Document:

Exhibit 1020

		

			Exhibit 10.20

		

		
			 
		

		
			 
		

		
			STANDBY PURCHASE AGREEMENT
		

		
			 
		

		
			This STANDBY PURCHASE AGREEMENT (this “Agreement”), dated as of             ,  2015, is made by and among (i) Fantex, Inc., a Delaware corporation (the “Company”), (ii) Fantex Brokerage Services, LLC (“FBS”) and Merriman Capital, Inc. (“Merriman,” and together with FBS, the “Representatives”) and (iii) Fantex Holdings, Inc. (the “Parent”) and the other individuals listed on Exhibit A hereto (each, a “Standby Purchaser,” and together, the “Standby Purchasers”).
		

		
			 
		

		
			The Company is offering 362,200 shares (the “Shares”) of the Company’s Fantex Series Michael Brockers Convertible Tracking Stock, par value $0.0001 per share (the “Fantex Series Michael Brockers”), pursuant to a public offering (the “Offering”) being made pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Act”), filed with the Securities and Exchange Commission (the “Commission”) (Registration No. 333-201677) (as so filed and as amended, the “Registration Statement”). The Offering will be underwritten by FBS on a best efforts, all or nothing, basis pursuant to an underwriting agreement (the “Underwriting Agreement”) between the Representatives, the Parent and the Company.
		

		
			 
		

		
			On or prior to the date of this Agreement, the Registration Statement with respect to the Shares to be issued in the Offering has been declared effective by the Commission. Each Standby Purchaser desires to serve as a standby purchaser for up to a specified number of the Shares in the Offering, to the extent that FBS has been unable to distribute such shares to accounts (“Non-Restricted Persons”) that are not Restricted Persons (as defined in Section (i)(10) of FINRA New Issues Rule 5130 (“Rule 5130”)), and agrees to purchase a number of the Shares, as set forth in this Agreement. To that end, the parties have entered into this Agreement.
		

		
			 
		

		
			1. Registration of the Shares
		

		
			 
		

		
			The Registration Statement with respect to the Offering has been filed with, and declared effective by, the Commission. Copies of the preliminary prospectus included in the Registration Statement at the time the Registration Statement became effective have been furnished to the Standby Purchasers.
		

		
			 
		

		
			2. Purchase and Delivery of Shares
		

		
			 
		

		
			A. Subject to the terms, conditions and limitations of this Agreement and to the availability of Shares after purchases made in the Offering by persons who are Non-Restricted Persons, each Standby Purchaser agrees to purchase from FBS, at the public offering price of $10.00 per Share (the “Purchase Price”), such number of Shares up to the number set forth opposite such Standby Purchaser’s name in Exhibit A hereto (each, such Standby Purchaser’s “Maximum Standby Purchase Commitment”) as may be determined pursuant to Sections 2(B) and 2(C) below.
		

		
			 
		

		

		

		 

		

			 

		
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		B. The number of Shares to be sold by FBS to each Standby Purchaser pursuant to this Agreement shall be determined as set forth below. In no event will such number exceed any Standby Purchaser’s Maximum Standby Purchase Commitment. As soon as practicable following the execution and delivery of the Underwriting Agreement, the Representatives shall deliver to each Standby Purchaser their written representation (the “FBS Representation”) as to the number of Shares they have been unable to sell to Non-Restricted Persons pursuant to the Offering (“Available Shares”).
		

