Document:

EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made and entered into by and between Shoals Technologies Group, LLC, a
Tennessee limited liability company (the “Company”), and Dean Solon (“Employee”) effective as of December 18, 2020 (the “Effective Date”). 

1. Employment. During the Employment Period (as defined in Section 4), the Company shall continue to
employ Employee, and Employee shall continue to serve, as Founder of the Company and in such other position or positions as may be assigned from time to time by the Company or the board of directors (the “Board”) of Shoals
Parent LLC, a Delaware limited liability company and parent of the Company (the “Parent”). 
 2. Duties and
Responsibilities of Employee. 
 (a) During the Employment Period, Employee shall devote Employee’s best efforts and business
attention to the businesses of the Parent and its direct and indirect subsidiaries as may exist from time to time, including the Company (collectively, the Parent and its direct and indirect subsidiaries are referred to as the “Company
Group”) as may be requested by the Company or the Board from time to time. Employee’s duties and responsibilities shall include those normally incidental to the position(s) identified in Section 1, as
well as such additional duties as may be assigned to Employee by the Company or the Board from time to time, which duties and responsibilities may include providing services to other members of the Company Group in addition to the Company. Employee
may, without violating this Section 2(a), engage in other personal and passive investment activities, in each case, so long as such ownership, interests or activities do not interfere with Employee’s ability to fulfill
Employee’s duties and responsibilities under this Agreement and are not inconsistent with Employee’s obligations to any member of the Company Group or competitive with the business of any member of the Company Group. 

(b) Employee hereby represents and warrants that Employee is not the subject of, or a party to, any
non-competition, non-solicitation, non-disclosure, restrictive covenant or other agreement, obligation or restriction that would
prohibit Employee from executing this Agreement or fully performing each of Employee’s duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect any of the duties and responsibilities that may now or
in the future be assigned to Employee hereunder. Employee expressly acknowledges and agrees that Employee is strictly prohibited from using or disclosing any confidential information belonging to any prior employer or other third party in the course
of performing services for any member of the Company Group, and Employee promises that Employee shall not do so. Employee shall not introduce documents or other materials containing confidential information of any prior employer or other third party
to the premises or property (including computers and computer systems) of any member of the Company Group. 
 (c) Employee owes each member
of the Company Group fiduciary duties (including (i) duties of care, loyalty and disclosure and (ii) such fiduciary duties that an officer of the Company would have if the Company were a corporation organized under the laws of the State of
Delaware), and the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Employee owes each member of the Company Group under statutory and common law. 

 

 3. Compensation. 

(a) Base Salary. During the Employment Period, the Company shall pay to Employee an annualized base salary of $150,000 (the
“Base Salary”) in consideration for Employee’s services under this Agreement, payable in substantially equal installments in conformity with the Company’s customary payroll practices for similarly situated employees
as may exist from time to time, but no less frequently than monthly. Notwithstanding any provision of this Agreement, the Company may decrease Employee’s Base Salary as part of one or more reductions in base salaries that apply equally to
similarly situated employees of the Company in substantially the same proportions. 
 (b) Annual Bonus. Beginning in calendar year
2021, Employee shall be eligible for discretionary bonus compensation for each complete calendar year that Employee is employed by the Company hereunder (the “Annual Bonus”). At the discretion of the Board or committee
thereof, a portion of the Annual Bonus may be paid to Employee in the form of fully vested equity in the Parent or, following a Public Offering (as defined in the Second Amended and Restated Limited Liability Company Agreement of Shoals Parent LLC,
effective as of March 15, 2019 (the “LLC Agreement”)), in the Company or any entity formed to become the public issuer in connection with the Public Offering (the “Public Issuer”) pursuant to the
equity incentive plan of the Public Issuer as may be in effect from time to time (the “LTIP”). The performance targets that must be achieved in order to be eligible for certain bonus levels shall be established by the Board
(or a committee thereof) for each applicable calendar year (the “Bonus Year”). Each Annual Bonus, if any, shall be paid as soon as administratively feasible after the Board (or a committee thereof) determines whether the
applicable performance targets for the applicable Bonus Year have been achieved, but in no event later than March 15 following the end of such Bonus Year. Notwithstanding anything in this Section 3(b) to the contrary, no Annual Bonus, if
any, or any portion thereof, shall be payable for any Bonus Year unless Employee remains continuously employed by the Company from the Effective Date through the date on which such Annual Bonus is paid. 

