Document:

Corporate Capital Trust II 8-K 

 

 

Exhibit 10.1

 

	 

 

SENIOR
SECURED

REVOLVING CREDIT AGREEMENT

 

dated
as of

 

July
14, 2017

 

among

 

CORPORATE
CAPITAL TRUST II, 

as
Borrower

 

The
LENDERS Party Hereto

 

and

 

ING
CAPITAL LLC,

as Administrative Agent, 

Arranger
and Bookrunner

 

	 

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

Page

 

	Article I
    

    

    DEFINITIONS
	Section 1.01.   Defined
    Terms	1
	Section 1.02.   Classification
    of Loans and Borrowings	39
	Section 1.03.   Terms
    Generally	39
	Section 1.04.   Accounting
    Terms; GAAP	39
	Section 1.05.   Currencies
    Generally	40
	Section 1.06.   Special
    Provisions Relating to Euro	40
	Article II
    

    

    THE CREDITS
	Section 2.01.   The
    Commitments	41
	Section 2.02.   Loans
    and Borrowings	42
	Section 2.03.   Requests
    for Borrowings	42
	Section 2.04.   Letters
    of Credit	44
	Section 2.05.   Funding
    of Borrowings	48
	Section 2.06.   Interest
    Elections	49
	Section 2.07.   Termination,
    Reduction or Increase of the Commitments	51
	Section 2.08.   Repayment
    of Loans; Evidence of Debt	54
	Section 2.09.   Prepayment
    of Loans	55
	Section 2.10.   Fees	60
	Section 2.11.   Interest	61
	Section 2.12.   Eurocurrency
    Borrowing Provisions	62
	Section 2.13.   Increased
    Costs	64
	Section 2.14.   Break
    Funding Payments	65
	Section 2.15.   Taxes	66
	Section 2.16.   Payments
    Generally; Pro Rata Treatment: Sharing of Set-offs	69
	Section 2.17.   Defaulting
    Lenders	72
	Section 2.18.   Mitigation
    Obligations; Replacement of Lenders	74
	Section 2.19.   Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	75
	Article III
    

    

    REPRESENTATIONS AND WARRANTIES
	Section 3.01.   Organization;
    Powers	76
	Section 3.02.   Authorization;
    Enforceability	76
	Section 3.03.   Governmental
    Approvals; No Conflicts	76
	Section 3.04.   Financial
    Condition; No Material Adverse Effect	76

 

    	 	 (i)	 

     

    

 

	Section 3.05.   Litigation	77
	Section 3.06.   Compliance
    with Laws and Agreements	77
	Section 3.07.   Taxes	77
	Section 3.08.   ERISA	77
	Section 3.09.   Disclosure	77
	Section 3.10.   Investment
    Company Act; Margin Regulations.	78
	Section 3.11.   Material
    Agreements and Liens	79
	Section 3.12.   Subsidiaries
    and Investments	79
	Section 3.13.   Properties	79
	Section 3.14.   Solvency	80
	Section 3.15.   Affiliate
    Agreements	80
	Section 3.16.   Structured
    Subsidiaries	80
	Section 3.17.   Compliance
    with Sanctions.	80
	Section 3.18.   Anti-Money
    Laundering Program	80
	Section 3.19.   Foreign
    Corrupt Practices Act	81
	Section 3.20.   EEA
    Financial Institutions.	81
	Article IV
    

    

    CONDITIONS
	Section 4.01.   Effective
    Date	82
	Section 4.02.   Each
    Credit Event	84
	Article V
    

    

    AFFIRMATIVE COVENANTS
	Section 5.01.   Financial
    Statements and Other Information	86
	Section 5.02.   Notices
    of Material Events	88
	Section 5.03.   Existence;
    Conduct of Business	89
	Section 5.04.   Payment
    of Obligations	89
	Section 5.05.   Maintenance
    of Properties; Insurance	89
	Section 5.06.   Books
    and Records; Inspection and Audit Rights	89
	Section 5.07.   Compliance
    with Laws and Agreements	90
	Section 5.08.   Certain
    Obligations Respecting Subsidiaries; Further Assurances	90
	Section 5.09.   Use
    of Proceeds	94
	Section 5.10.   Status
    of RIC and BDC	94
	Section 5.11.   Investment
    Policies	94
	Section 5.12.   Portfolio
    Valuation and Diversification Etc.	95
	Section 5.13.   Calculation
    of Borrowing Base	100
	Article VI
    

    

    NEGATIVE COVENANTS
	Section 6.01.   Indebtedness	109

 

    	 	 (ii)	 

     

    

 

	Section 6.02.   Liens	111
	Section 6.03.   Fundamental
    Changes	112
	Section 6.04.   Investments	114
	Section 6.05.   Restricted
    Payments	115
	Section 6.06.   Certain
    Restrictions on Subsidiaries	116
	Section 6.07.   Certain
    Financial Covenants	116
	Section 6.08.   Transactions
    with Affiliates	117
	Section 6.09.   Lines
    of Business	117
	Section 6.10.   No
    Further Negative Pledge	117
	Section 6.11.   Modifications
    of Indebtedness and Affiliate Agreements	118
	Section 6.12.   Payments
    of Longer-Term Indebtedness	118
	Section 6.13.   Modification
    of Investment Policies	119
	Section 6.14.   SBIC
    Guarantee	119
	Article VII
    

    

    EVENTS OF DEFAULT
	Article VIII
    

    

    THE ADMINISTRATIVE AGENT
	Section 8.01.   Appointment
    of the Administrative Agent	124
	Section 8.02.   Capacity
    as Lender	124
	Section 8.03.   Limitation
    of Duties; Exculpation	124
	Section 8.04.   Reliance	125
	Section 8.05.   Sub-Agents	125
	Section 8.06.   Resignation;
    Successor Administrative Agent	125
	Section 8.07.   Reliance
    by Lenders	126
	Section 8.08.   Modifications
    to Loan Documents	126
	Article IX
    

    

    MISCELLANEOUS
	Section 9.01.   Notices;
    Electronic Communications	127
	Section 9.02.   Waivers;
    Amendments	129
	Section 9.03.   Expenses;
    Indemnity; Damage Waiver	132
	Section 9.04.   Successors
    and Assigns	134
	Section 9.05.   Survival	139
	Section 9.06.   Counterparts;
    Integration; Effectiveness; Electronic Execution	139
	Section 9.07.   Severability	140
	Section 9.08.   Right
    of Setoff	140
	Section 9.09.   Governing
    Law; Jurisdiction; Etc	140
	Section 9.10.   WAIVER
    OF JURY TRIAL	141
	Section 9.11.   Judgment
    Currency	141

 

    	 	 (iii)	 

     

    

 

	Section 9.12.   Headings	142
	Section 9.13.   Treatment
    of Certain Information; Confidentiality	142
	Section 9.14.   USA
    PATRIOT Act	143
	Section 9.15.   Termination	143

 

	SCHEDULE 1.01(a) -	Approved Dealers and Approved
    Pricing Services
	SCHEDULE 1.01(b) -	Industry Classification Groups
	SCHEDULE 1.01(c) -	Commitments
	SCHEDULE 1.01(d) -	Eligibility Criteria
	SCHEDULE 3.11(a) -	Material Agreements
	SCHEDULE 3.11(b) -	Liens
	SCHEDULE 3.12(a) -	Subsidiaries
	SCHEDULE 3.12(b) -	Investments
	SCHEDULE 6.08      -	Certain Affiliate Transactions

 

	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D	-	Form of Borrowing Request

 

    	 	 (iv)	 

     

    

 

SENIOR
SECURED REVOLVING CREDIT AGREEMENT dated as of July 14, 2017 (this “Agreement”), among CORPORATE CAPITAL TRUST
II, a Delaware statutory trust (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative
Agent.

 

WHEREAS,
the Borrower has requested that the Lenders (as defined herein) extend credit to the Borrower from time to time pursuant to the
commitments as set forth herein and the Lenders have agreed to extend such credit upon the terms and conditions hereof.

 

NOW,
THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree
as follows:

 

Article I

DEFINITIONS

 

Section 1.01.     Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are denominated
in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate.

 

“Adjusted
Borrowing Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in
the Borrowing Base.

 

“Adjusted
Covered Debt Balance” means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate
amount of Cash and Cash Equivalents included in the Borrowing Base (excluding any cash held by the Administrative Agent pursuant
to Section 2.04(k)).

 

“Adjusted
LIBO Rate” means, for the Interest Period for any Eurocurrency Borrowing denominated in a LIBO Quoted Currency, an interest
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate for such Interest Period.

 

“Administrative
Agent” means ING, in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative
Agent’s Account” means, for each Currency, an account in respect of such Currency designated by the Administrative
Agent in a notice to the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

    	 	 	 

     

    

 

“Advance
Rate” has the meaning assigned to such term in Section 5.13.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the
term “Affiliate” of an Obligor shall not include any Person that constitutes an Investment held by any Obligor in
the ordinary course of business.

 

“Affiliate
Agreements” means (i) the Investment Advisory Agreement, dated September 24, 2015, by and between the Company and CNL
Fund Advisors II, LLC, (ii) the Investment Sub-Advisory Agreement, dated September 25, 2015, by and among the Company, CNL Fund
Advisors II, LLC and KKR Asset Management LLC and (iii) the Administrative Services Agreement dated October 9, 2015, by and between
the Company and CNL Fund Advisors II, LLC.

 

“Agency
Account” has the meaning assigned to such term in Section 5.08(c)(v).

 

“Agreed
Foreign Currency” means, at any time, any of Canadian Dollars, Euros and Pounds Sterling, AUD, NZD and, with the prior
consent of each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such Foreign Currency, at such
time (a) such Foreign Currency is dealt with in the London interbank deposit market, or, in the case of AUD or NZD, the relevant
local market for obtaining quotations, (b) such Foreign Currency is freely transferable and convertible into Dollars in the London
foreign exchange market and (c) no central bank or other governmental authorization in the country of issue of such Foreign Currency
(including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign
Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal
thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect.

 

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

 

“Applicable
Commitment Fee Rate” means, (a) with respect to any day during the period commencing on the Effective Date and ending
on the earlier of the date the Commitments are terminated and the Revolver Termination Date, a rate per annum equal to (x) 1.50%,
if the used portion of the aggregate Dollar Commitments or Multicurrency Commitments, as applicable, as of the close of business
on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is less than or equal to an
amount equal to forty-five percent (45%) of the aggregate Dollar Commitments or Multicurrency Commitments, as applicable, (y)
0.75%, if the used portion of the aggregate Dollar Commitments or Multicurrency Commitments, as applicable, as of the close of
business on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is greater than an
amount equal to forty-five percent (45%) and less than or equal to an amount equal to sixty-five percent (65%) of the aggregate
Dollar Commitments or Multicurrency Commitments, as applicable, and (z) 0.50%, if the used portion of the aggregate Dollar Commitments
or Multicurrency Commitments, as applicable, as of the close of business on such day (after giving effect to Borrowings, prepayments
and Commitment reductions on such day) is greater than an amount equal to sixty-five percent (65%) of the aggregate Dollar Commitments
or Multicurrency Commitments, as applicable. For purposes of determining the Applicable Commitment Fee Rate, the Commitments shall
be deemed to be used to the extent of the outstanding Loans in the respective Class and, in the case of Multicurrency Commitments,
LC Exposure of all Lenders.

 

    	 	 2	 

     

    

 

“Applicable
Dollar Percentage” means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented
by such Dollar Lender’s Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentage
shall be determined based upon the Dollar Commitments most recently in effect, giving effect to any assignments pursuant to Section
9.04(b).

 

“Applicable
External Borrowing Base Value” shall mean with respect to any Unquoted Investment, the most recent Borrower External
Unquoted Borrowing Base Value determined with respect to such Unquoted Investment; provided, however, if an IVP External Unquoted
Borrowing Base Value with respect to such Unquoted Investment is more recent than such Borrower External Unquoted Borrowing Base
Value, then the term “Applicable External Borrowing Base Value” shall mean the most recent IVP External Unquoted Borrowing
Base Value obtained with respect to such Unquoted Investment. Notwithstanding the foregoing, with respect to any Unquoted Investment
included in the Borrowing Base until the Borrower External Unquoted Borrowing Base Value is delivered for the quarter ended June
30, 2017, the Applicable External Borrowing Base Value with respect to such Unquoted Investment shall be as specified in the valuation
report of Lincoln Partners Advisors LLC for the quarter ended March 31, 2017.

 

“Applicable
Margin” means (a) with respect to any ABR Loan, 1.75% per annum; and (b) with respect to any Eurocurrency Loan, 2.75%
per annum.

 

“Applicable
Multicurrency Percentage” means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency
Commitments represented by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated
or expired, the Applicable Multicurrency Percentage shall be determined based upon the Multicurrency Commitments most recently
in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitments. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments
most recently in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

    	 	 3	 

     

    

 

“Approved
Dealer” means (a) in the case of any Eligible Portfolio Investment that is not a U.S. Government Security, a bank
or a broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof
as set forth on Schedule 1.01(a), (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government
Securities as set forth on Schedule 1.01(a), (c) in the case of any foreign Portfolio Investment, any foreign broker-dealer
of internationally recognized standing as set forth on Schedule 1.01(a) or any Affiliate thereof or (d) any other
bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination.

 

“Approved
Pricing Service” means a pricing or quotation service as set forth in Schedule 1.01(a) or any other pricing
or quotation service (a) approved by the Board of Directors (or appropriate committee thereof with the necessary delegated
authority) of the Borrower, (b) designated in writing to the Administrative Agent by the Borrower (which designation shall
be accompanied by a copy of a resolution of the Board of Directors (or appropriate committee thereof with the necessary delegated
authority) of the Borrower that such pricing or quotation service has been approved by the Borrower), and (c) acceptable
to the Administrative Agent in its reasonable determination.

 

“Approved
Third-Party Appraiser” means any of Houlihan Lokey, Duff & Phelps LLC, Murray, Devine and Company, Lincoln Partners
Advisors LLC and Valuation Research Corporation, in each case only so long as such firm has been approved by a resolution of the
Board of Directors (or appropriate committee thereof with the necessary delegated authority) of the Borrower to assist the Board
of Directors (or any such committee) of the Borrower in making valuations of portfolio assets to determine the Borrower’s
compliance with the applicable provisions of this Agreement, or any other Independent nationally recognized third-party appraisal
firm approved by the Board of Directors (or appropriate committee thereof with the necessary delegated authority) and engaged
for that purpose and acceptable to the Administrative Agent in its reasonable discretion, provided that, in each case to
the extent such Approved Third-Party Appraiser requests or requires a non-reliance letter, confidentiality agreement or similar
agreement prior to allowing the Administrative Agent to review the written valuation report of the Approved Third-Party Appraiser
referred to in the first sentence of Section 5.12(b)(ii)(B)(y), such Administrative Agent and such Approved Third-Party Appraiser
shall have entered into a letter or agreement.

 

“Asset
Coverage Ratio” means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total
assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities
representing indebtedness of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any
orders of the SEC issued to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in
accordance with any exemptive order issued by the SEC under Section 6(c) of the Investment Company Act relating to the exclusion
of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in
effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee. For the avoidance
of doubt, the outstanding utilized notional amount of any total return swap less the value of the margin posted by the Borrower
or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security for the purposes of calculating the Asset
Coverage Ratio.

 

    	 	 4	 

     

    

 

“Asset
Sale” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer
or other disposition to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all
or any part of any Obligor’s assets or properties of any kind, whether real, personal, or mixed and whether tangible or
intangible, whether now owned or hereafter acquired; provided, however, the term “Asset Sale” as used in this Agreement
shall not include the disposition of Portfolio Investments originated by the Borrower and promptly transferred to a Financing
Subsidiary pursuant to the terms of Sections 6.03(f) and (g) hereof.

 

“Assignment
and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 9.04), and accepted by the Administrative Agent as provided in Section 9.04,
in the form of Exhibit A or any other form approved by the Administrative Agent.

 

“Assuming
Lender” has the meaning assigned to such term in Section 2.07(f).

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Revolver Termination
Date and the date of termination of the Commitments.

 

“AUD”
and “A$” denote the lawful currency of The Commonwealth of Australia.

 

“AUD
Bank Bill Reference Rate” means, with respect to any Interest Period, (a) the average bid reference rate as administered
by the Australian Financial Markets Association (or any other Person that takes over the administration of that rate) for AUD
bills of exchange with a tenor equal to such Interest Period, displayed on page BBSY of the Reuters screen (or, in the event such
rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the
appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative
Agent in its reasonable discretion) at or about 11:00 a.m. (Sydney, Australia time) on the day that is two Business Days prior
to the first day of such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent
to the number of months closest to such Interest Period), provided, that, if the rate determined in accordance with this
clause (a) shall be less than zero, such rate shall be deemed to be zero for purposes of this clause (a), plus (b) 0.20%.

 

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

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

 

“Bank
Loans” has the meaning assigned to such term in Section 5.13.

 

“Bankruptcy
Code” means the Federal Bankruptcy Reform Act of 1978.

 

    	 	 5	 

     

    

 

“Basel
III” means the agreements on capital requirements, leverage ratio and liquidity standards contained in “Basel
III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework
for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical
capital buffer” published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented
or restated.

 

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

 

“Borrower”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Borrower
External Unquoted Borrowing Base Value” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(y).

 

“Borrower
Tested Assets” has the meaning assigned to such term in Section 5.12(b)(ii).

 

“Borrowing”
means (a) all ABR Loans of the same Class made, converted or continued on the same date, (b) all Eurocurrency Loans
of the same Class denominated in the same Currency that have the same Interest Period and/or (c) a Pro-Rata Borrowing, as
applicable.

 

“Borrowing
Base” has the meaning assigned to such term in Section 5.13.

 

“Borrowing
Base Certificate” means a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit B
and appropriately completed.

 

“Borrowing
Base Deficiency” means, at any date on which the same is determined, the amount, if any, that (a) the aggregate
Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

 

“Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the
form of Exhibit D hereto or such other form as is reasonably acceptable to the Administrative Agent.

 

“Business
Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed, (b) if such day relates to a borrowing of, a payment or prepayment of
principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurocurrency Borrowing denominated
in U.S. Dollars, or to a notice by the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion,
or Interest Period, that is also a day on which dealings in deposits denominated in Dollars are carried out in the London interbank
market and (c) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or
conversion of or into, or the Interest Period for, any Borrowing denominated in any Foreign Currency, or to a notice by the Borrower
with respect to any such borrowing, continuation, payment, prepayment of Interest Period, that is also a day on which commercial
banks and the London foreign exchange market settle payments in the Principal Financial Center for such Foreign Currency.

 

    	 	 6	 

     

    

 

“CAM
Exchange” means the exchange of the Lenders’ interests provided for in Article VII.

 

“CAM
Exchange Date” means the first date on which there shall occur (a) an event referred to in paragraph (h) or (i) of Article
VII or (b) an acceleration of Loans pursuant to Article VII.

 

“CAM
Percentage” means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate
Dollar Equivalent of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior
to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations
owed to all the Lenders (whether or not at the time due and payable) immediately prior to the CAM Exchange Date.

 

“Canadian
Dollar” means the lawful money of Canada.

 

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount
of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. Notwithstanding any other provision
contained herein, solely with respect to any change in GAAP after the Effective Date with respect to the accounting for leases
as either operating leases or capital leases, any lease that is not (or would not be) a capital lease under GAAP as in effect
on the Effective Date shall not be treated as a capital lease, and any lease that would be treated as a capital lease under GAAP
as in effect on the Effective Date shall continue to be treated as a capital lease, hereunder and under the other Loan Documents,
notwithstanding such change in GAAP after the Effective Date, and all determinations of Capital Lease Obligations shall be made
consistently therewith (i.e., ignoring any such changes in GAAP after the Effective Date).

 

“Capital
Stock” has the meaning assigned to such term in Section 5.13.

 

“Cash”
has the meaning assigned to such term in Section 5.13.

 

“Cash
Equivalents” means investments (other than Cash) that are one or more of the following obligations:

 

(a)       Short-Term
U.S. Government Securities (as defined in Section 5.13);

 

(b)       investments
in commercial paper or other short-term corporate obligations maturing within 180 days from the date of acquisition thereof and
having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

    	 	 7	 

     

    

 

(c)       investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic
office of any commercial bank organized under the laws of the United States or any State thereof, Canada or any province thereof,
the United Kingdom or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction or any constituent
jurisdiction thereof of any Agreed Foreign Currency; provided that such certificates of deposit, banker’s acceptances and
time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent
can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from
S&P and at least P-1 from Moody’s;

 

(d)       fully
collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government
Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this
definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition,
a credit rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

(e)       a
Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance
company or other corporation or entity, in each case, at the date of such acquisition having a credit rating of at least A-1 from
S&P and at least P-1 from Moody’s; provided that such Reinvestment Agreement may be unwound at the option of
the Borrower at any time without penalty; and

 

(f)       investments
in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the types described
in clauses (a) through (e) above;

 

provided,
that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example,
interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any
ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody’s
or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit or
repurchase agreements) shall not include any such investment representing more than 25% of total assets of the Obligors in
any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars
or an Agreed Foreign Currency.

 

“Cash
Pay” has the meaning assigned to such term in Section 5.13.

 

“CDOR
Rate” means the rate per annum equal to the average of the annual yield rates applicable to Canadian Dollar Bankers’
acceptances at or about 10:00 a.m. (Toronto, Ontario time) on the day that is two Business Days prior to the first day of the
Interest Period as reported on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates
Service (or such other page or commercially available source displaying Canadian interbank bid rates for Canadian Dollar bankers’
acceptances as may be designated by the Administrative Agent from time to time) for a term equivalent to such Interest Period
(or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such
Interest Period); provided, that if the CDOR Rate is less than zero, such rate shall be zero for purposes of this Agreement.

 

    	 	 8	 

     

    

 

“CFC”
means an entity that is a “controlled foreign corporation” of any Obligor within the meaning of Section 957 of the
Code.

 

“Change
in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person
or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date
hereof), other than the Investment Advisor, of shares representing more than 35% of the aggregate ordinary voting power represented
by the issued and outstanding capital stock of the Borrower; (b) occupation of a majority of the seats (other than vacant
seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the requisite members
of the board of directors of the Borrower nor (ii) appointed by a majority of the directors so nominated; other than, in
the case of this clause (b), in connection with an initial public offering or (c) the acquisition of direct or indirect Control
of the Borrower by any Person or group other than the Investment Advisor.

 

“Change
in Law” means (a) the adoption of any law, rule or regulation or treaty after the Effective Date, (b) any
change in any law, rule or regulation or treaty or in the interpretation, implementation or application thereof by any Governmental
Authority after the Effective Date or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.13(b),
by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Effective
Date; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives in connection therewith and (ii) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee On Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in
each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar
Loans or Multicurrency Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency
Lender; and when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency
Commitment.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“COF
Rate” has the meaning assigned to such term in Section 2.12(a).

 

    	 	 9	 

     

    

 

“Collateral”
has the meaning assigned to such term in the Guarantee and Security Agreement.

 

“Collateral
Agent” means ING in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any successor
Collateral Agent thereunder.

 

“Commitments”
means, collectively, the Dollar Commitments and the Multicurrency Commitments.

 

“Commitment
Increase” has the meaning assigned to such term in Section 2.07(f).

 

“Commitment
Increase Date” has the meaning assigned to such term in Section 2.07(f).

 

“Competitor”
means, on any date, any Person that is (x) primarily engaged in the business of private direct lending as a business development
company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct competition with the Borrower
and (y) designated by the Borrower as a “Competitor” by a list delivered to the Administrative Agent on or prior to
the Effective Date, as such list may be updated from time to time with the approval of the Administrative Agent, such approval
not to be unreasonably withheld, so long as no Event of Default shall have occurred and be continuing, which list (or any update
thereto) shall be promptly disclosed to the Lenders; provided further that any updates to the Borrower’s list of
Competitors shall (A) not have any retroactive effect on any prior disclosures made in accordance with Section 9.13 and (B) be
deemed effective for purposes of Section 9.13 two (2) Business Days following the Administrative Agent’s approval of such
updates to the list of Competitors.

 

“Conduit
Financing Arrangement” has the meaning assigned to such term in Section 2.15(i).

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Control
Account” has the meaning assigned to such term in Section 5.08(c)(ii).

 

“Covenant-Lite
Loan” has the meaning assigned to such term in Section 5.13.

 

“Covered
Debt Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date
plus (y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind
interest) of Other Covered Indebtedness outstanding on such date minus (z) LC Exposure that has been cash collateralized or LC
Exposure that has been backstopped in a manner reasonably satisfactory to the Administrative Agent.

 

    	 	 10	 

     

    

 

“Covered
Taxes” means (i) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of the Borrower under any Loan Document and (ii) Other Taxes.

 

“Currency”
means Dollars or any Foreign Currency.

 

“Currency
Valuation Notice” has the meaning assigned to such term in Section 2.09(b).

 

“Custodian”
means State Street Bank and Trust Company, or any other financial institution mutually agreeable to the Collateral Agent and the
Borrower, as custodian holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments,
on behalf of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent. The term “Custodian” includes
any agent or sub-custodian acting on behalf of the Custodian.

 

“Custodian
Account” means an account subject to a Custodian Agreement.

 

“Custodian
Agreement” means a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in
form and substance reasonably acceptable to the Collateral Agent.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Defaulted
Obligation” has the meaning assigned to such term in Section 5.13.

 

“Defaulting
Lender” means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any
portion of its Loans or participations in Letters of Credit within three (3) Business Days of the date required to be funded
by it hereunder, unless, in the case of any Loans, such Lender’s failure is based on such Lender’s reasonable determination
that the conditions precedent to funding such Loan under this Agreement have not been met, such conditions have not otherwise
been waived in accordance with the terms of this Agreement and such Lender has advised the Administrative Agent in writing (with
reasonable detail of those conditions that have not been satisfied) prior to the time at which such funding was to have been made,
(b) notified the Borrower, the Administrative Agent, the Issuing Bank or any other Lender in writing that it does not intend
to comply with any of its funding obligations under this Agreement or has made a public statement that it does not intend to comply
with its funding obligations under this Agreement (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that one or more conditions
precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified
in such writing or public statement) cannot be satisfied), (c) failed, within three (3) Business Days after request
by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating to its obligations
to fund prospective Loans or participations in then outstanding Letters of Credit (provided that such Lender shall cease
to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent),
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis
amount) required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of
a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined
by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company
that has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its
assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of
its business or custodian, appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian appointed for it, or (iii) become the subject of a Bail-In
Action or has a parent company that has become the subject of a Bail-In Action (unless in the case of any Lender referred to in
this clause (e) the Borrower, the Administrative Agent and the Issuing Bank shall be satisfied in the exercise of their respective
reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations
as a Lender hereunder); provided that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition
or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or
any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely as a result of an Undisclosed
Administration, so long as such ownership interest or Undisclosed Administration does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts
or agreements made with such Lender.

 

    	 	 11	 

     

    

 

“Designated
Obligations” means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and L/C
Exposure (other than LC Exposure that has been cash collateralized or LC Exposure that has been backstopped in a manner reasonably
satisfactory to the Issuing Bank and the Administrative Agent) and (b) accrued and unpaid fees under the Loan Commitments.

 

“DIP
Loan” has the meaning assigned to such term in Section 5.13.

 

“Dollar
Commitment” means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated
in Dollars hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Dollar
Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.07 or reduced
from time to time pursuant to Section 2.09 or as otherwise provided in this Agreement and (b) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Dollar
Commitment as of the Effective Date is set forth on Schedule 1.01(c), or in the Assignment and Assumption pursuant to which such
Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the
Effective Date is $18,500,000.

 

    	 	 12	 

     

    

 

“Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount,
and (b) with respect to an amount denominated in any Foreign Currency, the amount of Dollars that would be required to purchase
such amount of such Foreign Currency on the date two Business Days prior to such date, based upon the spot selling rate at which
the Administrative Agent (or other foreign currency broker reasonably acceptable to the Administrative Agent) offers to sell such
Foreign Currency for Dollars in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery
two Business Days later.

 

“Dollar
Lender” means the Persons listed on Schedule 1.01(c) as having Dollar Commitments and any other Person that shall have
become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire
Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Dollar
Loan” means a Loan denominated in Dollars made by a Dollar Lender.

 

“Dollars”
or “$” refers to lawful money of the United States.

 

“EBITDA”
has the meaning assigned to such term in Section 5.13.

 

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

 

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

 

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

 

“Effective
Date” means July 14, 2017.

 

“Eligible
Liens” means, any right of offset, banker’s lien, security interest or other like rights against the Portfolio
Investments held by the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account;
provided that such rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected
security interest in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein.

 

    	 	 13	 

     

    

 

“Eligible
Portfolio Investment” means any Portfolio Investment held by any Obligor (and solely for purposes of determining the
Borrowing Base, Cash and Cash Equivalents held by any Obligor) that, in each case, meets all of the criteria set forth on Schedule 1.01(d)
hereto; provided, that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment
or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject
to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment,
Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security
Agreement). Without limiting the generality of the foregoing, it is understood and agreed that any Portfolio Investments that
have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held
by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible Portfolio
Investments until distributed, sold or otherwise transferred to the Borrower free and clear of all Liens (other than Permitted
Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i), which provide that,
for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible Portfolio Investment
shall be determined on a Settlement-Date Basis; provided that no such Investment shall be included as an Eligible Portfolio
Investment to the extent it has not been paid for in full.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests”
shall not include convertible debt unless and until such debt has been converted to capital stock.

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as
a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA
and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA
Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA, with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy
the minimum funding standards set forth in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan (other than premiums due and not delinquent
under Section 4007 of ERISA); (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator
of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4041(c)
or Section 4042 of ERISA; (f) the incurrence by the Borrower or any of its ERISA Affiliates of Withdrawal Liability; (g)
the occurrence of any non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406
of ERISA which would result in liability to a Lender; (h) the failure to make any required contribution to a Multiemployer Plan
or to any Plan that would result in the imposition of a lien or other encumbrance or the provision of security under Section 412
or 430 of the Code or Section 302, 303 or 4068 of ERISA; or (i) the receipt by the Borrower or any ERISA Affiliate of any
notice concerning a determination that a Multiemployer Plan is insolvent or in reorganization, as defined in Title IV of ERISA.

 

    	 	 14	 

     

    

 

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

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate. For clarity, a Loan or Borrowing bearing interest by reference
to clause (c) of the definition of the Alternate Base Rate shall not be a Eurocurrency Loan or Eurocurrency Borrowing.

 

“Event
of Default” has the meaning assigned to such term in Article VII.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) its net
income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed by the United States or the
jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii) that are Other Connection
Taxes, (b) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)),
any withholding tax that is imposed on amounts payable to or for the account of such Lender pursuant to a law in effect at the
time such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender
(or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.15(a), (c) Taxes attributable to a Lender’s
failure to comply with Sections 2.15(f) through (h), and (d) any Taxes imposed under FATCA.

 

“Exemptive
Order” has the meaning set forth in Section 6.08(vii).

 

“External
Quoted Value” has the meaning set forth in Section 5.12(b)(ii)(A).

 

“External
Unquoted Borrowing Base Value” means (i) with respect to Borrower Tested Assets, the Borrower External Unquoted
Borrowing Base Value and (ii) with respect to IVP Tested Assets, the IVP External Unquoted Borrowing Base Value.

 

“FATCA”
means sections 1471 through 1474 of the Code, as of the Effective Date (or any amendment or successor version that is substantially
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code.

 

    	 	 15	 

     

    

 

“FCPA”
has the meaning assigned to such term in Section 3.19.

 

“Federal
Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the
next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that
is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for
such transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected
by it; provided, that if the Federal Funds Effective Rate is less than zero, such rate shall be zero for purposes of this Agreement.

 

“Financial
Officer” means the chief executive officer, president, co-president, chief financial officer, principal accounting officer,
chief accounting officer, treasurer, assistant treasurer, controller or assistant controller of the Borrower.

 

“Financing
Subsidiary” means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.

 

“First
Lien Bank Loan” has the meaning assigned to such term in Section 5.13.

 

“Fitch”
means Fitch, Inc., and any successor thereto.

 

“Foreign
Currency” means at any time any Currency other than Dollars.

 

“Foreign
Currency Equivalent” means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be
purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the
term “Dollar Equivalent”, as determined by the Administrative Agent.

 

“Foreign
Eligible Portfolio Investments” means any Eligible Portfolio Investment with respect to which the requirements of paragraph
9 of Schedule 1.01(d) hereto are met by reference to any Permitted Foreign Jurisdiction.

 

“Foreign
Lender” means any Lender or Issuing Bank or any other recipient of payments hereunder from the Borrower that, in each
case, is not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created
or organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject
to U.S. federal income taxation regardless of the source of its income.

 

“GAAP”
means generally accepted accounting principles in the United States.

 

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

 

    	 	 16	 

     

    

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct
or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation
of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity
of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account
party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided,
that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary
indemnification agreements entered into in the ordinary course of business in connection with obligations that do not constitute
Indebtedness. The amount of any Guarantee at any time shall be deemed to be an amount equal to the maximum stated or determinable
amount of the primary obligation in respect of which such Guarantee is incurred, unless the terms of such Guarantee expressly
provide that the maximum amount for which such Person may be liable thereunder is a lesser amount (in which case the amount of
such Guarantee shall be deemed to be an amount equal to such lesser amount).

 

“Guarantee
and Security Agreement” means the Guarantee, Pledge and Security Agreement, dated as of the Effective Date, among the
Borrower, the Subsidiary Guarantors, the Administrative Agent and the Collateral Agent, as the same shall be amended, restated,
modified and supplemented from time to time.

 

“Guarantee
Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit A to the Guarantee
and Security Agreement between the Collateral Agent and an entity that pursuant to Section 5.08 is required to become a “Subsidiary
Guarantor” under the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent
with the requirements of Section 5.08, or to which the Collateral Agent shall otherwise consent).

