Document:

ClubCorp Performance RSU Agreement

CLUBCORP HOLDINGS, INC.
Performance Restricted Stock Unit Agreement
2012 Stock Award Plan
ClubCorp Holdings, Inc. (the “Company”), pursuant to the Amended and Restated ClubCorp Holdings, Inc. 2012 Stock Award Plan, as amended (the “Plan”), hereby grants to Participant identified below an award (the “Award”) of that number of Performance Restricted Stock Units set forth below (the “PSUs”).  This Award is subject to all of the terms and conditions set forth herein and in the Plan (collectively, the “Award Documents”), (which Plan has been provided to Participant) and is incorporated herein in its entirety.  All capitalized terms not defined in this Performance Restricted Stock Agreement (this “Agreement”) shall have the meaning ascribed thereto in the Plan.
	
		
	Participant:
	 

	Date of Grant:
	February 7, 2014

	Tranche 1 Target Award:
	 

	Tranche 1 Performance Period:
	February 1, 2014 through January 31, 2016

	Tranche 2 Target Award:
	 

	Tranche 2 Performance Period:
	February 1, 2014 through January 31, 2017

	Total Target Award:
	 

1.Grant.  The Company hereby grants to Participant the number of PSUs as set forth above under Total Target Award, on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan.  The portion of the Total Target Award that is designated as the Tranche 1 Target Award shall vest in accordance with the terms of Section 2(a) below and the portion of the Total Target Award that is designated as the Tranche 2 Target Award shall vest in accordance with the terms of Section 2(b) below.  All PSUs granted hereunder shall be credited to a separate account maintained for Participant on the books of the Company (the “Account”).  On any given date, the value of each PSU credited to the Account shall equal the Fair Market Value of one share of Common Stock.  The PSUs settle in accordance with Section 2(c) hereof. 

2.Terms and Conditions. 
(a)Vesting of Tranche 1 Target Award.  On the last day of the Tranche 1 Performance Period (such date, the “Tranche 1 Vesting Date”) a number of PSUs subject to the Tranche 1 Target Award (which number may be lesser than or greater than the total number of PSUs subject to the Tranche 1 Target Award) shall become vested and non-forfeitable based on the attainment of the performance measure set forth on Exhibit A attached hereto; provided, that, except as set forth in Section 3(b) below, Participant is employed by or providing services to the Company or any of its Affiliates on the Tranche 1 Vesting Date.  The performance measure for the Tranche 1 Target Award is relative “Total Shareholder Return” or “TSR” (as such terms are defined on Exhibit A) for the Tranche 1 Performance Period.

(b)Vesting of Tranche 2 Target Award.  On the last day the Tranche 2 Performance Period (such date, the “Tranche 2 Vesting Date”) a number of PSUs subject to the Tranche 2 Target Award (which number may be lesser than or greater than the total number of PSUs subject 

to the Tranche 2 Target Award) shall become vested and non-forfeitable based on the attainment of the performance measure set forth on Exhibit A attached hereto; provided, that, except as set forth in Section 3(b) below, Participant is employed by or providing services to the Company or any of its Affiliates on the Tranche 2 Vesting Date.  The performance measure for the Tranche 2 Target Award is relative Total Shareholder Return or TSR for the Tranche 2 Performance Period.

(c)Settlement of PSUs.  As soon as practicable following the date on which the Committee certifies the applicable performance measure in accordance with Exhibit A, but in no event later than March 15th of the year following the year in which the Tranche 1 Vesting Date and Tranche 2 Vesting Date respectively occurs, vested PSUs shall be settled by (i) delivering to Participant one share of Common Stock for each vested PSU and (ii) making a cash payment to Participant equal to the Fair Market Value of any fractional shares of Common Stock in respect of any vested PSUs credited to the Account.

(d)Restrictions.  The PSUs granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of descent and distribution) and may not be subject to lien, garnishment, attachment or other legal process.  Participant acknowledges and agrees that, with respect to the PSUs credited to the Account, Participant has no voting rights with respect to such shares of Common Stock unless and until such PSUs are settled in shares of Common Stock pursuant to Section 2(c) hereof.

		
	3.
	3.    Effect of Termination of Employment. 

		
	4.
	

(a)Except as set forth in Section 3(b) below, upon the termination of Participant’s employment or service with the Company and its Affiliates, any unvested PSUs shall immediately and automatically, without any action on the part of the Company, be forfeited without any consideration therefor.  Upon the termination of Participant’s employment or service with the Company and its Affiliates for Cause, any vested PSUs which have not been settled prior to the date of such termination of employment or service shall be forfeited (without payment of any consideration therefor).

