Document:

Exhibit 10.2
MICHAELS STORES, INC.
OFFICER SEVERANCE PAY PLAN
Established April 17, 2008 and Amended as of May 20, 2014, December 9, 2014, March 21, 2017, and June 10, 2020
I.PURPOSE
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This Plan has been established by Michaels Stores, Inc. (the “Company”) to provide certain severance benefits, subject to the terms and conditions set forth, to designated officers in the event that his/her employment is permanently terminated as a result of a Qualifying Termination, as described below.  As a severance pay plan, this Plan is intended to comply with all applicable requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the regulations promulgated under ERISA for top hat employee welfare benefit plans and is to be interpreted in a manner consistent with those requirements.  This document contains the provisions of the Plan and the Summary Plan Description.  This Plan also is intended to comply with, or be exempt from, the applicable requirements of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986 as amended (the “Code”) and is to be interpreted and administered in a manner consistent with those requirements.
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II.ELIGIBILITY TO PARTICIPATE
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In order to be eligible to be a participant in this Plan (a “Participant”), an individual must be employed by the Company in a position with the title of Vice President (or equivalent, as approved by the Compensation Committee), Senior Vice President, Executive Vice President, or President.  No other individual will be considered a Participant.
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III.QUALIFICATIONS FOR RECEIPT OF PLAN BENEFITS
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In order to qualify for benefits under this Plan, a Participant must meet all of the following qualifications:  (A) must have a Qualifying Termination, as defined in Section IV below; (B) must not be eligible for severance pay or other termination benefits under any other severance pay plan or under any employment agreement or other agreement with the Company or any of its Affiliates (including without limitation a change-of-control or like agreement) at the time of the Qualifying Termination;  (C) must sign and return, following the Termination Date, a timely and effective separation agreement and release of claims in the form attached to this Plan and marked “Exhibit A” (the “Agreement and Release”); and (D) must comply with the post-employment obligations set forth in Section VII(B) of this Plan.
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IV.QUALIFYING TERMINATION
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A Participant's termination of employment is a Qualifying Termination only if all of the following requirements are met and such termination is not enumerated in the list of exclusions in Section V:
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		A.
	The Participant is on the active payroll or is on an approved leave of absence with a right to reinstatement at the time employment terminates;

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		B.
	the Participant's employment is terminated by the Company other than for “Cause” (as hereafter defined) and other than as a result of death or Disability;

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		C.
	the Participant is not offered other employment with (1) an Affiliate of the Company (as hereafter defined), (2) a successor of the Company (a “Successor”) or (3) a purchaser of some or all of the assets of the Company (a “Purchaser”) (a) in a position which the Participant is qualified to perform regardless of whether the Participant is subject to, among other things, a new job title, different reporting relationships or a modification of the Participant’s duties and responsibilities, (b) that, when compared with the Participant’s last position with the Company, provides a comparable base salary and bonus opportunity, and (c) there is no change in Participant’s principal place of employment to a location more than  35 miles from the Participant’s principal place of employment immediately prior to the Qualifying Termination;

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		D.
	the Participant has not accepted employment, in any position, with an Affiliate, a Successor or a Purchaser at the time he or she otherwise qualifies for benefits under this Plan; and

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		E.
	the Participant continues employment until the termination date designated by the Company or such earlier date to which the Company agrees; and, during the period from the date the Participant receives notice of termination until the Termination Date, the Participant continues to perform to the reasonable satisfaction of the Company.

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V.EXCLUSIONS
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The following are examples of events which would not be a Qualifying Termination under this Plan. This is not an exclusive list.
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		A.
	The Participant resigns, retires or otherwise voluntarily leaves his/her employment with the Company; or

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		B.
	the Participant's employment terminates as a result of death or Disability; or

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		C.
	the Participant's employment is terminated by the Company for Cause; or

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		D.
	the Participant is offered other employment with an Affiliate, Successor or a Purchaser in a position that he or she is qualified to perform, with a comparable base salary and bonus opportunity and there is no change in Participant’s principal place of employment to a location more than  35 miles from the Participant’s principal place of employment immediately prior to the Qualifying Termination; or

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		E.
	the Participant accepts any employment with an Affiliate, a Successor or a Purchaser.

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VI.BENEFITS UNDER THE PLAN
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A. As the sole benefits under this Plan and subject to all Plan terms and conditions, a Participant will be entitled to the following:
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		(1)
	Severance Pay:

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(a)   A Participant in the position of Vice President (or equivalent, as approved by the Compensation Committee) at the time of a Qualifying Termination who has less than two years of service from his/her most recent date of hire by the Company will be eligible for six (6) months of severance pay and such a Participant with two or more years of service from his/her most recent date of hire by the Company will be eligible for twelve (12) months of severance pay.
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(b)   A Participant in the position of Senior Vice President, Executive Vice President or President at the time of a Qualifying Termination who has less than two years of service from his/her most recent date of hire by the Company will be eligible for twelve (12) months of severance pay and such a Participant with two or more years of service from his/her most recent date of hire by the Company will be eligible for eighteen (18) months of severance pay.
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(c)   One month of severance pay is equal to one-twelfth (1/12th) of a Participant's base salary at the annual rate in effect at the time termination occurs.  Automobile allowance, if applicable, is not included in severance pay nor is it considered part of a Participant’s base salary.
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(d)   Years of service means the total number of consecutive completed years of service with the Company.
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(e)   “Severance Period” means the period during which a Participant receives severance pay pursuant to Section VI(A)(1)(a) or (b) above.
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		(2)
	Pro-Rated Annual Bonus:

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Provided that the Participant is participating in a Company executive annual bonus plan for the fiscal year in which the Participant has a Qualifying Termination hereunder, the Participant shall be entitled to receive a pro-rated annual bonus, if earned based on actual performance for the full fiscal year, based upon the number of full months that the Participant was employed by the Company during such fiscal year, to be paid as provided for in Section VI(B).  Participants whose Termination Date occurs before the 15th of a month will not receive credit for that month.  Participants whose Termination Date occurs on or after the 15th of a month will receive credit for that month.  For avoidance of doubt, for a Participant eligible to receive a pro-rated earned annual bonus pursuant to this Section VI(A)(2), the individual performance appraisal portion of the Participant's bonus will be calculated based upon the Company’s lowest merit eligible rating.
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(3)Welfare Benefits:
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(a)   In the event of a Qualifying Termination hereunder, the Participant shall be entitled to receive during the Severance Period cash welfare benefit payments (“Welfare Benefit Payments”).
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(b)   The Welfare Benefit Payments shall be paid at a rate equal to (i) the Company-paid portion of the group medical and dental plan premiums in effect for the Participant (and his/her spouse and dependents, as applicable) immediately prior to the Termination Date, as pro-rated for each payroll period, multiplied by (ii) 130%.
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(c)   Except for any right the Participant may have under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) to elect to continue participation in the Company’s group medical, vision, and dental plans at the Participant’s sole cost and expense, the Participant’s (and his/her spouse’s and eligible dependents’, as applicable) participation in all employee benefit plans of the Company shall terminate in accordance with the terms of the applicable benefit plans as of the Termination Date, without regard to any continuation of base salary, Welfare Benefit Payments, or other payment to the Participant following termination.
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		B.
	Benefits payable to a Participant under Section VI(A) shall be reduced by all taxes and other amounts that are required to be withheld under applicable law.  Severance pay under Section VI(A)(1), which shall be payable in the form of salary continuation, and Welfare Benefit Payments under Section VI(A)(3) shall be paid at the Company's regular payroll periods and in accordance with its regular payroll practices, commencing on the next regular payday which is at least five (5) business days

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following the effective date of the Agreement and Release, subject to Sections VI(C) and VII(A)(5), but the first payment shall be retroactive to the day immediately following the Termination Date.  Any earned pro-rated annual bonus for which a Participant is eligible under Section VI(A)(2) shall be payable, subject to Sections VI(C) and VII(A)(5), on the later of the date annual bonuses are paid to all active bonus participants including active officers, in the bonus plan for the fiscal year in which Participant has a Qualified Termination or the next regular payday which is at least five (5) business days following the effective date of the Agreement and Release.
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		C.
	Section 409A:

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		(1)
	Notwithstanding the foregoing, if at the time of the Participant's “separation from service,” the Participant is a “specified employee,” as hereinafter defined, any and all amounts payable under this Section VI in connection with such separation from service that constitute deferred compensation subject to Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six (6) months following such separation from service, shall instead be paid on the date that follows the date of such separation from service by six (6) months or, if earlier, upon the Participant’s death.  For the avoidance of doubt, the foregoing six (6)-month delay shall not apply (i) to the extent any such amounts do not constitute a deferral of compensation within the meaning of Section 1.409A-1(b) of the Treasury Regulations (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (ii) to benefits that qualify as excepted welfare benefits pursuant to Section 1.409A-1(a)(5) of the Treasury Regulations; or (iii) to other amounts or benefits that are not subject to the requirements of Section 409A.

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		(2)
	For purposes of this Plan, “separation from service” shall have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations (after giving effect to the presumptions contained therein), and the term “specified employee” shall mean an individual determined by the Company to be a specified employee under Section 1.409A-1(i) of the Treasury Regulations.

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		(3)
	Each payment made to a Participant under this Plan shall be treated as a separate payment and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

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		(4)
	Any reimbursement for expenses payable to a Participant hereunder that would constitute nonqualified deferred compensation subject to Section 409A shall be subject to the following additional rules: (i) no reimbursement of any such expense shall affect the Participant’s right to reimbursement of any such

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expense in any other taxable year; (ii) reimbursement of the expense shall be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit.
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VII.CONDITIONS OF RECEIVING PLAN BENEFITS
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		A.	The Agreement and Release.

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(1)A Participant who has been informed that he/she will be subject to a Qualifying Termination will be provided by the Company an Agreement and Release in the form of attached to this Plan as Exhibit A.  In order to qualify for benefits under this Plan, the Participant must sign, date and return the Agreement and Release in a timely manner and it must become effective in accordance with its terms and this Plan.  The Agreement and Release must be signed and returned no earlier than the day immediately following the Termination Date and no later than the twenty-first (21st) calendar day following the Termination Date, except in the event that a Participant who is age 40 or older has a Qualifying Termination that is part of a Termination Program, as provided in Section VII(A)(2), immediately below.
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(2)In the event that a Participant who is age 40 or older is subject to a Qualifying Termination in conjunction with one or more other Participants as a result of a reorganization or a reduction in force or other involuntary termination program (a “Termination Program”), the Company will provide the Participant a memorandum containing information regarding the job titles and ages of those selected, and those not selected, for the Termination Program in accordance with the federal Older Workers Benefit Protection Act (the “OWBPA Memorandum”).  Such a Participant will be entitled to consider the Agreement and Release for forty-five (45) calendar days following the later of the Participant’s Termination Date or the date the Participant receives the OWBPA Memorandum.  In order to qualify for benefits under this Plan, the Participant must sign and return the Agreement and Release after both the Participant’s Termination Date and the Participant’s receipt of the OWBPA Memorandum have occurred, but no later than the forty-fifth (45th) calendar day following his/her Termination Date or the date s/he receives the OWBPA Memorandum, whichever occurs second.
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(3)A Participant who is age 40 or older on his/her Termination Date, regardless of whether the Participant is entitled to a twenty-one (21) calendar day consideration period under Section VII(A)(1) or a forty-five (45) calendar day consideration period under Section VII(A)(2), may revoke the Agreement and Release at any time during the seven calendar day period that immediately follows the date the Participant signs the Agreement and Release, provided that the
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Participant sends a written notice of revocation to the Senior Vice President, Human Resources during that seven (7) calendar day period.  In the event the Participant revokes the Agreement and Release in writing in a timely manner, the Agreement and Release shall be void and of no force or effect and the Participant shall not be eligible to receive benefits of any kind under this Plan.  If the Participant does not revoke the Agreement and Release, it will take effect on the eighth calendar day following the date of the Participant’s signing.
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(4)In the case of a Participant who is less than age 40 on his/her Termination Date, the Agreement and Release will take effect on the date the Participant signs and returns the Agreement and Release to the Company.
(5)Subject to the terms and conditions of this Plan, including, without limitation, Section VI(C) and this Section VII(A), any payments, including any provision or continued benefits, made under this Plan (whether such payments or benefits are paid or provided, in whole or in part, pursuant to this Plan or in conjunction with any other agreement, arrangement or policy) which the Company determines constitute nonqualified deferred compensation subject to Section 409A and that would otherwise be paid during the sixty (60) day period following a Participant’s Qualifying Termination shall instead be accumulated and paid, if at all, subject to the Participant’s having previously and timely signed, returned, and not revoked the Agreement and Release, on the next regular payday after the sixtieth (60th) day following the Participant’s Qualifying Termination.  For the avoidance of doubt, the required delay described in the immediately preceding sentence shall not apply to any amounts that are exempt from Section 409A (for example, but without limitation, by reason of the separation-pay-plan exemption at Section 1.409A-1(b)(9)(iii) of the Treasury Regulations under Section 409A).
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(6)Please Note:  The Agreement and Release contains legally binding obligations and the Company advises each Participant to consult an attorney before signing the Agreement and Release.
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		B.	Post-Employment Restrictions.

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(1)Introduction.  In order to qualify for receipt of benefits under this Plan, in addition to other qualifications set forth in this Plan, the Participant must comply fully with all of the obligations set forth in this Section VII(B) (the “Post-Employment Restrictions”) from and after the date the Participant is informed of the Company's decision to terminate his/her employment in a Qualifying Termination.
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		a.
	Non-Compete.  Until the expiration of the later of (i) the period of severance pay provided to the Participant under this Plan; or (ii) twelve (12) months following the Termination Date (in the aggregate, the “Restricted Period”),

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with such Restricted Period to be tolled on a day-to-day basis for each day during which the Participant participates in any activity in violation of the restrictions set forth in this Section VII(B)(1)(a), the Participant will not, directly or indirectly, alone or in association with others, anywhere in the Territory, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, investor, principal, joint venturer, shareholder, partner, director, consultant, agent or otherwise with, or have any financial interest (through stock or other equity ownership, investment of capital, the lending of money or otherwise) in, any business, venture or activity that directly or indirectly competes, or is in planning, or has undertaken any preparation, to compete, with the Business of the Company or any of its Immediate Affiliates (any Person who engages in any such business venture or activity, a “Competitor”), except that nothing contained in this Section VII(B)(1)(a) shall prevent the Participant’s wholly passive ownership of two percent (2%) or less of the equity securities of any Competitor that is a publicly-traded company.  For purposes of this Section VII(B)(1), “Business of the Company or any of its Immediate Affiliates” is that of (a) arts and crafts, (b) framing specialty retailer (c) wholesaler providing materials, ideas and education for (x) creative activities, or (y) framing, and/or (d) any other business that the Company or any of its Immediate Affiliates conducts or is actively planning to conduct at any time during the twelve (12) months immediately preceding the Termination Date; provided, that the term “Competitor” shall not include any business, venture or activity whose gross receipts derived from the retail or wholesale sale of arts and crafts, or framing products and services (aggregated with the gross receipts derived from the retail and wholesale sale of such products or any related business, venture or activity) are less than ten percent (10%) of the aggregate gross receipts of such businesses, ventures or activities. For purposes of this Section VII(B)(1)(a), the “Territory” is comprised of those states within the United States and those provinces of Canada, and any other geographic area in which the Company or any of its Immediate Affiliates was doing business or actively planning to do business at any time during the twelve (12) months immediately preceding the Termination Date.
		b.
	Non-Solicitation of Employees and Contractors. The Participant must agree that during the Restricted Period, with such Restricted Period to be tolled on a day-to-day basis for each day during which the Participant participates in any activity in violation of the restrictions set forth in this Section VII(B)(1)(b), the Participant shall not, and shall not assist any other Person to, (x) hire or solicit for hire any employee of the Company or any of its Immediate Affiliates or seek to persuade any employee of the Company or any of its Immediate Affiliates to discontinue employment or (y) solicit or encourage any independent contractor providing services to the Company or any of its Immediate Affiliates to terminate or diminish its relationship with them;

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provided, however, that these restrictions shall apply only with respect to employees of, and independent contractors providing services to, the Company or one of its Immediate Affiliates, who were doing such on the Termination Date or at any time during the nine (9) months immediately preceding the Termination Date.
		c.
	Non-Solicitation of Distributors and Vendors. The Participant must agree that during the Restricted Period, with such Restricted Period shall be tolled on a day-to-day basis for each day during which the Participant participates in any activity in violation of the restrictions set forth in this Section VII(B)(1)(c), the Participant shall not directly or indirectly solicit or encourage any distributor or vendor to the Company or any of its Immediate Affiliates to terminate or diminish its relationship with the Company or any of its Immediate Affiliates; provided, however, that these restrictions shall apply only with respect to those distributors and vendors who are doing business with the Company or any of its Immediate Affiliates on the Termination Date or at any time during the twelve (12) months immediately preceding the Termination Date.

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		d.
	Remedies.  In the event of a breach or threatened breach by the Participant of any of the covenants contained in Sections VII(A)(1), (B)(1)(a), (b), or (c) or the Company’s confidential information (as further set forth in Exhibit A), in addition to any remedies available to the Company pursuant to any other agreement between the Participant and the Company, the Company shall be entitled to:

		(i)
	immediately terminate Participant’s right to receive any further severance benefits under Section VI(A) above;

		(ii)
	seek reimbursement for the severance benefits provided to Participant under Section VI, except for the first installment of severance pay pursuant to Section VI(A)(1); and

		(iii)
	seek, in addition to other available remedies, a temporary or permanent injunction from a court of law or other equitable relief against such breach or threatened breach, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

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VIII.TERMINATION OF PLAN BENEFITS
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Notwithstanding anything to the contrary contained in this Plan, benefits for which a Participant has qualified and is receiving under this Plan shall terminate under the following circumstances:
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		A.	If the Participant accepts employment with the Company or one of its Affiliates, a Successor or a Purchaser after qualifying for benefits under this Plan, all such benefits shall cease as of the date the Participant commences such employment.