		
			 
		

		
			C. Subject to the terms of this Agreement, each Standby Purchaser agrees severally, and not jointly, to purchase from FBS a number of Shares equal to the following:
		

		
			 
		

		
			(i) Bruce Dunlevie shall purchase the number of Available Shares up to, but not to exceed, the Maximum Standby Purchase Commitment set forth opposite his name in Exhibit A hereto, at the Purchase Price per Share, following which purchase the number of Available Shares shall be reduced by the number of Shares purchased by him under this Section 2(C)(i);
		

		
			  
		

		
			(ii) If, following the purchase of Shares by Bruce Dunlevie pursuant to Section 2(C)(i), the number of Available Shares is greater than zero, then David Beirne and Cornell “Buck” French shall purchase, pro rata with each such Standby Purchaser’s Maximum Standby Purchase Commitment (as set forth opposite each such Standby Purchaser’s name in Exhibit A hereto), the number of Available Shares up to, but not to exceed, the Maximum Standby Purchase Commitment set forth opposite each such Standby Purchaser’s name in Exhibit A hereto, at the Purchase Price per Share, following which purchase the number of Available Shares shall be reduced by the number of Shares purchased by them together under this Section 2(C)(ii);  and
		

		
			 
		

		
			(iii) If, following the purchase of Shares by Cornell “Buck” French and David Beirne pursuant to Section 2(C)(ii), the number of Available Shares is greater than zero, then the Parent shall purchase the number of remaining Available Shares up to, but not to exceed the Maximum Standby Purchase Commitment set forth opposite its name in Exhibit A hereto, at the Purchase Price per Share.
		

		
			 
		

		
			3. The Closing
		

		
			 
		

		
			As soon as practicable after delivery of FBS Representation, the Representatives shall notify the Standby Purchasers of the number of Shares to be purchased by the Standby Purchasers pursuant to Section 2. The Shares shall be delivered, and payment for the Shares tendered, in the manner contemplated by Section 4, simultaneously with the closing of the sale of Shares to persons other than the Standby Purchasers pursuant to the Offering. The place, date and time for delivery of payment and Shares shall be as provided in the Underwriting Agreement (the “Closing Time,” the date of the Closing Time being referred to as the “Closing Date” and the consummation of the transactions being referred to as the “Closing”).
		

		
			 
		

		
			4. Delivery of Shares
		

		
			 
		

		

		

		 

		

			 

		
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		FBS will deliver to each Standby Purchaser the number of Shares purchased by such Standby Purchaser in book-entry form, and in such authorized denomination and registered in such names as such Standby Purchaser may request upon at least twenty-four hours’ prior notice to FBS, against payment of the Purchase Price of such Shares in Federal (same day) funds by wire transfer from such Standby Purchaser’s brokerage account with FBS drawn to the order of FBS at the office of Cooley LLP, 3175 Hanover Street, Palo Alto, California 94304-1130, at 10:00 A.M., New York time, on the Closing Date.
		

		
			 
		

		
			5. Agreements and Consents of Parties
		

		
			 
		

		
			The Standby Purchasers each agree severally, and not jointly, with FBS that:
		

		
			 
		

		
			A. FBS may, in its sole discretion, decline to sell any of the Shares to the Standby Purchasers if, in the reasonable opinion of the Representatives, the Standby Purchasers are required to obtain prior clearance or approval of such transaction from any government, bank or regulatory authority and satisfactory evidence of such approval or clearance has not been presented to FBS by the Closing Date.
		

		
			 
		

		
			B. The Company may rely upon and disclose the terms of this Agreement. The Standby Purchasers consent to disclosures concerning the Standby Purchasers in the Registration Statement, including the prospectus contained therein, or in any amendment or supplement thereto, and in any related filing or disclosures of the Company.
		

		
			 
		

		
			C. The Standby Purchasers and the Representatives agree to make such amendments and modifications of this Agreement as may be reasonably necessary for the purchase and sale contemplated hereby to be in compliance with Rule 5130(f).
		

		
			 
		

		
			D. The Representatives agree to use their best efforts to ensure that the Registration Statement includes disclosure of the Standby Purchase Agreement as required by Rule 5130(f).
		

		
			 
		

		
			6. Representation and Warranties
		

		
			 
		

		
			A. FBS represents and warrants to the Standby Purchasers that FBS will only sell Shares to the Standby Purchasers if FBS is unable to sell Shares to Non-Restricted Persons at the Purchase Price pursuant to the Offering.
		

