iii)        any
prepayment of Loans in Dollars required to be made in connection with any of the events specified in Section 2.08(d) shall
be applied ratably between the Dollar Lenders and the Multicurrency Lenders based on the then outstanding principal amounts of
Loans denominated in Dollars; provided, that, so long as no Event of Default has occurred and is continuing, each prepayment in
an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds from a prepayment event in such Agreed
Foreign Currency (it being the understanding that any receipt of proceeds in an Agreed Foreign Currency shall first be used to
make a payment on account of the Loans denominated in such Agreed Foreign Currency)) shall be applied ratably among just the Multicurrency
Lenders to prepay the Loans denominated in such Agreed Foreign Currency and, if after such payment, if applicable, or otherwise,
the balance of the Loans denominated in such Agreed Foreign Currency remaining is zero, then, if there are any remaining proceeds,
the Borrower shall prepay (in Dollars) the remaining Loans on a pro rata basis (based on the aggregate outstanding Dollar Equivalent
principal amount of such Loans) between each outstanding Class of Loans; and

 

    	 	52	 

     

    

 

(iv)        notwithstanding
any other provision to the contrary in this Agreement, if an Event of Default has occurred and is continuing, then any payment
or repayment of the Loans shall be made in Dollars and applied ratably (based on the aggregate outstanding Dollar Equivalent principal
amounts of such Loans) between Dollar Loans and Multicurrency Loans.

 

(g)          Notices,
Etc. The Borrower shall notify the Administrative Agent in writing or by telephone (followed promptly by written confirmation) of
any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section
2.08(a), not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii) in the
case of a prepayment of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.08(a), not later than 11:00
a.m., London time, three Business Days before the date of prepayment, or (iii) in the case of prepayment of an ABR Borrowing
under Section 2.08(a), or any prepayment under Section 2.08(b), (c) or (d), not later than 11:00 a.m.,
New York City time, one Business Day 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, (1) if a notice of prepayment is given
in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.06(c), then
such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06(c)
and (2) any such notices given in connection with any of the events specified in Section 2.08(d) may be conditioned upon
(x) the consummation of the issuance of Equity Interests or Indebtedness (as applicable) or (y) the receipt of net cash proceeds
from Extraordinary Receipts or Returns of Capital. Subject to clauses (b), (c) and (e) of this Section, Section 2.07(b)
and to the proviso to Section 2.15(c), each prepayment (including as a result of the Borrower’s receipt of proceeds
from a prepayment event in an Agreed Foreign Currency) shall be applied ratably among the Multicurrency Lenders. Prepayments shall
be accompanied by accrued interest to the extent required by Section 2.10 and shall be made in the manner specified
in Section 2.07(b).

 

Section 2.09.         Fees.

 

(a)          Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall accrue
at the Applicable Commitment Fee Rate on the unused amount of the Commitment of such Lender, if any, on each day during the period
from and including the Original Effective Date to the earlier of the date the Commitments terminate and the Revolver Termination
Date. Accrued commitment fees shall be payable in arrears (x) within one Business Day after each Quarterly Date and (y) on the
earlier of the date the Commitments terminate and the Revolver Termination Date, commencing on the first such date to occur after
the Original 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,
the Commitments shall be deemed to be used to the extent of the outstanding Loans of all Lenders.

 

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(b)          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 separately agreed upon between the Borrower and the Administrative Agent.

 

(c)          [Intentionally
Omitted.]

 

(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 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 manifest error.

 

Section 2.10.         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.

 

(b)          Eurocurrency
Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO
Rate for the related Interest Period for such Borrowing plus the Applicable Margin.

 

(c)          Default
Interest. Notwithstanding the foregoing, if any Event of Default described in clause (a), (b), (d) (only with respect to Section
6.07), (h), (i), (j) or (o) of Article VII has occurred and is continuing, or on demand of the Administrative Agent
or the Required Lenders if any Event of Default described in any other clause of Article VII has occurred and is continuing,
or if the Covered Debt Amount exceeds the Borrowing Base during the 5-Business Day period (or, if applicable, the 30-Business Day
period) referred to in Section 2.08(c), the interest applicable to Loans shall accrue, and any fee or other amount payable
by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case
of principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above, or (ii) in the case
of any fee or 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 termination of the Commitments; 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 prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective
date of such conversion.

 

    	 	54	 

     

    

 

(e)          Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that (a) interest on Eurocurrency Borrowings
in ABR Borrowings when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days
(or 366 days in a leap year), (b) interest on Eurocurrency Borrowings in Pounds Sterling shall be computed on the basis of a year
of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the
last day) and (c) the basis on which interest hereunder shall be computed on Eurocurrency Borrowings in an Agreed Foreign Currency
other than Canadian Dollars, Euros and Pounds Sterling shall be agreed by each Multicurrency Lender and the Borrower at the time
such Agreed Foreign Currency is consented to in accordance with the definition thereof. The applicable Alternate Base Rate or Adjusted
LIBO Rate shall be determined by the Administrative Agent and such determination shall be conclusive absent manifest error.

 

Section 2.11.         Eurocurrency
Borrowing Provisions.

 

(a)          Alternate
Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing of a Class (the Currency
of such Borrowing herein called the “Affected Currency”):

 

(i)          the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate for the Affected Currency for such Interest Period; or

 

(ii)         the
Administrative Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for the Affected Currency for
such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective
Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent
shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or e-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, (x) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any
Borrowing as, a Eurocurrency Borrowing denominated in the Affected Currency, shall be ineffective and, if the Affected Currency
is Dollars, such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing and, if the Affected
Currency is a Foreign Currency, such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such time and shall
be an ABR Borrowing, (y) if the Affected Currency is Dollars and any Borrowing Request requests a Eurocurrency Borrowing denominated
in Dollars, such Borrowing shall be made as an ABR Borrowing and (z) if the Affected Currency is a Foreign Currency, any Borrowing
Request that requests a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective.

 

    	 	55	 

     

    

 

(b)          Illegality.
Without duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose interest
is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any LIBO
Quoted Currency in the London interbank market, then, on notice thereof by such Lender to the Borrower and the Administrative Agent,
(i) any obligation of such Lender to make or continue Eurocurrency Borrowings or to convert ABR Borrowings to Eurocurrency Borrowings
shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Eurocurrency Borrowings
the interest rate on which is determined by reference to the LIBO Rate component of the Alternate Base Rate, the interest rate
on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the LIBO Rate component of the Alternate Base Rate, in each case until such Lender revokes such notice and
advises the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (x) all Eurocurrency Borrowings denominated in Dollars of such Lender shall automatically convert to ABR
Borrowings and all Eurocurrency Borrowings denominated in an Agreed Foreign Currency of such Lender shall automatically convert
to Dollars based on the Dollar Equivalent at such time and shall be an ABR Borrowing (the interest rate on which ABR Borrowings
of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the
LIBO Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain
such Eurocurrency Borrowings and (y) if such notice asserts the illegality of such Lender determining or charging interest rates
based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable
to such Lender without reference to the LIBO Rate component thereof until the Administrative Agent is advised in writing by such
Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such
conversion, the Borrower shall also pay accrued interest on the amount so converted.

 

Section 2.12.         Increased
Costs.

 

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

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge 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
LIBO Rate); or

 

(ii)         subject
any Lender to any Taxes (other than Covered Taxes and Taxes described in clauses (a)(ii), (c) and (d) of the definition of Excluded
Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or

 

(iii)        impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Eurocurrency Loans made by such Lender or participation therein;

 

    	 	56	 

     

    

 

and the result of any of the foregoing
shall be to increase the cost to such Lenders of making or maintaining any Eurocurrency Loan (or of maintaining its obligation
to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or otherwise), then, upon such Lender providing the Borrower with reasonable detail on the calculation of such increased
costs or reduction (except that in no event shall any Lender be required to provide any information or detail that it believes
is confidential), the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender
for such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company,
if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy or liquidity position), by an amount deemed to
be material by such Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

(c)          Certificates
from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender
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 (it being understood that no Lender shall be required to
disclose (i) any confidential or price sensitive information or (ii) any information to the extent prohibited by applicable law).
The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that no Obligor shall be required to compensate
a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than
six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise to such increased
costs or reductions (except that, if the Change in Law giving rise to such increased costs is retroactive, then the six-month period
referred to above shall be extended to include the period of retroactive effect thereof).

 

Section 2.13.         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 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 (regardless of whether such notice is permitted to be revocable under
Section 2.08(g) and is revoked in accordance herewith), (d) the assignment as a result of a request by the
Borrower pursuant to Section 2.17(b) of any Eurocurrency Loan other than on the last day of an Interest Period therefor
or (e) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor as a result of the occurrence
of a CAM Exchange, 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:

 

    	 	57	 

     

    

 

(i)          the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses (a),
(b), (c), (d) or (e) of this Section 2.13 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 LIBO 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 (or, in the case of any Non-LIBO Quoted Currency, in the relevant
market for such Non-LIBO Quoted Currency) at the commencement of such period.

 

Payments under this Section shall
be made upon written request of a Lender delivered not later than five 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 written certificate
of such Lender setting forth in reasonable detail 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 2.14.         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 Taxes, unless otherwise required by applicable law; provided
that if the Borrower shall be required to deduct or withhold any Taxes from such payments, then (i) the Borrower shall make
such deductions or withholdings, (ii) the Borrower shall timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law and (iii) if such Tax is a Covered Tax, the sum payable shall be increased as necessary
so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums
payable under this Section 2.14) the Administrative Agent or Lender receives an amount equal to the sum it would have
received had no such deductions or withholdings been made.

 

(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.

 

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(c)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and, within 10 Business Days after
written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including Covered Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section 2.14) payable or paid by the Administrative Agent or
such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Covered 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 by the Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)          Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority, pursuant to this
Section 2.14, 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. If the Borrower fails to pay any Taxes when due to the appropriate Governmental
Authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower
shall indemnify the Administrative Agent and each Lender for any incremental taxes, interest or penalties that may become payable
by the Administrative Agent or such Lender as a result of such failure.

 

(e)          Status
of Lenders.

 

(i)          Any
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 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 Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 2.14(e)(ii)(A) or (B)
or Section 2.14(f) below) shall not be required if in the Foreign Lender’s reasonable judgment such completion, execution
or submission would subject such Foreign Lender to any material unreimbursed cost or expense or would materially prejudice the
legal or commercial position of such Foreign Lender.

 

(ii)         Without
limiting the generality of the foregoing, if the Borrower is a U.S. Borrower,

 

    	 	59	 

     

    

 

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

 

(B)         each
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, in any event, only if such Foreign Lender
is legally entitled to do so) whichever of the following is applicable:

 

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

 

		(2)	duly completed executed originals 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,

 

		(3)	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, signed under penalties
of perjury, 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 executed originals of Internal Revenue Service Form W-8BEN-E (or any successor form) certifying that the Foreign
Lender is not a U.S. Person, or

 

		(4)	any other form including Internal Revenue Service Form
W-8IMY, as 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.

 

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(C)         In
addition, 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 that it 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 or certification adopted by the U.S. or other taxing
authorities for such purpose).

 

(f)          If
a payment made to a Lender under this Agreement would be subject to U.S. 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 Administrative Agent and the Borrower 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 Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times reasonably
requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower 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 any such payment. Solely for purposes of this clause (f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(g)          Treatment
of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that
it has received a refund or credit of any Covered 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 2.14, it shall pay to the Borrower
an amount equal to such refund or credit (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Covered Taxes or Other Taxes giving rise to such refund or credit), net of
all reasonable out-of-pocket expenses of the Administrative Agent or any Lender, as the case may be, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund or credit), provided that the Borrower,
upon the request of the Administrative Agent or any Lender, 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 or any Lender in the event
the Administrative Agent or any Lender is required to repay such refund or credit to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (g), in no event will the Administrative Agent or any Lender be required to pay any
amount to the Borrower pursuant to this paragraph (g) the payment of which would place the Administrative Agent or such Lender
in a less favorable net position after-Taxes than the Administrative Agent or such Lender 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 or any Lender 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.

 

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Section 2.15.         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 under Sections 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except
to the extent otherwise provided therein) prior to 12:00 noon, Local Time, on the date when due, in immediately available
funds, without set-off, deduction 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 pursuant to Sections 2.12, 2.13, 2.14
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 Sections 2.12, 2.13 and 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 denominated in any Foreign Currency, which are payable
and shall be paid in such Foreign Currency) or under any other Loan Document (except to the extent otherwise provided therein) are
payable and shall be paid 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.

 

(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, 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 of such Class then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal of such Class then due to such parties.

 

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(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, each payment of commitment fee under Section 2.09 shall be made for account of the Lenders of the applicable
Class, and each termination or reduction of the amount of the Commitments of a Class under Section 2.06, Section
2.08 or otherwise 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 or prepayment of principal of Loans shall be made in accordance with the provisions of Sections
2.07 and 2.08); and (iv) each payment of interest on Loans by the Borrower shall be made in accordance with the
provisions of Sections 2.07, 2.08 and 2.10; provided, however, that, notwithstanding anything
to the contrary contained herein, in the event that the Borrower wishes to make a Multicurrency Borrowing in an Agreed Foreign
Currency and the Multicurrency Commitments are fully utilized, the Borrower may make a Borrowing under the Dollar Commitments (if
otherwise permitted hereunder) and may use the proceeds of such Borrowing to prepay the Multicurrency Loans (without making a ratable
prepayment to the Dollar Loans) solely to the extent that the Borrower substantially concurrently therewith utilizes any Multicurrency
Commitments made available as a result of such prepayment to make a Multicurrency Borrowing in an Agreed Foreign Currency.

 

(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 of such Class, resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Loans of such Class, and accrued interest thereon 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 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 of such Class (subject, for the avoidance of doubt, to Section 2.08(f)(iv) if an Event
of Default has occurred and is continuing); 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 to any assignee, 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 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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.

 

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(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, 2.15(e) or 9.03(c), 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.

 

Section 2.16.         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 2.09(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender
to the extent, and during the period, such Lender is a Defaulting Lender; and

 

(b)          the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, two-thirds
of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan Document (including
any consent to any amendment or waiver pursuant to Section 9.02, except for any amendment or waiver described in Section
9.02(b)(i), (ii), (iii) or (iv)), provided that any waiver, amendment or modification requiring the consent
of all Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently than other Lenders
or affected Lenders (as applicable) shall require the consent of such Defaulting Lender.

 

In the event that the
Administrative Agent and the Borrower each agrees in writing that a Defaulting Lender has adequately remedied all matters that
caused such Lender to be a Defaulting Lender, then, on such date such Lender shall purchase at par such of the Loans of the other
Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance
with its Applicable Percentage.

 

Section 2.17.         Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b) or requests compensation
under Section 2.12, 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 2.14, then such Lender shall use reasonable efforts (subject to overall
policy considerations of such Lender) 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 sole judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12
or 2.14, as the case may be, in the future, or eliminate the circumstance giving rise to such Lender exercising its rights
under Section 2.11(b) 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.

 

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(b)          Replacement
of Lenders. If any Lender exercises its rights under Section 2.11(b) or requests compensation under Section 2.12,
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 2.14, or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender,
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 and the other Loan Documents 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 which consent shall not be unreasonably withheld, conditioned
or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder, 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 2.12 or payments required to be made pursuant
to Section 2.14, 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
Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04, 2.15(e)
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 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 clauses (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, as applicable, is duly organized or incorporated, validly existing and in
good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite power and authority to
carry on its business as now conducted and is qualified to do business in, and is in good standing in, every jurisdiction where
the failure to do so could reasonably be expected to result in a Material Adverse Effect. There is no existing default under any
charter, by-laws or other organizational documents of Borrower or its Subsidiaries or any event which, with the giving of notice
or passage of time or both, would constitute a default by any party thereunder.

 

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 stockholder action and the Board of Directors of each of the Borrower and its Subsidiaries
have approved the transactions contemplated in this Agreement. This Agreement has been duly executed and delivered by the Borrower
and each of the other Loan Documents to which any Obligor is a party have been or will be duly executed and delivered by each such
Obligor. This Agreement constitutes, and each of the other Loan Documents to which any Obligor is a party, when executed and delivered,
will constitute a legal, valid and binding obligation of the applicable Obligor or Obligors, 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 of
its Subsidiaries or any order of any Governmental Authority (including
the Investment Company Act and the rules, regulations and orders issued by the SEC thereunder), (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 of its Subsidiaries.

 

Section 3.04.         Financial
Condition; No Material Adverse Effect.

 

(a)          Financial
Statements.

 

(i)          The
financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Section 4.01(c) present
fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of such date and for such period in accordance with GAAP, subject, in the case of unaudited
financial statements, to year-end audit adjustments and the absence of footnotes. As of the Restatement Effective Date, none of
the Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes, material unusual
forward or material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments not reflected
in the financial statements referred to above.

 

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(ii)         The
financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Sections 5.01(a)
and (b) present fairly, in all material respects, the consolidated financial position and results of operations and cash
flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP,
subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes. None of the
Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes, material unusual forward
or material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments not reflected in
such financial statements.