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		B. 
	In the event that the Company determines that the Participant has breached the Agreement and Release or has violated any obligation under Section VII hereof or otherwise breached any material provision of any written agreement with the Company or any of its Affiliates.  Further, in case of a breach, the Company may seek reimbursement for severance pay and the severance benefits already paid or provided to Participant, except for the first installment of severance pay.  In addition, the Company may offset any such severance benefits already provided to Participant against any remuneration owed by the Company to the Participant.

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		C.
	As set forth in Section VII(B)(1)(d).

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IX.GENERAL INFORMATION CONCERNING THE PLAN
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		A.
	The Company pays the full cost of benefits provided under this Plan from its general assets and the right of a Participant to receive any payment hereunder shall be an unsecured claim against the general assets of the Company.  The Plan at all times shall be entirely unfunded.

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		B.
	Notwithstanding anything to the contrary contained herein, benefits to which a Participant is otherwise entitled under this Plan shall be reduced by any other payments or benefits to which the Participant is entitled under applicable law as a result of termination of his/her employment, including without limitation any federal, state or local law with respect to plant closings, mass layoffs or the like, but exclusive of any unemployment benefits to which the Participant is entitled under applicable law.

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		C.
	Benefits under this Plan are not assignable or subject to alienation. Likewise, benefits are not subject to attachments by creditors or through legal process against the Company or any employee or any person claiming through an employee.

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		D.
	Notwithstanding anything to the contrary contained herein, any and all payments to be provided hereunder to or on behalf of any Participant are subject to reduction to the extent required by applicable statutes, regulations, rules and directives of

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federal, state and other governmental and regulatory bodies having jurisdiction over the Company.
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		E.
	This Plan does not constitute a contract of employment for a specific term or otherwise alter the at-will nature of the employment relationship between any employee and the Company or any of its Affiliates.

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X.DEFINITIONS
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Words or phrases, which are initially capitalized or within quotation marks shall have the meanings provided in this Section X and as provided elsewhere in this Plan. For purposes of this Plan, the following definition applies:
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		A.
	An “Affiliate” means an individual, corporation and other entity directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise.

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		B.
	“Cause” shall mean the following events or conditions, as determined by the Board of Directors of the Company in its reasonable judgment:  (i) the Participant's refusal or failure to perform (other than by reason of disability), or material negligence in the performance of his or her duties and responsibilities to the Company or any of its Affiliates, or refusal or failure to follow or carry out any reasonable direction of the Board of Directors of the Company, and the continuance of such refusal, failure or negligence for a period of ten (10) calendar days after written notice delivered by the Company to the Participant that specifically identifies the manner in which the Participant has failed to perform his or her duties; (ii) the material breach by the Participant of any provision of any material agreement between the Participant and the Company or any of its Affiliates; (iii) fraud, embezzlement, theft or other dishonesty by the Participant with respect to the Company or any of its Affiliates; (iv) the conviction of, or a plea of guilty or nolo contendere by, the Participant to any felony or any other crime involving dishonesty or moral turpitude; (v) any other conduct that involves a breach of fiduciary duty to the Company on the part of the Participant; or (vi) Participant’s violation of a Company policy, rule or code of conduct that could expose the Company to civil or criminal liability or pose a risk of damaging the Company’s business or reputation.

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		C.
	“Disability” means a Participant's mental or physical impairment that has prevented the Participant from performing substantially all of the duties and responsibilities of his/her position for at least 180 days in any 365 consecutive days, as a result of which employment is terminated by the Company.

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		D.
	“Immediate Affiliates” means those Affiliates which are one of the following: (i) a direct or indirect subsidiary of the Company, (ii) a direct or indirect parent of the Company or (iii) a direct or indirect subsidiary of such a parent.

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		E.
	“Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates.

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		F.
	“Termination Date” means the date on which the Participant's employment with the Company terminates.

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XI.ADMINISTRATION, CLAIMS PROCEDURE AND GENERAL INFORMATION
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		A.
	The Company reserves the right to amend, modify and terminate this Plan at any time by a written instrument signed by the Board or its designee. There are no vested benefits under this Plan. Also, the Company, as the Plan administrator within the meaning of ERISA, reserves full discretion to administer the Plan in all of its details, subject to the requirements of law. Company shall have such discretionary powers as are necessary to discharge its duties. Any interpretation or determination that the Company makes regarding this Plan, including without limitation determinations of eligibility, participation and benefits, will be final and conclusive, in the absence of clear and convincing evidence that the Company acted arbitrarily and capriciously.

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		B.
	Anyone who believes he/she is being denied any rights under this Plan may file a claim in writing with the Company, as Plan administrator, addressed to the attention of the Senior Vice President, Human Resources. If the claim is denied, in whole or in part, the Plan administrator will notify the claimant in writing, giving the specific reasons for the decision, including specific reference to the pertinent Plan provisions and a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary. The written notice will also advise the claimant of his/her right to request a review of the claim and the steps that need to be taken if the claimant wishes to submit the claim for review. If the Plan administrator does not notify the claimant of its decision within 90 calendar days after it had received the claim (or within 180 calendar days, if special circumstances exist requiring additional time, and if the claimant had been given a written explanation for the extension within the initial 90-calendar day period), the claimant should consider the claim to have been denied. At this time the claimant may request a review of the denial of his/her claim.

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		C.
	A request for review must be made in writing by the claimant or his/her duly authorized representative to the Company, as Plan administrator, within 60 calendar days after receipt of notice of denial. As part of the claimant's request, the claimant may submit written issues and comments to the Plan administrator, review pertinent documents, and request a hearing. The Plan administrator's written decision will be made within 60 calendar days (or 120 calendar days if a hearing is held or if other special circumstances exist requiring more than 60 calendar days and written notice of the extension is provided to the claimant within the initial 60-calendar day period) after the claimant's request has been received. Again, the decision will include specific reasons, including references to pertinent Plan provisions.

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Exhibit A
​
AGREEMENT AND RELEASE

-14-Exhibit 10.1

 

Execution Version

 

 

LOAN AND SECURITY AGREEMENT

 

dated as of

 

August 28, 2020

 

among

 

BDCA 57th STREET FUNDING, LLC

 

The Lenders Party Hereto

 

The Collateral Administrator, Collateral
Agent and Securities Intermediary Party Hereto

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

 

as Administrative Agent

 

and

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA,

as Portfolio Manager 

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	 
	THE PORTFOLIO INVESTMENTS	 
	 	 
	SECTION 1.01.	Purchases of Portfolio Investments	27
	SECTION 1.02.	Procedures for Purchases and Related Advances	27
	SECTION 1.03.	Conditions to Purchases	28
	SECTION 1.04.	Sales of Portfolio Investments	29
	SECTION 1.05.	Certain Assumptions relating to Portfolio Investments	31
	 	 
	ARTICLE II	 
	THE AdvanceS	 
	 	 
	SECTION 2.01.	Financing Commitments	31
	SECTION 2.02.	[Reserved]	31
	SECTION 2.03.	Advances; Use of Proceeds	31
	SECTION 2.04.	Conditions to Effective Date	32
	SECTION 2.05.	Conditions to Advances	34
	SECTION 2.06.	Commitment Increase Option	34
	 	 
	ARTICLE III	 
	ADDITIONAL TERMS APPLICABLE TO THE Advances	 
	 	 
	SECTION 3.01.	The Advances	35
	SECTION 3.02.	[Reserved]	39
	SECTION 3.03.	Taxes	40
	ARTICLE IV	 
	COLLECTIONS AND PAYMENTS	 
	 	 
	SECTION 4.01.	Interest Proceeds	43
	SECTION 4.02.	Principal Proceeds	44
	SECTION 4.03.	Principal and Interest Payments; Prepayments; Commitment Fee	44
	SECTION 4.04.	MV Cure Account	45
	SECTION 4.05.	Priority of Payments	46
	SECTION 4.06.	Payments Generally	47
	SECTION 4.07.	Termination or Reduction of Financing Commitments	47
	 	 
	ARTICLE V	 
	THE PORTFOLIO MANAGER	 
	 	 
	SECTION 5.01.	Appointment and Duties of the Portfolio Manager	48
	SECTION 5.02.	Portfolio Manager Representations as to Eligibility Criteria; Etc.	48
	SECTION 5.03.	Indemnification	48

 

     

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	ARTICLE VI	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS	 
	 	 
	SECTION 6.01.	Representations and Warranties	49
	SECTION 6.02.	Covenants of the Company and the Portfolio Manager	52
	SECTION 6.03.	Amendments of Portfolio Investments, Etc.	58
	 	 
	ARTICLE VII	 
	EVENTS OF DEFAULT	 
	 	 
	ARTICLE VIII	 
	COLLATERAL ACCOUNTS; COLLATERAL SECURITY	 
	 	 
	SECTION 8.01.	The Collateral Accounts; Agreement as to Control	61
	SECTION 8.02.	Collateral Security; Pledge; Delivery	62
	 	 	 
	ARTICLE IX	 
	THE AGENTS	 
	 	 
	SECTION 9.01.	Appointment of Administrative Agent and Collateral Agent	65
	SECTION 9.02.	Additional Provisions Relating to the Collateral Agent and the Collateral Administrator	69
	 	 	 
	ARTICLE X	 
	MISCELLANEOUS	 
	 	 
	SECTION 10.01.	Non-Petition; Limited Recourse	71
	SECTION 10.02.	Notices	72
	SECTION 10.03.	No Waiver	72
	SECTION 10.04.	Expenses; Indemnity; Damage Waiver; Right of Setoff	72
	SECTION 10.05.	Amendments	74
	SECTION 10.06.	Successors; Assignments	74
	SECTION 10.07.	Governing Law; Submission to Jurisdiction; Etc.	76
	SECTION 10.08.	Interest Rate Limitation	76
	SECTION 10.09.	PATRIOT Act	76
	SECTION 10.10.	Counterparts	77
	SECTION 10.11.	Headings	77
	SECTION 10.12.	Confidentiality	77
	SECTION 10.13.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	78

 

	Schedules	 
	 	 
	Schedule 1	Transaction Schedule
	Schedule 2	Contents of Notice of Acquisition
	Schedule 3	Eligibility Criteria
	Schedule 4	Concentration Limitations
	Schedule 5	Initial Portfolio Investments
	Schedule 6	Moody's Industry Classifications
	Schedule 7	Ineligible Persons

 

     

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	Exhibits	 
	 	 
	Exhibit A	Form of Request for Advance

 

     

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Interest Rates; LIBOR Notification

 

The interest rate on an Advance may be derived
from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have signaled
the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest
rate benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on
which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct
Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions
to the ICE Benchmark Administrator (together with any successor to the ICE Benchmark Administrator, the "IBA")
for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine
the interest rate on Advances. In light of this eventuality, public and private sector industry initiatives are currently underway
to identify new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of
a Benchmark Transition Event or an Early Opt-in Election, Section 3.01(h) provides a mechanism for determining an alternative
rate of interest. The Administrative Agent will promptly notify the Company, pursuant to Section 3.01(h)(iv), of any change
to the reference rate upon which the interest rate on Advances is based. However, the Administrative Agent does not warrant or
accept any responsibility for, and shall not, except for its own actions under this Agreement, have any liability with respect
to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of "LIBO Rate" or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation, (1) any such alternative, successor or replacement rate implemented pursuant to Section 3.01(h)(ii),
whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (2) the implementation of any
Benchmark Replacement Conforming Changes pursuant to Section 3.01(h)(iii), including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to
its discontinuance or unavailability.

 

     

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LOAN AND SECURITY AGREEMENT dated as
of August 28, 2020 (this "Agreement") among BDCA 57th STREET FUNDING, LLC, as borrower (the "Company");
BUSINESS DEVELOPMENT CORPORATION OF AMERICA, as portfolio manager (in such capacity, the "Portfolio Manager");
the Lenders party hereto; U.S. BANK NATIONAL ASSOCIATION, in its capacities as collateral agent (in such capacity, the "Collateral
Agent"), collateral administrator (in such capacity, the "Collateral Administrator") and securities intermediary
(in such capacity, the "Securities Intermediary"); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative
agent for the Lenders hereunder (in such capacity, the "Administrative Agent").

 

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

 

Furthermore, the Company intends to enter
into a Master Participation Agreement, dated as of August 28, 2020 (the "Participation Agreement") by and
between the Company and BDCA Funding I, LLC (in such capacity, the "MPA Seller"), pursuant to which the Company
shall acquire Portfolio Investments on the Effective Date.

 

Furthermore, the Company intends to enter
into a Sale and Contribution Agreement, dated as of August 28, 2020 (the "Sale Agreement") by and between
the Company and the Parent (in such capacity, the "Seller"), pursuant to which the Company shall from time to
time acquire Portfolio Investments from the Parent.

 

On and subject to the terms and conditions
set forth herein, JPMorgan Chase Bank, National Association ("JPMCB") and its respective successors and permitted
assigns (together with JPMCB, the "Lenders") have agreed to make advances to the Company ("Advances")
hereunder to the extent specified on the transaction schedule attached as Schedule 1 hereto (the "Transaction Schedule").

 

Accordingly, the parties hereto agree as follows:

 

Certain Defined Terms

 

"Account Control Agreement"
means the Securities Account Control Agreement, dated as of August 28, 2020, among the Company, the Administrative Agent,
the Collateral Agent and the Securities Intermediary.

 

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

 

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

 

"Administrative Agent" has
the meaning set forth in the introductory section of this Agreement.

 

"Advances" has the meaning
set forth in the introductory section of this Agreement.

 

     

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

 

"Affiliate" means, with respect
to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such former Person but
which shall not include the obligors under any Portfolio Investment or any Portfolio Company of the Portfolio Manager. For the
purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the
securities having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction
of the management and policies of such Person whether by contract or otherwise.

 

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

 

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

 

"Agreement" has the meaning
set forth in the introductory paragraph hereto.

 

"Agreement Party" has the
meaning set forth in Article VII.

 

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

 

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

 

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

 

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

 

"Benchmark Replacement" means
the sum of: (a) the alternate benchmark rate (which, may be a SOFR-Based Rate) that has been selected by the Administrative
Agent and the Company giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism
for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the LIBO Rate for syndicated credit facilities denominated in U.S. dollars
and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be
less than zero, the Benchmark Replacement will be deemed to be zero for purposes of this Agreement; provided further that
any such Benchmark Replacement shall be administratively feasible as determined by the Administration Agent in its sole discretion.

 

     

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"Benchmark Replacement Adjustment"
means the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities
denominated in U.S. dollars at such time. For the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the
form of a reduction to the Applicable Margin.

 

"Benchmark Replacement Conforming
Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of "Base Rate," the definition of "Calculation Period," timing and frequency of determining
rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable
discretion, in consultation with the Company, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement
and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible
or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in
such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration
of this Agreement).

 

"Benchmark Replacement Date"
means the earlier to occur of the following events with respect to the LIBO Rate:

 

(1)            in
the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate: or

 

(2)            in
the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication
of information referenced therein.

 

"Benchmark Transition Event"
means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator
has ceased or will cease to provide the LIBO Rate, permanently or indefinitely; provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the LIBO Rate;

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator the LIBO Rate, the Federal Reserve
System of the United States of America, an insolvency official with jurisdiction over the administrator for the LIBO Rate or a
court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Rate, in each case which
states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely; provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO
Rate; and/or

 

     

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(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that
the LIBO Rate is no longer representative.

 

"Benchmark Transition Start Date"
means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and
(ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date
of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as
applicable, by notice to the Company, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

"Benchmark Unavailability Period"
means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and
solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the
time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for
all purposes hereunder in accordance with Section 3.01(h) and (y) ending at the time that a Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder pursuant to Section 3.01(h).

 

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

 

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

 

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

 

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

 

 

 

Where:

 

AR = 60%.

 

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

 

     

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

 

"Calculation Period Start Date"
means the first calendar day of January, April, July and October of each year (or, if any such date is not a Business
Day, the immediately succeeding Business Day), commencing in October 2020.

 

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

 

"Change in Law" means the
occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that all requests, rules, guidelines or
directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection
with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation
of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory
Practices (or any successor or similar authority) shall be deemed to have occurred after the date of this Agreement for purposes
of this definition, regardless of the date adopted, issued, promulgated or implemented.

 

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

 

     

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

 

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

 

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

 

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

 

"Collateral Administrator"
has the meaning set forth in the introductory section of this Agreement.

 

"Collateral Agent" has the
meaning set forth in the introductory section of this Agreement.

 

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

 

"Collection Account" means
the Interest Collection Account and the Principal Collection Account, collectively.

 

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

 

"Commitment Increase Request"
means, on any date during the Reinvestment Period, the request of the Company in writing (which may be by email) to the Administrative
Agent and the Lenders for an increase of the Financing Commitments pursuant to Section 2.06.

 

"Company" has the meaning
set forth in the introductory section of this Agreement.

 

"Compounded SOFR" means the
compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Calculation Period) being established by the Administrative Agent in accordance
with:

 

(1) the rate, or methodology for this
rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR;
or

 

(2) if, and to the extent that, the Administrative
Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology
for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are substantially
consistent with any evolving or then-prevailing market convention for determining compounded SOFR for syndicated credit facilities
denominated in U.S. dollars at such time;

 

     

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provided that, if the Administrative
Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is
not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes
of the definition of "Benchmark Replacement".

 

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

 

"Concentration Limitations"
has the meaning set forth in Schedule 4.

 

"Corresponding Tenor" means
with respect to a Benchmark Replacement a tenor (including overnight) having approximately the same length (disregarding business
day adjustment) as the applicable tenor for the applicable Calculation Period with respect to the LIBO Rate.

 

"Custodial Account" means
the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts
established in connection with the resignation or removal of the Securities Intermediary.

 

"Default" has the meaning
set forth in Section 1.03.