 

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

 

“Hedging
Agreement Obligations” has the meaning specified in the Guarantee and Security Agreement as in effect on the Effective
Date.

 

“High
Yield Securities” has the meaning assigned to such term in Section 5.13.

 

    	 	 17	 

     

    

 

“Immaterial
Subsidiaries” means those Subsidiaries of the Borrower that are “designated” as “Immaterial Subsidiaries”
by the Borrower from time to time (it being understood that the Borrower may at any time change any such designation); provided
that such designated Immaterial Subsidiaries shall collectively meet all of the following criteria at all times: (a) such
Subsidiaries and their Subsidiaries do not hold any Eligible Portfolio Investment; (b) the aggregate assets of all such Subsidiaries
and their Subsidiaries (on a consolidated basis) do not exceed an amount equal to 3% of the consolidated assets of the Borrower
and its Subsidiaries; and (c) the aggregate revenues of all such Subsidiaries and their Subsidiaries (on a consolidated basis)
for the most recent period of four consecutive fiscal quarters of such Subsidiaries and their Subsidiaries for which financial
statements required to be delivered pursuant to Section 5.01 do not exceed an amount equal to 3% of the consolidated revenues
of the Borrower and its Subsidiaries on a pro forma basis for such period; provided, further that if the aggregate
assets or revenues of all Subsidiaries designated by the Borrower as “Immaterial Subsidiaries” (and not redesignated)
shall as at any such time exceed the limits set forth in clauses (a), (b) and (c) above, then all such Subsidiaries shall be deemed
not to be Immaterial Subsidiaries unless and until the Borrower shall redesignate one or more as not Immaterial Subsidiaries,
in each case in a written notice to the Administrative Agent, and, as a result thereof, the aggregate assets and revenues of all
Subsidiaries still designated as “Immaterial Subsidiaries” do not exceed such limits.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.07(f).

 

“Indebtedness”
of any Person means, without duplication, (a) (i) all obligations of such Person for borrowed money or (ii) with respect
to deposits, loans or advances of any kind that are required to be accounted for under GAAP as a liability on the financial statements
of an Obligor (other than deposits received in connection with a Portfolio Investment in the ordinary course of the Obligor’s
business (including, but not limited to, any deposits or advances in connection with expense reimbursement, prepaid agency fees,
other fees, indemnification, work fees, tax distributions or purchase price adjustments)), (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar debt instruments, (c) all obligations of such Person under conditional sale
or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect
of the deferred purchase price of property or services (other than trade accounts payable and accrued expenses in the ordinary
course of business not past due for more than 90 days after the date on which such trade account payable was due), (e) all
Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed (with the value of such debt being the lower of the outstanding amount of such debt and the fair market
value of the property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital
Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect
of letters of credit and letters of guaranty, (i) the net amount such Person would be obligated for under any Hedging Agreement
if such Hedging Agreement was terminated at that time, and (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing,
“Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect
of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or
Investment or (y) a commitment arising in the ordinary course of business to make a future Portfolio Investment or fund the
delayed draw or unfunded portion of any existing Portfolio Investment.

 

    	 	 18	 

     

    

 

“Independent”
when used with respect to any specified Person means that such Person (a) does not have any direct financial interest or
any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser
or any Affiliate thereof) other than ownership of publicly traded stock of the Borrower or any such Subsidiary or Affiliate
with a market value not to exceed $1,000,000 and (b) is not an officer, employee, promoter, underwriter, trustee, partner,
director or a Person performing similar functions of the Borrower or of its Subsidiaries or Affiliates (including its investment
advisor or any Affiliate thereof).

 

“Independent
Valuation Provider” means any of Duff & Phelps LLC, Murray, Devine and Company, Lincoln Partners Advisors LLC, Houlihan
Lokey and Valuation Research Corporation, or any other Independent nationally recognized third-party appraisal firm selected by
the Administrative Agent, and reasonably acceptable to the Borrower.

 

“Industry
Classification Group” means (a) any of the classification groups set forth in Schedule 1.01(b) hereto, together with
any such classification groups that may be subsequently established by Moody’s and provided by the Borrower to the Administrative
Agent and (b) up to three additional industry group classifications established by the Borrower pursuant to Section 5.12.

 

“ING”
means ING Capital LLC.

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.06.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, each Quarterly Date and (b) with respect to any Eurocurrency
Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at three-month intervals after the first day of such Interest
Period.

 

“Interest
Period” means, for any Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending
on the numerically corresponding day in the calendar month that is one, three or six months thereafter or, with respect to such
portion of any Loan or Borrowing that is scheduled to be repaid on the Maturity Date, a period of less than one month’s
duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified in the applicable Borrowing
Request or Interest Election Request; provided, that (a) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would
fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any
Interest Period (other than an Interest Period that ends on the Maturity Date that is permitted to be of less than one month’s
duration as provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which
such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the
date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion
or continuation of such Loans.

 

    	 	 19	 

     

    

 

“Internal
Value” has the meaning set forth in Section 5.12(b)(ii)(C).

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement
to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short
sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale);
(b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property from
another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person, but
excluding any advances to employees, officers, directors and consultants of the Borrower or any of its Subsidiaries for travel,
entertainment, business and moving expenses in the ordinary course of business); or (c) Hedging Agreements.

 

“Investment
Advisor” means CNL Fund Advisors II, LLC, a Delaware limited liability company.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time.

 

“Investment
Policies” means the Borrower’s written investment objectives, policies, restrictions and limitations (including
the Borrower’s investment allocation and conflicts mitigation policy between affiliated investment vehicles managed directly
or indirectly by the Investment Advisor) delivered to the Administrative Agent prior to the Effective Date, as may be amended
or modified from time to time in accordance with the terms hereof.

 

“Issuing
Bank” means ING Capital LLC, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such
capacity as provided in Section 2.04(j).

 

“IVP
External Unquoted Borrowing Base Value” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(x).

 

“IVP
Supplemental Cap” has the meaning assigned to such term in Section 9.03(a).

 

“IVP
Tested Assets” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(x).

 

    	 	 20	 

     

    

 

“IVP
Testing Date” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(x).

 

“Last
Out Loan” has the meaning assigned to such term in Section 5.13.

 

“LC
Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

“LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time (including any Letter of Credit for which a draft has been presented but not yet honored by the Issuing Bank) plus
(b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed
by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Multicurrency
Percentage of the total LC Exposure at such time.

 

“Lenders”
means, collectively, the Dollar Lenders and the Multicurrency Lenders.

 

“Letter
of Credit” means any letter of credit issued pursuant to this Agreement.

 

“Letter
of Credit Collateral Account” has the meaning assigned to such term in Section 2.04(k).

 

“Letter
of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor and any other
agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit)
governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit
or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from
time to time.

 

“LIBO
Quoted Currency” means each of the following currencies: Dollars; Euro; and English Pounds Sterling; in each case so
long as there is a published LIBO rate with respect thereto.

 

“LIBO
Rate” means, for any Interest Period:

 

(a)       
for any Eurocurrency Borrowing denominated in a LIBO Quoted Currency, the Intercontinental Exchange Benchmark Administration Ltd.
LIBOR Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates
available) per annum for deposits in such Currency for a period equal to the Interest Period appearing on the display designated
as Reuters Screen LIBOR01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange
Benchmark Administration Ltd. LIBOR Rate (or the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd.
is no longer making such rates available) for the display of such Administration’s Interest Settlement Rates for deposits
in such Currency) as of 11:00 a.m., London time on the day that is two Business Days prior to the first day of the Interest
Period (or if such Reuters Screen LIBOR01 Page is unavailable for any reason at such time, the rate which appears on the Reuters
Screen ISDA Page as of such date and such time); provided, that if the Administrative Agent determines that the relevant
foregoing sources are unavailable for the relevant Interest Period, LIBO Rate for purposes of this definition shall mean the rate
of interest determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th
of 1%) of the rates per annum at which deposits in such Currency are offered to the Administrative Agent two (2) business
days preceding the first day of such Interest Period by leading banks in the London interbank market as of 11:00 a.m. for delivery
on the first day of such Interest Period, for the number of days comprised therein and in an amount comparable to the amount of
the Administrative Agent’s portion of the relevant Eurocurrency Borrowing; provided, further, that if the
LIBO Rate is less than zero, such rate shall be zero for purposes of this Agreement;

 

    	 	 21	 

     

    

 

(b)       in
the case of any Eurocurrency Borrowings denominated in AUD, the AUD Bank Bill Reference Rate per annum;

 

(c)       in
the case of any Eurocurrency Borrowings denominated in Canadian Dollars, the CDOR Rate per annum;

 

(d)       in
the case of any Eurocurrency Borrowings denominated in NZD, the NZD Rate per annum; and

 

(e)       for
all Non-LIBO Quoted Currencies (other than Canadian Dollars, AUD or NZD), the calculation of the applicable reference rate shall
be determined in accordance with market practice.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities (other than on market terms at fair value so long as in the case of any Portfolio Investment, the Value used
in determining the Borrowing Base is not greater than the purchase or call price), except in favor of the issuer thereof (and,
for the avoidance of doubt, in the case of Investments that are loans or other debt obligations, restrictions on assignments or
transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such Investment shall
not be deemed to be a “Lien” and, in the case of Portfolio Investments that are equity securities, excluding customary
drag-along, tag-along, right of first refusal, restrictions on assignments or transfers and other similar rights in favor of other
equity holders of the same issuer).

 

“Loan
Documents” means, collectively, this Agreement, any promissory notes delivered pursuant to Section 2.08(f) and
the Security Documents.

 

“Loans”
means the revolving loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Local
Time” means, with respect to any Loan denominated in or any payment to be made in any Currency, the local time in the
Principal Financial Center for the Currency in which such Loan is denominated or such payment is to be made.

 

    	 	 22	 

     

    

 

“Long-Term
U.S. Government Securities” has the meaning assigned to such term in Section 5.13.

 

“Margin
Stock” means “margin stock” within the meaning of Regulations D, T, U and X.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken
as a whole) and other assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower
and its Subsidiaries (other than the Financing Subsidiaries), taken as a whole, or (b) the validity or enforceability of
any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder or the ability of the
Obligors to perform their respective obligations thereunder.

 

“Material
Indebtedness” means (a) Indebtedness (other than the Loans, Letters of Credit, Hedging Agreements and total return swaps),
of any one or more of the Borrower and its Subsidiaries in an aggregate outstanding principal amount exceeding $5,000,000, (b) obligations
in respect of one or more Hedging Agreements under which the maximum aggregate amount (giving effect to any netting agreements) that
the Borrower and the Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would
exceed $5,000,000 and (c) obligations in respect of any total return swap under which the outstanding utilized notional amount
less the value of the margin posted by the Borrower or any of its Subsidiaries thereunder at such time would exceed $5,000,000.

 

“Maturity
Date” means the date that is the one (1) year anniversary of the Revolver Termination Date.

 

“Mezzanine
Investments” has the meaning assigned to such term in Section 5.13.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

“Multicurrency
Commitments” means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans,
and to acquire participations in Letters of Credit, denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed
as an amount representing the maximum aggregate amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.07 or reduced from time to time pursuant
to Section 2.09 or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Multicurrency Commitment as of the
Effective Date is set forth on Schedule 1.01(c), or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency Commitments as of the Effective
Date is $51,500,000.

 

“Multicurrency
Lender” means the Persons listed on Schedule 1.01(c) as having Multicurrency Commitments and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Commitment
or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to
an Assignment and Assumption.

 

    	 	 23	 

     

    

 

“Multicurrency
Loan” means a Loan denominated in Dollars or in an Agreed Foreign Currency made pursuant to the Multicurrency Commitments.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is contributed to, or is
required to be contributed to, by the Borrower.

 

“National
Currency” means the currency, other than the Euro, of a Participating Member State.

 

“Net
Asset Sale Proceeds” means, with respect to any Asset Sale, an amount equal to (a) the sum of Cash payments and
Cash Equivalents received by the Obligors from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred
payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received), minus (b) any
costs, fees, commissions, premiums and expenses incurred by any Obligor directly incidental to such Asset Sale, including reasonable
legal fees and expenses, minus (c) all taxes paid or reasonably estimated to be payable as a result of such Asset Sale
(after taking into account any available tax credits or deductions) and (d) reserves for indemnification, purchase price adjustments
or analogous arrangements reasonably estimated by the Borrower or the relevant Subsidiary in connection with such Asset Sale;
provided that, (i) such reserved amount shall not be included in the Borrowing Base and (ii) if the amount of any estimated reserves
pursuant to this clause (d) exceeds the amount actually required to be paid in cash in respect of indemnification, purchase price
adjustments or analogous arrangements for such Asset Sale, the aggregate amount of such excess shall constitute Net Asset Sale
Proceeds (as of the date the Borrower determines such excess exists).

 

“Net
Extraordinary Receipts” means an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount)
received not in the ordinary course by or paid to any Obligor on account of any foreign, United States, state or local tax refunds
(other than for the avoidance of doubt, amounts received by the Borrower pursuant to Section 2.15(j)), pension plan reversions,
judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, condemnation awards
(and payments in lieu thereof), indemnity payments, purchase price adjustments received in connection with any purchase agreement
and proceeds of insurance, minus (b) any costs, fees, commissions, premiums and expenses incurred by any Obligor directly
incidental to such Cash receipts, including reasonable legal fees and expenses, minus (c) all taxes paid or reasonably
estimated to be payable as a result of such Cash receipts (after taking into account any available tax credits or deductions);
provided, however, that Net Extraordinary Receipts shall not include (i) proceeds of any issuance of
Equity Interests or issuances of Indebtedness by any Obligor, (ii) amounts that any Obligor receives from the Administrative
Agent or any Lender in connection with the Loan Documents, (iii) Cash receipts to the extent received from proceeds of any
casualty insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds are used within 90 days
to repair or replace the assets giving rise to such proceeds, (iv) proceeds of business interruption insurance to the extent such
proceeds constitute compensation for lost earnings, or (v) indemnity payments or payments in respect of judgments or settlements
of claims, litigation or proceedings to the extent that such payments are received by any Person in respect of any unaffiliated
third party claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for its prior payment
of) such claim or loss and the costs and expenses of such Person with respect thereto.

 

    	 	 24	 

     

    

 

“Net
Return of Capital” means an amount equal to (a) any Cash amount (and Cash proceeds of any non-Cash amount) received
by any Obligor at any time in respect of the outstanding principal of any Portfolio Investment (whether at stated maturity, by
acceleration or otherwise), plus (b) without duplication of amounts received under clause (a), any Cash proceeds (including
Cash proceeds of any non-Cash consideration) received by any Obligor at any time from the sale of any property or assets pledged
as collateral in respect of any Portfolio Investment to the extent such Cash proceeds are less than or equal to the outstanding
principal balance of such Portfolio Investment, plus (c) any cash amount (and Cash proceeds of any non-Cash amount)
received by any Obligor at any time in respect of any Portfolio Investment that is an Equity Interest (x) upon the liquidation
or dissolution of the Portfolio Company of such Portfolio Investment, (y) as a distribution of capital made on or in respect
of such Portfolio Investment (other than, in the case of a Portfolio Investment that is Capital Stock, any distribution on account
of actual taxes paid or reasonably estimated to be payable), or (z) pursuant to the recapitalization or reclassification
of the capital of the Portfolio Company of such Portfolio Investment or pursuant to the reorganization of such Portfolio Company
plus (d) any similar return of capital received by any Obligor in Cash (and Cash proceeds of any non-Cash amount)
in respect of any Portfolio Investment, minus (e) (i) any costs, fees, commissions, premiums and expenses incurred by any
Obligor directly incidental to such Cash receipts, including reasonable legal fees and expenses and (ii) any amounts necessary
to meet tax obligations from associated gain.

 

“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.02(d).

 

“Non-Core
Investments” has the meaning assigned to such term in Section 5.13.

 

“Non-LIBO
Quoted Currency” means any currency other than a LIBO Quoted Currency.

 

“Noteless
Assigned Loan” has the meaning assigned to such term in Section 5.13.

 

“NZD”
means the lawful currency of New Zealand.

 

“NZD
Rate” means for any Loans in NZD, (a) with respect to any Interest Period, the average bank bill reference rate
as administered by the New Zealand Financial Markets Association (or any other Person that takes over the administration of that
rate) for bills of exchange with a tenor equal in length to such Interest Period (or if such Interest Period is not equal to a
number of months, for a term equivalent to the number of months closest to such Interest Period) as displayed on page BKBM of
the Reuters screen at or about 11:00 a.m. (Wellington, New Zealand time) on the day that is two Business Days prior to the first
day of such Interest Period or, in the event such rate does not appear on such page, on any successor or substitute page on such
screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall
be selected by the Administrative Agent from time to time in its reasonable discretion; provided, that, if the rate determined
in accordance with this clause (a) shall be less than zero, such rate shall be deemed to be zero for purposes of this clause (a),
plus (b) 0.20%.

 

    	 	 25	 

     

    

 

“Obligors”
means, collectively, the Borrower and the Subsidiary Guarantors.

 

“Obligors’
Net Worth” means, at any date, the Stockholders’ Equity at such date, minus the net asset value held by any Obligor
in any non-Obligor Subsidiary.

 

“OFAC”
has the meaning assigned to such term in Section 3.17.

 

“Other
Connection Taxes” means, with respect to any recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction
imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other
Covered Indebtedness” means, collectively (i) Unsecured Shorter-Term Indebtedness and (ii) the net amount that any Obligor
would be obligated to pay under any Hedging Agreement as a result of the termination of such Hedging Agreement as of any date
of determination.

 

“Other
Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to, any Loan Document, except any such taxes that are Other Connection Taxes imposed with respect to an
assignment (other than an assignment made pursuant to Section 2.18(b) of the Agreement).

 

“Participant
Register” shall have the meaning assigned to such term in Section 9.04(f).

 

“Participating
Member State” means any member state of the European Community that adopts or has adopted the Euro as its lawful currency
in accordance with the legislation of the European Union relating to the European Monetary Union.

 

“Patriot
Act” means USA Patriot Act Title III of Pub. L. 107-56 (signed into law October 26, 2001).

 

“PBGC”
means the U.S. Pension Benefit Guaranty Corporation as referred to and defined in ERISA.

 

“Performing”
has the meaning assigned to such term in Section 5.13.

 

    	 	 26	 

     

    

 

“Performing
Capital Stock” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay Covenant-Lite Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay First Lien Bank Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay High Yield Securities” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay Last Out Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay Mezzanine Investments” has the meaning assigned to such term in Section 5.13.

 

“Performing
Cash Pay Second Lien Bank Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Covenant-Lite Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
DIP Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
First Lien Bank Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
High Yield Securities” has the meaning assigned to such term in Section 5.13.

 

“Performing
Last Out Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Mezzanine Investments” has the meaning assigned to such term in Section 5.13.

 

“Performing
Non-Cash Pay Bank Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Non-Cash Pay Covenant-Lite Loans” has the meaning assigned to such term in Section 5.13.

 

“Performing
Non-Cash Pay High Yield Securities” has the meaning assigned to such term in Section 5.13.

 

“Performing
Non-Cash Pay Mezzanine Investments” has the meaning assigned to such term in Section 5.13.

 

    	 	 27	 

     

    

 

“Performing
Non-Cash Pay Investments” has the meaning assigned to such term in Section 5.13.

 

“Performing
Second Lien Bank Loans” has the meaning assigned to such term in Section 5.13.

 

“Permitted
Equity Interests” means common stock of the Borrower that after its issuance is not subject to any agreement between
the holder of such common stock and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or
terminate any such common stock.

 

“Permitted
Foreign Jurisdiction” means Australia, Canada, France, Germany, Ireland, Italy, Luxembourg, New Zealand, Sweden, Switzerland,
the Netherlands and the United Kingdom.

 

“Permitted
Liens” means (a) Liens imposed by any Governmental Authority for taxes, assessments or charges (i) not yet due
or (ii) that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained
on the books of the Borrower in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred
in the ordinary course of business; provided that such Liens (i) attach only to the securities (or proceeds) being
purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale, and not any obligation
in connection with margin financing; (c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’,
workmen’s, storage, landlord, and repairmen’s Liens and other similar Liens arising in the ordinary course of business
and securing obligations (other than Indebtedness for borrowed money) not yet due or that are being contested in good faith and
by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance
with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business
under workers’ compensation laws, unemployment insurance or other similar social security legislation (other than in respect
of employee benefit plans subject to ERISA) or to secure public or statutory obligations; (e) Liens securing the performance
of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts
(other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature
incurred in the ordinary course of business; (f) Liens arising out of judgments or awards that have been in force for less
than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default; (g) customary
rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions in which such cash
is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts in favor of
banks and other financial institutions with which such accounts are maintained in the ordinary course of business and (iii) assets
held by a custodian in favor of such custodian in the ordinary course of business, in the case of each of clauses (i) through
(iii) above, securing payment of fees, indemnities, charges for returning items and other similar obligations; (h) Liens
arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions
in respect of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; (i) zoning
restrictions, easements, licenses, or other restrictions on the use of any real estate (including leasehold title), in each case
which do not interfere with or affect in any material respect the ordinary course conduct of the business of the Borrower and
its Subsidiaries; (j) purchase money Liens on specific equipment and fixtures provided that (i) such Liens only attach
to such equipment and fixtures, (ii) the Indebtedness secured thereby is incurred in the ordinary course of business and
does not exceed $2,000,000 in the aggregate at any time outstanding and (iii) the Indebtedness secured thereby does not exceed
the lesser of the cost and the fair market value of such equipment and fixtures at the time of the acquisition thereof; (k) deposits
of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (l) Eligible Liens; (m)
Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code covering assets sold
or contributed to any Person in a transaction not prohibited hereunder; and (n) Liens in favor of any escrow agent solely on and
in respect of any cash earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement
(to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder).

 

    	 	 28	 

     

    

 

“Permitted
Policy Amendment” is an amendment, modification, termination or restatement of the Investment Policies or Valuation
Policy, that is either (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required
by applicable law or Governmental Authority (or, in the case of the Valuation Policy, under GAAP), or (c) could not reasonably
be expected to have a material adverse effect on the Lenders.

 

“Permitted
Prior Working Capital Lien” has the meaning assigned to such term in Section 5.13.

 

“Permitted
SBIC Guarantee” means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable
form; provided that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of
an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided
in clause (r) of Article VII, it shall be an Event of Default hereunder if any such event or condition giving rise to such
recourse occurs).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA
or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or,
if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined
in Section 3(5) of ERISA.

 

“Portfolio
Company” means the issuer or obligor under any Portfolio Investment held by any Obligor.

 

“Portfolio
Investment” means any Investment held by the Borrower and its Subsidiaries in their asset portfolio.

 

“Pounds
Sterling” means the lawful currency of England.

 

    	 	 29	 

     

    

 

“Prime
Rate” means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S.
Prime Rate” (or its successor), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily
represent the lowest or best rate actually charged to any customer. The Administrative Agent or any Lender may make commercial
loans or other loans at rates of interest at, above, or below the Prime Rate.

 

“Principal
Financial Center” means, in the case of any Currency, the principal financial center where such Currency is cleared
and settled, as determined by the Administrative Agent.

 

“Pro-Rata
Borrowing” has the meaning set forth in Section 2.03(a).

 

“Pro-Rata
Dollar Portion” means, in connection with any Pro-Rata Borrowing, an amount equal to (i) the aggregate amount of
such Pro-Rata Borrowing multiplied by (ii) the aggregate Dollar Commitments of all Dollar Lenders at such time divided by
(iii) the aggregate Commitments of all Lenders at such time.

 

“Pro-Rata
Multicurrency Portion” means, in connection with any Pro-Rata Borrowing in Dollars, an amount equal to (i) the
aggregate amount of such Pro-Rata Borrowing multiplied by (ii) the aggregate Multicurrency Commitments of all Multicurrency
Lenders at such time divided by (iii) the aggregate Commitments of all Lenders at such time.

 

“Quarterly
Dates” means the last Business Day of March, June, September and December in each year, commencing on September 29,
2017.

 

“Quoted
Investments” has the meaning set forth in Section 5.12(b)(ii)(A).

 

“Register”
has the meaning set forth in Section 9.04(c).

 

“Regulations
D, T, U and X” means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System
(or any successor), as the same may be modified and supplemented and in effect from time to time.

 

“Reinvestment
Agreement” means a guaranteed reinvestment agreement from a bank, insurance company or other corporation or entity having
a credit rating of at least A-1 from S&P and at least P-1 from Moody’s; provided that such agreement provides
that it is terminable by the purchaser, without penalty, if the rating assigned to such agreement by either S&P or Moody’s
is at any time lower than such ratings.

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers,
employees, agents and advisors of such Person and such Person’s Affiliates.

 

“Required
Lenders” means, at any time, subject to Section 2.17(b), Lenders having Revolving Credit Exposures and unused Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided,
that, (a) if there are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders
having Revolving Credit Exposures and unused Commitments representing more than 67% of the sum of the total Revolving Credit Exposures
and unused Commitments at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders”
shall mean all Lenders. The “Required Lenders” of a Class (which shall include the term “Required Multicurrency
Lenders”) means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more than 50%
of the sum of the total Revolving Credit Exposures and unused Commitments of such Class (or, if there are only three (3) Lenders
of such Class at such time, 67% of the sum of the total Revolving Credit Exposures and unused Commitments of such Class and, if
there are only two (2) Lenders of such Class at such time, all Lenders in such Class).

 

    	 	 30	 

     

    

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect
to any shares of any class of capital stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire
any such shares of capital stock of the Borrower (other than any equity awards granted to employees, officers, directors and consultants
of the Borrower and its Affiliates); provided, for clarity, neither the conversion of convertible debt into capital stock
nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital
stock (other than interest or expenses, which may be payable in cash) shall be a Restricted Payment hereunder.

 

“Restructured
Investment” has the meaning assigned to such term in Section 5.13.

 

“Revolver
Termination Date” means the date that is the two (2) year anniversary of the Effective Date, unless extended with the
consent of each Lender in its sole and absolute discretion.

 

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure at such time.

 

“Revolving
Dollar Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Loans at such time made or incurred under the Dollar Commitments.

 

“Revolving
Multicurrency Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Loans at such time made or incurred under the Multicurrency Commitments, and its LC Exposure.

 

“Revolving
Percentage” means, as of any date of determination, the result, expressed as a percentage, of the aggregate Revolving
Credit Exposure on such date divided by the aggregate outstanding Covered Debt Amount on such date.

 

“RIC”
means a Person qualifying for treatment as a “regulated investment company” under the Code.

 

    	 	 31	 

     

    

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., a New York corporation,
or any successor thereto.

 

“Sanctioned
Country” means, at any time, a country, territory or region that is, or whose government is, the subject or target of
any Sanctions.

 

“Sanctions”
has the meaning assigned to such term in Section 3.17.

 

“SBA”
means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions
thereof.

 

“SBIC
Subsidiary” means any Subsidiary of the Borrower (or such Subsidiary’s general partner or manager entity) that
is (x) either (i) a “small business investment company” licensed by the SBA (or that has applied for such
a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted)
under the Small Business Investment Act of 1958, as amended, or (ii) any wholly-owned, directly or indirectly, Subsidiary
of an entity referred to in clause (x)(i) of this definition, and (y) designated by the Borrower (as provided below)
as an SBIC Subsidiary, so long as:

 

(a)       other
than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution
to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted
by Sections 6.03(f) and (g) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness
or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries
(other than any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any
SBIC Subsidiary) in any way, or (iii) subjects any property of the Borrower or any of its Subsidiaries (other than any SBIC
Subsidiary) to the satisfaction thereof;

 

(b)       other
than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement,
arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary;

 

(c)       neither
the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve
its financial condition or cause it to achieve certain levels of operating results; and

 

(d)       such
Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure,
and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of
any one or more of the Obligors.

 

Any
designation by the Borrower under clause (y) above shall be effected pursuant to a certificate of a Financial Officer delivered
to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer’s
knowledge, such designation complied with the foregoing conditions.

 

    	 	 32	 

     

    

 

“SEC”
means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions
thereof.

 

“Second
Lien Bank Loan” has the meaning assigned to such term in Section 5.13.

 

“Securities”
has the meaning assigned to such term in Section 5.13.

 

“Securities
Act” has the meaning assigned to such term in Section 5.13.

 

“Security
Documents” means, collectively, the Guarantee and Security Agreement, the Custodian Agreement and all other assignments,
pledge agreements, security agreements, control agreements and other instruments executed and delivered at any time by any of
the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for
any of the Secured Obligations under and as defined in the Guarantee and Security Agreement.

 

“Senior
Securities” means senior securities (as such term is defined and determined pursuant to the Investment Company Act and
any orders of the SEC issued to the Borrower thereunder).

 

“Settlement-Date
Basis” means that any Investment that has been purchased will not be treated as an Eligible Portfolio Investment until
such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio
Investment until such sale has settled.

 

“Short-Term
U.S. Government Securities” has the meaning assigned to such term in Section 5.13.

 

“Solvent”
means, with respect to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor’s
debt and liabilities (including contingent liabilities) does not exceed the present fair saleable value of such Person’s
present assets, (ii) such Obligor’s capital is not unreasonably small in relation to its business as contemplated on
the Effective Date and reflected in any projections delivered to the Lenders or with respect to any transaction contemplated or
undertaken after the Effective Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor
should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity
or otherwise); and (b) such Obligor is “solvent” within the meaning given to such term and similar terms under
applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent
liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

    	 	 33	 

     

    

 

“Special
Equity Interest” means any Equity Interest that is subject to a Lien in favor of creditors of the issuer or issuer’s
affiliates of such Equity Interest, provided that (a) such Lien was created to secure Indebtedness owing by such issuer
to such creditors, (b) such Indebtedness was (i) in existence at the time the Obligors acquired such Equity Interest,
(ii) incurred or assumed by such issuer substantially contemporaneously with such acquisition or (iii) already subject
to a Lien granted to such creditors and (c) unless such Equity Interest is not intended to be included in the Collateral,
the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest in the Collateral.

 

“Standard
Securitization Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with
any related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the
purchase price or grant purchase price credits for breach of representations and warranties referred to in clause (c), and (c) representations,
warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary
in commercial loan securitizations (in each case in clauses (a), (b) and (c) excluding obligations related to the collectability
of the assets sold or the creditworthiness of the underlying obligors and excluding obligations that constitute credit recourse).

 

“Statutory
Reserve Rate” means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over
each day in such Interest Period, of the aggregate of the applicable maximum reserve percentages (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve
percentages shall include those imposed pursuant to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency
funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that
may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall
be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Stockholders’
Equity” means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP,
of stockholders’ equity for the Borrower and its Subsidiaries at such date.

 

“Structured
Finance Obligations” means any obligation issued by a special purpose vehicle (or any similar obligor) and secured directly
by, referenced to, or representing ownership of or investment in, a pool of receivables or other financial assets of any Obligor,
including collateralized loan obligations, collateralized debt obligations and mortgaged-backed securities, or any finance lease.
For the avoidance of doubt, if an obligation satisfies this definition of “Structured Finance Obligation”, such obligation
(a) shall not qualify as any other category of Portfolio Investment and (b) shall not be included in the Borrowing Base.

 

“Structured
Subsidiaries” means a direct or indirect Subsidiary of the Borrower which is formed in connection with third-party financings
(including prior to the Effective Date) and which engages in no material activities other than in connection with the purchase
and financing of assets from the Obligors or any other Person, and which is designated by the Borrower (as provided below) as
a Structured Subsidiary, so long as:

 

    	 	 34	 

     

    

 

(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any
Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any
Obligor in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor
(other than property that has been contributed or sold or otherwise transferred to such Subsidiary in accordance with the terms
Sections 6.03(f) and (g)), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant
to Standard Securitization Undertakings or any Guarantee thereof;

 

(b)       no
Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms no less favorable
to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than
fees payable in the ordinary course of business in connection with servicing loan assets; and

 

(c)       no
Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain
levels of operating results.

 

Except
as provided in the next sentence, any such designation by the Borrower shall be effected pursuant to a certificate of a Financial
Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of
such Financial Officer’s knowledge, such designation complied with the foregoing conditions. Each Subsidiary of a Structured
Subsidiary shall be deemed to be a Structured Subsidiary and shall comply with the foregoing requirements of this definition.

 

“Sub-Advisor”
means KKR Credit Advisors (US) LLC, a Delaware limited liability company

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well
as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or
other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case
of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent. Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not
include any Person that constitutes an Investment held by any Obligor in the ordinary course of business and that is not, under
GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower.

 

“Subsidiary
Guarantor” means any domestic Subsidiary that is or is required to be a Guarantor under the Guarantee and Security Agreement.
It is understood and agreed that, subject to Section 5.08(a), no CFC, Transparent Subsidiary, Financing Subsidiary or Immaterial
Subsidiary shall be required to be a Subsidiary Guarantor as long as it remains a CFC, Transparent Subsidiary, Financing Subsidiary
or Immaterial Subsidiary, as applicable, each as defined and described herein.

 

    	 	 35	 

     

    

 

“Taxes”
means any and all present or future taxes levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

 

“Termination
Date” means the date on which the Commitments have expired or been terminated and the principal of and accrued interest
on each Loan and all fees and other amounts payable hereunder by the Borrower or any other Obligor shall have been paid in full
(excluding, for the avoidance of doubt, any amount in connection with any contingent, unasserted obligations) and all Letters
of Credit shall have (v) expired, (w) terminated, (x) been cash collateralized or (y) otherwise backstopped in a manner reasonably
acceptable to the Issuing Bank and the Administrative Agent and all LC Disbursements then outstanding have been reimbursed.