 

(b)          No
Material Adverse Effect. Since December 31, 2013, there has not been any event, development or circumstance that has had
or could reasonably be expected to have a Material Adverse Effect.

 

Section 3.05.         Litigation.
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 (a) 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 (b) that involve this Agreement or the Transactions.

 

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. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other arrangement,
the performance of which by the Borrower could reasonably be expected to result in a Material Adverse Effect. Neither Borrower
nor its Subsidiaries is in default in any manner under any provision of any agreement or instrument to which it is a party or by
which it or any of its property is or may be bound, and no condition exists which, with the giving of notice or the lapse of time
or both, would constitute such a default, in each case where such default could reasonably be expected to result in a Material
Adverse Effect.

 

Section 3.07.         Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all U.S. federal, state and local Tax
returns that are required to be filed by it and all other Tax returns that are required to be filed by it and has paid all Taxes
for which it is directly or indirectly liable and any assessments made against it or any of its property and all other Taxes, fees
or other charges imposed on it or any of its property by any Governmental Authority, except such Taxes, fees or other charges that
are being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been
provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books
of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges are adequate in accordance with
GAAP. Neither the Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations
relating to the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien has been filed with
respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the Borrower or any of its Subsidiaries,
and there is no basis for such assessment.

 

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Section 3.08.         ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, alone or together with any other ERISA Events that have occurred
or are reasonably expected to occur, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in
an aggregate amount exceeding $2,500,000.

 

Section 3.09.         Disclosure.

 

(a)          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 Material Adverse Effect. All written reports, financial statements, certificates and other written information (other
than projected financial information, other forward looking information relating to third parties and information of a general
economic or general industry nature) which has been made available to the Administrative Agent or any Lender by or on behalf of
the Borrower or its Subsidiaries or their respective representatives, in connection with the transactions contemplated by this
Agreement or delivered under any Loan Document, taken as a whole, will not contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements contained therein at the time made and taken as a whole not
misleading in light of the circumstances under which such statements were made; and

 

(b)          All
financial projections, pro forma financial information and other forward-looking information which has been delivered to the Administrative
Agent or any Lender by or on behalf of Borrower or its Subsidiaries or their respective representatives, in connection with the
transactions contemplated by this Agreement or delivered under any Loan Document are based upon good faith assumptions and, in
the case of financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable
at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant
uncertainty and contingencies (many of which are beyond the control of the Borrower) and are therefore not to be viewed as fact,
and (ii) actual results during the period or periods covered by such financial information may materially differ from the results
set forth therein.

 

Section 3.10.         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 and has qualified
as a RIC for all taxable years beginning with its taxable year ended December 31, 2014.

 

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(b)          Compliance
with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries do not result in a violation
or breach of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, except
where such breaches or violations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

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

 

(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. Neither the Borrower
nor any of its Subsidiaries own or intend to carry or purchase any Margin Stock or to extend “purpose credit” within
the meaning of Regulation U.

 

Section 3.11.         Material
Agreements and Liens.

 

(a)          Material
Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture,
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 of its Subsidiaries
outstanding on the Restatement Effective Date, and the aggregate principal or face amount outstanding or that is, or may become,
outstanding under each such arrangement is correctly described in Schedule 3.11(a).

 

(b)          Liens.
Schedule 3.11(b) 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 of its Subsidiaries, and the aggregate principal amount
of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the
Restatement Effective Date is correctly described in Schedule 3.11(b).

 

Section 3.12.         Subsidiaries
and Investments.

 

(a)          Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of 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 and (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. Except as disclosed in Schedule 3.12(a),
as of the Restatement Effective Date, (x) the Borrower owns, free and clear of Liens, and has the unencumbered right to vote,
all outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a), and (y) all
of the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and
nonassessable.

 

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(b)          Investments.
Set forth in Schedule 3.12(b) is a complete and correct list of all Investments (other than Investments of the types
referred to in clauses (b), (c), (d) and (e) of Section 6.04) held by the Borrower or any of its Subsidiaries in any
Person on the Restatement Effective Date and, for each such Investment, (i) the identity of the Person or Persons holding
such Investment, (ii) the nature of such Investment, (iii) the amount of such Investment, (iv) the rate of interest charged
for such Investment and (v) the value assigned to such Investment by the Board of Directors of the Borrower. Except as disclosed
in Schedule 3.12(b), as of the Restatement Effective Date each of the Borrower and its Subsidiaries owns, free and
clear of all Liens (other than Liens permitted pursuant to Section 6.02), all such Investments.

 

Section 3.13.         Properties.

 

(a)          Title
Generally. Each of the Borrower and its Subsidiaries 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 3.14.         Solvency.
On the Restatement Effective Date, and upon the incurrence of any extension of credit hereunder, on any date on which this representation
and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor will be Solvent on a consolidated
basis with the other Obligors.

 

Section 3.15.         Affiliate
Agreements. As of the Restatement Effective Date, the Borrower has heretofore delivered to the Administrative Agent and each
of the Lenders true and complete copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and
any amendments, supplements or waivers executed and delivered thereunder). As of the Restatement Effective Date, other than the
Affiliate Agreements, there is no contract, agreement or understanding between the Borrower or any of its Subsidiaries on one hand,
and any Affiliate of the Borrower or any of its Subsidiaries on the other hand. As of the Restatement Effective Date, the Affiliate
Agreements are in full force and effect.

 

Section 3.16.         No
Default. No Default or Event of Default has occurred and is continuing under this Agreement or under any Material Indebtedness.

 

Section 3.17.         Use
of Proceeds. The proceeds of the Loans shall be used for the general corporate purposes of the Borrower and its Subsidiaries
(other than Financing Subsidiaries except as expressly permitted under Section 6.03(e)) in the ordinary course of its business,
including making distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one
or more wholly-owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high yield securities, and other Portfolio Investments,
but excluding, for clarity, Margin Stock.

 

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Section 3.18.         Security
Documents. The Guarantee and Security Agreement is effective to create in favor of the Collateral Agent for the benefit of
the Secured Parties (as defined in the Guarantee and Security Agreement), legal, valid and enforceable first-priority Liens on,
and security interests in, the Collateral and, when (i) all appropriate filings or recordings are made in the appropriate offices
as may be required under applicable law and, as applicable, and (ii) upon the taking of possession or control by the Collateral
Agent of the Collateral with respect to which a security interest may be perfected by possession or control (which possession or
control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by the Guarantee
and Security Agreement), the Liens created by the Guarantee and Security Agreement shall constitute fully perfected Liens on, and
security interests in, all right, title and interest of the grantors in the Collateral (other than such Collateral in which a security
interest cannot be perfected under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case subject
to no Liens other than Permitted Liens.

 

Section 3.19.         Compliance
with Sanctions. Neither the Borrower nor any Affiliate of the Borrower is subject to sanctions administered by the United States
Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the European Union, Her Majesty’s
Treasury, the United Nations Security Council, or any other relevant sanctions authority (collectively, “Sanctions”).
Furthermore, no part of the proceeds of a loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower:
(i) to finance or facilitate a transaction with a person, or in any country, region or territory, that, at the time of such funding,
is subject to sanctions administered by OFAC, the European Union, Her Majesty’s Treasury, the United Nations Security Council,
or any other relevant sanctions authority; or (ii) in any other manner that would result in a violation of Sanctions by any Person
(including any Person participating in the Loans, whether as underwriter, advisor, or otherwise). The Borrower and Affiliates of
the Borrower have instituted and maintained policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, compliance with all applicable Sanctions.

 

Section 3.20.         Anti-Money
Laundering Program. The Borrower has implemented an anti-money laundering program to the extent required by the Uniting And
Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism, as amended (the “USA
PATRIOT Act”), and the rules and regulations thereunder.

 

Section 3.21.         Capitalization.

 

(a)          As
of the Restatement Effective Date, the authorized and outstanding voting Equity Interests of the Investment Advisor are set forth
on Schedule 3.21.  All of the outstanding Equity Interests of the Investment Advisor are validly issued, fully paid
and non-assessable, and all of the outstanding voting Equity Interests of the Investment Advisor are owned as of the Restatement
Effective Date by the equity holders and in the amounts set forth on Schedule 3.21.  As of the Restatement Effective
Date, none of the outstanding Equity Interests of the Investment Advisor were issued in violation of any law, including, without
limitation, state and federal securities laws.

 

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(b)          As
of the Restatement Effective Date, there are no outstanding (i) securities convertible into or exchangeable for Equity Interests
of the Investment Advisor; (ii) options, warrants or other rights to purchase or subscribe for Equity Interests of the Investment
Advisor or (iii) contracts, commitments, agreements, understandings or arrangements of any kind relating to the issuance of any
Equity Interests of the Investment Advisor.  As of the Restatement Effective Date, there is no outstanding right, option or
other agreement of any kind to purchase or otherwise to receive from the Investment Advisor or any equity holder of the Investment
Advisor, any ownership interest in the Investment Advisor, and there is no outstanding right or security of any kind convertible
into such ownership interest.  As of the Restatement Effective Date, there are no voting trusts, proxies or other similar
agreements or understandings with respect to the Equity Interests of the Investment Advisor.

 

Section 3.22.         Financing
Subsidiaries.

 

(a)          There
are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its Subsidiaries
(other than such Structured Subsidiary) other than as permitted under the definition thereof.

 

(b)          The
Borrower has not Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the Structured
Subsidiaries, other than pursuant to Standard Securitization Undertakings.

 

(c)          As
of the Restatement Effective Date, no Financing Subsidiaries exist.

 

Section 3.23.         Foreign
Corrupt Practices Act. Neither the Borrower nor any Affiliate of the Borrower and, to the Borrower’s knowledge, any director,
officer, agent, employee, affiliate or other person associated with or acting on behalf of the Borrower or any Affiliate the Borrower
has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity or to influence official action; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations thereunder (the “FCPA”); and each of the Borrower and any Affiliate of the Borrower
have conducted their businesses in compliance with the FCPA and have instituted and maintained policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, compliance therewith.

 

Section 3.24.         EEA
Financial Institution. No Obligor is an EEA Financial Institution.

 

Section 3.25.         GBSA.

 

(a)          Except
for equity investments in Affiliates of the Borrower, no portion of any Loan has been or will be used to finance or refinance,
directly or indirectly, any alternative investment fund to which European Directive 2011/61/EU applies and that employs leverage
on a “substantial basis” (as defined in Article 111 of Commission Delegated Regulation (EU) No. 231/2013 of 19 December
2012, as amended).

 

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(b)          No
Obligor or any of its Subsidiaries is, or intends to qualify as, an alternative investment fund to which European Directive 2011/61/EU
applies and that employs leverage on a “substantial basis” (as defined in Article 111 of Commission Delegated Regulation
(EU) No. 231/2013 of 19 December 2012, as amended).

 

Section 3.26.         Beneficial
Ownership Certification. As of the Restatement Effective Date, to the best knowledge of the Borrowers, the information included
in any Beneficial Ownership Certification provided on or prior to the Restatement Effective Date to any Lender in connection with
this Agreement is true and correct in all respects.

 

Article IV

 

CONDITIONS

 

Section 4.01.         Restatement
Effective Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans hereunder shall
not become effective until completion of each of the following conditions precedent (unless a condition shall have been waived
in accordance with Section 9.02):

 

(a)          Documents.
Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the
Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(i)          Executed
Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such party or (2) written
evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission of a signed signature page
to this Agreement) that such party has signed a counterpart of this Agreement.

 

(ii)         Guarantee
and Security Agreement; Custodian Agreement. The Guarantee and Security Agreement and the Custodian Agreements described in
clauses (a) and (b) of the definition thereof with respect to the Borrower’s Custodian Account and Alcentra BDC Equity Holdings,
LLC’s Custodian Account, respectively, each duly executed and delivered by each of the parties thereto, and all other documents
or instruments required to be delivered by the Guarantee and Security Agreement and such Custodian Agreements in connection with
the execution thereof.

 

(iii)        Opinion
of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent, the Collateral Agent and the
Lenders and dated the Restatement Effective Date) of Eversheds Sutherland (US) LLP, counsel for the Obligors, in form and substance
reasonably acceptable to the Administrative Agent and covering such matters as the Administrative Agent may reasonably request
(and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent).

 

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(iv)        Corporate
Documents. A certificate of the secretary or assistant secretary of each Obligor, dated the Restatement Effective Date, certifying
that attached thereto are (1) true and complete copies of the organizational documents of each Obligor certified as of a recent
date by the appropriate governmental official, (2) signature and incumbency certificates of the officers of such Person executing
the Loan Documents to which it is a party, (3) true and complete resolutions of the Board of Directors of each Obligor approving
and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party or
by which it or its assets may be bound as of the Restatement Effective Date and, in the case of the Borrower, authorizing the borrowings
hereunder, and that such resolutions are in full force and effect without modification or amendment, (4) a good standing certificate
from the applicable Governmental Authority of each Obligor’s jurisdiction of incorporation, organization or formation and
in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date
prior to the Restatement Effective Date, and (5) such other documents and certificates as the Administrative Agent or its
counsel may reasonably request relating to the organization, existence and good standing of the Obligors, and the authorization
of the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

(v)         Officer’s
Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in Sections 4.01(e), (h) and 4.02(b)(i) through (iv).

 

(b)          Liens.
The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction with respect to the
Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and
revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02
or Liens to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative
Agent. All UCC financing statements, control agreements, stock certificates and other documents or instruments required to be filed
or executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative Agent and
the Lenders, a first-priority perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such
a security interest may be perfected by filing, possession or control under the Uniform Commercial Code) shall have been properly
filed (or provided to the Administrative Agent) or executed and delivered in each jurisdiction required.

 

(c)          Financial
Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this Agreement (x) the audited
consolidated statements of assets and liabilities and the related audited consolidated statements of operations, statement of changes
in net assets, statement of cash flows and related schedule of investments of the Borrower and its consolidated Subsidiaries as
of and for the fiscal year ended December 31, 2017 and (y) the consolidated statements of assets and liabilities and the related
consolidated statements of operations, statement of changes in net assets, statement of cash flows and related schedule of investments
of the Borrower and its consolidated Subsidiaries as of and for the fiscal quarters ended March 31, 2018 and June 30, 2018, in
each case, certified in writing 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. The Administrative Agent and the Lenders shall
have received any other financial statements of the Borrower and its Subsidiaries as they shall reasonably request.

 

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(d)          Consents.
The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations,
registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder,
including, without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all guarantors
in connection with the Transactions and any other evidence reasonably requested by, and reasonably satisfactory to, the Administrative
Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, and such consents, approvals,
authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have
expired and no investigation or inquiry by any Governmental Authority regarding the Transactions or any transaction being financed
with the proceeds of the Loans shall be ongoing.

 

(e)          No
Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments
pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the Transactions or that
could have a Material Adverse Effect.

 

(f)          Solvency
Certificate. On the Restatement Effective Date, the Administrative Agent shall have received a solvency certificate of a Financial
Officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative Agent and the Lenders, and
in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments and demonstrating that
both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated basis and (b) each
Obligor will be Solvent on a consolidated basis with the other Obligors.

 

(g)          Due
Diligence. All customary confirmatory due diligence on the Borrower and its Subsidiaries shall have been completed by the Administrative
Agent and the Lenders and the results of such due diligence shall be satisfactory to the Administrative Agent and the Lenders.
No information shall have become available which the Administrative Agent believes has had, or could reasonably be expected to
have, a Material Adverse Effect.

 

(h)          Default.
No Default or Event of Default shall have occurred and be continuing under this Agreement nor any default or event of default that
permits (or which upon notice, lapse of time or both, would permit) the acceleration of any Material Indebtedness immediately before
and after giving effect to the Transactions, any incurrence of Indebtedness hereunder and the use of the proceeds hereof on a pro
forma basis.

 

(i)          USA
PATRIOT Act. The Administrative Agent and each Lender shall have received all documentation and other information required
by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act, as reasonably requested by the Administrative Agent or any Lender.

 

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(j)          Investment
Policies. The Administrative Agent shall have received the Investment Policies as in effect on the Restatement Effective Date
in form and substance satisfactory to the Lenders.

 

(k)          Evidence
of Insurance. The Administrative Agent shall have received certificates from the Borrower’s insurance broker or other
evidence satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents is in full force and effect.

 

(l)          Beneficial
Ownership Regulation. The Administrative Agent shall have received, to the extent the Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, at least five days prior to the
Restatement Effective Date, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to
the Restatement Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial
Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement,
the condition set forth in this clause (l) shall be deemed to be satisfied).

 

(m)         Other
Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information
as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.

 

(n)          Fees
and Expenses. The Borrower shall have paid in full (or shall pay in full simultaneously with any funding hereunder on the Restatement
Effective Date with the proceeds of such Loans), to the extent not paid pursuant to Section 2.09 hereof, to the Administrative
Agent and the Lenders all fees and expenses (including reasonable legal fees to the extent invoiced) related to this Agreement
owing on or prior to the Restatement Effective Date, including any up-front fee due to any Lender on or prior to the Restatement
Effective Date.