4. Term of Employment. The term of Employee’s employment under this Agreement shall commence on January 1, 2021 and
continue until Employee’s employment is terminated in accordance with Section 7. The period from January 1, 2021 through the termination of Employee’s employment pursuant to this Agreement, regardless of the
time or reason for such termination, shall be referred to herein as the “Employment Period.” 
 5. Business
Expenses. Subject to Section 23, the Company shall reimburse Employee for Employee’s reasonable and documented out-of-pocket
business-related expenses actually incurred in the performance of Employee’s duties under this Agreement so long as such expenses are consistent with the Company’s expense policy as in effect from time to time and Employee timely submits
all documentation for such expenses, as required by such policy. Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following receipt of such documentation (but in any event not later than the close of
Employee’s taxable year following the taxable year in which the expense is incurred by Employee). In no event shall any reimbursement be made to Employee for any expenses incurred after the date of Employee’s termination of employment with
the Company. 

  
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 6. Benefits. During the Employment Period, Employee shall be eligible to
participate in the same benefit plans and programs in which other Company executives are eligible to participate, subject to the terms and conditions of the applicable plans and programs in effect from time to time. The Company shall not, however,
by reason of this Section 6, be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy. 

7. Termination of Employment. 

(a) Company’s Right to Terminate Employee’s Employment for Cause. The Company shall have the right
to terminate Employee’s employment hereunder at any time for Cause. For purposes of this Agreement, “Cause” shall mean, as determined by the Board: 

(i) Employee’s material breach of this Agreement or the LLC Agreement, or any other written agreement between Employee and
one or more members of the Company Group, including Employee’s material breach of any representation, warranty or covenant made under any such agreement; 

(ii) Employee’s breach of any policy or code of conduct established by a member of the Company Group and applicable to
Employee, including any policy or code of conduct provision relating to discrimination, harassment or retaliation; 
 (iii)
Employee’s personal violation of any material law applicable to the workplace or any member of the Company Group (including any law regarding anti-discrimination, anti-harassment or anti-retaliation); 

(iv) Employee’s gross negligence, willful misconduct, breach of fiduciary duty, fraud, theft or embezzlement that has or
could reasonably be expected to have an adverse effect on any member of the Company Group; 
 (v) the commission by Employee
of, or conviction or indictment of Employee for, or plea of nolo contendere by Employee to, any felony (or state law equivalent) or any crime or act involving moral turpitude; or 

(vi) Employee’s willful failure or refusal, other than due to Disability, to perform Employee’s obligations pursuant
to this Agreement or the LLC Agreement, or to follow any lawful directive from the Company or the Board, as determined by the Company or the Board (sitting without Employee, if applicable) in its sole discretion; provided, however,
that if Employee’s actions or omissions as set forth in this Section 7(a)(vi) are of such a nature that the Company or the Board determines that they are curable by Employee, such actions or omissions must remain
uncured thirty (30) days after the Company or the Board first provided Employee written notice of the obligation to cure such actions or omissions. 

(b) Company’s Right to Terminate for Convenience. The Company shall have the right to terminate Employee’s
employment for convenience at any time and for any reason, or no reason at all, upon written notice to Employee. 