 

“Tested
Amount” means the greater of (i) an amount equal to (x) 125% of the Covered Debt Amount as of the applicable IVP Testing
Date minus (y) the sum of Cash and the aggregate value of all Quoted Investments included in the Borrowing Base as of the applicable
IVP Testing Date; and (ii) 10% of the aggregate value of all Unquoted Investments included in the Borrowing Base as of the applicable
IVP Testing Date; provided that in no event shall more than 25% (or, if clause (ii) applies, 10%, or as near thereto as
reasonably practicable) of the aggregate value of the Unquoted Investments in the Borrowing Base be tested by the Independent
Valuation Provider in respect of any applicable IVP Testing Date ((the determination of fair value for such 25% threshold shall
be based off of the last determination of value of the Portfolio Investments pursuant to Section 5.12 and, for the avoidance of
doubt, in the case of any Unquoted Investments acquired during the calendar quarter, the value shall be as determined pursuant
to the proviso of Section 5.12(b)(ii)(E).

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and other Loan Documents, the borrowing of Loans,
and the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

 

“Transferable”
has the meaning set forth on Schedule 1.01(d).

 

“Transparent
Subsidiary” means an entity classified as a partnership or as a disregarded entity for U.S. federal income taxes directly
or indirectly owned by an Obligor that has no material assets other than Equity Interests (held directly or indirectly through
other Transparent Subsidiaries) in one or more CFCs.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

“Undisclosed
Administration” means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator
under or based on the law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction
supervision if applicable law requires that such appointment is not to be publicly disclosed and such appointment has not been
publicly disclosed.

 

    	 	 36	 

     

    

 

“Uniform
Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“United
States” means the United States of America.

 

“Unquoted
Investments” has the meaning set forth in Section 5.12(b)(ii)(B).

 

“Unsecured
Longer-Term Indebtedness” means any Indebtedness of the Borrower or any of its Subsidiaries for borrowed money that:

 

(a) has
no amortization or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months
after the Maturity Date (it being understood that (i) the conversion features into Permitted Equity Interests under convertible
notes (as well as the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests, except in
the case of interest expenses or fractional shares (which may be payable in cash)) shall not constitute “amortization”,
“redemption”, “repurchase” or “repayment” for the purposes of this definition and (ii) any
mandatory amortization, redemption, repurchase or prepayment obligation or put right that is contingent upon the happening of
an event that is not certain to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself
be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding the foregoing, in this clause (ii), the
Borrower acknowledges that any payment prior to the Termination Date in respect of any such obligation or right shall only be
made to the extent permitted by Section 6.12));

 

(b) is
incurred pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly
situated borrowers as reasonably determined in good faith by Borrower, or, if such transaction is not one in which there are market
terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated in good faith on an arm’s-length
basis (in each case other than financial covenants, covenants governing the borrowing base and events of default (other than events
of default in customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements
generally), which shall be no more restrictive upon the Borrower and its Subsidiaries, prior to the Termination Date, than those
set forth in this Agreement); provided that, upon the Borrower’s written request in connection with the incurrence
of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this
clause (b), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required
Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely
to the extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be as
restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that put rights or repurchase or
redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital
Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or
(y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined
in convertible note offerings) or constitute Events of Default under this Agreement shall not be deemed to be more restrictive
for purposes of this definition); and

 

    	 	 37	 

     

    

 

(c) is
not secured by any assets of any Person. For the avoidance of doubt, Unsecured Longer-Term Indebtedness shall also include any
refinancing, refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed
or extended Indebtedness continues to satisfy the requirements of this definition.

 

“Unsecured
Shorter-Term Indebtedness” means any Indebtedness of the Borrower or any of its Subsidiaries for borrowed money that
is not secured by any assets of any Person and that does not constitute Unsecured Longer-Term Indebtedness. For the avoidance
of doubt, Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured
Shorter-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements
of clause (a).

 

“USA
PATRIOT Act” has the meaning assigned to such term in Section 3.18.

 

“U.S.
Government Securities” means securities that are direct obligations of, and obligations the timely payment of principal
and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations
of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes.

 

“Valuation
Policy” has the meaning assigned to such term in Section 5.12(b)(ii)(B)(y).

 

“Value”
has the meaning assigned to such term in Section 5.13.

 

“Withholding
Agent” means any Obligor and the Administrative Agent.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a “complete withdrawal” or “partial
withdrawal” from such Multiemployer Plan, as defined in Part I of Subtitle E of Title IV of ERISA.

 

“wholly
owned Subsidiary” of any person shall mean a Subsidiary of such person, all of the Equity Interests of which (other
than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such
person and/or one or more wholly owned Subsidiaries of such person. Unless the context otherwise requires, “wholly owned
Subsidiary Guarantor” shall mean a wholly owned Subsidiary that is a Subsidiary Guarantor.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

    	 	 38	 

     

    

 

Section 1.02.     Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a
“Dollar Loan” or a “Multicurrency Loan”), by Type (e.g., an “ABR Loan”) or by Class and Type
(e.g., a “Multicurrency Eurocurrency Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Dollar
Borrowing” or a “Multicurrency Borrowing”), by Type (e.g., an “ABR Borrowing”) or by Class and Type
(e.g., a “Multicurrency Eurocurrency Borrowing”). Loans and Borrowings may also be identified by Currency.

 

Section 1.03.     Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
on such successors and assigns set forth herein), (c) the words “herein”, “hereof’ and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights. For the avoidance of doubt, any cash payment
(other than any cash payment on account of interest) made by the Borrower in respect of any conversion features in any convertible
securities that may be issued by the Borrower shall constitute a “regularly scheduled payments and interest” within
the meaning of Section 6.12.

 

Section 1.04.     Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative
Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the
Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies
the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then Borrower, Administrative
Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of the Agreement so as
to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such change to comply with GAAP as if such change had not been made; provided, however,
until such amendments to equitably reflect such changes are effective and agreed to by Borrower, Administrative Agent and the
Required Lenders, the Borrower’s compliance with such financial covenants shall be determined on the basis of GAAP as in
effect and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything herein
to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Financial
Accounting Standard No. 159 (or successor standard solely as it relates to fair valuing liabilities) or Accounting Standard Codification
825, all determinations relating to fair value accounting for liabilities or compliance with the terms and conditions of this
Agreement shall be made on the basis that the Borrower has not adopted Financial Accounting Standard No. 159 (or such successor
standard solely as it relates to fair valuing liabilities) or Accounting Standard Codification 825.

 

    	 	 39	 

     

    

 

Section 1.05.     Currencies
Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any
other provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time
whether or not the name of such Currency is the same as it was on the date hereof. Except as provided in Section 2.09(b) and the
last sentence of Section 2.16(a), for purposes of determining (i) whether the amount of any Borrowing under the Multicurrency
Commitments, together with all other Borrowings under the Multicurrency Commitments then outstanding or to be borrowed at the
same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized
amount of the Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing
Base or the Value or the fair market value of any Portfolio Investment, the outstanding principal amount of any Borrowing that
is denominated in any Foreign Currency or the Value or the fair market value of any Portfolio Investment that is denominated in
any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing or Portfolio
Investment, as the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence of
the definition of the term “Interest Period”) or the date of valuation of such Portfolio Investment, as the case may
be; provided that in connection with the delivery of any Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts
shall be determined as of the date of the delivery of such Borrowing Base Certificate. Where any amount is denominated in Dollars
under this Agreement but requires for its determination an amount which is denominated in a Foreign Currency, such amounts shall
be converted to the Foreign Currency Equivalent on the date of determination. Wherever in this Agreement in connection with a
Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan
is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar Amount (rounded
to the nearest 1,000 units of such Foreign Currency). Without limiting the generality of the foregoing, for purposes of determining
compliance with any basket in Sections 2.09(d), 5.02(c), 5.08(c)(ii), 6.01(b), 6.01(e), 6.02(h), 6.03(h), 6.04(h), 6.05(e) of
this Agreement, in no event shall the Borrower or any Obligor be deemed to not be in compliance with any such basket solely as
a result of a change in exchange rates.

 

Section 1.06.     Special
Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National Currency
of a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes
a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to
the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of
any such party payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor
either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such
National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency
of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency
shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in
respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which
such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated in such currency that
is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor.

 

    	 	 40	 

     

    

 

Without
prejudice to the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this
Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative
Agent may from time to time, in consultation with the Borrower, reasonably specify to be necessary or appropriate to reflect the
introduction or changeover to the Euro in any country that becomes a Participating Member State after the Effective Date; provided
that the Administrative Agent shall provide the Borrower and the Lenders with prior notice of the proposed change with an
explanation of such change in sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed
change.

 

Article II

THE CREDITS

 

Section 2.01.     The
Commitments.

 

(a)       Subject
to the terms and conditions set forth herein, each Dollar Lender agrees to make Dollar Loans to the Borrower from time to time
during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving
Dollar Credit Exposure exceeding such Lender’s Dollar Commitment, (b) the aggregate Revolving Dollar Credit Exposure
of all of the Lenders exceeding the aggregate Dollar Commitments, or (c) the total Covered Debt Amount exceeding the Borrowing
Base then in effect; and

 

(b)       Subject
to the terms and conditions set forth herein, each Multicurrency Lender agrees to make Multicurrency Loans to the Borrower from
time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving
Multicurrency Credit Exposure exceeding such Lender’s Multicurrency Commitment, (b) the aggregate Revolving Multicurrency
Credit Exposure of all the Lenders exceeding the aggregate Multicurrency Commitments or (c) the total Covered Debt Amount exceeding
the Borrowing Base then in effect.

 

Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

 

    	 	 41	 

     

    

 

Section 2.02.     Loans
and Borrowings.

 

(a)       Obligations
of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made by
the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required.

 

(b)       Type
of Loans. Subject to Section 2.12, each Borrowing of a Class shall be constituted entirely of ABR Loans or of Eurocurrency
Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each Pro-Rata Borrowing
denominated in Dollars shall be constituted entirely of ABR Loans or of Eurocurrency Loans. Each Borrowing denominated in an Agreed
Foreign Currency shall be constituted entirely of Eurocurrency Loans. Each Lender at its option may make any Eurocurrency Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise
of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement,
and (ii) in exercising such option, such Lender shall use reasonable efforts to minimize any increased costs to the Borrower
resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines
would result in increased costs for which it will not be compensated hereunder or that it determines would be otherwise disadvantageous
to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.13
shall apply).

 

(c)       Minimum
Amounts. Each Borrowing (whether Eurocurrency or ABR) shall be in an aggregate amount of $1,000,000 or a whole multiple of
$100,000 in excess thereof or, with respect to any Agreed Foreign Currency, such smaller minimum amount as may be agreed to by
the Administrative Agent; provided that a Borrowing of a Class may be in an aggregate amount that is equal to the entire
unused balance of the total Commitments of such Class or that is required to finance the reimbursement of an LC Disbursement of
such Class as contemplated by Section 2.04(f). Borrowings of more than one Class, Currency and Type may be outstanding at the
same time.

 

(d)       Limitations
on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request
(or to elect to convert to or continue as a Eurocurrency Loan) any Borrowing if the Interest Period requested therefor would end
after the Maturity Date.

 

Section 2.03.     Requests
for Borrowings.

 

(a)       Notice
by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of
a signed Borrowing Request or by telephone (followed promptly by delivery of a signed Borrowing Request) (i) in the case
of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three (3) Business
Days before the date of the proposed Borrowing or (ii) in the case of a Eurocurrency Borrowing denominated in an Agreed Foreign
Currency (other than AUD or NZD), not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the
proposed Borrowing, (iii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day
before the date of the proposed Borrowing or (iv) in the case of a Eurocurrency Borrowing denominated in AUD or NZD, not later
than 11:00 a.m., London time, four Business Days before the date of the proposed Borrowing. Each such request for a Borrowing
shall be irrevocable. Notwithstanding the other provisions of this Agreement, in the case of any Borrowing denominated in Dollars,
the Borrower may request that such Borrowing be split into a Dollar Loan in an aggregate principal amount equal to the Pro-Rata
Dollar Portion and a Multicurrency Loan in an aggregate amount equal to the Pro-Rata Multicurrency Portion (any such Borrowing,
a “Pro-Rata Borrowing”). Except as set forth in this Agreement, a Pro-Rata Borrowing shall be treated as being comprised
of two separate Borrowings, a Dollar Borrowing under the Dollar Commitments and a Multicurrency Borrowing under the Multicurrency
Commitments.

 

    	 	 42	 

     

    

 

(b)     Content
of Borrowing Requests. Each request for a Borrowing (whether a written Borrowing Request or a telephonic request) shall specify
the following information in compliance with Section 2.02:

 

(i)       whether
such Borrowing is to be made under the Dollar Commitments, the Multicurrency Commitments or is a Pro-Rata Borrowing;

 

(ii)       if
such Borrowing is a Pro-Rata Borrowing, the Pro-Rata Dollar Portion and the Pro-Rata Multicurrency Portion;

 

(iii)       the
aggregate amount and Currency of the requested Borrowing;

 

(iv)       the
date of such Borrowing, which shall be a Business Day;

 

(v)       in
the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(vi)       in
the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of
the term “Interest Period” and permitted under Section 2.02(d); and

 

(vii)       the
location and number of the Borrower’s account (or such other account(s) as the Borrower may designate in a written Borrowing
Request accompanied by information reasonably satisfactory to the Administrative Agent as to the identity and purpose of such
other account(s)) to which funds are to be disbursed, which shall comply with the requirements of Section 2.05.

 

(c)       Notice
by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan
to be made as part of the requested Borrowing.

 

    	 	 43	 

     

    

 

(d)       Failure
to Elect. If no election as to the Class of a Borrowing is specified, then the requested Borrowing shall be denominated in
Dollars and shall be a Pro-Rata Borrowing. If no election as to the Currency of a Borrowing is specified then the requested Borrowing
shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall
be a Eurocurrency Borrowing having an Interest Period of one (1) month and, if an Agreed Foreign Currency has been specified,
the requested Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period
of one (1) month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified
for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing
denominated in Dollars having an Interest Period of one month’s duration, and (ii) if the Currency specified for such Borrowing
is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s
duration.

 

Section 2.04.     Letters
of Credit.

 

(a)       General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower
may request the Issuing Bank to issue, at any time and from time to time during the Availability Period and under the Multicurrency
Commitments, Letters of Credit denominated in Dollars or in any Agreed Foreign Currency for its own account or for the account
of its designee (provided the Obligors shall remain primarily liable to the Lenders hereunder for payment and reimbursement of
all amounts payable in respect of such Letter of Credit hereunder) for the purposes set forth in Section 5.09 in such form as
is acceptable to the Issuing Bank in its reasonable determination and for the benefit of such named beneficiary or beneficiaries
as are specified by the Borrower. Letters of Credit issued hereunder shall constitute utilization of the Multicurrency Commitments
up to the aggregate amount then available to be drawn thereunder.

 

(b)       Notice
of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or
extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter
of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment,
renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply
with paragraph (d) of this Section), the amount and Currency of such Letter of Credit, stating that such Letter of Credit
is to be issued under the Multicurrency Commitments, the name and address of the beneficiary thereof and such other information
as shall be necessary to prepare, amend, renew or extend such Letter of Credit. The Administrative Agent will promptly notify
all Lenders following the issuance of any Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a
letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.
In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form
of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing
Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

    	 	 44	 

     

    

 

(c)       Limitations
on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the aggregate LC Exposure of the Issuing Bank (determined for these purposes
without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall
not exceed $15,000,000, (ii) the total Revolving Multicurrency Credit Exposures shall not exceed the aggregate Multicurrency
Commitments and (iii) the total Covered Debt Amount shall not exceed the Borrowing Base then in effect.

 

(d)       Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after the date of
the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current
expiration date of such Letter of Credit, so long as such renewal or extension occurs within three months of such then-current
expiration date); provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional
one-year periods; provided, further, that (x) in no event shall any Letter of Credit have an expiration date that
is later than the Revolver Termination Date unless the Borrower (1) deposits, on or prior to the Revolver Termination Date, into
the Letter of Credit Collateral Account Cash, in an amount equal to 102% of the undrawn face amount of all Letters of Credit that
remain outstanding as of the close of business on the Revolver Termination Date and (2) pays in full, on or prior to the Revolver
Termination Date, all commissions required to be paid with respect to any such Letter of Credit through the then-current expiration
date of such Letter of Credit and (y) no Letter of Credit shall have an expiry date after the Maturity Date.

 

(e)       Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by the Issuing
Bank, and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Multicurrency
Lender, and each Multicurrency Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to
such Lender’s Applicable Multicurrency Percentage of the aggregate amount available to be drawn under such Letter of Credit.
Each Multicurrency Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including
any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination
of the Commitments, provided that no Multicurrency Lender shall be required to purchase a participation in a Letter of
Credit pursuant to this Section 2.04(e) if (x) the conditions set forth in Section 4.02 would not be satisfied
in respect of a Borrowing at the time such Letter of Credit was issued and (y) the Required Multicurrency Lenders shall have
so notified the Issuing Bank in writing and shall not have subsequently determined that the circumstances giving rise to such
conditions not being satisfied no longer exist.

 

In
consideration and in furtherance of the foregoing, each Multicurrency Lender hereby absolutely and unconditionally agrees to pay
to the Administrative Agent, for account of the Issuing Bank, such Lender’s Applicable Multicurrency Percentage of each
LC Disbursement made by the Issuing Bank in respect of Letters of Credit promptly upon the request of the Issuing Bank at any
time from the time of such LC Disbursement until such LC Disbursement is reimbursed by the Borrower or at any time after any reimbursement
payment is required to be refunded to the Borrower for any reason. Such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.05 with respect to Loans
made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Multicurrency Lenders),
and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Multicurrency Lenders.
Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to paragraph (f), the Administrative
Agent shall distribute such payment to the Issuing Bank or, to the extent that the Multicurrency Lenders have made payments pursuant
to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any
payment made by a Multicurrency Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement shall
not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

    	 	 45	 

     

    

 

(f)       Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing
Bank in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later
than 12:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement,
if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the
day that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC
Disbursement is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in
accordance with Section 2.03 that such payment be financed with an ABR Borrowing of either Class (or a Pro-Rata Borrowing)
in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged
and replaced by the resulting ABR Borrowing.

 

If
the Borrower fails to make such payment when due, the Administrative Agent shall notify each applicable Lender of the applicable
LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Multicurrency Percentage
thereof.

 

(g)       Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit,
or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by
the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply strictly with
the terms of such Letter of Credit, and (iv) any other event or circumstance whatsoever, whether or not similar to any of
the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrower’s
obligations hereunder.

 

Neither
the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility
by reason of or in connection with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure
to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating
to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical
terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall
not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law)
suffered by the Borrower that are caused by the Issuing Bank’s gross negligence or willful misconduct when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree
that:

 

    	 	 46	 

     

    

 

(i)       the
Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit
without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment
upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit;

 

(ii)      the
Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such
documents are not in strict compliance with the terms of such Letter of Credit; and

 

(iii)     this
sentence shall establish the standard of care to be exercised by the Issuing Bank when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted
by applicable law, any standard of care inconsistent with the foregoing).

 

(h)       Disbursement
Procedures. The Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents purporting
to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the
Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing
Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice
shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the applicable Lenders with respect to any
such LC Disbursement.

 

(i)       Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate
per annum then applicable to ABR Loans; provided that, if the Borrower fails to reimburse such LC Disbursement within two
Business Days following the date when due pursuant to paragraph (f) of this Section, then the provisions of Section 2.11(c) shall
apply. Interest accrued pursuant to this paragraph shall be for account of the Issuing Bank, except that interest accrued on and
after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse the Issuing Bank shall
be for account of such Lender to the extent of such payment.

 

    	 	 47	 

     

    

 

(j)       Replacement
of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank. In addition to the foregoing, if a Lender becomes, and during the period in which it remains,
a Defaulting Lender, and any Default has arisen from a failure of the Borrower to comply with Section 2.17(c), then the Issuing
Bank may, upon prior written notice to the Borrower and the Administrative Agent, resign as Issuing Bank, effective at the close
of business New York City time on a date specified in such notice (which date may not be less than five (5) Business Days after
the date of such notice). On or after the effective date of any such resignation, the Borrower and the Administrative Agent may,
by written agreement, appoint a successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement
of the Issuing Bank. At the time any such replacement under any of the foregoing circumstances shall become effective, the Borrower
shall pay all unpaid fees accrued for account of the replaced Issuing Bank pursuant to Section 2.10(b). From and after the
effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced
Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to
the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor
and all previous Issuing Banks, as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit.

 

(k)       Cash
Collateralization. If the Borrower shall be required or shall elect, as the case may be, to provide cover for LC Exposure
pursuant to Section 2.04(d), Section 2.08(a), Section 2.09(b), Section 2.17(c)(ii) or the third to last paragraph of
Article VII, the Borrower shall immediately deposit into a segregated collateral account or accounts (herein, collectively,
the “Letter of Credit Collateral Account”) in the name and under the dominion and control of the Administrative
Agent Cash denominated in the Currency of the Letter of Credit under which such LC Exposure arises in an amount equal to the amount
required under the applicable section. Such deposit shall be held by the Administrative Agent as collateral in the first instance
for the LC Exposure under this Agreement and thereafter for the payment of the “Secured Obligations” under and as
defined in the Guarantee and Security Agreement, and for these purposes the Borrower hereby grants a security interest to the
Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets (as
defined in the Uniform Commercial Code) or other property held therein.

 

Section 2.05.     Funding
of Borrowings.

 

(a)       Funding
by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 1:00 p.m., Local Time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting
the amounts so received, in like funds, to the account(s) designated by the Borrower in the applicable Borrowing Request; provided
that ABR Borrowings made to finance the reimbursement of an LC Disbursement as provided in Section 2.04(f) shall be remitted
by the Administrative Agent to the Issuing Bank.

 

    	 	 48	 

     

    

 

(b)       Presumption
by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of
this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any
obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the
interest rate applicable at the time to the Loans comprising such Borrowing. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall
relieve any Lender of its obligation to fulfill its commitments hereunder, and shall be without prejudice to any claim the Borrower
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

Section 2.06.     Interest
Elections.

 

(a)       Elections
by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be
of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest
Period specified in such Borrowing Request. Thereafter, subject to Section 2.06(e), the Borrower may elect to convert such
Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of
a Eurocurrency Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided, however, that
(i) a Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) a Borrowing denominated
in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no Eurocurrency Borrowing
denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit
Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency
may not be converted into a Borrowing of a different Type. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective
Class holding the Loans constituting such Borrowing (except as provided under Section 2.12(b)), and the Loans constituting
each such portion shall be considered a separate Borrowing.

 

    	 	 49	 

     

    

 

(b)       Notice
of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
by delivery of a signed Interest Election Request in a form approved by the Administrative Agent or by telephone (followed promptly,
but no later than the close of business on the date of such request, by a signed Interest Election Request in a form approved
by the Administrative Agent) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic
and written notice of election shall be irrevocable.

 

(c)       Content
of Interest Election Requests. Each telephonic and written notice of election pursuant to Section 2.06(b) shall specify
the following information in compliance with Section 2.02:

 

(i)       the
Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing);

 

(ii)      the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)     whether,
in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;
and

 

(iv)     if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which
shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d).

 

(d)       Notice
by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative
Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)       Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided
herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted
to a Eurocurrency Borrowing of the same Class having an Interest Period of one month, and (ii) if such Borrowing is denominated
in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency Borrowing denominated in Dollars shall, at the end of
the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing, (ii) the Borrower
shall not be entitled to elect to convert any Borrowing into a Eurocurrency Borrowing and (iii) any Eurocurrency Borrowing denominated
in a Foreign Currency shall not have an Interest Period of more than one month’s duration.

 

    	 	 50	 

     

    

 

Section 2.07.     Termination,
Reduction or Increase of the Commitments.

 

(a)       Scheduled
Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Revolver Termination Date
the Commitments of each Class shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans
and LC Exposure of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to
the aggregate principal amount of the Loans and LC Exposure outstanding after giving effect to each payment of principal and each
expiration or termination of a Letter of Credit thereunder; provided that, for clarity, no Lender shall have any obligation
to make new Loans or to issue, amend or renew an existing Letter of Credit on or after the Revolver Termination Date, and any
Loans outstanding on the Revolver Termination Date shall be due and payable on the Maturity Date in accordance with Section 2.08.

 

(b)       Voluntary
Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among
each Class; provided that (i) each reduction of the Commitments pursuant to this Section 2.07(b) shall be in
an amount that is $5,000,000 or a whole multiple of $100,000 in excess thereof (or, in each case, if less, the remaining amount
of the Commitments of any Class) and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect
to any concurrent prepayment of the Loans of any Class in accordance with Section 2.09, the total Revolving Credit Exposures
of such Class would exceed the total Commitments of such Class.

 

(c)       Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments of
a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities,
in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied.

 

(d)       Effect
of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction
of the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments.

 

(e)       [Reserved].

 

(f)       Increase
of the Commitments.

 

(i)       Requests
for Increase by Borrower. The Borrower shall have the right, at any time prior to the Revolver Termination Date, to propose
that the Commitments hereunder of a Class be increased (each such proposed increase being a “Commitment Increase”) by
notice to the Administrative Agent specifying each existing Lender (each an “Increasing Lender”) and/or
each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment
and the date on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Business
Day at least three (3) Business Days (or such lesser period as the Administrative Agent may reasonably agree) after delivery
of such notice and thirty (30) days prior to the Revolver Termination Date; provided that each Lender may determine in
its sole discretion whether or not it chooses to participate in a Commitment Increase; provided, further that:

 

    	 	 51	 

     

    

 

(A)       the
minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing
Lender, as part of such Commitment Increase shall be $1,000,000 or a whole multiple of $500,000 in excess thereof (or, in each
case, in such other amounts as agreed by the Administrative Agent),

 

(B)       the
minimum amount of any such Commitment Increase shall be $10,000,000 or a whole multiple of $5,000,000 in excess thereof (or such
lesser amounts as the Administrative Agent may reasonable agree);

 

(C)       immediately
after giving effect to such Commitment Increase, the sum of the total Commitments of all of the Lenders hereunder shall not exceed
the lower of (x) $200,000,000 and (y) Obligors’ Net Worth at the time of such Commitment Increase;

 

(D)       each
Assuming Lender shall be consented to by the Administrative Agent and the Issuing Bank (which consent shall not be unreasonably
withheld or delayed);

 

(E)       no
Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;
and

 

(F)       the
representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material
respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be
true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

 

(ii)      Effectiveness
of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each Assuming Lender part
of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with the Commitment in
the amount set forth in the agreement referred to in Section 2.07(f)(ii)(B) and the Commitment of the respective Class of
any Increasing Lender part of such Commitment Increase shall be increased as of such Commitment Increase Date to the amount set
forth in the agreement referred to in Section 2.07(f)(ii)(B); provided that:

 

    	 	 52	 

     

    

 

(A)       the
Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment Increase
Date (or on or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer
of the Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph
(i) has been satisfied; and

 

(B)       each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York
City time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent),
an agreement, in form and substance reasonably satisfactory to the Borrower and the Administrative Agent, pursuant to which such
Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case
of the respective Class, as applicable and, if undertaking a Commitment, such agreement shall also constitute a written joinder
to this Agreement, whereby such Assuming Lender shall agree to become a party to this Agreement and be bound as a Lender hereunder),
duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative
Agent.

 

Promptly
following satisfaction of such conditions, the Administrative Agent shall notify all Lenders (including any Assuming Lenders) thereof
and of the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

 

(iii)       Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(B) above executed by an Assuming Lender or
any Increasing Lender, together with the certificate referred to in clause (ii)(A) above, the Administrative Agent shall,
if such agreement has been completed, (x) accept such agreement, (y) record the information contained therein in the
Register and (z) give prompt notice thereof to the Borrower.

 

(iv)       Adjustments
of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding
Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal
to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and Borrowing
from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender
will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders
shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect
thereto, the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of
such Lenders of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class
the amounts, if any, payable under Section 2.14 as a result of any such prepayment. Concurrently therewith, the Lenders of
such Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so
that such Interests are held ratably in accordance with their Commitments of such Class as so increased. Notwithstanding the foregoing,
unless otherwise consented in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last
day of an Interest Period. Immediately prior to the effectiveness of the new Commitments on the Commitment Increase Date, the
Administrative Agent shall amend Schedule 1.01(c) to reflect the aggregate amount of each Lender’s Commitments (including
Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(c) in this Agreement shall be to Schedule 1.01(c) as
amended pursuant to this Section.

 

    	 	 53	 

     

    

 

Section 2.08.     Repayment
of Loans; Evidence of Debt.

 

(a)       Repayment.
Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative
Agent for account of the Lenders of each Class the outstanding principal amount of the Loans of such Class and all other amounts
due and owing hereunder and under the other Loan Documents on the Maturity Date.

 

In
addition, on the Maturity Date, to the extent any Letter of Credit is outstanding (notwithstanding the requirements of Section
2.04(f)), the Borrower shall deposit into the Letter of Credit Collateral Account Cash in an amount equal to 102% of the undrawn
face amount of all Letters of Credit outstanding on the close of business on the Maturity Date, such deposit to be held by the
Administrative Agent as collateral security for the LC Exposure under this Agreement in respect of the undrawn portion of such
Letters of Credit.

 

(b)       Manner
of Payment. Prior to any repayment or prepayment of any Borrowings of any Class hereunder, but subject to Section 2.09(e),
the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone
(confirmed by telecopy) of such selection not later than the time set forth in Section 2.09(f) prior to the scheduled
date of such repayment; provided that each repayment of Borrowings of a Class shall be applied to repay any outstanding
ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection of the
Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings pro
rata between any outstanding Dollar ABR Borrowings and outstanding Multicurrency ABR Borrowings, second, if no Class is specified,
to any Pro-Rata Borrowings in the order of the remaining duration of their respective Interest Periods (the Pro-Rata Borrowing
with the shortest remaining Interest Period to be repaid first) and, third, within each Class, to any remaining Borrowings in
the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period
to be repaid first). Each payment of a Pro-Rata Borrowing shall be applied ratably between the Dollar Loans and Multicurrency
Loans included in such Pro-Rata Borrowing. Each payment of a Borrowing of a Class shall be applied ratably to the Loans of such
Class included in such Borrowing (except as otherwise provided in Section 2.12(b)).

 

    	 	 54	 

     

    

 

(c)       Maintenance
of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness
of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and
interest payable and paid to such Lender from time to time hereunder.

 

(d)       Maintenance
of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the
amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount
and Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such
Class hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for account of
the Lenders and each Lender’s share thereof.

 

(e)       Effect
of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall
be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided
that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any
manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of
any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

(f)       Promissory
Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and
its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be
represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a
registered note, to such payee and its permitted registered assigns).

 

Section 2.09.     Prepayment
of Loans.

 

(a)       Optional
Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Sections 2.09(e) and
(f)) to prepay any Borrowing in whole or in part, without premium or fee (but subject to Section 2.14), subject to the requirements
of this Section. Each prepayment in part under this Section 2.09(a) shall be in a minimum amount of $1,000,000 or a whole
multiple of $100,000 in excess thereof.

 

(b)       Mandatory
Prepayments due to Changes in Exchange Rates.

 

 (i)       Determination
of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a
Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit
Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign
Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such
Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York
City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first
Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall
promptly notify the Multicurrency Lenders and the Borrower thereof.

 

    	 	 55	 

     

    

 

(ii)       Prepayment.
If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105% of the aggregate amount
of the Multicurrency Commitments as then in effect, the Borrower shall prepay the Multicurrency Loans (and/or provide cover for
LC Exposure as specified in Section 2.04(k)) within 15 Business Days of such date of determination in such amounts as shall be
necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency
Commitments.

 

For
purposes hereof, “Currency Valuation Notice” means a notice given by the Required Multicurrency Lenders to the Administrative
Agent stating that such notice is a “Currency Valuation Notice” and requesting that the Administrative Agent determine
the aggregate Revolving Multicurrency Credit Exposure. The Administrative Agent shall not be required to make more than one valuation
determination pursuant to Currency Valuation Notices within any rolling three month period.

 

Any
prepayment pursuant to this paragraph shall be applied, first, to Multicurrency Loans outstanding and second, as cover for LC
Exposure.

 

(c)       Mandatory
Prepayments due to Excess Revolving Credit Exposure and Borrowing Base Deficiency. In the event that the amount of total Revolving
Credit Exposure exceeds the total Commitments, the Borrower shall prepay (but subject to Sections 2.09(e) and (f)) Loans
(and/or provide cover for Letters of Credit as contemplated by 2.04(k)). In the event that the amount of total Revolving Dollar
Credit Exposure exceeds the total Dollar Commitments, the Borrower shall prepay (but subject to Sections 2.09(e) and (f))
Loans in such amounts as shall be necessary so that the amount of total Revolving Dollar Credit Exposure does not exceed the total
Dollar Commitments. In the event that the amount of total Revolving Multicurrency Credit Exposure exceeds the total Multicurrency
Commitments (other than as a result of a change in exchange rates pursuant to under Section 2.09(b)), the Borrower shall prepay
(but subject to Sections 2.09(e) and (f)) Loans (and/or provide cover for Letters of Credit as contemplated by Section 2.04(k))
in such amounts as shall be necessary so that the amount of total Revolving Multicurrency Credit Exposure does not exceed the
total Multicurrency Commitments. In the event that at any time any Borrowing Base Deficiency shall exist, promptly (but in no
event later than 5 Business Days), the Borrower shall (subject to Sections 2.09(e) and (f)) either prepay (x) the Loans
(and/or provide cover for Letters of Credit as contemplated by Section 2.04(k)) so that the Borrowing Base Deficiency is promptly
cured or (y) the Loans and the Other Covered Indebtedness in such amounts as shall be necessary so that such Borrowing Base Deficiency
is promptly cured (and, as among the Loans (and Letters of Credit) and the Other Covered Indebtedness, at least ratably (based
on the outstanding principal amount of such indebtedness) as to payments of Loans in relation to Other Covered Indebtedness);
provided, that if within such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably
feasible plan that is reasonably acceptable to the Administrative Agent that will enable any such Borrowing Base Deficiency to
be cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include
the 5 Business Days permitted for delivery of such plan), then such prepayment or reduction shall be effected in accordance with
such plan (subject, for the avoidance of doubt, to the limitations as to the allocation of such prepayments set forth above in
this Section 2.09(c)). For clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5 Business
Day period (or, if applicable, such 30-Business Day period), it shall constitute an Event of Default under clause (a) of Article
VII; provided that the Borrower shall not pay interest in accordance with Section 2.11(c) during such 30-Business
Day Period.