(b)In the event of Participant’s termination of employment or service with the Company and its Affiliates due to death or Disability (as defined below) during the twelve (12) month period immediately preceding either the Tranche 1 Vesting Date or the Tranche 2 Vesting Date, as applicable, then Participant will vest in the number of PSUs determined by the product of (A) the number of PSUs that vest based on the attainment of the performance measure set forth on Exhibit A for the entire applicable performance period as if Participant had remained in employment or service with the Company or any of its Affiliates through the applicable vesting date, multiplied by (B) a fraction, the numerator of which is the number of days from the Date of Grant through the date of such termination and the denominator of which is the number of days in the applicable performance period.  This prorated award shall be settled following the end of the applicable performance period as set forth in Section 2(c) above.

(c)For purposes of this Agreement, “Disability” shall mean a physical or mental condition, which in the opinion of the Company, pursuant to consistently applied guidelines, 

medical reports, and other evidence satisfactory to the Company, causes the Participant to be unable to perform Participant’s services, duties and obligations for the Company or any of its Affiliates for any ninety (90) days during a period of one hundred eighty (180) consecutive days due to such condition.  The Company may make such determination by a physician selected by the Company and require that the Participant submit to a medical examination by such physician, or pursuant to the provision of benefits under any applicable employer-sponsored group long-term disability insurance benefit program sponsored by the Company of its Affiliates in which Participant participates. The determination of the Company shall be binding  upon the Participant.

4.    Tax Withholding.  At the time the Award is made, or at any time thereafter as requested by the Company, Participant hereby authorizes the Company to satisfy its withholding obligations, if any, from payroll or any other amounts payable to Participant, and Participant further agrees to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with the Award, to the maximum extent permitted by law.  The Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may satisfy such tax withholding obligations, in whole or in part, by withholding otherwise deliverable shares of Common Stock having an aggregate Fair Market Value equal to (but not exceeding) the minimum amount required to be withheld and/or by the sale of shares of Common Stock to generate sufficient cash proceeds to satisfy any such tax withholding obligation.  Participant hereby authorizes the Company to take any steps as may be necessary to effect any such sale and agree to pay any costs associated therewith, including without limitation any applicable broker’s fees.  

5.Rights as a Stockholder.  Upon and following the delivery of such shares in settlement of the PSUs, Participant shall be the record owner of the shares of Common Stock so delivered unless and until such shares of Common Stock are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a holder of shares of Common Stock, including, without limitation, voting rights, if any, with respect to such shares of Common Stock.  Prior to the settlement of the PSUs in shares of Common Stock, Participant shall not be deemed for any purpose to be the owner of the shares of Common Stock underlying the PSUs and no dividends or dividend equivalents will be earned, distributed or paid to Participant. 

6.Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to confirm to such applicable exemptive rule.

7.     Notices.  Any notices provided for in this Award or the Plan shall be given in writing and shall be delivered by hand or sent by Federal Express, certified or registered mail, return receipt requested, postage prepaid, and shall be deemed effectively given upon receipt or, in the case of 

notices delivered by mail by the Company to Participant, five (5) days after deposit in the United States mail, postage prepaid, addressed to Participant at the last address Participant provided to the Company. 

8.    Award Not a Service Contract.  The Award is not an employment or service contract, and nothing in the Award shall be deemed to create in any way whatsoever any obligation on Participant’s part to continue to serve as an employee, director or consultant to the Company or any of its Affiliates. In addition, nothing in this Award shall obligate the Company or any Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship that Participant might have as an employee, director or consultant or as any other type of service provider for the Company or any Affiliate.  Neither Participant nor any other person shall have any claim to be granted any additional awards and there is no obligation under the Plan for uniformity of treatment of holders or beneficiaries of awards.  The terms and conditions of the Award granted hereunder or any other award granted under the Plan (or otherwise) and the Committee’s determinations and interpretations with respect thereto and/or with respect to Participant and any recipient of an award under the Plan need not be the same (whether or not Participant and any such other recipient are similarly situated).  

9.    Section 409A of the Internal Revenue Code.  The intent of the parties is that the payments and benefits under this Agreement be exempt from, or to the extent not so exempt, comply with Section 409A of the Internal Revenue Code of 1986, as amended, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be exempt from or in compliance therewith, as applicable.  

10.    Miscellaneous.

(a)Participant agrees upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this Award.

(b)All amounts credited to the Account under this Agreement shall continue for all purposes to be part of the general assets of the Company.  Participant’s interest in the Account shall make Participant only a general, unsecured creditor of the Company.

(c)Participant may file with the Company a written designation of a beneficiary on such form as may be prescribed by the Company and may, from time-to-time, amend or revoke such designation.  If no designated beneficiary survives Participant, Participant’s estate shall be deemed to be the beneficiary.

(d)Participant acknowledges and agrees that Participant has reviewed the Award in its entirety, has had an opportunity to obtain the advice of counsel prior to executing and accepting the Award and fully understands all provisions of the Award.