  
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 (c) Employee’s Right to Terminate for Good Reason. Employee shall
have the right to terminate Employee’s employment with the Company at any time for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 

(i) a material diminution in Employee’s Base Salary or authority, duties and responsibilities with the Company or its
subsidiaries; provided, however, that if Employee is serving as an officer or member of the board of directors (or similar governing body) of any member of the Company Group or any other entity in which a member of the Company Group holds an
equity interest, in no event shall the removal of Employee as an officer or board member, regardless of the reason for such removal, constitute Good Reason; or 

(ii) the relocation of the geographic location of Employee’s principal place of employment by more than fifty
(50) miles from the location of Employee’s principal place of employment as of the Effective Date. 
 Notwithstanding the foregoing provisions of
this Section 7(c) or any other provision of this Agreement to the contrary, any assertion by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied:
(A) the condition described in Section 7(c)(i), or (ii) giving rise to Employee’s termination of employment must have arisen without Employee’s consent; (B) Employee must provide written notice to
the Board of the existence of such condition(s) within thirty (30) days after the initial occurrence of such condition(s); (C) the condition(s) specified in such notice must remain uncorrected for thirty (30) days following the
Board’s receipt of such written notice; and (D) the date of Employee’s termination of employment must occur within sixty (60) days after the initial occurrence of the condition(s) specified in such notice. Further and
notwithstanding the foregoing, no suspension of Employee or a reduction in Employee’s authority, duties and responsibilities in conjunction with any leave required, or other action taken, by the Company as part of any investigation into alleged
wrongdoing by Employee shall give rise to Good Reason. 
 (d) Death or Disability. Upon the death or Disability of Employee,
Employee’s employment with the Company shall automatically (and without any further action by any person or entity) terminate with no further obligation under this Agreement of either party hereunder. For purposes of this Agreement, a
“Disability” shall exist if the Board determines that Employee is unable to perform the essential functions of Employee’s position (after accounting for reasonable accommodation, if applicable and required
by applicable law), due to physical or mental impairment that continues, or can reasonably be expected to continue, for a period in excess of ninety (90) consecutive days or one hundred-twenty (120) days, whether or not consecutive (or for
any longer period as may be required by applicable law), in any twelve (12)-month period. 
 (e) Employee’s Right to
Terminate for Convenience. In addition to Employee’s right to terminate Employee’s employment for Good Reason, Employee shall have the right to terminate Employee’s employment with the Company for convenience at any time and for
any other reason, or no reason at all, upon thirty (30) days’ advance written notice to the Company; provided, however, that if Employee has provided notice to the Company of Employee’s termination of employment, the
Company may determine, in its sole discretion, that such termination shall be effective on any date prior to the effective date of termination provided 

  
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in such notice (and, if such earlier date is so required, then it shall not change the basis for Employee’s termination of employment nor be construed or interpreted as a termination of
employment pursuant to Section 7(b)) and any requirement to continue salary or benefits shall cease as of such earlier date. 

(f) Effect of Termination. 

(i) If Employee’s employment hereunder is terminated by the Company without Cause pursuant to
Section 7(b), or is terminated by Employee for Good Reason pursuant to Section 7(c), then so long as (and only if) Employee: (A) executes on or before the Release Expiration Date (as defined
below), and does not revoke within any time provided by the Company to do so, a separation agreement and release of all claims in a form provided to Employee by the Company (the “Release”), which Release shall, among other
things, release each member of the Company Group and their respective affiliates, and the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit
plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of Employee’s employment and relationship with the Company and any other member of the Company Group or the termination of such
employment or relationship, but excluding all claims to severance payments Employee may have under this Section 7; and (B) abides by the terms of each of Sections 9, 10 and 11 and any other
post-employment obligations that Employee may owe to any member of the Company Group, then: 
 (A) The Company shall make
severance payments to Employee in a total amount equal to twelve (12) months’ worth of Employee’s Base Salary for the year in which such termination occurs (such total severance payments being referred to as the “Severance
Payment”). The Severance Payment will be divided into substantially equal installments paid over the twelve (12)-month period (the “Severance Period”) following the date on which Employee’s employment
terminates (the “Termination Date”). On the Company’s first regularly scheduled pay date that is on or after the date the Release has become irrevocable (the “First Payment Date”), the Company
shall pay to Employee, without interest, the aggregate amount payable pursuant to any installments that would have been paid during the period beginning on the Termination Date and ending on the First Payment Date had the installments been paid on
the Company’s regularly scheduled pay dates on or following the Termination Date, and, subject to Section 23, each of the remaining installments shall be paid on the Company’s regularly scheduled pay dates during
the remainder of such twelve (12)-month period. 
 (B) During the portion, if any, of the Severance Period that Employee is
eligible to and elects to continue coverage for Employee and Employee’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), the Company shall, at its option pay or reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage and the employee contribution amount that
similarly situated employees of the Company pay for the same or similar coverage under 