 

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

 

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

 

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

 

     

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(2)            in
the case of each general intangible, by notifying the obligor thereunder of the security interest of the Collateral Agent (except
to the extent that the requirement for consent by any person to the pledge hereunder or transfer thereof to the Collateral Agent
or the Administrative Agent is rendered ineffective under Section 9-406 of the UCC, no such requirement for consent exists
in the underlying documents or such consent has otherwise been obtained);

 

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

 

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

 

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

 

(6)            in
all cases by otherwise ensuring that all steps, if any, required under applicable Law or reasonably requested by the Administrative
Agent to ensure that this Agreement creates a valid, first priority Lien (subject only to Permitted Liens) on such Collateral in
favor of the Collateral Agent, shall have been taken, and that such Lien shall have been perfected by filing and, to the extent
applicable, possession or control.

 

"Designated Email Notification Address"
means m.frick@benefitstreetpartners.com; provided that, so long as no Event of Default shall have occurred and be continuing
and no Market Value Event shall have occurred, the Company may, upon at least five (5) Business Days' (or such shorter period
as the Administrative Agent shall agree in its sole discretion) written notice to the Administrative Agent, the Collateral Administrator
and the Collateral Agent, designate any other email address as the Designated Email Notification Address.

 

"Designated Independent Dealer"
means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event shall have occurred and no Event of Default
shall have occurred and be continuing, the Portfolio Manager may, upon at least five (5) Business Days' (or such shorter period
as the Administrative Agent shall agree in its sole discretion) written notice to the Administrative Agent, the Collateral Administrator
and the Collateral Agent, designate another Independent Dealer as the Designated Independent Dealer.

 

"Early Opt-in Election" means
the occurrence of:

 

(1)            (i) a
determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with
a copy to the Company) that the Required Lenders have determined that syndicated credit facilities denominated in U.S. dollars
being executed at such time, or that include language similar to that contained in Section 3.01(h) are being executed
or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

     

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

 

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

 

"Effective Date Letter" means
the letter agreement, dated as of the date hereof, by and between the Company and the Administrative Agent.

 

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

 

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

 

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

 

"ERISA Affiliate" means any
trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412,
430 or 431 of the Code).

 

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

 

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

 

"Excess Funded Amount" has
the meaning set forth in Section 4.03(c)(ii).

 

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

 

"Excluded Taxes" means any
of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a
Secured Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes,
in each case, (i) imposed as a result of such Secured Party being organized under the laws of, or having its principal office
or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender that are or would be required to be withheld pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 3.03, amounts with respect to such
Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its lending office, (c) Taxes attributable to such Secured Party's failure to comply with Section 3.03(f) and
(d) any U.S. federal withholding Taxes imposed under FATCA.

 

     

    - 14 -

    

 

"Extension Option" means
an option that may be exercised by the Administrative Agent in its sole discretion on or after May 28, 2023 (but prior to
the Scheduled Termination Date set forth on the Transaction Schedule on the Effective Date) to extend the Scheduled Termination
Date to August 28, 2024.

 

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

 

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

 

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

 

"Financing Commitment" means,
with respect to each Lender, the commitment of such Lender to provide Advances to the Company hereunder in an amount up to but
not exceeding the amount set forth opposite such Lender's name on the Transaction Schedule.

 

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

 

"Foreign Subsidiary" means
(i) any Subsidiary that is not incorporated or organized under the laws of a State within the United States of America or
the District of Columbia, and that is a "controlled foreign corporation" within the meaning of Section 957 of the
Code with respect to which a Company is a "US Shareholder" within the meaning of Section 951(b) of the Code,
or (ii) any Subsidiary that is a disregarded entity for U.S. federal income tax purposes and which assets are all or substantially
all stock or stock equivalents of, or debt interests in, one or more Subsidiaries described in clause (i) above.

 

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

 

"Governmental Authority"
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

     

    - 15 -

    

 

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

 

"Indemnified Person" has
the meaning specified in Section 5.03.

 

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

 

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

 

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

 

"Ineligible Investment" means
any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria; provided that with respect to any
Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility
Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria at any time after such waiver
and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason of its failure to meet such
waived criteria; provided further that any Portfolio Investment (other than an Initial Portfolio Investment) which has not
been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade Date will be deemed to be an Ineligible
Investment until such later date (if any) on which such Portfolio Investment is so approved; provided further that any Participation
Interest that has not been elevated to an absolute assignment on or prior to the 30th calendar day (or such later date
as the Administrative Agent may agree in its sole discretion) following the Effective Date shall constitute an Ineligible Investment
until the date on which such elevation has occurred.

 

"Ineligible Person" means
any Person listed in Schedule 7.

 

"Information" means all information
received from the Company or the Portfolio Manager relating to the Company or its business or any obligor in respect of any Portfolio
Investment.

 

"Initial Portfolio Investments"
means the Portfolio Investments listed in Schedule 5.

 

     

    - 16 -

    

 

"Interest Collection Account"
means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit
of Interest Proceeds and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

 

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

 

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

 

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

 

"IRS" means the United States
Internal Revenue Service.

 

"JPMCB" has the meaning set
forth in the introductory section of this Agreement.

 

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

 

"Lenders" has the meaning
set forth in the introductory section of this Agreement.

 

"Liabilities" has the meaning
set forth in Section 5.03.

 

"LIBO Rate" means, for each
Calculation Period relating to an Advance, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Calculation Period; provided that if the LIBO Screen Rate shall not be available
at such time then the LIBO Rate for such Calculation Period shall be the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the LIBO Screen Rate
for the longest period available that is shorter than three months and (b) the LIBO Screen Rate for the shortest period available
that is longer than three months, in each case, at such time.

 

"LIBO Screen Rate" means,
for each Calculation Period relating to an Advance, the London interbank offered rate as administered by ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal to three months as displayed
on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate
does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate,
or on the appropriate page of such other information service that publishes such rate from time to time as selected by the
Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less
than zero, such rate shall be deemed to zero for the purposes of this Agreement.

 

     

    - 17 -

    

 

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

 

"Liquid Portfolio Investment"
means any Portfolio Investment other than a Mezzanine Obligation that, on the applicable date of determination (i) in the
case of a Loan, has at least two bids available through LoanX/Markit Group Limited or (ii) in the case of a bond, has traded
volume through TRACE of at least $2,000,000 during the thirty day period immediately preceding such date of determination.

 

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

 

"Loan Documents" means this
Agreement, the Participation Agreement, the Sale Agreement, the Effective Date Letter, the Account Control Agreement, the Portfolio
Management Agreement (including any amendments or supplements thereto or modifications or waivers thereof) and any certifications
(including in any Notice of Acquisition), requests (including Commitment Increase Requests and Requests for Advance) or similar
documents delivered in accordance herewith or therewith.

 

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

 

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

 

So long as no Market Value Event has occurred
or Event of Default has occurred and is continuing, the Portfolio Manager shall have the right to initiate a dispute of the Market
Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager provides the executable bid
or valuation set forth below no later than 12:00 p.m. New York City time on the second Business Day following the related
date of determination; provided, further, that with respect to each Portfolio Investment, the Portfolio Manager may
not initiate a dispute of the Market Value thereof until the earlier of (x) the date that is six (6) months following
the Trade Date of such Portfolio Investment and (y) the date on which the Administrative Agent provides a Market Value with
respect to such Portfolio Investment that is at least 5% lower than the Market Value of such Portfolio Investment on the Trade
Date of such Portfolio Investment.

 

     

    - 18 -

    

 

If the Portfolio Manager disputes the determination
of Market Value with respect to any Portfolio Investment: (i) with respect to any Liquid Portfolio Investment, the Portfolio
Manager may, at the expense of the Company, obtain a written executable bid from an Independent Dealer for the full principal amount
of such Portfolio Investment and submit evidence of such bid to the Administrative Agent; provided that the Administrative
Agent has the ability to execute any such bid by selling any portion of such Liquid Portfolio Investment held by the Administrative
Agent or any of its Affiliates for its own account directly to any such Independent Dealer (or indirectly through a broker or other
intermediary reasonably acceptable to the Administrative Agent) at the time such bid is delivered to the Administrative Agent by
the Portfolio Manager and (ii) with respect to any other Portfolio Investment, the Portfolio Manager may, with respect to
up to three such Portfolio Investments in each calendar quarter, engage a Nationally Recognized Valuation Provider, at the expense
of the Company, to provide a valuation of the applicable Portfolio Investments and submit evidence of such valuation to the Administrative
Agent; provided that if the Company engages a Nationally Recognized Valuation Provider that provides a range of valuations,
then the valuation for the purposes of this clause (ii) shall be equal to the mean of the highest and lowest valuations of
such range.

 

The market value of any Portfolio Investment
determined in accordance with the immediately preceding paragraph will be the Market Value for the applicable Portfolio Investment
from and after the Business Day following receipt of notice of such executable bid or valuation by the Administrative Agent unless
and until the Administrative Agent has made a good faith and commercially reasonable determination that the Market Value of such
Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in accordance with
the definition of Market Value).

 

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

 

The Administrative Agent shall notify the
Company, the Portfolio Manager and the Collateral Administrator in writing of the then-current Market Value of each Portfolio Investment
in the Portfolio on a monthly basis or upon the reasonable request of the Portfolio Manager (but no more frequently than 3 requests
per calendar month). Any notification from the Administrative Agent to the Company that a Market Value Trigger Event has occurred
and is continuing shall be accompanied by a written statement showing the then-current Market Value of each Portfolio Investment.

 

     

    - 19 -

    

 

"Market Value Cure" means,
on any date of determination, (i) with the consent of the Administrative Agent, the contribution by the Parent of additional
Portfolio Investments to the Company and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof,
(ii) the contribution by the Parent of cash to the Company and the Delivery thereof by the Company to the Collateral Agent
pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii) the sale by the Company of one
or more Portfolio Investments in accordance with the requirements of this Agreement, (iv) the prepayment by the Company of
an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or (v) any combination of the
foregoing clauses (i), (ii), (iii) and (iv), in each case during the Market Value Cure Period, at the option of the Portfolio
Manager, and in an amount such that immediately after giving effect to all such actions the Net Advances are less than the product
of (a) the Net Asset Value and (b) the Market Value Cure Level; provided that, any Portfolio Investment contributed
to the Company in connection with the foregoing must meet all of the applicable Eligibility Criteria (unless otherwise consented
to by the Administrative Agent) and the Concentration Limitations shall be satisfied after such contribution. In connection with
any Market Value Cure, a Portfolio Investment shall be deemed to have been contributed to the Company if there has been a valid,
binding and enforceable contract for the assignment of such Portfolio Investment to the Company and, in the reasonable judgment
of the Portfolio Manager, such assignment will settle, in the case of a Loan, within fifteen (15) Business Days thereof and, in
the case of any other Portfolio Investment, within three (3) Business Days thereof. The Portfolio Manager shall use its commercially
reasonable efforts to effect any such assignment within such time period.

 

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

 

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

 

"Market Value Cure Period"
means the period commencing on the Business Day on which the Portfolio Manager receives notice from the Administrative Agent (which
if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding
Business Day) of the occurrence of a Market Value Trigger Event and ending at the close of business in New York two (2) Business
Days thereafter.

 

"Market Value Event" means
(A) the occurrence of both of the following events (i) a Market Value Trigger Event and (ii) a Market Value Cure
Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been
contributed to the Company shall fail to settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer
period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in
the case of any other Portfolio Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative
Agent in its sole discretion) from the related Trade Date thereof.

 

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

 

"Market Value Trigger Event"
means an event that shall have occurred if the Administrative Agent has determined and notified the Portfolio Manager in writing
as of any date that the Net Advances exceed the product of (a) the Net Asset Value and (b) the Market Value Trigger.

 

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

 

"Material Amendment" means
any amendment, modification or supplement to this Agreement that (i) increases the Financing Commitment of any Lender, (ii) reduces
the principal amount of any Advance or reduces the rate of interest thereon, or reduces any fees payable to a Lender hereunder,
(iii) postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other
amounts payable hereunder, or reduces the amount of, waives or excuses any such payment, or postpones the scheduled date of expiration
of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required
hereby or (v) changes any of the provisions of this definition or the definition of "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.

 

     

    - 20 -

    

 

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

 

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

 

"Mezzanine Obligation" means
a Portfolio Investment which is not a Senior Secured Loan, a Second Lien Loan or other senior secured corporate debt security.

 

"Minimum Funding Amount"
means, on any date of determination, the amount set forth in the table below; provided that, on and after any Commitment
Increase Date, the Minimum Funding Amount shall be the amount set forth in the last row below plus 80% of the increase in
the Financing Commitment resulting from the Commitment Increase Request and any prior Commitment Increase Request:

 

	Period Start Date	Period End Date	Minimum Funding Amount

 (U.S.$)
	Effective Date	To and including the last day of

 the Reinvestment Period	240,000,000

 

"MPA Seller" has the meaning
set forth in the introductory section of this Agreement.

 

"MV Cure Account" means the
account established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts established
in connection with the resignation or removal of the Securities Intermediary.

 

"Nationally Recognized Valuation Provider"
means (i) Lincoln International LLC (f/k/a Lincoln Partners LLC), (ii) Valuation Research Corporation and (iii) Alvarez &
Marsal; provided that any independent entity providing professional asset valuation services may be added to this definition
by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time
to time by notice thereof to the Company and the Portfolio Manager; provided, further, that the Administrative Agent
may remove any provider from this definition by written notice to the Company and the Portfolio Manager so long as, after giving
effect to such removal, there are at least three providers designated pursuant to this definition.

 

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

 

     

    - 21 -

    

 

"Net Asset Value" means,
on any date of determination, the sum of (A) the sum of the product for each Portfolio Investment, other than, for any Loan,
the unfunded commitment amount of a Delayed Funding Term Loan of (x) the Market Value of such Portfolio Investment multiplied
by (y) the funded principal amount of such Portfolio Investment plus (B) the amounts then on deposit in the Unfunded
Exposure Account (including cash and Eligible Investments); provided that, for the avoidance of doubt, (1) the Concentration
Limitation Excess, (2) any Portfolio Investment which has traded but not settled (x) in the case of a Loan, within fifteen
(15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related
Trade Date thereof and (y) in the case of any other Portfolio Investment, within three (3) Business Days (or such longer
period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (3) any
Ineligible Investments will, in each case, be excluded from the calculation of the Net Asset Value and assigned a value of zero
for such purposes. In addition, any Portfolio Investment in respect of which the requirements of Section 6.02(ll)(x) have
not been satisfied will be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes
until such time (if any) as such requirements are satisfied.

 

"Non-Call Period" means the
period beginning on, and including, the Effective Date and ending on, but excluding the earlier of (a) the date of a Non-Call
Termination Event and (b) August 28, 2021.

 

"Non-Call Termination Event"
means the termination of the Non-Call Period by the Company upon at least five (5) Business Days' prior written notice to
the Administrative Agent, the Collateral Administrator and the Collateral Agent following the occurrence of either of the following
events: (a) the Lenders default in their funding obligations hereunder and such default continues for ten (10) Business
Days or (b) JPMorgan Chase Bank, National Association ceases to act as Administrative Agent.

 

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

 

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

 

"Other Connection Taxes"
means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party
and the jurisdiction imposing such Tax (other than connections arising solely from (and that would not have existed but for) such
Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document).

 

"Other Taxes" means all present
or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except (i) any such Taxes that are Other Connection Taxes imposed with respect
to an assignment, grant of a participation, designation of a new office for receiving payments by or on account of the Company
or other transfer and (ii) for the avoidance of doubt, any Excluded Taxes.

 

"Parent" means Business Development
Corporation of America.

 

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

 

"Participation Interest"
means a participation interest in a Loan.

 

     

    - 22 -

    

 

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

 

"Permitted Distribution"
means, on any Business Day, distributions of Interest Proceeds or Principal Proceeds (at the discretion of the Company) to the
Parent (or other permitted equity holders of the Company) or to the Portfolio Manager in respect of accrued management fees or
expenses in accordance with the Portfolio Management Agreement; provided that amounts may be distributed pursuant to this
definition (a) in the case of Interest Proceeds, only to the extent of available Excess Interest Proceeds and (b) in
the case of Principal Proceeds, only prior to the last day of the Reinvestment Period and, in each case, only so long as (i) no
Default or Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution),
(ii) no Market Value Event shall have occurred (or would occur after giving effect to such Permitted Distribution), (iii) the
Borrowing Base Test is satisfied (and will be satisfied after giving effect to such Permitted Distribution), (iv) the Company
gives at least two (2) Business Days' prior written notice thereof to the Administrative Agent, the Collateral Agent and the
Collateral Administrator, (v) not more than three Permitted Distributions are made in any single Calculation Period and (vi) the
Company and the Administrative Agent confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator
that the conditions to a Permitted Distribution set forth herein are satisfied. Nothing in this definition shall limit the right
or ability of the Company to make a Permitted RIC Distribution at any time.

 

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

 

"Permitted RIC Distribution"
means distributions to the Parent (from the Collection Accounts or otherwise) to the extent reasonably required to allow the Parent
to make sufficient distributions to qualify as a regulated investment company within the meaning of Section 851 of the Code
and to otherwise eliminate or minimize federal or state income or excise taxes payable by the Parent in or with respect to any
taxable year of the Parent (or any calendar year, as relevant); provided that (A) the amount of any such payments made
in or with respect to any such taxable year (or calendar year, as relevant) of the Parent shall not exceed the amount that would
be required to allow the Company to make sufficient distributions to qualify as a regulated investment company within the meaning
of Section 851 of the Code, calculated assuming that the Company had qualified to be taxed as a RIC under the Code, (B) after
the occurrence and during the continuance of an Event of Default, the amount of Permitted RIC Distributions made in any calendar
quarter shall not exceed U.S.$1,500,000 (or such greater amount consented to by the Administrative Agent in its sole discretion)
and (C) amounts may be distributed pursuant to this definition only to the extent of available Excess Interest Proceeds and/or
Principal Proceeds and only so long as (x) the Borrowing Base Test is satisfied immediately prior to and immediately after
giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion),
(y) the Company gives at least one (1) Business Day's prior written notice thereof to the Administrative Agent, the Collateral
Agent and the Collateral Administrator and (z) the Company and the Administrative Agent confirm in writing (which may be by
email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted RIC Distribution set forth herein
are satisfied.