(e)The waiver by either party of compliance with any provision of the Award by the other party shall not operate or be construed as a waiver of any other provision of the Award, or 

of any subsequent breach by such party of a provision of the Award.

(f)The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall be binding on Participant and Participant’s beneficiaries, executors, administrators, heirs and successors.

(g)The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

(h)This Agreement shall be governed in all respects by the laws of the State of Nevada, without regard to conflicts of laws principles thereof.

(i)This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

11.    Governing Plan Document and Entire Agreement.  The Award is subject to all interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of the Plan and any other document, the provisions of the Plan shall control.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.  No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto.

[Signature page follows] 

	
					
	CLUBCORP HOLDINGS, INC.
	 
	PARTICIPANT

	 
	 

	By: 
	 
	 

	 
	Signature
	Signature

	 
	 
	 

	Title:
	 
	 
	 

	 
	 
	 

	Name:
	 
	Name:
	 

Signature Page to PSU Agreement

EXHIBIT A

VESTING OF PSUs
	
		
	Company Total Shareholder Return Relative to Peer Group:
	Payout as Percentage of Target Award

	90th percentile or above
	175%

	50th percentile
	100%

	30th percentile
	50%

	less than 30th percentile
	0%

Payout is capped at 100% if the Company’s TSR (as defined below) is negative.
Vesting will be determined based on linear interpolation between points shown above.

1.     Determination of Award.  Following the end of each of the Tranche 1 Performance Period and the Tranche 2 Performance Period, the Committee will certify the payout percentage for each target award for each applicable performance period. The PSUs subject to vesting during the applicable performance period will be automatically forfeited if the Company’s performance during such applicable performance period does not meet or exceed the 30th percentile.  Performance at or above the threshold level will result in PSUs becoming vested as set forth below, and shares underlying such vested PSUs shall be distributed following completion of the certification described above.

2.     Defined Terms.  For purposes of this Agreement:

(a)    “Total Shareholder Return” or “TSR” means total shareholder return as applied to the Company or any company in the Peer Group, defined as (A) the stock price at the end of the applicable performance period minus the stock price at the beginning of the applicable performance period, plus dividends and distributions made or declared (assuming such dividends or distributions are reinvested in the common stock of the Company or any company in the Peer Group) during the applicable performance period, divided by (B) the stock price at the beginning of the applicable performance period, expressed as a percentage return.  For purposes of computing TSR, the stock price at the beginning of each performance period will be the average price of a share of common stock over all trading days that occur in the last full calendar month immediately preceding such performance period, and the stock price at the end of each performance period will be the average price of a share of common stock over all trading days that occur in the last full calendar month of such performance period. 

(b)    “Peer Group” means the companies listed on the S&P Leisure Time Services Select Industry Index on the first day of each applicable performance period (but without regard to any such company that ceases to be publicly traded prior to the expiration of such performance 

period).

3.     Calculation. For purposes of the Award, the number of PSUs subject to the Tranche 1 Target Award and the Tranche 2 Target Award that will become vested effective as of the Tranche 1 Vesting Date and the Tranche 2 Vesting Date, as applicable, will be calculated as follows: 

(a)    FIRST: For the Company and for each other company in the Peer Group, determine the TSR for each of the Tranche 1 Performance Period and the Tranche 2 Performance Period, as applicable. 

(b)    SECOND: Rank the TSR values determined in the first step from low to high (with the company having the lowest TSR being ranked number 1, the company with the second lowest TSR ranked number 2, and so on) and determine the Company’s percentile rank based upon its position in the list by dividing the Company’s position by the total number of companies (including the Company) in the Peer Group and rounding the quotient to the nearest hundredth.  

(c)    THIRD: Plot the percentile rank for the Company determined in the second step into the appropriate band in the left-hand column of the table above and determine the number of PSUs vesting as a percent of the Tranche 1 Target Award and the Tranche 2 Target Award, as applicable, which is the figure in the right-hand column of the table above corresponding to that percentile rank. Use linear interpolation between points in the table above to determine the percentile rank and the corresponding PSU vesting if the Company’s percentile rank falls between two such points and is greater than the 30th percentile and less than 90th percentile. 

4.     Rules. The following rules apply to the computation of the number of PSUs vesting: 

(a)    If the Company’s TSR is negative over the applicable performance period, the payout shall not exceed 100% of target for that performance period. 

(b)    The minimum number of PSUs that may vest for any performance period is zero and the maximum number of PSUs that may vest for any performance period is 175% of the number of PSUs granted in respect of that performance period. No PSUs granted in respect of a performance period will vest if the percentile rank is below the 30th percentile for that performance period (and all such PSUs will be automatically forfeited). 