 

Section 4.02.         Conditions
to Loans.

 

(a)          [Intentionally
Omitted].

 

(b)          Each
Credit Event. The obligation of each Lender to make any Loan, including any extension of credit on the Restatement Effective
Date, is additionally subject to the satisfaction of the following conditions:

 

(i)          the
representations and warranties of the Borrower or any other Obligor set forth in this Agreement and in the other Loan Documents
shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality
or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any
such representation or warranty that refers to a specific date, as of such specific date;

 

(ii)         at
the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing or would result
from such extension of credit after giving effect thereto and to the use of proceeds thereof on a pro forma basis;

 

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(iii)        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 by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;

 

(iv)        after
giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants set forth in
Sections 6.07(a), (b) and (d);

 

(v)         with
respect to any Loans made on the Restatement Effective Date, such Loans shall be denominated in Dollars; and

 

(vi)        the
proposed date of such extension of credit shall take place during the Availability Period.

 

Each Borrowing 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 Termination Date,
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 for distribution to each Lender (provided
that, the Administrative Agent shall not be required to distribute any document or report to any Lender to the extent such distribution
would cause the Administrative Agent to breach or violate any agreement that it has with another Person (including any non-reliance
or non-disclosure letter with any Approved Third-Party Appraiser)):

 

(a)          within
90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2014), the audited
consolidated statement of assets and liabilities and the related audited consolidated statements of operations, statement of changes
in net assets, statement of cash flows and related schedule of investments of the Borrower and its Subsidiaries on a consolidated
basis as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year
(to the extent full fiscal year information is available), 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 (which report shall be unqualified as to going concern and scope of audit and shall not contain any explanatory
paragraph or paragraph of emphasis with respect to going concern); provided that the requirements set forth in this clause
(a) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower
with 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 statement
of assets and liabilities and the related consolidated statements of operations, statement of changes in net assets, statement
of cash flows and related schedule of investments of the Borrower and its Subsidiaries on a consolidated basis 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 statement of assets and liabilities, as of the end of) the corresponding period or periods
of the previous fiscal year (to the extent such information is available for 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 Administrative Agent for distribution to each Lender the report filed by the Borrower with 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)  to the extent the requirements in clauses (a) and (b) are not fulfilled by the Borrower delivering the
applicable report delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements
filed by the Borrower with the SEC, (ii) 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, (iii) setting
forth reasonably detailed calculations demonstrating compliance with Sections 6.01(b), (e), (i) and (j),
6.02(f), 6.03(e) and (h), 6.04(i), 6.05(b), (d) and (e), 6.07 and 6.12(c)
and (d), (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has
occurred since the Original Effective Date (but only if the Borrower has not previously reported such change to the Administrative
Agent) and, if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying the
effect of such change on the financial statements accompanying such certificate, (v) attaching a list of Subsidiaries as of
the date of delivery of such certificate or a confirmation that there is no change in such information since the date of the last
such list and (vi) attaching a schedule providing projected interest and principal payments for all debt Portfolio Investments
as of such date, regardless of whether such Portfolio Investments are Eligible Portfolio Investments;

 

(d)          as
soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting period (ending
on the last day of each calendar month) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as of the last
day of such accounting period (which Borrowing Base Certificate shall include an Excel schedule containing information substantially
similar to the information included on the Excel schedule included in the Borrowing Base Certificate delivered to the Administrative
Agent for the period ended on July 31, 2018);

 

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(e)          promptly
but no later than two Business Days after any Financial Officer of the Borrower shall at any time have knowledge that there is
a Borrowing Base Deficiency or knowledge that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in
the Borrowing Base Certificate last delivered by the Borrower to the Administrative Agent, a Borrowing Base Certificate as at the
date such Financial Officer has knowledge of such Borrowing Base Deficiency or decline indicating the amount of the Borrowing Base
Deficiency or decline as at the date such Financial Officer obtained knowledge of such deficiency or decline and the amount of
the Borrowing Base Deficiency or decline as of the date not earlier than two Business Days prior to the date the Borrowing Base
Certificate is delivered pursuant to this paragraph;

 

(f)          promptly
upon receipt thereof copies of all significant written reports submitted to the management or Board of Directors of the Borrower
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 sent to
stockholders and filed by the Borrower or any of its Subsidiaries with the SEC or with any national securities exchange, as the
case may be;

 

(h)          within
45 days after the end of each fiscal quarter of the Borrower, all internal and external valuation
reports relating to the Eligible Portfolio Investments (including all valuation reports delivered by the Approved Third-Party
Appraiser in connection with the quarterly appraisals of Unquoted Investments in accordance with Section 5.12(b)(ii)(B))
and the delivery of underwriting memoranda (or, if no underwriting memorandum has been prepared, all materials similar to underwriting
memorandum that are in a form reasonably satisfactory to the Administrative Agent) for all Eligible Portfolio Investments included
in such valuation reports, and any other information relating to the Eligible Portfolio Investments as reasonably requested by
the Administrative Agent or any Lender; provided that the underwriting memoranda or such other materials for a particular
Eligible Portfolio Investment of an Obligor shall only be required to be delivered within 30 days of the initial closing of such
Eligible Portfolio Investment and at no other time; 

 

(i)          to
the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, updated copies of custody
reports (including (i) activity reports with respect to Cash and Cash Equivalents included in the calculation of the Borrowing
Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in any Custodian Account owned by the
Borrower or any Subsidiary) with respect to any Custodian Account owned by the Borrower or any of its Subsidiaries;

 

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(j)          within
45 days after the end of each fiscal quarter of the Borrower, a certificate of a Financial Officer of the Borrower certifying that
attached thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with respect
to each such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the
issuer of such Portfolio Investment;

 

(k)         within
5 Business Days of the due date set forth in clause (a) or (b) of this Section for any quarterly or annual financial statements,
as the case may be, a schedule prepared in accordance with GAAP setting forth in reasonable detail with respect to each Portfolio
Investment where there has been a realized gain or loss in the most recently completed fiscal quarter, (i) the cost basis of such
Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment, (iii) the associated reversal of
any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the proceeds received with respect to
such Portfolio Investment representing repayments of principal, and (v) any other amounts received with respect to such Portfolio
Investment representing exit fees or prepayment penalties;

 

(l)          any
change in the information provided in the Beneficial Ownership Certification delivered to a Lender that would result in a change
to the list of beneficial owners identified in such certificate;

 

(m)         information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation;
and

 

(n)         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.

 

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 (provided that if such Default is subsequently cured within the time periods set forth herein, the failure
to provide notice of such Default shall not itself result in an Event of Default hereunder);

 

(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, in the opinion of the Administrative Agent, 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 $2,500,000; and

 

(d)          any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

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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.

 

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, (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 business, operating in the same or similar locations and (c) after the reasonable request
of the Administrative Agent, promptly deliver to the Administrative Agent any certificate or certificates from the Borrower’s
insurance broker or other documentary evidence, in each case, demonstrating the effectiveness of, or any changes to, such insurance.
Each such policy of insurance shall name the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as
additional insured and loss payee thereunder.

 

Section 5.06.         Books
and Records; Inspection and Audit Rights.

 

(a)          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 of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice to the Borrower by the Administrative Agent (individually
or at the request of the Required Lenders), at the sole expense of the Borrower, to (i) visit and inspect its properties, to examine
and make extracts from its books and records, and (ii) discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested, provided that the Borrower or such Subsidiary
shall be entitled to have its representatives and advisors present during any inspection of its books and records; provided,
further, that the Borrower shall not be required to pay for more than two such visits and inspections in any calendar year
unless an Event of Default has occurred and is continuing at the time of any subsequent visits and inspections during such calendar
year.

 

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(b)          Audit
Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative
Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations
and appraisals of the Borrower’s computation of the Borrowing Base and the assets included in the Borrowing Base (including,
for clarity, audits of any Agency Accounts, funds transfers and custody procedures), all at such reasonable times and as often
as reasonably requested. The Borrower shall pay the reasonable, documented fees and expenses of representatives retained by the
Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not be required to pay
such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event of Default has occurred
and is continuing at the time of any subsequent evaluation or appraisal during such calendar year. The Borrower also agrees to
modify or adjust the computation of the Borrowing Base and/or the assets included in the Borrowing Base, to the extent required
by the Administrative Agent or the Required Lenders as a result of any such evaluation or appraisal indicating that such computation
or inclusion of assets is not consistent with the terms of this Agreement, provided that if the Borrower demonstrates that
such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its computation of the Borrowing Base.

 

(c)          Notwithstanding
the foregoing, nothing contained in this Section 5.06 shall impair or affect the rights of the Administrative Agent under
Section 5.12(b)(ii) in any respect.

 

Section 5.07.         Compliance
with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it
(including orders issued by the SEC) or its property and all indentures, agreements and other instruments, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Policies
and procedures will be maintained and enforced by or on behalf of the Borrower that are designed in good faith and in a commercially
reasonable manner to promote and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower and each of its
Subsidiaries and, when acting on behalf of the Borrower or any of its Subsidiaries, their respective directors, officers, employees
and agents with any applicable Anti-Corruption Laws and applicable Sanctions, in each case, giving due regard to the nature of
such Person’s business and activities.

 

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Section 5.08.         Certain
Obligations Respecting Subsidiaries; Further Assurances.

 

(a)         Subsidiary
Guarantors.

 

(i)          In
the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing Subsidiary),
or that any other Person shall become a “Subsidiary” within the meaning of the definition thereof (other than a Financing
Subsidiary), (2) any Structured Subsidiary shall no longer constitute a “Structured Subsidiary” pursuant to the definition
thereof (including, for the avoidance of doubt, if such Structured Subsidiary ceases to have, in full force and effect, financing
provided by an unaffiliated third party) (in which case such Person shall be deemed to be a “new” Subsidiary for purposes
of this Section 5.08), or (3) any SBIC Subsidiary shall no longer constitute an “SBIC Subsidiary” pursuant to
the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section
5.08), the Borrower will, in each case, on or before thirty (30) days following such Person becoming a Subsidiary or such Financing
Subsidiary no longer qualifying as such, cause such new Subsidiary or former Financing Subsidiary to become a “Subsidiary
Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement pursuant to a Guarantee Assumption
Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents
as the Administrative Agent shall have reasonably requested.

 

(ii)         The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary as an Obligor
only for so long as such Person qualifies as a “Structured Subsidiary” pursuant to the definition thereof, and thereafter
such Person shall no longer constitute a “Structured Subsidiary” for any purpose of this Agreement or any other Loan
Document.

 

(iii)        The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each SBIC Subsidiary as an Obligor only
for so long as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and thereafter such
Person shall no longer constitute an “SBIC Subsidiary” for any purpose of this Agreement or any other Loan Document.

 

(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.

 

(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:

 

(i)          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
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 Secured Longer-Term Indebtedness, perfected first-priority
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;

 

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(ii)         with
respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained by
the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts
which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account
is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment,
and (E) any account in which the aggregate value of deposits therein, together with all other such accounts under this clause (E),
does not at any time exceed $75,000, provided that in the case of each of the foregoing clauses (A) through (E), no other Person
(other than the depository institution at which such account is maintained) shall have “control” over such account
(within the meaning of the Uniform Commercial Code)), cause each 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” (within the meaning of the Uniform Commercial Code) over each such deposit account or securities
account (each, a “Control Account”) and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv)
and (v) below, to cause all cash and other proceeds of Portfolio Investments received by any Obligor to be immediately deposited
into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, both prior to
and following such deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for the
benefit and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor
or any other Person (including with any money or financial assets of the Borrower in its capacity as “servicer” for
a Structured Subsidiary or any money or financial assets of a Structured Subsidiary, or any money or financial assets of the Borrower
in its capacity as “agent” for any other Bank Loans subject to Section 5.08(c)(v) below);

 

(iii)        cause
the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in form and substance
reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such Financing Subsidiary
qualifies or continues to qualify as a “Structured Subsidiary” or an “SBIC Subsidiary”, as applicable,
pursuant to the definitions thereof;

 

(iv)        in
the case of any Portfolio Investment consisting of a Bank Loan (as defined in Section 5.13) that does not constitute all
of the credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary holds
any interest in the loans or other extensions of credit under such loan documents, (x)(1) cause the interest owned by such Financing
Subsidiary to be evidenced by a separate note or notes, which note or notes are either (A) in the name of such Financing Subsidiary
or (B) in the name of the Borrower, endorsed in blank and delivered to the applicable Financing Subsidiary and beneficially owned
by the Financing Subsidiary (or, in the case of a Noteless Assigned Loan (as defined in Section 5.13), cause the interest
owned by such Financing Subsidiary to be evidenced by separate assignment documentation contemplated by paragraph 1(b) of Schedule
1.01(d) in the name of such Financing Subsidiary) and (2) not permit such Financing Subsidiary to have a participation acquired
from an Obligor in such underlying loan documents and the extensions of credit thereunder or any other indirect interest therein
acquired from an Obligor; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by
the underlying borrower or other obligated party are remitted by such borrower or obligated party (or the applicable administrative
agents, collateral agents or equivalent Person) directly to the Custodian Account and no other amounts owing by such underlying
borrower or obligated party are remitted to the Custodian Account;

 

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(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
(or is acting in an analogous agency capacity under any agreement related to any Portfolio Investment) and such Obligor does not
hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan documents or other agreements,
ensure that (1) all funds held by such Obligor in such capacity as agent or administrative agent are segregated from all other
funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency Account”); (2)
all amounts owing on account of such Bank Loan or Portfolio Investment by the underlying borrower or other obligated party are
remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an account in the name of
the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more than
one underlying lender may be remitted to any single account other than the Agency Account); and (3) within one (1) Business Day
after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent shall distribute any such funds
belonging to any Obligor to the Custodian Account (provided that if any distribution referred to in this clause (c) is not permitted
by applicable bankruptcy law to be made within such one Business Day period as a result of the bankruptcy of the underlying borrower,
such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make such distribution
as soon as legally permitted to do so);

 

(vi)        cause
the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to be delivered
to the Custodian as provided therein; and

 

(vii)       in
the case of any Portfolio Investment held by any Financing Subsidiary, including any cash collection related thereto, ensure that
such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor.

 

Section 5.09.         Use
of Proceeds. The Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower and its Subsidiaries
(other than the Financing Subsidiaries except as expressly permitted under Section 6.03(e)) in the ordinary course of business,
including making distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one
or more wholly-owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high-yield securities, preferred stock,
common stock and other Portfolio Investments, in each case to the extent otherwise permitted hereunder; 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 applicable law or, directly or indirectly, for the purpose, whether immediate, incidental
or ultimate, of buying or carrying any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock or at any
other time requested by the Administrative Agent or any Lender, the Borrower shall furnish to the Administrative Agent and each
Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred
to in Regulation U. 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. No
Obligor will directly or knowingly indirectly use the proceeds of the Loans or otherwise make available such proceeds (a) to any
Person for the purpose of financing the activities or business of or with any Person, or in any country or territory, that, at
the time of such funding, is, or whose government is, the subject of any Sanctions or (b) for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption
Laws.

 

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Section 5.10.         Status
of RIC and BDC. The Borrower shall at all times maintain its status as a “business development company” under
the Investment Company Act. and as a RIC under the Code.

 

Section 5.11.         Investment
Policies. The Borrower shall at all times be in compliance in all material respects with its Investment Policies.

 

Section 5.12.         Portfolio
Valuation and Diversification Etc.

 

(a)          Industry
Classification Groups. For purposes of this Agreement, the Borrower shall assign each Eligible Portfolio Investment to an Industry
Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines any Eligible
Portfolio Investment is not correlated with the risks of other Eligible Portfolio Investments in an Industry Classification Group,
such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is most closely correlated
to such Eligible Portfolio Investment.

 

(b)         Portfolio
Valuation Etc.

 

(i)          Settlement
Date Basis. For purposes of this Agreement and the other Loan Documents, all determinations of whether a Portfolio Investment
is an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any Portfolio Investment that
has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio
Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided
that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

(ii)         Determination
of Values. The Borrower will conduct reviews of the value to be assigned to each of its Eligible Portfolio Investments as follows:

 

(A)         Quoted
Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents) for which market quotations
are readily available and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted
Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value of such
Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by
the Borrower (each such value, an “External Quoted Value”):

 

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(w)          in
the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,

 

(x)          in
the case of Bank Loans, (1) the average of the bid prices as determined by two Approved Dealers selected by the Borrower or (2)
an Approved Pricing Service making reference to at least two Approved Dealers,

 

(y)          in
the case of any Quoted Investment traded on an exchange, the closing price for such Eligible Portfolio Investment most recently
posted on such exchange, and

 

(z)          in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and

 

(B)    
     Unquoted Investments External Review. With respect to Eligible Portfolio Investments for
which market quotations are not readily available (“Unquoted Investments”):

 

(x)          Commencing
with the quarter ending June 30, 2014, and for each fiscal quarter thereafter (or such other dates as are reasonably agreed by
the Borrower and the Administrative Agent (provided that such testing dates shall occur not less than quarterly), each a “Valuation
Testing Date”), the Administrative Agent through an Independent Valuation Provider will test the values as of such Valuation
Testing Date of those Unquoted Investments that are Portfolio Investments included in the Borrowing Base selected by the Administrative
Agent (such selected assets, the “IVP Tested Assets” and such value, the “IVP External Unquoted Value”);
provided that the fair value of such Portfolio Investments tested by the Independent Valuation Provider as of any Valuation
Testing Date shall be approximately 25% (but in no event shall exceed 30%) of the aggregate value of the Unquoted Investments in
the Borrowing Base (the determination of fair value for such 25% threshold shall be based off of the last determination of value
of the Portfolio Investments pursuant to this Section 5.12 and, for the avoidance of doubt, in the case of any Unquoted
Investments acquired during the calendar quarter, the value shall be as determined pursuant to clause (E)(z)(2) below); provided,
further that the Administrative Agent shall provide written notice to the Borrower, setting forth a description of which
Unquoted Investments shall be IVP Tested Assets as of such Valuation Testing Date, not later than 15 days prior to the Valuation
Testing Date. Each such valuation report shall also include the information required to comply with clause (ii) of paragraph
6 and paragraph 20 of Schedule 1.01(d) for an IVP Tested Asset (to the extent such provisions are applicable.)