		
			 
		

		
			B. Each Standby Purchaser severally, and not jointly, represents and warrants with respect to such Standby Purchaser only, to FBS that:
		

		
			 
		

		
			(i) If such Standby Purchaser is an entity, such Standby Purchaser is a Delaware corporation, was duly formed and is validly existing and in good standing under the laws of its state of formation, with the power and authority to perform its obligations under this Agreement.
		

		
			 
		

		

		

		 

		

			 

		
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		(ii) If such Standby Purchaser is an entity, the execution, delivery and performance of this Agreement by such Standby Purchaser and the consummation by such Standby Purchaser of the transactions contemplated hereby have been duly authorized by all necessary action of the Standby Purchaser. Regardless of whether such Standby Purchaser is an entity or natural person, this Agreement, when duly executed and delivered by FBS, will constitute a valid and legally binding instrument of such Standby Purchaser, enforceable against such Standby Purchaser in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability now or hereinafter in effect relating to or affecting creditors’ rights and to general equity principles.
		

		
			 
		

		
			(iii) Such Standby Purchaser is not insolvent and has sufficient cash on hand to purchase the Maximum Standby Purchase Commitment of Shares on the terms and conditions contained in this Agreement and will have such funds on the Closing Date. Such Standby Purchaser has, simultaneously with or prior to the execution and delivery of this Agreement, provided the Representatives with evidence or substantiation that such Standby Purchaser has the financial means to satisfy its financial obligations under this Agreement. The foregoing evidence and substantiation is a true and accurate representation of such means.
		

		
			 
		

		
			(iv) Such Standby Purchaser has not entered into any contracts, arrangements, understandings or relationships (legal or otherwise) with person or persons (other than FBS) with respect to the securities of the Company, including, but not limited to, transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding or proxies.
		

		
			 
		

		
			(v) If such Standby Purchaser is an entity, the execution and delivery of this Agreement, the consummation by the Standby Purchaser of the transactions contemplated hereby and the compliance by the Standby Purchaser, with the terms hereof, do not violate the organizational documents of the Standby Purchaser.
		

		
			 
		

		
			For the avoidance of doubt, each representation or warranty made by a Standby Purchaser under this Section 6(B) is several and not joint and is made as to such Standby Purchaser only, and each Standby Purchaser agrees to indemnify the other Standby Purchasers for any liability arising from such Standby Purchaser’s breach of the representations and warranties made under this Section 6(B).
		

		
			 
		

		
			7. Closing Conditions
		

		
			 
		

		
			The respective obligations of the Standby Purchasers and FBS to consummate the purchase and sale of the Shares shall be subject, in the discretion of the Representatives or the Standby Purchasers, as the case may be, to the condition that (i) all representations and warranties and other statements of the other party or parties, as applicable (including, in the case of FBS, the representations in Section 6(A) hereof) are, at and as of the Closing Time, true and correct in all material respects, (ii) the other parties shall have performed all of their obligations hereunder theretofore to be performed in all material respects, (iii) no stop order suspending the effectiveness of the Registration Statement or any amendment or supplement thereto shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the 
		

		 

		

			 

		
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		Commission, (iv) in the case of FBS, the Underwriting Agreement shall have been executed and delivered by the Representatives and the Company and shall be in full force and effect and (v) no notice shall have been received from FINRA that the consummation of the transaction contemplated by this Agreement violates Rule 5130, and no action for that purpose shall have been initiated or threatened by FINRA.
		

		
			 
		

		
			8. Termination
		

		
			 
		

		
			A. This Agreement shall terminate upon mutual written consent of the parties hereto. In addition, the Representatives may terminate this Agreement if they are not in material breach of their obligations under this Agreement and there has been a material breach of any representation, warranty, covenant or agreement contained in this Agreement on the part of the Standby Purchasers. The Standby Purchasers may terminate this Agreement if they are not in material breach their obligations under this Agreement and there has been a material breach of any representation, warranty, covenant or agreement contained in this Agreement on the part of the Representatives.
		