 

    	 	 56	 

     

    

 

(d)     Mandatory
Prepayments due to Certain Events Following Availability Period. Subject to the last paragraph of this Section 2.09(d), and
Sections 2.09(e), (f) and (g) below:

 

(i)       Asset
Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period,
the Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans
(and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to such Net Asset Sale Proceeds (and
the Commitments shall be permanently reduced by such amount); provided that with respect to Asset Sales of assets that
are not Portfolio Investments, the Borrower shall not be required to prepay the Loans (and/or provide cover for Letters of Credit
as contemplated by 2.04(k)) unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such
Asset Sales are greater than $5,000,000.

 

(ii)      Extraordinary
Receipts. In the event (but only to the extent) that the aggregate Net Extraordinary Receipts received by the Obligors at
any time after the Availability Period exceed $5,000,000, the Borrower shall, no later than the third Business Day following the
receipt of such excess Net Extraordinary Receipts, prepay the Loans (and/or provide cover for Letters of Credit as contemplated
by 2.04(k)) in an amount equal to such excess Net Extraordinary Receipts (and the Commitments shall be permanently reduced by
such amount).

 

(iii)     Return
of Capital. In the event that any Obligor shall receive any Net Return of Capital at any time after the Availability Period,
the Borrower shall, no later than the third Business Day following the receipt of such Net Return of Capital, prepay the Loans
(and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to 100% of such Net Return of Capital
(and the Commitments shall be permanently reduced by such amount).

 

(iv)     Equity
Issuances. In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests of the Borrower
(other than (x) up to $5,000,000 of proceeds from issuance(s) of Equity Interests to managers, partners, members, directors, officers,
employees or consultants of the Investment Advisor or (y) pursuant to any distribution reinvestment plan of the Borrower) at any
time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such Cash
proceeds, prepay the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to 100%
of such Cash proceeds, net of underwriting discounts and commissions or other similar payments and other costs, fees, premiums
and expenses directly associated therewith, including reasonable legal fees and expenses (and the Commitments shall be permanently
reduced by such amount).

 

    	 	 57	 

     

    

 

(v)       Indebtedness.
In the event that any Obligor shall receive any Cash proceeds from the issuance by such Obligor of Indebtedness (excluding Hedging
Agreements permitted by Section 6.01 and other Indebtedness permitted by Section 6.01(f), (g), (h) and (i)) at any time
after the Availability Period, such Obligor shall, no later than the third Business Day following the receipt of such Cash proceeds,
prepay the Loans (and/or provide cover for Letters of Credit as contemplated by 2.04(k)) in an amount equal to such Cash proceeds,
net of underwriting discounts and commissions or other similar payments and other costs, fees, commissions, premiums and expenses
directly associated therewith, including, without limitation, reasonable legal fees and expenses (and the Commitments shall be
permanently reduced by such amount).

 

(vi)      Mandatory
Prepayment of Eurocurrency Loans. If the Loans to be prepaid pursuant to Sections 2.09(d)(i), (ii), (iii), (iv) and (v)
are Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the
Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to an amount required to be prepaid,
no later than the third Business Day following the receipt of such amount, into a segregated collateral account in the name
and under the dominion and control (within the meaning of Section 9-104 of the Uniform Commercial Code) of the Administrative
Agent pending application of such amount to the prepayment of the Loans (and permanent reduction of the Commitments) on the last
day of such Interest Period.

 

(e)       Payments
following the Revolver Termination Date or During an Event of Default. Notwithstanding any provision to the contrary in Section
2.08 or this Section 2.09 (but subject to Section 2.09(f)(ii)), following the Revolver Termination Date or if an Event of Default
shall have occurred and be continuing:

 

(i)       No
optional prepayment of the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the Loans of the
other Class or, to the extent no Loans of the other Class are outstanding, provides cash collateral as contemplated by Section
2.04(k) for outstanding Letters of Credit of such Class, which prepayment (and cash collateral) shall be made on a pro-rata basis
(based on the outstanding principal amounts of such Indebtedness) between each outstanding Class of Revolving Credit Exposure.

 

(ii)      Any
prepayment of Loans required to be made pursuant to clause (c) above shall be applied to prepay Loans (and provide cover for Letters
of Credit as contemplated by 2.04(k)) on a pro-rata basis between each outstanding Class of Revolving Credit Exposure.

 

    	 	 58	 

     

    

 

(iii)       Any
prepayment of Loans in Dollars required to be made in connection with any of the events specified in Section 2.09(d) shall be
applied ratably (based on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency
Lenders based on the then outstanding Loans and Letters of Credit denominated in Dollars. So long as no Event of Default has occurred
and is continuing, each prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds
from a prepayment event in such Agreed Foreign Currency) shall be applied ratably among just the Multicurrency Lenders and, if
after such payment, the balance of the Loans denominated in such currency is zero, then if there are any remaining proceeds, the
Borrower shall prepay the Loans (or provide cover for outstanding Letters of Credit as contemplated by 2.04(k)) on a pro-rata
basis between each outstanding Class of Revolving Credit Exposure; provided that, if an Event of Default has occurred and
is continuing, then each prepayment in an Agreed Foreign Currency shall be made ratably (based on the aggregate Dollar Equivalents
of the outstanding principal amounts of such indebtedness) between Dollar Loans and Multicurrency Loans and Letters of Credit.

 

(iv)       Notwithstanding
any other provision to the contrary in this Agreement, if an Event of Default has occurred and is continuing, then any payment
or repayment of the Loans shall be made and applied ratably (based on the aggregate Dollar Equivalents of the outstanding principal
amounts of such Loans) between Dollar Loans, Multicurrency Loans and Letters of Credit.

 

(f)     Notices,
Etc.

 

(i)       The
Borrower shall notify the Administrative Agent in writing or by telephone (followed promptly by written confirmation) of
any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section 2.09(a),
not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment, (ii) in the case
of a prepayment of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.09(a), not later than 11:00 a.m.,
London Time, three Business Days before the date of prepayment, or (iii) in the case of prepayment of an ABR Borrowing, or
any prepayment under Section 2.09(b), (c) or (d), not later than 11:00 a.m., New York City time, one Business Day before
the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each
Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the
amount of such prepayment; provided, that, if a notice of prepayment is given in connection with a conditional notice of
termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.07 and any such notices given in connection with any of the events
specified in Section 2.09(d) may be conditioned upon (x) the consummation of the Asset Sale or the issuance of Equity
Interests or Indebtedness (as applicable) or (y) the receipt of net cash proceeds from Net Extraordinary Receipts or Net
Return of Capital. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise
the affected Lenders of the contents thereof. Subject to clauses (b), (c) and (e) above and to the proviso of Section 2.16(c),
each prepayment in Dollars shall be applied ratably (based on the outstanding principal amounts of such indebtedness) between
the Dollar Lenders and the Multicurrency Lenders based on the then outstanding Loans denominated in Dollars and each prepayment
in an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds from a prepayment event in such
Agreed Foreign Currency) shall be applied ratably among the Multicurrency Lenders.

 

    	 	 59	 

     

    

 

(ii)       In
the event the Borrower is required to make any concurrent payments under both paragraph (b) and also another paragraph of this
Section 2.09, any such prepayment shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment pursuant
to any other paragraph of this Section 2.09.

 

(iii)      Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.11 and shall be made in the manner specified
in Section 2.08(b).

 

(g)       RIC
Tax Distributions. Notwithstanding anything herein to the contrary, Net Asset Sale Proceeds, Net Extraordinary Receipts and
Net Return of Capital required to be applied to the prepayment of the Loans pursuant to Section 2.09(d) shall exclude the amounts
estimated in good faith by the Borrower to be necessary for the Borrower to make distributions sufficient in amount to achieve
the objectives set forth in (i), (ii) and (iii) of Section 6.05(b)(A) hereof.

 

Section 2.10.     Fees.

 

(a)       Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall accrue
at the Applicable Commitment Fee Rate on the unused amount of the Dollar Commitment and Multicurrency Commitment of such Lender,
as applicable, on each day during the period from and including the Effective Date to the earlier of the date the Commitments
terminate and the Revolver Termination Date. Accrued commitment fees shall be payable (x) within one Business Day after each
Quarterly Date and (y) on the earlier of the date the Commitments terminate and the Revolver Termination Date, commencing
on the first such date to occur after the Effective Date. 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). For purposes
of computing commitment fees, the Commitments of any Class of a Lender shall be deemed to be used to the extent of the outstanding
Loans and LC Exposure of such Class of such Lender.

 

(b)       Letter
of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for account of each Multicurrency Lender a
participation fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the
Applicable Margin applicable to interest on Eurocurrency Loans on the average daily amount of such Lender’s LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective
Date to but excluding the later of the date on which such Lender’s Multicurrency Commitment terminates and the date on which
such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of
one quarter of one percent (0.25%) per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the
date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s
standard fees with respect to the issuance, amendment renewal or extension of any Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the third Business
Day following such Quarterly Date, commencing on the first such date to occur after the Effective Date; provided that all
such fees with respect to the Letters of Credit shall be payable on the date on which the Multicurrency Commitments terminate
(the “termination date”), the Borrower shall pay any such fees that have accrued and that are unpaid on the termination
date and, in the event any Letters of Credit shall be outstanding that have expiration dates after the termination date, the Borrower
shall prepay on the termination date the full amount of the participation and fronting fees that will accrue on such Letters of
Credit subsequent to the termination date through but not including the date such outstanding Letters of Credit are scheduled
to expire (and in that connection, the Multicurrency Lenders agree not later than the date two Business Days after the date upon
which the last such Letter of Credit shall expire or be terminated to rebate to the Borrower the excess, if any, of the aggregate
participation and fronting fees that have been prepaid by the Borrower over the amount of such fees that ultimately accrue through
the date of such expiration or termination). Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable
within 10 days after demand. All participation fees and fronting 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).

 

    	 	 60	 

     

    

 

(c)       Administrative
Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at
the times separately agreed upon between the Borrower and the Administrative Agent.

 

(d)       Payment
of Fees and Expenses. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment
fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent manifest error. Any fees
representing the Borrower’s reimbursement obligations of expenses, to the extent requirements of invoice not otherwise specified
in this Agreement, shall be due (subject to the other terms and conditions contained herein) within ten Business Days of the date
that the Borrower receives from the Administrative Agent a reasonably detailed invoice for such reimbursement obligations.

 

Section 2.11.     Interest.

 

(a)       ABR
Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate
plus the Applicable Margin.

 

(b)       Eurocurrency
Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO
Rate for the related Interest Period for such Borrowing plus the Applicable Margin.

 

    	 	 61	 

     

    

 

(c)       Default
Interest. Notwithstanding the foregoing, if any Event of Default described in clause (a) (subject to Section 2.09(c)), (b),
(h), (i) or (j) of Article VII has occurred and is continuing, the interest applicable to Loans shall accrue, and any fee
or other amount not paid when due by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per
annum equal to (i) in the case of principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided
above, or (ii) in the case of any fee or other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section.

 

(d)       Payment
of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the
Currency in which such Loan is denominated and upon termination in full of the Commitments; provided that (i) interest
accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment
or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any Eurocurrency Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable
on the effective date of such conversion.

 

(e)       Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that (a) Eurocurrency Borrowings in Canadian
Dollars, AUD and NZD shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (b) Eurocurrency Borrowings
in Pounds Sterling and ABR Borrowings, at times when the Alternate Base Rate is based on the Prime Rate, shall be computed on
the basis of a year of 365 days and in each case shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative
Agent and such determination shall be conclusive absent manifest error.

 

Section 2.12.     Eurocurrency
Borrowing Provisions.

 

(a)      Alternate
Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing of a Class (the Currency
of such Borrowing herein called the “Affected Currency”):

 

(i)       the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate for the Affected Currency for such Interest Period; or

 

(ii)      the
Administrative Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for the Affected Currency for
such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective
Eurocurrency Loans included in such Borrowing for such Interest Period;

 

    	 	 62	 

     

    

 

then
the Administrative Agent shall give notice thereof to the Borrower and the affected Lenders in writing or by telephone (promptly
confirmed in writing) or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower
and such Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Eurocurrency Borrowing to, or the continuation of any Eurocurrency Borrowing in the applicable
currency or for the applicable Interest Period, as the case may be, shall be ineffective, (ii) if such Borrowing is requested
in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) if such Borrowing is requested in any Agreed Foreign Currency,
then the Eurocurrency Rate for such Eurocurrency Borrowing shall be at the rate equal to the cost to each Lender to fund its pro
rata share of such Eurocurrency Borrowing (from whatever source and using whatever methodologies as such Lender may select in
its reasonable discretion) (such rate, the “COF Rate”); provided, further that if the circumstances giving
rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(b)       Illegality.
Without duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose interest
is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any LIBO
Quoted Currency in the London interbank market, then, on notice thereof by such Lender to the Borrower and the Administrative
Agent, (i) any obligation of such Lender to make or continue Eurocurrency Borrowings or to convert ABR Borrowings to Eurocurrency
Borrowings shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Eurocurrency
Borrowings the interest rate on which is determined by reference to the LIBO Rate component of the Alternate Base Rate, the interest
rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the LIBO Rate component of the Alternate Base Rate, in each case until such Lender revokes such notice
and advises the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, (x) (A) all Eurocurrency Borrowings in Dollars of such Lender shall automatically convert to
ABR Borrowings (the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate) and (B) all Eurocurrency
Borrowings in an Agreed Foreign Currency of such Lender shall accrue interest at the COF Rate, in each case either on the last
day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day,
or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Borrowings (in which event Borrower shall
not be required to pay any yield maintenance, breakage or similar fees) and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period
of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the LIBO Rate component thereof
until the Administrative is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge
interest rates based upon the LIBO Rate. Upon any such conversion, the Borrower shall also pay accrued interest on the amount
so converted. To the extent any Eurocurrency Borrowing so converted is in an Agreed Foreign Currency, such Eurocurrency Borrowing
shall be converted to Dollars based on the Dollar Equivalent of such Borrowing at the time of such conversion.

 

    	 	 63	 

     

    

 

Section 2.13.     Increased
Costs.

 

(a)     Increased
Costs Generally. If any Change in Law shall:

 

(i)       impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge, or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the
Adjusted LIBO Rate) or the Issuing Bank; or

 

(ii)      impose
on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes, which
shall be governed by Section 2.15 hereof) affecting this Agreement or Eurocurrency Loans made by such Lender or participation
therein;

 

and
the result of any of the foregoing shall be to increase the cost to such Lenders of making or maintaining any Eurocurrency Loan
(or of maintaining its obligation to make any such Eurocurrency Loan) or to increase the cost to such Lender or the Issuing Bank
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise) with respect to such Lender’s Eurocurrency
Loans, then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, in Dollars, such additional amount or
amounts as will compensate such Lender or the Issuing Bank for such additional costs incurred or reduction suffered.

 

(b)       Capital
Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements
has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the
capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the
Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank,
to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies
and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy or liquidity
position), by an amount deemed to be material by such Lender or the Issuing Bank, then from time to time the Borrower will pay
to such Lender or the Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such
Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

 

(c)       Certificates
from Lenders. A certificate of a Lender or the Issuing Bank setting forth in reasonable detail the basis for and calculation
of the amount or amounts, in Dollars, necessary to compensate such Lender or the Issuing Bank or its holding company, as the case
may be, as specified in paragraph (a) or (b) of this Section shall be promptly delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown
as due on any such certificate within 10 days after receipt thereof.

 

    	 	 64	 

     

    

 

(d)       Delay
in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided
that no Obligor shall be required to compensate a Lender or the Issuing Bank pursuant to the foregoing provisions of this Section for
any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the Issuing Bank
notifies the Borrower in writing of any such Change in Law giving rise to such increased costs or reductions.

 

Section 2.14.     Break
Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurocurrency
Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any
Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted
to be revocable under Section 2.09(f) and is revoked in accordance herewith), (d) the assignment as a result of
a request by the Borrower pursuant to Section 2.18(b) of any Eurocurrency Loan other than on the last day of an Interest
Period therefor or (e) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor as a
result of the occurrence of a CAM Exchange, then, in any such event, the Borrower shall compensate each affected Lender for the
loss, cost and expense attributable to such event (excluding loss of anticipated profits). In the case of a Eurocurrency Loan,
the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal
to the excess, if any, of

 

(i)       the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses
(a) through (e) of this Section 2.14 denominated in the Currency of such Loan for the period from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan (or, in the case
of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing,
conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Currency
for such Interest Period, over

 

(ii)      the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated
in such Currency from other banks in the Eurocurrency market (or, in the case of any Non-LIBO Quoted Currency, in the relevant
market for such Non-LIBO Quoted Currency) at the commencement of such period.

 

Payments
under this Section shall be made upon written request of a Lender delivered to the Borrower not later than 30 Business
Days following a payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this
Section, accompanied by a written certificate of such Lender setting forth in reasonable detail the amount or amounts that such
Lender is entitled to receive pursuant to this Section, which certificate shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

    	 	 65	 

     

    

 

Section 2.15.     Taxes.

 

(a)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Taxes; provided that if any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Taxes from such
payments, then (i) the Withholding Agent shall make such deductions or withholdings, (ii) the Withholding Agent shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is a Covered
Tax, the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including deductions
and withholdings applicable to additional sums payable under this Section 2.15) the Administrative Agent, Lender or
the Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions or withholdings
in respect of Covered Taxes been made.

 

(b)       Payment
of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

 

(c)       Indemnification
by the Obligors. The Obligors shall jointly and severally indemnify the Administrative Agent, each Lender and the Issuing
Bank for and, within 10 Business Days after written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including
Covered Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15(c)) paid by
the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Covered Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender or the Issuing Bank, by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing
Bank, shall be conclusive absent manifest error.

 

(d)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Covered Taxes attributable to such Lender (but only to the extent that any Obligor has not already indemnified the Administrative
Agent for such Covered Taxes and without limiting the obligation of the Obligors to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due
to the Administrative Agent under this paragraph (d).

 

    	 	 66	 

     

    

 

(e)       Evidence
of Payments. As soon as practicable after any payment of Covered Taxes or Other Taxes by any Obligor to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent. If the Borrower fails to pay any Covered Taxes or Other Taxes when due to the appropriate Governmental
Authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower
shall indemnify the Administrative Agent and each Lender for any incremental taxes, interest or penalties that may become payable
by the Administrative Agent or such Lender as a result of such failure (without duplication of amounts indemnified under Section
2.15(c)).

 

(f)       Status
of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under any Loan
Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law or reasonably requested by the Borrower, such properly completed and executed documentation as will permit such payments to
be made without withholding or at a reduced rate.

 

In
addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed
by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative
Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

 

Without
limiting the generality of the foregoing, if the Borrower is resident for U.S. federal income tax purposes in the United States,
(A) any Lender that is a “United States person” as defined in section 7701(a)(30) of the Code shall deliver to
the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the request of the Borrower or the Administrative Agent), executed originals of Internal Revenue
Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Borrower
or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether
or not such Lender is subject to backup withholding or information reporting requirements; and (B) each Foreign Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on
or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent, but, in any event, only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

 

(i)       duly
completed executed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E or any successor form claiming eligibility
for benefits of an income tax treaty to which the United States is a party,

 

    	 	 67	 

     

    

 

(ii)       duly
completed executed originals of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable
pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,

 

(iii)      in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(A) a certificate, signed under penalties of perjury, to the effect that such Foreign Lender is not (1) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code and (B) duly completed executed originals of Internal Revenue Service Form W-8BEN
or Form W-8BEN-E (or any successor form) certifying that the Foreign Lender is not a United States Person, or

 

(iv)      any
other form including Internal Revenue Service Form W-8IMY, as prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made.

 

(g)       If
a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Borrower such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times
reasonably requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.15(g),
“FATCA” shall include any amendment made to FATCA after the Effective Date.

 

(h)       Each
Lender shall update the forms, certifications and documentation described in Sections 2.15(f) and (g) promptly upon the expiration
or invalidity of any form, certificate or documentation previously delivered by such Lender; provided it is legally able
to do so at the time. Each Lender shall promptly notify the Borrower and the Administrative Agent at any time that it becomes
aware that it no longer satisfies the legal requirements to provide any previously delivered form, certificate or documentation
to the Borrower (or any other form, certification or documentation adopted by the U.S. or other taxing authorities for such purpose).

 

    	 	 68	 

     

    

 

(i)       Conduit
Financing Arrangements. Each Lender represents that as of the Effective Date (or, in the case of an assignee pursuant to Section
9.04(b)(i), as of the date of assignment) it is not participating in a conduit financing arrangement as defined in Treasury Regulations
Section 1.881-3 (regardless of whether such arrangement is pursuant to the use of an SPC as defined in Section 9.04(e)) in connection
with its participation in any of the Loan Documents (a “Conduit Financing Arrangement”). Notwithstanding anything
to the contrary in this Section 2.15, if the Internal Revenue Service determines that any SPC (as defined in Section 9.04(e))
is a conduit entity participating in a Conduit Financing Arrangement with respect to any Loan Document and the Borrower was not
a participant to such arrangement (other than as a Borrower under this Agreement), then (i) the Borrower shall have no obligation
to pay additional amounts or indemnify the SPC for any Taxes with respect to any payments hereunder to the extent that the amount
of such Taxes exceeds the amount that would have otherwise been withheld or deducted had the Internal Revenue Service not made
such a determination and (ii) such SPC shall indemnify the Borrowers in full for any and all taxes for which the Borrower is held
directly liable under Section 1461 of the Code by virtue of such Conduit Financing Arrangement; provided that such Borrower (A)
promptly forward to the indemnitor an official receipt of such documentation satisfactorily evidencing such payment, (B) contest
such tax upon the reasonable request of the indemnitor and at such indemnitor’s cost, and (C) pay such indemnitor within
thirty (30) days any refund of such taxes (including interest thereon).

 

(j)       Treatment
of Certain Refunds. If the Administrative Agent, any Lender or an Issuing Bank determines, in its sole discretion, that it
has received a refund or credit of any Covered Taxes or Other Taxes as to which it has been indemnified by any Obligor or with
respect to which any Obligor has paid additional amounts pursuant to this Section 2.15, it shall pay to the Borrower an amount
equal to such refund or credit (but only to the extent of indemnity payments made, or additional amounts paid, by any Obligor
with respect to the Covered Taxes or Other Taxes giving rise to such refund or credit), net of all reasonable out-of-pocket expenses
of the Administrative Agent or any Lender, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund or credit); provided that the Borrower, upon the request of the Administrative
Agent, any Lender or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, any Lender or the Issuing Bank in
the event the Administrative Agent, any Lender or the Issuing Bank is required to repay such refund or credit to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (j), in no event will the Administrative Agent, any Lender
or the Issuing Bank be required to pay any amount to the Borrower pursuant to this paragraph (j) the payment of which would place
the Administrative Agent, such Lender or the Issuing Bank in a less favorable net position after-Taxes than the Administrative
Agent, such Lender or the Issuing Bank would have been in if the indemnification payments or additional amounts giving rise to
such refund had never been paid. This subsection shall not be construed to require the Administrative Agent, any Lender or
the Issuing Bank to make available its tax returns or its books or records (or any other information relating to its Taxes
that it deems confidential) to the Borrower or any other Person.

 

Section 2.16.     Payments
Generally; Pro Rata Treatment: Sharing of Set-offs.

 

(a)       Payments
by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees, reimbursement of LC Disbursements, or under Section 2.13, 2.14 or 2.15, or otherwise) or under any other Loan
Document (except to the extent otherwise provided therein) prior to 12:00 noon Local Time, on the date when due, in immediately
available funds, without set-off, deduction or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise
expressly provided in the relevant Loan Document and except payments to be made directly to the Issuing Bank as expressly provided
herein and payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03, which shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date
for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest
thereon shall be payable for the period of such extension.

 

    	 	 69	 

     

    

 

All
amounts owing under this Agreement (including commitment fees, payments required under Sections 2.13, 2.14 and 2.15 relating
to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency
or payments relating to any such Loan required under Section 2.15 or any reimbursement or cash collateralization of any LC Exposure
denominated in any Foreign Currency, which are payable in such Foreign Currency) or under any other Loan Document (except to the
extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay
any principal of any Loan or LC Disbursement when due (whether at stated maturity, by acceleration, by mandatory prepayment or
otherwise), the unpaid portion of such Loan or LC Disbursement shall, if such Loan or LC Disbursement is not denominated in Dollars,
automatically be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the
Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the
date of such redenomination and such principal shall be payable on demand and if the Borrower shall fail to pay any interest on
any Loan that is not denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor
(or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period)
in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand.

 

(b)       Application
of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds shall
be applied (i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal
and unreimbursed LC Disbursements of such Class then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements of such Class when due to such parties.

 

(c)       Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the
Lenders of such Class, each payment of commitment fee under Section 2.10 shall be made for account of the Lenders of the
applicable Class, and each termination or reduction of the amount of the Commitments of a Class under Section 2.07, Section
2.09 or otherwise shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts
of their respective Commitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders
of such Class according to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or
their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of
Loans); (iii) each payment or prepayment of principal of Loans of a Class by the Borrower shall be made for account of the
Lenders of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them
(and, with respect to the pro rata treatment of prepayments between Classes, any such prepayments shall be made in accordance
with the provisions of the last paragraph of Section 2.09(d) and Sections 2.09(e) and (f)); and (iv) each payment of interest
on Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the amounts
of interest on such Loans of such Class then due and payable to the respective Lenders; provided however that, notwithstanding
anything to the contrary contained herein, in the event that the Borrower wishes to make a Multicurrency Borrowing in an Agreed
Foreign Currency and the Multicurrency Commitments are fully utilized, the Borrower may make a Borrowing under the Dollar Commitments
(if otherwise permitted hereunder) and may use the proceeds of such Borrowing to prepay the Multicurrency Loans (without making
a ratable prepayment to the Dollar Loans) solely to the extent that the Borrower concurrently utilizes any Multicurrency Commitments
made available as a result of such prepayment to make a Multicurrency Borrowing in an Agreed Foreign Currency.

 

    	 	 70	 

     

    

 

(d)       Sharing
of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans, or participations in LC Disbursements within its Class,
resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in
LC Disbursements, and accrued interest thereon then due than the proportion received by any other Lender of such Class, then the
Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations
in LC Disbursements of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared
by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans and participations in LC Disbursements of such Class (subject, for the avoidance of doubt, to Section 2.09(e)(iv) if an
Event of Default has occurred and is continuing); provided that (i) if any such participations are purchased and all
or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in
LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which
the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation.

 

    	 	 71	 

     

    

 

(e)       Presumptions
of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such
payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders and the Issuing Bank, as the case may be, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with
interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent at the Federal Funds Effective Rate.

 

(f)       Certain
Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.05(a) or (b) or 2.16(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

Section 2.17.     Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)       commitment
fees pursuant to Section 2.10(a) shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender
to the extent and during the period such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such
commitment fee that otherwise would have accrued and been required to have been paid to such Defaulting Lender to the extent and
during the period such Lender is a Defaulting Lender);

 

(b)       the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the requisite
Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment or
waiver pursuant to Section 9.02, except for any amendment or waiver described in Section 9.02(b)(i), (ii) or (iii));
provided that any waiver, amendment or modification requiring the consent of a number of Lenders greater than Required
Lenders or of each Lender affected thereby and which waiver, amendment or modification materially and adversely affects such Defaulting
Lender differently than the other Lenders shall require the consent of such Defaulting Lender.

 

In
the event that the Administrative Agent and the Borrower agree in writing that a Defaulting Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then, on the date of such agreement, such Lender shall purchase at
par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for the Lenders
to hold the Loans in accordance with their Applicable Percentage;

 

    	 	 72	 

     

    

 

(c)       if
any LC Exposure exists at the time a Multicurrency Lender becomes a Defaulting Lender then:

 

(i)        all
or any part of such LC Exposure shall be reallocated among the non-Defaulting Multicurrency Lenders in accordance with their respective
Applicable Multicurrency Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Multicurrency
Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’
Multicurrency Commitments, (y) no non-Defaulting Lender’s Revolving Multicurrency Credit Exposure will exceed such Lender’s
Multicurrency Commitment, and (z) the conditions set forth in Section 4.02 are satisfied at such time (and unless the Borrower
has notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions
are satisfied at such time);

 

(ii)       if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, without prejudice
to any right or remedy available to it hereunder or under law, within three Business Days following notice by the Administrative
Agent, cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) in accordance with the procedures set forth in Section 2.04(k) for so long as such LC Exposure is outstanding;

 

(iii)      if
the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the
Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)      if
the LC Exposure of the non-Defaulting Multicurrency Lenders is reallocated pursuant to clause (i) above, then the fees payable
to the Lenders pursuant to Section 2.10(a) and Section 2.10(b) shall be adjusted in accordance with such non-Defaulting Multicurrency
Lenders’ Applicable Multicurrency Percentages;

 

(v)       if
any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.17(c), then,
without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all facility fees that otherwise would
have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that
was utilized by such LC Exposure) and letter of credit fees payable under Section 2.10(b) with respect to such Defaulting Lender’s
LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; and

 

(vi)      subject
to Section 2.19, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a
Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as
a result of such non-Defaulting Lender’s increased exposure following such reallocation.

 

(d)       so
long as any Multicurrency Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any
Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting
Multicurrency Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.17(c), and participating
interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 2.17(c)(i) (and Defaulting Lenders shall not participate therein).

 

    	 	 73	 

     

    

 

In
the event that the Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender that is a Multicurrency
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then such Lender shall no longer
be deemed a Defaulting Lender, the Borrower shall no longer be required to cash collateralize any portion of such Lender’s
LC Exposure cash collateralized pursuant to Section 2.17(c)(ii) above and the LC Exposure of the Multicurrency Lenders shall be
readjusted to reflect the inclusion of such Lender’s Multicurrency Commitment and on such date such Lender shall purchase
at par such of the Loans of the other Multicurrency Lenders as the Administrative Agent shall determine may be necessary in order
for such Lender to hold such Loans in accordance with its Applicable Multicurrency Percentage.

 

Section 2.18.     Mitigation
Obligations; Replacement of Lenders.

 

(a)       Designation
of a Different Lending Office. If any Lender exercises its rights under Section 2.12(b) or requests compensation under
Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for
account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future, or eliminate the circumstance giving
rise to such Lender exercising its rights under Section 2.12(b) and (ii) would not subject such Lender to any cost or
expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)       Replacement
of Lenders. If any Lender exercises its rights under Section 2.12(b) or requests compensation under Section 2.13, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant
to Section 2.15, or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests,
rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received
the prior written consent of the Administrative Agent (and, if a Commitment is being assigned, the Issuing Bank) which consent
shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower
(in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation
or payments. A Lender shall not be required to make any such assignment and delegation if prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

    	 	 74	 

     

    

 

(c)       Defaulting
Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05 or 9.03(c),
then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts
thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or
the Issuing Bank to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are
fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future
funding obligations of such Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order
as determined by the Administrative Agent in its discretion.

 

Section 2.19.     Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:

 

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

 

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

 

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

 

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

 

(iii)     the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

    	 	 75	 

     

    

 

Article III

REPRESENTATIONS AND WARRANTIES

 

The
Borrower represents and warrants to the Lenders that:

 

Section 3.01.     Organization;
Powers. Each of the Borrower and its Subsidiaries, as applicable, is duly organized or incorporated, validly existing
and in good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where the failure to do so could reasonably be expected to result in a Material Adverse Effect.

 

Section 3.02.     Authorization;
Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by
all necessary corporate and, if required, by all necessary stockholder action. This Agreement has been duly executed and delivered
by the Borrower and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered will
constitute, a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforceability
may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting
the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

Section 3.03.     Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of registration or
filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or
made and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security
Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents
of the Borrower or any other Obligors or any order of any Governmental Authority (including the Investment Company Act and the
rules, regulations and orders issued by the SEC thereunder), (c) will not violate or result in a default in any material
respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or
give rise to a right thereunder to require any payment to be made by any such Person, and (d) except for the Liens created
pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset of the Borrower or
any other Obligors.

 

Section 3.04.     Financial
Condition; No Material Adverse Effect.

 

(a)       Financial
Statements. The financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Section
4.01(c) and 5.01(a) and (b) present fairly, in all material respects, the consolidated financial position and results of operations
and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance
with GAAP, subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.

 

    	 	 76	 

     

    

 

(b)       No
Material Adverse Effect. Since December 31, 2016, there has not been any event, development or circumstance that has
had or could reasonably be expected to have a Material Adverse Effect.

 

Section 3.05.     Litigation.
There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending against
or, to the knowledge of any Financial Officer of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries
(a) as to which there is a reasonable possibility of an adverse determination and that could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (b) that involve this Agreement or the Transactions.

 

Section 3.06.     Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect. None of the Obligors is subject to any contract or other arrangement, the performance
of which by the Borrower could reasonably be expected to result in a Material Adverse Effect.

 

Section 3.07.     Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all material U.S. federal, state and
local Tax returns that are required to be filed by it and all other material Tax returns that are required to be filed by it and
has paid all material Taxes for which it is directly or indirectly liable and any assessments made against it or any of its property
and all other material Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, other
than any Taxes, fees or other charges the amount or validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its
Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries
in respect of Taxes and other governmental charges are adequate. Neither the Borrower nor any of its Subsidiaries has given or
been requested to give a waiver of the statute of limitations relating to the payment of any federal, state, local and foreign
Taxes or other impositions, and no Tax lien (other than Liens permitted pursuant to clause (a) of the definition of Permitted
Liens) has been filed with respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the
Borrower or any of its Subsidiaries, and there is no basis for any such assessment.

