Document:

Exhibit 10.1

 

AMENDMENT NO. 3 TO SENIOR

SECURED REVOLVING CREDIT AGREEMENT 

 

This AMENDMENT NO. 3
(this “Amendment), dated as of August 11, 2015, is made with respect to the Senior Secured Revolving Credit Agreement,
dated as of May 8, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among ALCENTRA CAPITAL CORPORATION, a Maryland corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), and ING
CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors
in such capacity, the “Administrative Agent”). Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement (as amended hereby).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and

 

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory
hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.

 

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

 

SECTION I AMENDMENTS TO
CREDIT AGREEMENT

 

Effective as of the Third
Amendment Effective Date (as defined below), and subject to the terms and conditions set forth below, the Credit Agreement is hereby
amended as follows:

 

(a)Section
1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical order:

 

“ ‘Amendment
No. 3’ means that certain Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as of the Amendment
No. 3 Effective Date, among the Borrower, the Administrative Agent and the Lenders signatory thereto.”

 

“ ‘Amendment
No. 3 Effective Date’ means August 11, 2015.”

 

(b)Section
1.01 of the Credit Agreement is hereby amended by deleting the term “Alternate Base Rate” in its entirety and replacing
it with the following defined term in the appropriate alphabetical order:

 

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

 

 

     

     

    

 

(c)Section
1.01 of the Credit Agreement is hereby amended by deleting the term “Applicable Margin” in its entirety and replacing
it with the following defined term in the appropriate alphabetical order:

 

“ ‘Applicable Margin’
means, (a) with respect to any ABR Loan, 2.25% per annum; and (b) with respect to any Eurocurrency Loan, 3.25% per annum; provided,
however, that at any time Obligors’ Net Worth is equal to or greater than $230,000,000 (as evidenced by a true and correct
certificate delivered by a Financial Officer of the Borrower pursuant to Section 5.01(c)), “Applicable Margin” shall
mean (x) with respect to any ABR Loan, 2.00% per annum; and (y) with respect to any Eurocurrency Loan, 3.00% per annum. Any change
in the Applicable Margin shall become effective two (2) Business Days after delivery of such required certificate and shall remain
in effect until the next certificate is required to be delivered pursuant to Section 5.01(c). At such time, (1) if the true and
correct certificate delivered by such Financial Officer evidences that Obligors’ Net Worth is equal to or greater than $230,000,000,
then “Applicable Margin” shall take the meaning set forth in clauses (x) and (y) of this definition, and (2) if the
true and correct certificate delivered by such Financial Officer evidences that Obligors’ Net Worth is less than $230,000,000,
then “Applicable Margin” shall take the meaning set forth in clauses (a) and (b) of this definition.”

 

(d)Section
1.01 of the Credit Agreement is hereby amended by deleting the period at the end of the definition of “LIBO Rate” and
in lieu thereof, inserting the following phrase:

 

“; provided further
that if the LIBO Rate is less than zero for the relevant Interest Period, such rate shall be deemed to be zero for such Interest
Period.”

 

(e)Section
1.01 of the Credit Agreement is hereby amended by deleting the term “Revolver Termination Date” in its entirety and
replacing it with the following defined term in the appropriate alphabetical order:

 

“ ‘Revolver Termination
Date’ means the date that is the fourth (4th) anniversary of the Amendment No. 3 Effective Date, unless extended
with the consent of each Lender in its sole and absolute discretion.”

 

(f)Section
2.06(f)(i)(B)(x) of the Credit Agreement is hereby amended by deleting the number “$160,000,000” and in lieu thereof,
inserting the number “$250,000,000”.

 

(g)Section
5.01(c) of the Credit Agreement is hereby amended by (1) deleting the word “and” before clause (v) thereof and (2)
adding the following clause (vi) immediately after clause (v) before the semicolon at the end thereof:

 

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“and (vi)
attaching a schedule providing projected interest and principal payments for all debt Portfolio Investments as of such date, regardless
of whether such Portfolio Investments are Eligible Portfolio Investments”

 

(h)Section
5.01(d) of the Credit Agreement is hereby amended by adding the following parenthetical at the end thereof before the semicolon:

 

“(which Borrowing Base Certificate
shall include an Excel schedule containing information substantially similar to the information included on the Excel schedule
included in the Borrowing Base Certificate delivered to the Administrative Agent for the period ended on June 30, 2015)”

 

(i)Section
5.12(b)(ii)(A) of the Credit Agreement is hereby amended by deleting clause (x) in its entirety and replacing it with the following:

 

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

 