 

     

    - 23 -

    

 

"Permitted Working Capital Lien"
has meaning set forth in the definition of "Senior Secured Loan".

 

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

 

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

 

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

 

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

 

"Portfolio Company" means
any Person that meets the definition of the term "Affiliate" with respect to the Company or the Portfolio Manager solely
as a result of portfolio investments made by any Affiliates of the Portfolio Manager or Benefit Street Partners L.L.C.

 

"Portfolio Investments" has
the meaning set forth in the introductory section of this Agreement.

 

"Portfolio Management Agreement"
means the portfolio management agreement, dated as of the date hereof, by and between the Company and the Portfolio Manager.

 

"Portfolio Manager" has the
meaning set forth in the introductory section of this Agreement.

 

"Possessory Collateral" has
the meaning set forth in the definition of Deliver.

 

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

 

"Principal Collection Account"
means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit
of Principal Proceeds and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

 

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

 

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

 

     

    - 24 -

    

 

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

 

"Purchase" means each acquisition
of a Portfolio Investment hereunder, including by way of a contribution by the Parent to the Company pursuant to the Sale Agreement
and the acquisition of a participation interest pursuant to the Participation Agreement.

 

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

 

"Register" has the meaning
set forth in Section 3.01(c).

 

"Reinvestment Period" means
the period beginning on, and including, the Effective Date and ending on, but excluding, the earliest of (i) August 28,
2023, (ii) the date on which a Market Value Event occurs and (iii) the date on which an Event of Default occurs.

 

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

 

"Relevant Governmental Body"
means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case,
any successor thereto.

 

"Request for Advance" has
the meaning set forth in Section 2.03(d).

 

"Required Lenders" means
Lenders holding 50.1% or more of the sum of (i) the aggregate principal amount of the outstanding Advances plus (ii) the
aggregate undrawn amount of the outstanding Financing Commitments.

 

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

 

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

 

"Reuters" means Thomson Reuters
Corp., Refinitiv or any successor thereto.

 

"Revolving Loan" means any
Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving credit lines) that under
the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor, but
any such Loan will be a Revolving Loan only until all commitments by the holders thereof to make advances to the obligor thereon
expire or are terminated or are irrevocably reduced to zero.

 

"Sale Agreement" has the
meaning set forth in the introductory section of this Agreement.

 

     

    - 25 -

    

 

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

 

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

 

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

 

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

 

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

 

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

 

"Securities Intermediary"
has the meaning set forth in the introductory section of this Agreement.

 

"Seller" has the meaning
set forth in the introductory section of this Agreement.

 

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

 

     

    - 26 -

    

 

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

 

"SOFR" with respect to any
day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a
successor administrator), on the Federal Reserve Bank of New York's Website.

 

"SOFR-Based Rate" means SOFR,
Compounded SOFR and Term SOFR.

 

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

 

"Subsidiary" of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person.

 

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

 

"Term SOFR" means the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

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

 

"Transaction Schedule" has
the meaning set forth in the introductory section of this Agreement.

 

"UCC" means the Uniform Commercial
Code in effect in the State of New York.

 

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

 

"Unfunded Exposure Account"
means the account established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of funds
used to cash collateralize the Unfunded Exposure Amount and any successor accounts established in connection with the resignation
or removal of the Securities Intermediary.

 

     

    - 27 -

    

 

"Unfunded Exposure Amount"
means, on any date of determination, with respect to any Delayed Funding Term Loan, an amount equal to the aggregate amount of
all unfunded commitments associated with such Delayed Funding Term Loan.

 

"Unfunded Exposure Shortfall"
means, on any date of determination, an amount equal to the greater of (i) 0 and (ii) the aggregate Unfunded Exposure
Amount for all Portfolio Investments minus the sum of (x) the amounts on deposit in the Unfunded Exposure Account and
(y) 2.5% of the Collateral Principal Amount.

 

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

 

"U.S. Tax Compliance Certificate"
has the meaning set forth in Section 3.03(f).

 

"Withholding Agent" means
the Company and the Administrative Agent.

 

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

 

ARTICLE I

THE PORTFOLIO INVESTMENTS

 

SECTION 1.01.         Purchases
of Portfolio Investments. On the Effective Date, the Company shall acquire the Initial Portfolio Investments from the MPA
Seller pursuant to the Participation Agreement. From time to time during the Reinvestment Period the Company may Purchase additional
Portfolio Investments, or request that Portfolio Investments be Purchased for the Company's account, all on and subject to the
terms and conditions set forth herein.

 

SECTION 1.02.         Procedures
for Purchases and Related Advances.

 

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

 

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

 

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

 

     

    - 28 -

    

 

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

 

SECTION 1.03.         Conditions
to Purchases. No Purchase Commitment or Purchase shall be entered into or made unless each of the following conditions is satisfied
as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be made (such Portfolio Investment's
 "Trade Date"):

 

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

 

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

 

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

 

(4)            after
giving pro forma effect to the Purchase of such Portfolio Investment and the related Advance, the Borrowing Base Test is satisfied.

 

In addition, it shall be a condition to the
first Purchase Commitment in respect of any Purchase made by the Company pursuant to the Sale Agreement that the Administrative
Agent has received an opinion of counsel of Ropes & Gray LLP in form and substance reasonably satisfactory to it with
respect to certain true sale matters relating to Purchases by the Company under the Sale Agreement.

 

If the above conditions to a Purchase Commitment
or a Purchase are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with
the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which such Purchase (if any)
shall settle (the "Settlement Date" for such Portfolio Investment). Promptly following the Settlement Date for
a Portfolio Investment and its receipt thereof (and at other times thereafter promptly following the written request of the Administrative
Agent (including via email)), the Collateral Administrator shall provide to the Administrative Agent, to the extent received from
the Company, a copy of the executed assignment agreement pursuant to which such Portfolio Investment was assigned, sold or otherwise
transferred to the Company.

 

     

    - 29 -

    

 

SECTION 1.04.         Sales
of Portfolio Investments. The Company will not sell, transfer or otherwise dispose of any Portfolio Investment or any other
asset without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), except that, subject
to Section 6.02(w), the Company may sell any Portfolio Investment (including any Ineligible Investment) or other asset without
the prior consent of the Administrative Agent so long as, (x) after giving effect thereto, no Market Value Trigger Event
has occurred (unless such sale is made in connection with a Market Value Cure) and no Default or Event of Default has occurred
and is continuing and (y) the sale of such asset by the Company shall be on an arm's-length basis at fair market value and
in accordance with the Portfolio Manager's standard market practices. In addition, (a) within two (2) Business Days
(or such longer period as the Administrative Agent may agree in its sole discretion) of any Delayed Funding Term Loan with an
unfunded commitment becoming an Ineligible Investment, the Company, subject to clauses (x) and (y) in the immediately
preceding sentence, shall sell such Delayed Funding Term Loan and shall pay any amount payable in connection with such sale and
(b) upon the request of the Administrative Agent within two (2) Business Days (or such longer period as the Administrative
Agent may agree in its sole discretion) of any other Portfolio Investment becoming an Ineligible Investment, the Company shall,
subject to clauses (x) and (y) in the immediately preceding sentence, sell such Portfolio Investment.

 

Notwithstanding anything in this Agreement
to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event
of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the sale, transfer or other
disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in
the Collateral Accounts) without the prior written consent of the Administrative Agent (which consent may be granted or withheld
in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event, the Company shall
use commercially reasonable efforts to sell Portfolio Investments (individually or in lots, including a lot comprised of all of
the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price,
principal amount to be sold and purchaser) required by the Administrative Agent (provided that the Administrative Agent
shall only require sales at the direction of the Required Lenders and at least equal to the then-current fair market value and
in accordance with the Administrative Agent's standard market practices) and the proceeds from such sales shall be used to prepay
the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Portfolio Manager shall
have no right to act on behalf of, or otherwise direct, the Company, the Administrative Agent, the Collateral Agent or any other
Person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with the prior written
consent of the Administrative Agent. Following the occurrence of a Market Value Event and in connection with the sale of any Portfolio
Investment by or at the direction of the Administrative Agent, the Portfolio Manager shall take such actions as the Administrative
Agent may reasonably request in writing (including via email) to facilitate the consummation of such sale including, without limitation
and if so requested, using commercially reasonable efforts to cause any of its Affiliates acting as administrative agent with respect
to such Portfolio Investment to execute and deliver an assignment agreement in respect of such Portfolio Investment naming the
Administrative Agent or such other Person designated by it as assignee.

 

Any prepayments made pursuant to this paragraph
shall automatically reduce the Financing Commitments as provided in Section 4.07(c).

 

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

 

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

 

     

    - 30 -

    

 

(ii)            use
commercially reasonable efforts to solicit a bid for such Portfolio Investments from the Designated Independent Dealer; and

 

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

 

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

 

(A)           either:

 

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

 

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

 

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

 

In connection with any sale of a Portfolio
Investment directed by the Administrative Agent pursuant to this Section 1.04 and the application of the net proceeds thereof,
the Company hereby appoints the Administrative Agent as the Company's attorney-in-fact (it being understood that the Administrative
Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the
place and stead of the Company and in the name of the Company to effectuate the provisions of this Section 1.04 (including,
without limitation, the power to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary
or advisable to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral Agent in respect
of the application of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the Collateral Administrator,
the Securities Intermediary, the Collateral Agent or any Affiliate of any thereof shall incur any liability to the Company, the
Portfolio Manager, any Lender or any other Person in connection with any sale effected at the direction of the Administrative Agent
in accordance with this Section 1.04, including, without limitation, as a result of the price obtained for any Portfolio Investment,
the timing of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any Person in connection with
any such sale, so long as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law.

 

     

    - 31 -

    

 

SECTION 1.05.         Certain
Assumptions relating to Portfolio Investments. For purposes of all calculations hereunder, any Portfolio Investment for which
the trade date in respect of a sale thereof by the Company has occurred, but the settlement date for such sale has not occurred,
shall be considered to be owned by the Company until such settlement date.

 

ARTICLE II

THE ADVANCES

 

SECTION 2.01.         Financing
Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Lender hereby
severally agrees to make available to the Company Advances, in U.S. dollars, in an aggregate amount outstanding not exceeding
the amount of such Lender's Financing Commitment. The Financing Commitments shall terminate on the earliest of (a) the last
day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event.

 

SECTION 2.02.         [Reserved].

 

SECTION 2.03.         Advances;
Use of Proceeds.

 

(a)            Subject
to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 and/or
an Advance set forth in Section 2.05 as of (i) the related Trade Date (in the case of the conditions to Purchase) and
(ii) the Advance date (in the case of the conditions to Advance), the Lenders will (ratably in accordance with their respective
Financing Commitments) make the applicable Advance available to the Company on the related Settlement Date (or otherwise on the
related Advance date if no Portfolio Investment is being acquired on such date) as provided herein.

 

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

 

(c)            Subject
to Section 2.03(f), the Company shall use the proceeds of the Advances received by it hereunder to purchase the Portfolio
Investments identified in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term Loans in
accordance with the underlying instruments relating thereto; provided that, if the proceeds of an Advance are deposited
in the Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio Investment but
the Company is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds of such Advance
remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio Manager the Collateral
Agent shall apply such proceeds as provided in Section 4.05. The proceeds of the Advances shall not be used for any other
purpose except to the extent expressly set forth in the Effective Date Letter.

 

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

 

     

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(e)           [Reserved]

 

(f)            If,
on any date of determination prior to the last day of the Reinvestment Period, there exists an Unfunded Exposure Shortfall, the
Company shall (i) request an Advance and, if the conditions to such Advance are satisfied and such Advance is made in accordance
with this Agreement, deposit the proceeds thereof in the Unfunded Exposure Account and/or (ii) deposit cash from other sources
into the Unfunded Exposure Account in an aggregate amount at least equal to the aggregate Unfunded Exposure Shortfall. If two Business
Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Amount, then the Portfolio Manager, on behalf
of the Company, shall be deemed to have requested an Advance on such date, and the Lenders shall make a corresponding Advance on
the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the Administrative Agent) in accordance
with Article III in an amount, to be deposited in the Unfunded Exposure Account, equal to the least of (i) the aggregate
Unfunded Exposure Amount, (ii) the Financing Commitments in excess of the aggregate principal amount of the outstanding Advances
and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance; provided that,
if the Company provides evidence to the Administrative Agent that it has cash from other sources that is available in accordance
with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan, then the amount
of any such Advance shall be reduced by the amount of such funds. After giving effect to such Advance, the Company shall cause
the proceeds of such Advance and cash from other sources that are available in accordance with the terms of this Agreement in an
amount (together with amounts already on deposit in the Unfunded Exposure Account) equal to the aggregate Unfunded Exposure Amount
to be deposited in the Unfunded Exposure Account.

 

SECTION 2.04.          Conditions
to Effective Date. Notwithstanding anything to the contrary herein, this Agreement shall not become effective until the date
(the "Effective Date") on which each of the following conditions is satisfied (or waived by the Administrative
Agent in its sole discretion):

 

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

 

(b)            Loan
Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that the Sale Agreement,
the Account Control Agreement, the Participation Agreement and the Portfolio Management Agreement have been executed and are in
full force and effect, and that the initial grant of Participation Interests contemplated by the Participation Agreement shall
have been consummated in accordance with the terms thereof.

 

(c)            Opinions.
The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of counsel for
the Company, the Portfolio Manager, the MPA Seller and the Seller, covering such matters relating to the transactions contemplated
hereby and by the other Loan Documents as the Administrative Agent shall reasonably request (including, without limitation, certain
true participation matters relating to the Participation Agreement and certain non-consolidation matters).

 

     

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(d)            Corporate
Documents. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action,
incumbency certificates and/or other certificates of officers of the Company, the MPA Seller, the Seller and the Portfolio Manager
as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or other
Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates
as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of
the Company, the MPA Seller, the Seller and the Portfolio Manager and any other legal matters relating to the Company, the Parent,
the Portfolio Manager, this Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative
Agent and its counsel; provided that the Portfolio Manager shall not be required to provide a copy of its operating agreement
to the Administrative Agent.

  

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

 

(f)            PATRIOT
Act, Etc. (i) To the extent requested by the Administrative Agent, the Collateral Agent or any Lender, the Administrative
Agent, Collateral Agent or such Lender, as the case may be, shall have received all documentation and other information required
by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
 "PATRIOT Act") and other applicable "know your customer" and anti-money laundering rules and regulations
and (ii) to the extent the Company qualifies as a "legal entity customer" under the Beneficial Ownership Regulation,
at least two Business Days prior to the Effective Date, any Lender that has requested, in a written notice to the Company at least
10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial
Ownership Certification.

 

(g)            Filings.
Copies of proper financing statements, as may be necessary or, in the opinion of the Administrative Agent, desirable under the
UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of
the Secured Parties in all Collateral in which an interest may be pledged hereunder.

 

(h)            Certain
Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and
pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents
that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized and (ii) a UCC lien
search indicating that there are no effective lien notices or comparable documents that name the MPA Seller or the Seller as debtor
which cover any of the Portfolio Investments (other than any lien notices with respect to which the underlying lien will be released
in connection with the transfers contemplated by the Participation Agreement).

 

(i)            Officer's
Certificate. The Administrative Agent (or its counsel) shall have received a certificate of an officer of the Company, certifying
that the conditions set forth in Sections 2.05(4) and 2.05(6) have been satisfied on and as of the Effective Date.

 

     

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SECTION 2.05.         Conditions
to Advances. No Advance shall be made unless each of the following conditions is satisfied as of the proposed date of such
Advance:

 

(1)          the
Effective Date shall have occurred;

 

(2)          the
Company shall have delivered a Request for Advance in accordance with Section 2.03(d);

 

(3)          no
Market Value Event has occurred;

 

(4)          no
Event of Default or Default has occurred and is continuing;

 

(5)          the
Reinvestment Period has not ended;

 

(6)          all
of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in
all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct), in each case on and as of the date of such Advance, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or
with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct)
as of such earlier date; and

 

(7)          after
giving pro forma effect to such Advance (and any related Purchase) hereunder:

 

(x)            the
Borrowing Base Test is satisfied;

 

(y)            the
aggregate principal balance of Advances then outstanding will not exceed the limit for Advances set forth in the Transaction Schedule;
and

 

(z)             in
the case of an Advance made in connection with a Purchase, the amount of such Advance shall be not less than U.S.$1,000,000.

 

If the above conditions to an Advance are
satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the Administrative
Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

 

SECTION 2.06.         Commitment
Increase Option. The Company may, at any time during the Reinvestment Period, submit a Commitment Increase Request for an increase
in the Financing Commitment to up to U.S.$600,000,000 (in the aggregate including the Financing Commitment prior to the effectiveness
of such Commitment Increase Request), subject to satisfaction of the following conditions precedent:

 

(a)         each
of the Lenders and Administrative Agent (in their sole discretion) approve in writing (which may be by email) such Commitment Increase
Request;

 

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

 

(c)         the
Borrowing Base Test is satisfied on and as of the Commitment Increase Date;

 

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

 

     

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(e)          no
commitment reduction shall have occurred pursuant to Section 4.07(a) in connection with a Non-Call Termination Event
prior to the Commitment Increase Date;

 

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

 

(g)         any
Commitment Increase Request shall be in an amount not less than $50,000,000; and

 

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

 

ARTICLE III

ADDITIONAL TERMS APPLICABLE TO THE Advances

 

SECTION 3.01.         The
Advances.

 

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

 

Payment of the proceeds of Advances by the
Lenders in accordance with the instructions set forth in the Effective Date Letter as provided in the immediately preceding paragraph
will constitute the making of the applicable Advances (or portions thereof, as applicable) to the Company for all purposes and
all obligations of the Lenders to make such Advance shall be satisfied thereby.