(c)    PSUs that are scheduled to vest at the end of a performance period and do not vest because the applicable level of performance was not achieved shall be automatically forfeited at the end of such performance period.FSFR EX10.1 AdministrationAgreementFSCCT

Exhibit 10.1
ADMINISTRATION AGREEMENT
This Agreement (“Agreement”) is made as of January 1, 2014 by and between FIFTH STREET SENIOR FLOATING RATE CORP., a Delaware corporation (the “Company”), and FSC CT, INC., a Connecticut corporation (the “Administrator”).
W I T N E S S E T H:
WHEREAS, the Company is a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and
WHEREAS, the Company previously engaged FSC, Inc., a New York corporation (the “Prior Administrator”) to provide administrative services to the Company; and
WHEREAS, effective as of the date first set forth above, the Company desires to retain the Administrator, in lieu of the Prior Administrator, to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and
WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth;
NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:
		
	1.
	Duties of the Administrator

(a)Employment of Administrator.  The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the “Board”), for the period and on the terms and conditions set forth in this Agreement.  The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below.  The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.
(b)Services.  The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company.  Without limiting the generality of the foregoing, to the extent the Company so requires, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, 

subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.  The Administrator shall also, on behalf of the Company, conduct relations with custodians, trustees, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.  The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company, in each case, as it shall determine to be desirable or as reasonably requested by the Board; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company pursuant to this Agreement.  The Administrator shall provide portfolio collections functions for interest income, fees and warrants and be responsible for the financial and other records that the Company is required to maintain and shall prepare, print and disseminate reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the “SEC”).  In addition, the Administrator will assist the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.  
		
	2.
	Records

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act.  In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request.  The Administrator further agrees that all records that it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above.  Records shall be surrendered in usable machine-readable form.  The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.
		
	3.
	Confidentiality

All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party.  The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than 

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through a breach of this Agreement, or that is required to be disclosed to any regulatory or legal authority,  or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.
		
	4.
	Compensation; Allocation of Costs and Expenses

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder.  The Company will bear all costs and expenses that are incurred in its operation, administration and transactions and not specifically assumed by Fifth Street Management LLC (the “Adviser”) pursuant to that certain Investment Advisory Agreement, dated as of June 27, 2013 (the “Investment Advisory Agreement”) by and between the Company and the Adviser.  Costs and expenses to be borne by the Company include, but are not limited to, fees and expenses relating to: organizational and offering expenses; the investigation and monitoring of the Company’s investments; the cost of calculating the Company’s net asset value; the cost of effecting sales and repurchases of shares of the Company’s common stock and other securities; management and incentive fees payable pursuant to the Investment Advisory Agreement; fees payable to third parties relating to, or associated with, making investments and valuing investments (including third-party valuation firms); transfer agent, trustee and custodial fees; interest payments and other costs related to the Company’s borrowings; fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events); federal and state registration fees; any exchange listing fees; federal, state and local taxes; independent directors’ fees and expenses; brokerage commissions; costs of proxy statements, stockholders’ reports and notices; costs of preparing government filings, including periodic and current reports with the SEC; fidelity bond, liability insurance and other insurance premiums; and printing, mailing, independent accountants and outside legal costs and all other direct expenses incurred by either the Administrator or the Company in connection with administering the Company’s business, including payments under this Agreement.  
		
	5.
	Limitation of Liability of the Administrator; Indemnification

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation its members, and any person affiliated with its members to the extent they are providing services for or otherwise acting on behalf of the Administrator, Adviser or the Company) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any 

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pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company  or its security holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company.  Notwithstanding the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).
		
	6.
	Activities of the Administrator

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each of its affiliates is free to render services to others.  It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.
		
	7.
	Duration and Termination of this Agreement

(a)    This Agreement shall become effective as of the first date above written.  This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Administrator.
(b)    This Agreement shall remain in effect until June 27, 2015, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the  Board, or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act and each of whom is an “independent director” under applicable securities exchange listing standards.
(c)    This Agreement may not be assigned by a party without the consent of the other party; provided, however, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly-formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly-formed entity; provided, further, however, that the sole purpose of that merger or conveyance is to effect a mere change in the Company’s legal form into another limited liability entity.  The 

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provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.
		
	8.
	Amendments of this Agreement

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.
		
	9.
	Governing Law

This Agreement shall be construed in accordance with the laws of the State of New York and shall be construed in accordance with the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.
		
	10.
	Entire Agreement

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.
		
	11.
	Notices

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Remainder of Page Intentionally Left Blank

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

FIFTH STREET SENIOR FLOATING RATE CORP.

By:______________________________
Name: Leonard M. Tannenbaum
Title:   Chief Executive Officer
    
FSC CT, INC.

By:______________________________
Name:  Bernard D. Berman    
Title:    President    

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