Document:

Exhibit

Exhibit 10.1

STOCK REPURCHASE AGREEMENT 
BY AND BETWEEN
PNC BANCORP, INC.
AND 
BLACKROCK, INC. 
Dated as of May 11, 2020 

STOCK REPURCHASE AGREEMENT 
THIS STOCK REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of May 11, 2020 by and between PNC Bancorp, Inc., a Delaware Corporation (“PNC”) and BlackRock, Inc., a Delaware corporation (“BlackRock”). 
WHEREAS, BlackRock and PNC propose to enter into a transaction whereby PNC shall sell to BlackRock, and BlackRock shall purchase from PNC, shares of BlackRock’s Common Stock, par value $0.01 per share (“Common Stock”), as set forth in this Agreement (the “Repurchase Transaction”); and 
WHEREAS, PNC proposes to sell through an underwritten public offering (the “Secondary Offering”) shares of BlackRock’s common stock, par value $0.01 per share (the “Common Stock”), including shares of Common Stock issuable upon the conversion of an equal number of shares of Series B Preferred Stock (collectively, the “Secondary Offering Shares”). 
NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 
ARTICLE I 
REPURCHASE 
Section 1.1 Repurchase of Series B Preferred Stock and Common Stock. 
(a) Under the terms and subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined below), PNC shall sell to BlackRock such aggregate number of shares of Common Stock (such aggregate amount, the “PNC Shares”) equal to $1.1 billion (the “Purchase Price”), divided by the price at which the shares of Common Stock are sold to the public in the Secondary Offering, less the underwriting discount (the “Secondary Share Price”), and rounded down for any fraction of a share. 
Section 1.2 Closing . The closing (the “Closing”) of the purchase of the PNC Shares shall be held at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, New York immediately subsequent to the satisfaction or waiver of the conditions set forth in Articles V and VI herein (the “Closing Date”), by telephonic meeting on such date or at such other time, date or place as  PNC and BlackRock may agree in writing. 
Section 1.3 Deliveries. 
(a) At the Closing, PNC shall deliver or cause to be delivered to BlackRock (collectively, the “PNC Closing Deliveries”): 

		
	(i)
	the PNC Shares to BlackRock in the form attached hereto as Exhibit A, or pursuant to such form as the transfer agent for the Common Stock shall require, free and clear of any Lien (as defined below); and 

		
	(ii)
	a completed and executed original copy of Internal Revenue Service (the “IRS”) Form W-9 or IRS Form W-8BEN, as applicable. 

(b) At the Closing, BlackRock shall deliver to PNC the Purchase Price, payable by wire transfer of immediately available funds to an account or accounts that PNC shall designate in writing at least two business days prior to the Closing Date. 
ARTICLE II 
REPRESENTATIONS AND WARRANTIES OF PNC
PNC hereby represents and warrants to BlackRock as follows: 
Section 2.1 Title to PNC Shares . As of the Closing, PNC shall own and shall deliver the PNC Shares, free and clear of any and all option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of whatever nature, other than any arising out of, resulting from or in connection with any agreement, arrangement or understanding between PNC or any of its subsidiaries and BlackRock (collectively, a “Lien”). 

Section 2.2 Authority Relative to this Agreement . PNC has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by PNC and the consummation by PNC of the transactions contemplated hereby, including the sale of the PNC Shares, has been duly authorized by the board of directors of PNC and no other corporate or stockholder proceedings on the part of PNC are necessary to authorize this Agreement or for PNC to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by PNC and constitutes the valid and binding obligations of PNC, enforceable against PNC in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies. 
Section 2.3 Approvals. No material consent, approval, authorization or order of, or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by PNC for the execution, delivery or performance by PNC of this Agreement or the consummation by PNC of the transactions contemplated hereby.
Section 2.4 Receipt of Information. PNC has received all the information it considers necessary or appropriate for deciding whether to dispose of the PNC Shares. PNC had an opportunity to ask questions and receive answers from BlackRock regarding the terms and conditions of BlackRock’s purchase of the PNC Shares and the business and financial condition of BlackRock and to obtain additional information (to the extent BlackRock possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to it or to which it had access. PNC has not received, or relying on, any representations or warranties from BlackRock, other than as provided herein. 
Section 2.5 Treatment of Repurchase. PNC believes that no portion of the Purchase Price will be treated as a dividend under Section 301 of the Internal Revenue Code of 1986, as amended (the “Code”) by reason of Section 302 of the Code or otherwise. 
ARTICLE III 
REPRESENTATIONS AND WARRANTIES OF BLACKROCK 
BlackRock hereby represents and warrants to PNC as follows: 