		
			 
		

		
			B. The Standby Purchasers and the Representatives hereby agree that any termination of this Agreement pursuant to Section 8(A) (other than termination in the event of a breach of this Agreement by the Standby Purchasers or FBS for misrepresentation of any of the statements made herein by the Standby Purchasers or FBS) shall be without liability to FBS or the Standby Purchasers.
		

		
			 
		

		
			9. Future Acquisition and Disposition of Shares
		

		
			 
		

		
			The Standby Purchasers agree with the Representatives that:
		

		
			 
		

		
			A. During the period beginning on the date of this Agreement and continuing until the Closing Date, the Standby Purchasers will not offer, sell, contract to sell or otherwise dispose of, or bid for, purchase, contract to purchase or otherwise acquire, any shares of the Company’s Fantex Series Michael Brockers or any Shares, except pursuant to this Agreement, without the prior written consent of the Representatives.
		

		
			 
		

		
			B. The Standby Purchasers will not sell, transfer, assign, pledge or hypothecate any Shares or any shares of the Company’s Fantex Series Michael Brockers acquired pursuant to this Agreement and the Offering unless:
		

		
			 
		

		
			(i) a period of six months following the effective date of the Registration Statement has occurred; and
		

		
			 
		

		
			(ii) such sale, transfer, assignment, pledge or hypothecation is pursuant to a subsequent registration statement on Form S-1 or Form S-3 under the Act that is declared effective by the Commission.
		

		
			 
		

		
			10. Notices
		

		
			 
		

		

		

		 

		

			 

		
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		All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to FBS shall be given to the Representatives c/o Fantex Brokerage Services, LLC, Attention: Thomas Hicks, 330 Townsend Street, Suite 234, San Francisco, CA 94107 (fax: (415) 592-5950); and c/o Merriman Capital, Inc., Attention: Michael Doran,  250 Montgomery Street, 16th Floor, San Francisco, CA 94104 (fax: (415)  248-5690). Notices to any Standby Purchaser shall be given to such Standby Purchaser at: c/o Fantex Holdings, Inc., 330 Townsend Street, Suite 234, San Francisco, CA 94107 (fax: (415) 592-5950).
		

		
			 
		

		
			11. Survival of Representations, Warranties and Covenants
		

		
			 
		

		
			The representations, warranties and covenants of the parties shall survive the Closing.
		

		
			 
		

		
			12. Binding Effect
		

		
			 
		

		
			This Agreement shall be binding upon, and shall inure solely to the benefit of, each of the parties hereto, and each of their respective successors and permitted assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No party may assign any of its rights or obligations hereunder to any other person or entity without the prior written consent of the other party.
		

		
			 
		

		
			13.  Governing Law
		

		
			 
		

		
			This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state.
		

		
			 
		

		
			14. Execution in Counterparts
		

		
			 
		

		
			This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.
		

		
			 
		

		
			15. Entire Agreement
		

		
			 
		

		
			This Agreement represents the entire understanding of the parties with respect to the matters addressed in this Agreement and supersedes all prior written and oral understanding concerning the subject matter of this Agreement.
		

		
			 
		

		
			(Signature pages follow)
		

		
			 
		

		

		

		 

		

			 

		
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		IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						FANTEX BROKERAGE SERVICES, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						Merriman Capital, Inc.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						STANDBY PURCHASER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						FANTEX HOLDINGS, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			Standby Purchaser’s account to which Shares should be transferred by FBS:
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						STANDBY PURCHASER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Bruce Dunlevie

				

		
			 
		

		
			Standby Purchaser’s account to which Shares should be transferred by FBS:
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						STANDBY PURCHASER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						David Beirne

				

		
			 
		

		
			Standby Purchaser’s account to which Shares should be transferred by FBS:
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			IN WITNESS WHEREOF, the Standby Purchasers and the Representatives have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						STANDBY PURCHASER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Cornell “Buck” French