  
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such group health plans (the “COBRA Benefit”). Each payment of the COBRA Benefit shall be paid on or about the Company’s first regularly scheduled pay date in the
calendar month immediately following the calendar month in which Employee submits to the Company documentation of the applicable premium payment having been paid by Employee, which documentation shall be submitted by Employee to the Company within
thirty (30) days following the date on which the applicable premium payment is paid. Employee shall be eligible to receive such reimbursement payments until the earliest of: (i) the last day of the Severance Period; (ii) the date
Employee is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly
reported to the Company by Employee); provided, however, that the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s sole responsibility,
and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA continuation coverage. 

(ii) If the Release is not executed and returned to the Company on or before the Release Expiration Date, and the required
revocation period has not fully expired without revocation of the Release by Employee, then Employee shall not be entitled to any portion of the Severance Payment or the COBRA Benefit. As used herein, the “Release Expiration
Date” is that date that is twenty-one (21) days following the date upon which the Company delivers the Release to Employee (which shall occur no later than seven (7) days after the
Termination Date) or, in the event that such termination of employment is determined by the Company to be “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination
in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. 
 (g) After-Acquired Evidence.
Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that Employee is eligible to receive the Severance Payment pursuant to Section 7(f) but, during the Severance Period,
the Company subsequently acquires evidence or determines that: (i) Employee has failed to abide by the terms of Sections 9, 10 or 11 or any other post-employment obligations that Employee may owe to any member of the
Company Group; or (ii) a Cause condition existed prior to the Termination Date that, had the Company been fully aware of such condition, would have given the Company the right to terminate Employee’s employment pursuant to
Section 7(a), then the Company shall have the right to cease the payment of any future installments of the Severance Payment and Employee shall promptly return to the Company the
pre-tax value of all installments of the Severance Payment received by Employee prior to the date that the Company determines that the conditions of this Section 7(g) have been
satisfied. 

  
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 8. Disclosures. 

(a) Employee hereby represents and warrants that as of the Effective Date, there exist (i) no actual or potential Conflicts of Interest
and (ii) no current or pending lawsuits, claims or arbitrations filed by, against or involving Employee or any trust or vehicle owned or controlled by Employee. 

(b) Promptly (and in any event, within three (3) business days) upon becoming aware of (i) any actual or potential Conflict of
Interest or (ii) any lawsuit, claim or arbitration filed by, against or involving Employee or any trust or vehicle owned or controlled by Employee, in each case, Employee shall disclose such actual or potential Conflict of Interest or such
lawsuit, claim or arbitration to the Board. 
 (c) A “Conflict of Interest” shall exist when Employee engages in, or
plans to engage in, any activities, associations, or interests that conflict with Employee’s duties, responsibilities, authorities, or obligations for and to any member of the Company Group. 