Section 3.1 Authority Relative to this Agreement. BlackRock has the requisite corporate power and authority to execute and deliver this Agreement and consummate the transactions contemplated hereby. The execution and delivery of this Agreement by BlackRock, and the consummation by BlackRock of the transactions contemplated hereby, including the purchase of the PNC Shares have been duly authorized by BlackRock’s board of directors (including a majority of BlackRock’s Independent Directors (as defined in the stockholder agreement entered into between The PNC Financial Services Group, Inc., a Pennsylvania corporation, parent to PNC, and BlackRock)), and no other corporate or stockholder proceedings on the part of BlackRock are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by BlackRock and constitutes the valid and binding obligations of BlackRock, enforceable against BlackRock in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies. 
Section 3.2 Approvals. No material consent, approval, authorization or order of, or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by BlackRock for the execution, delivery or performance by BlackRock of this Agreement or the consummation by BlackRock of the transactions contemplated hereby. 
Section 3.3 Funds. BlackRock will have as of the Closing sufficient cash available to pay the Purchase Price to PNC, as the case may be, on the terms and conditions contained herein, and there will be no restriction on the use of such cash for such purpose. 
ARTICLE IV 
ADDITIONAL AGREEMENTS 
Section 4.1 Additional Agreements. The parties shall and shall cause their subsidiaries to take such action and execute, acknowledge and deliver such agreements, instruments and other documents as the other party may reasonably require from time to time in order to carry out the purposes of this Agreement. 
Section 4.2 Public Announcements. Except as may be required by applicable law, neither party hereto shall make any public announcements or otherwise communicate with any news media with respect to this Agreement or any of the transactions contemplated hereby (a “Public Announcement”), without prior consultation with the other parties as to the timing and contents of any such announcement or communications; provided, however, that nothing contained herein shall prevent any party from promptly making any filings with any governmental entity or disclosures with the stock exchange, if any, on which such party’s capital stock is listed, as may, in its judgment, be required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 
Section 4.3 Withholding. BlackRock shall pay the Purchase Price to PNC, free and clear of, and without reduction or withholding for, any taxes. Notwithstanding the foregoing, PNC shall indemnify BlackRock against any and all taxes (and any and all related losses, claims, liabilities, penalties, interest, and expenses) incurred by or asserted against BlackRock by the IRS or any other governmental authority as a result of BlackRock’s failure to deduct and withhold the proper amount of tax from the Purchase Price for any reason, including, without limitation, the treatment of all or any portion of the Purchase Price as a distribution under Sections 302(d) and 301 of the Code. 
ARTICLE V 
CONDITIONS TO CLOSING OF BLACKROCK 
The obligation of BlackRock to purchase the PNC Shares at the Closing is subject to the fulfillment on or prior to the Closing of each of the following conditions: 
Section 5.1 Representations and Warranties. Each representation and warranty made by PNC in Article II above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 

Section 5.2 Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by PNC on or prior to the Closing Date shall have been performed or complied with by PNC in all respects. 
Section 5.3 Closing Certificate. PNC shall have delivered to BlackRock a certificate, dated the Closing Date and signed by an authorized signatory of PNC, certifying to the effect that the conditions set forth in Sections 5.1 and 5.2 have been satisfied.
Section 5.4 Certificates and Documents. PNC shall have delivered at or prior to the Closing to BlackRock or its designee the PNC Closing Deliveries. 
Section 5.5 Completion of Secondary Offering. The Secondary Offering shall have been consummated in accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection therewith. For greater certainty all references to the consummation of the Secondary Offering contained herein do not require the exercise of any option granted to the underwriters for such offering. 
ARTICLE VI 
CONDITIONS TO CLOSING OF PNC 
The obligation of PNC to sell the PNC Shares to BlackRock at the Closing is subject to the fulfillment on or prior to the Closing of each of the following conditions: 
Section 6.1 Representations and Warranties. Each representation and warranty made by BlackRock in Article III above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 
Section 6.2 Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by BlackRock on or prior to the Closing Date shall have been performed or complied with by BlackRock in all respects. 
Section 6.3 Certificate. BlackRock shall have delivered to PNC a certificate, dated the Closing Date and signed by an executive officer of BlackRock, certifying to the effect that the conditions set forth in Sections 6.1 and 6.2 have been satisfied.
Section 6.4 Purchase Price. BlackRock shall have delivered to PNC or its designee or designees the Purchase Price, payable by wire transfer of immediately available funds to the account or accounts that PNC shall designate at least two business days prior to the date of Closing. 
Section 6.5 Completion of Secondary Offering. The Secondary Offering shall have been consummated in accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection therewith. For greater certainty all references to the consummation of the Secondary Offering contained herein do not require the exercise of any option granted to the underwriters for such offering. 
ARTICLE VII 
MISCELLANEOUS 
Section 7.1 Termination. This Agreement may be terminated prior to the Closing as follows: (i) at any time on or prior to the Closing, by mutual written consent of PNC and BlackRock or (ii) at the election of PNC or BlackRock by written notice to the other party hereto after 5:00 p.m., New York time, on May 20, 2020, if the Closing shall not have occurred, unless such date is extended by the mutual written consent of PNC and BlackRock; provided, however, that the right to terminate this Agreement pursuant to this clause (ii) shall not be available to a party whose failure or whose subsidiaries’ or affiliate’s failure to perform or observe in any material respect any of its obligations under this Agreement in any manner shall have been the principal cause of or resulted in the failure of the Closing to occur on or before such date. 

