Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT NO. 1

 AMENDMENT NO. 1 dated as of February 6, 2015 (this “Agreement”), among Alpine Funding LLC (the
“Borrower”), SIC Advisors LLC (the “Portfolio Manager”), the Financing Providers executing this Agreement on the signature pages hereto, Citibank, N.A., as collateral agent (the “Collateral Agent”)
and securities intermediary (the “Securities Intermediary”), Virtus Group LP, as collateral administrator (the “Collateral Administrator”) and JPMorgan Chase Bank, National Association, as administrative agent (the
“Administrative Agent”). 
 The Borrower, the Portfolio Manager, the Financing Providers party thereto, the Collateral
Agent, the Collateral Administrator, the Securities Intermediary and the Administrative Agent are parties to a Loan Agreement dated as of July 23, 2014 (as amended, modified and supplemented and in effect from time to time, the “Loan
Agreement”). 
 The parties hereto wish now to amend the Loan Agreement in certain respects, and accordingly, the parties hereto
hereby agree as follows: 
 Section 1. Definitions. Except as otherwise defined in this Agreement, terms defined in the Loan
Agreement are used herein as defined therein. This Agreement shall constitute a Loan Document for all purposes of the Loan Agreement and the other Loan Documents. 

Section 2. Amendments. Subject to the satisfaction of the conditions precedent in Section 4 below, the Loan Agreement is
hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in Annex A hereto. 
 Section 3.
Representations and Warranties. The Borrower and the Portfolio Manager represent and warrant to the Financing Providers and each Agent that (a) the representations and warranties set forth in Section 6.01 of the Loan Agreement (as
hereby amended) are true and correct in all material respects (or if such representation and warranty is already qualified by the words “material”, “materially” or “Material Adverse Effect”, then such representation and
warranty shall be true and correct in all respects) on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and
(b) no Default or Event of Default has occurred and is continuing. 
 Section 4. Conditions Precedent. The amendments set
forth in Section 2 hereof shall become effective, as of the date hereof, upon satisfaction of the following conditions: 

(a) Execution. The Administrative Agent shall have received counterparts of this Agreement executed by each of the
parties hereto. 
 (b) Amendment Fee. The Borrower shall have paid the amendment fee contemplated by the fee letter
dated as of the date hereof between the Borrower and the Administrative Agent. 
 (c) Opinions. The Administrative
Agent shall have received one or more favorable written opinions of Dechert LLP, counsel for the Borrower and the Portfolio Manager, covering such matters relating to the transactions contemplated hereby as the Administrative Agent shall reasonably
request. 

  
 Amendment 

 Section 5. Confirmation of Collateral. The Borrower (a) confirms its obligations
under each of the Loan Documents, (b) confirms that its obligations under the Loan Agreement as amended hereby are entitled to the benefits of the pledge set forth in the Loan Agreement and (c) confirms that its obligations under the Loan
Agreement as amended hereby constitute Secured Obligations. Each party, by its execution of this Agreement, hereby confirms that the Secured Obligations shall remain in full force and effect, and such Secured Obligations shall continue to be
entitled to the benefits of the grant of security interests set forth in the Loan Agreement. 
 Section 6. Miscellaneous. Except
as herein provided, the Loan Agreement shall remain unchanged and in full force and effect. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of
the parties hereto may execute this Agreement by signing any such counterpart. Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. This Agreement and any right, remedy,
obligation, claim, controversy, dispute or cause of action (whether in contract, tort or otherwise) based upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the State of New York
without regard to conflicts of law principles that would lead to the application of laws other than the law of the State of New York. 

[remainder of page left intentionally blank] 

  
 Amendment 

- 2 - 

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

			
	ALPINE FUNDING LLC, as Company
		
	By:		SIC Advisors LLC, its Designated Manager
		
	By		

		 	  

	Name:		Richard T. Allorto, Jr.
	Title:		Chief Financial Officer
	
	SIC ADVISORS LLC, as Portfolio Manager
		
	By		 

		 	  

	Name:		Richard T. Allorto, Jr.
	Title:		Chief Financial Officer
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent and as Lender
		
	By		 

		 	  

	Name:		 Louis J. Cerrotta

	Title:		EO

  
 Amendment 

- 3 - 

 
			
	CITIBANK, N.A., as Collateral Agent and as Securities Intermediary
		
	By		

		 	  

	Name:		Thomas J. Vercados
	Title:		Vice President
	
	VIRTUS GROUP LP, as Collateral Administrator
		
	By		

		 	  

	Name:		Joseph U. Elston
	Title:		Partner

  
 Amendment 

- 4 - 

 Annex A 

[see attached] 

  
 Amendment 

- 5 - 

 EXECUTION VERSION 

[CONFORMED FOR AMENDMENT
NO. 1] 
  
  

LOAN AGREEMENT 
 dated as of 

July 23, 2014 
 among 

ALPINE FUNDING LLC 
 The Financing
Providers Party Hereto 
 The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
 and 

SIC ADVISORS LLC, 
 as Portfolio
Manager 
  
  

 Table of Contents 

 

							
	 	    	 	  	Page	 
	
	ARTICLE I	  
	THE PORTFOLIO INVESTMENTS	  
			
	 SECTION 1.01.
	    	 Purchases of Portfolio Investments
	  	 	1	  
	 SECTION 1.02.
	    	 Procedures for Purchases and Related Financings
	  	 	1	  
	 SECTION 1.03.
	    	 Conditions to Purchases
	  	 	2	  
	 SECTION 1.04.
	    	 Sales of Portfolio Investments
	  	 	3	  
	 SECTION 1.05.
	    	 Substitutions
	  	 	7	  
	
	ARTICLE II	  
	THE FINANCINGS	  
			
	 SECTION 2.01.
	    	 Financing Commitments
	  	 	8	  
	 SECTION 2.02.
	    	 [reserved]
	  	 	8	  
	 SECTION 2.03.
	    	 Financings; Use of Proceeds
	  	 	8	  
	 SECTION 2.04.
	    	 Other Conditions to Financings
	  	 	9	  
	
	ARTICLE III	  
	ADDITIONAL TERMS APPLICABLE TO THE FINANCINGS	  
			
	 SECTION 3.01.
	    	 The Advances
	  	 	10	  
	 SECTION 3.02.
	    	 General
	  	 	13	  
	 SECTION 3.03.
	    	 Taxes
	  	 	13	  
	
	ARTICLE IV	  
	COLLECTIONS AND PAYMENTS	  
			
	 SECTION 4.01.
	    	 Interest Proceeds
	  	 	18	  
	 SECTION 4.02.
	    	 Principal Proceeds
	  	 	18	  
	 SECTION 4.03.
	    	 Principal and Interest Payments; Prepayments; Commitment Fee
	  	 	19	  
	 SECTION 4.04.
	    	 Payments Generally
	  	 	20	  
	 SECTION 4.05.
	    	 MV Cure Account Deposits
	  	 	2021	  
	 SECTION 4.06.
	    	 Termination or Reduction of Commitments
	  	 	21	  
	