 

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(y)          With
respect to all Unquoted Investments that are not IVP Tested Assets as of such Valuation Testing Date (the “Borrower Tested
Assets”), the Borrower shall request an Approved Third-Party Appraiser to assist the Board of Directors of the Borrower
in determining the fair market value of the remaining Unquoted Investments, as of each Valuation Testing Date (such value, the
 “Borrower External Unquoted Value”), and to provide the Board of Directors with a written independent valuation
report as part of that assistance each quarter. Each such valuation report shall also include the information required to comply
with clause (ii) of paragraph 6 and paragraph 20 of Schedule 1.01(d).

 

(C)         Internal
Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments at least once
each calendar week which shall take into account any events of which the Borrower has knowledge that adversely affect the value
of any Eligible Portfolio Investment (each such value, an “Internal Value”).

 

(D)         Value
of Quoted Investments. Subject to clauses (G) and (H) of this Section 5.12(b)(ii), the “Value” of each Quoted
Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment as most recently
determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such Quoted Investment
as most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) if such Quoted Investment is a debt investment,
the par or face value of such Quoted Investment.

 

(E)          Value
of Unquoted Investments. Subject to clauses (G) and (H) of this Section 5.12(b)(ii),

 

 (x)          if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls below the range of the IVP External Unquoted Value or the Borrower External Unquoted Value of such Unquoted Investment as
most recently determined pursuant to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment
for all purposes of this Agreement shall be deemed to be the lower of (i) the Internal Value and (ii) if such Unquoted
Investment is a debt investment, the par or face value of such Unquoted Investment;

 

 (y)          (i)
if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls above the range of the Borrower External Unquoted Value of such Unquoted Investment as most recently determined pursuant
to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of this Agreement
shall be deemed to be the lower of (i) the midpoint of the range of the Borrower External Unquoted Value and (ii) if
such Unquoted Investment is a debt investment, the par or face value of such Unquoted Investment;

 

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(ii) if the Internal
Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls
more than 5% above the midpoint of the range of the IVP External Unquoted Value of such Unquoted Investment as most recently determined
pursuant to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of this
Agreement shall be deemed to be the lower of (i) the midpoint of the range of the IVP External Unquoted Value and (ii) if
such Unquoted Investment is a debt investment, the par or face value of such Unquoted Investment; and

 

(z)          if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
is within the range of the Borrower External Unquoted Value, or within or not more than 5% above the midpoint of the range of the
IVP External Unquoted Value, of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) if such Unquoted Investment is a debt investment, the par or face value of such Unquoted
Investment;

 

except that:

 

(1)         if
the difference between the highest and lowest Borrower External Unquoted Value in such range exceeds an amount equal to 6% of the
midpoint of such range, the “Value” of such Unquoted Investment shall instead be deemed to be the lowest of (i) the
lowest Borrower External Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C),
and (iii) if such Unquoted Investment is a debt investment, the par or face value of such Unquoted Investment; and

 

(2)         if
an Unquoted Investment is acquired during a fiscal quarter, the “Value” of such Unquoted Investment shall be deemed
to be equal to the lowest of (x) the Internal Value of such Unquoted Investment as determined by the Borrower pursuant to
Section 5.12(b)(ii)(C), (y) the cost of such Unquoted Investment until such time as the External Unquoted Value
of such Unquoted Investment is determined in accordance with Section 5.12(b)(ii)(B) as at the Valuation Testing
Date, and (z) if such Unquoted Investment is a debt investment, the par or face value of such Unquoted Investment.

 

(F)         Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base
Deficiency exists or that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base
Certificate last delivered by the Borrower to the Administrative Agent, then the Borrower shall, promptly and in any event within
two Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of
the Borrowing Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically set forth
in Section 2.08(c).

 

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(G)         Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing subclauses (A), (B), (C), (D) or (E) (or if
the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as described in the foregoing subclause
(B)(x) as a result of any action, inaction or lack of cooperation of the Borrower or any of its Affiliates), then the “Value”
of such Eligible Portfolio Investment as at such date shall be deemed to be zero. Except as provided in the immediately preceding
sentence, if the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant
to subclause (B)(x), then the “Value” of such Eligible Portfolio Investment as at such date (subject to clause (H)
below) shall be the lower of (x) the Internal Value and (y) if such Unquoted Investment is a debt investment, the par or face value
of such Unquoted Investment; provided, however, that if a Borrower External Unquoted Value has been obtained with
respect to such asset for the quarterly period immediately preceding the current quarterly testing period, then the “Value”
of such Eligible Portfolio Investment will be determined as provided in clause (E) above.

 

(H)         Supplemental
Testing of Values; Valuation Dispute Resolutions. Notwithstanding the foregoing, the Administrative Agent, individually or
at the request of the Required Lenders, shall at any time have the right to request any Portfolio Investment (other than IVP Tested
Assets as of the most recent Valuation Testing Date) included in the Borrowing Base with a value determined pursuant to Section 5.12(b)(ii) to
be independently tested by an Independent Valuation Provider. There shall be no limit on the number of such appraisals requested
by the Administrative Agent and the costs of any such valuation shall be at the expense of the Borrower. If (x) the value
of any Borrower Tested Asset determined pursuant to Section 5.12(b)(ii) is less than the value determined by the
Independent Valuation Provider pursuant to this clause, then the value determined pursuant to Section 5.12(b)(ii) shall
continue to be used as the “Value” for purposes of this Agreement and (y) if the value of any Borrower Tested
Asset 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 or equal to 5% of the value determined pursuant to Section 5.12(b)(ii),
then the value determined pursuant to Section 5.12(b)(ii) shall become the “Value” of such Portfolio
Investment, (2) greater than 5% and less than or equal to 20% of the value determined pursuant to Section 5.12(b)(ii),
then the “Value” of such Portfolio Investment shall become the average of the value determined pursuant to Section 5.12(b)(ii) and
the value determined by the Independent Valuation Provider, and (3) greater than 20% of the value determined pursuant to Section 5.12(b)(ii),
then the “Value” of such Portfolio Investment shall be the lesser of the value determined pursuant to Section 5.12(b)(ii) and
the value determined by the Independent Valuation Provider.

 

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(I) 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

 

(c)          Investment
Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required by the Investment
Company Act) will at all times comply with the portfolio diversification and similar requirements set forth in the Investment Company
Act applicable to business development companies. The Borrower will at all times, 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.

 

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 products obtained by multiplying (x) the Value of each Eligible Portfolio Investment
by (y) the applicable Advance Rate; provided that:

 

(a)          the
Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at any time
when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 15 different issuers; provided
that, the minimum number of issuers may be 12 as long as (1) the overall utilization of the Borrowing Base is less than 85% and
(2) the aggregate fair value of Portfolio Investments (either (x) as specified in the most recent financial statements delivered
pursuant to clause (a) or (b) (as applicable) of Section 5.01 or, (y) if any such Portfolio Investment was acquired after
the delivery of the most recent financial statements, the fair value of such Portfolio Investment as reasonably determined by the
Board of Directors of the Borrower) that are not Eligible Portfolio Investments, but which constitute Collateral, shall not be
less than 75% of the aggregate principal balance of the Loans outstanding at such time (for these purposes, (i) utilization of
the Borrowing Base on any day means the fraction expressed as a percentage, the numerator of which is the sum of the Covered Debt
Amount on such day, and the denominator of which is the Borrowing Base in effect on such day and (ii) issuers that are affiliates
of each other will be treated as one issuer (unless the affiliation is solely as a result of direct or indirect control by a common
private equity or similar sponsor));

 

(b)          with
respect to all Eligible Portfolio Investments issued by a single issuer, the Advance Rate applicable to (a) that portion of
the aggregate Eligible Portfolio Investment(s) of such single issuer exceeding 6% (but less than 12%) of the aggregate value of
all Eligible Portfolio Investments of all issuers as of the end of the most recent quarter shall be 50% of the otherwise applicable
Advance Rate; and (b) that portion of the aggregate Eligible Portfolio Investment(s) of such single issuer exceeding 12% of
the aggregate value of all Eligible Portfolio Investments of all issuers as of the end of the most recent quarter shall be 0%;

 

(c)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S.
Government Securities or Performing First Lien Bank Loans shall not exceed 35% of the Borrowing Base and the Borrowing Base shall
be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 35% of the Borrowing Base;

 

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(d)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investment that are Noteless Assigned Loans shall not exceed 25%
of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from
the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base;

 

(e)          if
at any time the Weighted Average Leverage Ratio is greater than 4.75, the Borrowing Base shall be reduced by removing Debt Eligible
Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Leverage Ratio
to be no greater than 4.75 (subject to all other constraints, limitations and restrictions set forth herein);

 

(f)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in each of the Industry Classification Groups that
are part of the Two Largest Industry Classification Groups shall not exceed, with respect to the largest Industry Classification
Group, 25% of the Borrowing Base and, with respect to the second-largest Industry Classification Group, 20% of the Borrowing Base,
and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent such portion would otherwise exceed the percentage set forth above for such Industry Classification Group;

 

(g)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other
than each of the Industry Classification Groups that are part of the Two Largest Industry Classification Groups) shall not exceed
15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(h)          [reserved];

 

(i)          [reserved];

 

(j)          [reserved];

 

(k)         the
portion of the Borrowing Base attributable to PIK Obligations, DIP Loans and Covenant-Lite Loans shall not exceed 15% of the Borrowing
Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral)
to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(l)          if
at any time the Weighted Average Fixed Coupon (after giving effect to any Hedging Agreement) is less than the greater of (i) 8%
and (ii) the one-month LIBO Rate plus 4.5%, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments
therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Fixed Coupon to be at least equal
to the greater of (x) 8% and (y) the one-month LIBO Rate plus 4.5% (subject to all other constraints, limitations and restrictions
set forth herein);

 

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(m)        if
at any time the Weighted Average Floating Spread (after giving effect to any Hedging Agreement) is less than 4.5%, the Borrowing
Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary
to cause the Weighted Average Floating Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions
set forth herein);

 

(n)         [reserved];

 

(o)         the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Foreign Eligible Portfolio Investments in
the aggregate shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Foreign Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base;
provided that no credit shall be given to the Borrowing Base for any Foreign Eligible Portfolio Investment, if any Obligor
does not qualify for zero withholding for loans to Canadian borrowers, U.K. borrowers, Irish borrowers, French borrowers, German
borrowers, Italian borrowers, Luxembourg borrowers, Swedish borrowers, Swiss borrowers or Dutch borrowers, as applicable;

 

(p)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Affiliate Investments shall not exceed 10%
of the Borrowing Base, and the Borrowing Base shall be reduced by removing Affiliate Investments therefrom (but not from the Collateral)
to the extent such portion would otherwise exceed 10% of the Borrowing Base; and

 

(q)          no
portion of the Borrowing Base shall be attributable to (a) any (i) Equity Interests or (ii) warrants, options or other rights for
the purchase or acquisition of Equity Interests, (b) any Investment in debt Securities that is convertible into or exchangeable
for shares of Equity Interests of such Portfolio Investment, if upon any such conversion of all such debt Securities, such Portfolio
Investment (together with all other Portfolio Investments in such issuer) would be an Affiliate Investment, or (c) any Structured
Finance Obligation.

 

For all purposes of this
Section 5.13, all issuers of Eligible Portfolio Investments that are Affiliates of one another shall be treated as
a single issuer (unless such issuers are Affiliates of one another solely because they are under the common Control of the same
private equity sponsor or similar sponsor). For the avoidance of doubt, no Portfolio Investment shall be an Eligible Portfolio
Investment unless, among the other requirements set forth in this Agreement, (i) such Investment is subject only to Eligible Liens
and (ii) such Investment is Transferable. In addition, as used herein, the following terms have the following meanings:

 

“Advance Rate”
means, as to any Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages with respect
to such Eligible Portfolio Investment:

 

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	Eligible Portfolio Investment	 	Unquoted	 	 	Quoted	 
	Cash and Cash Equivalents (including Short-Term U.S. Government Securities)	 	 	n/a	 	 	 	100	%
	Long-Term U.S. Government Securities	 	 	n/a	 	 	 	85	%
	Performing First Lien Bank Loans	 	 	65	%	 	 	75	%
	Performing Last Out Loans	 	 	55	%	 	 	65	%
	Performing Second Lien Bank Loans	 	 	50	%	 	 	60	%
	Performing High Yield Securities	 	 	45	%	 	 	55	%
	Performing Mezzanine Investments and Performing Covenant-Lite Loans	 	 	40	%	 	 	50	%
	Performing PIK Obligations and Performing DIP Loans	 	 	35	%	 	 	40	%

 

For the avoidance of doubt, the above categories
are intended to be indicative of the traditional investment types. 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. For example, a secured
bank loan at a holding company, the only assets of which are the shares of an operating company, may constitute Mezzanine Investments
but would not ordinarily constitute a First Lien Bank Loan.

 

“Bank Loans”
means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded
portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans
and bridge loans) that are generally provided under a syndicated loan or credit facility or pursuant to any loan agreement or other
similar credit facility, whether or not syndicated.

 

“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.

 

“Covenant-Lite Loan”
means a Bank Loan that does not require the Portfolio Company to comply with at least one financial maintenance covenant (including,
without limitation, any covenant relating to a borrowing base, asset valuation or similar asset-based requirement), regardless
of whether compliance with one or more incurrence covenants is otherwise required by such Bank Loan.

 

“Debt Eligible Portfolio
Investment” means an Eligible Portfolio Investment which is an Investment in Indebtedness.

 

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“Defaulted Obligation”
means any Investment in Indebtedness (a) as to which, (x) a default as to the payment of principal and/or interest has occurred
and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace
period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such
Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (b) as to which a default
as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the obligor
under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness (without regard to any grace period
applicable thereto, or waiver thereof); (c) as to which the obligor under such Indebtedness or others have (x) engaged in an out-of-court
restructuring process (including through any provision of the Uniform Commercial Code or other law) in the past ninety (90) days
or (y) instituted proceedings to have such obligor adjudicated bankrupt or insolvent or placed into receivership and such proceedings
have not been stayed or dismissed or such obligor has filed for protection under the United States Bankruptcy Code or under any
foreign 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 (unless,
in the case of clause (b) or (c), such Indebtedness is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation
under such clause); (d) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive
days, or foreclosure on collateral for such Indebtedness has been commenced and is being pursued by or on behalf of the holders
thereof; or (e) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default
or as to which the Borrower otherwise exercises significant remedies following a default.

 

“DIP Loan” means
a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy
Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as
defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the
United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan
is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection
(b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions
of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter
7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole
or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of
11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district
court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the
Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its
obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal
bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate,
in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash,
of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g)
the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50%
(or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition
obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction; (i) no portion of the
DIP Loan is payable in consideration other than cash; and (j) no portion of the DIP Loan has been credit bid under Section 363(k)
of the United States Bankruptcy Code or otherwise. For the purposes of this definition, an order is a “final order”
if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the
Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal
district court or the clerk thereof.

 

    	 	95	 

     

    

  

“EBITDA” means
the consolidated net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded
in the definition of “EBITDA” in the relevant agreement relating to the applicable Eligible 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 Eligible 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 Eligible 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.

 

“Eligible Liens”
has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Eligible Portfolio
Investment” means any Portfolio Investment meeting the criteria outlined in Schedule 1.01(d). All determinations of
whether an investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning
that any investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled,
and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale
has settled); provided that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been
paid for in full.

 

“First Lien Bank Loan”
means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, provided, however, that, in the
case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority
to a Permitted Prior Working Capital Lien; and further provided that any portion of such a Loan which has a total debt to EBITDA
ratio above 4.00x shall receive an Advance Rate equal to the Advance Rate applicable to a Second Lien Bank Loan. For the avoidance
of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan or a Performing DIP Loan.

 

    	 	96	 

     

    

  

“Fixed Rate Portfolio
Investment” means a Debt Eligible Portfolio Investment that bears interest at a fixed rate.