9. Confidentiality. In the course of Employee’s employment with the Company and the performance of Employee’s duties on
behalf of the Company Group hereunder, Employee will be provided with, and will have access to, Confidential Information (as defined below). In consideration of Employee’s receipt and access to such Confidential Information, and as a condition
of Employee’s employment, Employee shall comply with this Section 9. 
 (a) Both during the Employment Period
and thereafter, except as expressly permitted by this Agreement, Employee shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the benefit of the Company Group. Employee
acknowledges and agrees that Employee would inevitably use and disclose Confidential Information in violation of this Section 9 if Employee were to violate any of the covenants set forth in
Section 10. Employee shall follow all Company Group policies and protocols regarding the security of all documents and other materials containing Confidential Information (regardless of the medium on which Confidential
Information is stored). Except to the extent required for the performance of Employee’s duties on behalf of the Company Group, Employee shall not remove from facilities of any member of the Company Group any information, property, equipment,
drawings, notes, reports, manuals, invention records, computer software, customer information, or other data or materials that relate in any way to the Confidential Information, whether paper or electronic and whether produced by Employee or
obtained by the Company Group. The covenants of this Section 9(a) shall apply to all Confidential Information, whether now known or later to become known to Employee during the period that Employee is employed by or
affiliated with the Company or any other member of the Company Group. 
 (b) Notwithstanding any provision of
Section 9(a) to the contrary, Employee may make the following disclosures and uses of Confidential Information: 

(i) disclosures to other employees, officers or directors of a member of the Company Group who have a need to know the
information in connection with the businesses of the Company Group; 
 (ii) disclosures to customers and suppliers when, in
the reasonable and good faith belief of Employee, such disclosure is in connection with Employee’s performance of Employee’s duties under this Agreement and is in the best interests of the Company Group; 

  
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 (iii) disclosures and uses that are approved in writing by the Board; or

 (iv) disclosures to a person or entity that has (x) been retained by a member of the Company Group to provide
services to one or more members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement. 

(c) Upon the expiration of the Employment Period, and at any other time upon request of the Company, Employee shall promptly and permanently
surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information and any other Company Group
property (including any Company Group-issued computer, mobile device or other equipment) in Employee’s possession, custody or control and Employee shall not retain any such documents or other materials or property of the Company Group. Within
ten (10) days of any such request, Employee shall certify to the Company in writing that all such documents, materials and property have been returned to the Company. 

(d) “Confidential Information” means all confidential, competitively valuable,
non-public or proprietary information that is conceived, made, developed or acquired by or disclosed to Employee (whether conveyed orally or in writing), individually or in conjunction with others, during the
period that Employee is employed by or otherwise affiliated with the Company or any other member of the Company Group (whether during business hours or otherwise and whether on the Company’s premises or otherwise) including: (i) technical
information of any member of the Company Group, its affiliates, its investors, customers, vendors, suppliers or other third parties, including computer programs, software, databases, data, ideas, know-how,
formulae, compositions, processes, discoveries, machines, inventions (whether patentable or not), designs, developmental or experimental work, techniques, improvements, work in process, research or test results, original works of authorship,
training programs and procedures, diagrams, charts, business and product development plans, and similar items; (ii) information relating to any member of the Company Group’s businesses or properties, products or services (including all
such information relating to corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions,
interpretations, acquisition prospects, the identity of customers or acquisition targets or their requirements, the identity of key contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and
merchandising techniques, prospective names and marks) or pursuant to which any member of the Company Group owes a confidentiality obligation; (iii) other valuable, confidential information and trade secrets of any member of the Company Group,
its affiliates, its customers or other third parties; and (iv) this Agreement. Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications,
computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models and all other writings or materials of any type including or embodying any of such information,
ideas, concepts, improvements, discoveries, inventions and other similar forms of expression are and shall be the sole and exclusive property of the Company or the other applicable member of the Company Group and be subject to the same restrictions
on disclosure applicable to all Confidential Information pursuant to this Agreement. For purposes of this Agreement, Confidential Information shall not include any information that (A) is or becomes

  
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generally available to the public other than as a result of a disclosure or wrongful act of Employee or any of Employee’s agents; (B) was available to Employee on a non-confidential basis before its disclosure by a member of the Company Group; (C) becomes available to Employee on a non-confidential basis from a source other than a
member of the Company Group; provided, however, that such source is not known to Employee after reasonable inquiry to be bound by a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the
Company Group; or (D) is required to be disclosed by applicable law. 
 (e) Notwithstanding the foregoing, nothing in this Agreement
shall prohibit or restrict Employee from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental
authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Employee from any such governmental authority; (iii) testifying, participating or otherwise assisting in any action or
proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal
Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or
local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit
for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Employee
to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct. 