 

(b)          Interest
on the Advances. Subject to Section 3.01(h), all outstanding Advances shall bear interest (from and including the date
on which such Advance is made) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus the
Applicable Margin for Advances set forth on the Transaction Schedule; provided that, following the occurrence and during
the continuance of an Event of Default, all outstanding Advances and any unpaid interest thereon shall bear interest (from and
including the date of such Event of Default) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus
the Adjusted Applicable Margin ; provided further that, for purposes of this Section 3.01(b), if the aggregate
amount of outstanding Advances at any time is less than the Minimum Funding Amount, the amount of outstanding Advances at such
time shall be deemed to equal the Minimum Funding Amount.

 

     

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(c)          Evidence
of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. The Administrative Agent, acting solely for this purpose as an agent
of the Company, shall maintain at one of its offices in the United States a register (the "Register") in which
it shall record (1) the name and address of each Lender, (2) the amount of each Advance made hereunder, (3) the
amount of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder and
(4) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's
share thereof. The entries made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest
error; provided that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein
shall not in any manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement.

 

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

 

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

 

(e)          Illegality.
Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the Company that
the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof
by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful, or any Governmental
Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or
maintain Advances hereunder, then (1) the obligation of such Lender or the Administrative Agent hereunder shall immediately
be suspended until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance
is again lawful, (2) at the request of the Company, such Lender or the Administrative Agent, as applicable, shall use reasonable
efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses), until such time as the
Advances are required to be prepaid as required under clause (3) below, to transfer all of its rights and obligations under
this Agreement to another of its offices, branches or Affiliates with respect to which such performance would not be unlawful,
and (3) if such Lender or the Administrative Agent is unable to effect a transfer under clause (2), then any outstanding Advances
of such Lender shall be promptly paid in full by the Company (together with all accrued interest and other amounts owing hereunder)
but not later than the earlier of (x) if the Company requests such Lender or the Administrative Agent to take the actions
set forth in clause (2) above, 20 calendar days after the date on which such Lender or the Administrative Agent notifies the
Company in writing that it is unable to transfer its rights and obligations under this Agreement as specified in such clause (2) and
(y) such date as shall be mandated by law; provided that, to the extent that any such adoption or change makes it unlawful
for the Advances to bear interest by reference to the LIBO Rate, then the foregoing clauses (1) through (3) shall not
apply and the Advances shall bear interest (from and after the last day of the Calculation Period ending immediately after such
adoption or change) at a per annum rate equal to the Base Rate plus the Applicable Margin for Advances set forth on the
Transaction Schedule.

 

     

    - 37 -

    

 

(f)           Increased
Costs.

 

(i)           If
any Change in Law shall:

 

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

 

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

 

(C)            subject
any Lender or the Administrative Agent to any Taxes (other than (x) Indemnified Taxes and (y) Excluded Taxes) on its
loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto;

 

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

 

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

 

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

 

(iv)         Failure
or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender's or the Administrative Agent's right to demand such compensation; provided that the Company shall
not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in
Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention to claim compensation
therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

     

    - 38 -

    

 

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

 

(vi)         If
any Lender (A) provides notice of unlawfulness or requests compensation under clause (e) above or this clause (f) or
(B) defaults in its obligation to make Advances hereunder, then the Company may, at its sole expense and effort, upon written
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights
and obligations under this Agreement and the related transaction documents to an assignee identified by the Company that shall
assume such obligations (whereupon such Lender shall be obligated to so assign), provided that, (x) such Lender shall
have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder through the date of such assignment and (y) a Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Company to require such assignment and delegation cease to apply. No prepayment fee that may otherwise be due hereunder shall
be payable to such Lender in connection with any such assignment.

 

(g)          No
Set-off or counterclaim. Subject to Section 3.03, all payments to be made hereunder by the Company in respect of the Advances
shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such payment (after deduction
or withholding for or on account of any Taxes imposed by the jurisdiction in which the Company is organized or any political subdivision
or taxing authority therein or thereof) shall not be less than the amounts otherwise specified to be paid under this Agreement.

 

(h)          Interest
Rate Unascertainable, Inadequate or Unfair. (i)     In the event that (A) the Administrative
Agent determines (in its commercially reasonable credit judgment) that adequate and fair means do not exist for ascertaining the
applicable interest rates by reference to which the LIBO Rate then being determined is to be fixed (including because the Reuters
screen is not available or published on a current basis); provided that no Benchmark Transition Event shall have occurred
at such time or (B) the Required Lenders notify the Administrative Agent that the LIBO Rate for the applicable Calculation
Period will not adequately reflect the cost to the Lenders (or Lender) of making or maintaining their Advances (or its Advance)
for such Calculation Period (determined in their commercially reasonable credit judgment), the Administrative Agent shall forthwith
so notify the Company and the Lenders, whereupon (x) any Request for Advance for the applicable Calculation Period shall be
ineffective and (y) the obligations of the Lenders to make any Advance shall be suspended until the Administrative Agent shall
notify the Company that the Required Lenders have determined (in their commercially reasonable credit judgment) that the circumstances
causing such suspension no longer exist. Furthermore, if any Advance is outstanding on the date of the Company's receipt of the
notice from the Administrative Agent referred to in this Section 3.01(h)(i), then on the last day of the Calculation
Period (or the next succeeding Business Day if such day is not a Business Day), such Advance shall accrue interest at the Base
Rate plus the Applicable Margin as of such day.

 

     

    - 39 -

    

 

(ii)          Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early
Opt-in Election, as applicable, the Administrative Agent and the Company may amend this Agreement to replace the LIBO Rate with
a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on
the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the
Company, so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment
from Lenders compromising the Required Lenders; provided that with respect to any proposed amendment containing any SOFR-Based
Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment
with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered
to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with
a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date.

 

(iii)         In
connection with the implementation of a Benchmark Replacement, the Administrative Agent, in consultation with the Company, will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement.

 

(iv)         The
Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Administrative Agent or Lenders pursuant to this Section 3.01(h), including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.01(h).

 

(v)           Upon
the Company's receipt of notice of the commencement of a Benchmark Unavailability Period, any Request for Advance shall be ineffective
and the obligations of the Lenders to make Advances shall be ineffective. Furthermore, if any Advance is outstanding on the date
of the Company's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to the LIBO Rate, then
on the last day of the Calculation Period applicable to such Advance (or the next succeeding Business Day if such day is not a
Business Day), such Advance shall accrue interest at the Base Rate plus the Applicable Margin as of such day.

 

SECTION 3.02.         [Reserved].

 

     

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SECTION 3.03.     Taxes.

 

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

 

(b)            Payment
of Other Taxes by the Company. Without duplication of other amounts payable by the Company under this Section, the Company
shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)            Indemnification
by the Company. The Company shall indemnify each Lender, within 10 Business Days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Lender or required to be withheld or deducted from a payment to such Lender and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by
a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error.

 

(d)            Indemnification
by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii) any Taxes attributable
to such Lender's failure to comply with the provisions of 10.06 relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with
any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under
this paragraph (d).

 

(e)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority pursuant to this
Section 3.03, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

 

     

    - 41 -

    

 

(f)            Status
of Secured Parties. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times
reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver
such other documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will
enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 3.03(f) (ii)(A), (ii)(B) and
(ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender (it being understood that providing any information currently required by any U.S. federal income tax withholding
form shall not be considered prejudicial to the position of a Recipient).

 

(ii)            Without
limiting the generality of the foregoing,

 

(A)            any
Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; provided,
however, that if the Lender is a disregarded entity for U.S. federal income tax purposes, it shall provide the appropriate
withholding form of its owner (together with appropriate supporting documentation);

 

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

 

(i)            in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable
successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest"
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, an IRS Form W-8BEN
or IRS Form W-8BEN-E or any applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the "business profits" or "other income" article of such tax treaty;

 

(ii)           an
executed IRS Form W-8ECI;

 

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

 

     

    - 42 -

    

 

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

 

(C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such
number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable
Law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)            if
a payment made to a Lender under any Loan Document would be subject to 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 Company and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation
prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA"
shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

(E)            The
Administrative Agent and any successor thereto shall, upon becoming a party under this Agreement, deliver to the Company an electronic
copy of either (i) an IRS Form W-9 or any successor thereto or (ii) with respect to payments received on account
of any Lender, a U.S. branch withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement
with the Company to be treated as a U.S. Person for U.S. federal withholding purposes, as applicable. The Administrative Agent
represents to the Company that it is a "U.S. person" and a "financial institution" within the meaning of Treasury
Regulations Section 1.1441-1 and a "U.S. financial institution" within the meaning of Treasury Regulations Section 1.1471-3T
and that it will comply with its obligations to withhold under Section 1441 and FATCA.

 

     

    - 43 -

    

 

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

 

(h)            Delay
in Requests. The Company shall not be required to compensate a Lender pursuant to this Section for any Taxes or related
costs suffered more than 180 days prior to the date that such Lender, as the case may be, notifies the Company of such Taxes or
related costs, and of such Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to
such Taxes or related costs is retroactive, then the six-month period referred to above shall be extended to include the period
of retroactive effect thereof).

 

(i)            Survival.
Each party's obligations under this Section 3.03 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

 

ARTICLE IV

COLLECTIONS
AND PAYMENTS

 

SECTION 4.01.     Interest
Proceeds. The Company shall notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute
Interest Proceeds to the Interest Collection Account. To the extent Interest Proceeds are received other than by deposit into
the Interest Collection Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in
the Interest Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited)
to the Interest Collection Account all Interest Proceeds received by it immediately upon receipt thereof in accordance with the
written direction of the Portfolio Manager.

 

Interest Proceeds shall be retained in the
Interest Collection Account and held in cash and/or invested (and reinvested) at the written direction of the Company (or the
Portfolio Manager on its behalf) delivered to the Collateral Agent in dollar-denominated Cash Equivalents selected by the Portfolio
Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected
by the Administrative Agent) ("Eligible Investments"). Eligible Investments shall mature no later than the end
of the then-current Calculation Period. In the absence of any written direction from the Company (or the Portfolio Manager on
its behalf) or the Administrative Agent, as applicable, Interest Proceeds shall remain uninvested.

 

Interest Proceeds on deposit in the Interest
Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following the occurrence
and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent))
and applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted Distributions or Permitted
RIC Distributions in accordance with this Agreement.

 

     

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

 

All Principal Proceeds shall be retained
in the Principal Collection Account and held in cash and/or invested (and reinvested) at the written direction of the Administrative
Agent in Eligible Investments selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or
a Market Value Event has occurred, in which case, selected by the Administrative Agent). All investment income on such Eligible
Investments shall constitute Interest Proceeds. In the absence of any written direction from the Company (or the Portfolio Manager
on its behalf) or the Administrative Agent, as applicable, Interest Proceeds shall remain uninvested.

 

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

 

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

 

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

 

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

 

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

 

     

    - 45 -

    

 

(ii)            Each
prepayment or commitment reduction pursuant to Section 4.03(c)(i)(C) and Section 4.07(a) that is made after
the Non-Call Period and during the period to and including August 28, 2022, whether in full or in part, shall, except if
a Non-Call Termination Event has occurred, be accompanied by a premium equal to 1% of the principal amount of such prepayment
or commitment reduction and, at the request of any Lender in respect of any prepayment on a date other than an Interest Payment
Date, any costs incurred by it in respect of the breakage of its funding at the LIBO Rate for the related Calculation Period;
provided that no such premium shall be payable with respect to any prepayment (or portion thereof) that does not exceed
the positive difference (if any) of (x) the then-current aggregate outstanding principal amount of the Advances over (y) the
then-current Minimum Funding Amount (the "Excess Funded Amount").

 

(d)            The
Company agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee in accordance with the Priority
of Payments which shall accrue during the period from and including the Effective Date to and excluding the Maturity Date, 0.75%
(or, for any applicable period agreed to by the Administrative Agent, such other percentage set forth in the Effective Date Letter)
per annum on the average daily unused amount of the Financing Commitment of such Lender during such period. Accrued commitment
fees shall be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate.
All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

(e)            The
Company agrees to pay the Administrative Agent (i) on the date of this Agreement, for the account of each Lender, an upfront
fee on the date hereof as specified in the Effective Date Letter and (ii) if the Administrative Agent exercises an Extension
Option, on or prior to the Scheduled Termination Date as in effect on the Effective Date, for the account of each Lender, a fee
as specified in the Effective Date Letter. Once paid, such fees or any part thereof shall not be refundable under any circumstances.

 

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

 

SECTION 4.04.     MV
Cure Account.

 

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

 

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

 

     

    - 46 -

    

 

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

 

(a)            to
pay (i) first, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary
hereunder and under the Account Control Agreement (including fees, out-of-pocket expenses and indemnities) up to a maximum amount
under this subclause (i) of U.S.$50,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution
Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts
on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter); provided that
if any such amount is not utilized during any calendar quarter then such unutilized amount may be applied during any of the three
succeeding calendar quarters, and (ii) second, any other accrued and unpaid fees and out-of pocket expenses (other
than the commitment fee payable to the Lenders, but including Lender indemnities) due hereunder and under the Account Control
Agreement, up to a maximum amount under this clause (a) of U.S.$100,000 on each Interest Payment Date, the Maturity Date
and each Additional Distribution Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect
to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar
quarter); provided that if any such amount is not utilized during any calendar quarter, then such unutilized amount may
be applied during any of the three succeeding calendar quarters;

 

(b)            to
pay interest due in respect of the Advances and any increased costs and commitment fees payable to the Lenders (pro rata based
on amounts due);

 

(c)            (i) on
each Interest Payment Date, (1) first, to pay all prepayments of the Advances permitted or required under this Agreement
(including any applicable premium) and (2) second, without duplication, after the Reinvestment Period from amounts on deposit
in the Principal Collection Account, to pay principal of the Advances until the Advances are paid in full, and (ii) on the
Maturity Date (and, if applicable, any Additional Distribution Date), to pay principal of the Advances until the Advances are
paid in full;

 

(d)            (i) prior
to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure Account up to
the Unfunded Exposure Amount and (ii) after the Reinvestment Period, to fund the Unfunded Exposure Account up to the Unfunded
Exposure Amount (without the requirement for any direction by the Portfolio Manager);

 

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

 

     

    - 47 -

    

 

(f)            to
make any Permitted Distributions or Permitted RIC Distributions directed pursuant to this Agreement; and

 

(g)            (i) on
any Interest Payment Date, to deposit any remaining amounts in the Principal Collection Account as Principal Proceeds and (ii) on
the Maturity Date and any Additional Distribution Date, any remaining amounts to the Company.

 

SECTION 4.06.     Payments
Generally. All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account
designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable).
The Administrative Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral
Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable
to the Lenders in respect of the Advances and the amounts payable to the Portfolio Manager. At least two (2) Business Days
prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral
Agent and the Collateral Administrator in respect of the interest due on such Interest Payment Date. All payments not made to
the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject
to Section 3.03 hereof, all payments by the Company hereunder shall be made without setoff or counterclaim. All payments
hereunder shall be made in U.S. dollars. All interest calculated using the LIBO Rate hereunder shall be computed on the basis
of a year of 360 days and all interest calculated using the Base Rate hereunder shall be computed on the basis of a year of 365
days in each case, payable for the actual number of days elapsed (including the first day but excluding the last day).

 

SECTION 4.07.     Termination
or Reduction of Financing Commitments.

 

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

 

(b)            The
Financing Commitments shall be automatically and irrevocably reduced on the date of any prepayment made in accordance with the
definition of "Market Value Cure" in an amount equal to the amount of such prepayment.

 

(c)            The
Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances
following the occurrence of a Market Value Event or during the continuation of an Event of Default.

 

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

 

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

 

     

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ARTICLE V

THE
PORTFOLIO MANAGER

 

SECTION 5.01.     Appointment
and Duties of the Portfolio Manager. The Company has appointed the Portfolio Manager as its portfolio manager under this Agreement
and the Portfolio Management Agreement pursuant to the terms of the Portfolio Management Agreement and the Portfolio Manager has
accepted such appointment. The Portfolio Manager shall perform the investment management functions of the Company set forth herein
and therein.

 

SECTION 5.02.     Portfolio
Manager Representations as to Eligibility Criteria; Etc. The Portfolio Manager agrees to direct the Company to comply with
all covenants and restrictions imposed on the Company hereunder and not to act in contravention of this Agreement. The Portfolio
Manager represents to the other parties hereto that (a) as of the Trade Date for each Portfolio Investment purchased, such
Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent)
and, except as otherwise permitted hereunder, the Concentration Limitations shall be satisfied (unless otherwise consented to
by the Administrative Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct
and complete in all material respects; provided that, to the extent any such information was furnished to the Company by
any third party, such information is as of its delivery date true, complete and correct in all material respects to the knowledge
of the Portfolio Manager.

 

SECTION 5.03.      Indemnification.
The Portfolio Manager and the Parent shall indemnify and hold harmless the Company, the Agents, the Collateral Administrator,
the Securities Intermediary and the Lenders and their respective affiliates, directors, officers, stockholders, partners, agents,
employees and controlling persons (each, an "Indemnified Person") from and against any and all losses, claims,
demands, damages or liabilities of any kind, including reasonable and documented legal fees and disbursements (collectively, "Liabilities"),
and shall reimburse each such Indemnified Person on a current basis for all reasonable and documented expenses (including fees
and disbursements of counsel), incurred by such Indemnified Person in connection with investigating, preparing, responding to
or defending any investigative, administrative, judicial or regulatory action, suit, claim or proceeding, relating to or arising
out of (a) any breach by the Portfolio Manager of any of its obligations hereunder or under the Portfolio Management Agreement
and (b) the failure of any of the representations or warranties of the Portfolio Manager set forth herein or in the Portfolio
Management Agreement to be true when made or when deemed made or repeated, except to the extent that such Liabilities or expenses
are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of any Indemnified Person or its Related Parties or the material noncompliance by the Agents or Lenders
of their respective obligations under this Agreement. This Section 5.03 shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, demands, damages or liabilities arising from any non-Tax claim, and, so long as such
losses are not caused by a breach by the Portfolio Manager of the terms of this Agreement, shall not apply to any losses in the
Market Value of any Collateral.