 

Section 3.08.     ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

Section 3.09.     Disclosure.

 

(a)       All
written reports, financial statements, certificates and other written information (other than projected financial information,
other forward-looking information, information relating to third parties, and information of a general economic or general industry
nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower in connection
with the transactions contemplated by this Agreement or delivered under any Loan Document (as modified or supplemented by the
other information so furnished), taken as a whole, will not contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements contained therein at the time made and taken as a whole (and after giving
effect to all written updates provided by the Borrower to the Administrative Agent for delivery to the Lenders from time to time)
not misleading in light of the circumstances under which such statements were made; and

 

    	 	 77	 

     

    

 

(b)       All
financial projections, pro forma financial information and other forward-looking information which has been delivered to the Administrative
Agent or any Lender by or on behalf of Borrower in connection with the transactions contemplated by this Agreement or delivered
under any Loan Document are based upon good faith assumptions and, in the case of financial projections and pro forma financial
information, good faith estimates, in each case, believed to be reasonable at the time of the preparation thereof, it being recognized
that (i) such financial information as it relates to future events is subject to significant, inherent uncertainty and contingencies
(many of which are beyond the control of the Borrower) and are therefore not to be viewed as fact, (ii) no assurance can be given
that projections will be realized, and (iii) actual results during the period or periods covered by such financial information
may materially differ from the results set forth therein.

 

Section 3.10.     Investment
Company Act; Margin Regulations.

 

(a)       Status
as Business Development Company. The Borrower is a “closed end fund” that has elected to be regulated as a “business
development company” within the meaning of the Investment Company Act and has qualified as a RIC for its initial taxable
year ending on December 31, 2016 and will so qualify with respect to each of its subsequent taxable years.

 

(b)       Compliance
with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries do not result in a violation
or breach of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, in
each case, that are applicable to the Borrower and its Subsidiaries, except where such breaches or violations, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

(c)       Investment
Policies. The Borrower is in compliance with the Investment Policies and Valuation Policies, except to the extent that the
failure to so comply could not reasonably be expected to result in a Material Adverse Effect.

 

(d)       Use
of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock,
and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock in violation of
law. On the Effective Date, neither the Borrower nor any of its Subsidiaries own any Margin Stock.

 

    	 	 78	 

     

    

 

Section 3.11.     Material
Agreements and Liens.

 

(a)       Material
Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture,
purchase agreement, guarantee, letter of credit or other arrangements (to the extent that such other arrangements exceed an aggregate
outstanding principal amount of $2,500,000) providing for or otherwise relating to any Indebtedness or any extension of credit
(or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries outstanding on the
Effective Date, and the aggregate principal or face amount outstanding or that is, or may become, outstanding under each such
arrangement, in each case on the Effective Date, is correctly described in Schedule 3.11(a).

 

(b)       Liens.
Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the
Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate amount of such Indebtedness
secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the Effective Date is
correctly described in Schedule 3.11(b).

 

Section 3.12.     Subsidiaries
and Investments.

 

(a)       Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of the
Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests held by each such Person
and the percentage of ownership of such Subsidiary represented by such ownership interests. Except as disclosed in Schedule 3.12(a),
as of the Effective Date, (x) the Borrower owns, free and clear of Liens (other than Liens permitted pursuant to Section
6.02), and has the unencumbered right to vote, all outstanding ownership interests in each Subsidiary shown to be held by it in
Schedule 3.12(a), and (y) all of the issued and outstanding capital stock of each such Subsidiary organized as
a corporation is validly issued, fully paid and nonassessable.

 

(b)       Investments.
Set forth in Schedule 3.12(b) is a complete and correct list of all Investments (other than Investments of the types
referred to in clauses (b), (c), (d), (e) and (g) of Section 6.04) held by the Borrower or any of its Subsidiaries in
any Person on the Effective Date and, for each such Investment, (x) the identity of the Person or Persons holding such Investment
and (y) the nature of such Investment. Except as disclosed in Schedule 3.12(b), as of the Effective Date each
of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant to Section 6.02),
all such Investments.

 

Section 3.13.     Properties.

 

(a)       Title
Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and
personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct
its business as currently conducted or to utilize such properties for their intended purposes.

 

    	 	 79	 

     

    

 

(b)       Intellectual
Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

Section 3.14.     Solvency.
On the Effective Date, and upon the incurrence of any extension of credit hereunder, on any date on which this representation
and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Subsidiary Guarantor
will be Solvent on a consolidated basis with the other Obligors.

 

Section 3.15.     Affiliate
Agreements. As of the Effective Date, the Borrower has heretofore delivered (to the extent not otherwise publicly filed
with the SEC) to each of the Lenders true and complete copies of each of the Affiliate Agreements as in effect on the Effective
Date (including any schedules and exhibits thereto, and any amendments, supplements or waivers executed and delivered thereunder).
As of the Effective Date, each of the Affiliate Agreements is in full force and effect.

 

Section 3.16.     Structured
Subsidiaries

 

(a)       There
are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its Subsidiaries
(other than such Structured Subsidiary) other than as permitted under the definition thereof.

 

(b)       The
Borrower has not Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the Structured
Subsidiaries, other than pursuant to Standard Securitization Undertakings.

 

(c)       As
of the Effective Date, the Borrower has no Structured Subsidiaries.

 

Section 3.17.     Compliance
with Sanctions.  Neither the Borrower nor any of its Subsidiaries, nor any executive officer or director thereof, nor,
to the knowledge of the Borrower, any employee, agent or advisor thereof, any Affiliate of the Borrower or any executive officer
or director, employee, agent or advisor of any such Affiliate, (i) is the subject of sanctions administered by the United States
Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the European Union, Her Majesty’s
Treasury, the United Nations Security Council or any other relevant sanctions authority (collectively, “Sanctions”),
or (ii) is located, has a place of business or is organized or resident in a country, territory or region that is, or whose government
is, the subject of Sanctions. Furthermore, no part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower
or any Affiliate of the Borrower to finance or facilitate a transaction with a person that is the subject of Sanctions, to the
extent such activity would be in violation of applicable Sanctions. Each of the Borrower and its Subsidiaries have instituted
and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance
with the foregoing.

 

Section 3.18.     Anti-Money
Laundering Program. The Borrower has implemented an anti-money laundering program to the extent required by the Uniting
And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism, as amended (the “USA
PATRIOT Act”), and the rules and regulations thereunder.

 

    	 	 80	 

     

    

 

Section 3.19.     Foreign
Corrupt Practices Act. Neither the Borrower nor any of its Subsidiaries, nor any executive officer or director thereof, nor,
to the knowledge of the Borrower, any employee, agent or advisor thereof, any Affiliate of the Borrower or any executive officer
or director, employee, agent or advisor of any such Affiliate or any other person associated with or acting on behalf of the Borrower
or any Subsidiary of the Borrower has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity or to influence official action; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”); and each of the Borrower
and its Subsidiaries have conducted their businesses in compliance with the FCPA and have instituted and maintained policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance therewith. Furthermore, no
part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by any
of their respective officers, directors, agents or employees, to finance or facilitate a transaction in violation of the FCPA.

 

Section 3.20.     EEA
Financial Institutions.  No Obligor is an EEA Financial Institution.

 

Section 3.21.     Security
Documents.  The provisions of the Security Documents are effective to create in favor of the Collateral Agent for the
benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 6.02)
on all right, title and interest of the respective Obligors in the Collateral described therein to secure the Secured Obligations
(as defined in the Guarantee and Security Agreement), except for any failure that would not constitute an Event of Default under
Section 8.01(p). Except for filing of UCC financing statements and filings contemplated hereby and by the Security Documents,
no filing or other action will be necessary to perfect such Liens to the extent required thereunder, except for the failure to
make any filing that would not constitute an Event of Default under Section 8.01(p).

 

    	 	 81	 

     

    

 

Article IV

CONDITIONS

 

Section 4.01.     Effective
Date. This Agreement and the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters
of Credit hereunder shall not become effective until completion of each of the following conditions precedent (unless a condition
shall have been waived in accordance with Section 9.02):

 

(a)     Documents.
Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the
Administrative Agent (and to the extent specified below to each Lender) in form and substance:

 

(i)       Executed
Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such party or (2) written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission or a PDF of a signed signature page
to this Agreement) that such party has signed a counterpart of this Agreement.

 

(ii)      Guarantee
and Security Agreement. The Guarantee and Security Agreement, duly executed and delivered by each of the parties to the Guarantee
and Security Agreement.

 

(iii)     Opinion
of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of Dechert LLP, counsel for the Obligors, in form and substance reasonably acceptable to the Administrative Agent
and covering such matters as the Administrative Agent may reasonably request (and the Borrower hereby instructs such counsel to
deliver such opinion to the Lenders and the Administrative Agent).

 

(iv)     Corporate
Documents. (v) Copies of the organizational documents of each Obligor certified as of a recent date by the appropriate
governmental official, (w) signature and incumbency certificates of the officers of such Person executing the Loan Documents
to which it is a party, (x) resolutions of the board of directors or similar governing body of each Obligor approving and
authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party or by
which it or its assets may be bound as of the Effective Date, certified as of the Effective Date by its secretary or an assistant
secretary as being in full force and effect without modification or amendment, (y) a good standing certificate from the applicable
Governmental Authority of each Obligor’s jurisdiction of incorporation, organization or formation and in each jurisdiction
in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Effective
Date, and (z) such other documents and certificates as the Administrative Agent or its counsel may reasonably request relating
to the organization, existence and good standing of the Obligors, and the authorization of the Transactions, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel.

 

(v)      Officer’s
Certificate. A certificate, dated the Effective Date and signed by a Financial Officer of the Borrower, confirming compliance
with the conditions set forth in Sections 4.02(a), (b) and (d).

 

(vi)     Custodian
Agreement. A duly executed and delivered Custodian Agreement among the Borrower, the Collateral Agent and the Custodian and
all other control arrangements required at the time under this Agreement with respect to the Obligors’ other deposit accounts
and securities accounts

 

    	 	 82	 

     

    

 

(b)       Liens.
The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction with respect to the
Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and
revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02
or Liens to be discharged on or prior to the Effective Date pursuant to documentation satisfactory to the Administrative Agent.
Subject to Section 5.08(c)(ii), all UCC financing statements, control agreements and other documents or instruments required
to be filed or executed and delivered in order to create in favor of the Administrative Agent, for the benefit of the Lenders,
a first priority perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such a security
interest may be perfected by filing, possession or control under the Uniform Commercial Code and as required by Section 5.08(c)(i)
and the Guarantee and Security Agreement) shall have been properly filed or executed and delivered in each jurisdiction required.

 

(c)       Financial
Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this Agreement the audited
consolidated balance sheets, statements of operations, statement of changes in net assets, statements of cash flows and schedules
of investments of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2016 and the unaudited consolidated
balance sheets, statements of operations, statements of changes in net assets, statements of cash flows and schedules of investments
of the Borrower and its Subsidiaries for the fiscal quarter ended March 31, 2017. The Administrative Agent and the Lenders shall
have received any other financial statements of the Borrower and its Subsidiaries as they shall reasonably request. The Administrative
Agent and Lenders acknowledge having received the financial statements referred to above.

 

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

 

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

 

(f)       Solvency
Certificate. On the Effective Date, the Administrative Agent shall have received a solvency certificate of the chief financial
officer of the Borrower dated as of the Effective Date and addressed to the Administrative Agent and the Lenders, and in form,
scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments and demonstrating that both
before and after giving effect to the Transactions, (a) the Borrower will be Solvent on a unconsolidated basis, and (b) each
Subsidiary Guarantor will be Solvent on a consolidated basis with the other Obligors.

 

    	 	 83	 

     

    

 

(g)       Investment
Policies. The Administrative Agent and the Lenders shall have received the Investment Policies and Valuation Policy as in
effect on the Effective Date in form and substance reasonably satisfactory to the Administrative Agent.

 

(h)       Due
Diligence. No information shall have become available which the Administrative Agent believes has had, or could reasonably
be expected to have, a Material Adverse Effect.

 

(i)       Fees
and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses related
to this Agreement owing on the Effective Date, including any up-front fee due to any Lender on the Effective Date.

 

(j)       Default.
No Default shall have occurred and be continuing under this Agreement immediately before and after giving effect to the Transactions,
any incurrence of Indebtedness hereunder and the use of the proceeds hereof on a pro forma basis.

 

(k)       Evidence
of Insurance. The Administrative Agent shall have received a certificate from the Borrower’s insurance broker or other
evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents is in full
force and effect.

 

(l)       Patriot
Act. The Administrative Agent shall have received all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act,
as reasonably requested by the Administrative Agent.

 

(m)       Status
as a RIC. The Borrower shall be qualified as a RIC for the taxable year ending on December 31, 2016.

 

(n)       Other
Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information
as the Administrative Agent may reasonably request in form and substance reasonably satisfactory to the Administrative Agent.

 

The
contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall
render this Agreement effective and any such exchange and release of such executed signature pages by all such persons shall constitute
satisfaction or waiver (as applicable) of any condition precedent to such effectiveness set forth above. Each Lender on the Effective
Date acknowledges receipt of, and satisfaction with, each of the documents set forth above.

 

Section 4.02.     Each
Credit Event. The obligation of each Lender to make any Loan, and of the Issuing Bank to issue, amend, renew or extend
any Letter of Credit, including in each case any such extension of credit on the Effective Date, is additionally subject to the
satisfaction of the following conditions:

 

(a)       the
representations and warranties of the Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct
in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect,
which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any such representation or warranty
that refers to a specific date, as of such specific date;

 

    	 	 84	 

     

    

 

(b)       at
the time of such Loan, no Default shall have occurred and be continuing or would result from such Loan after giving effect thereto;

 

(c)       either
(i) no Borrowing Base Deficiency shall exist or (ii) the Borrower shall have delivered an updated Borrowing Base Certificate
demonstrating that no Borrowing Base Deficiency shall exist after giving effect to such extension of credit as well as any concurrent
acquisitions of Portfolio Investments by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;

 

(d)       after
giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants set forth
in Section 6.07;

 

(e)       the
proposed date of such extension of credit shall take place during the Availability Period;

 

(f)       in
the case of the first Borrowing, the Administrative Agent shall have received a Borrowing Base Certificate dated as of the date
of the Borrowing Request, showing a calculation of the Borrowing Base as of the date thereof in form and substance reasonably
satisfactory to the Administrative Agent; and

 

(g)       in
the case of the first Borrowing, the Administrative Agent shall have received delivery of the most recent quarterly third party
valuation report from an Approved Third-Party Appraiser attesting the value of each Unquoted Investment included in the Borrowing
Base at the date of such first Borrowing; provided that no attested value may be older than three months and forty-five
days at the date of first Borrowing; provided, further that the foregoing shall not apply to any Unquoted Investment
acquired after the end of the most recent calendar quarter (the “Value” of such Unquoted Investment shall be deemed
to be equal to the lowest of (x) the Internal Value of such Unquoted Investment as determined by the Borrower pursuant to
Section 5.12(b)(ii)(C), (y) the cost of such Unquoted Investment , and (z) the par or face value of such Unquoted
Investment).

 

Each
Borrowing, and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence. For the avoidance of doubt,
the conversion or continuation of a Borrowing as the same or a different Type (without increase in the principal amount thereof)
shall not be considered to be the making of a Loan.

 

    	 	 85	 

     

    

 

Article V

AFFIRMATIVE COVENANTS

 

Until
the Termination Date, the Borrower covenants and agrees with the Lenders that:

 

Section 5.01.     Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution to each Lender:

 

(a)       within
90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheets, statements of operations,
statement of changes in net assets, statements of cash flows and schedules of investments of the Borrower and its consolidated
Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal
year (to the extent full fiscal year information is available), all reported on by Deloitte & Touche LLP or other independent
public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and
shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided that the
requirements set forth in this clause (a) may be fulfilled if such financial statements are furnished in the Borrower’s
annual report filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year, and such report shall be deemed
to have been provided to the Administrative Agent and the Lenders once publicly available on the SEC’s website;

 

(b)       within
45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower, the consolidated
balance sheets, statements of operations, statement of changes in net assets, statements of cash flows and schedules of investments
of the Borrower and its consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of
the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the statement of assets and
liabilities, as of the end of) the corresponding period or periods of the previous fiscal year (to the extent such information
is available for the previous fiscal year), all certified by a Financial Officer of the Borrower as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that
the requirements set forth in this clause (b) may be fulfilled if such financial statements are furnished in the Borrower’s
quarterly report filed by the Borrower with the SEC on Form 10-Q for the applicable quarterly period, and such report shall be
deemed to have been provided to the Administrative Agent and the Lenders once publicly available on the SEC’s website;

 

(c)       concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer
of the Borrower (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering
the applicable report delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial
statements filed by the Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has
occurred during the most recent period covered by such financial statements (or has occurred and is continuing from a prior period)
and, if a Default has occurred during such period (or has occurred and is continuing from a prior period), specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations
demonstrating compliance with Sections 6.01(b), (c) and (e), 6.04(h), 6.05(b) and 6.07, (iv) stating whether any change in
GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Effective Date (but only if the Borrower
has not previously reported such change to the Administrative Agent and if such change has had a material effect on the financial
statements) and, if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying
the effect, as determined by the Borrower, of such change on the financial statements accompanying such certificate and (v) attaching
a list of Subsidiaries and Immaterial Subsidiaries as of the date of delivery of such certificate or a confirmation that there
is no change in such information since the date of the last such list;

 

    	 	 86	 

     

    

 

(d)       as
soon as available and in any event not later than the last Business Day of the calendar month following each monthly accounting
period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, (i) a Borrowing Base Certificate
as of the last day of such accounting period, (ii) a report certified by a Financial Officer of the Borrower identifying the aggregate
amount of net cash proceeds received by the Borrower from Equity Interests issued by the Borrower in the immediately prior monthly
accounting period and (iii) a schedule showing all Portfolio Investments contributed or transferred to the Financing Subsidiaries,
or distributed or dividended by the Financing Subsidiaries to the Borrower, during such monthly period together with a certificate
(which may be included in the Borrowing Base Certificate) of a Financial Officer providing that at the time of such distribution
or transfer of each such Portfolio Investment the conditions referred to in Section 6.03(f)(i) had been satisfied;

 

(e)       promptly
but no later than two Business Days after any Financial Officer of the Borrower shall at any time have knowledge that there is
a Borrowing Base Deficiency, a Borrowing Base Certificate as at the date such Financial Officer has knowledge of such Borrowing
Base Deficiency indicating the amount of the Borrowing Base Deficiency as at the date such Financial Officer obtained knowledge
of such deficiency and the amount of the Borrowing Base Deficiency as of the date not earlier than three Business Days prior to
the date the Borrowing Base Certificate is delivered pursuant to this paragraph;

 

(f)       promptly
upon receipt thereof copies of all significant and non-routine written reports submitted to the management or board of directors
of the Borrower by the Borrower’s independent public accountants in connection with each annual, interim or special audit
or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries
delivered by such accountants to the management or board of directors of the Borrower (other than the periodic reports that the
Borrower’s independent auditors provide, in the ordinary course, to the audit committee of the Borrower’s board of
directors);

 

(g)       copies
of all periodic and other reports, proxy statements and other materials sent to all stockholders filed by the Obligors with the
SEC or with any national securities exchange, as the case may be, which such periodic and other reports, proxy statements and
other materials shall be deemed to have been provided to the Administrative Agent once publicly available on the website of the
SEC or any national securities exchange, as the case may be;

 

    	 	 87	 

     

    

 

(h)       within
45 days after the end of each fiscal quarter of the Borrower, all final internal and external
valuation reports relating to the Eligible Portfolio Investments (excluding all valuation reports prepared by any Independent
Valuation Provider pursuant to Sections 5.12(b)(ii)(B)(x) and 5.12(b)(iii), but including
all valuation reports delivered by an Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted
Investments in accordance with Section 5.12(b)(ii)(B)) and the underwriting memoranda for all Eligible Portfolio Investments included
in such valuation reports, and any other information relating to the Eligible Portfolio Investments as reasonably requested by
the Administrative Agent or any Lender; provided that the underwriting memoranda for a particular Eligible Portfolio Investment
of an Obligor shall not be required to be delivered prior to the 30th day following the initial closing of such Portfolio
Investment;

 

(i)       to
the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, updated copies of custody
reports (including, to the extent available, an itemized list of each Portfolio Investment held in any Custodian Account owned
by the Borrower or any of its Subsidiaries) with respect to any custodian account owned by the Borrower or any of the Subsidiary
Guarantors;

 

(j)       within
45 days after the end of each of the first three fiscal quarters of the Borrower and 90 days after the end of each fiscal year
of the Borrower, a certificate of a Financial Officer of the Borrower certifying that attached thereto is a complete and correct
description of all Portfolio Investments as of the date thereof, including, with respect to each such Portfolio Investment, the
name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the Portfolio Company of such Portfolio Investment;
and

 

(k)       promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the
Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative
Agent or any Lender may reasonably request, including such documents and information requested by the Administrative Agent or
any Lender that are reasonably required in order to comply with “know-your-customer” and other anti-terrorism, anti-money
laundering and similar rules and regulations and related policies.

 

Section 5.02.     Notices
of Material Events. Upon the Borrower becoming aware of any of the following, the Borrower will furnish to the Administrative
Agent for distribution to each Lender prompt written notice of the following:

 

(a)       the
occurrence of any Default (provided that if such Default is subsequently cured within the time periods set forth herein,
the failure to provide notice of such Default shall not itself result in an Event of Default hereunder);

 

(b)       the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
the Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse
Effect;

 

    	 	 88	 

     

    

 

(c)       the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $2,500,000; and

 

(d)       any
other development (excluding matters of a general economic, financial or political nature to the extent that they could not reasonably
be expected to have a disproportionate effect on the Borrower) that results in, or could reasonably be expected to result in,
a Material Adverse Effect.

 

Each
notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer
of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to
be taken with respect thereto.

 

Section 5.03.     Existence;
Conduct of Business. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries)
to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the
rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing
shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

Section 5.04.     Payment
of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities
and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before
the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected
to result in a Material Adverse Effect.

 

Section 5.05.     Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries)
to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary
wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts
and against such risks as are customarily maintained by companies engaged in the same or similar business, operating in the same
or similar locations.

 

Section 5.06.     Books
and Records; Inspection and Audit Rights.

 

(a)       Books
and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and account
in accordance with GAAP. The Borrower will, and will cause each other Obligor to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice to the Borrower, to (i) visit and inspect its properties
during business hours, to examine and make extracts from its books and records, and (ii) discuss its affairs, finances and
condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested, in
each case to the extent such information can be provided or discussed without violation of law, rule, or regulation; provided
that the Borrower or such other Obligor shall be entitled to have its representatives and advisors present during any inspection
of its books and records or meeting with its independent accountants; provided, further, that the Administrative
Agent and the Lenders shall not conduct more than one such visit and inspection in any calendar year unless an Event of Default
has occurred and is continuing at the time of any subsequent visits and inspections during such calendar year.

 

    	 	 89	 

     

    

 

(b)       Audit
Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative
Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations
and appraisals of the Borrower’s computation of the Borrowing Base and the assets included in the Borrowing Base (including,
for clarity, audits of any Agency Accounts, funds transfers and custody procedures), all at such reasonable times and as often
as reasonably requested. The Borrower shall pay the reasonable, documented and out-of-pocket fees and expenses of representatives
retained by the Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not
be required to pay such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event
of Default has occurred and is continuing at the time of any subsequent evaluation or appraisal during such calendar year; provided,
further, that in relation to any fees or expenses required to be paid by the Borrower in connection with any appraisal
under this Section 5.06(b) (but, for the avoidance of doubt, other than valuation reports produced pursuant to Section 5.12(b)(ii)(B)(x)),
unless an Event of Default has occurred and is continuing such fees and expenses shall be subject to the IVP Supplemental Cap.
The Borrower also agrees to modify or adjust the computation of the Borrowing Base and/or the assets included in the Borrowing
Base, to the extent required by the Administrative Agent or the Required Lenders as a result of any such evaluation or appraisal
indicating that such computation or inclusion of assets is not consistent with the terms of this Agreement; provided that
if the Borrower demonstrates that such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its
computation of the Borrowing Base.

 

Section 5.07.     Compliance
with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules,
regulations, including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable
to it (including orders issued by the SEC) or its property and all indentures, agreements and other instruments, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.08.     Certain
Obligations Respecting Subsidiaries; Further Assurances.

 

(a)       Subsidiary
Guarantors.

 

(i)       In
the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing
Subsidiary, a CFC, a Transparent Subsidiary or an Immaterial Subsidiary), or that any other Person shall become a “Subsidiary”
within the meaning of the definition thereof (other than a Financing Subsidiary, a CFC, a Transparent Subsidiary or an Immaterial
Subsidiary); (2) any Structured Subsidiary shall no longer constitute a “Structured Subsidiary” pursuant to the
definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08);
(3) any SBIC Subsidiary shall no longer constitute a “SBIC Subsidiary” pursuant to the definition thereof (in
which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08); (4) any CFC
shall no longer constitute a “CFC” pursuant to the definition thereof (in which case such Person shall be deemed to
be a “new” Subsidiary for purposes of this Section 5.08); (5) any Transparent Subsidiary shall no longer constitute
a “Transparent Subsidiary” pursuant to the definition thereof (in which case such Person shall be deemed to be a “new”
Subsidiary for purposes of this Section 5.08); or (6) any Immaterial Subsidiary shall no longer constitute an “Immaterial
Subsidiary” pursuant to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary
for purposes of this Section 5.08), the Borrower will, in each case, on or before thirty (30) days (or such longer period as may
be agreed to by the Administrative Agent in its sole discretion) following such Person becoming a Subsidiary or such Financing
Subsidiary, CFC, Transparent Subsidiary or Immaterial Subsidiary, as the case may be, no longer qualifying as such, cause such
new Subsidiary or former Financing Subsidiary, former CFC, former Transparent Subsidiary or former Immaterial Subsidiary, as the
case may be, to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security
Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers,
opinions of counsel and other documents as the Administrative Agent shall have reasonably requested.

 

    	 	 90	 

     

    

 

(ii)       The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary as an Obligor
only for so long as such Person qualifies as a “Structured Subsidiary” pursuant to the definition thereof, and thereafter
such Person shall no longer constitute a “Structured Subsidiary” for any purpose of this Agreement or any other Loan
Document.

 

(iii)       The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each SBIC Subsidiary as an Obligor
only for so long as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and thereafter
such Person shall no longer constitute an “SBIC Subsidiary” for any purpose of this Agreement or any other Loan Document.

 

(b)       Ownership
of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall
be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary; provided that the foregoing shall not
prohibit any transaction permitted under Sections 6.03 or 6.04, so long as after giving effect to such permitted transaction
each of the remaining Subsidiaries is a wholly owned Subsidiary.

 

(c)       Further
Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as
shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without
limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors, to:

 

    	 	 91	 

     

    

 

(i)       take
such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering
such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative Agent
to create, in favor of the Collateral Agent for the benefit of the Lenders (and any Affiliate thereof that is a party to any Hedging
Agreement entered into with the Borrower) pursuant to the Security Documents, perfected security interests and Liens in the Collateral;
provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents;

 

(ii)      with
respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained
by the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such
accounts which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll
account is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of
a Portfolio Investment and (E) any account in which the aggregate value of deposits therein, together with all other such accounts
under this clause (E), does not at any time exceed $75,000; provided that in the case of each of the foregoing clauses
(A) through (E), no other Person (other than the depository institution at which such account is maintained) shall have “control”
over such account (within the meaning of the Uniform Commercial Code)), cause each bank or securities intermediary (within the
meaning of the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate
in order that the Collateral Agent has “control” (within the meaning of the Uniform Commercial Code) over each such
deposit account or securities account (each, a “Control Account”) and in that connection, the Borrower agrees,
subject to Sections 5.08(c)(iv) and (v) below, to cause all cash and other proceeds of Portfolio Investments received
by any Obligor to be immediately deposited into a Control Account (or otherwise delivered to, or registered in the name of, the
Collateral Agent) and, both prior to and following such deposit, delivery or registration such cash and other proceeds shall
be held in trust by the Borrower for the benefit of the Collateral Agent and shall not be commingled with any other funds or property
of such Obligor or any other Person (including with any money or financial assets of the Borrower in its capacity as “servicer”
for a Structured Subsidiary, or any money or financial assets of a Structured Subsidiary, or any money or financial assets of
the Borrower in its capacity as an agent or administrative agent for any other Bank Loans subject to Section 5.08(c)(v) below);

 

(iii)     cause
the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in form and substance
reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such Financing Subsidiary
qualifies or continues to qualify as a “Structured Subsidiary” or an “SBIC Subsidiary”, as applicable,
pursuant to the definitions thereof;

 

(iv)     in
the case of any Portfolio Investment consisting of a Bank Loan that does not constitute all of the credit extended to the underlying
borrower under the relevant underlying loan documents and a Financing Subsidiary holds any interest in the loans or other extensions
of credit under such loan documents, (x)(1) cause the interest owned by such Financing Subsidiary to be evidenced by separate
execution of relevant loan documentation by, or assignment documentation in the name of, such Financing Subsidiary and, if such
interest is evidenced by notes, cause such interest to be evidenced by a separate note or notes, which note or notes are either
(A) in the name of such Financing Subsidiary or (B) in the name of the Borrower, endorsed in blank and delivered to
the applicable Financing Subsidiary and beneficially owned by the Financing Subsidiary and (2) not permit such Financing
Subsidiary to have a participation acquired from an Obligor in such underlying loan documents and the extensions of credit thereunder
or any other indirect interest therein acquired from an Obligor; provided that such participation shall be permitted for
a period of not more than ninety (90) days (or such longer period as may be agreed to by the Administrative Agent in its sole
discretion), as a bridge to an assignment of such interest to such Financing Subsidiary in accordance with (x)(1) above; and (y) ensure
that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower or other obligated
party are remitted by such borrower or obligated party (or the applicable administrative agents, collateral agents or equivalent
Person) directly to the Custodian Account and no other amounts owing by such underlying borrower or obligated party are remitted
to the Custodian Account;

 

    	 	 92	 

     

    

 

(v)       in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan
(or is acting in an analogous agency capacity under any note purchase agreements with respect to any Mezzanine Investment) and
such Obligor does not hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan
documents or note purchase agreements, ensure that (1) all funds held by such Obligor in such capacity as agent or administrative
agent are segregated from all other funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency
Account”); (2) all amounts owing on account of such Bank Loan or Mezzanine Investment by the underlying borrower
or other obligated party are remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly
to an account in the name of the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing
amounts owing to more than one underlying lender may be remitted to any commingled account other than the Agency Account); and
within one (1) Business Day after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent
shall distribute any such funds belonging to any Obligor to the Custodian Account (provided that if any distribution referred
to in this clause (c) is not permitted by applicable bankruptcy law to be made as a result of the bankruptcy of the underlying
borrower, such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make
such distribution as soon as legally permitted to do so);

 

(vi)      cause
the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to be delivered to
the Custodian as provided therein; and

 

    	 	 93	 

     

    

 

(vii)       in
the case of any Portfolio Investment held by any Financing Subsidiary, including any cash collection related thereto, ensure that
such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor.

 

Notwithstanding
anything to the contrary contained herein, if any instrument, promissory note, agreement, document or certificate
held by the Custodian is destroyed or lost not as a result of any action of the Borrower, then the Borrower shall use its
commercially reasonable efforts to obtain from the underlying borrower, and deliver to the Custodian, a replacement
instrument or document within 20 Business Days from the date when the Borrower has knowledge of such loss or destruction; provided
that if possession or control of such instrument, promissory note, agreement, document or certificate is not required for the
perfection of a security interest therein (as reasonably determined by the Administrative Agent), any original of such
instrument, promissory note, agreement, document or certificate shall be deemed held by the Custodian for all purposes
hereunder.

 

Section 5.09.     Use
of Proceeds. The Borrower will use the proceeds of the Loans and the issuances of Letters of Credit (a) in connection
with any transaction permitted under Section 6.03, (b) to pay fees, costs and expenses incurred in connection with this Agreement
and the other Loan Documents or (c) for other general corporate purposes of the Borrower and its Subsidiaries (other than the
Financing Subsidiaries, except to the extent permitted by Section 6.03(f)) in the ordinary course of business, including
making distributions, in each case to the extent not prohibited by this Agreement, making payments of Indebtedness to the extent
not prohibited under this Agreement and the acquisition and funding (either directly or through one or more wholly-owned Subsidiary
Guarantors) of leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock,
Hedging Agreements and other Portfolio Investments, in each case to the extent otherwise permitted hereunder; provided
that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part
of the proceeds of any Loan will be used in violation of applicable law or, directly or indirectly, for the purpose, whether immediate,
incidental or ultimate, of buying or carrying any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock
or at any other time requested by the Administrative Agent or any Lender, the Borrower shall furnish to the Administrative Agent
and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable,
referred to in Regulation U. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly
or indirectly secured by Margin Stock (within the meaning of Regulation U), or with the proceeds of equity capital of the
Borrower.

 

Section 5.10.     Status
of RIC and BDC. The Borrower shall, with respect to each taxable year, maintain its status as a RIC under the Code
and at all times maintain its status as a “business development company” under the Investment Company Act.

 

Section 5.11.     Investment
Policies and Valuation Policy The Borrower shall at all times be in compliance in all material respects
with its Investment Policies and Valuation Policy, and shall promptly advise the Administrative Agent of any material change
in either its Investment Policies or its Valuation Policy.

 

    	 	 94	 

     

    

 

Section 5.12.     Portfolio
Valuation and Diversification Etc.