				

		
			 
		

		
			Standby Purchaser’s account to which Shares should be transferred by FBS:
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Standby Purchase Agreement]

		

		

			 

		
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			Exhibit A
		

		
			 
		

			
					
						Standby Purchaser

					
					
						Maximum Standby Purchase
Commitment

				
	
					
						Bruce Dunlevie

					
					
						36,200 Shares

				
	
					
						David Beirne

					
					
						36,200 Shares

				
	
					
						Cornell “Buck” French

					
					
						2,500 Shares

				
	
					
						Fantex Holdings, Inc.

					
					
						174,000 Shares

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			 

		
SV\1508883.3EX-10.44

 Exhibit 10.44 

EXECUTION COPY 
 SECOND
AMENDMENT TO CREDIT AGREEMENT 
 THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of May 14, 2015 (together with all exhibits
and schedules hereto, this “Second Amendment”), is entered into by and between DUNNING CREEK LLC, a Delaware limited liability company (the “Borrower”), and DEUTSCHE BANK AG, NEW YORK BRANCH
(“DBNY”) as Administrative Agent (in such capacity, the “Administrative Agent”) and as a lender (DBNY and each other Lender party to the Credit Agreement from time to time, the “Lenders” and each a
“Lender”). Capitalized terms used herein and not otherwise defined herein have the meanings assigned to such terms in the Credit Agreement described below. 

RECITALS: 
 A. The
Borrower and DBNY are parties to a Credit Agreement dated as of May 14, 2014 by and among the Borrower and DBNY, as Administrative Agent and as a Lender, as amended pursuant to that First Amendment to Credit Agreement dated as of June 4,
2014 (the credit agreement, as amended and amended and restated prior to the date hereof, the “Credit Agreement” and, the Credit Agreement, as amended by this Second Amendment, the “Amended Credit Agreement”). 

B. The parties hereto desire, among other things, to (i) amend section 2.04 to the Credit Agreement, (ii) extend the Scheduled
Commitment Termination Date, (iii) modify certain of the representations and warranties provided by the Borrower under the Credit Agreement, (iv) add an Event of Default to the Credit Agreement and (v) amend certain of the definitions
in the Credit Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 Section 1. Amendment of Credit Agreement. Effective as of the Second
Amendment Closing Date (as defined below), the Credit Agreement is hereby amended as follows: 
 (a) Section 2.03(a) of
the Credit Agreement is hereby deleted and replaced in its entirety with the following: 
 “(a) Setup Fee. The Borrower shall pay
to DBNY a Setup Fee in an amount and at the time as set forth in the fee letter between DBNY and the Borrower dated as of May 14, 2015 (the “May 2015 Fee Letter”). The Borrower agrees that, once paid, the fees or any part
thereof payable hereunder are irrevocable and non-refundable under any circumstances. The May 2015 Fee Letter supersedes all prior fee letters, which remain valid and enforceable until the execution of the May 2015 Fee Letter.” 

 (b) Section 2.04 of the Credit Agreement is hereby replaced in its entirety
with the following: 
 “Section 2.04 Lender Commitment Reduction, Applicable Margin Adjustments and Margin Requirement
Changes. The Lenders may from time to time, subject to Section 9.13(a), upon 60 days prior written notice (which notice shall specify in detail such actions to be taken) to Borrower and to the Administrative Agent take one or more of the
following actions: (i) reduce the Maximum Commitment; (ii) change the Applicable Margin and (iii) change the definition of “Margin Requirement”, “Base Margin Requirement”, “Additional Margin Requirement”
or “Portfolio Limitations” (and each of the Annexes referenced therein). If the Lenders reduce the Maximum Commitment in accordance with this Section 2.04, each Lender shall maintain its Commitment during the 60-day period following
the date on which the Lenders provided the notice of such reduction (such day, the “Termination Notice Day”) in an amount equal to the least of: (i) the outstanding principal amount of the Loans as of the close of business on
the Termination Notice Day, (ii) the average outstanding principal amount of the Loans over the thirty (30) Business Days immediately preceding the Termination Notice Day, (iii) the lowest outstanding principal amount of the Loans as
of the close of business on any Business Day following and including the Termination Notice Day, and (iv) the Maximum Commitment (such applicable amount, the “OET Commitment Amount”). Borrower acknowledges and agrees that if on
the effective date of such reduction of the Maximum Commitment the aggregate principal amount of the then outstanding Loans exceeds the OET Commitment Amount, then no later than on such effective date Borrower shall repay the principal amount of
Loans (together with accrued interest on such repaid principal amount) such that immediately thereafter the aggregate principal amount of Loans outstanding shall not be greater than the OET Commitment Amount.” 