	ARTICLE V	  
	THE PORTFOLIO MANAGER	  
			
	 SECTION 5.01.
	    	 [reserved]
	  	 	2122	  
	 SECTION 5.02.
	    	 Portfolio Manager Representations as to Eligibility Criteria; Etc.
	  	 	2122	  
	 SECTION 5.03.
	    	 Exculpation
	  	 	2122	  
	
	ARTICLE VI	  
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  
			
	 SECTION 6.01.
	    	 Representations and Warranties
	  	 	22	  
	 SECTION 6.02.
	    	 Covenants of the Company
	  	 	26	  
	 SECTION 6.03.
	    	 Amendments of Portfolio Investments, Etc.
	  	 	3031	  

							
	
	ARTICLE VII	  
	EVENTS OF DEFAULT	  
	
	ARTICLE VIII	  
	ACCOUNTS; COLLATERAL SECURITY	  
			
	 SECTION 8.01.
		 The Accounts; Agreement as to Control
		 	3334	  
	 SECTION 8.02.
		 Collateral Security; Pledge; Delivery
		 	3435	  
	
	ARTICLE IX	  
	THE AGENTS	  
			
	 SECTION 9.01.
		 Appointment of Administrative Agent and Collateral Agent
		 	3738	  
	 SECTION 9.02.
		 Additional Provisions Relating to the Collateral Agent and the Collateral Administrator
		 	4041	  
	
	ARTICLE X	  
	MISCELLANEOUS	  
			
	 SECTION 10.01.
		 Non-Petition
		 	4142	  
	 SECTION 10.02.
		 Notices
		 	4243	  
	 SECTION 10.03.
		 No Waiver
		 	4243	  
	 SECTION 10.04.
		 Expenses; Indemnity; Damage Waiver
		 	4243	  
	 SECTION 10.05.
		 Amendments
		 	4344	  
	 SECTION 10.06.
		 Successors; Assignments
		 	4344	  
	 SECTION 10.07.
		 Governing Law; Submission to Jurisdiction; Etc.
		 	4546	  
	 SECTION 10.08.
		 Counterparts
		 	46	  
	 SECTION 10.09.
		 Headings
		 	4647	  

 Schedules 
  

			
	Schedule 1		Transaction Schedule
	Schedule 2		Contents of Approval Request
	Schedule 3		Eligibility Criteria
	Schedule 4		Concentration Limitations
	Schedule 5		List of Ineligible Persons
	Schedule 6		Moody’s Industry Classifications

Exhibit 
  

			
	Exhibit A		Form of Request for Advance

  
 - ii - 

 LOAN AGREEMENT dated as of July 23, 2014 (this “Agreement”) among
ALPINE FUNDING LLC, as borrower (the “Company”); SIC ADVISORS LLC (the “Portfolio Manager”); the Financing Providers party hereto; the Collateral Agent party hereto (in such capacity, the “Collateral
Agent”); the Collateral Administrator party hereto (in such capacity, the “Collateral Administrator”); the Securities Intermediary party hereto (in such capacity, the “Securities Intermediary”); and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Financing Providers hereunder (in such capacity, the “Administrative Agent”). 

The Portfolio Manager and the Company wish for the Company to accumulate certain loans and other debt securities (the “Portfolio
Investments”), all on and subject to the terms and conditions set forth herein. 
 On and subject to the terms and conditions set
forth herein, JPMorgan Chase Bank, National Association (“JPMCB”) has agreed to make advances to the Company (“Advances”) hereunder to the extent specified on the transaction schedule attached as Schedule 1
hereto (the “Transaction Schedule”). JPMCB, together with its respective successors and permitted assigns, are referred to herein as the “Financing Providers”, and the types of financings to be made available by
them hereunder are referred to herein as the “Financings”. For the avoidance of doubt, the terms of this Agreement relating to types of Financings not indicated on the Transaction Schedule as being available hereunder shall not bind
the parties hereto, and shall be of no force and effect. 
 Furthermore, on or about the date hereof, the Company intends to acquire certain
Portfolio Investments pursuant to a Sale and Contribution Agreement (the “Sale Agreement”), dated on or about the date hereof, between the Company and Sierra Income Corporation (the “Seller”). 

Accordingly, the parties hereto agree as follows: 

ARTICLE I 
 THE PORTFOLIO
INVESTMENTS 
 SECTION 1.01. Purchases of Portfolio Investments. From time to time during the Reinvestment Period, the Company may
acquire Portfolio Investments, or request that Portfolio Investments be acquired for the Company’s account, all on and subject to the terms and conditions set forth herein. Each such acquisition is referred to herein as a
“Purchase”, and all Portfolio Investments so Purchased (or Substituted) and not otherwise sold or liquidated are referred to herein as the Company’s “Portfolio”. 

As used herein, (a) “Reinvestment Period” means the period beginning on, and including, the Effective Date and ending
on, but excluding, July 23, 2017the earlier of (x) January 23, 2018 or (y) the date on which a Market Value Event occurs and
(b) “Maturity Date” means the date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction Schedule, (2) the date on which the Secured Obligations become due and payable following the
occurrence of an Event of Default under Article VII and (3) the date on whichafter a Market Value Event
occuron which all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company. 

SECTION 1.02. Procedures for Purchases, Substitutions and Related Financings. 

(a) Timing of Approval Requests. No later than five (5) Agent Business Days (or such shorter period as the Administrative Agent
may agree in its sole discretion) before the date on 

 
date that the Net Asset Value does not equal or exceed the product of (a) the Market Value Trigger specified on the Transaction Schedule and (b)(x) the principal amount of the outstanding
Advances (assuming that Advances have been made for any outstanding Purchase Commitments which have traded but not settled (other than Purchase Commitments which have traded but not settled
within fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) of the related Trade Date)) minus (y) the amounts on deposit in the Accounts (including cash and
Eligible Investments) representing Principal Proceeds and (ii) a Market Value Cure Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company shall
fail to settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any
other Portfolio Investment, four (4) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof. 

“Mezzanine Loan” means a Portfolio Investment which is unsecured, subordinated debt of a company that represents a claim on
such company’s assets which is senior only to that of the equity securities of such company. 
 “Nationally Recognized
Valuation Provider” means (i) Houlihan Lokey Howard & Zukin, (ii) Lincoln International LLC (f/k/a Lincoln Partners LLC), (iii) Duff & Phelps Corp., (iv) Valuation Research Corporation, (v) FTI
Consulting, Inc. and (vi) Murray Devine; provided that any entity providing professional asset valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to or removed from this
definition by the Administrative Agent from time to time by notice thereof to the Company and the Portfolio Manager (so long as, in the case of any removal, at least three (3) such providers are included in this definition). 

“Net Asset Value” means the sum of the Market Value of each Portfolio Investment (both owned and in respect of which there
are outstanding Purchase Commitments which have traded but not settled) in the Portfolio that is not (x) an Ineligible Investment or (y) a Portfolio Investment which has traded but not settled (i) in the case of a Loan, within fifteen
(15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other Portfolio Investment, within four (4) Business Days
(or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof. 