 

This Section 5.03 shall survive the
termination of this Agreement and the repayment of all amounts owing to the Secured Parties hereunder.

 

     

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ARTICLE VI

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

SECTION 6.01.     Representations
and Warranties. The Company (and, with respect to clauses (a) through (e), (l), (n) and (t) through (v), the
Portfolio Manager) represents to the other parties hereto solely with respect to itself that as of the date hereof and each Trade
Date (or as of such other date as maybe expressly set forth below):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)            (x) it
does not have underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules; and (y) neither
it nor any ERISA Affiliate has within the last six years sponsored, maintained, contributed to, or been required to contribute
to and does not have any liability with respect to any Plan;

 

     

    - 50 -

    

 

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

 

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

 

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

 

(m)            it
does not have any Subsidiaries or own any Investments in any Person other than (1) the Portfolio Investments or (2) Investments
(i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by the Company with
the approval of the Administrative Agent, or (iii) those the Company shall have acquired or received as a distribution in
connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment
or any issuer thereof;

 

(n)            (x) it
has disclosed to the Administrative Agent all agreements, instruments and corporate or other restrictions to which it is subject,
and all other matters actually known to it that, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect and (y) no information (other than projections, forward-looking information, general economic data
or industry information) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender
in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications
and supplements to such information) contains (or, to the extent any such information was furnished by a third party, to the Company's
knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(o)            all
of the conditions to the acquisition of the Portfolio Investments to be acquired on such Trade Date specified in Section 1.03
have been satisfied or waived;

 

(p)            the
Company has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and
correct in all material respects; the Company has paid or withheld (as applicable) all Taxes owing or required to be withheld
by it (if any) shown on such Tax returns, except (a) any such Taxes which are being contested in good faith by appropriate
proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records or (b) to
the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; and there are no final
judgments for Taxes against the Company which have not been satisfied in full;

 

(q)            the
Company is treated as a disregarded entity for U.S. federal income tax purposes;

 

(r)            the
Company is wholly owned by the Parent, which is a U.S. Person or a disregarded entity owned by a U.S. Person for U.S. federal
income tax purposes;

 

     

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

 

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

 

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

 

(v)            the
Loan Documents represent all of the material agreements between the Portfolio Manager, the Parent, the MPA Seller and the Seller,
on the one hand, and the Company, on the other;

 

(w)            the
Company is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective Affiliates in connection
with the consummation of the transaction contemplated by this Agreement;

 

(x)            the
Company has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Permitted
Liens) and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect
naming the Company or any of its Affiliates as debtor and covering all or any part of the Collateral is on file in any recording
office, except such as may have been filed in favor of the Collateral Agent as "Secured Party" pursuant hereto, as necessary
or advisable in connection with the Participation Agreement and the Sale Agreement or which has been terminated;

 

(y)            as
of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification
(if any) provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all
respects;

 

(z)            upon
the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first
priority and valid security interest (except, as to priority, for any Permitted Liens) in the Collateral acquired with the proceeds
of such Advance, free and clear of any adverse claim (other than Permitted Liens) or restrictions on transferability;

 

     

    - 52 -

    

 

(aa)          no
ERISA Event has occurred; and

 

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

 

SECTION 6.02.     Covenants
of the Company and the Portfolio Manager. The Company (and, with respect to clauses (e), (k), (r), (gg), (hh) and (ii), the
Portfolio Manager):

 

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

 

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

 

(c)            shall
not take any action contrary to the "Facts and Assumptions" sections in the opinions of Ropes & Gray LLP, dated
the date hereof, relating to certain true sale and non-consolidation matters (or any subsequent opinion of Ropes & Gray
LLP relating to certain true sale matters provided in accordance with Section 1.03);

 

     

    - 53 -

    

 

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

 

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

 

(f)            shall
not (i) amend (A) any of its constituent documents or (B) any Loan Document to which it is a party in any manner
that would reasonably be expected to adversely affect the Lenders in any material respect or (ii) cease to be wholly owned
by the Parent, without, in each case, the prior written consent of the Administrative Agent;

 

(g)            shall
not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the Lien
of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly
permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any
part thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) take any action
that would cause the Lien of this Agreement not to constitute a valid perfected security interest in the Collateral that is of
first priority, free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted Liens;

 

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

 

(i)            shall
not change its name, identity or corporate structure in any manner that would make any financing statement or continuation statement
filed by the Company (or by the Collateral Agent on behalf of the Company) in accordance with subsection (a) above materially
misleading or change its jurisdiction of organization, unless the Company shall have given the Administrative Agent and the Collateral
Agent at least 30 days' (or such shorter period as the Administrative Agent may agree in its sole discretion) prior written notice
thereof, and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements
and continuation statements (and, if filed by the Company, shall provide a copy of such amendments to the Collateral Agent and
Administrative Agent);

 

(j)            shall
do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence as
a limited partnership and take all reasonable action to maintain its rights, franchises, licenses and permits material to its
business in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited partnership in good standing
in each jurisdiction in which such qualification is necessary to protect the validity and enforceability of the Loan Documents
or any of the Collateral;

 

     

    - 54 -

    

 

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

 

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

 

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

 

(n)            shall
ensure that (i) its affairs are conducted so that its underlying assets do not constitute "plan assets" within
the meaning of the Plan Asset Rules, and (ii) neither it nor any ERISA Affiliate sponsors, maintains, contributes to or is
required to contribute to or has any liability with respect to any Plan;

 

(o)            except
as otherwise permitted hereunder, shall not sell or transfer any Collateral or any interest therein to any other Person and the
Company shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders
in and to the Collateral against all claims of third parties claiming to be purchasers of Collateral not sold or transferred in
accordance with this Agreement;

 

(p)

 

(i)            shall
promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of the following
financial statements, reports and information: (i) within 120 days after the end of each fiscal year of the Parent, a copy
of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of such year, the related
consolidated statements of income for such year and the related consolidated statements of changes in net assets and of cash flows
for such year, setting forth in each case in comparative form the figures for the previous year; (ii) within 45 days after
the end of each fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated
balance sheet of the Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable
period (if any), and the unaudited consolidated statements of income of the Parent and its consolidated Subsidiaries for such
fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter,
and the unaudited consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing
at the end of the previous fiscal year and ending with the end of such fiscal quarter; and (iii) from time to time, such
other information or documents (financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request;

 

(ii)            shall
furnish to the Administrative Agent together with any financial statements delivered pursuant to Section 6.02(p)(i) or
(ii), a compliance certificate, certified by an authorized signatory of the Company to be true and correct, (i) stating whether
any Default or Event of Default exists and (ii) stating that Company is in compliance with the covenants set forth in this
Agreement, including a certification that the Collateral has been Delivered to the Collateral Agent, or specifying any non-compliance
with the covenants contained herein;

 

     

    - 55 -

    

 

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

 

(r)            shall
permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent shall reasonably
request, and at the Company's expense, (A) to inspect and make copies of and abstracts from its records relating to the Portfolio
Investments and (B) to visit its properties in connection with the collection, processing or managing of the Portfolio Investments
for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person's performance
under this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge
of such matters (including, if requested by the Administrative Agent, quarterly telephone conferences with representatives of
the Company with respect to review of the Portfolio Investments). The Company agrees to render to the Administrative Agent such
clerical and other assistance as may be reasonably requested with regard to the foregoing; provided that such assistance
shall not interfere in any material respect with the Company's or the Portfolio Manager's business and operations. So long as
no Event of Default has occurred and is continuing and no Market Value Event has occurred, such visits and inspections shall occur
only (i) upon five (5) Business Days' prior written notice, (ii) during normal business hours and (iii) no
more than once in any calendar year. Following the occurrence of a Market Value Event or following the occurrence and during the
continuance of an Event of Default, there shall be no limit on the timing or number of such inspections and only three (3) Business
Days' prior notice will be required before any inspection;

 

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

 

(t)            shall
not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that the Company
may make Permitted Distributions or Permitted RIC Distributions subject to the other requirements of this Agreement;

 

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

 

(v)            shall
not request any Advance, and the Company shall not directly or, to the knowledge of the Company, indirectly, use, and shall procure
that its directors, officers, employees and agents shall not directly or, to the knowledge of the Company, indirectly use, the
proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country,
except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that would result in
the violation of any Sanctions applicable to any party hereto;

 

     

    - 56 -

    

 

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

 

(x)            shall
post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager will have access or
deliver via email to the Administrative Agent, with respect to each Portfolio Investment, without duplication of any other reporting
requirements set forth in this Agreement or any other Loan Document, (A) any management discussion and analysis provided
by the related obligor, (B) any financial reporting packages provided by the related obligor and (C) any written notifications
of credit events with respect to such obligor and with respect to each Portfolio Investment for such obligor (including, in each
case, any attached or included information, statements and calculations). The Company (or the Portfolio Manager on its behalf)
shall post or deliver via email all information and notices set forth in the immediately preceding sentence (1) in the case
of notifications of credit events, on the date of receipt thereof by the Company or the Portfolio Manager and (2) in all
other cases, within five (5) Business Days of the receipt thereof by the Company or the Portfolio Manager. The Company shall
cause the Portfolio Manager to provide such other information as the Administrative Agent may reasonably request with respect
to any Portfolio Investment or obligor (to the extent reasonably available to the Portfolio Manager);

 

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

 

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

 

(aa)          shall
from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably necessary
to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or any portion of the Collateral,
maintain or preserve the security interest (and the priority thereof, subject to Permitted Liens) of this Agreement or to carry
out more effectively the purposes hereof, perfect, publish notice of or protect the validity of any grant made or to be made by
this Agreement, preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties
in the Collateral and the Collateral Agent against the claims of all Persons and parties, or give, execute, deliver, file and/or
record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable to
create, preserve, perfect or validate the security interest granted pursuant to this Agreement or to enable the Collateral Agent
to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral
Agent to file a UCC financing statement listing 'all assets of the debtor' (or substantially similar language) in the collateral
description of such financing statement;

 

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

 

     

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(cc)         shall
not hire any employees (other than any officers appointed pursuant to its limited partnership agreement);

 

(dd)         shall
not maintain any bank accounts or securities accounts other than the Collateral Accounts;

 

(ee)         except
as otherwise expressly permitted herein (including pursuant to Section 6.03), shall not cancel or terminate any of the underlying
instruments in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity), or consent to or accept
any cancellation or termination of any of such agreements unless (in each case) the Administrative Agent shall have consented
thereto in writing in its sole discretion;

 

(ff)           shall
not make or incur any capital expenditures except as reasonably required to perform its functions in accordance with this Agreement;

 

(gg)         shall
not cancel, terminate or consent to or accept any cancellation or termination of, amend, modify or change in any manner any term
or condition of the Portfolio Management Agreement in any manner that adversely affects the Lenders in any material respect;

 

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

 

(ii)            shall
give notice to the Administrative Agent (with a copy to the Collateral Agent) promptly in writing upon (and in no event later
than one (1) Business Day after) the occurrence of any of the following:

 

(1)            any
Adverse Proceeding;

 

(2)            any
Default or Event of Default;

 

(3)            any
adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other Collateral; and

 

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

 

(jj)            shall
not acquire any Delayed Funding Term Loan if such acquisition would cause the Unfunded Exposure Amount, collateralized or uncollateralized,
to exceed 5% of the Collateral Principal Amount;

 

(kk)         shall
either (x) deposit cash into the Collection Account as Principal Proceeds, (y) Deliver Portfolio Investments received
from the Parent as a contribution to the Custodial Account and/or (z) prepay Advances in accordance with Section 4.03(c)(i)(C) to
the extent necessary to cause the Borrowing Base Test to be satisfied; and

 

     

    - 58 -

    

 

(ll)           shall
(x) in connection with the Purchase of a Portfolio Investment, cause the Portfolio Manager to provide to the Administrative
Agent (with a copy to the Collateral Administrator) (I) on the Trade Date, copies of any trade ticket for purchase and (II) promptly
following the Trade Date, copies of (i) any assignment agreement or other instrument of transfer for purchase, (ii) any
loan agreement or other primary underlying instruments, (iii) if such Portfolio Investment is evidenced by a note or other
instrument, such note or other instrument and (iv) such other documents received by the Company in connection with the purchase
of the Portfolio Investment as the Administrative Agent shall reasonably request and (y) in connection with the sale of a
Portfolio Investment, within five (5) Business Days of the settlement date for the sale of such Portfolio Investment, cause
the Portfolio Manager to provide to the Administrative Agent copies of (i) any trade ticket for sale, (ii) any assignment
agreement or other instrument of transfer for sale and (iii) such other documents received by the Company in connection with
the sale of the Portfolio Investment as the Administrative Agent shall reasonably request.

 

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

 

ARTICLE VII

EVENTS
OF DEFAULT

 

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

 

(a)            the
Company shall fail to pay (i) any principal amount owing by it in respect of the Secured Obligations when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise or (ii) any
other amount in respect of the Secured Obligations (whether for interest, fees or other amounts owing by it) within one (1) Business
Day of when such amount becomes due and payable;

 

(b)            any
representation or warranty made or deemed made by or on behalf of the Company or the Portfolio Manager (collectively, the "Agreement
Parties") herein or in any Loan Document (other than projections, forward-looking information, general economic data
or industry information), shall prove to have been incorrect in any material respect when made or deemed made (it being understood
that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute
a failure);

 

     

    - 59 -

    

 

(c)            (A) the
Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a)(i) through
(vii), (x) or (xvii), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (w), (cc), (hh), (ii), (kk)
or (ll)(y), Section 8.02(b) or the last sentence of the first paragraph of Section 1.04 or (B) any Agreement
Party shall fail to observe or perform any other covenant, condition or agreement contained herein (it being understood that the
failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute such
a failure) or in any other Loan Document and, in the case of this clause (B), if such failure is capable of being remedied, such
failure shall continue for a period of 30 days following the earlier of (i) receipt by such Agreement Party of written notice
of such failure from the Administrative Agent and (ii) an officer of such Agreement Party becoming aware of such failure;

 

(d)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Agreement Party or its debts, or of a substantial part of its assets, under any Federal, state
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Agreement Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving
or ordering any of the foregoing shall be entered;

 

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

 

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

 

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

 

(h)            any
final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction
for the payment of money in an aggregate amount in excess of U.S.$2,500,000 (after giving effect to insurance, if any, available
with respect thereto) shall be rendered against the Company, and the same shall remain unsatisfied, unvacated, unbonded or unstayed
for a period of thirty (30) days after the date on which the right to appeal has expired;

 

(i)             an
ERISA Event occurs;

 

(j)             a
Change of Control occurs;

 

(k)            the
Company or the pool of Collateral shall become required to register as an "investment company" within the meaning of
the Investment Company Act of 1940, as amended;

 

(l)            the
Portfolio Manager (i) resigns as Portfolio Manager under this Agreement and/or the Portfolio Management Agreement, (ii) assigns
any of its obligations or duties as Portfolio Manager in contravention of the terms of this Agreement or (iii) otherwise
ceases to act as Portfolio Manager in accordance with the terms of this Agreement and the Portfolio Management Agreement and,
in each case, an Affiliate of the Portfolio Manager consented to by the Administrative Agent is not appointed (and has accepted
such appointment) in accordance with the Portfolio Management Agreement;

 

     

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(m)           the
Net Advances are greater than the product of (1) the Net Asset Value multiplied by (2) 75%;

 

(n)            (i) failure
of the Company to fund the Unfunded Exposure Account when required in accordance with Section 2.03(f) other than
in the case that any Lender fails to make the Advance required in accordance with Section 2.03(f) or (ii) failure
of the Company to satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan (including
the payment of any amount in connection with the sale thereof to the extent required under this Agreement); provided that
the failure of the Company to undertake any action set forth in this clause (n) is not remedied within two (2) Business
Days;

 

(o)            any
representation or warranty made or deemed made by the Seller or the MPA Seller in connection with the Sale Agreement or the Participation
Agreement, as applicable, or any other Loan Document (other than projections, forward-looking information, general economic data,
industry information or information relating to third parties included in any representation or warranty) shall prove to have
been incorrect or misleading in any material respect when made or deemed made; provided that this clause (o) shall
apply with respect to the MPA Seller only until the date on which all of the Participation Interests granted under the Participation
Agreement have been elevated to assignments and the MPA Seller has paid all required distributions on the underlying Portfolio
Investments to the Company;

 

(p)            the
Seller shall fail to observe or perform any covenant, condition or agreement contained in the Sale Agreement and (other than with
respect to any covenant, condition or agreement of the Seller set forth in Sections 2.5, 5.1(d), 5.1(e), 5.2(a), 5.2(b), 5.2(d),
6.1, and 9.1(a) of the Sale Agreement), if such failure is capable of being remedied, such failure shall continue for a period
of 30 days following the earlier of (i) receipt by the Company of written notice of such failure from the Administrative
Agent and (ii) an officer of the Company becoming aware of such failure; or

 

(q)            the
MPA Seller shall fail to observe or perform any covenant, condition or agreement contained in the Participation Agreement and
(other than with respect to any covenant, condition or agreement of the MPA Seller relating to the payment of amounts received
by it in respect of the Portfolio Investments underlying the Participation Interests to the Company, the exercise of voting rights
with respect to such Portfolio Investments and the incurrence of indebtedness or liens by the MPA Seller), if such failure is
capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by the
Company of written notice of such failure from the Administrative Agent and (ii) an officer of the Company becoming aware
of such failure; provided that this clause (q) shall apply with respect to the MPA Seller only until the date on which
all of the Participation Interests granted under the Participation Agreement have been elevated to assignments and the MPA Seller
has paid all required distributions on the underlying Portfolio Investments to the Company;

 

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

 

     

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ARTICLE VIII

COLLATERAL ACCOUNTS; COLLATERAL SECURITY

 

SECTION 8.01.        The
Collateral Accounts; Agreement as to Control.