10. Non-Competition; Non-Solicitation. 

(a) The Company shall provide Employee access to Confidential Information for use only during the Employment Period, and Employee acknowledges
and agrees that the Company Group will be entrusting Employee, in Employee’s unique and special capacity, with developing the goodwill of the Company Group, and in consideration of the Company providing Employee with access to Confidential
Information, clients and customers and as an express incentive for the Company to enter into this Agreement and employ Employee, Employee has voluntarily agreed to the covenants set forth in this Section 10. Employee agrees
and acknowledges that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects, do not interfere with public interests, will not cause
Employee undue hardship, and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition and to protect the Company Group’s Confidential Information, goodwill and legitimate business interests. 

(b) During the Prohibited Period, Employee shall not, without the prior written approval of the Board, directly or indirectly, for Employee or
on behalf of or in conjunction with any other person or entity of any nature: 

  
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 (i) engage in or participate in (or prepare to engage in or participate in)
the Business within the Market Area, which prohibition shall prevent Employee from directly or indirectly: (A) owning, investing in, controlling, managing, operating, participating in, lending Employee’s name to, contributing to, providing
assistance to or being an officer or director of, any person or entity engaged in or planning to engage in the Business in the Market Area, or (B) joining, becoming an employee or consultant of, or otherwise rendering services for or being
affiliated with or engaged by, any person or entity engaged in, or planning to engage in, the Business in the Market Area in any capacity (with respect to this clause (B)) in which Employee’s customer or client relationships, duties or
responsibilities are the same as or similar to the customer or client relationships, duties or responsibilities that Employee had on behalf of any member of the Company Group; 

(ii) appropriate or interfere with or attempt to appropriate or interfere with any Business Opportunity of, or relating to, any
member of the Company Group located in the Market Area; 
 (iii) solicit, canvass, approach, encourage, entice or induce any
customer, vendor or supplier of any member of the Company Group with whom Employee had contact (including oversight responsibility) or learned Confidential Information about during Employee’s employment with any member of the Company Group to
cease or lessen such customer’s, vendor’s or supplier’s business with any member of the Company Group or otherwise adversely affect such relationship, or attempt to do any of the foregoing; or 

(iv) solicit, canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to
terminate his, her or its employment or engagement with any member of the Company Group, or hire or retain any such employee or contractor. 

Notwithstanding the foregoing, nothing herein shall not limit Employee’s ability to accept employment and perform work with any person or entity where
(x) the services provided by Employee to such person or entity are not, and do not directly or indirectly benefit any division or business of such person or entity that is, in competition with the Business or any other material business in
which a member of the Company Group has made a significant financial investment on or prior to the date of termination to be engaged in on or after such date and (y) Employee does not own more than 2% of the equity securities of such person or
entity. 
 (c) Because of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach of
the covenants set forth in Section 9 and in this Section 10, and because of the immediate and irreparable damage that would be caused to the members of the Company Group for which they would have
no other adequate remedy, the Company and each other member of the Company Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining orders from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall not be the
Company’s or any other member of the Company Group’s exclusive remedy for a breach but instead shall be in 

  
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addition to all other rights and remedies available to the Company and each other member of the Company Group at law and equity. Employee further agrees that Employee will not challenge the
reasonableness or enforceability of any of the covenants set forth in this Section 10, and that Employee will reimburse the Company Group for all costs (including reasonable attorneys’ fees) incurred in connection with
any action to enforce any of the provisions of this Section 10 if Employee challenges the reasonableness or enforceability of any of the provisions of this Section 10. 