 

“Floating Rate Portfolio
Investment” means a Debt Eligible Portfolio Investment that bears interest at a floating rate.

 

“High Yield Securities”
means debt Securities, in each case (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 (described under clause (i) of the definition thereof) or Bank Loans.

 

“Last Out Loan” means, with respect
to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled
to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the last out tranche; provided
that:

 

(a) such last out tranche is entitled (along
with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition
priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings;

 

(b) the ratio of (x) the amount of the first
out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.00x;

 

(c) such last out tranche (i) gives the holders
of such last out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions if
the holders of the first out tranche have previously exercised enforcement rights), (ii) shall have the same maturity date as the
first out tranche, (iii) is entitled to the same representations, covenants and events of default as the holders of the first out
tranche, and (iv) provides the holders of such last out tranche with customary protections (including, without limitation, consent
rights with respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins applicable
to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out tranche,
and (4) amending or waiving any provision in the underlying loan documents that is specific to the holders of such last out tranche);
and

 

(d) such first out tranche is not subject to multiple drawings (unless,
at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above is not exceeded).

 

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“Long-Term U.S. Government
Securities” means U.S. Government Securities maturing more than three months from the applicable date of determination.

 

“Mezzanine Investments”
means (i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)),
in each case (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 and (ii) a Bank Loan that is not a First Lien Bank
Loan, a Second Lien Bank Loan, High Yield Security, Last Out Loan or a Covenant-Lite Loan.

 

“Noteless Assigned
Loan” means a Bank Loan with respect to which: (a) the underlying documentation does not require the underlying borrower
to execute and deliver a promissory note to evidence the indebtedness created under such Bank Loan; (b) none of the Borrower, the
Investment Advisor, or any of their respective Affiliates, is an agent with respect to such Bank Loan; and (c) the applicable Obligor
has affirmatively requested a promissory note from the underlying agent and borrower and has used all commercially reasonable efforts
to obtain such promissory note but has been unable to obtain a promissory note from the underlying borrower (but only for so long
as the applicable Obligor has not received such a promissory note).

 

“Performing”
means with respect to any Eligible Portfolio Investment, such Eligible Portfolio Investment (i) is not a Defaulted Obligation,
(ii) is not on non-accrual status as of the Borrower’s latest financial filings with the SEC, and (iii) does not represent
debt or Capital Stock of an issuer that has issued a Defaulted Obligation.

 

“Performing Covenant-Lite
Loans” means funded Covenant-Lite Loans that (a) are not PIK Obligations and (b) are Performing.

 

“Performing DIP Loans”
means funded DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations.

 

“Performing First Lien
Bank Loans” means funded First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans or Covenant-Lite Loans and (b)
are Performing.

 

“Performing High Yield
Securities” means funded High Yield Securities that (a) are not PIK Obligations and (b) are Performing.

 

“Performing Last Out
Loans” means funded Last Out Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Second Lien Bank Loans
and (b) are Performing.

 

“Performing Mezzanine
Investments” means funded Mezzanine Investments that (a) are not PIK Obligations and (b) are Performing.

 

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“Performing Second
Lien Bank Loans” means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or
Last Out Loans and (b) are Performing.

 

“Permitted Foreign
Jurisdiction” shall refer to Canada, the United Kingdom, Ireland, France, Germany, Italy, Luxembourg, Sweden, Switzerland
and the Netherlands.

 

“Permitted Prior Working
Capital Lien” means, with respect to an issuer that is a borrower under a Bank Loan, a security interest to secure a working
capital facility for such issuer in the accounts receivable and inventory (and the proceeds thereof) of such issuer and any of
its subsidiaries that are guarantors of such working capital facility; provided that (i) such Bank Loan has a second priority lien
on such accounts receivable and inventory (and the proceeds thereof), (ii) such working capital facility is not secured by any
other assets (other than a second priority lien, subject to the first priority lien of the Bank Loan, on any other assets) and
does not benefit from any standstill rights or other agreements with respect to any other assets and (iii) the maximum principal
amount of such working capital facility is not at any time greater than 15% of the aggregate enterprise value of the issuer (as
determined in accordance with the valuation methodology for determining the enterprise value of the applicable Portfolio Company
as established by an Approved Third-Party Appraiser).

 

“PIK Obligation”
means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity
thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and
accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (i) is a
fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per
annum or (ii) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate
of not less than 4.5% per annum in excess of the applicable index.

 

“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
or (b) any Portfolio Investment that has in the past six months been (x) on cash non-accrual, or (y) amended or subject to a deferral
or waiver the effect of which is to (i) change the amount of previously required scheduled debt amortization (other than by reason
of repayment thereof) or (ii) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining
weighted average life of such Portfolio Investment is extended by more than 20%. A DIP Loan shall not be deemed to be a Restructured
Investment, so long as it does not meet the conditions of the definition of Restructured Investment.

 

“Second Lien Bank Loan”
means a Bank Loan (other than a First Lien Bank Loan and a Last Out Loan) that is entitled to the benefit of a first and/or second
lien and first and/or second priority perfected security interest on all or substantially all of the assets of the respective borrower
and guarantors obligated in respect thereof.

 

    	 	99	 

     

    

  

“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.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Short-Term U.S. Government
Securities” means U.S. Government Securities maturing within three (3) months of the applicable date of determination.

 

“Spread” means,
with respect to Floating Rate Portfolio Investments, the cash interest spread of such Floating Rate Portfolio Investment over the
applicable LIBO Rate; provided, that, in the case of any Floating Rate Portfolio Investment that does not bear interest
by reference to the LIBO Rate, “Spread” shall mean the cash interest spread of such Floating Rate Portfolio Investment
over the LIBO Rate in effect as of the date of determination for deposits in Dollars for a period of three (3) months.

 

“Structured Finance
Obligation” means any obligation issued by a special purpose vehicle (or any similar obligor in the principal business of
offering, originating or financing pools of receivables or other financial assets) and secured directly by, referenced to, or representing
ownership of or investment in, a pool of receivables or other financial assets of any obligor, including collateralized loan obligations,
collateralized debt obligations and mortgage-backed securities, or any finance lease. For the avoidance of doubt, if an obligation
satisfies the definition of “Structured Finance Obligation”, such obligation (a) shall not qualify as any other category
of Portfolio Investment and (b) shall not be included in the Borrowing Base.

 

“U.S. Government Securities”
has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Value” means,
with respect to any Eligible Portfolio Investment, the value thereof determined for purposes of this Agreement in accordance with
Section 5.12(b)(ii).

 

“Weighted Average Fixed
Coupon” means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained
by multiplying the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base as of such date
by the outstanding principal balance of such Fixed Rate Portfolio Investment as of such date, dividing such sum by the aggregate
outstanding principal balance of all such Fixed Rate Portfolio Investments and rounding up to the nearest 0.01%. For the purpose
of calculating the Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments that are not currently paying cash interest
shall have an interest rate of 0%.

 

“Weighted Average Floating
Spread” means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained
by multiplying, in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis,
the Spread of such Floating Rate Portfolio Investments, by the outstanding principal balance of such Floating Rate Portfolio Investments
as of such date and dividing such sum by the aggregate outstanding principal balance of all such Floating Rate Portfolio Investments
and rounding the result up to the nearest 0.01%. For the purpose of calculating the Weighted Average Floating Spread, all Floating
Rate Portfolio Investments that are not currently paying cash interest shall have an interest rate of 0%.

 

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“Weighted Average Leverage
Ratio” means, as of any date of determination, the number obtained by summing the products obtained by multiplying, in the
case of each Debt Eligible Portfolio Investment (other than Debt Eligible Portfolio Investments that are Quoted Investments with
an External Quoted Value above 90% of par) included in the Borrowing Base, the leverage ratio (expressed as a number) for the Portfolio
Company of such Eligible Portfolio Investment of all Indebtedness that has a ranking of payment or lien priority senior to or pari
passu with and including the tranche that includes the Borrower's Eligible Portfolio Investment, by the fair value of such Eligible
Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values of all such Eligible Portfolio Investments
and rounding the result up to the nearest 0.01.

 

SECTION
5.14 Taxes. Each of the Borrower and its Subsidiaries will timely file or cause to be timely filed all U.S. federal,
state and local Tax returns that are required to be filed by it and all other Tax returns that are required to be filed by it and
will pay all Taxes for which it is directly or indirectly liable and any assessments made against it or any of its property and
all other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except Taxes that are
being contested in good faith by appropriate proceedings, and with respect to which reserves in conformity with GAAP are provided
on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower
and any of its Subsidiaries in respect of Taxes and other governmental charges will be adequate in accordance with GAAP.

 

SECTION 5.15 Anti-Hoarding
of Assets at Non-Pledged Financing Subsidiaries.  If any Non-Pledged Financing Subsidiary is not prohibited by any law,
rule or regulation or by any contract or agreement relating to indebtedness from distributing all or any portion of its assets
to an Obligor, then such Non-Pledged Financing Subsidiary shall, if a Significant Unsecured Indebtedness Event has occurred and
is continuing, distribute to an Obligor the amount of assets held by such Non-Pledged Financing Subsidiary that such Non-Pledged
Financing Subsidiary is permitted to distribute and that, in the good faith judgment of the Borrower, such Non-Pledged Financing
Subsidiary does not reasonably expect to utilize, in the ordinary course of business, to obtain or maintain a financing from an
unaffiliated third party; provided, further, however, that if a Significant Unsecured Indebtedness Event has occurred and is continuing
and the value of the assets owned by such Non-Pledged Financing Subsidiary significantly exceeds the amount of indebtedness of
such Non-Pledged Financing Subsidiary, even if such Non-Pledged Financing Subsidiary is prohibited by any contract or agreement
relating to indebtedness from distributing all or any portion of its assets to an Obligor,  the Borrower shall use its commercially
reasonable efforts to take such action as is necessary to cause such Financing Subsidiary to become an Obligor or distribute assets
to an Obligor in an amount equal to the amount of assets held by such Non-Pledged Financing Subsidiary that, in the good faith
judgment of the Borrower, such Non-Pledged Financing Subsidiary does not reasonably expect to utilize, in the ordinary course of
business, to obtain or maintain a financing from an unaffiliated third party that includes advance rates that are substantially
comparable to market terms for substantially similar debt financings at such time of determination.

 

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SECTION
5.16 Post-Closing Matters. Within ten (10) Business Days (or such longer period as may be consented to by the Administrative
Agent in its sole discretion) after the Restatement Effective Date, the Administrative Agent shall have received a certificate
from Borrower’s insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained
pursuant to the Loan Documents is in full force and effect, together with endorsements naming the Collateral Agent, for the benefit
of the Administrative Agent and the Lenders, as additional insured and loss payee thereunder. To the extent the accuracy of any
representation or warranty, or the compliance with any covenant under the Loan Documents, is dependent on the completion of any
action described in the immediately preceding sentence, such representation, warranty or covenant shall not be breached hereunder
solely as a result of the failure of such action to occur but only until such time as such action is required to be completed.

 

ARTICLE VI

 

NEGATIVE COVENANTS

 

Until the Termination Date,
the Borrower covenants and agrees with the Lenders that: 

 

Section 6.01.         Indebtedness.
The Borrower will not nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a)          Indebtedness
created hereunder or under any other Loan Document;

 

(b)          (i) Unsecured
Shorter-Term Indebtedness in an aggregate principal amount not to exceed $5,000,000 plus, without duplication, with respect
to any class, series, issuance or set of notes referred to in the definition of Internotes (or the definition of any defined term
therein), (1) on the date that is 9 months prior to the scheduled maturity of such Internotes and on the first day of the next
two months thereafter, in each case, an amount of such Internotes equal to one-ninth (1/9th) of the aggregate amount
of such Internotes outstanding as of the date that is 9 months prior to the scheduled maturity date of such Internotes shall be
reclassified as Unsecured Shorter-Term Indebtedness and (2) from and after the date that is 6 months prior to the scheduled maturity
of such Internotes, the remaining amount of such Internotes shall be reclassified as Unsecured Shorter-Term Indebtedness, and (ii)
subject to the prior written consent of the Required Lenders and the Administrative Agent, Secured Longer-Term Indebtedness, in
each case, so long as (w) no Default exists at the time of the incurrence thereof (or immediately after the incurrence thereof),
(x) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each
of the covenants set forth in Sections 6.07(a), (b) and (d) after giving effect to the incurrence thereof
and on the date of such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such
effect, (y) prior to and immediately after giving effect to the incurrence thereof, the Covered Debt Amount does not or would
not exceed the Borrowing Base then in effect, and (z) on the date of the incurrence thereof, the Borrower delivers to the
Administrative Agent and each Lender a Borrowing Base Certificate as at such date demonstrating compliance with subclause (y) after
giving effect to such incurrence. For purposes of preparing such Borrowing Base Certificate, (A) the fair market value of
Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment and (B) the fair market
value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently delivered by the Borrower
to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after the delivery
of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the lower of the
cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower shall reduce
the Value of any Eligible Portfolio Investment referred to in this subclause (B) to the extent necessary to take into account
any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment;

 

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(c)          Unsecured
Longer-Term Indebtedness, so long as (x) no Default exists at the time of the incurrence thereof (or immediately after the
incurrence thereof) and (y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro
forma compliance with each of the covenants set forth in Sections 6.07(a), (b) and (d) and on the date of
such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect;

 

(d)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Indebtedness of Financing Subsidiaries, provided
that (i) on the date that such Indebtedness is incurred (for clarity, with respect to revolving loan facilities or staged advance
loan facilities, “incurrence” shall be deemed to take place at the time such facility is entered into, and not upon
each borrowing thereunder), prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma
compliance with each of the covenants set forth in Sections 6.07(a), (b) and (d) and on the date of such incurrence
Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) in the case of revolving
loan facilities or staged advance loan facilities, upon each borrowing thereunder, the Borrower is in pro forma compliance with
each of the covenants set forth in Sections 6.07(a), (b) and (d);

 

(e)         Other
Permitted Indebtedness in an aggregate principal amount not to exceed $5,000,000;

 

(f)          repurchase
obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(g)          obligations
payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course of
business;

 

(h)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, obligations of the Borrower under a Permitted
SBIC Guarantee;

 

(i)          Indebtedness
of Borrower under any Hedging Agreements entered into in the ordinary course of Borrower’s business and not for speculative
purposes, in an aggregate amount not to exceed $10,000,000 at any time outstanding; and

 

    	 	103	 

     

    

  

(j)          unsecured
Guarantees by the Borrower of the Indebtedness of a Portfolio Company in an aggregate principal amount not to exceed $10,000,000
outstanding at any time, so long as such Guarantees are extended by Borrower in accordance with the Investment Policies.

 

Section 6.02.         Liens.
The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any
property or asset (including Equity Interests in any Financing Subsidiary or any other Subsidiary) 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 except:

 

(a)          any
Lien on any property or asset of the Borrower existing on the Restatement Effective Date and set forth in Schedule 3.11(b),
provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries,
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)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Liens on assets owned by Financing Subsidiaries;

 

(d)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Liens created pursuant to the Security Documents
securing Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b);

 

(e)    
      Permitted Liens;

 

(f)          additional
Liens securing Indebtedness incurred pursuant to Section 6.01(e) of this Agreement not to exceed $3,000,000 in the aggregate;
and

 

(g)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Liens on Equity Interests in any SBIC Subsidiary
created in favor of the SBA.

 

Section 6.03.         Fundamental
Changes. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) 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 of its Subsidiaries (other than Financing Subsidiaries) 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 of its Subsidiaries (other than Financing Subsidiaries) to, convey, sell, lease, transfer
or otherwise dispose of, in one transaction or a series of transactions, any part of its assets (including, without limitation,
Cash, Cash Equivalents and Equity Interests), whether now owned or hereafter acquired, but excluding (x) assets (including
Cash and Cash Equivalents but excluding Portfolio Investments) sold or disposed of in the ordinary course of business of the Borrower
and its Subsidiaries (other than Financing Subsidiaries) (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 Financing Subsidiaries)) and (y) subject to the provisions
of clauses (d) and (e) below, Portfolio Investments.