“Second Lien Loan” means a Portfolio Investment (i) that is secured by a pledge of collateral, which security interest
is validly perfected and second priority (subject to liens for taxes or regulatory charges and any other liens permitted under the related underlying instruments that are reasonable and customary for similar loans) under applicable law and
(ii) the Portfolio Manager determines in good faith that the value of the collateral securing the loan (including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the outstanding
principal balance thereof plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. For the avoidance of doubt, a Second Lien Loan shall not include a Portfolio Investment that satisfies
clause (ii)(b) of the definition of First Lien Loan. 
 SECTION 1.05. Substitutions. 

The Company may replace a Portfolio Investment with another Portfolio Investment (each such replacement, a
“Substitution”  and such new Portfolio Investment, a “Substitute Portfolio 

  
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Investment”) so long as the Company has submitted an Approval Request and all other applicable conditions precedent set forth in Section 1.03 have been satisfied with
respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution. In no event shall the aggregate outstanding balance of Portfolio Investments in the Portfolio subject to a Substitution, together
with the aggregate outstanding balance of Portfolio Investments sold to the Seller by the Borrower (in each case other than in connection with the sale or substitution of a Warranty Portfolio Investment), exceed 20% of the aggregate Financing
Commitments in effect during the Reinvestment Period. 
 ARTICLE II 

THE FINANCINGS 
 SECTION 2.01.
Financing Commitments. 
 Subject to the terms and conditions set forth herein, during the Reinvestment Period each Financing
Provider hereby severally agrees to make available to the Company on a revolving basis the types of Financing identified on the Transaction Schedule as applicable to such Financing Provider, in U.S. dollars, in an aggregate amount, for such
Financing Provider and such type of Financing, not exceeding the amount of its Financing Commitment for such type of Financing. The Financing Commitments shall terminate on the earlier of
the Maturity Date and the occurrence of a Market Value Event (or, if earlier, the date of termination of the Financing Commitments pursuant to Article VII). As used herein,
“Financing Commitment” means, with respect to each Financing Provider and each type of Financing available hereunder at any time, the commitment of such Financing Provider to provide such type of Financing to the Company hereunder
in an amount up to but not exceeding the portion of the applicable financing limit set forth on the Transaction Schedule that is held by such Financing Provider at such time. 

A Financing Provider with a Financing Commitment to make Advances hereunder is referred to as a “Lender”. 

SECTION 2.02. [reserved]. 

SECTION 2.03. Financings; Use of Proceeds. 

(a) Subject to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 both as
of the related Trade Date and Settlement Date, the applicable Financing Providers will make the applicable Financing available to the Company on the date specified in the request submitted by the Portfolio Manager (which shall be no sooner than one
(1) Business Day following the date of such request and in any event no later than the related Settlement Date, if applicable, which shall be no sooner than one (1) Business Day following the date of such request) as provided herein. 

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

(c) Subject to Section 2.03(e), the Company shall use the proceeds of the Financings received by it hereunder to purchase the Portfolio
Investments identified in the related Approval Request or, to make advances to the obligor of Delayed Funding Term Loans in accordance with the

  
 - 8 - 

 
underlying instruments relating thereto or to make Permitted Distributions permitted by Article VI, provided that,
if the proceeds of a Financing are deposited in the Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio Investment but the Company is unable to Purchase such Portfolio Investment on the related
Settlement Date, or if there are proceeds of such Financing remaining after such Purchase, then, subject to Section 3.01(a), the Collateral Agent shall apply such proceeds on such date as provided in Article IV. The proceeds of the Financings
shall not be used for any other purpose. 
 (d) With respect to any Advance, the Portfolio Manager shall, on behalf of the Company, submit a
request substantially in the form of Exhibit A to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later than 2:00p.m. New York City time, one (1) Business Day prior to the
Business Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in Section 3.01. Any requested Advance shall be (i) in an
amount such that, after giving effect thereto and the related purchase (if any) of the applicable Portfolio Investment(s), the Compliance Condition is satisfied, and (ii) if
related to the Purchase of any Portfolio Investment, no later than ten (10) Agent Business Days after the date on which the Administrative Agent approved such Purchase in accordance herewith. 

(e) If, on the last day of the Ramp-Up Period, the aggregate principal amount of the outstanding Advances (assuming that Advances have been
made for any outstanding Purchase Commitments which have traded but not settled) is less than 80% of the aggregate Financing Commitments, then the Portfolio Manager (on behalf of the Company) shall be deemed to have requested a Financing on such
date, and the Lenders shall make a corresponding Advance in accordance with Article III on such day (or, if such day is not a Business Day, the next succeeding Business Day), such that after the funding thereof, the aggregate principal amount of the
outstanding Advances (assuming that Advances have been made for any outstanding Purchase Commitments which have traded but not settled) is equal to 80% of the aggregate Financing Commitments. “Ramp-Up Period” means the period from
and including the Effective Date to but excluding February 23August 6, 2015. The proceeds of such Advance shall be deposited in the Collection Account and
held as cash pending the acquisition of additional Portfolio Investments. 
 SECTION 2.04. Other Conditions to Financings.
Notwithstanding anything to the contrary herein, the obligations of the Lenders to make Advances shall not become effective until the date (the “Effective Date”) on which each of the following conditions is satisfied (or waived by the
Administrative Agent in its sole discretion): 
 (a) Executed Counterparts. The Administrative Agent (or its counsel)
shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of
a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
 (b) Loan
Documents. The Administrative Agent (or its counsel) shall have received reasonably satisfactory evidence that the Sale Agreement and the Management Agreement (such documents, together with this Agreement, the “Loan Documents”)
have been executed and are in full force and effect, and that the initial sales and contributions contemplated by the Sale Agreement shall have been consummated in accordance with the terms thereof. 

  
 - 9 - 

 occurred, in which case, selected by the Administrative Agent) (“Eligible Investments”).
Eligible Investments shall mature no later than the end of the next succeeding Calculation Period. 
 Interest Proceeds on deposit in the
Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative
Agent)) and remitted to the Company to be applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted Distributions and Permitted RIC Tax Distributions permitted by Article VI, in each case with prior notice to
the Administrative Agent. 
 SECTION 4.02. Principal Proceeds. The Company shall notify the obligor with respect to each Portfolio
Investment owned by it to remit all amounts that constitute Principal Proceeds to the Collection Account. To the extent Principal Proceeds are received by the Company other than by deposit into the Collection Account, the Company shall cause all
Principal Proceeds received on the Portfolio Investments owned by it to be deposited in the Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit to the Collection Account all Principal Proceeds received by it
immediately upon receipt thereof. As used herein, “Principal Proceeds” means all amounts received by the Company with respect to the Portfolio Investments or any other Collateral, and all amounts otherwise on deposit in the Accounts
(including cash contributed by the Company), in each case other than Interest Proceeds. 
 All Principal Proceeds shall be retained in the
Collection Account and invested at the written direction of the Administrative Agent in overnight Eligible Investments selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred,
in which case, selected by the Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds. 