(d) The covenants in this Section 10, and each provision and portion hereof, are severable and separate, and the
unenforceability of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time
or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which such arbitrator or court deems reasonable, and this Agreement shall thereby be reformed.

 (e) The following terms shall have the following meanings: 

(i) “Business” shall mean the business and operations that are the same or similar to those performed
by the Company and any other member of the Company Group for which Employee provides services or about which Employee obtains Confidential Information during the Employment Period, which business and operations include the design, manufacture,
distribution, or sale of electrical wire harnesses, combiner boxes and junction boxes. 
 (ii) “Business
Opportunity” shall mean any actual or potential commercial, investment or other business opportunity of any member of the Company Group or relating to the Business about which Employee learned Confidential Information during
Employee’s employment with any member of the Company Group. 
 (iii) “Market Area” shall mean
(A) the United States and (B) the geographic area within a one hundred (100) mile radius of any location where, prior to the termination of Employee’s employment with the Company Group, any member of the Company Group conducts
the Business or has current plans to conduct the Business. 
 (iv) “Prohibited Period” shall mean the
period during which Employee is employed by any member of the Company Group and continuing for a period of twelve (12) months following the date that Employee is no longer employed by any member of the Company Group. 

(f) Employee undertakes and agrees that following the date that Employee is no longer employed by any member of the Company Group and prior to
entering into any relationship with any other party to serve as an officer, director, employee, consultant, partner, advisor, joint-venturer or in any other capacity with any other person or entity, Employee shall disclose to such other party the
terms of the restrictive covenants set forth herein and hereby consents to the Company making any related disclosures. 

  
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 11. Ownership of Intellectual Property. 

(a) Employee agrees that the Company shall own, and Employee shall (and hereby does) assign, all right, title and interest relating to any and
all inventions (whether or not patentable), discoveries, developments, improvements, innovations, works of authorship, mask works, designs, know-how, ideas, formulae, processes, techniques, data and
information authored, created, contributed to, made or conceived or reduced to practice, in whole or in part, by Employee during the period in which Employee is or has been employed by or affiliated with the Company or any other member of the
Company Group, whether or not registerable under U.S. law or the laws of other jurisdictions, that either (a) relate, at the time of conception, reduction to practice, creation, derivation or development, to any member of the Company
Group’s businesses or actual or anticipated research or development, or (b) were developed on any amount of the Company’s or any other member of the Company Group’s time or with the use of any member of the Company Group’s
equipment, supplies, facilities or Confidential Information (all of the foregoing collectively referred to herein as “Company Intellectual Property”), and Employee shall promptly disclose all Company Intellectual Property to
the Company in writing. To support Employee’s disclosure obligation herein, Employee shall keep and maintain adequate and current written records of all Company Intellectual Property made by Employee (solely or jointly with others) during the
period in which Employee is or has been employed by or affiliated with the Company or any other member of the Company Group in such form as may be specified from time to time by the Company. These records shall be available to, and remain the sole
property of, the Company at all times. For the elimination of doubt, the foregoing ownership and assignment provisions apply without limitation to patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other
intellectual and industrial property rights of any sort throughout the world. 
 (b) All of Employee’s works of authorship and
associated copyrights created during the period in which Employee is employed by or affiliated with the Company or any other member of the Company Group and in the scope of Employee’s employment or engagement shall be deemed to be “works
made for hire” within the meaning of the Copyright Act. To the extent any right, title and interest in and to Company Intellectual Property cannot be assigned by Employee to the Company, Employee shall grant, and does hereby grant, to the
Company Group an exclusive, perpetual, royalty-free, transferable, irrevocable, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, use, sell, offer for sale, import, export, reproduce, practice
and otherwise commercialize such rights, title and interest. 
 (c) Employee and Company recognize that this Agreement will not be deemed to
require assignment of any invention or intellectual property that Employee developed entirely on Employee’s own time without using the equipment, supplies, facilities, trade secrets, or Confidential Information of any member of the Company
Group. In addition, this Agreement does not apply to any invention that qualifies fully for protection from assignment to the Company under any specifically applicable state law or regulation. 