 

(a)             Establishment
and Maintenance of Collateral Accounts. The Company hereby appoints the Securities Intermediary to establish, and the Securities
Intermediary does hereby establish pursuant to the Account Control Agreement, each of the Custodial Account, the Principal Collection
Account, the Interest Collection Account, the MV Cure Account and the Unfunded Exposure Account (collectively, the "Collateral
Accounts"). The Securities Intermediary agrees to maintain the Collateral Accounts in accordance with the Account Control
Agreement as a "securities intermediary" (within the meaning of Section 8-102(a)(14) of the UCC), in the name of
the Company subject to the lien of the Collateral Agent.

 

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

 

(c)             Unfunded
Exposure Account.

 

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

 

(ii)              While
no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to satisfaction of the Borrowing
Base Test (after giving effect to such release), the Portfolio Manager may direct, by means of an instruction in writing to the
Securities Intermediary (with a copy to the Collateral Administrator), the release of funds on deposit in the Unfunded Exposure
Account (i) for the purpose of funding the Company's unfunded commitments with respect to Delayed Funding Term Loans, for
deposit into the Principal Collection Account and (ii) so long as no Unfunded Exposure Shortfall exists or would exist after
giving effect to the withdrawal. Following the occurrence and during the continuance of an Event of Default or following the occurrence
of a Market Value Event, at the written direction of the Administrative Agent (at the direction of the Required Lenders) (with
a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in the Unfunded Exposure Account
to the Principal Collection Account to be applied pursuant to Section 4.05. Upon the direction of the Company by means
of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator, the Collateral Agent
and the Administrative Agent), any amounts on deposit in the Unfunded Exposure Account in excess of outstanding funding obligations
of the Company shall be released to the Principal Collection Account and applied pursuant to Section 4.05; provided
that any such prepayment does not cause the aggregate outstanding principal amount of the Advances to be less than the Minimum
Funding Amount.

 

     

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SECTION 8.02.        Collateral
Security; Pledge; Delivery.

 

(a)             Grant
of Security Interest. As collateral security for the prompt payment in full when due of all the Company's obligations to the
Agents, the Lenders, the Collateral Administrator and the Securities Intermediary (collectively, the "Secured Parties")
under this Agreement and the other Loan Documents (collectively, the "Secured Obligations"), the Company hereby
pledges to the Collateral Agent for the benefit of the Secured Parties and grants a continuing security interest in favor of the
Collateral Agent for the benefit of the Secured Parties in all of the Company's right, title and interest in, to and under (in
each case, whether now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles,
chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any
and all other property of any type or nature owned by it (all of the property described in this clause (a) being collectively
referred to herein as "Collateral"), including, without limitation: (1) each Portfolio Investment, (2) all
of the Company's interests in the Collateral Accounts and all investments, obligations and other property from time to time credited
thereto, (3) the Participation Agreement, the Sale Agreement, the Portfolio Management Agreement, any other Loan Document
and all rights related to each such agreement (4) all other property of the Company and (5) all proceeds thereof, all
accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof.

 

Notwithstanding any provision of any Loan
Document to the contrary, no interests in or of any Foreign Subsidiary of the Company shall be pledged or similarly hypothecated
to guarantee or support any obligations of the Company; provided that this exception shall not apply to a pledge of equity
interests of any Foreign Subsidiary which is a first tier controlled foreign corporation (as defined in Section 957(a) of
the Code) representing sixty-five percent (65%) or less of the voting equity interests and (100% or less of the non-voting equity
interests) of such Foreign Subsidiary. The parties agree that any pledge, guaranty or security or similar interest made or granted
in contravention of the immediately preceding sentence shall be void ab initio.

 

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

 

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

 

     

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

 

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

 

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

 

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

 

(v)             Take
control of any proceeds of the Collateral;

 

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

 

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

 

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

 

     

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

 

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

 

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

 

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

 

(i)              Termination.
Upon the payment in full of all Secured Obligations and termination of the Financing Commitments, the security interest granted
herein shall automatically (and without further action by any party) terminate and all rights to the Collateral shall revert to
the Company. Upon the sale of any Portfolio Investments in accordance with the terms hereof, the security interest granted herein
shall automatically (and without further action by any party) terminate and such Portfolio Investments shall be sold free and
clear of the lien of the Collateral Agent; provided that the lien of the Collateral Agent shall attach to the proceeds
of any such sale. Upon any such termination described in the preceding two sentences, the Collateral Agent will, at the Company's
sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties
or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by
the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall
reasonably request to evidence such termination.

 

     

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ARTICLE IX

THE AGENTS

 

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

 

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

 

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

 

     

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

 

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

 

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

 

Each of the Collateral Administrator, the
Securities Intermediary and each Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by it. None of the Collateral Administrator, the Securities Intermediary or any Agent shall be
responsible for any misconduct or negligence on the part of any sub-agent or attorney appointed by such Person with due care.
Each of the Collateral Administrator, the Securities Intermediary and each Agent and any such sub-agent may perform any and all
its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and its Affiliates (the "Related Parties") for such Agent. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Collateral Administrator,
the Securities Intermediary and each Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral
Agent, as the case may be.

 

Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary
and the Administrative Agent may resign at any time upon 30 days' (or such shorter period as the Company may agree) notice to
each other agent, the Lenders, the Portfolio Manager, the Securities Intermediary and the Company. Upon any such resignation,
the Required Lenders (with, so long as no Event of Default has occurred and is continuing or no Market Value Event has occurred,
the consent of the Company and the Portfolio Manager) shall have the right to appoint a successor; provided, however, that
any such successor receiving payment from the Company shall be a "U.S. person" and a "financial institution"
within the meaning of Treasury Regulations Section 1.1441-1. If no successor shall have been so appointed by the Required
Lenders, consented to by the Company and the Portfolio Manager (if applicable) and accepted such appointment within thirty (30)
days after the retiring Collateral Administrator, Collateral Agent, Securities Intermediary or Administrative Agent, as applicable,
gives notice of its resignation, then the Administrative Agent may, on behalf of the Lenders and without the consent of the Company
or the Portfolio Manager, appoint a successor which shall be a financial institution with an office in New York, New York, or
an Affiliate of any such financial institution; provided, however, that any such successor receiving payment from the Company
shall be a "U.S. person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1.
If no successor shall have been so appointed by the Administrative Agent and shall have accepted such appointment within sixty
(60) days after the retiring Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation, such
Agent, Collateral Administrator or Securities Intermediary may petition a court of competent jurisdiction for the appointment
of a successor; provided, however, that any such successor receiving payment from the Company shall be a "U.S. person"
and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1. Upon the acceptance
of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case
may be, hereunder (and, if applicable, under the Account Control Agreement) by a successor, such successor shall succeed to and
become vested with all the rights, powers, privileges and duties of the retiring Agent, Collateral Administrator or Securities
Intermediary, as applicable, hereunder and under the Account Control Agreement, and the retiring Agent, Collateral Administrator
or Securities Intermediary, as applicable, shall be discharged from its duties and obligations hereunder and under the Account
Control Agreement. After the retiring Agent's, Collateral Administrator's or Securities Intermediary's, as applicable, resignation
hereunder, the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring
Agent, Collateral Administrator or Securities Intermediary, as applicable, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities
Intermediary, Administrative Agent or Collateral Agent, as the case may be.

 

     

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Subject to the appointment and acceptance
of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the Securities Intermediary
may be removed at any time with 30 days' (or such shorter period as the Administrative Agent may agree in its sole discretion)
notice by the Company (with the written consent of the Administrative Agent), with notice to the Collateral Administrator, the
Collateral Agent, the Securities Intermediary, the Lenders and the Portfolio Manager (which removal of the Collateral Agent or
the Securities Intermediary will also be effective as removal under the Account Control Agreement). Upon any such removal, the
Company shall have the right (with the written consent of the Administrative Agent) to appoint a successor to the Collateral Agent,
the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any such Person shall have
been so appointed by the Company and shall have accepted such appointment within thirty (30) days after such notice of removal,
then the Administrative Agent may appoint a successor which shall be a financial institution with an office in New York, New York,
or an Affiliate of any such financial institution. If no successor shall have been so appointed and shall have accepted such appointment
within sixty (60) days after the retiring Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation,
such Agent, Collateral Administrator or Securities Intermediary may petition a court of competent jurisdiction for the appointment
of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent,
as the case may be, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges
and duties of the removed Collateral Agent, Collateral Administrator and/or Securities Intermediary hereunder and under the Account
Control Agreement, and the removed Collateral Agent, Collateral Administrator and/or Securities Intermediary shall be discharged
from its duties and obligations hereunder (and, if applicable, under the Account Control Agreement). After the removed Collateral
Agent's, Collateral Administrator's and/or Securities Intermediary's removal hereunder, the provisions of this Article and
Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed Collateral Agent, Collateral Administrator and/or
Securities Intermediary, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while it was acting as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case
may be.

 

     

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Upon the request of the Company or the Administrative
Agent or the successor Agent, Collateral Administrator or Securities Intermediary, any such retiring or removed Agent, Collateral
Administrator or Securities Intermediary shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring
to such successor party all the rights, powers and trusts of the retiring or removed Agent, Collateral Administrator or Securities
Intermediary, and shall duly assign, transfer and deliver to such successor agent all property and money held by such retiring
or removed Agent, Collateral Administrator or Securities Intermediary hereunder (and under the Account Control Agreement, if applicable).
Upon request of any such successor, the Company and the Administrative Agent shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor agent all such rights, powers and trusts.

 

Notwithstanding anything to the contrary
contained herein or in any other Loan Document, any corporation into which the Collateral Agent, the Securities Intermediary or
the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Collateral Agent, the Securities Intermediary or the Collateral Administrator
shall be a party, or any corporation succeeding to the business of the Collateral Agent, the Securities Intermediary or the Collateral
Administrator shall be the successor of the Collateral Agent, the Securities Intermediary or the Collateral Administrator hereunder
(and, if applicable, under the Account Control Agreement) without the execution or filing of any paper with any Person or any
further act on the part of any Person.

 

Each Lender acknowledges that it has, independently
and without reliance upon any 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 any 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 related
agreement or any document furnished hereunder or thereunder.

 

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

 

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

 

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

 

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

 

     

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In the absence of gross negligence, willful
misconduct or bad faith on the part of the Agents, the Agents may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document or electronic
communication furnished to the Agents, reasonably believed by the Agents to be genuine and to have been signed or presented by
the proper party or parties and conforming to the requirements of this Agreement but, in the case of a request, instruction, document
or certificate which by any provision hereof is specifically required to be furnished to the Agents, the Agents shall be under
a duty to examine the same in accordance with the requirements of this Agreement to determine that it conforms to the form required
by such provision.

 

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

 

The rights, protections and immunities given
to the Collateral Agent in this Section 9.01 and 9.02 shall likewise be available and applicable in all respects to the Securities
Intermediary and the Collateral Administrator.

 

SECTION 9.02.        Additional
Provisions Relating to the Collateral Agent and the Collateral Administrator

 

(a)             Collateral
Agent May Perform. The Collateral Agent shall from time to time take such action (at the written direction of the Administrative
Agent or the Required Lenders) for the maintenance, preservation or protection of any of the Collateral or of its security interest
therein and the Administrative Agent may direct the Collateral Agent in writing to take any action incidental thereto; provided
that in each case the Collateral Agent shall have no obligation to take any such action in the absence of such direction and
shall have no obligation to comply with any such direction if it reasonably believes that the same (1) is contrary to Applicable
Law or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative
Agent or the Required Lenders, as the case may be, issuing such instruction make provision reasonably satisfactory to the Collateral
Agent for payment of same (which provision may be payment of such cost or expense by the Company in accordance with the Priority
of Payments if such arrangement is reasonably satisfactory to the Collateral Agent). With respect to other actions which are incidental
to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any
such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting
or refraining from acting) upon the written direction of the Administrative Agent.

 

If, in performing its duties under this Agreement,
the Collateral Agent is required to decide between alternative courses of action the Collateral Agent shall request written instructions
from the Administrative Agent as to the course of action desired by it. The Collateral Agent shall act in accordance with instructions
received after such five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself
to take action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel
and independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance
with such advice.

 

     

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(b)             Custody
and Preservation. The Collateral Agent is required to hold in custody and preserve any of the Collateral in its possession
pursuant to the terms of this Agreement and the standard of care set forth herein, provided that the Collateral Agent shall
be deemed to have complied with the terms of this Agreement with respect to the custody and preservation of any of the Collateral
if it takes such action for that purpose as the Company reasonably requests (or, following the occurrence of a Market Value Event
or following the occurrence and during the continuance of an Event of Default, as the Administrative Agent reasonably requests),
but failure of the Collateral Agent to comply with any such request at any time shall not in itself be deemed a failure to comply
with the terms of this Agreement. The Collateral Agent will not be responsible for filing any financing or continuation statements
or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the
perfection of any liens thereon.

 

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

 

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

 

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

 

(f)              Execution
by the Collateral Agent, the Securities Intermediary and the Collateral Administrator. The Collateral Agent, the Securities
Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities
Intermediary and Collateral Administrator, respectively, hereunder and in no event shall have any obligation to make any Advance,
provide any Advance or perform any obligation of the Administrative Agent hereunder.

 

     

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(g)             Reports
by the Collateral Administrator. The Company hereby appoints U.S. Bank National Association as Collateral Administrator and
directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the Company, the Collateral
Administrator and the Administrative Agent. The Company and the Portfolio Manager shall cooperate with the Collateral Administrator
in connection with the preparation of the reports described herein, including calculations relating to the reports contemplated
herein or as otherwise reasonably requested hereunder. Without limiting the generality of the foregoing, the Portfolio Manager
shall supply in a timely fashion any determinations, designations, classifications or selections made by it relating to a Portfolio
Investment, including in connection with the acquisition or disposition thereof, and any information maintained by it that the
Collateral Administrator may from time to time reasonably request with respect to the Portfolio Investment and reasonably need
to complete the reports required to be prepared by the Collateral Administrator hereunder or reasonably required to permit the
Collateral Administrator to perform its obligations hereunder. The Collateral Administrator shall deliver a draft of each such
report to the Portfolio Manager and the Portfolio Manager shall have an opportunity to review, verify and approve the contents
of the aforesaid reports. To the extent any of the information in such reports conflicts with data or calculations in the records
of the Portfolio Manager, the Portfolio Manager shall notify the Collateral Administrator of such discrepancy and use reasonable
efforts to assist the Collateral Administrator in reconciling such discrepancy. Upon reasonable request by the Collateral Administrator,
the Portfolio Manager further agrees to provide to the Collateral Administrator from time to time during the term of this Agreement,
on a timely basis, any information relating to the Portfolio Investments and any proposed purchases, sales or other dispositions
thereof as to enable the Collateral Administrator to perform its duties hereunder.

 

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

 

ARTICLE X

MISCELLANEOUS

 

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

 

     

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

 

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

 

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

 

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

 

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

 

     

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(b)             The
Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the Lenders and their Related Parties
(each such Person being called an "Indemnitee"), against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of outside counsel for
each Indemnitee and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee arising
out of, in connection with, or as a result of (1) the execution or delivery of this Agreement or any agreement or instrument
contemplated thereby, the performance by the parties thereto of their respective obligations or the exercise or enforcement of
the parties thereto of their respective rights or the consummation of the transactions contemplated hereby, (2) any Advance
or the use of the proceeds therefrom, or (3) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto or is pursuing or defending any such action; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee
and its Related Parties or (y) the material noncompliance by the Administrative Agent or Lenders of their respective obligations
under this Agreement (it being understood that this clause (y) shall not be applicable to an Indemnitee that is not a Related
Party of the Administrative Agent or Lender in material noncompliance). This Section 10.04(b) shall not apply with respect
to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Payments under
this Section 10.04(b) to the Administrative Agent, the Lenders or their Related Parties shall be made by the Company
to the Administrative Agent for the account of the applicable recipient.

 

(c)             To
the extent permitted by Applicable Law, neither the Company nor any Indemnitee shall assert, and each hereby waives, any claim
against the Company or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Transaction Document or any agreement, instrument or transaction contemplated hereby or thereby, any Advance or the use of the
proceeds thereof; provided, that nothing contained in this sentence shall limit the Company's indemnification obligations
hereunder to the extent that such damages are included in a third party claim in connection with which an Indemnitee is entitled
to indemnification hereunder.

 

(d)             If
an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to
or for the credit or the account of the Company against any of and all the obligations of the Company 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 clause (d) are in addition to other
rights and remedies (including other rights of setoff) which such Lender may have.

 

     

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(e)             This
Section 10.04 shall survive the termination of this Agreement, the repayment of all amounts owing to the Secured Parties
hereunder and, if applicable, the earlier resignation or removal of any Indemnitee.

 

SECTION 10.05.      Amendments.
Subject to Section 3.01(h)(ii), no amendment, modification or waiver in respect of this Agreement will be effective unless
in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by
each of the Agents, the Collateral Administrator, the Securities Intermediary, the Required Lenders, the Company and the Portfolio
Manager; provided, however, that any amendment to this Agreement that the Administrative Agent determines in its
commercially reasonable judgment is necessary to effectuate the purposes of Section 1.04 hereof following the occurrence
and during the continuance of an Event of Default or following the occurrence of a Market Value Event and which would not result
in an increase or decrease in the rights, duties or liabilities of the Portfolio Manager or the Company shall not be required
to be executed by the Portfolio Manager or the Company; provided further that the Administrative Agent may waive any of
the Eligibility Criteria and the requirements set forth in Schedule 3 or Schedule 4 in its sole discretion; provided further
that none of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be required to execute
any amendment that affects its rights, duties, protections or immunities; provided further that any Material Amendment
shall require the prior written consent of each Lender affected thereby.

 

SECTION 10.06.      Successors;
Assignments.

 

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

 

(b)             Subject
to the conditions set forth below, any Lender may assign to any other Person, all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld) of the Administrative Agent and, unless an Event of Default has
occurred and is continuing or a Market Value Event shall have occurred, if such assignee is an Ineligible Person, the Portfolio
Manager; provided that no consent of the Administrative Agent or the Portfolio Manager shall be required for an assignment
of any Financing Commitment to an assignee that is a Lender (or any Affiliate thereof) immediately prior to giving effect to such
assignment.