Principal Proceeds on deposit in the Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company
(or, upon the occurrence and during the continuance of an Event of Default or upon the occurrence of a Market Value Event, the Administrative Agent)) and remitted to the Company to be applied (i) to make payments in accordance with this
Agreement, (ii) towards the purchase price of Portfolio Investments purchased in accordance with this Agreement, (iii) to make Permitted Distributions and Permitted RIC Tax
Distributions permitted by Article VI, in each case with prior notice to the Administrative Agent or (iv) to make advances to the obligor of Delayed Funding Term Loans in accordance with the underlying instruments relating thereto. 

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

(a) The unpaid principal amount of the Advances (together with accrued interest thereon) shall be paid to the Administrative Agent for the
account of each Lender on the Maturity Date and any and all cash in the Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date (and any remaining cash shall be released to or at the direction of the Company).

 (b) Accrued interest on the Advances shall be payable in arrears on each Interest Payment Date; provided that (i) interest accrued
pursuant to the second sentence of Section 3.01(b) shall be payable on demand and (ii) in the event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such

  
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repayment or prepayment. “Interest Payment Date” means the third Business Day after the last day of each Calculation Period. 

(c) Subject to Section 4.03(d), the Company shall have the right from time to time to prepay outstanding Advances in whole or in part on
the last day of any Calculation Period (or on any Business Day in connection with a Market Value Cure), subject to the requirements of this Section 4.03(c). 

The Company shall notify the Administrative Agent by electronic mail of any prepayment hereunder not later than 2:00 p.m., New York City time,
three (3) Business Days before the date of prepayment (which shall be the last day of a Calculation Period, unless such prepayment is in connection with a Market Value Cure). Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of outstanding Advances shall
be in an amount not less than $2,000,000. Prepayments shall be accompanied by accrued and unpaid interest. 
 Prior to the first
anniversary of the date hereofMay 20, 2016, the Company may not make a prepayment (other than in connection with a Market Value
Cure or pursuant to Section 4.03(g)) such that, after such prepayment, the aggregate principal amount of the outstanding Advances is less than 80% of the aggregate Financing
Commitments. 
 If at any time after the first anniversary of the date
hereofMay 20, 2016 and during the Reinvestment Period the Company makes a prepayment (other than in connection with a Market Value Cure) such that, after such
prepayment, the aggregate principal amount of the outstanding Advances is less than 80% of the aggregate Financing Commitments, then, simultaneously with such prepayment, the Financing Commitments shall be automatically reduced by a corresponding
amount such that after such prepayment and reduction, the aggregate principal amount of the outstanding Advances is equal to 80% of the aggregate Financing Commitments (as so reduced). 

(d) Each commitment reduction pursuant to Section 4.03(c) or Section 4.06 (other than in connection with a Market Value Cure) shall
be accompanied by a premium equal to (i) if such commitment reduction is made after the first anniversary of the date hereofMay 20, 2016 and on or prior to
the second anniversary of the date hereofFebruary 20, 2017, 1.00% of the principal amount of such commitment reduction and (ii) if such commitment
reduction is made after the second anniversary of the date hereofFebruary 20, 2017, zero. Notwithstanding anything in this Article IV, no premium shall be
payable by the Company in the event that the Company terminates or reduces the Financing Commitments or prepays Advances outstanding hereunder, in each case as expressly permitted hereunder, (a) when the Administrative Agent has not approved
75% or more of Portfolio Investments with an initial Market Value of at least 80% of the par amount thereof submitted by the Company for approval prior to any date, such percentage to be calculated based on the ratio of (i) the number of
Portfolio Investments reviewed and approved by the Administrative Agent to (ii) the number of Portfolio Investments that are presented for approval by the Company to the Administrative Agent in good faith; provided that the foregoing
clause (a) shall not apply if less than ten (10) Portfolio Investments have been so presented for approval prior to the first anniversary of this Agreement, (b) if JPMorgan Chase Bank, National Association ceases to act as Administrative Agent
hereunder, (c) if the Company elects to terminate or reduce the Financing Commitments as a result of a Lender’s default in its obligations hereunder or (d) the Advances are prepaid in connection with a Market Value Cure. 

  
 - 20 - 

 (e) The Company agrees to pay to the Administrative Agent,
(A) from and after the last day of the Ramp Up PeriodFebruary 23, 2015, for the account of each
Lender, a commitment fee which shall accrue at 0.50% on the average daily unused amount of the Financing Commitment of such Lender (assuming, solely for the calculation pursuant to this Section 4.03(e)(A), the aggregate Financing Commitments of
all Lenders to be $150,000,000) during the period from and including February 23, 2015, to but excluding August 6, 2015, and (B) from and after August 6, 2015,
for the account of each Lender, a commitment fee which shall accrue at 0.50% on the average daily unused amount of the Financing Commitment of such Lender during the period from and including the last day of the Ramp Up
PeriodAugust 6, 2015, to but excluding the last day of the Reinvestment Period. Accrued commitment fees shall be payable in arrears on each Interest Payment Date
occurring after the last day of the Ramp Up PeriodFebruary 23, 2015, and on the earlier of (i) date on which the Financing Commitments terminate and
(ii) the last day of the Reinvestment Period. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(f) The Company agrees to pay the Administrative Agent, for the account of each Lender, an upfront fee on the date hereof in an aggregate
amount equal to $1,050,000. Once paid, such fee or any part thereof shall not be refundable under any circumstances. 

(g) Without limiting Section 4.03(c). the Company shall have the right from
time to time to prepay outstanding Advances in whole or in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to Section 1.04. Each partial prepayment of outstanding Advances
pursuant to this Section 4.03(g) shall be in an amount not less than $100,000. Prepayments shall be accompanied by accrued and unpaid interest. 

SECTION 4.04. Payments Generally. All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at
the account designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative Agent shall give written notice to the Collateral Agent and the Collateral
Administrator (on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts payable to the Financing Providers in respect of the Financings and the amounts payable to
the Portfolio Manager. At least three Business Days prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due
on such Interest Payment Date. All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all payments hereunder shall be
made without setoff or counterclaim. All payments hereunder shall be made in U.S. dollars. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). 
 SECTION 4.05. MV Cure Account Deposits. The Company shall cause all cash received by it in
connection with a contribution of cash by the Seller in accordance with clause (i) of the definition of Market Value Cure to be deposited in the MV Cure Account or 

  
 - 21 - 

 
remitted to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified as such) immediately upon receipt thereof. Prior to the
Maturity Date, all cash amounts in the MV Cure Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required Financing Providers). All amounts contributed to the Company
by the Seller in connection with a Market Value Cure shall be paid free and clear of any right of chargeback or other equitable claim. Any amounts on deposit in the MV Cure Account shall be repaid to the Company upon the payment in full of the
Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations) and the termination of the Financing Commitments. 