(j)Section
5.13 of the Credit Agreement is hereby amended by deleting clause (j) in its entirety and replacing it with the following:

 

“(j) the
portion of the Borrowing Base attributable to Eligible Portfolio Investments issued by one or more Portfolio Companies with a trailing
twelve month total debt to EBITDA ratio of greater than 5.5 shall not exceed 15% of the Borrowing Base and the Borrowing Base shall
be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 15% of the Borrowing Base;”

 

(k)Schedule
1.01(d) of the Credit Agreement is hereby amended by deleting clause 8 in its entirety and replacing it with the following in the
appropriate numerical order:

 

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

 

SECTION II MISCELLANEOUS

 

2.1.  Conditions
to Effectiveness of Amendment. This Amendment shall become effective as of the date (the “Third Amendment Effective
Date”) on which the Borrower and the Subsidiary Guarantors have satisfied each of the following conditions precedent
(unless a condition shall have been waived in accordance with Section 9.02 of the Credit Agreement):

 

(a)Executed
Counterparts. The Administrative Agent shall have received from each party hereto either (1) a counterpart of this Amendment
signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of
this Amendment.

 

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(b)Corporate
Documents. The Administrative Agent shall have received (x) signature and incumbency certificates of the officers of such Person
executing the Amendment and the other Loan Documents to which it is a party, (y) resolutions of the board of directors or
similar governing body of each Obligor approving and authorizing the execution, delivery and performance of this Amendment and
the other Loan Documents to which it is a party or by which it or its assets may be bound as of the Third Amendment Effective Date,
certified as of the Third Amendment Effective Date by its secretary or an assistant secretary as being in full force and effect
without modification or amendment, and (z) such other documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of the Obligors, and the authorization of the
Amendment and any other legal matters relating to the Obligors, all in form and substance reasonably satisfactory to the Administrative
Agent and its counsel.

 

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

 

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

 

(e)Fees
and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses related
to this Amendment and the Credit Agreement owing on the Third Amendment Effective Date.

 

(f)Legal
Opinion. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the Third Amendment Effective Date) of Sutherland Asbill & Brennan LLP, counsel for the Obligors, in
form and substance reasonably acceptable to the Administrative Agent and covering such matters as the Administrative Agent may
reasonably request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative
Agent).

 

(g)Default.
No Default or Event of Default shall have occurred and be continuing under the Credit Agreement, this Amendment or under any Material
Indebtedness immediately before and after giving effect to the Amendment.

 

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(h)Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent may reasonably request
in form and substance satisfactory to the Administrative Agent.

 

2.2. Representations
and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the
Administrative Agent and each of the Lenders that, as of the Third Amendment Effective Date and after giving effect to this Amendment:

 

(a) This
Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantor and constitutes a legal,
valid and binding obligation of the Borrower and the Subsidiary Guarantor enforceable in accordance with its terms. The Credit
Agreement, as amended by the Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance
with its respective terms.

 

(b)The
representations and warranties set forth in Article 3 of the Credit Agreement and the representations and warranties in each other
Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality
or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Third Amendment Effective Date or
as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as
though made on and as of the Third Amendment Effective Date.

 

2.3. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the
entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment
by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

2.4. Payment of
Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket
costs and expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and
disbursements of legal counsel to the Administrative Agent.

 

2.5. GOVERNING
LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

2.6. Incorporation
of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement are hereby incorporated
by reference with respect to Section I.

 

2.7. Effect of
Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower
or the Subsidiary Guarantor under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall
not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification
or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the
provisions amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import
shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document
shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

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2.8. Consent and
Affirmation. Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary
Guarantor hereby, as of the Third Amendment Effective Date, (i) consents to this Amendment and the transactions contemplated hereby,
(ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii)
confirms its guarantee (solely in the case of the Subsidiary Guarantor) and affirms its obligations under the Guarantee and Security
Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in
the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant is in full force and
effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).