 

(a)          Industry
Classification Groups. For purposes of this Agreement, the Borrower shall assign each Eligible Portfolio Investment to an
Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines
that any Eligible Portfolio Investment is not adequately correlated with the risks of other Eligible Portfolio Investments in
an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification
Group that is more closely correlated to such Eligible Portfolio Investment. In the absence of any correlation, the Borrower shall
be permitted, upon notice to the Administrative Agent for distribution to each Lender to create up to three additional industry
classification groups for purposes of this Agreement.

 

(b)          Portfolio
Valuation Etc.

 

(i)          Settlement-Date
Basis. For purposes of this Agreement and the other Loan Documents, all determinations of whether a Portfolio Investment is
an Eligible Portfolio Investment shall be determined on a Settlement-Date Basis; provided that no such investment shall
be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

(ii)          Determination
of Values. For purposes of the Loan Documents, the Eligible Portfolio Investments shall be valued as follows:

 

(A)          Quoted
Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents) for which market
quotations are readily available and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted
Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value of such
Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected
by the Borrower (each such value, an “External Quoted Value”):

 

(w)          in
the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,

 

(x)          in
the case of Bank Loans, the average of the bid prices as determined by two Approved Dealers selected by the Borrower or an Approved
Pricing Service which makes reference to at least two Approved Dealers with respect to such Bank Loans,

 

(y)          in
the case of any Quoted Investment traded on an exchange, the closing price for such Eligible Portfolio Investment most recently
posted on such exchange, and

 

(z)          in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and

 

    	95 

     

    

 

(B)          Unquoted
Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available
(“Unquoted Investments”):

 

(x)          
Commencing on July 31st, 2017, and for October 31st , February 28th, April 30th and
July 31st thereafter (or such other dates as are reasonably agreed by the Borrower and the Administrative Agent (provided
that such testing dates shall occur not less than quarterly), each an “IVP Testing Date”), the Administrative
Agent through an Independent Valuation Provider will, solely for purposes of determining the Borrowing Base, test the values as
of such IVP Testing Date of those Unquoted Investments that are Portfolio Investments included in the Borrowing Base selected
by the Administrative Agent (such selected assets, the “IVP Tested Assets” and such value, the “IVP
External Unquoted Borrowing Base Value”) in an amount approximately equal to the Tested Amount. Each such valuation
report shall also include the information required to comply with paragraph 18 of Schedule 1.01(d) for an IVP Tested Asset
(to the extent such provisions are applicable.) For the avoidance of doubt, Unquoted Investments that are part of the Collateral
but not included in the Borrowing Base shall not be subject to testing under this Section 5.12(b)(ii)(B)(x).

 

(y)          The
Borrower shall value Unquoted Investments quarterly in a manner consistent with its “Net Asset Valuation Policy”,
as the same may be amended, supplemented, waived or otherwise modified from time to time consistent with standard industry practice
and in a manner not prohibited by this Agreement (the “Valuation Policy”); provided that, with respect
to not less than 70% (the determination of fair value for such 70% threshold shall be based off of the last determination of value
of the Portfolio Investments pursuant to this Section 5.12 and, for the avoidance of doubt, in the case of any Unquoted Investments
acquired during the calendar quarter, the value shall be as determined pursuant to clause (E)(z)(2) below) of the Unquoted Investments
included in the Borrowing Base (the “Borrower Tested Assets”), that the Borrower shall request an Approved
Third-Party Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investments,
as of the last day of each fiscal quarter of the Borrower (such value, the “Borrower External Unquoted Borrowing Base
Value”), and to provide the Board of Directors with a written valuation report as part of that assistance each quarter.
Each such valuation report shall also include the information required to comply with paragraph 18 of Schedule 1.01(d).

 

(C)          Internal
Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments included
in the Borrowing Base at least once each calendar week which shall take into account any events of which the Borrower has knowledge
that materially affects the value of any Eligible Portfolio Investment (each such value, an “Internal Value”).

 

    	96 

     

    

 

(D)          Credit
Agreement Value of Quoted Investments. Subject to clause (G) of this Section 5.12(b)(ii), the “Value” of
each Quoted Investment for all purposes of this Agreement shall be the lowest of (i) the Internal Value of such Quoted Investment
as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (ii) the External Quoted Value of such
Quoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(A), and (iii) the par or face value of
such Quoted Investment.

 

(E)          Credit
Agreement Value of Unquoted Investments. Subject to clauses (G) of this Section 5.12(b)(ii) and, as applicable, Section
5.12(b)(iii),

 

(x)          if
the Value of such Unquoted Investment determined pursuant to Section 5.12(b)(ii)(B)(y) or Section 5.12(b)(ii)(C) is not more than
the lesser of (1) five points more than the midpoint of the valuation range (expressed as a percentage of par) provided by the
Independent Valuation Provider (provided that the value of such Unquoted Investment is customarily quoted as a percentage of par)
and (2) 110% of the midpoint of the valuation range provided by the Independent Valuation Provider, then the Value for such Unquoted
Investment determined in accordance with Section 5.12(b)(ii)(B)(y) or Section 5.12(b)(ii)(C) shall continue to be used as the
“Value” for purposes of this Agreement;

 

(y)          If
the values of any Unquoted Investment determined pursuant to Section 5.12(b)(ii)(B)(y) or Section 5.12(b)(ii)(C) is more than
the lesser of the values set forth in clauses (1) and (2) (to the extent applicable), then for such Portfolio Investment, the
“Value” for purposes of this Agreement shall become the lesser of (x) the highest value of the valuation range provided
by the Independent Valuation Provider, (y) five (5) points more than the midpoint of the valuation range (expressed as a percentage
of par) provided by the Independent Valuation Provider (provided that the value of such Unquoted Investment is customarily quoted
as a percentage of par) and (z) 110% of the midpoint of the valuation range provided by the Independent Valuation Provider.

 

provided
that, if an Unquoted Investment is acquired during a fiscal quarter and until such time as the Applicable External Borrowing
Base Value is obtained with respect to such Unquoted Investment, the “Value” of such Unquoted Investment shall be
deemed to be equal to the lowest of (x) the Internal Value of such Unquoted Investment as determined by the Borrower pursuant
to Section 5.12(b)(ii)(C), (y) the cost of such Unquoted Investment , and (z) the par or face value of such Unquoted
Investment.

 

(F)          Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base
Deficiency exists, then the Borrower shall, promptly and in any event within five Business Days as provided in Section 5.01(e),
deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the
payments and prepayments (and/or provide cover for Letters of Credit), but only to the extent required by Section 2.09(c).

 

    	97 

     

    

 

(G)          Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then
the “Value” of such Eligible Portfolio Investment as at such date, and until a value is obtained, shall be deemed
to be zero for purposes of the Borrowing Base; provided, however, that the Borrower shall determine which assets shall have a
“Value” of zero for such purposes (and upon request of the Administrative Agent, the Borrower shall promptly inform
the Administrative Agent which assets have a “Value” of zero for this purpose).

 

Provided
that, in no event shall any Portfolio Investment be valued pursuant to the foregoing requirements less frequently then annually.

 

(iii)          Supplemental
Testing of Values; Valuation Dispute Resolutions

 

(A)          Notwithstanding
the foregoing, the Administrative Agent, individually or at the request of the Required Lenders, shall at any time have the right,
solely for purposes of the Borrowing Base, to request in its reasonable discretion any unquoted Portfolio Investment included
in the Borrowing Base with a value assigned by the Borrower (other than IVP Tested Assets as of the most recent IVP Testing Date)
to be independently tested by an Independent Valuation Provider for purposes of the Borrowing Base. Subject to Section 5.12(b)(iv)(C)
below, there shall be no limit on the number of such appraisals requested by the Administrative Agent in its reasonable discretion
and the costs of any such valuation shall be at the expense of the Borrower. If (x) the value of any Borrower Tested Asset
determined pursuant to Section 5.12(b)(ii) is less than the value determined by the Independent Valuation Provider pursuant
to this clause, then the value determined pursuant to Section 5.12(b)(ii) shall continue to be used as the “Value”
for purposes of this Agreement and (y) if the value of any Borrower Tested Asset determined pursuant to Section 5.12(b)(ii) is
greater than the value determined by the Independent Valuation Provider and the difference between such values is (1) less
than or equal to 5% of the value determined pursuant to Section 5.12(b)(ii), then the value determined pursuant to Section 5.12(b)(ii) shall
become the “Value” of such Portfolio Investment, (2) greater than 5% and less than or equal to 20% of the value
determined pursuant to Section 5.12(b)(ii), then the “Value” of such Portfolio Investment shall become the average
of the value determined pursuant to Section 5.12(b)(ii) and the value determined by the Independent Valuation Provider,
and (3) greater than 20% of the value determined pursuant to Section 5.12(b)(ii), then the Borrower and the Administrative
Agent shall retain an additional third-party appraiser and, upon the completion of such appraisal, the “Value” of
such Portfolio Investment shall become the average of the three valuations (with the average of the value of the Independent Valuation
Provider and value determined pursuant to Section 5.12(b)(ii) to be used until the third value is obtained).

 

    	98 

     

    

 

(iv)          Generally
Applicable Valuation Provisions

 

(A)          The
Value of any Portfolio Investment for which the Independent Valuation Provider’s value is used shall be the midpoint of
the range (if any) determined by the Independent Valuation Provider. The Independent Valuation Provider shall apply a recognized
valuation methodology that is commonly accepted in the Borrower’s industry for valuing Portfolio Investments of the type
being valued and held by the Obligors. Other procedures relating to the valuation will be reasonably agreed upon by the Administrative
Agent and the Borrower.

 

(B)          All
valuations shall be on a Settlement-Date Basis. For the avoidance of doubt, the value of any Portfolio Investments determined
in accordance with any provision of this Section 5.12 shall be the Value of such Portfolio Investment for purposes of this
Agreement until a new Value for such Portfolio Investment is subsequently determined in good faith in accordance with this Section 5.12.

 

(C)          Subject
to the last sentence of Section 9.03(a), the reasonable and documented out-of-pocket costs of any valuation reasonably incurred
by the Administrative Agent under this Section 5.12 shall be at the expense of the Borrower; provided that the Borrower’s
obligation to reimburse valuation costs incurred by the Administrative Agent under Section 5.12(b)(iii) (together with
expenses incurred under Section 5.06(b)) shall under no circumstances be in excess of the IVP Supplemental Cap.

 

(D)          The
values determined by the Independent Valuation Provider shall be deemed to be “Information” hereunder and subject
to Section 9.13 hereof.

 

(E)          The
Administrative Agent shall provide a copy of the final results of any valuation performed by the Independent Valuation Provider
or an Approved Third-Party Appraiser to any Lender promptly upon such Lender’s request, except to the extent that such recipient
has not executed and delivered a customary and reasonable non-reliance letter, confidentiality agreement or similar agreement
requested or required by such Independent Valuation Provider or Approved Third-Party Appraiser, as applicable.

 

(F)          The
foregoing valuation procedures shall only be required to be used for purposes of calculating the Borrowing Base and related concepts
and shall not be required to be utilized by the Borrower for any other purpose, including, without limitation, the delivery of
financial statements or valuations required under ASC820 or the Investment Company Act.

 

    	99 

     

    

 

(G)          The
Independent Valuation Provider shall be instructed to conduct its tests in a manner not disruptive to the business of the Borrower
in any material respect. The Administrative Agent shall notify the Borrower of its receipt of the final results of any such test
promptly upon its receipt thereof and shall provide a copy of such results and the related report to the Borrower promptly upon
the Borrower’s request.

 

(c)          Investment
Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required by the Investment
Company Act) will at all times comply in all material respects with the portfolio diversification and similar requirements set
forth in the Investment Company Act applicable to business development companies. The Borrower will at all times, subject to applicable
grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code
applicable to RICs.

 

Section 5.13.     Calculation
of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall be determined, as at
any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment
by (y) the applicable Advance Rate; provided that:

 

(a)          the
Advance Rate applicable to that portion of the aggregate Value of the Eligible Portfolio Investments of all issuers in a consolidated
group of corporations or other entities in accordance with GAAP exceeding 5% of the aggregate Value of all Eligible Portfolio
Investments included in the Borrowing Base shall be 50% of the otherwise applicable Advance Rate;

 

(b)          the
Advance Rate applicable to that portion of the aggregate Value of the Eligible Portfolio Investments of all issuers in a consolidated
group of corporations or other entities in accordance with GAAP exceeding 7.5% of the aggregate Value of all Eligible Portfolio
Investments included in the Borrowing Base shall be 0%;

 

(c)          the
Advance Rate applicable to that portion of the aggregate Value of the Eligible Portfolio Investments of all issuers in any single
Industry Classification Group exceeding 20% of the aggregate Value of all Eligible Portfolio Investments included in the Borrowing
Base shall be 0%;

 

(d)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Cash, Cash Equivalents, Short-Term U.S.
Government Securities, Long-Term U.S. Government Securities, Performing Cash Pay First Lien Bank Loans, Performing Cash Pay Last
Out Loans and Performing Cash Pay Second Lien Bank Loans shall be no less than 50%;

 

(e)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Cash, Cash Equivalents, Short-Term U.S.
Government Securities, Long-Term U.S. Government Securities and Performing Cash Pay First Lien Bank Loans shall be no less than
30%;

 

    	100 

     

    

 

(f)          the
portion of the Borrowing Base attributable to Non-Core Investments shall not exceed 15% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 15% of the Borrowing Base;

 

(g)          the
portion of the Borrowing Base attributable to Foreign Eligible Portfolio Investments shall not exceed 30% of the Borrowing Base
and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to
the extent such portion would otherwise exceed 30% of the Borrowing Base; and

 

(h)          the
Advance Rate applicable to that portion of the Borrowing Base that is either (I) Agreed Foreign Currency Cash or (II) Cash Equivalents,
in either case that is (i) issued by a jurisdiction other than the United States or a Permitted Foreign Jurisdiction, (ii) not
otherwise hedged to the satisfaction of the Administrative Agent and (iii) in excess of the then current amount of Loans outstanding
in the respective Currency of such Agreed Foreign Currency Cash or Cash Equivalents, shall be 90% of the otherwise applicable
Advance Rate.

 

For
all purposes of this Section 5.13, (i) all Portfolio Companies of Eligible Portfolio Investments that are Affiliates of one
another shall be treated as a single Portfolio Company (unless such Portfolio Companies are Affiliates of one another solely because
they are under the common Control of the same private equity sponsor or similar sponsor) and (ii) to the extent the Borrowing
Base is required to be reduced to comply with this Section 5.13, the Borrower shall be permitted to choose the Eligible Portfolio
Investments to be so removed to effect such reduction.

 

For
the avoidance of doubt, to avoid double-counting of excess concentrations, any Advance Rate reductions set forth under this Section 5.13
shall be without duplication of any other such Advance Rate reductions.

 

As
used herein, the following terms have the following meanings:

 

“Advance
Rate” means, as to any Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages
with respect to such Eligible Portfolio Investment:

 

	Eligible
    Portfolio Investment	Quoted	Unquoted
	USD
    Cash, Agreed Foreign Currency Cash, Cash Equivalents (including Short-Term U.S. Government Securities)	100%	n.a.
	Long-Term
    U.S. Government Securities	95%	n.a.
	Other
    Cash	90%	n.a.
	Performing
    Cash Pay First Lien Bank Loans	70%	60%
	Performing
    Cash Pay Last Out Loans	65%	55%
	Performing
    Cash Pay Second Lien Bank Loans	60%	50%
	Performing
    Cash Pay High Yield Securities and Performing Cash Pay Covenant-Lite Loans	45%	35%
	Performing
    Cash Pay Mezzanine Investments	50%	40%
	Performing
    DIP Loans	40%	30%
	Performing
    Non-Cash Pay Bank Loans	35%	25%
	Performing
    Non-Cash Pay High Yield Securities and Performing Non-Cash Pay Covenant-Lite Loans	35%	25%
	Performing
    Non-Cash Pay Mezzanine Investments	35%	25%
	Performing
    Common Equity	30%	20%

 

    	101 

     

    

 

For
the avoidance of doubt, the categories above are intended to be indicative of the traditional investment types. All determinations
of whether a particular Portfolio Investment belongs to one category or another shall be made by the Borrower on a consistent
basis with the foregoing. For example, a secured bank loan solely at a holding company, the only assets of which are the shares
of an operating company, may constitute a Mezzanine Investment, but would not ordinarily constitute a First Lien Bank Loan.

 

“Affiliate
Investment” means a Portfolio Investment in which the Investment Advisor or any of its Affiliates (other than the Borrower)
owns or controls more than 25% of the voting Capital Stock.

 

“Agreed
Foreign Currency Cash” means any immediately available funds in any Agreed Currency other than U.S. dollars (measured
in terms of the Dollar Equivalent thereof) as long as it is a freely convertible currency.

 

“Bank
Loans” means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings,
the funded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including
interim loans, bridge loans and senior subordinated loans) that are generally provided under a syndicated loan or credit facility
or pursuant to any loan agreement, note purchase agreement or other similar financing arrangement facility, whether or not syndicated.

 

“Capital
Stock” of any Person means any and all shares of corporate stock (however designated) of and any and all other
Equity Interests and participations representing ownership interests (including membership interests and limited liability company
interests) in, such Person.

 

“Cash”
means, collectively, USD Cash, Agreed Foreign Currency Cash and Other Cash.

 

“Cash
Equivalents” has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“Cash
Pay” means, with respect to any Portfolio Investment, that at the time of determination, (x) not less than 2/3rds (or,
in the case of First Lien Bank Loans, Last Out Loans or Second Lien Bank Loans, not less than 3/4ths) of the interest payable
in respect of such Portfolio Investment (including accretions and “pay-in-kind” interest) for the current monthly,
quarterly or semi-annual period (as applicable) is payable in cash or (y) (i) if such Portfolio Investment is a floating rate
obligation, cash interest in an amount greater than or equal to 4.5% above 3-month LIBOR is payable at least semi-annually or
(ii) if such Portfolio Investment is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum
is payable at least semi-annually.

 

    	102 

     

    

 

“Covenant-Lite
Loan” means a Bank Loan that does not require the borrower thereunder to comply with any financial covenants (including
without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) (regardless
of whether compliance with one or more incurrence covenants is otherwise required by such Bank Loan).

 

“Defaulted
Obligation” means (i) any Investment in Indebtedness as to which (a)  (x) a default as to the payment of principal
and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness
(without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has
occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of
such default; (b)  a default as to the payment of principal and/or interest has occurred and is continuing for a period of
thirty two (32) consecutive days on another material debt obligation of the Portfolio Company under such Indebtedness which is
senior or pari passu in right of payment to such Indebtedness (without regard to any grace period applicable thereto, or waiver
thereof); (c)  the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio
Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or
such Portfolio Company has filed for protection under the United States Bankruptcy Code or under any foreign bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian, appointed for it (unless, in the case of clause (b) or
(c), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (d) 
a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral
for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (e) the Borrower has delivered
written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises
significant remedies following a default and (ii) any Capital Stock in respect of which (x) the Portfolio Company (1) has failed
to meet any scheduled redemption obligations or pay its latest declared cash dividend with respect to such Capital Stock or any
other class of Capital Stock after the expiration of any applicable grace period or pay any other amount owing in cash in respect
of such Capital Stock or (2) any outstanding indebtedness of such Portfolio Company would satisfy clause (i) above if such indebtedness
was an Investment in Indebtedness (or if any agent or lender with respect to any indebtedness of such Portfolio Company has delivered
written notice declaring such indebtedness in default or as to which any such agent or lender has exercised significant remedies
following a default).

 

    	103 

     

    

 

“DIP
Loan” means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter
11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy
Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under
the laws of the United States or any state therein and domiciled in the United States, and which satisfies the following criteria:
(a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions
of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under
the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions
of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed,
in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions
of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district
court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the
Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its
obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal
bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate,
in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash,
of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g)
the DIP Loan is documented in a form that is commercially reasonable; (h) the DIP Loan shall not provide for more than 50% (or
a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations
owing to all or some of the same lender(s) in a “roll-up” or similar transaction; (i) no portion of the DIP Loan is
payable in consideration other than cash; and (j) no portion of the DIP Loan has been credit bid under Section 363(k) of the Bankruptcy
Code or otherwise . For the purposes of this definition, an order is a “final order” if the applicable period for
filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has
lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk
thereof.

 

“EBITDA”
means the consolidated net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent
excluded in the definition of “EBITDA” in the relevant agreement relating to the applicable Eligible Portfolio Investment))
for the relevant period plus the following to the extent deducted in calculating such consolidated net income: (i) consolidated
interest charges for such period; (ii) the provision for Federal, state, local and foreign income taxes payable for such period;
(iii) depreciation and amortization expense for such period; and (iv) such other adjustments included in the definition of “EBITDA”
(or similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Eligible
Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market terms for
substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably
determined in good faith by the Borrower; provided that in each case EBITDA shall be calculated as of the most recently
delivered financial statements of the applicable Person.

 

“First
Lien Bank Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security
interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and
which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings
in such collateral; provided, however, that, in the case of accounts receivable and inventory (and the proceeds
thereof), such lien and security interest may be second in priority to a Permitted Prior Working Capital Lien (subject, for the
avoidance of doubt, to the second proviso in the definition thereof); and further provided that any portion (and only such
portion) of such a Bank Loan which has a total debt to EBITDA ratio above 4.00x will be deemed to be a Second Lien Bank Loan.
For the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan.

 

    	104 

     

    

 

“High
Yield Securities” means debt Securities and Preferred Stock, in each case (a) issued by public or private Portfolio
Companies, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or
any successor provision thereunder) and (c) that are not Cash Equivalents, Mezzanine Investments (described under clause
(i) of the definition thereof) or Bank Loans.

 

“Last
Out Loan” shall mean, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last
out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion
of such Bank Loan that is the last out tranche; provided that:

 

(a)
such last out tranche is entitled (along with the first out tranche) to the benefit of a first lien and first priority perfected
security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof,
and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation
proceedings;

 

(b)
the ratio of (x) the amount of the first out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.00x;

 

(c)
such last out tranche (i) gives the holders of such last out tranche full enforcement rights during the existence of an event
of default (subject to customary exceptions, including standstill periods and if the holders of the first out tranche have previously
exercised enforcement rights), (ii) shall have the same maturity date as the first out tranche, (iii) is entitled to the same
representations, covenants and events of default as the holders of the first out tranche (subject to customary exceptions), and
(iv) provides the holders of such last out tranche with customary protections (including, without limitation, consent rights with
respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins (other than
as a result of the imposition of default interest) applicable to the interest rates with respect to the first out tranche, (3)
any reduction of the final maturity of the first out tranche, and (4) amending or waiving any provision in the underlying loan
documents that is specific to the holders of such last out tranche); and

 

(d)
such first out tranche is not subject to multiple drawings (unless, at the time of such drawing and after giving effect thereto,
the ratio referenced in clause (b) above is not exceeded).

 

“Liquidation
Preference” shall mean, with respect to Preferred Stock, the dollar amount required to be paid to the holder thereof
upon any voluntary or involuntary liquidation, dissolution or winding up of the issuer of such Preferred Stock or the distribution
of assets of such issuer that represents a return of capital or the purchase price paid for such Preferred Stock at the time of
issuance of such Preferred Stock by such issuer.

 

    	105 

     

    

 

“Long-Term
U.S. Government Securities” means U.S. Government Securities maturing more than three (3) months from the applicable
date of determination.

 

“Mezzanine
Investments” means (i) debt Securities (including convertible debt Securities (other than the “in-the-money”
equity component thereof)) and Preferred Stock, in each case (a) issued by public or private Portfolio Companies, (b) issued
without registration under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor
provision thereunder), (d) that are not Cash Equivalents and (e) if debt, contractually subordinated in right of payment
to other debt of the same Portfolio Company and (ii) a Bank Loan that is not a First Lien Bank Loan, Second Lien Bank Loan,
a Covenant-Lite Loan, a High Yield Security or a Last Out Loan.

 

“Non-Core
Investments” means, collectively, (i) Portfolio Investments in Performing Non-Cash Pay Investments, Performing DIP Loans,
Performing High Yield Securities that are Preferred Stock, Performing Mezzanine Investments that are Preferred Stock and Performing
Common Equity and (ii) any Affiliate Investments.

 

“Other
Cash” means any immediately available funds in any currency other than (i) U.S. dollars or (ii) any other Agreed Currency
(measured in terms of the Dollar Equivalent thereof), that is a freely convertible currency.

 

“Performing”
means with respect to any Eligible Portfolio Investment, (i) such Eligible Portfolio Investment (i) is not a Defaulted Obligation,
(ii) is not on non-accrual status as disclosed on a Form 10-K or Form 10-Q as filed by the Borrower with the SEC, and (iii) other
than with respect to DIP Loans, does not represent debt or Capital Stock of a Portfolio Company that has issued a Defaulted Obligation.

 

“Performing
Capital Stock” means Capital Stock of an issuer all of whose outstanding debt is Performing.

 

“Performing
Cash Pay Covenant-Lite Loans” means Performing Covenant-Lite Loans that are Cash Pay.

 

“Performing
Cash Pay First Lien Bank Loans” means Performing First Lien Bank Loans that are Cash Pay.

 

“Performing
Cash Pay High Yield Securities” means Performing High Yield Securities that are Cash Pay.

 

“Performing
Cash Pay Last Out Loans” means Performing Last Out Loans that are Cash Pay.

 

“Performing
Cash Pay Mezzanine Investments” means Performing Mezzanine Investments that are Cash Pay.

 

“Performing
Cash Pay Second Lien Bank Loans” means Performing Second Lien Bank Loans that are Cash Pay.

 

    	106 

     

    

 

“Performing
Common Equity” means Capital Stock (other than Preferred Stock) and warrants of a Portfolio Company all of whose outstanding
debt is Performing.

 

“Performing
Covenant-Lite Loans” means Covenant-Lite Loans that are Performing.

 

“Performing
DIP Loans” means DIP Loans that (a) are Cash Pay and (b) are not Defaulted Obligations.

 

“Performing
First Lien Bank Loans” means First Lien Bank Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

“Performing
High Yield Securities” means High Yield Securities that are Performing.

 

“Performing
Last Out Loans” means Last Out Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

“Performing
Mezzanine Investments” means Mezzanine Investments that are Performing.

 

“Performing
Non-Cash Pay Bank Loans” means Performing First Lien Bank Loans, Performing Last Out Loans, and Performing Second Lien
Bank Loans, in each case that are not Cash Pay.

 

“Performing
Non-Cash Pay Covenant-Lite Loans” means Performing Covenant-Lite Loans that are not Cash Pay.

 

“Performing
Non-Cash Pay High Yield Securities” means Performing High Yield Securities that are not Cash Pay.

 

“Performing
Non-Cash Pay Mezzanine Investments” means Performing Mezzanine Investments that are not Cash Pay.

 

“Performing
Non-Cash Pay Investments” means Performing Non-Cash Pay Bank Loans, Performing Non-Cash Pay Covenant-Lite Loans, Performing
Non-Cash Pay High Yield Securities and Performing Non-Cash Pay Mezzanine Investments.

 

“Performing
Second Lien Bank Loans” means Second Lien Bank Loans that (a) are not DIP Loans or Covenant-Lite Loans and (b) are Performing.

 

“Permitted
Prior Working Capital Lien” means, with respect to a Portfolio Company that is a borrower under a Bank Loan, a security
interest to secure a working capital facility for such Portfolio Company in the accounts receivable and inventory (and, to the
extent applicable, all related property and proceeds thereof) of such Portfolio Company and any of its parents and/or subsidiaries
that are guarantors of such working capital facility; provided that (i) such Bank Loan has a second priority lien
on such accounts receivable and inventory (and, to the extent applicable, all related property and proceeds thereof), (ii) such
working capital facility is not secured by any other assets (other than a second priority lien, subject to the first priority
lien of the Bank Loan) and does not benefit from any standstill rights or other agreements (other than customary rights) with
respect to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater
than 15% of the aggregate enterprise value of the Portfolio Company (as determined pursuant to the enterprise value as determined
at closing of the transaction, and thereafter an enterprise value for the applicable Portfolio Company determined in a manner
consistent with the valuation methodology applied in the valuation for such Portfolio Company as determined by the Borrower’s
Board of Directors in a commercially reasonable manner, including the use of an Approved Third-Party Appraiser in the case of
Unquoted Investments); provided, further, that the requirements set forth in clauses (i), (ii) and (iii) of the
foregoing proviso shall not be applicable to any First Lien Bank Loan that is a Quoted Investment so long as such First Lien Bank
Loan has a Value greater than or equal to 90% of its par or face value.

 

    	107 

     

    

 

“Preferred
Stock” as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however
designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person,
and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible
preferred Capital Stock; provided that such Preferred Stock (i) pays a cash dividend on a monthly or quarterly basis, (ii) has
a maturity date or is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date
of initial issuance of such Preferred Stock and (iii) has a Liquidation Preference

 

“Restructured
Investment” means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation
within the past six months, (b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any
Portfolio Investment that has in the past six months been amended or subject to a deferral or waiver if both (i) the effect of
such amendment, deferral or waiver is either, among other things, to (1) change the amount of previously required scheduled debt
amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock) (other than by reason of repayment
thereof) or (2) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining weighted
average life of such Portfolio Investment is extended by more than 20% and (ii) the reason for such amendment, deferral or waiver
is related to the deterioration of the credit profile of the underlying borrower such that, in the absence of such amendment,
deferral or waiver, it is reasonably expected by the Borrower that such underlying borrower either (x) will not be able to make
any such previously required scheduled debt amortization payment (or, in the case of Preferred Stock, required payments on such
Preferred Stock) or (y) is anticipated to incur a breach of a material financial covenant. A DIP Loan shall not be deemed to be
a Restructured Investment, so long as it does not meet the conditions of the definition of Restructured Investment.

 

“Second
Lien Bank Loan” means a Bank Loan (other than Bank Loans that meet the definition of a First Lien Bank Loan or Last
Out Loan) that is entitled to the benefit of a first and/or second lien and first and/or second priority perfected security interest
on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof.

 

    	108 

     

    

 

“Securities”
means common and preferred stock, units and participations, member interests in limited liability companies, partnership interests
in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including
debt instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and
other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded
as securities or any form of interest or participation therein, but not including Bank Loans.

 

“Securities
Act” means the United States Securities Act of 1933, as amended.

 

“Short-Term
U.S. Government Securities” means U.S. Government Securities maturing within three (3) months of the applicable
date of determination.

 

“U.S.
Government Securities” has the meaning assigned to such term in Section 1.01 of this Agreement.

 

“USD
Cash” means any immediately available funds in U.S. dollars.

 

“Value”
means, with respect to any Eligible Portfolio Investment, the value thereof determined for purposes of this Agreement in accordance
with Section 5.12(b)(ii) or 5.12(b)(iii), as applicable.

 

Article VI

NEGATIVE COVENANTS

 

Until
the Termination Date, the Borrower covenants and agrees with the Lenders that:

 

Section 6.01.     Indebtedness.
The Borrower will not nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a)          Indebtedness
created hereunder or under any other Loan Document;

 

(b)          Unsecured
Shorter-Term Indebtedness (including any refinancing or replacement thereof) in an amount not to exceed, together with amounts
incurred pursuant to Section 6.01(e), $5,000,000 (or such greater amount so long as, after giving effect to the incurrence of
such Indebtedness, the aggregate amount of such Indebtedness (together with Indebtedness under Sections 6.01(c) and Section 6.01(e))
does not exceed 5% of Stockholders’ Equity), provided that, (w) no Default exists at the time of the incurrence,
refinancing or replacement thereof, (x) on the date of incurrence, refinancing or replacement thereof, the Borrower is in pro
forma compliance with each of the covenants set forth in Section 6.07 after giving effect to the incurrence, refinancing or replacement
thereof and on the date of such incurrence, refinancing or replacement the Borrower delivers to the Administrative Agent a certificate
of a Financial Officer to such effect, (y) prior to and immediately after giving effect to the incurrence, refinancing or
replacement thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect, and (z) on the
date of incurrence, refinancing or replacement thereof, the Borrower delivers to the Administrative Agent a Borrowing Base Certificate
as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause (y) after
giving effect to such incurrence, refinancing or replacement;

 

    	109 

     

    

 

(c)          Unsecured
Longer-Term Indebtedness (including any refinancing or replacement thereof), so long as (x) no Default exists at the time
of the incurrence, refinancing or replacement thereof and (y) on the date of incurrence, refinancing or replacement thereof, the
Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07 after giving effect to the incurrence,
refinancing or replacement thereof and on the date of such incurrence, refinancing or replacement the Borrower delivers to the
Administrative Agent a certificate of a Financial Officer to such effect;

 

(d)          Indebtedness
of Financing Subsidiaries; provided that (i) on the date that such Indebtedness is incurred (for clarity, with respect
to revolving loan facilities or staged advance loan facilities, “incurrence” shall be deemed to take place at the
time such facility is entered into, and not upon each borrowing thereunder) the Borrower is in pro forma compliance with each
of the covenants set forth in Section 6.07 after giving effect to the incurrence thereof and on the date of such incurrence
Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) in addition,
in the case of revolving loan facilities or staged advance loan facilities, upon each borrowing thereunder, the Borrower is in
pro forma compliance with the covenant set forth in Section 6.07(b);

 

(e)          (i)
additional unsecured Indebtedness not for borrowed money, in an aggregate amount not to exceed, together with amounts incurred
pursuant to Section 6.01(b), $5,000,000 (or such greater amount so long as, after giving effect to the incurrence of such Indebtedness,
the aggregate amount of such Indebtedness (together with Indebtedness under Sections 6.01(b) and Section 6.01(c)) does not exceed
5% of Stockholders’ Equity), in each case so long as, prior to and immediately following the incurrence of such Indebtedness,
no Default or Event of Default exists and is continuing; (ii) interest rate and foreign currency Hedging Agreements entered into
by Borrower or any Subsidiary (other than any Financing Subsidiary) in the ordinary course of the Borrower’s financial planning
and not for speculative purposes, and which shall not hedge Indebtedness of any Financing Subsidiary, or (iii) interest rate and
foreign currency Hedging Agreements entered into by any Financing Subsidiary;

 

(f)          repurchase
obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(g)          obligations
payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course
of business;

 

(h)          Indebtedness
of an Obligor to any other Obligor;

 

    	110 

     

    

 

(i)          obligations
of the Borrower under a Permitted SBIC Guarantee and obligations (including Guarantees) in respect of Standard Securitization
Undertakings;

 

(j)          indebtedness
of the Borrower on account of the sale by the Borrower of the first out tranche of any First Lien Bank Loan that arises solely
as an accounting matter under ASC 860; provided that such Indebtedness (i) is non-recourse to the Borrower and its Subsidiaries
and (ii) would not represent a claim against the Borrower or any of its Subsidiaries in a bankruptcy, insolvency or liquidation
proceeding of the Borrower or its Subsidiaries, in each case in excess of the amount sold or purportedly sold;

 

(k)          Indebtedness
in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal, so long as
such judgments or awards do not constitute an Event of Default under clause (k) of Article VII; and

 

(l)          Indebtedness
(other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of any Obligor’s
business in connection with its purchasing of securities, derivatives transactions, reverse repurchase agreements or dollar rolls
to the extent such transactions are permitted under the Investment Company Act and the Investment Policies; provided that
such Indebtedness does not arise in connection with the purchase of Portfolio Investments other than Cash Equivalents and U.S. Government
Securities.