 

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Notwithstanding the foregoing
provisions of this Section:

 

(a)          any
Subsidiary 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 (i) between a Subsidiary or a wholly owned Subsidiary Guarantor and the Borrower, the Borrower
shall be the continuing or surviving entity and (ii) between a Subsidiary and a wholly owned Subsidiary Guarantor, the wholly owned
Subsidiary Guarantor shall be the continuing or surviving entity;

 

(b)          any
Subsidiary of the Borrower 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 to the Borrower or any wholly
owned Subsidiary Guarantor of the Borrower;

 

(d)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary) so long as prior
to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio Investments
or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base;

 

(e)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, the Obligors may sell, transfer or otherwise
dispose of Portfolio Investments (other than ownership interests in Financing Subsidiaries), Cash and Cash Equivalents to a Financing
Subsidiary so long as (i) prior to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions
of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness), the Covered Debt Amount does not exceed
the Borrowing Base and no Default exists, and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer
to such effect, (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such
release is not diminished as a result of such release or (y) the Borrowing Base immediately after giving effect to such release
is at least 120% of the Covered Debt Amount, and (iii) the sum of (x) all sales, transfers or other dispositions under this clause
(e) that occur after the Revolver Termination Date and do not result in Net Asset Sale Proceeds for fair value that are applied
in accordance with Section 2.08(d)(i) and (y) all Investments under Section 6.04(e) that occur after the Revolver
Termination Date, shall not exceed 20% of the Commitments on the Revolver Termination Date;

 

    	 	105	 

     

    

  

(f)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, an Obligor may transfer assets to a Financing
Subsidiary for the sole purpose of facilitating the transfer of assets from one Financing Subsidiary (or a Subsidiary that was
a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary, directly or indirectly through such
Obligor (such assets, the “Transferred Assets”), provided that (i) no Default exists or is continuing
at such time, (ii) the Covered Debt Amount shall not exceed the Borrowing Base at such time and (iii) the Transferred Assets were
transferred to such Obligor by the transferor Financing Subsidiary on the same Business Day that such assets are transferred by
such Obligor to the transferee Financing Subsidiary;

 

(g)          the
Borrower may merge or consolidate with 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;
and

 

(h)          the
Borrower and its Subsidiaries 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, transfers and dispositions does not
exceed $5,000,000 in any fiscal year.

 

Section 6.04.         Investments.
The Borrower will not, nor will it permit any of its Subsidiaries 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 Subsidiary Guarantors;

 

(c)          Hedging
Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative
purposes;

 

(d)          Portfolio
Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company
Act (to the extent such applicable Person is subject to the Investment Company Act) and the Investment Policies;

 

(e)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Equity Interests in (or capital contribution
to) Financing Subsidiaries acquired after the Restatement Effective Date to the extent permitted by Section 6.03(e);

 

(f)          subject
to the prior written consent of the Required Lenders and the Administrative Agent, Investments by any Financing Subsidiary;

 

(g)          Investments
in Cash and Cash Equivalents;

 

(h)          Investments
described on Schedule 3.12(b) hereto; and

 

    	 	106	 

     

    

  

(i)          additional
Investments up to but not exceeding $5,000,000 in the aggregate (for purposes of this clause (i), 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 market 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 any Investment be less than zero, and provided
further that the amount of any Investment shall not be reduced by reason of any write-off of such Investment, nor increased
by way of 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).

 

Section 6.05.         Restricted
Payments. The Borrower will not, nor will it permit any of its Subsidiaries (other than the Financing Subsidiaries) to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that:

 

(a)          the
Borrower may declare and pay dividends with respect to the capital stock of the Borrower payable solely in additional shares of
the Borrower’s common stock;

 

(b)          the
Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose the
Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant) in amounts
not to exceed 110% (or 125% if (1) no Default shall have occurred and be continuing and (2) the Covered Debt Amount does not exceed
80% of the Borrowing Base calculated on a pro forma basis after giving effect to any such dividends and distributions) of the amounts
that are required to be distributed to: (i) allow the Borrower to satisfy the minimum distribution requirements imposed by Section
852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year, (ii)
reduce to zero for any such taxable year its liability for federal income taxes imposed on (y) its investment company taxable income
pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (z) its net capital gain pursuant to Section 852(b)(3)
of the Code (or any successor thereto), and (iii) reduce to zero its liability for federal excise taxes for any such calendar year
imposed pursuant to Section 4982 of the Code (or any successor thereto);

 

(c)          the
Subsidiaries of the Borrower may make Restricted Payments to the Borrower or to any Subsidiary Guarantor;

 

(d)          Obligors
may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees of the Investment
Advisor or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability or termination
of employment of such employees or termination of their seat on the Board of Directors of the Investment Advisor or the Borrower
or any of its Subsidiaries; provided that (i) no Default or Event of Default shall have occurred and be continuing or would
result therefrom, (ii) such Equity Interests are not registered on Form S-8 or other registration statement or are not transferable
under Rule 144 of the Securities Exchange Act of 1934, and (iii) the aggregate amount of all repurchases in any calendar year shall
not exceed $500,000, with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum
of $1,000,000 in any calendar year; and

 

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(e)         the
Borrower may make Restricted Payments during the Availability Period to repurchase or redeem Equity Interests of the Borrower up
to an aggregate amount equal to the Equity Redemption Amount during such period, so long as on the date of such Restricted Payment
and after giving effect thereto:

 

(i)          no
Default shall have occurred and be continuing;

 

(ii)         (x)
the Covered Debt Amount does not exceed 80% of the Borrowing Base on the date of such Restricted Payment and after giving effect
thereto, and (y) the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as of such date
demonstrating compliance with the foregoing; and

 

(iii)        prior
to and immediately after giving effect to such Restricted Payment, the Borrower is in pro forma compliance with each of the covenants
set forth in Sections 6.07(a), (b) and (d) after giving effect to such Restricted Payment and on the date
of such Restricted Payment, the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect.

 

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 Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than 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 any prohibitions or restraints contained in (i)
any Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01(e)
secured by a Lien permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by
their terms only to the assets that are subject to such Lien and (iii) any Indebtedness permitted under Section 6.01(f)
or (g) secured by a Permitted Lien provided that such prohibitions and restraints are applicable by their terms only to
the assets that are subject to such Lien.

 

Section 6.07.         Certain
Financial Covenants.

 

(a)          Minimum
Stockholder’s Equity. The Borrower will not permit Stockholders’ Equity as of the last day of any fiscal quarter
of the Borrower to be less than the greater of (i) 45% of the total assets of the Borrower and its Subsidiaries as at the
last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and (ii) the
sum of (x) $120,000,000 plus (y) 65% of the aggregate net proceeds of all sales of Equity Interests by the Borrower
and its Subsidiaries after the Restatement Effective Date.

 

(b)          Asset
Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1.

 

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(c)          Consolidated
Interest Coverage Ratio. The Borrower will not permit the Consolidated Interest Coverage Ratio to be less than 2.00 to 1 as
of the last day of any fiscal quarter of the Borrower.

 

(d)          Liquidity
Test. The Borrower will not permit the aggregate Value of the Eligible Portfolio Investments that can be converted to Cash
in fewer than 10 Business Days without more than a 5% change in price to be less than 10% of the Covered Debt Amount for more than
30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted Borrowing Base.

 

(e)          [Reserved].

 

Section 6.08.         Transactions
with Affiliates. (a) The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with
any of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in the ordinary course of business
at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction
between an Obligor and a non-Obligor Subsidiary, not less favorable to such Obligor) than could be obtained at the time on an
arm’s-length basis from unrelated third parties, (ii) transactions between or among the Obligors not involving any other
Affiliate, (iii) subject to the prior written consent of the Required Lenders and the Administrative Agent, transactions between
or among the Obligors and any SBIC Subsidiary or any “downstream affiliate” (as such term is used under the rules
promulgated under the Investment Company Act) company of an Obligor 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, (iv) Restricted Payments
permitted by Section 6.05, (v) the transactions provided in the Affiliate Agreements as the same may be amended in accordance
with Section 6.11(b) or (vi) existing transactions with Affiliates as set forth in Schedule 6.08.

 

(b)          The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any issuer of an Affiliate
Investment (including any Investment that becomes an Affiliate Investment as a result of such transaction or any modification to
an existing Affiliate Investment), even if otherwise permitted under this Agreement, except transactions in the ordinary course
of business that are either (i) on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained
at the time on an arm's-length basis from unrelated third parties or (ii) in the nature of an amendment, supplement or modification
to any such Affiliate Investment on terms and conditions that are similar to those obtained by debt or equity investors in similar
types of investments in which such investors do not have the controlling equity interest, in each case, as reasonably determined
in good faith by the Borrower.

 

Section 6.09.         Lines
of Business. The Borrower will not, nor will it permit any of its Subsidiaries to, engage to any material extent in any business
other than in accordance with its Investment Policies.

 

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Section 6.10.         No
Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement,
instrument, deed or lease which prohibits or limits 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; and (d) 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” under and as defined in the Guarantee and Security Agreement and
does not require 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.

 

Section 6.11.         Modifications
of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, 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 Secured Longer-Term Indebtedness,
Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term Indebtedness that would result in such Indebtedness not meeting the
requirements of the definition of “Secured Longer-Term Indebtedness”, “Unsecured Longer-Term Indebtedness”
and “Unsecured Shorter-Term Indebtedness”, as applicable, set forth in Section 1.01 of this Agreement,
unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured
Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness
as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Unsecured
Shorter-Term Indebtedness” for all purposes of this Agreement);

 

(b)          any
of the Affiliate Agreements, unless such modification, supplement or waiver is not less favorable to the Borrower than could be
obtained on an arm’s-length basis from unrelated third parties.

 

The Administrative Agent
hereby acknowledges and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative
Agent, freely amend, restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or
relating to Indebtedness permitted pursuant to Sections 6.01(d) and (e), including increases in the principal amount
thereof, modifications to the advance rates and/or modifications to the interest rate, fees or other pricing terms, provided that
no such amendment, restatement or modification shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof,
cause a Financing Subsidiary to fail to be a “Financing Subsidiary” in accordance with the definition thereof.

 

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Section 6.12.         Payments
of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) 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 or involuntary payment or prepayment of
the principal of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness or Unsecured Longer-Term
Indebtedness (other than the refinancing of Secured Longer-Term Indebtedness (subject to the prior written consent of the Required
Lenders and the Administrative Agent) or Unsecured Longer-Term Indebtedness with Indebtedness permitted under Section 6.01(b)
and (c)), except for (a) regularly scheduled payments of interest in respect thereof required pursuant to the
instruments evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid
in connection with such Indebtedness, (b) payments and prepayments of Secured Longer-Term Indebtedness required to comply
with requirements of Section 2.08(c), (c) redemptions of any notes pursuant to the “Survivor’s Option”
described in the draft Registration Statement on Form N-2 provided by the Company via email to the Administrative Agent at 7:52
PM ET on January 11, 2015, provided that the aggregate amount of notes redeemed shall not exceed the Survivor’s Option Amount
and (d) other payments during the Revolving Period to repurchase or call the Internotes up to an aggregate amount of $20,000,000
during the Revolving Period, so long as (i) no Default exists as of the date of such other payment (or immediately after giving
to such other payment), (ii) the Covered Debt Amount does not exceed 80% of the Borrowing Base calculated on a pro forma basis
after giving effect to such other payment, and (iii) prior to and immediately after giving effect to such other payment, the Borrower
is in pro forma compliance with each of the covenants set forth in Sections 6.07.

 

Section 6.13.         Modification
of Investment Policies. Other than with respect to Permitted Policy Amendments, the Borrower will not amend, supplement, waive
or otherwise modify in any material respect the Investment Policies as in effect on the Restatement Effective Date.

 

Section 6.14.         SBIC
Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any
event or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee.

 

Section 6.15.         Derivative
Transactions. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries), to enter
into any swap transactions or other similar transactions or agreements, except for Hedging Agreements to the extent permitted pursuant
to Section 6.01(i) and 6.04(c).

 

Section 6.16.         Financing
Subsidiaries. Notwithstanding anything to the contrary contained herein, the Borrower will not, nor will it permit any of its
Subsidiaries to, form, create, acquire, hold or otherwise permit to exist any Financing Subsidiary.

 

Article VII

 

EVENTS OF DEFAULT

 

If any of the following events
(“Events of Default”) shall occur and be continuing:

 

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(a)          the
Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section 2.08(b),
(c) or (d)) 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;

 

(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 by or on behalf of the Borrower, any of its Subsidiaries or Fund III 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
(except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality
or Material Adverse Effect);

 

(d)          the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.01(e),
Section 5.02(a), Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only,
and not with respect to the Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises),
Sections 5.08(a) or (b), Section 5.10, Section 5.12(c) 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) Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case of this clause (ii),
such failure shall continue unremedied for a period of five or more days after the earlier of (A) notice thereof from the Administrative
Agent (given at the request of any Lender) to the Borrower and (B) Borrower has knowledge of such failure;

 

(e)          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) or (d) of this Article) or any other Loan Document and such failure
shall continue unremedied for a period of 30 or more days after the earlier of (A) notice thereof from the Administrative Agent
(given at the request of any Lender) to the Borrower and (B) Borrower has knowledge of such failure;

 

(f)          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;

 

    	 	112	 

     

    

  

(g)          any
event or condition occurs that (i) results in all or any portion of any Material Indebtedness becoming due prior to its scheduled
maturity or (ii) that enables or permits (with or without the giving of notice, the lapse of time or both) 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, unless, in the case of
this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material
Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted
to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt
that becomes due as a result of a contingent mandatory conversion or redemption event provided such conversion or redemption is
effectuated only in capital stock;

 

(h)          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 Subsidiaries 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 Subsidiaries 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;

 

(i)          the
Borrower or any of its Subsidiaries 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 (h) 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 Subsidiaries 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;

 

(j)          the
Borrower or any of its Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due;

 

(k)          (i)(x)
one or more judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) in excess
of $2,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of the
potential claim and does not dispute coverage) or (y) any one or more non-monetary judgments that, individually or in the aggregate,
has resulted in or could reasonably be expected to result in a Material Adverse Effect, shall be rendered against the Borrower
or any of its Subsidiaries or any combination thereof, and, in either case, (A) enforcement proceedings are commenced by any creditor
upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment,
by reason of a pending appeal or otherwise, is not in effect, 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;

 

(l)          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 or any ERISA Affiliate in an aggregate amount exceeding $2,500,000;

 

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(m)         a
Change in Control shall occur;

 

(n)          any
SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the SBA;

 

(o)          the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having an aggregate
Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, 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
Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens
(other than Liens permitted under Section 6.02 or under the respective Security Documents), except to the extent that
any such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing
securities pledged under the Guarantee and Security Agreement; 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, then there shall be no Default or Event of Default hereunder unless such default shall continue unremedied
for a period of ten (10) consecutive Business Days after the earlier of (i) the Borrower becoming aware of such default and (ii)
the Borrowers receipt of written notice of such default thereof from the Administrative Agent, unless, in each case, the continuance
thereof is a result of a failure of the Collateral Agent or Administrative Agent to take an action within their control (and the
Borrower has requested that the Collateral Agent or Administrative Agent to take such action);

 

(p)          except
for expiration 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 any Obligor, or there
shall be any actual invalidity of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert in writing;
or

 

(q)          the
Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse
to any Obligor under any Permitted SBIC Guarantee.

 

then, and in every such event (other than an
event described in clause (h),  (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 and under the other Loan Documents, 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 described in clause
(h),  (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 and under the other
Loan Documents, 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.

 

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Notwithstanding anything
to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) (i) the Commitments
shall automatically and without further act be terminated, (ii) the Lenders shall automatically and without further act be deemed
to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated
Obligations under each Loan in which it shall participate as of such date, such Lender shall own an interest equal to such Lender’s
CAM Percentage in the Designated Obligations under each of the Loans, whether or not such Lender shall previously have participated
therein, and (b) simultaneously with the deemed exchange of interests pursuant to clause (a) above, the interests in the Designated
Obligations to be received in such deemed exchange shall, automatically and with no further action required, be converted into
the Dollar Equivalent of such amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such
date all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars
at the rate otherwise applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated
by Section 9.04 and the Borrower hereby consents and agrees to the CAM Exchange. It is understood and agreed that the CAM
Exchange, in itself, will not affect the aggregate amount of Designated Obligations owing by the Obligors. The Borrower and the
Lenders agree from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments
and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations
of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received
by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and
delivered; provided that the failure of the Borrower to execute or deliver or of any Lender to accept such promissory note,
instrument or document shall not affect the validity or effectiveness of the CAM Exchange.

 

As a result of the CAM
Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in
respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages
(to be redetermined as of each such date of payment). Any direct payment received by a Lender on or after the CAM Exchange Date,
including by way of set-off, in respect of a Designated Obligation shall be paid over to the Administrative Agent for distribution
to the Lenders in accordance herewith.

 

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Article VIII

 

THE ADMINISTRATIVE AGENT

 

Section 8.01.         Appointment.

 

(a)          Appointment
of the Administrative Agent. Each of the Lenders 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.

 

(b)          Appointment
of the Collateral Agent. The Collateral Agent is hereby confirmed and reaffirmed as having been appointed as the collateral
agent hereunder and under the Loan Documents and in such capacity has been and is authorized to have all the rights and benefits
hereunder and thereunder (including Section 9 of the Guarantee and Security Agreement), and to take such actions on its
behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. In addition to the rights, privileges and immunities in the Guarantee
and Security Agreement, the Collateral Agent has been and shall be entitled to all rights, privileges, immunities, exculpations
and indemnities of the Administrative Agent and for such purpose each reference to the Administrative Agent in this Article
VIII has been and shall be deemed to include the Collateral Agent.

 

Section 8.02.         Capacity
as Lender. 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 (without having to account therefor to any other Lender) accept deposits from, lend money to, make investments
in 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, and such Person and its Affiliates may accept fees and other consideration from the Borrower
or any Subsidiary or other Affiliate thereof for services in connection with this Agreement or otherwise without having to account
for the same to the other Lenders.