Section 7.2 Savings Clause. No provision of this Agreement shall be construed to require any party or its affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation. 
Section 7.3 Amendment and Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
Section 7.4 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement in any other jurisdiction and a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision.
Section 7.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several agreements and other documents and instruments referred to herein or therein or annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 
Section 7.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement shall be assigned, in whole or in part by any party without the prior written consent of the other parties. 
Section 7.7 Counterparts. This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
Section 7.8 Remedies. 
(a) Each party hereto acknowledges that monetary damages would not be an adequate remedy in the event that each and every one of the covenants or agreements in this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without limiting any other remedy or right it may have, the non-breaching party shall have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically each and every one of the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. 
(b) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 
Section 7.9 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, sent by electronic mail, telecopied (upon telephonic confirmation of receipt), on the first business day following the date of dispatch if delivered by a recognized next day courier service, or on the third business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

If to BlackRock: 
c/o BlackRock, Inc. 

55 East 52nd Street 
New York, NY 10055 
Facsimile: 212-810-8760 
Attn: Gary S. Shedlin
and 
55 East 52nd Street 
New York, NY 10055 
Facsimile: 212-810-3744 
Attn: General Counsel 
with a copy (which shall not constitute notice) to: 
Skadden, Arps, Slate, Meagher & Flom LLP 
One Manhattan West 
New York, NY 10001 
Facsimile: 212-735-2000 
Attention: Laura Kaufmann Belkhayat, Esq. 
If to PNC: 

c/o The PNC Financial Services Group, Inc.
The Tower at PNC
300 Fifth Avenue
Pittsburgh, PA 15222
Facsimile: 412-762-5920
Attention: Laura Long, Esq. 
with a copy (which shall not constitute notice) to: 
Wachtell, Lipton, Rosen & Katz, LLP 
51 West 52nd Street 
New York, NY 10019
Facsimile: 212-403-2000
Attention: Edward D. Herlihy, Esq.
   Nicholas G. Demmo, Esq.
Section 7.10 Governing Law; Consent to Jurisdiction. 
(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction in the Court of Chancery of the State of Delaware or any court of the United States located in the State of Delaware, for any action, proceeding or investigation in any court or before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties hereto hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Litigation, the defense of sovereign immunity, any claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the failure to serve process in accordance with this Section 7.10, that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by applicable law, that the Litigation in any such court is brought in an inconvenient forum, that the venue of such Litigation is improper, or that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives, to the fullest extent permitted by applicable law, the benefit of any defense that would hinder, fetter or delay the levy, execution or collection of any amount to which the party is entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted 

by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 
(b) Each of the parties expressly acknowledges that the foregoing waiver is intended to be irrevocable under the laws of the State of Delaware and of the United States of America; provided that consent by PNC and BlackRock to jurisdiction and service contained in this Section 7.10 is solely for the purpose referred to in this Section 7.10 and shall not be deemed to be a general submission to said courts or in the State of Delaware other than for such purpose. 
Section 7.11 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. 
[Signature Pages Follow] 

        

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

	PNC BANCORP, INC.

	 
	 

	By:
	 
	/s/ Janet P. Jolles

	 
	 
	Name:
	 
	Janet P. Jolles

	 
	 
	Title:
	 
	President

	
					
	 
	 
	 
	 
	 

	 

	BLACKROCK, INC.

	 
	 

	By:
	 
	/s/ Daniel Waltcher

	 
	 
	Name:
	 
	Daniel Waltcher

	 
	 
	Title:
	 
	Managing Director, Deputy General Counsel and Assistant Secretary

[Signature Page to Repurchase Agreement]

        