(c) Section 5.02 of the Credit Agreement is hereby amended (i) by renumbering the existing paragraph as paragraph
(a) of such Section and adding the caption “(a) Due Authorization, Non-Contravention.” at the beginning of such new paragraph (a), and (ii) by adding the following paragraph (b) immediately following newly added paragraph
(a) thereof: 
 “(b) Investment Company Act. 

(i) The Borrower is a wholly owned Subsidiary of FSIC II. 

(ii) FSIC II (x) is an investment company that has elected to be regulated as a business development company under the
Investment Company Act and (y) is not required to register as an “investment company” under the Investment Company Act. FSIC II Advisor is (x) not required to register as an “investment company” under the Investment
Company Act and (y) an investment adviser under the Investment Advisers Act of 1940. 

  
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 (iii) The investment of FSIC II in the Borrower is not prohibited by
Section 12(d) of the Investment Company Act. 
 (iv) The execution, delivery and performance by the Borrower of this
Agreement, each other Credit Document and its obligations hereunder and thereunder do not and will not violate any provision of the Investment Company Act or any rule, regulation, statutory guidance, no-action letter or interpretation promulgated by
the SEC thereunder applicable to the Borrower, FSIC II or FSIC II Advisor.” 
 (d) Section 7.01(m) of the Credit
Agreement is hereby amended by (i) deleting the “or” appearing after existing clause (ii) thereof, (ii) deleting the “.” appearing after existing clause (iii) thereof and replacing it with “; or”,
and (iii) adding the following new clause (iv) immediately following existing clause (iii) thereof: 
 “The Equity Owner
fails to comply with all leverage requirements and restrictions applicable to Business Development Companies (as such term is used in the Investment Company Act and the rules and regulations promulgated thereunder) applicable to it.” 

(e) The definitions of “Applicable Margin” and “Scheduled Commitment Termination Date” in Annex I to the
Credit Agreement are hereby replaced in their entirety with the following: 
 ““Applicable Margin” means
with respect to all outstanding Loans provided by the Lenders, 1.45% per annum.” 
 ““Scheduled Commitment Termination
Date” means May 14, 2016.” 
 (f) The following definition is hereby added to Annex I to the Credit
Agreement in the applicable alphabetical location: 
 ““May 2015 Fee Letter” has the meaning set forth in Section
2.03(a).” 
 (g) The definition of “Advance Amount” in Annex II to the Credit Agreement is hereby replaced in
its entirety with the following: 
 ““Advance Amount” means, as of any date of determination under the
Overcollateralization Test (as described in this Section 1), (a) the sum for all Eligible Investments of the product of (i) the Market Value (determined as described in Section 4 below) of such Eligible Investment (determined as
described in Section 2 below) and (ii) one minus the Margin Requirement for such Eligible Investment minus (b) the Unpaid Amount as of such date; provided, however, that if the price at which the Borrower has contracted to sell
an Eligible Investment (the “Sale Price”) is at any time less than the Market Value Price then, notwithstanding anything herein to the contrary, the Advance Amount shall automatically be decreased until the date of settlement of the
sale of such Eligible 