 

2.9. Release.
Each of the Borrower and the Subsidiary Guarantor hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates
has any claim or cause of action against the Administrative Agent, the Collateral Agent or any Lender (or any of their respective
Affiliates, officers, directors, employees, attorneys, consultants or agents) including, but not limited to, under the Credit Agreement
and the other Loan Documents (and each other document entered into in connection therewith), and (b) the Administrative Agent,
the Collateral Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations
to the Obligors and their Affiliates under the Credit Agreement and the other Loan Documents (and each other document entered into
in connection therewith) that are required to have been performed on or prior to the date hereof. Accordingly, for and in consideration
of the agreements contained in this Amendment and other good and valuable consideration, each of the Borrower and the Subsidiary
Guarantor (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively,
the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge the
Administrative Agent, the Collateral Agent, each Lender and each of their respective Affiliates, officers, directors, employees,
attorneys, consultants and agents (collectively, the “Released Parties”) from any and all debts, claims, obligations,
damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether
known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity,
under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against
any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the Third Amendment
Effective Date directly arising out of, connected with or related to this Amendment, the Credit Agreement or any other Loan Document
(or any other document entered into in connection therewith), or any act, event or transaction related or attendant thereto, or
the agreements of the Administrative Agent, the Collateral Agent or any Lender contained therein, or the possession, use, operation
or control of any of the assets of any of the Borrower or the Subsidiary Guarantor, or the making of any Loans or other advances,
or the management of such Loans or advances or the Collateral.

 

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2.10. Limited
Waiver of Breakage Fees.   Each of the Lenders agrees to waive repayment of the amounts, if any, payable under Section
2.13 of the Credit Agreement solely as a result of, and solely in connection with, any such prepayment on the Amendment No. 3 Effective
Date solely as a result of an increase of the Commitments on the Amendment No. 3 Effective Date.

 

[Signature pages follow]

 

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

 

ALCENTRA CAPITAL CORPORATION,

as Borrower

 

 

By:/s/ Ellida McMillan

Name: Ellida McMillan

Title: Chief Accounting Officer

 

ALCENTRA BDC EQUITY HOLDINGS, LLC,

as Subsidiary Guarantor

 

 

By:/s/ Paul J. Echausse

Name: Paul J. Echausse

Title: Chief Executive Officer
and President

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

 

    	 

     

    

 

 

ING CAPITAL LLC, as Administrative Agent and as a Lender

 

 

By:/s/ Patrick Frisch, CFA

Name: Patrick Frisch, CFA

Title: Managing Director

 

 

By:/s/ Kunduck Moon

Name: Kunduck Moon

Title: Managing Director

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

    	 

     

    

 

 

STATE STREET BANK AND TRUST COMPANY, as Lender

 

 

By:/s/ Timothy E. Beebe

Name: Timothy E. Beebe

Title: Vice President

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

    	 

     

    

 

 

EVERBANK COMMERCIAL FINANCE, INC., as Lender

 

 

By:/s/ Ed McGugan

Name: Ed McGugan

Title: Managing Director

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

    	 

     

    

 

 

ALOSTAR BANK OF COMMERCE, as Lender

 

 

By:/s/ Brent Layton

Name: Brent Layton

Title: Vice President

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

 

    	 

     

    

 

 

STIFEL BANK & TRUST, as Lender

 

 

By:/s/ Joseph L. Sooter, Jr.

Name: Joseph L. Sooter, Jr.

Title: Senior Vice President

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]

 

    	 

     

    

 

 

RAYMOND JAMES BANK, N.A., as Lender

 

 

By:/s/ Joseph A. Ciccolini

Name: Joseph A. Ciccolini

Title: Vice President – Senior Corporate Bank

 

 

 

[Signature Page to Amendment No. 3 to Senior
Secured Revolving Credit Agreement]Exhibit
10.2

 

 

 

INCREMENTAL COMMITMENT AGREEMENT

 

dated as of August 11, 2015,

 

made by

 

the
INCREASING lenders party hereto, 

as Increasing Lenders

 

relating to the

 

SENIOR SECURED REVOLVING CREDIT AGREEMENT

 

dated as of May 8, 2014,

 

among

 

ALCENTRA CAPITAL CORPORATION,

as Borrower,

 

The Lenders Parties Thereto,

 

and

 

ING CAPITAL LLC,

as Administrative Agent and Collateral Agent

 

 

 

 

    	 

     

    

 

 

INCREMENTAL COMMITMENT AGREEMENT (this “Agreement”),
dated as of August 11, 2015 and effective as of the Effective Date, by and among ALCENTRA CAPITAL CORPORATION (the “Borrower”),
ALCENTRA BDC EQUITY HOLDINGS, LLC (the “Subsidiary Guarantor”), ING CAPITAL LLC, in its capacity as Administrative
Agent (the “Administrative Agent”), and each of the banks and other financial institutions listed on Schedule
1 hereto, as increasing lenders (each an “Increasing Lender”), relating to the SENIOR SECURED REVOLVING CREDIT
AGREEMENT, dated as of May 8, 2014 (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of December 19, 2014,
that certain Amendment No. 2 to Credit Agreement, dated as of January 13, 2015, that certain Amendment No. 3 to Credit Agreement,
dated as of the date hereof and as further amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the Administrative Agent and the several banks and other financial institutions or entities
from time to time party to the Credit Agreement.