 

For
purposes of preparing the Borrowing Base Certificate described in clause (b)  above, (A) the fair market value of Quoted
Investments shall be the most recent quotation available for such Eligible Portfolio Investment and (B) the fair market value
of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently delivered by the Borrower
to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after the delivery of the
Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the lower of the cost
of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower shall reduce
the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the extent necessary to take into account
any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment.

 

Section 6.02.     Liens.
The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any
property or asset (including Equity Interests in any Financing Subsidiary or any other Subsidiary) now owned or hereafter acquired
by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof except:

 

(a)          any
Lien on any property or asset of the Borrower existing on the Effective Date and set forth in Schedule 3.11(b); provided
that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries, and (ii) any
such Lien shall secure only those obligations which it secures on the Effective Date and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof;

 

(b)          Liens
created pursuant to the Security Documents;

 

    	111 

     

    

 

(c)          Liens
on assets owned by Financing Subsidiaries;

 

(d)          Liens
securing Hedging Agreement Obligations;

 

(e)          Permitted
Liens;

 

(f)          [Reserved];

 

(g)          Liens
on Equity Interests in any SBIC Subsidiary created in favor of the SBA;

 

(h)          Liens
created by posting of cash collateral in connection with Hedging Agreements permitted under Section 6.04(c) in an aggregate amount
not to exceed $2,500,000 at any time; provided that, for the avoidance of doubt, at no time shall such cash collateral constitute
an Eligible Portfolio Investment; and

 

(i)          Liens
on Special Equity Interests included in the Portfolio Investments but only to the extent securing obligations in the manner provided
in the definition of “Special Equity Interests” in Section 1.01.

 

Section 6.03.     Fundamental
Changes. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries or
Immaterial Subsidiaries) to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries (other
than Financing Subsidiaries) to, acquire any business or property from, or capital stock of, or be a party to any acquisition
of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day
business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or
any other Loan Document. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries
or Immaterial Subsidiaries) to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of
transactions, any part of its assets (including, without limitation, Cash, Cash Equivalents and Equity Interests), whether now
owned or hereafter acquired, but excluding (x) assets (including Cash and Cash Equivalents but excluding Portfolio Investments)
sold or disposed of in the ordinary course of business of the Borrower and its Subsidiaries (other than the Financing Subsidiaries)
(including to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries
(other than the Financing Subsidiaries)) and (y) subject to the provisions of clauses (e), (f) and (g) below, Portfolio Investments.

 

Notwithstanding
the foregoing provisions of this Section:

 

(a)          any
Subsidiary of the Borrower may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; provided
that if any such transaction shall be between a Subsidiary and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary
Guarantor shall be the continuing or surviving corporation;

 

    	112 

     

    

 

(b)          any
Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation
or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower;

 

(c)          any
Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation or
dissolution, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any
wholly owned Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is
in the best interests of the Borrower and is not materially disadvantageous to the Lenders;

 

(d)          the
capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly
owned Subsidiary Guarantor of the Borrower;

 

(e)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary) so long as prior
to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio Investments
or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base;

 

(f)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments, Cash and Cash Equivalents to a Financing Subsidiary
(including in the form of advances) so long as (i) prior to and after giving effect to such sale, transfer or other disposition
(and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the
Covered Debt Amount does not exceed the Borrowing Base and no Default exists and (ii) either (x) the amount by which
the Borrowing Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result of such release
or (y) the Borrowing Base immediately after giving effect to such release is at least 115% of the Covered Debt Amount (after
giving pro forma effect to any prepayments of the Covered Debt Amount in connection with such disposition);

 

(g)          an
Obligor may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from one Financing
Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary,
directly or indirectly through such Obligor (such assets, the “Transferred Assets”), provided that (i)
no Default exists or is continuing at such time, (ii) the Covered Debt Amount shall not exceed the Borrowing Base at such time
and (iii) the Transferred Assets are transferred to such Obligor by the transferor Financing Subsidiary on the same Business Day
that such assets are transferred by such Obligor to the transferee Financing Subsidiary;

 

(h)          the
Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do
not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does
not exceed $5,000,000 in any fiscal year;

 

(i)          [Reserved];
and

 

    	113 

     

    

 

(j)          the
Borrower may merge or consolidate with any other Person, so long as (i) the Borrower is the continuing or surviving entity
in such transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred and be continuing.

 

Section 6.04.     Investments.
The Borrower will not, nor will it permit any of its Subsidiaries to, acquire, make or enter into, or hold, any Investments except:

 

(a)          operating
deposit accounts with banks;

 

(b)          Investments
by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

 

(c)          (i)
Hedging Agreements entered into by Borrower or any Subsidiary (other than any Financing Subsidiary) in the ordinary course of
the Borrower’s financial planning and not for speculative purposes, and which shall not hedge Indebtedness of any Financing
Subsidiary, or (ii) Hedging Agreements entered into by any Financing Subsidiary in the ordinary course of such Financing
Subsidiary’s financial planning and not for speculative purposes;

 

(d)          Portfolio
Investments (excluding, for the avoidance of doubt, any derivatives) by the Borrower and its Subsidiaries to the extent such Portfolio
Investments are permitted under the Investment Company Act (to the extent such applicable Person is subject to the Investment
Company Act) and the Investment Policies;

 

(e)          (x)
Equity Interests in Financing Subsidiaries acquired after the Effective Date and (y) capital contributions or advances after the
Effective Date to any Financing Subsidiary after the Effective Date, in each case of clauses (x) and (y) to the extent not prohibited
by Sections 6.03(f) or (g) or Section 6.16;

 

(f)          Investments
by any Financing Subsidiary;

 

(g)          Investments
in Cash and Cash Equivalents; and

 

(h)          additional
Investments up to but not exceeding $5,000,000 in the aggregate (for purposes of this clause (h), the aggregate amount of an Investment
at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value
of property loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment (calculated at
the time such Investment is made), minus (B) the aggregate amount of dividends, distributions or other payments received
in cash in respect of such Investment; provided that in no event shall the aggregate amount of any Investment be less than
zero, and provided further that the amount of any Investment shall not be reduced by reason of any write-off of such Investment,
nor increased by way of any increase in the amount of earnings retained in the Person in which such Investment is made that have
not been dividended, distributed or otherwise paid out).

 

    	114 

     

    

 

Section 6.05.     Restricted
Payments. The Borrower will not, nor will it permit any of its Subsidiaries (other than the Financing Subsidiaries)
to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that:

 

(a)          the
Borrower may declare and pay dividends with respect to the Equity Interests of the Borrower (including, for the avoidance of doubt,
pursuant to any distribution reinvestment plan of the Borrower) payable solely in additional shares of the Borrower’s common
stock;

 

(b)          (A)
the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose
the Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant)
in amounts not to exceed 110% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy the
minimum distribution requirements 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 its 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), and (z) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce
to zero its liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or
any successor thereto);

 

(B)
the Borrower may make other Restricted Payments if at the time of any such Restricted Payment, (i) no Default shall have
occurred and be continuing, (ii) the Covered Debt Amount does not exceed 85% of the Borrowing Base calculated on a pro forma
basis after giving effect to any such Restricted Payment and (iii) the Borrower delivers to the Administrative Agent and each
Lender a Borrowing Base Certificate as of such date demonstrating compliance with the foregoing after giving effect to such Restricted
Payment.

 

(c)          the
Subsidiaries of the Borrower may declare and pay Restricted Payments to the Borrower or any Subsidiary Guarantor;

 

(d)          settlement
in respect of a conversion feature in any convertible security that may be issued by the Borrower to the extent made through the
delivery of common stock (except in the case of interest expenses or fractional shares (which may be payable in cash)); and

 

(e)          the
Obligors may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees of
the Investment Advisor, the Borrower or any of its Subsidiaries or their respective authorized representatives upon the death,
disability or termination of employment of such employees or termination of their seat on the Board of Directors of the Investment
Advisor, the Borrower or any of its Subsidiaries, in an aggregate amount not to exceed $500,000 in any calendar year with unused
amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $1,000,000 in any calendar
year.

 

For
the avoidance of doubt, (1) the Borrower shall not declare any dividend to the extent such declaration violates the provisions
of the Investment Company Act applicable to it and (2) the determination of the amounts referred to in paragraph (b) above shall
be made separately for the taxable year of the Borrower (in the case of amounts calculated under clauses (b)(i) and (ii) above)
and the calendar year of the Borrower (in the case of amounts calculated under clause (b)(iii) above) and the limitation on dividends
or distributions imposed by such clause shall apply separately to the amounts so determined.

 

    	115 

     

    

 

Section 6.06.     Certain
Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits
or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of
Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments
or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i) any
Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01 secured
by a Lien permitted under clause (j) of the definition of “Permitted Liens”; provided that such prohibitions
and restraints are applicable by their terms only to the assets that are subject to such Lien, (iii) any Indebtedness permitted
under Section 6.01(f) or (g) secured by a Permitted Lien; provided that such prohibitions and restraints are applicable
by their terms only to the assets that are subject to such Lien and (iv) any agreement, instrument or other arrangement pertaining
to any sale or other disposition of any asset permitted by this Agreement so long as the applicable restrictions (i) only apply
to such assets and (ii) do not restrict prior to the consummation of such sale or disposition the creation or existence of the
Liens in favor of the Collateral Agent pursuant to the Security Documents or otherwise required by this Agreement, or the incurrence
or payment of Indebtedness under this Agreement or the ability of the Borrower and its Subsidiaries to perform any other obligation
under any of the Loan Documents.

 

Section 6.07.     Certain
Financial Covenants.

 

(a)          Minimum
Stockholder’s Equity. The Borrower will not permit Stockholders’ Equity as of the last day of any fiscal quarter
of the Borrower to be less than the greater of (i) 40% of the total assets of the Borrower and its Subsidiaries as at the
last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and (ii) $95,000,000
plus 50% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the
Effective Date (other than (a) the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries and (b)
proceeds of any distribution reinvestment plan used to redeem or repurchase Equity Interests of the Borrower).

 

(b)          Asset
Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1 at any time.

 

(c)          Obligors’
Net Worth Test. The Borrower will not permit the Obligors’ Net Worth to be less than an amount equal to the lesser of
(i) $95,000,000 plus 50% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries
after the Effective Date (other than (a) the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries
and (b) proceeds of any distribution reinvestment plan used to redeem or repurchase Equity Interests of the Borrower) and (ii)
$150,000,000.

 

    	116 

     

    

 

(d)          Liquidity
Test. The Borrower will not permit the aggregate Value of the Eligible Portfolio Investments that can be converted to Cash
in fewer than 20 Business Days without more than a 5% change in price to be less than 10% of the Covered Debt Amount for more
than 30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 90% of the Adjusted Borrowing Base.

 

Section 6.08.     Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions
with any of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in the ordinary course
of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or, in the case of a
transaction between an Obligor and a non-Obligor Subsidiary, not less favorable to such Obligor) than could be obtained at the
time on an arm’s-length basis from unrelated third parties, (ii) transactions between or among the Obligors not involving
any other Affiliate, (iii) transactions between or among the Obligors and any SBIC Subsidiary or any “downstream affiliate”
(as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms
and conditions not less favorable to the Obligors than could be obtained at the time on an arm’s-length basis from unrelated
third parties, (iv) Restricted Payments permitted by Section 6.05, dispositions permitted by Sections 6.03(f) and (g),
and Investments permitted by Sections 6.04(b) and (e), (v) the transactions provided in the Affiliate Agreements as the same
may be amended in accordance with Section 6.11(b), (vi) existing transactions with Affiliates as set forth in Schedule 6.08,
(vii) transactions with one or more Affiliates permitted by the exemptive relief order (Release No. 30548) granted by the SEC
to the Borrower (the “Original Order”), as may be amended from time to time, and any future exemptive relief order
granting relief to the Borrower from the same provisions of, and rules promulgated under, the Investment Company Act of 1940 as
the Original Order on substantially similar terms (each an “Exemptive Order”) or (viii) the payment of compensation
and reimbursement of expenses of directors in a manner consistent with current practice of the Borrower and general market practice,
and indemnification to directors in the ordinary course of business.

  

Section 6.09.     Lines
of Business. The Borrower will not, nor will it permit any of its Subsidiaries (other than Immaterial Subsidiaries) to, engage
to any material extent in any business other than in accordance with its Investment Policies.

 

Section 6.10.     No
Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries (other than Financing Subsidiaries)
to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor to create, incur,
assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or
which requires the grant of any security for an obligation if security is granted for another obligation, except the following:
(a) this Agreement and the other Loan Documents and documents with respect to Indebtedness permitted under Section 6.01(b)
and (e); (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further Liens on the assets
encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; and (d) any other agreement that
does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing
the “Secured Obligations” under and as defined in the Guarantee and Security Agreement and does not require the direct
or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge
of property of any Obligor to secure the Loans or any Hedging Agreement.

 

    	117 

     

    

 

Section 6.11.     Modifications
of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of its Subsidiaries (other
than Financing Subsidiaries) to, consent to any modification, supplement or waiver of, in each case, without the prior consent
of the Administrative Agent (with the approval of the Required Lenders):

 

(a)          any
of the provisions of any agreement, instrument or other document evidencing or relating to any Unsecured Longer-Term Indebtedness
or Unsecured Shorter-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of
“Unsecured Longer-Term Indebtedness” or “Unsecured Shorter-Term Indebtedness”, as applicable, set forth
in Section 1.01 of this Agreement, unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have
been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and
the Borrower so designates such Indebtedness as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness
shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all purposes of this Agreement); or

 

(b)          any
of the Affiliate Agreements, unless such modification, supplement or waiver is not materially less favorable to the Borrower than
could be obtained on an arm’s-length basis from unrelated third parties.

 

The
Administrative Agent hereby acknowledges and agrees that the Borrower may, at any time and from time to time, without the consent
of the Administrative Agent or the Required Lenders, freely amend, restate, terminate, or otherwise modify any documents, instruments
and agreements evidencing, securing or relating to Indebtedness permitted pursuant to Section 6.01(d) and (e), including
increases in the principal amount thereof, modifications to the advance rates and/or modifications to the interest rate, fees
or other pricing terms; provided that no such amendment, restatement or modification shall, unless Borrower complies with
the terms of Section 5.08(a)(i) hereof, cause a Financing Subsidiary to fail to be a “Financing Subsidiary”
in accordance with the definition thereof.

 

Section 6.12.     Payments
of Certain Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund
for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the principal
of or interest on, or any other amount owing in respect of Unsecured Longer-Term Indebtedness (other than (i) the refinancing
of Unsecured Longer-Term Indebtedness with Unsecured Longer-Term Indebtedness permitted under Section 6.01, or (ii) with
the proceeds of any issuance of Equity Interests, in each case to the extent not required to be used to repay Loans), except for
regularly scheduled payments and interest in respect thereof required pursuant to the instruments evidencing such Indebtedness
and the payment when due of the types of fees and expenses that are customarily paid in connection with such Indebtedness (it
being understood that: (w) the conversion features into Permitted Equity Interests under convertible notes; (x) the triggering
of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment on account
of interest or expenses on such convertible notes (or fractional shares issued upon customary conversion provisions of such convertible
notes) made by the Borrower in respect of such triggering and/or settlement thereof, shall be permitted under hereunder).

 

    	118 

     

    

 

Section 6.13.     Modification
of Investment Policies and Valuation Policy. Other than with respect to Permitted Policy Amendments, the Borrower will
not amend, supplement, waive or otherwise modify in any material respect the Investment Policies or the Valuation Policy as in
effect on the Effective Date.

 

Section 6.14.     SBIC
Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any event
or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee.

 

Section 6.15.     Sanctions.
The Borrower will not, nor will it permit any of its Subsidiaries to, directly or indirectly, use the proceeds of any Loan or
the issuance of any Letter of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture
partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Sanctioned
Country, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation
by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Administrative
Agent, Issuing Bank or otherwise) of Sanctions.

 

Section 6.16.     Structured
Subsidiaries. The Borrower will not, nor will it permit any of its Subsidiaries to, form or create any Structured Subsidiaries
if at the time of such formation or creation (a) the Obligors’ Net Worth is less than $150,000,000 or (b) there exists an
Event of Default.

 

Article VII

EVENTS OF DEFAULT

 

If
any of the following events (“Events of Default”) shall occur and be continuing:

 

(a)          (i)
the Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section 2.09(b),
(c) or (d)) or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise or (ii) fail to deposit any amount into
the Letter of Credit Collateral Account as and when required by Section 2.08(a);

 

(b)          the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due
and payable, and such failure shall continue unremedied for a period of five or more Business Days;

 

    	119 

     

    

 

(c)          any
representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection
with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or
any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect;

 

(d)          the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.01(e), Section 5.02(a),
Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only, and not with respect to the
Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a) or (b),
Section 5.10, Section 5.12(c) or in Article VI or any Obligor shall default in the performance of any of its obligations
contained in Section 7 of the Guarantee and Security Agreement or (ii) Section 5.01(f) or Sections 5.02(b),
(c) or (d) and, in the case of this clause (ii), such failure shall continue unremedied for a period of five or more
days after the Borrower has knowledge of such failure;

 

(e)          the
Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such
failure shall continue unremedied for a period of 30 or more days after notice thereof from the Administrative Agent (given at
the request of any Lender) to the Borrower;

 

(f)          the
Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any applicable grace
period;

 

(g)          any
event or condition occurs that (i) results in any Material Indebtedness becoming due prior to its scheduled maturity or (ii)
enables or permits (with or without the giving of notice) the holder or holders of any Material Indebtedness or any trustee or
agent on its or their behalf to, as a result of an event of default under such Material Indebtedness, cause such Material Indebtedness
to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless,
in the case of this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms
of such Material Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer
enabled or permitted to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity (for the avoidance of doubt, after giving effect to any applicable grace period);
provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt that becomes due
as a result of a conversion or redemption event provided such conversion, repurchase or redemption is settled only with Permitted
Equity Interests (other than interest and expenses, which may be paid in cash);

 

    	120 

     

    

 

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

 

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

 

(j)          the
Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall become unable, admit in writing its inability or
fail generally to pay its debts as they become due;

 

(k)         one
or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall be rendered against the Borrower
or any of its Subsidiaries (other than Immaterial Subsidiaries) or any combination thereof and (i) the same shall remain undischarged
for a period of 30 consecutive days following the entry of such judgment during which 30 day period such judgment shall
not have been vacated, stayed, discharged or bonded pending appeal, or liability for such judgment amount shall not have been
admitted by an insurer of reputable standing, or (ii) any action shall be legally taken by a judgment creditor to attach or levy
upon any assets of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) to enforce any such judgment;

 

(l)          an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

 

(m)        a
Change in Control shall occur;

 

(n)         (i)
the Sub-Advisor shall cease to be the investment sub-advisor for the Borrower or (ii) the Investment Advisor shall cease to be
the investment advisor for the Borrower and, in each case, no successor reasonably acceptable to the Required Lenders shall have
been appointed within thirty (30) days after the resignation or removal of such Person;

 

    	121 

     

    

 

(o)          any
SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the SBA;

 

(p)          the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having an aggregate
Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected (to the
extent perfection by filing, registration, recordation, possession or control is required herein or therein) in favor of
the Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens
(other than Liens permitted under Section 6.02 or under the respective Security Documents) except as a result of a disposition
of Portfolio Investments in a transaction or series of transactions permitted under this Agreement and except to the extent that
any such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing
securities pledged under the Guarantee and Collateral Agreement; provided that if such default is as a result of any action of
the Administrative Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action within
its control, then there shall be no Default or Event of Default hereunder unless such default shall continue unremedied for a
period of ten (10) consecutive Business Days after the Borrower receives written notice of such default thereof from the Administrative
Agent unless the continuance thereof is a result of a failure of the Collateral Agent or Administrative Agent to take an action
within their control;

 

(q)          except
for expiration or termination in accordance with its terms, any of the Security Documents shall for whatever reason be terminated
or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by any Obligor,
or there shall be any actual invalidity of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert
in writing; or

 

(r)          the
Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse
to any Obligor under any Permitted SBIC Guarantee.

 

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

 

    	122 

     

    

 

In
the event that the Loans shall be declared, or shall become, due and payable pursuant to the immediately preceding paragraph then,
upon notice from the Administrative Agent or Lenders with LC Exposure representing more than 50% of the total LC Exposure demanding
the deposit of cash collateral pursuant to this paragraph, the Borrower shall immediately deposit into the Letter of Credit Collateral
Account cash in an amount equal to 102% of the LC Exposure as of such date plus any accrued and unpaid interest thereon;
provided that the obligation to deposit such cash shall become effective immediately, and such deposit shall become immediately
due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default described in clause (h) or
(i) of this Article.

 

Notwithstanding
anything to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Commitments
shall automatically and without further act be terminated, (ii) the Lenders shall automatically and without further act be deemed
to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated
Obligations under each Loan or Letter of Credit in which it shall participate as of such date, such Lender shall own an interest
equal to such Lender’s CAM Percentage in the Designated Obligations under each of the Loans or Letters of Credit, whether
or not such Lender shall previously have participated therein, and (b) simultaneously with the deemed exchange of interests pursuant
to clause (a) above, the interests in the Designated Obligations to be received in such deemed exchange shall, automatically and
with no further action required, be converted into the Dollar Equivalent of such amount (as of the Business Day immediately prior
to the CAM Exchange Date) and on and after such date all amounts accruing and owed to the Lenders in respect of such Designated
Obligations shall accrue and be payable in Dollars at the rate otherwise applicable hereunder. Each Lender, each Person acquiring
a participation from any Lender as contemplated by Section 9.04 and the Borrower hereby consents and agrees to the CAM Exchange.
It is understood and agreed that the CAM Exchange, in itself, will not affect the aggregate amount of Designated Obligations owing
by the Obligors. The Borrower and the Lenders agree from time to time to execute and deliver to the Administrative Agent all such
promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm
the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender
any promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery
of any promissory notes so executed and delivered; provided that the failure of the Borrower to execute or deliver or of
any Lender to accept such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange.

 

As
a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to
any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their
respective CAM Percentages (to be redetermined as of each such date of payment). Any direct payment received by a Lender on or
after the CAM Exchange Date, including by way of set-off, in respect of a Designated Obligation shall be paid over to the Administrative
Agent for distribution to the Lenders in accordance herewith.

 

    	123 

     

    

 

Article VIII

THE ADMINISTRATIVE AGENT

 

Section 8.01.     Appointment
of the Administrative Agent. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative
Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with
such actions and powers as are reasonably incidental thereto.

 

Section 8.02.     Capacity
as Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and
its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any of
its Subsidiaries or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

Section 8.03.     Limitation
of Duties; Exculpation. The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent
is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other
Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken
or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary under the circumstances as provided in Section 9.02), unless such action taken or not taken by it
constitutes gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or
other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. The Administrative Agent shall not be responsible for or have
any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating
to Competitors. Without limiting the generality of the foregoing, the Administrative Agent shall not have any liability with respect
to or arising out of any disclosure of confidential information to, any Competitor.

 

    	124 

     

    

 

Section 8.04.     Reliance.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed or sent by the proper Person.
The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel,
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

Section 8.05.     Sub-Agents.
The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and
exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent.

 

Section 8.06.     Resignation;
Successor Administrative Agent. The Administrative Agent may resign at any time by notifying the Lenders, the Issuing
Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower
not to be unreasonably withheld (provided that no such consent shall be required if an Event of Default has occurred and
is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent’s resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent
(and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or
to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph.
Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided
above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as Administrative Agent.

 

    	125 

     

    

 

Section 8.07.     Reliance
by Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or
any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.

 

Section 8.08.     Modifications
to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c), the Administrative Agent may,
with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any
of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except
as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate
all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations
being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled
to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral,
except that no such consent shall be required, and the Administrative Agent is hereby authorized, to (1) release any Lien covering
property that is the subject of either a disposition of property permitted hereunder (which such release shall be automatic and
require no further action from any party) or a disposition to which the Required Lenders have consented, (2) release from the
Guarantee and Security Agreement any “Subsidiary Guarantor” (and any property of such Subsidiary Guarantor) that is
designated as a Structured Subsidiary in accordance with this Agreement or which is no longer required to be a “Subsidiary
Guarantor”, so long as in the case of this clause (2): (A) immediately after giving effect to any such release (and any
concurrent acquisitions of Portfolio Investments or payment of outstanding Indebtedness) the Covered Debt Amount does not exceed
the Borrowing Base and the Borrower delivers a certificate of a Financial Officer to such effect to the Administrative Agent,
(B) either (I) the amount of any excess availability under the Borrowing Base immediately prior to such release is not diminished
as a result of such release or (II) the Borrowing Base immediately after giving effect to such release is at least 115% of the
Covered Debt Amount and (C) no Default has occurred and is continuing or (3) spread the Liens to any Hedging Agreement Obligations
(as such terms are defined in the Guarantee and Security Agreement) in accordance with the Guarantee and Security Agreement.

 

    	126 

     

    

 

Article IX

MISCELLANEOUS

 

Section 9.01.     Notices;
Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy or (to the extent permitted by Section 9.01(b)) e-mail, as follows:

 

(i)          if
to the Borrower, to it at: 

Corporate
Capital Trust II

CNL Center at City Commons 

450
South Orange Avenue 

Orlando,
Florida 32801 

Attention:
Chirag J. Bhavsar 

Telecopy
Number: 407-650-1106 

Telephone
Number: 407-540-2699
 

 

with
a copy to (which shall not

constitute notice):

 

Dechert
LLP

1095
Avenue of the Americas 

New York,
NY 10036

Attention:
Jay R. Alicandri, Esq. 

Telecopy
Number: 212-698-3599

Telephone
Number: 212-698-3800 

E-mail:
jay.alicandri@dechert.com
 

 

(ii)         if
to the Administrative Agent or the Issuing Bank, to it at:

 

ING
Capital LLC

1133
Avenue of the Americas 

New York,
New York 10036

Attention: Min Jiang

Telecopy Number: (646) 424-8223

Telephone
Number: (646) 424-8225 

E-mail:
Min.Jiang@ing.com

E-mail:
DLNYCLoanAgencyTeam@ing.com

 

    	127 

     

    

 

with
a copy to (which shall not

constitute notice):

 

ING
Capital LLC 

1133
Avenue of the Americas 

New York,
New York 10036

Attention: Dominik Breuer

Telecopy Number: (646) 424-6919 

Telephone
Number: (646) 424-6269 

E-mail:
Dominik.Breuer@ing.com

 

with
a copy to (which shall not

constitute notice):
 

 

Paul,
Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Thomas V. de la Bastide III, Esq.

Telecopy Number: (212) 492-0031

Telephone Number: (212) 373-3031

E-mail: tdelabastide@paulweiss.com

 

(iii)         if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any
party hereto may change its address or telecopy number or e-mail address for notices and other communications hereunder by notice
to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions
of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through electronic communications
to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Section 2.05
if such Lender or the Issuing Bank has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice
or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying
the website address therefor.

 

    	128 

     

    

 

(c)          Documents
to be Delivered to Lenders. For so long as a DebtdomainTM or equivalent website is available to each of the Lenders hereunder,
the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under Sections 5.01
and 5.12(a) by delivering an electronic copy or a notice identifying the website where such information is located for posting
by the Administrative Agent on DebtdomainTM or such equivalent website; provided that the Administrative Agent shall
have no responsibility to maintain access to DebtdomainTM or an equivalent website.

 

Section 9.02.     Waivers;
Amendments.

 

(a)          No
Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising
any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice
or knowledge of such Default at the time.

 

(b)          Amendments
to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative
Agent with the consent of the Required Lenders; provided that, subject to Section 2.17(b), no such agreement shall

 

(i)          increase
the Commitment of any Lender without the written consent of such Lender,

 

(ii)          reduce
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder,
without the written consent of each Lender directly affected thereby,

 

    	129 

     

    

 

(iii)       postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees or
other amounts payable to a Lender hereunder, or reduce the amount or waive or excuse any such payment, or postpone the scheduled
date of expiration of any Commitment, without the written consent of each Lender directly affected thereby,

 

(iv)       change
Sections 2.07(b) or (d), 2.16(b), (c) or (d) (or other sections referred to therein to the extent relating to pro rata
payments) in a manner that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender directly affected thereby,

 

(v)       change
any of the provisions of this Section, the definition of the term “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender,

 

(vi)       change
any of the provisions of the definition of the term “Agreed Foreign Currency” or any other provision hereof specifying
the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination or grant any
consent hereunder with respect to the definition of “Agreed Foreign Currencies” without the written consent of each
Multicurrency Lender, or

 

(vii)       permit
the assignment or transfer by the Borrower of any of its rights or obligations under any Loan Document without the consent of
each Lender;

 

provided
further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the
case may be, and (y) the consent of Lenders holding not less than two-thirds of the total Revolving Credit Exposures and
unused Commitments will be required for (A) any change adverse to the Lenders affecting the provisions of this Agreement
relating to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii), and (B) any
release of any material portion of the Collateral or any Subsidiary Guarantor representing more than 10% of Stockholders’
Equity, in each case of this clause (B), other than for fair value or as otherwise permitted hereunder or under the other Loan
Documents (subject to Section 9.02(c)(ii)).

 

Anything
in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan
Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes
equally shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with
such waiver, amendment or modification as provided above; provided, however, for the avoidance of doubt, in no other circumstances
shall the concurrence of the Required Lenders of a particular Class be required for any waiver, amendment or modification of any
provision of this Agreement or any other Loan Document.

 

    	130

     

    

 

(c)       Amendments
to Security Documents.  No Security Document nor any provision thereof may be waived, amended or modified, except to
the extent otherwise expressly contemplated by the Guarantee and Security Agreement, and the Liens granted under the Guarantee
and Security Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder, but
excluding any increase pursuant to any Commitment Increase under Section 2.07(f) to an amount such that immediately after
giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder is not greater than the
amount set forth in Section 2.07(f)(i)(C) as in effect from time to time) except to the extent otherwise expressly contemplated
by the Guarantee and Security Agreement or except pursuant to an agreement or agreements in writing entered into by the Borrower,
and by the Collateral Agent with the consent of the Required Lenders; provided that, subject to Section 2.17(b), (i) without
the written consent of the holders of not less than two-thirds of the total Revolving Credit Exposures and unused Commitments,
no waiver, amendment or modification to the Guarantee and Security Agreement shall (A) release any Obligor representing more
than 10% of the Stockholder’s Equity of the Borrower from its obligations under the Security Documents, (B) release
any guarantor representing more than 10% of the Stockholder’s Equity of the Borrower under the Guarantee and Security Agreement
from its guarantee obligations thereunder, or (C) amend the definition of “Collateral” under the Security Documents
(except to add additional collateral) and (ii) without the written consent of each Lender, no such agreement shall (W) release
all or substantially all of the Obligors from their respective obligations under the Security Documents, (X) release all or substantially
all of the collateral security or otherwise terminate all or substantially all of the Liens under the Security Documents, (Y)
release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations
thereunder, or (Z) alter the relative priorities of the obligations entitled to the Liens created under the Security Documents
(except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder) with
respect to all or substantially all of the collateral security provided thereby; except that no such consent described in clause
(i) or (ii) above shall be required (and the Administrative Agent is hereby authorized (and so agrees with the Borrower)
to direct the Collateral Agent under the Guarantee and Security Agreement) to release any Lien covering property (and to release
any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which
the Required Lenders or the required number or percentage of Lenders have consented (and such Lien shall be released automatically
to the extent provided in Section 10.03(e) of the Guarantee and Security Agreement), or otherwise in accordance with Section 9.15.

 

(d)       Replacement
of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent
of “each Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds of the
holders of the total Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained,
but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being
referred to herein as a “Non-Consenting Lender”), then the Borrower shall have the right, at its sole cost
and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.18(b)
so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or
termination.

 

    	131

     

    

 

Section 9.03.     Expenses;
Indemnity; Damage Waiver.