SECTION 4.06. Termination or Reduction of Commitments. 

(a) From and after the first anniversary of the date hereofMay 20,
2016, the Company shall be entitled at its option and upon five (5) Business Days’ prior written notice to the Administrative Agent to either (i) terminate the Financing Commitments in whole upon payment in full of all
Advances, all accrued and unpaid interest and all other Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations) or (ii) reduce in part the portion of the Financing Commitments that exceeds the sum of
the outstanding Advances. 
 (b) The Financing Commitments shall be automatically reduced on the date of any prepayment made in accordance
with the definition of “Market Value Cure”, in each case in an amount equal to the amount of such prepayment. 
 (c) The Financing
Commitments shall be reduced to the extent required by Section 4.03(c). 

  
 - 22 - 

 contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance
with GAAP have been made or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect; 

(z) shall maintain proper books of record and account, distinct and separate from those of any other person (except with respect to
consolidation for tax and consolidated accounting purposes), in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the
Company and shall permit the Administrative Agent to inspect its books and records during normal business hours with at least one (1) Business Days’ prior written notice; 

(aa) shall not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that (A) the
Company may make Permitted Distributions (other than Permitted RIC Tax Distributions) during the Reinvestment Period so long as (i) no Default or Event of Default has occurred
and is continuing and no Market Value Event has occurred (in each case, or would occur after giving effect to such Permitted Distribution), (ii) the Company gives at least three (3) Business Days prior notice thereof to the Administrative
Agent and (iii) after giving effect to such Permitted Distribution, the Compliance Condition is satisfied and (B) the Company may make Permitted RIC Tax Distributions so long as (i) after giving effect to such Permitted RIC Tax
Distribution, the Compliance Condition is satisfied, (ii) the Company gives at least three (3) Business Days prior notice thereof to the Administrative Agent and (iii) after the occurrence and during the continuance of an Event of Default,
the aggregate amount of all Permitted RIC Tax Distributions made in any calendar quarter (after giving effect to such Permitted RIC Tax Distribution) is not greater than $1,500,000; 

(bb) shall not make or hold any Investments, except the Portfolio Investments or Investments (A) constituting Eligible Investments,
(B) those the Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof, and
(C) received in connection with making an Eligible Investment; 
 (cc) shall not enter into any agreement which prohibits the creation
or assumption of any lien upon its properties, revenues or assets, whether now owned or hereafter acquired, other than the Loan Documents; 

(dd) [reserved]; 
 (ee) shall
not purchase or otherwise acquire or receive as a distribution any commodities or any fee interest in real property or any equivalent interest in real property under any applicable law, except for such commodities or fee interest in real property as
the Company shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof; provided that the Company
shall disclose such acquisition or receipt of any such commodities or fee interest in real property to the Administrative Agent promptly following the acquisition or receipt thereof; 

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

  
 - 30 - 

 “Permitted Distribution” means, from and after the commencement
ofduring the Reinvestment Period, (i) distributions of Interest Proceeds and/or Principal Proceeds to
the Seller (or other permitted equity holders of the Company) on account of the equity interests owned by such Person, (ii) distributions of Interest Proceeds in respect of premiums relating to any insurance obtained by the Company that is
expressly permitted by the organizational documents of the Company or (iii) distributions of Interest Proceeds to the Portfolio Manager in respect of expenses and indemnities payable in accordance with the Management
Agreement.; provided that,
notwithstanding the foregoing, Permitted Distributions shall not include (i) distributions of Interest Proceeds to the extent that, after giving effect to such distributions, in
the reasonable judgment of the Portfolio Manager, there would not be sufficient amounts available to pay accrued interest on the Advances on the immediately following Interest Payment Date, (ii) distributions of Principal Proceeds to the extent
that, after giving effect to such distributions, in the reasonable judgment of the Portfolio Manager, there would not be sufficient amounts available to pay the purchase price in respect of Purchase Commitments which have traded but not settled and
(iii) Permitted RIC Tax Distributions. 
 “Permitted RIC Tax Distribution” means distributions to the Seller
(from the Accounts or otherwise) to the extent required to allow the Seller to make sufficient distributions to qualify as a RIC and to otherwise eliminate federal or state income or excise taxes payable by the Seller in or with respect to any
taxable year of the Seller (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Seller shall not exceed 115% of the
amounts that the Company would have been required to distribute to the Seller to: (i) allow the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to
maintain its eligibility to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year the Company’s liability for federal income taxes imposed on (y) its investment company taxable income pursuant to
Section 852(b)(1) of the Code (or any successor thereto), or (z) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Company’s liability for federal excise
taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Company had qualified to be taxed as a RIC under the Code and
(B) after the occurrence and during the continuance of an Event of Default, the amount of Permitted RIC Tax Distributions made in any calendar quarter shall not exceed U.S.$1,500,000. 

“Restricted Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares or other
equity interests in the Company now or hereafter outstanding; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Company of any shares or other equity interests
in the Company now or hereafter outstanding; and (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or other equity interests in the Company now or hereafter
outstanding. 
 “RIC” means a Person qualifying for treatment as a “regulated investment company” under
Subchapter M of the Code. 
 SECTION 6.03. Amendments of Portfolio Investments, Etc. If the Company or the Portfolio Manager receives
any notice or other communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying instrument or rights thereunder (each, an “Amendment”) with respect
to any Portfolio Investment or any related underlying instrument, or makes any affirmative determination to exercise or 

  
 - 32 - 

 SCHEDULE 1 

Transaction Schedule 
  

					
	 1.      Types of Financing
		Available		Financing Limit
			
	 Advances
		yes		U.S.$150,000,000300,000,000
			
	 2.      Financing Providers
				Financing Commitment
			
	 Lender:
		JPMorgan Chase Bank, National Association		U.S. $150,000,000300,000,000, as reduced from time to time pursuant to Section 1.04, Section
4.03(c), 4.03(g) or Section 4.06
			
	 3.      Scheduled Termination Date:
		JanuaryJuly 23, 2019		
			
	 4.      Interest Rates
				
		
	 Applicable Margin for Advances:
		 With respect to interest based on the LIBO Rate, 3.25% per annum.

With respect to interest based on the Base Rate, 3.25% per annum.