 

Assignments shall be subject to the following
additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender's rights and obligations under this Agreement; and (B) the parties to each assignment shall execute and deliver to
the Administrative Agent an assignment and assumption agreement in form and substance acceptable to the Administrative Agent.

 

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

 

     

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The Administrative Agent, acting solely for
this purpose as an agent of the Company, shall maintain at one of its offices a copy of each assignment and assumption delivered
to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Lender and
the Portfolio Manager, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed
assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment
and assumption and record the information contained therein in the Register.

 

(c)             Any
Lender may sell participations to one or more banks or other entities (a "Lender Participant") in all or a portion
of such Lender's rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances
owing to it); provided that (1) such Lender's obligations under this Agreement shall remain unchanged, (2) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (3) the Company,
the Agents 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 (4) the sale to a Lender Participant is recorded in the Participant Register.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant,
agree to any Material Amendment that affects such Lender Participant.

 

(d)             Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which
it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant's
interest in the Advances or other obligations under this Agreement (the "Participant Register"); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Lender Participant or any information relating to a Lender Participant's interest in any commitments, loans, letters of
credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations or is otherwise required thereunder. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt,
the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register. The Company agrees that each Lender Participant shall be entitled through the Lender granting such participation (and,
for the avoidance of doubt, shall have no direct rights against the Company) to the benefits of Sections 3.01(e) and 3.03
(subject to the requirements and limitations therein, including the requirements under Section 3.03(f) (it being understood
that the documentation required under Section 3.03(f) shall be delivered to the Lender that sells the participation))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided that such Lender Participant (A) agrees to be subject to the provisions of Section 3.01(f) relating
to replacement of Lenders as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not
be entitled to receive any greater payment under Sections 3.01(e) and 3.03, with respect to any participation, than the Lender
that sells the participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Lender Participant acquired the applicable participation. Each Lender that
sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the Company to
effectuate the replacement of Lenders provisions set forth in Section 3.01(f) with respect to any Lender Participant.

 

     

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

 

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

 

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

 

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

 

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

 

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

 

     

    - 77 -

    

 

SECTION 10.10.      Counterparts.
This Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which
shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute
one and the same instrument. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered
by ‎an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed,
 ‎scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal ‎Electronic
Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic ‎Transactions Act, and/or any other
relevant electronic signatures law, including any relevant provisions of ‎the UCC‎‎ (collectively, "Signature
Law"), in each case to the extent ‎applicable. Each faxed, scanned, or photocopied manual signature, or other electronic
signature, shall for ‎all purposes have the same validity, legal effect, and admissibility in evidence as an original manual
 ‎signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with ‎respect to,
any faxed, scanned, or photocopied manual signature, or other electronic signature, of any ‎other party and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity ‎thereof. ‎For the avoidance of doubt, original
manual signatures shall be used for execution or indorsement of ‎writings when required under the UCC or other Signature Law
due to the character or intended character ‎of the writings.‎

 

SECTION 10.11.      Headings.

 

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

 

SECTION 10.12.      Confidentiality.

 

Each Agent and each Lender agrees to maintain
the confidentiality of the Information for a period of two (2) years after receipt thereof (or, with respect to Information
relating to or provided by an obligor in respect of a Portfolio Investment, for a period commencing upon receipt thereof and ending
on the date on which the confidentiality obligations of the Company with respect to such obligor terminate), except that Information
may be disclosed (i) to its and its Affiliates' directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory
authority (including any self-regulatory authority), (iii) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise
of any remedies hereunder, any sale of Portfolio Investments by or at the direction of the Administrative Agent pursuant to Section 1.04
hereof or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 10.12,
to (x) any assignee of or Participant in (to the extent such Person is permitted to become an assignee or Participant hereunder),
or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual
or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations,
(vii) with the consent of the Company or (viii) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section 10.12 by the delivering party or its Affiliates or (y) becomes available
to any Agent or Lender on a nonconfidential basis from a source other than the Company. Each party's obligations under this Section 10.12
shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of,
a Lender, the termination of the Financing Commitments, and the repayment, satisfaction or discharge of all obligations under
any Loan Document. Any Person required to maintain the confidentiality of Information as provided in this Section 10.12 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 its own confidential information.

 

     

    - 78 -

    

 

SECTION 10.13.      Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.

 

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

 

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

 

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

 

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

 

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

 

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

 

As used herein:

 

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

 

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

 

"Bail-In Legislation"
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking
Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through
liquidation, administration or other insolvency proceedings).

 

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

 

"EEA Member Country" means
any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

     

    - 79 -

    

 

"EEA Resolution Authority"
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

"EU Bail-In Legislation Schedule"
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from
time to time.

 

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

 

"UK Financial Institution"
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.

 

"UK Resolution Authority"
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

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

 

    

    

    

 

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.

 

		BDCA 57TH STREET FUNDING, LLC,
 as Company
	 	 
		By	 /s/ Nina Kang Baryski
	 	Name: Nina Kang Baryski
	 	Title: Chief Financial Officer
	 	 
		BUSINESS DEVELOPMENT CORPORATION OF AMERICA,
 as Portfolio Manager
	 	 
		By	 /s/ Nina Kang Baryski
	 	Name: Nina Kang Baryski
	 	Title: Chief Financial Officer

 

     

     

    

 

		U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
	 	 
		By	 /s/ Ralph J. Creasia, Jr.
	 	Name: Ralph J. Creasia, Jr.
	 	Title: Senior Vice President
	 	 
		U.S. BANK NATIONAL ASSOCIATION, as Collateral Administrator
	 	 
		By	/s/ Ralph J. Creasia, Jr.
	 	Name: Ralph J. Creasia, Jr.
	 	Title: Senior Vice President
	 	 
		U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary
	 	 
		By	/s/ Ralph J. Creasia, Jr.
	 	Name: Ralph J. Creasia, Jr.
	 	Title: Senior Vice President

 

     

     

    

 

		JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
	 	 
		By	/s/ James Greenfield
	 	Name: James Greenfield
	 	Title: Executive Director
	 	 
		The Lenders
	 	 
		JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
	 	 
		By	/s/ James Greenfield
	 	Name: James Greenfield
	 	Title: Executive Director

 

     

     

    

 

SCHEDULE 1

 

Transaction Schedule

 

	1.	Types of Financing	Available	Financing Limit
	 	 	 	 
	 	Advances	     yes	Prior to a Commitment Increase Date: U.S.$300,000,000.  After a Commitment Increase Date, if any, U.S.$300,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase Requests up to U.S.$300,000,000 in aggregate Financing Limit after giving effect to all such Commitment Increase Requests

 

	2.	Lenders	Financing Commitment
	 	 	 
	 	JPMorgan Chase Bank, National Association	Prior to a Commitment Increase Date: U.S.$300,000,000.  After a Commitment Increase Date, if any, U.S.$300,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase Requests up to U.S.$300,000,000 in aggregate Financing Commitment after giving effect to all such Commitment Increase Requests, in each case, as reduced from time to time pursuant to Section 4.07
	 	 	 
	3.	Scheduled Termination Date:	August 28, 2023 (or, upon exercise of the Extension Option, August 28, 2024)
	 	 	 
	4.	Interest Rates	 
	 	 	 
	 	Applicable Margin for Advances:	With respect to interest based on the LIBO Rate, 2.75% per annum (subject to increase in accordance with Section 3.01(b)).
	 	 	With respect to interest based on the Base Rate, 2.75% per annum (subject to increase in accordance with Section 3.01(b)).

 

    

    - 2
                                                                                 -

    

 

	5.	Account Numbers	 
	 	 	 
	 	Custodial Account:	XXXXXX-XXX
	 	Interest Collection Account:	XXXXXX-XXX
	 	Principal Collection Account:	XXXXXX-XXX
	 	MV Cure Account:	XXXXXX-XXX
	 	Unfunded Exposure Account:	XXXXXX-XXX
	 	 	 
	6.	Market Value Trigger:	70.0%
	 	 	 
	7.	Market Value Cure Level:	60.0% 
	 	 	 
	8.	Purchases of Restricted Securities	 

 

	 	Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security.  As used herein, “Restricted Security” means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a “broker” or a “dealer”, within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Lender.  

 

    

    - 3
                                                                                 -

    

 

	
        Addresses for Notices

        

 

     

     

    

 

SCHEDULE 2

 

Contents of Notices of Acquisition

 

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

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Attention: Ryan Hanks

Email: de_custom_business@jpmorgan.com

        brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Michael Grogan

Email:     NA_Private_Financing_Diligence@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Ryan Hanks

 

cc:

 

U.S. Bank National Association, as Collateral Agent and Collateral
Administrator

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Global Corporate Trust – BDCA 57TH
Street Funding, LLC

 

    

    - 2
                                                                                 -

    

 

Ladies and Gentlemen:

 

Reference is hereby made to
the Loan and Security Agreement, dated as of August 28, 2020 (as amended, the "Agreement"), among BDCA 57TH
Street Funding, LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association, as administrative
agent (the "Administrative Agent"), Business Development Corporation of America, as portfolio manager (the "Portfolio
Manager"), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party
thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in
the Agreement.

 

Pursuant to the Agreement, the Portfolio
Manager hereby [requests approval for the Company to acquire][notifies the Administrative Agent of the Company's intention to
acquire] the following Portfolio Investment(s):1

 

	Fund	 
	Issuer / Obligor	 
	Jurisdiction	 
	Identifier (LoanX; CUSIP)	 
	Requested Notional Amount	 
	Asset Class	 
	Current Pay (Y/N)	 
	Syndication Type	 
	Lien	 
	Tranche Size	 
	Price	 
	Spread / Coupon	 
	Base Rate	 
	LIBOR Floor	 
	Maturity	 
	Moody's Industry Classification	 
	LTM EBITDA (In Millions)	 
	LTM Capital Expenditures (in Millions)	 
	Leverage Through Tranche (Net)	 
	Interest Coverage	 
	Financial Covenants	 
	Security Identifier	 
	Security Description	 
	Quantity	 

 

 

1 Company to complete as applicable.

 

    

    - 3
                                                                                 -

    

 

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

 

We hereby certify that all conditions to
the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement are satisfied.

 

		Very truly yours,
	 	 
		Benefit Street Partners L.L.C.,
 as Portfolio Manager
	 	 
		By	                      
		Name:
		Title:

 

     

     

    

 

SCHEDULE 3

 

Eligibility Criteria

 

	1.	Such obligation is a Senior Secured Loan, a Second Lien Loan or a corporate debt security and is not a Mezzanine Obligation,
a Synthetic Security, a Zero-Coupon Security, a Structured Finance Obligation, a Participation Interest (other than Initial Portfolio
Investments), a Revolving Loan or a letter of credit or an interest therein.

 

	2.	Such obligation does not require the making of any future advance or payment by the Company to the issuer thereof or any related
counterparty except in connection with a Delayed Funding Term Loan.

 

	3.	Such obligation is eligible to be entered into by, sold or assigned to the Company and pledged to the Collateral Agent.

 

	4.	Such obligation is denominated and payable in U.S. dollars and purchased at a price that is at least 80% of the par amount
of such obligation.

 

	5.	Such obligation is issued by a company organized in an Eligible Jurisdiction.

 

	6.	It is an obligation upon which no payments are subject to deduction or withholding for or on account of any withholding Taxes
imposed by any jurisdiction unless the related obligor is required to make "gross-up" payments that cover the full amount
of any such withholding Taxes (subject to customary conditions to such payments which the Company (or the Portfolio Manager on
behalf of the Company) in its good faith reasonable judgment expects to be satisfied).

 

	7.	Such obligation is not subject to an event of default (as defined in the underlying instruments for such obligation) in accordance
with its terms (including the terms of its underlying instruments after giving effect to any grace and/or cure period set forth
in the related loan agreement or other primary underlying instruments, but not to exceed five (5) days) and no Indebtedness
of the obligor thereon ranking pari passu with or senior to such obligation is in default with respect to the payment of
principal or interest or is subject to any other event of default that would trigger a default under the related loan agreement
or other primary underlying instruments (after giving effect to any grace and/or cure period set forth in the related loan agreement
or other primary underlying instruments, but not to exceed five (5) days) (a "Defaulted Obligation").

 

	8.	The timely repayment of such obligation is not subject to non-credit-related risk as determined by the Portfolio Manager in
its good faith and reasonable judgment.

 

	9.	It is not at the time of purchase or commitment to purchase the subject of an offer other than an offer pursuant to the terms
of which the offeror offers to acquire a debt obligation in exchange for consideration consisting solely of cash in an amount equal
to or greater than the full face amount of such debt obligation plus any accrued and unpaid interest.

 

	10.	Such obligation is not an equity security and does not provide, on the date of acquisition, for conversion or exchange at any
time over its life into an equity security.

 

	11.	Such obligation provides for periodic payments of interest thereon in cash at least semi-annually.

 

    

    - 2
                                                                                 -

    

 

	12.	Such obligation will not cause the Company or the pool of Collateral to be required to register as an investment company under
the Investment Company Act of 1940, as amended.

 

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

 

	14.	In the case of a Portfolio Investment that is a Loan, (i) to the knowledge of the Company and the Portfolio Manager after
reasonable inquiry, the Administrative Agent is an "eligible Assignee" (as such term, or comparable term, is defined
in the documents evidencing such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be entered into
by, sold or assigned to the Administrative Agent and (ii) the Company has delivered to the Collateral Agent to hold in custody
in accordance with this Agreement (to be provided to the Administrative Agent upon written request (including via email) following
the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event) an assignment
agreement duly executed by the administrative agent (as required to effect an assignment pursuant to such Underlying Instruments)
in respect of such Portfolio Investment, naming the Administrative Agent as assignee; provided that the preceding clause
(ii) shall be applicable with respect to each Portfolio Investment only if the Company or the Portfolio Manager (or in each
case, an affiliate thereof) acts as the administrative agent in respect of such Portfolio Investment; provided further that
with respect of each such Initial Portfolio Investment the Company shall have delivered any documents required under the preceding
clause (ii) by October 12, 2020.

 

	15.	Following the relevant Trade Date, such Portfolio Investment has not been amended to (a) reduce the principal amount of
such Portfolio Investment, (b) postpone the maturity date or any scheduled prepayment date in respect of such Portfolio Investment,
(c) alter the pro rata allocation or sharing of payments or distributions required by any related underlying instruments in
a manner adverse to the Company, (d) release any material guarantor of such Portfolio Investment from its obligations, or
(e) terminate or release any lien on a material portion of the collateral securing such Portfolio Investment, in each case
without the prior written consent of the Administrative Agent (at the direction of the Required Lenders); provided that
this clause 15 shall not be applicable for purposes of Section 1.03 of the Agreement.

 

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

 

"Eligible Jurisdictions"
means the United States and any State therein, Canada, the United Kingdom, the Netherlands, France and Luxembourg.

 

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

 

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

 

    

    - 3
                                                                                 -

    

 

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

 

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

 

     

     

    

 

SCHEDULE 4

 

Concentration Limitations

 

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

 

		1.	Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal balance equal to
4% of the Collateral Principal Amount; provided that Portfolio Investments which are Senior Secured Loans issued by three
(3) obligors and their respective affiliates may each constitute up to an aggregate principal balance equal to 6% of the Collateral
Principal Amount.

 

		2.	Not more than 10% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans or a corporate
debt security.

 

		3.	Not less than 90% of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Cash Equivalents on deposit
in the Principal Collection Account as Principal Proceeds.

 

		4.	Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that
belong to the same Moody's Industry Classification; provided that Portfolio Investments that are issued by obligors that
belong to one Moody's Industry Classification may constitute up to 30% of the Collateral Principal Amount. As used herein, "Moody's
Industry Classifications" means the industry classifications set forth in Schedule 6 hereto, as such industry classifications
shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Moody's publishes revised
industry classifications.

 

		5.	The Unfunded Exposure Amount shall not exceed 5% of the Collateral Principal Amount.

 

     

     

    

 

SCHEDULE 5

 

Initial Portfolio Investments

 

     

     

    

 

SCHEDULE 6

 

	Moody's Industry Classifications
	Industry

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

 

     

     

    

 

SCHEDULE 7

 

Ineligible Persons

 

None

 

     

     

    

 

EXHIBIT A

 

Form of Request for Advance

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Attention: Ryan Hanks

 

JPMorgan Chase Bank, National Association,

as Administrative Agent

383 Madison Avenue

New York, New York 10179

Attention: Louis Cerrotta

Email:  louis.cerrotta@jpmorgan.com

de_custom_business@jpmorgan.com

brian.m.larocca@jpmorgan.com

 

JPMorgan Chase Bank, National Association,

as Lender

c/o JPMorgan Services Inc.

500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713

Attention: Robert Nichols

 

cc:

 

U.S. Bank National Association, as Collateral Agent and Collateral
Administrator

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Global Corporate Trust – BDCA 57TH Street Funding, LLC

 

Ladies and Gentlemen:

 

Reference is hereby made to the Loan and Security
Agreement, dated as of August 28, 2020 (as amended, the "Agreement"), among BDCA 57TH Street Funding,
LLC, as borrower (the "Company"), JPMorgan Chase Bank, National Association, as administrative agent (the "Administrative
Agent"), Business Development Corporation of America, as portfolio manager (the "Portfolio Manager"),
the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

 

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

 

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

 

     

    - 2
                                                                                 -

    

 

(2)            The
aggregate amount of the Advance requested hereby is U.S.$[_________].2

 

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

 

	Security	Par	Price	Purchased Interest (if any)
	 	 	 	 

 

We hereby certify that all conditions [to
the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement and] to an Advance set forth
in Section 2.05 of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived
as of the related Settlement Date) and] Advance date[, as applicable].

 

		Very truly yours,
	 	 
		BDCA 57TH Street Funding, LLC
	 	 
		By	     
		Name:
		Title:

 

 

2
Note: The requested Advance shall be in an amount such that, after giving effect thereto and the related purchase
of the applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied.

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