 

(a)       Costs
and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket costs and expenses actually incurred
by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable, documented and out-of-pocket
fees, charges and disbursements of up to one outside counsel for the Administrative Agent and the Collateral Agent collectively
(other than the allocated costs of internal counsel) and, if necessary, the reasonable, documented and out-of-pocket fees, costs
and expenses of one local counsel per jurisdiction, in connection with the syndication of the credit facilities provided for herein,
the preparation and administration (other than internal overhead charges) of this Agreement and the other Loan Documents and any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated) including, subject to the last sentence of this clause (a), all costs and expenses of the Independent
Valuation Provider, (ii) all reasonable, documented and out-of-pocket expenses actually incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all reasonable,
documented and out-of-pocket costs and expenses actually incurred by the Administrative Agent, Collateral Agent, Issuing Bank
or any Lender, including the reasonable, documented and out-of-pocket fees, charges and disbursements of any one firm of outside
counsel for the Administrative Agent and the Collateral Agent collectively as well as one firm of outside counsel for the Lenders
collectively, and additional counsel in each local jurisdiction and should any conflict of interest arise, in each case in connection
with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its
rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable,
documented and out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and (iv) and
all reasonable, documented and out-of-pocket costs, expenses, taxes, assessments and other charges actually incurred in connection
with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other
document referred to therein; provided that, the aggregate amount of such legal fees, costs, disbursements and expenses
paid in connection with the negotiation, preparation, execution and delivery of the Loan Documents and the consummation of the
transactions on the Effective Date shall not exceed $200,000. Unless an Event of Default has occurred and is continuing, the Borrower
shall not be responsible for the reimbursement of any fees, costs and expenses of the Independent Valuation Provider incurred
pursuant to Sections 5.06(b) and 5.12(b)(iii) in excess of the greater of (x) $75,000 and (y) .05% of the total Commitments,
in each case in the aggregate incurred for all such fees, costs and expenses in any 12-month period (the “IVP Supplemental
Cap”).

 

(b)       Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable,
documented and out-of-pocket fees, charges and disbursements of one outside counsel for all Indemnitees collectively (other than
the allocated costs of internal counsel), incurred by or asserted against any Indemnitee arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance
by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions
contemplated hereby (including, without limitation, any arrangement entered into with an Independent Valuation Provider), (ii) any
Loan or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter
of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit)
or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (1) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
bad faith, fraud, willful misconduct or gross negligence of such Indemnitee, (2) result from a claim brought against such
Indemnitee for breach of such Indemnitee’s material obligations under this Agreement or the other Loan Documents, if there
has been a final and nonappealable judgment against such Indemnitee on such claim as determined by a court of competent jurisdiction
or (3) result from a claim arising as a result of a dispute between Indemnitees (other than (x) any dispute involving claims
against the Administrative Agent or the Issuing Bank, in each case in their respective capacities as such, and (y) claims arising
out of any act or omission by the Borrower or its Affiliates). This Section 9.03(b) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

    	132

     

    

 

The
Borrower shall not be liable to any Indemnitee for any special, indirect, consequential or punitive damages arising out of, in
connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor; provided
that the foregoing limitation shall not be deemed to impair or affect the Obligations of the Borrower under the preceding
provisions of this subsection.

 

(c)       Reimbursement
by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent
or the Issuing Bank under paragraph (a) or (b) of this Section (and without limiting its obligation to do so) or
to the extent that the fees, costs and expenses of the Independent Valuation Provider incurred pursuant to Section 5.12(b)(iii) exceed
the IVP Supplemental Cap for any 12-month period (provided that prior to incurring expenses in excess of the IVP Supplemental
Cap, the Administrative Agent shall have afforded the Lenders an opportunity to consult with the Administrative Agent regarding
such expenses), each Lender severally agrees to pay to the Administrative Agent or the Issuing Bank, as the case may be, such
Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Issuing Bank in its
capacity as such.

 

(d)       Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.

 

    	133

     

    

 

(e)       Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.

 

(f)       No
Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries, their
stockholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries, agrees that nothing in the
Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied
duty between any Lender, on the one hand, and the Borrower or any of its Subsidiaries, its stockholders or its affiliates, on
the other. The Borrower, on behalf of itself and each of its Subsidiaries, acknowledges and agrees that (i) the transactions contemplated
by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial
transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection
therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of
the Borrower or any of its Subsidiaries, any of their stockholders or affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any
Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders or their
affiliates on other matters) or any other obligation to the Borrower or any of its Subsidiaries except the obligations expressly
set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower
or any of its Subsidiaries, their management, stockholders, creditors or any other Person. The Borrower, on behalf of itself and
each of its Subsidiaries, acknowledges and agrees that it has consulted its legal and financial advisors to the extent it deemed
appropriate and that it is responsible for making its own independent judgment with respect to such transactions contemplated
by the Loan Documents and the process leading thereto. The Borrower, on behalf of itself and each of its Subsidiaries, agrees
that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to the Borrower or any of its Subsidiaries, in connection with such transactions contemplated by the Loan Documents or the
process leading thereto.

 

Section 9.04.     Successors
and Assigns.

 

(a)       Assignments
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit),
except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null
and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section (and any attempted assignment or transfer by any Lender which is not in accordance with this Section shall
be treated as provided in the last sentence of Section 9.04(b)(iii)). Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

 

    	134

     

    

 

(b)           Assignments
by Lenders.

 

(i)           Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans and
LC Exposure at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed) of:

 

(A)       the
Borrower; provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate
of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within
five (5) Business Days after having received written notice thereof; and

 

(B)       the
Administrative Agent and (in the case of Multicurrency Commitments or Multicurrency Loans) the Issuing Bank.

 

(ii)          Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)       except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans and LC Exposure of a Class, the amount of the Commitment or Loans and LC Exposure of such Class
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and
the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event
of Default has occurred and is continuing;

 

(B)       each
partial assignment of any Class of Commitments or Loans and LC Exposure shall be made as an assignment of a proportionate part
of all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments and Loans
and LC Exposure;

 

(C)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable
in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall
not be obligated (except in the case of an assignment pursuant to Section 2.18(b)); and

 

    	135

     

    

 

(D)       the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(iii)         Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after
the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released
from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.13, 2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective
date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (f) of this Section.

 

(c)      
    Maintenance of Registers by Administrative Agent. The Administrative Agent, acting solely for
this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in New York City a copy of
each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amount and “stated interest” for tax purposes of the Loans and LC
Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and
each individually, a “Register”). The entries in the Registers shall be conclusive absent manifest error,
and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in
the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Registers shall be
available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

 

(d)           Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent
to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption
and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph.

 

(e)           Special
Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified
as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide
all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing
herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan
pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender,
and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall
be entitled to the benefits of Sections 2.13 (or any other increased costs protection provision), 2.14 or 2.15. Each SPC
shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights
hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the
Administrative Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with
respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting
Lender to the same extent, and as if, such Loan were made by the Granting Lender.

 

    	136

     

    

 

Each
party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that
is one year and one day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against,
or join any other person in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out
of this Agreement; provided that the Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each
other party hereto for any loss, cost, damage and expense arising out of their inability to institute any such proceeding against
its SPC. In addition, notwithstanding anything to the contrary contained in this Section, any SPC may (i) without the prior
written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion
of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities
to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such
SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation of the Granting Lender
to make Loans hereunder); provided that neither the consent of the SPC or of any such assignee shall be required for amendments
or waivers hereunder except for those amendments or waivers for which the consent of participants is required under paragraph
(f) below, and (ii) disclose on a confidential basis (in the same manner described in Section 9.13(b)) any
non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee
or credit or liquidity enhancement to such SPC.

 

(f)            Participations.
Any Lender may sell participations to one or more banks or other entities (a “Participant”) in all or
a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a
portion of its Commitments and the Loans and LC Disbursements owing to it); provided that (i) such Lender’s obligations
under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations, (iii) the Borrower, the Administrative Agent, the Issuing
Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement and the other Loan Documents and the Administrative Agent shall have no responsibility
to confirm or maintain the identity of any Participants, and (iv) except when an Event of Default described in clause (a), (b),
(h), (i) or (j) of Article VII has occurred and is continuing, no Lender may sell a participation to any Competitor. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any
provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first
proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 (it being understood that
the documentation required under Sections 2.15(f) and 2.15(g) shall be delivered to the participating Lender) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.16(d) as though it were a Lender hereunder. Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Commitments or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary.

 

    	137

     

    

 

(g)           Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14
or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with Sections 2.15(f) through (h) as though it were a Lender.

 

(h)           Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank,
and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee
for such Lender as a party hereto.

 

(i)            No
Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to the
contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan or LC Exposure held
by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign
any interest in any Commitment or Loan or LC Exposure held by it hereunder to a natural person or to any Person known by such
Lender at the time of such assignment to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation
of such assignment would be a Defaulting Lender.

 

    	138

     

    

 

(j)       Multicurrency
Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and is continuing, must be
to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency at such time without
the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign Currency”.

 

Section 9.05.     Survival.
    All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the
time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit
is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15,
9.03, this 9.05, 9.08, 9.11 and Article VIII shall survive and remain in full force and effect regardless of the consummation
of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and
the Commitments or the termination of this Agreement or any provision hereof.

 

Section 9.06.     Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)           Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between
and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Agreement shall become effective when provided in Section 4.01,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic mail shall be effective as
delivery of a manually executed counterpart of this Agreement.

 

(b)           Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    	139

     

    

 

Section 9.07.     Severability.    
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

Section 9.08.     Right
of Setoff.    If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such
Lender or Affiliate to or for the credit or the account of any Obligor against any of and all the obligations of any Obligor now
or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are
in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees
promptly to notify the Borrower after any such set-off and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such set-off and application

 

Section 9.09.     Governing
Law; Jurisdiction; Etc.

 

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

 

(b)           Submission
to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower
or its properties in the courts of any jurisdiction.

 

(c)           Waiver
of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

    	140

     

    

 

(d)           Service
of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

Section 9.10.     WAIVER
OF JURY TRIAL.     EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 9.11.     Judgment
Currency.    This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the
case may be (the “Specified Currency”) and payment in New York City or the country of the Specified Currency
(the “Specified Place”) is of the essence, and the Specified Currency shall be the currency of account in all
events relating to Loans denominated in the Specified Currency. Subject to Section 2.16(a), the payment obligations of the Borrower
under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant
to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the
Specified Place under normal banking procedures does not yield the amount of the Specified Currency in the Specified Place due
hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified
Currency into another currency (the “Second Currency”), the rate of exchange that shall be applied shall be
the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency
with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the
Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document
(in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually
applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled
Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal banking
procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged
to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled
Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum
originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased
and transferred.

 

    	141

     

    

 

Section 9.12.     Headings.    
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

Section 9.13.     Treatment
of Certain Information; Confidentiality.

 

(a)           Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by
any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share
any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with
the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such
subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as
if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the
Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

(b)           Confidentiality.
Each of the Administrative Agent (including in its capacity as the Collateral Agent), the Lenders and the Issuing Bank agrees
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection
with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights or obligations under this Agreement; provided that, so long as no Event of Default
described in clause (a), (b), (h), (i) or (j) of Article VII has occurred and is continuing, such Person is not a Competitor
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the
Borrower and its obligations, (g) with the consent of the Borrower, on a confidential basis to (i) any rating agency in connection
with rating the Borrower or its Subsidiaries or the Loans, (ii) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers with respect to the Loans, (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative
Agent, any Lender the Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the
Borrower, or (i) in connection with the Lenders’ right to grant security interest pursuant to Section 9.04(h) to the
Federal Reserve Bank or any other central bank, or subject to an agreement containing provisions substantially the same as those
of this Section, to any other pledgee or assignee pursuant to Section 9.04(h).

 

    	142

     

    

 

For
purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries
relating to the Borrower, any of its Subsidiaries, any of their respective businesses or any Portfolio Investment (including its
Value), other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential
basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received
from the Borrower or any of its Subsidiaries after the Effective Date, such information shall be deemed confidential at the time
of delivery unless clearly identified therein as nonconfidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information.

 

Section 9.14.     USA
PATRIOT Act.    Each Lender hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the Borrower in accordance with said Act.

 

Section 9.15.     Termination.   
Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative
Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and releases and other documents
reasonably necessary or appropriate to evidence the termination of this Agreement, the Loan Documents, and each of the documents
securing the obligations hereunder as the Borrower may reasonably request, all at the sole cost and expense of the Borrower.

 

[Signature
pages follow]

 

    	143

     

    

 

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

 

	 	CORPORATE CAPITAL TRUST II
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to the Credit Agreement]

 

    	

     

    

 

	 	ING
CAPITAL LLC, as Administrative Agent and a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to the Credit Agreement]

 

    	

     

    

 

	 	Cadence
Bank, as a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to the Credit Agreement]

 

    	

     

    

 

	 	Seaside
National Bank & Trust, as a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to the Credit Agreement]

 

    	

     

    

 

Schedule 1.01(a)

Approved
Dealers and Approved Pricing Services

 

APPROVED
DEALERS

 

Antares
Capital Advisors, LLC

Bank
of America N.A.

Bank
of New York Mellon

Barclays
Bank PLC

Barclays
Capital Inc.

BMO
Capital Markets

BNP
Paribas Securities Corp.

BofA
Distributors, Inc.

BTIG
LLC

Cantor
Fitzgerald & Co.

Citicorp
Securities Services, Inc.

Citigroup
Global Markets Inc.

CommerzBank
AG

Courtview
Capital

Credit
Agricole

Credit
Suisse Securities (USA) LLC

Daiwa
Capital Markets America Inc.

Deutsche
Bank AG

Deutsche
Bank Securities Inc.

FBR
Capital Markets & Co.

Fidelity
Brokerage Services LLC

Gleacher
& Co. Securities Inc.

Global
Hunter Securities LLC

Goldman,
Sachs & Co.

Guggenheim
Securities LLC

HSBC
Securities (USA) Inc.

Imperial
Capital LLC

ING
Financial Markets LLC

J.P.
Morgan Securities Inc.

Jeffries
& Company, Inc.

Key
Bank

Knight
Capital Americas LP

Lazard
Freres & Co. LLC

Macquarie
Capital USA Inc.

Merrill
Lynch Government Securities Inc.

Merrill
Lynch, Pierce, Fenner & Smith Incorporated

Mitsubishi
UFJ Securities USA Inc.

Mizuho
Securities USA Inc.

Morgan
Stanley & Co. Incorporated

Morgan
Stanley Smith Barney

Natixis
Global Asset Management

 

    	

     

    

 

Nomura
Securities International, Inc.

Oppenheimer
& Co Inc

RBC
Capital Markets

RBS
Securities Inc.

RW
Baird

Scotia
Bank

Societe
Generale SA

State
Street Bank

Sterne
Agee

Stifel
Financial Corp

TD
Securities

UBS
Financial Services Inc.

UBS
Securities LLC

US
Bancorp

Wells
Fargo Advisors, LLC

Wells
Fargo Securities, LLC

Wells
Fargo Investments, LLC

 

APPROVED
PRICING SERVICES

 

Bloomberg

FT
Interactive Data Corporation

International Data Corporation

Loan
Pricing Corporation

Markit

Thomson
Reuters

 

    	

     

    

 

Schedule 1.01(b)

Industry
Classification Groups

 

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

 

    	

     

    

 

Schedule 1.01(c)

 

Dollar
Commitments

 

	Lender	Commitment
    Amount (in millions)
	Seaside
    National Bank & Trust	$18,500,000
	Total
    Dollar Commitments	$18,500,000

 

Multicurrency
Commitments

 

	Lender	Commitment
    Amount (in millions)
	ING
    Capital LLC	$20,000,000
	Cadence
    Bank	$31,500,000
	Total
    Multicurrency Commitments	$51,500,000

 

    	

     

    

 

Schedule 1.01(d)

 

Eligibility
Criteria

 

A
Portfolio Investment shall not be an Eligible Portfolio Investment on any date of determination unless it meets all of the following
criteria:

 

		1)	if
                                         any Investment in Indebtedness, (a) all documentation evidencing or otherwise relating
                                         to such Portfolio Investment has been duly authorized and executed, is in full force
                                         and effect and is the legal, binding and enforceable obligation of the parties thereto;
                                         (b) the Custodian shall have received and credited to the Custodian Account pursuant
                                         to the terms of the Custodian Agreement an original or a copy of any transfer document
                                         or instrument relating to such Indebtedness, which, in the case of a transfer document,
                                         evidences the assignment of such Indebtedness from the prior third party owner thereof
                                         directly to the Obligor (together with the consent of each party required under the applicable
                                         loan documentation); and (c) the Custodian shall have received originals or copies of
                                         each of the following, to the extent applicable (and, in the case of any syndicated,
                                         club or multi-lender transaction, to the extent originals or copies of such loan documentation
                                         have been distributed to other lenders; provided that the Borrower shall have
                                         used commercially reasonable efforts to obtain such documents): any related loan agreement,
                                         credit agreement, note purchase agreement, security agreement (if separate from any mortgage),
                                         acquisition agreement pursuant to which such Investment was acquired, subordination agreement,
                                         intercreditor or similar instruments, guarantee, assumption or substitution agreement
                                         or similar material operative document, in each case together with any amendment or modification
                                         thereto.

 

		2)	such
                                         Portfolio Investment, whether originated directly or purchased, was underwritten and
                                         closed in all material respects in accordance with the Investment Policies;

 

		3)	if
                                         the Portfolio Company of such Portfolio Investment is a “Debtor” (as defined
                                         in the definition of “DIP Loan”) and such Portfolio Investment is a Bank
                                         Loan, such Portfolio Investment meets the other criteria set forth in the definition
                                         of DIP Loan;

 

		4)	such
                                         Portfolio Investment is Transferable (as defined below);

 

		5)	such
                                         Portfolio Investment is not a Defaulted Obligation or a Restructured Investment;

 

		6)	such
                                         Portfolio Investment does not represent an Investment in any Financing Subsidiary, investment
                                         fund, Structured Finance Obligation or similar off balance sheet financing vehicle, or
                                         joint venture or other Person under the Control, whether in whole or in part, of the
                                         Borrower or its Affiliates that is in the principal business of making multiple debt
                                         or equity investments in other unaffiliated third Persons;

 

		7)	(x)
                                         such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of
                                         any Liens and the Collateral Agent has a first priority, perfected security interest
                                         in the Portfolio Investment (subject to no other Liens other than any Eligible Liens),
                                         (y) the Collateral Agent or the Custodian as bailee on behalf of the Collateral
                                         Agent is holding all documents provided to an Obligor evidencing such Portfolio Investment
                                         (to the extent required by paragraph (1) above) and (z) the other steps relating
                                         to such Portfolio Investment set forth in Section 5.08 and in the Guarantee and
                                         Collateral Agreement have been taken;

 

    	

     

    

 

		8)	such
                                         Portfolio Investment and related documents are in compliance, in all material respects,
                                         with applicable laws, rules and regulations (including relating to usury, truth in lending,
                                         fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
                                         practices and privacy, OFAC and Patriot Act);

 

		9)	such
                                         Portfolio Investment meets all of the following criteria: (i) it is denominated and payable
                                         only in Dollars or the currency of a Permitted Foreign Jurisdiction, (ii) the Portfolio
                                         Company of such Portfolio Investment is organized under the laws of the United States
                                         or any state or Commonwealth thereof (including the District of Columbia) or any Permitted
                                         Foreign Jurisdiction, (iii) such Portfolio Company is domiciled in the United States
                                         or any Permitted Foreign Jurisdiction, (iv) the principal operations and any property
                                         or other assets of such Portfolio Company thereunder pledged as collateral are located
                                         in the United States or a Permitted Foreign Jurisdiction and (v) the only place of payment
                                         of such loans is the United States of America or a Permitted Foreign Jurisdiction.

 

		10)	such
                                         Portfolio Investment, if an Investment in Indebtedness, bears interest which is due and
                                         payable no less frequently than semi-annually and provides for a fixed amount of principal
                                         payable on a scheduled payment date and/or at maturity, and does not have a final maturity
                                         greater than 10 years;

 

		11)	(i)
                                         such Portfolio Investment, if an Investment in Indebtedness, includes a contractual provision
                                         requiring all payments to be made without set off, defense or counterclaim, and (ii)
                                         such Portfolio Investment does not include a contractual provision granting rights of
                                         rescission, set off, counterclaim or defense in favor of the Portfolio Company in respect
                                         of such Portfolio Investment, and no material dispute has been asserted with respect
                                         to such Portfolio Investment;

 

		12)	such
                                         Portfolio Investment is not (x) secured primarily by a mortgage, deed of trust or
                                         similar lien on real estate, or (y) issued by a Person whose primary asset is real
                                         estate, or whose value is otherwise primarily derived from real estate;

 

		13)	such
                                         Portfolio Investment does not represent a consumer obligation (including, without limitation,
                                         a mortgage loan, auto loan, credit card loan or personal loan);

 

		14)	no
                                         payment in respect of such Portfolio Investment, if an Investment in Indebtedness, is
                                         subject to withholding in respect to taxes of any nature, unless the Portfolio Company
                                         is required to make customary and market-based gross-up payments on an after tax basis
                                         for the full amount of such tax;

 

		15)	such
                                         Portfolio Investment is not a derivative instrument;

 

		16)	the
                                         Portfolio Company of such Portfolio Investment (or an agent on its behalf) is required
                                         to make payments directly into an account of the Borrower or any Obligor over which the
                                         Collateral Agent has “control” (within the meaning of Section 9-104
                                         of the Uniform Commercial Code) and no other Person’s assets are commingled in
                                         such account;

 

		17)	except
                                         pursuant to an exemptive order or as permitted under the Investment Company Act, no Person
                                         acting as administrative agent, collateral agent or in a similar capacity shall be an
                                         Affiliate of the Borrower unless such Person is an Obligor;

 

		18)	if
                                         such Portfolio Investment is a Bank Loan for which market quotations are not readily
                                         available and the Portfolio Company of such Portfolio Investment has issued a Permitted
                                         Prior Working Capital Lien, the Borrower has delivered to the Administrative Agent a
                                         written valuation report of an Approved Third-Party Appraiser determining the enterprise
                                         value of such Portfolio Company to be used for purposes of the conditions outlined in
                                         clause (iii) of the definition of Permitted Prior Working Capital Lien (except that,
                                         prior to the delivery of the first valuation report of the Approved Third-Party Appraiser
                                         to be delivered after the Borrower’s acquisition of such Portfolio Investment,
                                         the enterprise value of such Portfolio Company may be calculated by the Borrower in a
                                         commercially reasonable manner);

 

    	

     

    

 

		19)	if
                                         such Portfolio Investment is a Bank Loan with respect to which the underlying documentation
                                         requires the underlying borrower to execute and deliver a promissory note to evidence
                                         the indebtedness created under such Bank Loan, such promissory note shall have been delivered
                                         to the Custodian.

 

For
purposes of paragraph (4) above, “Transferable” means, in the case of any Portfolio Investment, both that:

 

(i)   
    the applicable Obligor may create a security interest in or pledge all of its rights under and
interest in such Portfolio Investment to secure its obligations under this Agreement or any other Loan Document, and that
such pledge or security interest may be enforced in any manner permitted under applicable law; and

 

(ii)       such
Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts the assignment
of such Obligor’s, or any assignee of such Obligor’s, rights under such Portfolio Investment (including any requirement
that the Borrower maintain a minimum ownership percentage of such Portfolio Investment); provided that, such Portfolio
Investment may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which
assignments may be subject to the consent of the obligor or Portfolio Company or agent under the Portfolio Investment so long
as the applicable provision also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer
to parties that are not ‘eligible assignees’ within the customary and market based meaning of the term or, solely
in the case of a Portfolio Investment consisting of an Equity Interest, restrictions on transfers if it would (i) cause a violation
of law, (ii) require the obligor or Portfolio Company to register as an “investment company” or file any other registration
statement, (iii) cause the obligor or Portfolio Company to be dissolved (including for federal income tax purposes) or to lose
its tax status  or (iv) subject the Portfolio Company or obligor to any law or regulation which it was not subject to immediately
prior to any transfer, and (c) restrictions on transfer to the applicable obligor or Portfolio Company under the Portfolio
Investment or its equity holders or financial sponsor entities, competitors, or, in each case, their affiliates; provided,
further, that in the event that (i) an Obligor is a party to an intercreditor arrangement with other lenders thereof with
payment rights or lien priorities that are junior or senior to the rights of such Obligor, such Portfolio Investment may be subject
to customary and market based rights of first refusal, rights of first offer and purchase rights in favor, in each case, of such
other lenders thereof (so long as the Value used in determining the Borrowing Base is not greater than the amount of such right
of first refusal, first offer or purchase rights) or (ii) such Portfolio Investment constitutes an Equity Interest, such Portfolio
Investment may be subject to customary and market based rights of first refusal, rights of first offer, purchase rights, drag-along
rights, tag-along rights, market stand-off agreements or other similar rights; provided that the Value of any Eligible
Portfolio Investments for purposes of the Borrowing Base shall not exceed the value that could reasonably be expected to be realized
in the event of a foreclosure or sale by the Collateral Agent after taking into account any restrictions on assignment permitted
under this clause (ii).Exhibit

Exhibit 4.4

SUPPLEMENTAL INDENTURE
RELATED TO THE COMPLETION DATE

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of July 14, 2017, among Tenet Healthcare Corporation, a Nevada corporation (the “Company”), the subsidiaries of the Company set forth on the signature pages hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture referred to below (the “Trustee”).
WITNESSETH
WHEREAS, THC Escrow Corporation III (the “Escrow Issuer”) has heretofore executed and delivered to the Trustee a senior secured second lien notes indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of June 14, 2017, providing for the issuance of the Escrow Issuer’s 5.125% Senior Secured Second Lien Notes due 2025 (the “Notes”);
WHEREAS, pursuant to Section 901 of the Indenture, the Trustee, the Company and the Guarantors are authorized to execute and deliver this Supplemental Indenture;
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.    CAPITALIZED TERMS.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Supplemental Indenture shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
2.    AGREEMENT TO ASSUME OBLIGATIONS.  The Company hereby agrees to unconditionally assume the Escrow Issuer’s Obligations under the Notes (including, without limitation, Obligations in respect of principal and interest (including accrued interest prior to the date hereof) on the Notes) and the Indenture on the terms and subject to the conditions set forth in the Indenture and to be bound by all provisions of the Indenture and the Notes applicable to the Company following the Completion Date pursuant to the terms of the Indenture and the Notes and to perform all of the obligations and agreements of the Company under the Indenture and the Notes.
3.    AGREEMENT TO GUARANTEE.  The Guarantors hereby agree, jointly and severally, to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Articles Thirteen and Fifteen of the Indenture.

4.    NOTICES.  All notices or other communications to the Company shall be given as provided in Section 1.05 of the Indenture.
5.    RATIFICATION OF INDENTURE; SUPPLEMENTAL INDENTURES PART OF INDENTURE.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
6.    RELEASE OF OBLIGATIONS OF THE ESCROW ISSUER.  Upon execution of this Supplemental Indenture by the Company, the Guarantors and the Trustee, the Escrow Issuer is released and discharged from all obligations under the Indenture and the Notes.
7.    NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
8.    COUNTERPARTS.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
9.    EFFECT OF HEADINGS.  The Section headings herein are for convenience only and shall not effect the construction thereof.
10.    THE TRUSTEE.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Guarantors.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

TENET HEALTHCARE CORPORATION
By:              /s/ James E. Snyder III       
Name: James E. Snyder III    
Title:   Vice President and Assistant Treasurer
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By:           /s/ R. Tarnas                         
Name: R. Tarnas
Title: Authorized Signatory    

[Signature Page to Supplemental Indenture]

AMERICAN MEDICAL (CENTRAL), INC. 
AMI INFORMATION SYSTEMS GROUP, INC.
AMISUB (HEIGHTS), INC.
AMISUB (HILTON HEAD), INC. 
AMISUB (SFH), INC.
AMISUB (TWELVE OAKS), INC. 
AMISUB OF NORTH CAROLINA, INC. 
AMISUB OF SOUTH CAROLINA, INC. 
AMISUB OF TEXAS, INC.
ANAHEIM MRI HOLDING, INC. 
BROOKWOOD HEALTH SERVICES, INC.
CGH HOSPITAL, LTD., by: CORAL GABLES HOSPITAL, INC., as general partner 
COASTAL CAROLINA MEDICAL CENTER, INC.
COMMUNITY HOSPITAL OF LOS GATOS, INC. 
CORAL GABLES HOSPITAL, INC.
CYPRESS FAIRBANKS MEDICAL CENTER, INC. 
DELRAY MEDICAL CENTER, INC.
DES PERES HOSPITAL, INC.
EAST COOPER COMMUNITY HOSPITAL, INC. 
FMC MEDICAL, INC.
FOUNTAIN VALLEY REGIONAL HOSPITAL AND MEDICAL CENTER 
FRYE REGIONAL MEDICAL CENTER, INC.
GOOD SAMARITAN MEDICAL CENTER, INC. 
HEALTHCARE NETWORK CFMC, INC. 
HEALTHCARE NETWORK HOLDINGS, INC. 
HEALTHCORP NETWORK, INC. 
HEALTHCARE NETWORK LOUISIANA, INC. 
HEALTHCARE NETWORK MISSOURI, INC. 
HEALTHCARE NETWORK TEXAS, INC.
HEALTH SERVICES NETWORK HOSPITALS, INC. 
HEALTH SERVICES NETWORK TEXAS, INC.
HIALEAH HOSPITAL, INC.
HILTON HEAD HEALTH SYSTEM, L.P., by: TENET PHYSICIAN SERVICES - HILTON HEAD, INC., as general partner
HOSPITAL DEVELOPMENT OF WEST PHOENIX, INC 
LIFEMARK HOSPITALS, INC.
LIFEMARK HOSPITALS OF FLORIDA, INC.
NEW MEDICAL HORIZONS II, LTD., by: CYPRESS FAIRBANKS MEDICAL CENTER INC., as general partner
NORTH SHORE MEDICAL CENTER, INC. 
ORNDA HOSPITAL CORPORATION
PALM BEACH GARDENS COMMUNITY HOSPITAL, INC. SAINT FRANCIS HOSPITAL - BARTLETT, INC.
SLH VISTA, INC.
SPALDING REGIONAL MEDICAL CENTER, INC. 
SRRMC MANAGEMENT, INC.
ST. MARY’S MEDICAL CENTER INC. SYLVAN GROVE HOSPITAL, INC.

[Signature Page to Supplemental Indenture]

TENET CALIFORNIA, INC. 
TENET FLORIDA, INC.
TENET HEALTHSYSTEM HAHNEMANN, L.L.C., by: TENET HEALTHSYSTEM PHILADELPHIA, INC., as managing member
TENET HEALTHSYSTEM MEDICAL, INC. 
TENET HEALTHSYSTEM PHILADELPHIA, INC.
TENET HEALTHSYSTEM ST. CHRISTOPHER’S HOSPITAL FOR CHILDREN, L.L.C., by: TENET HEALTHSYSTEM PHILADELPHIA, INC., as managing member
TENET HOSPITALS LIMITED, by: HEALTHCARE NETWORK TEXAS, INC., as general partner
TENET PHYSICIAN SERVICES - HILTON HEAD, INC.
TH HEALTHCARE, LTD., by: LIFEMARK HOSPITALS, INC., as general partner 
VHS ACQUISITION CORPORATION
VHS ACQUISITION SUBSIDIARY NUMBER 1, INC. 
VHS ACQUISITION SUBSIDIARY NUMBER 3, INC. 
VHS ACQUISITION SUBSIDIARY NUMBER 7, INC. 
VHS ACQUISITION SUBSIDIARY NUMBER 9, INC. 
VHS BROWNSVILLE HOSPITAL COMPANY, LLC 
WEST BOCA MEDICAL CENTER, INC.
VHS CHILDREN’S HOSPITAL OF MICHIGAN, INC. 
VHS DETROIT RECEIVING HOSPITAL, INC.
VHS HARLINGEN HOSPITAL COMPANY, LLC 
VHS HARPER-HUTZEL HOSPITAL, INC.
VHS HURON VALLEY-SINAI HOSPITAL, INC. 
VHS OF ARROWHEAD, INC.
VHS OF ILLINOIS, INC.
VHS REHABILITATION INSTITUTE OF MICHIGAN, INC.
VHS SAN ANTONIO PARTNERS, LLC, by: VHS ACQUISITION SUBSIDIARY NUMBER 5, INC., its managing member, and VHS HOLDING COMPANY, INC. 
VHS SINAI-GRACE HOSPITAL, INC.
VHS VALLEY MANAGEMENT COMPANY, INC. 
VHS WEST SUBURBAN MEDICAL CENTER, INC. 
VHS WESTLAKE HOSPITAL INC.
VHS OF PHOENIX, INC.
VANGUARD HEALTH FINANCIAL COMPANY, LLC 
VANGUARD HEALTH HOLDING COMPANY I, LLC 
VANGUARD HEALTH HOLDING COMPANY II, LLC 
VANGUARD HEALTH MANAGEMENT, INC. 
VANGUARD HEALTH SYSTEMS, INC.
VHS OF MICHIGAN, INC.

By:    /s/ James E. Snyder III
Name: James E. Snyder III
Title: Treasurer

[Signature Page to Supplemental Indenture]

BBH BMC, LLC
BROOKWOOD BAPTIST HEALTH 1, LLC 
DESERT REGIONAL MEDICAL CENTER, INC. 
DOCTORS HOSPITAL OF MANTECA, INC.
DOCTORS MEDICAL CENTER OF MODESTO, INC.
JFK MEMORIAL HOSPITAL, INC.
LAKEWOOD REGIONAL MEDICAL CENTER, INC. 
LOS ALAMITOS MEDICAL CENTER, INC. 
PLACENTIA-LINDA HOSPITAL, INC.
SAN RAMON REGIONAL MEDICAL CENTER, LLC 
SIERRA VISTA HOSPITAL, INC.
TWIN CITIES COMMUNITY HOSPITAL, INC. 
VHS VALLEY HEALTH SYSTEM, LLC

By:    /s/ James E. Snyder III         
Name:  James E. Snyder III
Title:    Assistant Treasurer

ATLANTA MEDICAL CENTER, INC. 
NORTH FULTON MEDICAL CENTER, INC.

By:      /s/ William G. Morrison         
Name:  William G. Morrison
Title:    Treasurer

[Signature Page to Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]