	 5.      Account Numbers
				
			
	 Custodial Account:

MV Cure Account:

Collection Account:
		 11262500
 11262600

11262700
		
			
	 6.      Market Value Trigger:
		160%		
			
	 7.      Purchases of Restricted Securities
				

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

 Addresses for Notices 

 

					
	The Company:		 Alpine Funding LLC
 375 Park Avenue, 33rd Floor
 New York, New York 10152
		Attn: Richard T. Allorto, Jr.
 Fax: 212-759-0098

Email:
 Rick.allorto@medleycapital.com

			
	The Portfolio Manager:		 SIC Advisors LLC
 375 Park Avenue, 33rd
Floor
 New York, New York 10152
		Attn: Richard T. Allorto, Jr.
 Fax: 212-759-0098

Email:
 Rick.allorto@medleycapital.com

			
	The Administrative Agent:		 JPMorgan Chase Bank, National Association
 c/o
JPMorgan Services Inc.
 500 Stanton Christiana Rd., 3rd Floor

Newark, Delaware 19713
  

with a copy to
		Attention: Ryan Hanks
 Telephone: (302) 634-2030

			
			 JPMorgan Chase Bank, National
 Association

383 Madison Ave.
 New York, New York 10179
		Attention: Louis Cerrotta
 Telephone: 212-622-7092

Email:
 louis.cerrotta@jpmorgan.com

doreenlarry.lw
.markowitzwise@jpmorgan.com

larryvincenzo.wf
.wisebuffolino@jpmorgan.com

vincenzo.f.buffolino@jpmorgan.com

ruchira.patel@jpmorgan.com
Keith.Harden@jpmchase.com
Allison.Shapiro@jpmorgan.com
Ravi.d.Sarawgi
@jpmorgan.com
Lori.Ying@jpmorgan.com
ct.financing.requests@jpmorgan.com

de_custom_business@jpmorgan.com

Jacob.s.poIlack@jpmorgan.com

			
	The Collateral Agent:		 Citibank, N.A.
 480 Washington Blvd., 30th Floor
Jersey City, NJ 07310
		Attention: Agency & Trust – Alpine Funding
			
	The Securities Intermediary:		 Citibank, N.A.
 388 Greenwich Street, 14th
Floor
		

  
 - 2 - 

 SCHEDULE 2 

Contents of Approval Requests 
 Each
Approval Request shall include the following information for the related Portfolio Investment(s): 
 JPMorgan Chase Bank, National Association, 

as Administrative Agent 
 c/o JPMorgan Services Inc. 

500 Stanton Christiana Rd., 3rd Floor 
 Attention: Ryan Hanks 

Email: ryan.j.hanks@jpmorgan.com 
 JPMorgan Chase Bank, National
Association, 
 as Administrative Agent 
 383 Madison Avenue

 New York, New York 10179 
 Attention: Louis Cerrotta 

Email: louis.cerrotta@jpmorgan.com 

doreen.l.markowitz    larry.w.wise@jpmorgan.com 

larryvincenzo.wf
.wisebuffolino@jpmorgan.com 

vincenzo.f.buffolino@jpmorgan.com 

ruchira.patel@jpmorgan.com 

Keith.Harden@jpmchase.com 

Allison.Shapiro@jpmorgan.com 

Ravi.d.Sarawgi@jpmorgan.com 

Lori.Ying@jpmorgan.com 

ct.financing.requests@jpmorgan.com 

de_custom_business@jpmorgan.com 

Jacob.s.pollack@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 

 Attention: Ryan Hanks 

cc: 
 [    ] 

Citibank, N.A., as Collateral Agent 
 Virtus Group LP, as
Collateral Administrator 
 Ladies and Gentlemen: 

Reference is hereby made to the Loan Agreement, dated as of July 23, 2014 (as
amended, the “Agreement”), among ALPINE FUNDING LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), SIC
ADVISORS LLC, as portfolio manager (the “Portfolio Manager”), the financing providers party thereto, and the collateral agent and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings given such terms in the Agreement. 
 Pursuant to the Agreement, the Portfolio Manager hereby requests
approval for the Company to acquire the following Portfolio Investment(s) via [a Purchase][a Substitution]: 
  

																							
	 Obligor
	  	Identifier
(LoanX)	  	Tranche	  	Type (1st
lien, 2nd
lien)	  	Notional	  	Maturity
Date	  	Fixed	  	Spread	  	LIBOR
Floor	  	Price	  	NAICSMoody’s
Industry Code
(four 
digit)
Classification1	  	Proposed
Settlement Date
		  		  		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  		  		  	

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

	1 	Per Schedule 6 of the Agreement. 

  
 - 2 - 

 SCHEDULE 4 

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

	 	1.	Portfolio Investments issued by a single obligor and its Affiliates may not exceed an aggregate principal balance equal to
$15,000,000030,000,000; provided that Portfolio Investments issued by two obligors and their respective Affiliates may each constitute up to an aggregate
principal balance equal to $20,000,00040,000,000. Notwithstanding the foregoing, no obligor shall deemed an Affiliate of any person solely because they are under the
control of the same private equity sponsor or similar sponsor. 

  

	 	2.	From and after the end of the Ramp-Up Period, not less than 5055% of (A) the Net Asset
Valueaggregate principal balance of the Portfolio plus (B) the amounts on deposit in the Accounts (including cash and Eligible Investments) representing
Principal Proceeds may consist of First Lien Loans and cash and Eligible Investments on deposit in the Accounts representing Principal Proceeds. 

  

	 	3.	From and after the end of the Ramp-Up Period, not more than 15% of (A) the Net Asset Valueaggregate principal balance of the
Portfolio plus (B) the amounts on deposit in the Accounts (including cash and Eligible Investments) representing Principal Proceeds may consist of Mezzanine Loans. 

 

	 	4.	From and after the end of the Ramp-Up Period, not more than 20% of (A) the Net Asset Valueaggregate principal balance of the
Portfolio plus (B) the amounts on deposit in the Accounts (including cash and Eligible Investments) representing Principal Proceeds may consist of Portfolio Investments that are issued by obligors that belong to the same
industry classified by a given NAICS code (four digit)Moody’s Industry Classification; provided that Portfolio Investments that are issued by obligors
that belong to any one industry classified by a given NAICS codeMoody’s Industry Clarification may constitute up to
2530% of (A) the Net Asset Valueaggregate principal balance of the Portfolio
plus (B) the amounts on deposit in the Accounts (including cash and Eligible Investments) representing Principal Proceeds. As used herein, ‘‘Moody’s Industry
Classifications’’ means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Moody’s
publishes revised industry classifications. 

  

	 	5.	Not more than $30,000,000 of the Net Asset Value45,000,000 of the aggregate principal balance of the Portfolio may consist of
Collateralized Delayed Funding Commitments. 

  

	 	6.	The aggregate amount of undrawn commitments in respect of Delayed Funding Term Loans shall not exceed the lesser of
(i) $12,500,00020,000,000 and (ii) an amount equal to
(x) $30,000,00045,000,000 minus (y) the then-current amount of Collateralized Delayed Funding Commitments. 