  
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Investment by an amount equal to the product of (x) the principal amount of the Eligible Investment subject to the sale and (y) the excess, if any, of the Market Value Price over the
Sale Price.” 
 (h) The definition of “Fund Investments” in Section 5 of Annex II to the Credit
Agreement is hereby deleted and replaced in its entirety with the following: 
 ““Fund Investments” means all Cash,
Cash Equivalents, Bank Loans and Corporate Bond Securities owned by the Borrower, together with any other financial asset that the Administrative Agent has expressly agreed to in writing may be included as a “Fund Investment”. After the
Closing Date, Fund Investments which the Borrower has contracted to (i) purchase shall be deemed for purposes of the Credit Agreement to be owned by the Borrower from the date of settlement of such purchase and (ii) sell shall cease to be
Fund Investments for purposes of the Credit Agreement from the date of settlement. For the avoidance of doubt, “Fund Investments” shall not include Trade Claims.” 

Section 2. Conditions Precedent. It shall be a condition precedent to the effectiveness of Section 1 of this Second
Amendment that each of the following conditions is satisfied (the date on which such effectiveness occurs, the “Second Amendment Closing Date”): 

(a) Agreements. The Administrative Agent shall have received executed counterparts of this Second Amendment and the May 2015 Fee Letter
duly executed and delivered by an Authorized Representative of the Borrower. 
 (b) Evidence of Authority. The Administrative Agent
shall have received: 
 (1) a certificate of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same
person as the Authorized Representative), dated the Second Amendment Closing Date, as to: 
 (i) the authority of the Borrower to execute
and deliver this Second Amendment and to perform its obligations under the Amended Credit Agreement, the Notes, and each other Credit Document executed by it, in each case as amended by this Second Amendment and each other instrument, agreement or
other document to be executed in connection with the transactions contemplated in connection herewith and therewith; 
 (ii) the absence of
any changes in the Organic Documents of the Borrower since the copies delivered in connection with the closing of the Credit Agreement; and 

(2) such other instruments, agreements or other documents (certified if requested) as the Administrative Agent may reasonably request. 

(c) Officer’s Certificate. The Administrative Agent shall have received a certificate (which may be the same certificate as
reference in Section 2(b)(i) above) of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same  

  
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person as the Authorized Representative), in each case on behalf of the Borrower dated as of the Second Amendment Closing Date, in form and substance reasonably satisfactory to the Administrative
Agent (which shall be deemed to have been given under the Credit Agreement), to the effect that, as of such date: 
 (1) all conditions set
forth in this Section 2 (CONDITIONS PRECEDENT) have been fulfilled; 
 (2) all representations and warranties of the Borrower set forth
in Article 5 of the Credit Agreement (REPRESENTATIONS AND WARRANTIES) are true and correct in all material respects as if made on the Second Amendment Closing Date (unless expressly made as of a certain date, in which case it shall be true and
correct in all material respects as of such date); 
 (3) all representations and warranties set forth in each of the Collateral Documents
are true and correct in all material respects as if made on the Second Amendment Closing Date (unless expressly made as of a certain date, in which case it shall be true and correct in all material respects as of such date); and 

(4) no Default or Event of Default shall be continuing. 

(d) Opinion of Counsel. The Administrative Agent shall have received a legal opinion from Dechert LLP, counsel to the Borrower,
the Manager and FSIC II Advisor, in form and substance reasonably satisfactory to the Administrative Agent covering such matters as the Administrative Agent may reasonably request. 

(e) Manager Letter. The Administrative Agent shall have received from the Manager a letter in the form of Exhibit A
hereto addressed to the Administrative Agent reaffirming all of its obligations under the Manager Letter entered into in connection with the Credit Agreement. 

(f) Equity Owner Letter. The Administrative Agent shall have received from the Equity Owner a letter in the form of
Exhibit B hereto addressed to the Administrative Agent reaffirming all of its obligations under the Equity Owner Letter entered into in connection with the Credit Agreement. 