 

A.The Borrower has
requested that each of the Increasing Lenders provide an additional Commitment on and as of the Effective Date (as defined below)
in an aggregate amount equal to the amount set forth opposite such Increasing Lender’s name on Schedule 1 (each, an “Incremental
Commitment”) pursuant to Section 2.06(f) of the Credit Agreement.

 

B.Each Increasing
Lender is willing to make its respective Incremental Commitment on and as of the Effective Date on the terms and subject to the
conditions set forth herein and in the Credit Agreement.

 

Accordingly, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1. Defined
Terms; Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms
in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to
this Agreement. This Agreement shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan
Documents.

 

SECTION 2. Incremental
Commitment. (a) Pursuant to Section 2.06(f) of the Credit Agreement and subject to the terms and conditions hereof, each undersigned
Increasing Lender hereby agrees to make its respective Incremental Commitment to the Borrower effective on and as of the Effective
Date. Each such Incremental Commitment shall constitute an additional “Commitment” for all purposes of the Credit Agreement
and the other Loan Documents.

 

    	 

     

    

 

(b)The terms of each
such Incremental Commitment shall be the same as the other Commitments made under the Credit Agreement.

 

(c)On the Effective
Date, in connection with the adjustments to any outstanding Loans and participation interests contemplated by Section 2.06(f)(iv)
of the Credit Agreement, each Increasing Lender notified by the Administrative Agent shall make a payment to the Administrative
Agent, for account of the other Lenders, in an amount calculated by the Administrative Agent in accordance with such section, so
that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such section,
the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (after giving effect to
the Incremental Commitment and any other Commitment Increases, if any, occurring on the Effective Date).

 

SECTION 3. Conditions
Precedent to Incremental Commitment. This Agreement, and the respective Incremental Commitment of each Increasing Lender, shall
become effective on and as of the Business Day (the “Effective Date”) occurring on which the following conditions
precedent have been satisfied:

 

(a)the Administrative
Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of the Borrower, the Subsidiary
Guarantors, the Administrative Agent and each Increasing Lender;

 

(b)on the Effective
Date, each of the conditions set forth or referred to in Section 2.06(f)(i) of the Credit Agreement shall be satisfied, and pursuant
to Section 2.06(f)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a duly authorized
officer of the Borrower dated the Effective Date certifying as to the foregoing;

 

(c)the Administrative
Agent shall have received all fees due to the Administrative Agent on the date hereof pursuant to any outstanding fee letters by
and between the Borrower and the Administrative Agent;

 

(d)each Increasing
Lender shall have received all fees due to such Increasing Lender on the date hereof;

 

(e)the Administrative
Agent shall have received for the account of the Lenders the amounts, if any, payable under Section 2.13 of the Credit Agreement
as a result of the adjustments of Borrowings pursuant to Section 2(c) of this Agreement;

 

(f)if requested by
any Increasing Lender, such Increasing Lender shall have received a duly executed FR U-1 or FR G-3, as applicable, as required
pursuant to FRB Regulation U (12 C.F.R. § 221 et seq.), in form and substance reasonably satisfactory to such Increasing Lender;
and

 

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(g)the Administrative
Agent shall have received all other documented fees and expenses related to this Agreement owing on the Effective Date.

 

SECTION 4. Representations
and Warranties of the Borrower. To induce the other parties hereto to enter into this Agreement, the Borrower represents and
warrants to the Administrative Agent and each of the Increasing Lenders that, as of the date hereof and as of the Effective Date:

 

(a)This Agreement
has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes a legal, valid
and binding obligation of the Borrower and the Subsidiary Guarantors in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

(b)Each of the representations
and warranties made by the Borrower and the Subsidiary Guarantors in or pursuant to the Loan Documents are true and correct in
all material respects as if made on such date (except to the extent they relate specifically to an earlier date, in which case
they are true and correct in all material respects as of such earlier date, and unless a representation or warranty is already
qualified by materiality or by Material Adverse Effect, in which case it is true and correct in all respects).

 

(c)No Default or
Event of Default has occurred and is continuing on the date hereof or on the Effective Date or shall result from the Incremental
Commitment.

 

SECTION 5. [Reserved].