 SCHEDULE 6 

Moody’s Industry Classifications 

 

			
	
Industry
Code
	  	 Description

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

 EXHIBIT A 

Form of Request for Advance 
 JPMorgan
Chase Bank, National Association, 
 as Administrative Agent 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Attention: Ryan Hanks 
 JPMorgan Chase Bank, National
Association, 
 as Administrative Agent 
 383 Madison Avenue

 New York, New York 10179 
 Attention: Louis Cerrotta 

Email: louis.cerrotta@jpmorgan.com 

doreen.l.markowitz    larry.w.wise@jpmorgan.com 

larryvicenzo.wf
.wisebuffolino@jpmorgan.com 

vincenzo.f.buffolino@jpmorgan.com 

ruchira.patel@jpmorgan.com 

Keith.Harden@jpmchase.com 

Allison.Shapiro@jpmorgan.com 

Ravi.d.Sarawgi@jpmorgan.com 

Lori.Ying@jpmorgan.com 

ct.financing.requests@jpmorgan.com 

de_custom_business@jpmorgan.com 

Jacob.s.pollack@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 
 Attention: Robert Nichols 

 

	 	cc:	[Collateral Agent] 

 [Collateral Administrator] 

Ladies and Gentlemen: 
 Reference is hereby made
to the Loan Agreement, dated as of July 23, 2014 (as amended, the “Agreement”), among Alpine Funding LLC, as borrower (the “Company”), JPMorgan
Chase Bank, National Association, as administrative agent (the “Administrative Agent”), SIC Advisors LLC, as portfolio manager (the “Portfolio Manager”), the financing providers party thereto, and the collateral
agent and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement. 

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

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

(2) The aggregate amount of the Advance requested hereby is $[        ].12 

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

 

							
	 Security
	  	Par	  	Price	  	Purchased Interest (if any)
		  		  		  	
		  		  		  	

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

 

			
	 Very truly yours,
  

Alpine Funding LLC

		
	By:	 	SIC Advisors LLC, its Designated Manager
		
	By	 	  

	Name:	 	
	Title:	 	

  

	12	Note: The requested Financing shall be in an amount such that, after giving effect thereto and the related purchase of the applicable Portfolio Investment(s) and/or Permitted Distribution (if any), the Compliance
Condition is satisfied.ex101PNCMoog-7thAmendmenttotheReceivablesPurchaseAgreement713676851_8

EXECUTION VERSION
 

SEVENTH AMENDMENT TO THE 

RECEIVABLES PURCHASE AGREEMENT

This SEVENTH AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of February 10, 2015, is entered into by and among the following parties:
		
	(i)
	MOOG RECEIVABLES LLC, a Delaware limited liability company, as Seller;

		
	(i)
	MOOG INC., a New York corporation (“Moog”), as Servicer;

		
	(ii)
	PNC BANK, NATIONAL ASSOCIATION, as Administrator; and

		
	(iii)
	PNC BANK, NATIONAL ASSOCIATION, as the Issuer.

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Purchase Agreement described below.
BACKGROUND
The parties hereto have entered into a Receivables Purchase Agreement, dated as of March 5, 2012 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”) and desire to amend the Receivables Purchase Agreement as set forth herein.
Concurrently herewith, the Seller, the Servicer, Issuer and the Administrator are entering into that certain Amended and Restated Fee Letter (the “Fee Letter”), dated as of the date hereof.
Concurrently herewith, the Seller, Servicer, Administrator and Wells Fargo Bank, National Association, as Lock-Box Bank, are entering into a Lock-Box Agreement (the “Wells Deposit Account Control Agreement”), dated as of the date hereof.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.    Amendments to the Receivables Purchase Agreement.  The Receivables Purchase Agreement is hereby amended as follows:
(a)    Clause (a) of the definition of “Eligible Receivable” in Exhibit I of the Receivables Purchase Agreement is replaced in its entirety with the following:
(a)    the Obligor of which is (i) a United States or Canadian resident, (ii) an Eligible AAA-Rated Foreign Obligor, an Eligible A-Rated Foreign Obligor or an Eligible BBB--Rated Foreign Obligor, (iii) not a government or governmental subdivision, affiliate or agency other than a U.S. federal government or U.S. federal 

	
			
	 
	 
	 

governmental subdivision, affiliate or agency, (iv) not subject to any action of the type described in paragraph (f) of Exhibit V to the Agreement, (v) not an Affiliate of Moog or Seller and (vi) not a Sanctioned Person.
(a)    The definition of “Facility Termination Date” in Exhibit I of the Receivables Purchase Agreement is amended by deleting the date “February 13, 2015” where it appears therein and substituting “February 10, 2017” therefor. 
(b)    The definition of “LMIR” set forth in Exhibit I of the Receivables Purchase Agreement is amended by adding “the greater of (a) 0.00% and (b)” immediately after the phrase “during any Settlement Period,”.
(c)    The definitions of “Sanctioned Country” and “Sanctioned Person” set forth in Exhibit I of the Receivables Purchase Agreement are replaced in their entirety with the following:
“Sanctioned Country” means a country subject to a sanctions program maintained under any Anti-Terrorism Law.
“Sanctioned Person”  means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.
(d)    The following new defined terms are added to Exhibit I of the Receivables Purchase Agreement in appropriate alphabetical order:
“Anti-Terrorism Laws” means any Applicable Law relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Applicable Laws, all as amended, supplemented or replaced from time to time.
“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.
“Covered Entity” shall mean (a) each of Seller, Servicer, each Originator and each of Moog’s Subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above.  For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary 

	
			
	 
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voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.
“Permitted Linked Account” means Moog’s account number 4121813794 at Wells Fargo Bank, National Association.
“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.
(e)    The defined term “OFAC” and the definition thereof set forth in Exhibit I of the Receivables Purchase Agreement are deleted in their entirety.
(f)    Section 1(s) in Exhibit III of the Receivables Purchase Agreement is replaced in its entirety with the following:
(s)  The Seller is not (i) required to register as an “Investment Company” or (ii) “controlled” by an “Investment Company,” under (and as to each such term, as defined in) the Investment Company Act.  Seller is not a “covered fund” under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations implemented thereunder (the “Volcker Rule”). In determining that Seller is not a “covered fund” under the Volcker Rule, Seller is entitled to rely on the exemption from the definition of “investment company” set forth in Section 3(c)(5)(A) or (B) of the Investment Company Act.
(g)    Section 1(v) in Exhibit III of the Receivables Purchase Agreement is replaced in its entirety with the following:
(v)  No Covered Entity is a Sanctioned Person.  No Covered Entity, either in its own right or through any third party acting on such Covered Entity’s behalf, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.
(h)    Section 1 in Exhibit III of the Receivables Purchase Agreement is amended by adding the following new clause (y) immediately following the existing clause (x) thereof:

	
			