 

Section 8.03.         Limitation
of Duties; Exculpation. 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 as determined
by a court of competent jurisdiction by final and non-appealable judgment. 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, (v) the creation, perfection or priority of any Lien purported to be created by the Loan Documents or the value or
the sufficiency of any Collateral or (vi) 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. Notwithstanding
anything to the contrary contained herein, in no event shall the Administrative Agent be liable or responsible in any way or manner
for the failure to obtain or receive an IVP External Unquoted Value for any asset or for the failure to send any notice required
under Section 5.12(b)(ii)(B)(x).

 

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Section 8.04.         Reliance.
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 or on behalf of 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 or on behalf of the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent
may consult with legal counsel, independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 8.05.         Sub-Agents.
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.

 

Section 8.06.         Resignation;
Successor Administrative Agent. The Administrative Agent may resign at any time by notifying the Lenders 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 (provided that no such consent shall be required if an Event of Default has occurred and is continuing), 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 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. The Collateral Agent may resign
in accordance with the Guarantee and Security Agreement.

 

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Section 8.07.         Reliance
by Lenders. 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.

 

Section 8.08.         Modifications
to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c) 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, 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, or 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.

 

Section 8.09.         Indemnification
by Lenders. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender
an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a) or (c),
each Lender shall, and does hereby, agree severally to indemnify the Administrative Agent, and shall make payable in respect thereof
within 10 days after demand therefor, (i) against any and all Taxes attributable to such Lender and any and all related losses,
claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) in each
case attributable to such Lender (collectively, “Tax Damages”) incurred by or asserted against the Administrative Agent
by the U.S. Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent
to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate
form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in
circumstance that rendered the exemption from, or reduction of withholding tax ineffective) (but only to the extent that the Borrower
has not already indemnified the Administrative Agent for such Taxes and Tax Damages and without limiting the obligation of the
Borrower to do so pursuant to and in accordance with Section 2.14(c)), and (ii) Tax Damages attributable to such Lender’s
failure to comply with the provisions of Section 9.04 relating to the maintenance of a Participant Register. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this paragraph.
The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment of
rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of
all other obligations.

 

    	 	118	 

     

    

  

Section 8.10.         Certain
ERISA Matters.

 

(a)          Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that
at least one of the following is and will be true:

 

(i)          such
Lender is not using “plan assets” (within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA)
of one or more Benefit Plans in connection with the Loans or the Commitments,

 

(ii)         the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement,

 

(iii)        (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in,
administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b)
through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of
PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Commitments and this Agreement, or

 

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(iv)        such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)          In
addition, unless subclause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not
provided another representation, warranty and covenant as provided in subclause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Obligor, that:

 

(i)          none
of the Administrative Agent or any of its Affiliates is a fiduciary with respect to the assets of such Lender (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents
related to hereto or thereto),

 

(ii)         the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21)
and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management
or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)        the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both
in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),

 

(iv)        the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect
to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions
hereunder, and

 

(v)         no
fee or other compensation is being paid directly to the Administrative Agent or any of its Affiliates for investment advice (as
opposed to other services) in connection with the Loans, the Commitments or this Agreement.

 

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(c)          The
Administrative Agent hereby informs the Lenders that it is not undertaking to provide impartial investment advice, or to give advice
in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest
in the transactions contemplated hereby in that it or one of its Affiliates (i) may receive interest or other payments with respect
to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an
amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees
or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring
fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination
fees or fees similar to the foregoing.

 

For purposes of this Section 8.10, the
following definitions apply to each of the capitalized terms below:

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

Section 8.11.         Collateral
Matters. (a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to
a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually
to realize upon any of the Collateral or to enforce any Guarantee of the Guaranteed Obligations (as defined in the Guarantee and
Security Agreement), it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised
solely by the Administrative Agent and/or the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof.

 

(b)          In
furtherance of the foregoing and not in limitation thereof, no arrangements in respect of any Hedging Agreement the obligations
under which constitute Hedging Agreement Obligations, will create (or be deemed to create) in favor of any Secured Party that is
a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Obligor
under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement
in respect of Hedging Agreements shall be deemed to have appointed the Administrative Agent and Collateral Agent to serve as administrative
agent and collateral agent, respectively, under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party
thereunder, subject to the limitations set forth in this paragraph.

 

(c)          Neither
the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire into any representation
or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s or the Collateral Agent’s Lien thereon or any certificate prepared by any Obligor in connection therewith,
nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders or any other Secured Party for
any failure to monitor or maintain any portion of the Collateral.

 

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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 or to the extent permitted by Section 9.01(b) or otherwise herein, e-mail,
as follows:

 

(i)          if
to the Borrower, to it at:

 

Alcentra Capital Corporation

200 Park Avenue, 7th Floor

New York, NY, 10166

Attention: Vijay Rajguru and Ellida McMillan

Telephone: (212) 922-8240

Fax: (212) 922-8259

	Email:	Vijay.Rajguru@alcentra.com
	 	Ellida.McMillan@alcentra.com  
	 	BDCreporting@alcentra.com

 

With a copy to:

 

Alcentra NY, LLC

200 Park Avenue, 7th Floor

New York, NY, 10166

Attention: Vijay Rajguru

Telephone: (212) 922-8240

Fax: (212) 922-8259

	Email:	Vijay.Rajguru@alcentra.com
	 	Ellida.McMillan@alcentra.com  
	 	BDCreporting@alcentra.com

 

With a copy to:

 

Eversheds Sutherland (US) LLP

999
Peachtree Street, NE, Suite 2300

Atlanta,
GA 30309-3996

Attention: Eric
R. Fenichel

Telephone: (404)
853-8483

Fax: (404)
853-8806

	Email:	ericfenichel@eversheds-sutherland.com

 

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(ii)         if
to the Administrative Agent, to it at:

 

ING Capital LLC

1133 Avenue of the Americas

New York, New York 10036

Attention:  Grace Fu

Telephone Number: (646) 424-7213

Telecopy Number: (646) 424-6919

Email: grace.fu@ing.com

 

with a copy to:

 

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Jay R. Alicandri, Esq.

Telephone Number: (212) 698-3800

Telecopy Number: (212) 698-3599

Email: jay.alicandri@dechert.com

 

(iii)        if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any party hereto may change
its address, telecopy number or e-mail address 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).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders 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 pursuant to Section 2.03 if such Lender 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 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, 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.

 

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(c)          Posting
of Communications.

 

(i)          For
so long as a DebtdomainTM 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 one hard copy thereof to the Administrative Agent and either an electronic copy or a notice identifying the website
where such information is located for posting by the Administrative Agent on DebtdomainTM or such equivalent website, provided
that the Administrative Agent shall have no responsibility to maintain access to DebtdomainTM or an equivalent website.

 

(ii)         The
Obligors agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders
by posting the Communications on IntraLinksTM, DebtdomainTM, SyndTrak, ClearPar or any other electronic platform chosen
by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(iii)        Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Restatement Effective Date, a user
ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby
each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each of the Obligors
acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative
Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved
Electronic Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders
and each Obligor hereby approves distribution of the Communications through the Approved Electronic Platform and understands and
assumes the risks of such distribution.

 

(iv)        THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC
PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION
WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY LEAD ARRANGER, ANY
CO-DOCUMENTATION AGENT, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”)
HAVE ANY LIABILITY TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR’S
OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

 

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“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent
or any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(v)         Each
Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved
Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from
time to time of such Lender’s email address to which the foregoing notice may be sent by electronic transmission and (ii)
that the foregoing notice may be sent to such email address.

 

(vi)        Each
of the Lenders and the Obligors agree that the Administrative Agent may, but (except as may be required by applicable law) shall
not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s
generally applicable document retention procedures and policies.

 

(vii)       Nothing
herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to
any Loan Document in any other manner specified in such Loan Document.

 

Section 9.02.         Waivers;
Amendments.

 

(a)          No
Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent 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 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 shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

 

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(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, subject to Section 2.16(b), 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 reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender directly affected thereby,

 

(iii)        postpone
the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees or other amounts payable
to a Lender hereunder, or reduce the amount or waive or excuse any such payment, or postpone the scheduled date of expiration of
any Commitment, without the written consent of each Lender directly affected thereby,

 

(iv)        change
Section 2.15(b), (c) or (d) (or other sections referred to therein to the extent relating to pro
rata payments) in a manner that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender directly affected thereby,

 

(v)         change
any of the provisions of this Section or the percentage in 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,

 

(vi)        change
any of the provisions of the definition of the term “Agreed Foreign Currency” or any other provision hereof specifying
the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination or grant any
consent hereunder with respect to the definition of “Agreed Foreign Currencies” without the written consent of each
Multicurrency Lender, or

 

(vii)       permit
the assignment or transfer by any Obligor of any of its rights or obligations under any Loan Document without the consent of each
Lender;

 

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provided further that (x) no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior
written consent of the Administrative Agent, and (y) the consent of Lenders holding not less than two-thirds of the total
Revolving Credit Exposures and unused Commitments will be required for  (A) any change adverse to the Lenders affecting
the provisions of this Agreement relating to the Borrowing Base (including the definitions used therein), or the provisions of
Section 5.12(b)(ii), (B) any release of any material portion of the Collateral other than for fair value or as otherwise
permitted hereunder or under the other Loan Documents and (C) any change adverse to the Lenders to the provisions of Section
6.07(b) (including the definitions used therein).

 

Anything in this Agreement to the contrary
notwithstanding, 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.

 

(c)          Amendments
to Security Documents.  No Security Document nor any provision thereof may be waived, amended or modified, except to the
extent otherwise expressly contemplated by the Guarantee and Security Agreement, and the Liens granted under the Guarantee and
Security Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder, but excluding
(x) any such increase pursuant to a Commitment Increase under Section 2.06(f) and (y) any Secured Longer-Term Indebtedness
permitted hereunder) except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement and except
pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of
the Required Lenders; provided that, subject to Section 2.16(b), (i) without the written consent of the holders
of not less than two-thirds of the total Revolving Credit Exposures and unused Commitments, no such waiver, amendment or modification
to the Guarantee and Security Agreement shall (A) release any Obligor representing more than 10% of the Stockholder’s Equity
of the Borrower from its obligations under the Security Documents, (B) release any guarantor representing more than 10% of the
Stockholder’s Equity of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder,
or (C) amend the definition of “Collateral” under the Security Documents (except to add additional collateral) and
(ii) without the written consent of each Lender, no such agreement shall (W) release all or substantially all of the Obligors
from their respective obligations under the Security Documents, (X) release all or substantially all of the collateral security
or otherwise terminate all or substantially all of the Liens under the Security Documents, (Y) release all or substantially all
of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) 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 the collateral security provided
thereby; except that no such consent described in clause (i) or (ii) above 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
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 or the required number or percentage of Lenders have consented,
or otherwise in accordance with Section 9.15.

 

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(d)          Replacement
of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent of “each
Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds of the holders of the total
Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained, but the consent of other
necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then 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 2.17(b) so long as at the time of such replacement,
each such replacement Lender consents to the proposed change, waiver, discharge or termination.

 

(e)          Ambiguity,
Omission, Mistake or Typographical Error. Notwithstanding the foregoing, if the Administrative Agent and the Borrower acting
together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any
other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision
to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without
any further action or consent of any other party to this Agreement.

 

Section 9.03.         Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket costs and expenses incurred by the
Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of up
to one counsel for the Administrative Agent and the Collateral Agent collectively (other than the allocated costs of internal counsel),
in connection with the syndication of the credit facilities provided for herein, the preparation and administration (other than
internal overhead charges) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket
fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent or any Lender, including fees, charges and
disbursements of any counsel for the Administrative Agent, the Collateral Agent 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, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect thereof and (iii) and all reasonable out-of-pocket 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.

 

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(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent 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 and related expenses (without duplication of an Indemnitee’s rights
to indemnification under Section 2.14(c) hereof), including the fees, charges and disbursements of any counsel for any Indemnitee
(other than the allocated costs of internal counsel), 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,
the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any
other transactions contemplated hereby (including, without limitation, any arrangement entered into with an Independent Valuation
Provider), (ii) any Loan or the use of the proceeds therefrom or (iii) 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 whether brought by the
Borrower, any Indemnitee or a third party 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 the
willful misconduct or gross negligence of such Indemnitee.

 

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 under
paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally agrees to
pay to the Administrative Agent, 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 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 the use of the proceeds thereof. No Indemnitee shall be liable for any damages
arising from the use of unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby, except to the extent caused by the willful misconduct or gross negligence of such Indemnitee, as
determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

(e)          Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.

 

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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, 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
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(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 at
the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

 

(A)         the
Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender,
or, if a Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received written notice thereof; and

 

(B)         the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment by a Lender to an
Affiliate of a Lender with prior written notice by such Lender to the Administrative Agent.

 

(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, the amount of the Commitment or Loans 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. $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided
that no such consent of the Borrower shall be required if a Default has occurred and is continuing;

 

(B)         each
partial assignment of Commitments or Loans 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 Commitments and Loans;

 

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(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 (except in the case of an assignment pursuant to Section 2.17(b)); and

 

(D)         the
assignee, if it shall not already be a Lender, 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 2.12, 2.13, 2.14 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 (f) of this Section.

 

(c)          Maintenance
of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as a non-fiduciary 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 and
stated interest of the Loans 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, and the Borrower, the
Administrative Agent and the Lenders shall 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 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)          Special
Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified
as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide
all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing
herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan
pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and
such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled
to the benefits of Section 2.12 (or any other increased costs protection provision), 2.13 or 2.14. Each
SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights
hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative
Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans
made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the
same extent, and as if, such Loan were made by the Granting Lender.

 

Each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other
person in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement;
provided that the Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto
for any loss, cost, damage and expense arising out of their inability to institute any such proceeding against its SPC. In addition,
notwithstanding anything to the contrary contained in this Section, any SPC may (i) without the prior written consent of the
Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests
in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the
account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such
Loans (but nothing contained herein shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder);
provided that neither the consent of the SPC nor of any such assignee shall be required for amendments or waivers hereunder
except for those amendments or waivers for which the consent of participants is required under paragraph (f) below, and (ii) disclose
on a confidential basis (in the same manner described in Section 9.13(b)) any non-public information relating
to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement
to such SPC.

 

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(f)          Participations.
Any Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned 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
owing to it); provided that (i) the consent of the Borrower shall not be required (A) for any assignment to a Lender
or an Affiliate of a Lender, or (B) if a Default has occurred and is continuing, (ii) the Borrower shall be deemed to have consented
unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after receiving notice
thereof, (iii) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (iv) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (v) the Borrower,
the Administrative Agent 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. 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 (g) of this Section, the Borrower agrees that each Participant shall be entitled
to the benefits of Sections 2.12, 2.13 and 2.14 (subject to the requirements and limitations therein,
including Sections 2.14(e) and (f) (it being understood that the documentation required under Sections 2.14(e)
and (f) shall be delivered to the participating Lender and such participating Lender shall provide such documentation to
the Borrower)) 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 2.15(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 Loans or other obligations under the Loan Documents (each a “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,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in each Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as the Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(g)          Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12
or 2.13 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 2.14 unless such
Participant agrees to comply with Section 2.14(e) as though it were a Lender (it being understood that that the documentation
required under Section 2.14(e) shall be delivered to the participating Lender).

 

    	 	133	 

     

    

  

(h)          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.

 

(i)          No
Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to the
contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder
to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest
in any Commitment or Loan held by it hereunder to a natural person or to any Person known by such Lender at the time of such assignment
to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be a
Defaulting Lender.

 

(j)          Multicurrency
Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and is continuing, must be to
a Person that is able to fund and receive payments on account of each Agreed Foreign Currency at such time without the need to
obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign Currency”.

 

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, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent 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 and so long as the Commitments have not expired or terminated. The provisions of
Sections 2.12, 2.13, 2.14 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 Commitments or the termination of this Agreement or any provision hereof.

 

    	 	134	 

     

    

  

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. This Agreement shall become effective when provided in Section 4.01,
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 or electronic mail shall be effective as
delivery of a manually executed counterpart of this Agreement.

 

(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures 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; provided that nothing herein shall require the
Administrative Agent to accept electronic signatures in any form or format without its prior written consent.

 

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 any Obligor against any of and all the obligations of any Obligor 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; provided that
in the event that any Defaulting Lender exercises any such right of setoff, (a) all amounts so set off will be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such
payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders and (b) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing in
reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

 

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.

 

    	 	135	 

     

    

  

(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 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 (i) irrevocably consents to service of process in the manner provided for notices
in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01
is sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective
and binding service in every respect. 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 (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.

 

    	 	136	 

     

    

  

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
(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. Subject to Section 2.15(a), 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 in 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.