Exhibit A 
[Transfer of Stock Ownership Form]Exhibit

Exhibit 10.17

Execution Version

AMENDMENT NO. 3 TO AMENDED AND RESTATED SENIOR 
SECURED REVOLVING CREDIT AGREEMENT 
This AMENDMENT NO. 3 (this “Amendment”), dated as of March 30, 2020, is made with respect to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of August 12, 2016 (as modified by the Limited Waiver to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2018, and as amended by that certain Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 8, 2019, and as amended by that certain Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 25, 2019, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SIERRA INCOME CORPORATION, a Maryland corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative Agent”), and solely for purposes of Section 2.9, SIC AAR LLC, a Delaware limited liability company (“SIC AAR”), SIC INVESTMENT HOLDINGS LLC, a Delaware limited liability company (“SIC Holdings”), and SIERRA MANAGEMENT INC., a Delaware corporation (together with SIC AAR and SIC Holdings, the “Subsidiary Guarantors”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (as amended hereby).  
W I T N E S S E T H:
WHEREAS, pursuant to the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; 
WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment; 
NOW THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION I  AMENDMENTS TO CREDIT AGREEMENT
Effective as of the Amendment No. 3 Effective Date, and subject to the terms and conditions set forth below, the Credit Agreement is hereby amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions  of “Maturity Date” and “Revolver Termination Date” and replacing them with the following:
“Maturity Date” means March 31, 2021.”
“Revolver Termination Date” means April 30, 2020.”
SECTION II      MISCELLANEOUS
2.1.       Conditions to Effectiveness of Amendment.  This Amendment shall become effective as of the date (the “Amendment No. 3 Effective Date”) on which the Borrower and each Subsidiary Guarantor party hereto have satisfied each of the following conditions precedent (unless a condition shall have been waived in accordance with Section 9.02 of the Credit Agreement):
(a)    Executed Counterparts.  The Administrative Agent shall have received from each party hereto either (1) a counterpart of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the 

    

Administrative Agent (which may include telecopy transmission or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment.
(b)    Fees and Expenses.  The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses owing related to this Amendment and the Credit Agreement owing, incurred and invoiced on or prior to the Amendment No. 3 Effective Date due to any Lender on the Amendment No. 3 Effective Date.  
The contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Amendment 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. 
2.2.      Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and each of the Lenders that, as of the Amendment No. 3 Effective Date and immediately after giving effect to this Amendment:
(a)     This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors 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).  The Credit Agreement, as amended by this Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its respective 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).
(b)    The representations and warranties set forth in Article III of the Credit Agreement as amended by this Amendment and the representations and warranties in each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Amendment No. 3 Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific date.  
(c)    No Default or Event of Default has occurred or is continuing under the Credit Agreement. 
2.3.      Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.
2.4.      Payment of Expenses.  The Borrower agrees to pay and reimburse, pursuant to Section 9.03 of the Credit Agreement, the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment.
2.5.      GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
2.6.      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 AMENDMENT 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 AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
2.1.      Incorporation of Certain Provisions.  The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby incorporated by reference mutatis mutandis as if fully set forth herein.
2.2.      Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower or the Subsidiary Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances, or to constitute a novation of the obligations and liabilities existing under the Credit Agreement or any other Loan Document.  This Amendment shall apply and be effective only with respect to the provisions amended herein of the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document shall mean the Credit Agreement as amended hereby.  This Amendment shall constitute a Loan Document.
2.3.      Consent and Affirmation.  Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary Guarantors hereby as of the Amendment No. 3 Effective Date (i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) confirms its guarantee (solely in the case of the Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant, as applicable, is in full force and effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).

[Signature pages follow]

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

By:    /s/ Richard T. Allorto, Jr.    
Name:  Richard T. Allorto Jr.
Title:    Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

SIC AAR LLC, as Subsidiary Guarantor

By:  Sierra Income Corporation, its managing member

By:    /s/ Richard T. Allorto, Jr.    
Name:  Richard T. Allorto Jr.
Title:    Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

SIC INVESTMENT HOLDINGS LLC, as Subsidiary Guarantor

By:  Sierra Income Corporation, its managing member

By:    /s/ Richard T. Allorto, Jr.    
Name:  Richard T. Allorto Jr.
Title:    Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

SIERRA MANAGEMENT INC., as Subsidiary Guarantor

By:    /s/ Richard T. Allorto, Jr.    
Name:    Richard T. Allorto Jr.
Title:    Treasurer and Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

ING CAPITAL LLC, as Administrative Agent and a Lender

By:    /s/ Patrick Frisch    
Name: Patrick Frisch
Title: Managing Director

By:    /s/ Dominik Breuer    
Name: Dominik Breuer
Title: Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

CITY NATIONAL BANK, as a Lender
By:    /s/ Brandon Feitelson    
Name: Brandon Feitelson
Title: Senior Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

CUSTOMERS BANK, as a Lender
By:    /s/ Lyle P. Cunningham    
Name: Lyle P. Cunningham
Title: Executive Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

KEYBANK, N.A., as a Lender
By:    /s/ Richard Andersen        
Name: Richard Andersen
Title: Senior Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

TIAA, FSB, as a Lender
By:    /s/ Martin O'Brien    
Name: Martin O'Brien
Title: Director

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

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