	 
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(y)  Except for the Permitted Linked Account, there are no “Linked Accounts” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) with respect to any Lock-Box Account maintained at Wells Fargo Bank, National Association.  
(i)    Section 2(q) in Exhibit III of the Receivables Purchase Agreement is replaced in its entirety with the following:
(q)  No Covered Entity is a Sanctioned Person.  No Covered Entity, either in its own right or through any third party acting on such Covered Entity’s behalf, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.
(j)    Section 2 in Exhibit III of the Receivables Purchase Agreement is amended by adding thereto the following new clause (s) immediately following the existing clause (r) thereof:
(s)  Except for the Permitted Linked Account, there are no “Linked Accounts” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) with respect to any Lock-Box Account maintained at Wells Fargo Bank, National Association.
(k)    Section 1(n) in Exhibit IV of the Receivables Purchase Agreement is replaced in its entirety with the following:
(n)  Linked Accounts.  Except for the Permitted Linked Account, the Seller shall not permit any “Linked Account” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) to exist with respect to any Lock-Box Account maintained at Wells Fargo Bank, National Association; provided, however, that at any time (x) during the continuance of a Termination Event, (y) during the continuance of an Unmatured Termination Event or (z) that the long-term senior unsecured and uncredit-enhanced debt rating of Moog is then less than “B” by Standard & Poor’s or “B2” by Moody’s, the Seller shall, if so instructed by the Administrator (in its sole discretion), cause the Permitted Linked Account to cease being a “Linked Account” promptly, but not later than five (5) Business Days following the Seller’s or the Servicer’s receipt of such instruction.
(l)    Section 1(u) in Exhibit IV of the Receivables Purchase Agreement is replaced in its entirety with the following:
(u)  Anti-Money Laundering/International Trade Law Compliance.  The Seller will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party acting on such Covered Entity’s behalf, will (i) have 

	
			
	 
	4
	 

any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (iii) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (iv) use the proceeds of any purchase to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.  The funds used to repay each purchase will not be derived from any unlawful activity.  The Seller shall comply with all Anti-Terrorism Laws.  The Seller shall promptly notify the Administrator and the Issuer in writing upon the occurrence of a Reportable Compliance Event.  The Seller has not used and will not use the proceeds of any purchase to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.
(m)    Section 2 in Exhibit IV of the Receivables Purchase Agreement is amended by adding the following new clause (l) and clause (m) immediately following the existing clause (k) thereof:
(l)  Linked Accounts.  Except for the Permitted Linked Account, the Servicer shall not permit any “Linked Account” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) to exist with respect to any Lock-Box Account maintained at Wells Fargo Bank, National Association; provided, however, that at any time (x) during the continuance of a Termination Event, (y) during the continuance of an Unmatured Termination Event or (z) that the long-term senior unsecured and uncredit-enhanced debt rating of Moog is then less than “B” by Standard & Poor’s or “B2” by Moody’s, the Servicer shall, if so instructed by the Administrator (in its sole discretion), cause the Permitted Linked Account to cease being a “Linked Account” promptly, but not later than five (5) Business Days following the Seller’s or the Servicer’s receipt of such instruction.  The Servicer shall at all times ensure that (i) the account balance in the Permitted Linked Account is greater than or equal to zero and will exceed the aggregate “Settlement Item Amount” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) of all “Settlement Items” (as defined in the Lock-Box Agreement with Wells Fargo Bank, National Association) at any time outstanding with respect to the Permitted Linked Account and (ii) no amount will be debited against any Lock-Box Account as a result of any “Settlement Item” that originated in the Permitted Linked Account or any other account other than a Lock-Box Account.
(m)  The Servicer will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party acting on such Covered Entity’s behalf, will (i) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (iii) engage in any dealings or transactions prohibited by any 

	
			
	 
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Anti-Terrorism Law or (iv) use the proceeds of any purchase to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.  The funds used to repay each purchase will not be derived from any unlawful activity.  The Servicer shall comply with all Anti-Terrorism Laws.  The Servicer shall promptly notify the Administrator and Issuer in writing upon the occurrence of a Reportable Compliance Event.
(n)    Schedule II to the Receivables Purchase Agreement is replaced by Schedule II attached hereto.
SECTION 2.    Representations and Warranties of the Seller and Servicer.  Each of the Seller and the Servicer hereby represents and warrants, as to itself, to the Administrator and to the Issuer, as follows:
(a)    Representations and Warranties.  Immediately after giving effect to this Amendment, the representations and warranties made by such Person in the Transaction Documents to which it is a party are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).
(b)    Enforceability.  This Amendment and each other Transaction Document to which it is a party, as amended hereby, constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law.
(c)    No Termination Event.  No event has occurred and is continuing, or would result from the transactions contemplated hereby, that constitutes a Termination Event or an Unmatured Termination Event.
SECTION 3.    Effect of Amendment.  All provisions of the Receivables Purchase Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “this Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Purchase Agreement shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein.
SECTION 4.    Effectiveness.  This Amendment shall become effective as of the date hereof upon the Administrator’s receipt of the following: 
(a)    counterparts of this Amendment (in accordance with Section 7 hereof), executed by each of the parties hereto;

	
			
	 
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(b)    counterparts of the Wells Deposit Account Control Agreement (whether by facsimile or otherwise), executed by each of the parties thereto;
(c)    counterparts of the Fee Letter (whether by facsimile or otherwise), executed by each of the parties thereto;
(d)    the “Amendment Fee” (under and as defined in the Fee Letter) and all other costs and expenses related to this Amendment in immediately available funds; and
(e)    any other agreements, documents, certificates and instruments, if any, relating to the subject matter of this Amendment, the Fee Letter or the Wells Deposit Account Control Agreement, as the Administrator may reasonably request.
SECTION 5.    Severability.  If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Receivables Purchase Agreement.
SECTION 6.    Transaction Document.  This Amendment shall be a Transaction Document for purposes of the Receivables Purchase Agreement.
SECTION 7.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 8.    GOVERNING LAW.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
SECTION 9.    Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Purchase Agreement or any provision hereof or thereof.
 [SIGNATURE PAGES FOLLOW]

	
			
	 
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.
MOOG RECEIVABLES LLC, 
as Seller 
 
 
By: /s/ John P. McGrath
Name:    John P. McGrath
Title: Treasurer and Asst. Secretary & Director     
 

MOOG INC., 
individually and as Servicer 
 
 
By: /s/ John P. McGrath
Name:    John P. McGrath
Title: Assistant Treasurer    

S-1    Seventh Amendment to the
 Receivables Purchase Agreement
(Moog Receivables LLC)

PNC BANK, NATIONAL ASSOCIATION,
as Administrator

By: /s/ Robyn Reeher 
Name:    Robyn Reeher
Title: Vice President
    

S-2    Seventh Amendment to the
 Receivables Purchase Agreement
(Moog Receivables LLC)

PNC BANK, NATIONAL ASSOCIATION,
as the Issuer

By: /s/ Robyn Reeher
Name:    Robyn Reeher
Title: Vice President

S-3    Seventh Amendment to the
 Receivables Purchase Agreement
(Moog Receivables LLC)

SCHEDULE II 
LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS

LOCK-BOX BANK            LOCK-BOX ACCOUNT        LOCK-BOX

Bank of America, N.A.            4830-3909-8804            P.O. Box 90273
2000 Clayton Road, Building D                            Chicago, IL 60696-
Concord, CA 94520-2425                            0273    
Attn:  Blocked Account Support
Mail Code:  CA4-704-06-37

Wells Fargo Bank, N.A.            4126975549                Moog Receivables LLC
6400 Sheridan Drive, Suite 100                            75 Remittance Drive
Williamsville, NY  14221                            Dept. 3161
Chicago, IL 60675-                                            3131

    
Schedule II

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