 

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 Loan, the expiration or termination of the
Commitments or the termination of this Agreement or any provision hereof. The Administrative Agent, each Lender and their Affiliates
(collectively, solely for purposes of this paragraph, the “Lender”), may have economic interests that conflict
with those of the Borrower or any of its Subsidiaries and/or their Affiliates. The Borrower, on behalf of itself and each of its
Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty between the Lender, on the one hand, and the Borrower or any of its Subsidiaries,
its stockholders or its Affiliates, on the other. The Borrower and each of its Subsidiaries each 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 Lender, on the one hand, and the Borrower and its Subsidiaries, on the other,
and (ii) in connection therewith and with the process leading thereto, (x) the Lender has not assumed an advisory or fiduciary
responsibility in favor of the Borrower or any of its Subsidiaries, any of their stockholders or 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 the Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders
or their Affiliates on other matters) or any other obligation to the Borrower or any of its Subsidiaries except the obligations
expressly set forth in the Loan Documents and (y) the Lender is acting solely as principal and not as the agent or fiduciary of
the Borrower or any of its Subsidiaries, their management, stockholders, creditors or any other Person. The Borrower and each of
its Subsidiaries each acknowledge and agree 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 such transactions and the process
leading thereto. The Borrower and each of its Subsidiaries each agree that it will not claim that the Lender has rendered advisory
services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any of its Subsidiaries, in connection
with such transaction or the process leading thereto.

 

    	 	137	 

     

    

 

(b)          Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) 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), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority),
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party hereto, (e) 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,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) 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 so long as no Default or Event of Default shall have occurred and be continuing, the Administrative Agent and each
Lender agree not to disclose any confidential information consisting of the underwriting memoranda or similar materials delivered
pursuant to Section 5.01(h) or of the documentation evidencing a Portfolio Investment to a prospective assignee or Participant
that is a Direct Competitor, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) on a confidential basis
to (i) any insurer, (ii) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans and (iii) the
CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the
Loans, (i) 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 or any of their respective Affiliates on a nonconfidential basis
from a source other than the Borrower, or (j) in connection with the Lenders’ right to grant a security interest pursuant
to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject to an agreement containing provisions
substantially the same as those of this Section, to any other pledgee or assignee pursuant to Section 9.04(h).

 

    	 	138	 

     

    

  

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 (including, without limitation, any Portfolio Investments), other than any such information
that is available to the Administrative Agent or any Lender 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 Original 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 Obligors 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
each Obligor, which information includes the name and address of each Obligor and other information that will allow such Lender
to identify such Obligor in accordance with said Act. The Obligors shall, promptly following a request by the Administrative Agent
or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order
to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act and the Beneficial Ownership Regulation.

 

Section 9.15.         Termination.
Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative
Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and releases and other documents
necessary or appropriate to evidence the termination of this Agreement, the Loan Documents, and each of the documents securing
the obligations hereunder as the Borrower may reasonably request, all at the sole cost and expense of the Borrower.

 

Section 9.16.         Acknowledgment
and Consent to Bail-In of EEA 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 EEA 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 an EEA 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 an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

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

 

    	 	139	 

     

    

  

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

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section 9.17.         Material
Non-Public Information.

 

(a)          EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.13 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL
NON-PUBLIC INFORMATION CONCERNING THE OBLIGORS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS
DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC
INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

(b)          ALL
INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE OBLIGORS OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT THE OBLIGORS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION
THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

    	 	140	 

     

    

  

Section 9.18.         Amendment
and Restatement. On the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety
by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i)
the incurrence by the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent
as of the Restatement Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective
Date and (iii) any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to
the Restatement Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained
in such Existing Credit Agreement). Except as set forth on Schedule 9.18, the amendments and restatements set forth herein shall
not cure any breach thereof or any “Default” or “Event of Default” under and as defined in the Existing
Credit Agreement prior to the Restatement Effective Date. It is the intention of each of the parties hereto that the Existing
Credit Agreement be amended and restated hereunder so as to preserve the perfection and priority of all Liens securing the “Secured
Obligations” under the Loan Documents and that all “Secured Obligations” of the Borrower and the Subsidiary
Guarantors hereunder shall continue to be secured by Liens evidenced under the Security Documents, and that this Agreement does
not constitute a novation or termination of the Indebtedness and obligations existing under the Existing Credit Agreement. The
terms and conditions of this Agreement and the Administrative Agent’s and the Lenders’ rights and remedies under this
Agreement and the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement. This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or
not similar and, unless specifically amended hereby or by any other Loan Document, each of the Loan Documents shall continue in
full force and effect and, from and after the Restatement Effective Date, all references to the “Credit Agreement”
contained therein shall be deemed to refer to this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	141	 

     

    

 

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.

 

	 	ALCENTRA CAPITAL CORPORATION
	 	 	 
	 	By:	/s/ Ellida McMillan
	 	 	Name: Ellida McMillan
	 	 	Title: Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	/s/ Patrick Frisch
	 	 	Name: Patrick Frisch
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/ Grace Fu
	 	 	Name: Grace Fu
	 	 	Title: Director

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	TIAA, FSB, as an Existing Continuing Lender
	 	 	 
	 	By:	/s/ Martin O’Brien
	 	 	Name: Martin O’Brien
	 	 	Title: Director

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	State Street Bank and Trust Company (successor by merger to AloStar Bank of Commerce), as an Existing Continuing Lender
	 	 	 
	 	By:	/s/ Daryn Venéy
	 	 	Name: Daryn Venéy
	 	 	Title: Vice President

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	State Street Bank and Trust Company, as a Reducing Lender
	 	 	 
	 	By:	/s/ Pallo Blum-Tucker
	 	 	Name: Pallo Blum-Tucker
	 	 	Title: Managing Director

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	CIT Finance LLC, as a New Lender
	 	 	 
	 	By:	/s/ Robert L. Klein
	 	 	Name: Robert L. Klein
	 	 	Title: Vice President

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	Solely with respect to Section 2.02(e)(ii):
	 	 
	 	RAYMOND JAMES BANK, N.A., as a Departing Lender
	 	 	 
	 	By:	/s/ Joseph A. Ciccolini
	 	 	Name: Joseph A. Ciccolini
	 	 	Title: Senior Vice President

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

	 	Solely with respect to Section 2.02(e)(ii):
	 	 
	 	STIFEL BANK & TRUST, as a Departing Lender
	 	 	 
	 	By:	/s/ Joseph L. Sooter, Jr.
	 	 	Name: Joseph L. Sooter, Jr.
	 	 	Title: Senior Vice President

 

[Signature Page to the Amended and Restated
Revolving Credit Agreement]

 

     

     

    

 

Schedule 1.01(a)

Approved Dealers and Approved
Pricing Services

 

APPROVED DEALERS

 

BNP Paribas Securities Corp.

Banc of America Securities LLC

Barclays Capital Inc.

BMO Capital Markets

BofA Distributors, Inc.

BTIG LLC

Cantor Fitzgerald & Co.

Citigroup Global Markets Inc.

Citicorp Securities Services, Inc.

Courtview Capital

Credit Agricole

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank Securities Inc.

FBR Capital Markets & Co.

Fidelity Brokerage Services LLC

Global Hunter Securities LLC

Goldman, Sachs & Co.

Guggenheim Securities LLC

HSBC Securities (USA) Inc.

Imperial Capital LLC

ING Financial Markets LLC

Jeffries & Company, Inc.

J.P. Morgan Securities Inc.

Knight Capital Americas LP

Lazard Freres & Co. LLC

Macquarie Capital USA Inc.

Merrill Lynch Government Securities Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mitsubishi UFJ Securities USA Inc.

Mizuho Securities USA Inc.

Morgan Stanley & Co. Incorporated

Morgan Stanley Smith Barney

Nomura Securities International, Inc.

RBC Capital Markets

RBS Securities Inc.

RW Baird

Scotia Bank

Sterne Agee

UBS Financial Services Inc.

UBS Securities LLC

Wells Fargo Advisors, LLC

 

     

     

    

  

Wells Fargo Securities, LLC

Wells Fargo Investments, LLC

 

APPROVED PRICING SERVICES

 

Bloomberg

FT Interactive Data Corporation

International Data Corporation

Loan Pricing Corporation

Markit

 

     

     

    

 

Schedule
1.01(b)

 

Dollar
Commitments

 

	Lender	 	Commitment Amount	 
	TIAA, FSB	 	$	30,000,000	 
	State Bank and Trust Company	 	$	20,000,000	 
	Total	 	$	50,000,000	 

 

Multicurrency
Commitments

 

	Lender	 	Commitment Amount	 
	ING Capital LLC	 	$	35,000,000	 
	State Street Bank and Trust Company	 	$	15,000,000	 
	CIT Finance LLC	 	$	15,000,000	 
	Total	 	$	65,000,000	 

 

 

     

     

    

 

Schedule
1.01(c)

 

[Intentionally
Omitted]

 

     

     

    

 

Schedule
1.01(d)

 

Eligibility
Criteria

 

A Portfolio Investment shall not be an Eligible
Portfolio Investment on any date of determination unless it meets all of the following criteria:

 

		1)	(a) If a debt investment (other than a Noteless Assigned Loan), (x) such Portfolio Investment is
evidenced by an original promissory note registered in the name of an Obligor and delivered to the Custodian (provided, however,
that Borrower shall have with respect to Portfolio Investments acquired by the Borrower after the Restatement Effective Date, 30
Business Days after the closing date of such Portfolio Investment, to deliver such promissory notes to the Custodian) and (y) all
documentation evidencing or otherwise relating to such Portfolio Investment has been duly authorized and executed, is in full force
and effect and is the legal, binding and enforceable obligation of the parties thereto and copies thereof (and in the case of the
promissory note, the original) has been delivered to the Custodian;

 

(b) If a debt investment is a Noteless
Assigned Loan, (a) the Custodian shall have received an original of each transfer document or instrument relating to such Noteless
Assigned Loan evidencing the assignment of such Noteless Assigned Loan from any prior third party owner thereof directly to the
Obligor (together with the consent of each party required under the applicable loan documentation); (b) the Custodian shall have
received originals or copies of each of the following, to the extent applicable, 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, assumption or substitution agreement or similar
material operative document, in each case together with any amendment or modification thereto; and (c) all documentation evidencing
or otherwise relating to such Noteless Assigned Loan has been duly authorized and executed, is in full force and effect and is
the legal, binding and enforceable obligation of the parties thereto and has been delivered to the Custodian;

 

		2)	Such Portfolio Investment, whether originated directly or purchased, was underwritten and closed
or acquired in all material respects in accordance with the Investment Policies;

 

		3)	If the issuer of such Portfolio Investment is a “Debtor” (as defined in the definition
of “DIP Loan”) and such Portfolio Investment is a Bank Loan, such Portfolio Investment meets the other criteria set
forth in the definition of DIP Loan;

 

		4)	Such Portfolio Investment is Transferable (as defined below);

 

		5)	Such Portfolio Investment is not a Defaulted Obligation or a Restructured Investment;

 

     

     

    

 

		6)	In the case of any Portfolio Company of such Portfolio Investment with trailing 24-month EBITDA
of less than $20,000,000 as calculated by the Borrower in a commercially reasonable manner, such Portfolio Company satisfies at
least one of the following two conditions at all times: (i) a total leverage ratio (based on trailing 12-month EBITDA) of less
than 4.50x as calculated by the Borrower in a commercially reasonable manner, or (ii) a loan (through the Borrower or Obligor’s
exposure) to enterprise value ratio of not more than 65%, where enterprise value shall be the value determined by the Approved
Third-Party Appraiser in its most recent valuation report provided in connection with such Portfolio Investment (except that, prior
to the delivery of the first valuation report of the Approved Third-Party Appraiser to be delivered after the Borrower's acquisition
of such Portfolio Investment, if such Portfolio Investment is acquired by the Borrower in connection with or at the time of an
applicable transaction involving the equity of the Portfolio Company, the enterprise value of such Portfolio Company may be imputed
from such transaction by the Borrower in a commercially reasonable manner);

 

		7)	Such Portfolio Investment does not represent an investment in any issuer in which the Investment
Advisor or any of its Affiliates, or any entities advised by any of the foregoing, holds any investment other than an investment
that is in the same class or classes as such Portfolio Investment (and, in the case of multiple classes, such Investment shall
represent a ratable strip of each class) and, based on advice of outside counsel of the Borrower, is (a) made in accordance with
the requirements of an effective SEC exemptive order allowing such co-investment or joint follow-on investment or (b) made in compliance
with the Massachusetts Mutual Life Insurance Co., SEC No Action Letter (pub. Avail. June 7, 2000) or the Investment Company Act;

 

		8)	Such Portfolio Investment does not represent an investment in any Financing Subsidiary or any other
Subsidiary, investment fund, or Structured Finance Obligation or similar off balance sheet financing vehicle, or any joint venture
or other Person that is in the principal business of making debt or equity investments in other Persons;

 

		9)	(x) Such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of any liens
and Collateral Agent holds a first priority, perfected security interest in the Portfolio Investment (subject to no other Lien
other than any Eligible Liens), (y) the Collateral Agent or the Custodian as bailee on behalf of the Collateral Agent is holding
all documents evidencing or otherwise relating to such Portfolio Investment (which may be copies, except as required in paragraph
(1)(x) above) and (z) the other steps to ensure that the Collateral Agent has “control” or other customary protection
of the relevant Portfolio Investment set forth in Section 5.08 and in the Guarantee and Security Agreement have been taken;

 

		10)	Such Portfolio Investment and related documents are in compliance, in all material respects, with
applicable laws rules and regulations (including relating to usury, truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy, OFAC and USA PATRIOT Act);

 

		11)	Such Portfolio Investment is denominated and payable only in Dollars or in the currency of a Permitted
Foreign Jurisdiction and the issuer of such Portfolio Investment is organized under the laws of the United States or any state
or Commonwealth thereof or any Permitted Foreign Jurisdiction, is domiciled in the United States or any Permitted Foreign Jurisdiction,
and its principal operations and any property or other assets of the issuer thereunder pledged as collateral are primarily located
in the United States or any Permitted Foreign Jurisdiction and the only place of payment of such loans is the United States;

 

		12)	Such Portfolio Investment, if a debt investment, bears interest which is due and payable no less
frequently than semi-annually and provides for a fixed amount of principal payable on a scheduled payment date and or at maturity
and does not have a final maturity greater than 10 years;

 

     

     

    

  

		13)	Such Portfolio Investment includes a contractual provision requiring all payments to be made without
set off, defense or counterclaim, and does not include a contractual provision granting rights of rescission, set off, counterclaim
or defense in favor of the obligor in respect of such Portfolio Investment, and no material dispute has been asserted with respect
to such Portfolio Investment;

 

		14)	Such Portfolio Investment is not (x) secured primarily by a mortgage, deed of trust or similar
lien on real estate, or (y) issued by a Person whose primary asset is real estate, or whose value is otherwise primarily derived
from real estate;

 

		15)	Such Portfolio Investment does not represent a consumer obligation (including, without limitation,
a mortgage loan, auto loan, credit card loan or personal loan);

 

		16)	No payment in respect of such Portfolio Investment, if a debt investment, is subject to withholding
in respect to taxes of any nature, unless the issuer is required to make customary and market-based gross-up payments on an after
tax basis for the full amount of such tax;

 

		17)	Such Portfolio Investment is not a derivative instrument;

 

		18)	The issuer of such Portfolio Investment (or an agent on its behalf) is required to make payments
directly into an account of the Borrower or any Obligor over which the Collateral Agent has “control” and no other
person’s assets are commingled in such account;

 

		19)	No Person acting as administrative agent, collateral agent or in a similar capacity shall be an
Affiliate of the Borrower unless such person is an Obligor; and,

 

		20)	If such Portfolio Investment is a Bank Loan and the issuer of such Portfolio Investment has issued
a Permitted Prior Working Capital Lien, the Borrower has delivered to the Administrative Agent a written valuation report of an
Approved Third-Party Appraiser determining the enterprise value of such issuer to be used for purposes of the conditions outlined
in clause (iii) of the definition of Permitted Prior Working Capital Lien (except that, prior to the delivery of the first valuation
report of the Approved Third Party Appraiser to be delivered after the Borrower’s acquisition of such Portfolio Investment,
the enterprise value of such Portfolio Company may be calculated by the Borrower in a commercially reasonable manner).

 

For purposes of paragraph (4) above, “Transferable”
means, in the case of any Portfolio Investment, both that:

 

(i)          the
applicable Obligor may create a security interest in or pledge all of its rights under and interest in such Portfolio Investment
to secure its obligations under this Agreement or any other Loan Document, and that such pledge or security interest may be enforced
in any manner permitted under applicable law; and

 

(ii)         such
Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts the assignment
of such Obligor’s, or any assignee of Obligor’s, rights under such Portfolio Investment (including any requirement
that the any Obligor maintain a minimum ownership percentage of such Portfolio Investment); provided that, such Portfolio
Investment may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which assignments
may be subject to the consent of the obligor or issuer or agent under the Portfolio Investment so long as the applicable provision
also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties that are not ‘eligible
assignees’ within the customary and market based meaning of the term, and (c) restrictions on transfer to the applicable
obligor or issuer under the Portfolio Investment or its equity holders or financial sponsor entities.

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