 

SECTION 6. Consent
and Reaffirmation. (a)  The Subsidiary Guarantors hereby consent to this Agreement and the transactions contemplated hereby,
(b) the Borrower and the Subsidiary Guarantors agree that, notwithstanding the effectiveness of this Agreement, the Guarantee
and Security Agreement and each of the other Security Documents continue to be in full force and effect, (c) the Borrower
and the Subsidiary Guarantors acknowledge that the terms “Revolving Credit Agreement Obligations,” “Guaranteed
Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security Agreement) include any
and all Loans made now or in the future by any Increasing Lender in respect of its respective Incremental Commitment and all interest
and other amounts owing in respect thereof under the Loan Documents (including all interest and expenses accrued or incurred subsequent
to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest or expenses
are allowed as a claim in such proceeding), and (d) the Subsidiary Guarantors confirm their guarantee of the Guaranteed Obligations
and the Borrower and the Subsidiary Guarantors confirm their grant of a security interest in their assets as Collateral for the
Secured Obligations, all as provided in the Loan Documents as originally executed (and amended prior to the Effective Date and
supplemented hereby).

 

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SECTION 7. Notices.
All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.

 

SECTION 8. Expenses.
The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection
with this Agreement in accordance with the Credit Agreement, including the reasonable and documented fees, charges and disbursements
of one outside counsel for the Administrative Agent.

 

SECTION 9. Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and
the same contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic transmission
shall be as effective as delivery of a manually executed counterpart hereof.

 

SECTION 10. Applicable
Law; Jurisdiction; Consent to Service of Process; Other. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS
OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE IX OF THE CREDIT AGREEMENT) ARE HEREBY
INCORPORATED BY REFERENCE.

 

SECTION 11. Headings.
The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

SECTION 12. No Third
Party Beneficiaries. This Agreement is intended to be solely for the benefit of the parties hereto and is not intended to confer
any benefits upon, or create any rights in favor of, any other person or entity. No person or entity other than the parties hereto
shall have any rights under or be entitled to rely upon this Agreement.

 

SECTION 13. Acknowledgment
and Consent. The Administrative Agent hereby (i) acknowledges that it has received notice pursuant to Section 2.06(f)(i) of
the Credit Agreement within the time period required thereunder and (ii) pursuant to Section 2.06(f)(i)(A) of the Credit Agreement,
consents to the amount of the Commitment Increase of each Increasing Lender.

 

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blank]

 

    	4 

     

    

 

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

 

 

ALCENTRA CAPITAL CORPORATION,

as Borrower

 

 

By:___/s/ Ellida McMillan________

Name: Ellida McMillan

Title: Chief Accounting Officer

 

 

[Signature Page to Incremental Commitment
Agreement]

 

 

    	 

     

    

 

ALCENTRA BDC EQUITY HOLDINGS, LLC,

as a Subsidiary Guarantor

 

 

By:_____/s/ Paul J. Echausse________

Name: Paul J. Echausse

Title: Chief Executive Officer and President

 

 

 

[Signature Page to Incremental Commitment
Agreement]

 

    	 

     

    

 

 

 

 

ING CAPITAL LLC, as Administrative
Agent

 

By: __/s/ Patrick Frisch, CFA              

Name: Patrick Frisch, CFA

Title: Managing Director

 

 

By: ___/s/ Kunduck Moon                 

Name: Kunduck Moon

Title: Managing Director

 

 

 

[Signature Page to Incremental Commitment
Agreement]

 

    	 

     

    

 

 

STATE STREET BANK AND TRUST COMPANY,

as an Increasing Lender

 

 

By: ____/s/ Timothy E. Beebe________

Name: Timothy E. Beebe

Title: Vice President

 

 

[Signature Page to Incremental Commitment
Agreement]

 

 

    	 

     

    

 

 

EVERBANK COMMERCIAL FINANCE, INC.,

as an Increasing Lender

 

 

By: ___/s/ Brent Layton                   

Name: Brent Layton

Title: Vice President

 

 

 

[Signature Page to Incremental Commitment
Agreement]

 

    	 

     

    

 

 

 

ALOSTAR BANK OF COMMERCE,

as an Increasing Lender

 

 

By: __/s/ Ed McGugan____________

Name: Ed McGugan

Title: Managing Director

 

 

[Signature Page to Incremental Commitment
Agreement]

 

 

    	 

     

    

 

 

SCHEDULE 1

Increasing Lenders

 

 

 

 

	Increasing Lender	Incremental Commitment Amount
	State Street Bank and Trust Company	$5,000,000
	EverBank Commercial Finance, Inc.	$5,000,000
	AloStar Bank of Commerce	$10,000,000
	Total	$20,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]