(g) FSIC II Advisor Letter. The Administrative Agent shall have received from FSIC II Advisor a letter in the form of
Exhibit C hereto addressed to the Administrative Agent reaffirming all of its obligations under the FSIC II Advisor Letter entered into in connection with the Credit Agreement. 

(h) Closing Fees, Expenses, etc. The Administrative Agent shall have received for its own account, or for the account of the
Lenders, as the case may be, all fees, costs and expenses then due and payable to it under the Credit Agreement and the May 2015 Fee Letter; it being understood that payment of fees under the 2015 Fee Letter shall not count toward utilization of the
limit set forth in clause (x) of the definition of “Administrative Expenses” or toward utilization of any other limit, cap or basket set forth in any Credit Document. 

  
 5 

 (i) After giving effect to Section 1 of this Second Amendment and any requested
Borrowing on the Second Amendment Closing Date, (1) the aggregate principal amount of all Loans outstanding will not exceed the Maximum Commitment and (2) the Overcollateralization Test is satisfied. 

(j) Satisfactory Legal Form. All limited liability company and other actions or proceedings taken or required to be taken in connection
with the transactions contemplated hereby and all agreements, instruments, documents and opinions of counsel executed, submitted, or delivered pursuant to or in connection with this Second Amendment by or on behalf of the Borrower shall be
reasonably satisfactory in form and substance to the Administrative Agent and its counsel; all certificates and opinions delivered pursuant to this Second Amendment shall be addressed to the Administrative Agent and the Lenders, or the
Administrative Agent and the Lenders shall be expressly entitled to rely thereon; the Administrative Agent and its counsel shall have received all information, and such number of counterpart originals or such certified or other copies of such
information, as the Administrative Agent or its counsel may reasonably request; and all legal matters incident to the transactions contemplated by this Second Amendment shall be reasonably satisfactory to counsel to the Administrative Agent. 

Section 3. Miscellaneous. 

(a) GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 

(b) Amendments, Etc. None of the terms of this Second Amendment may be changed, waived, discharged or terminated unless such change,
waiver, discharge or termination is in writing signed by the Borrower and the Administrative Agent (or other applicable party thereto as the case may be), and each such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. 
 (c) Severability. If any one or more of the covenants, agreements, provisions or terms of this
Second Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Second Amendment and shall in no
way affect the validity or enforceability of the other provisions of this Second Amendment. 
 (d) Counterparts. This Second
Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

(e) Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. 

  
 6 

 (f) Captions. The captions and section headings appearing herein are included solely for
convenience of reference and are not intended to affect the interpretation of any provision of this Second Amendment. 
 (g) Entire
Agreement. This Second Amendment constitutes a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall (together with the Amended Credit Agreement and the other Credit
Documents) constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto. 

[Signature pages follow] 

  
 7 

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

			
	 BORROWER
  

DUNNING CREEK LLC,
 as Borrower

		
	 By:
		 /s/ Gerald F. Stahlecker

			 Name: Gerald F. Stahlecker
 Title: Executive
Vice President

 [Signature Page to Second Amendment] 

 
			
	ADMINISTRATIVE AGENT:
	  
 DEUTSCHE BANK AG, NEW YORK

BRANCH as Administrative Agent

		
	 By:
		 /s/ Ian R. Jackson

			 Name: Ian R. Jackson
 Title:
Director

		
	By:		 /s/ Matthew Bowen

			 Name: Matthew Bowen
 Title: Managing
Director

 [Signature Page to Second Amendment] 

 
			
	 DEUTSCHE BANK AG, NEW YORK
 BRANCH,
as Lender

		
	 By:
		 /s/ Ian R. Jackson

			Name: Ian R. Jackson
			Title: Director
		
	By:		 /s/ Matthew Bowen

			Name: Matthew Bowen
			Title: Managing Director

 [Signature Page to Second Amendment]

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