(d) To the extent allowed by law, this Section applies to all rights that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like, including without limitation those rights set forth in 17 U.S.C. §106A (collectively, “Moral Rights”). To the extent Employee retain any Moral Rights under
applicable law, Employee hereby ratifies and consents to any action that may be taken with respect to such Moral Rights by or authorized by the Company or any member of the Company Group, and Employee hereby waives and agrees not to assert any Moral
Rights with respect to such Moral Rights. Employee shall confirm any such ratifications, consents, waivers, and agreements from time to time as requested by the Company. 

  
 12 

 (e) Employee shall perform, during and after the period in which Employee is or has been
employed by or affiliated with the Company or any other member of the Company Group, all acts deemed necessary or desirable by the Company to permit and assist each member of the Company Group, at the Company’s expense, in obtaining and
enforcing the full benefits, enjoyment, rights and title throughout the world in the Company Intellectual Property and Confidential Information assigned, to be assigned, or licensed to the Company under this Agreement.. Such acts may include
execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of any applicable patents, copyrights, mask work, or other applications, (ii) in the enforcement of any
applicable patents, copyrights, mask work, moral rights, trade secrets, or other proprietary rights, and (iii) in other legal proceedings related to the Company Intellectual Property or Confidential Information. 

(f) In the event that the Company (or, as applicable, a member of the Company Group) is unable for any reason to secure Employee’s
signature to any document required to file, prosecute, register, or memorialize the assignment of any patent, copyright, mask work or other applications or to enforce any patent, copyright, mask work, moral right, trade secret or other proprietary
right under any Confidential Information or Company Intellectual Property, Employee hereby irrevocably designates and appoints the Company and each of the Company’s duly authorized officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s behalf and instead of Employee, (i) to execute, file, prosecute, register and memorialize the assignment of any such
application, (ii) to execute and file any documentation required for such enforcement, and (iii) to do all other lawfully permitted acts to further the filing, prosecution, registration, memorialization of assignment, issuance, and
enforcement of patents, copyrights, mask works, moral rights, trade secrets or other rights under the Confidential Information or Company Intellectual Property, all with the same legal force and effect as if executed by Employee. For the avoidance
of doubt, the provisions of this Section 11(f) apply fully to all derivative works, improvements, renewals, extensions, continuations, divisionals, continuations in part, continuing patent applications, reissues, and
reexaminations of all Company Intellectual Property. 
 (g) In the event that Employee enters into, on behalf of any member of the Company
Group, any contracts or agreements relating to any Confidential Information or Company Intellectual Property, Employee shall assign such contracts or agreements to the Company (or the applicable member of the Company Group) promptly, and in any
event, prior to Employee’s termination. If the Company (or the applicable member of the Company Group) is unable for any reason to secure Employee’s signature to any document required to assign said contracts or agreements, or if Employee
does not assign said contracts or agreements to the Company (or the applicable member of the Company Group) prior to Employee’s termination, Employee hereby irrevocably designates and appoints the Company (or the applicable member of the
Company Group) and each of the Company’s duly authorized officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s
behalf and instead of Employee to execute said assignments and to do all other lawfully permitted acts to further the execution of said documents. 

  
 13 

 12. Arbitration. 

(a) Subject to Section 12(b), any dispute, controversy or claim between Employee and any member of the Company Group
arising out of or relating to this Agreement or Employee’s employment or engagement with any member of the Company Group (“Disputes”) will be finally settled by confidential arbitration in the State of Tennessee in
accordance with the then-existing American Arbitration Association (“AAA”) Employment Arbitration Rules. The arbitration award shall be final and binding on both parties. Any arbitration conducted under this
Section 12 shall be private, shall be heard by a single arbitrator (the “Arbitrator”) selected in accordance with the then-applicable rules of the AAA and shall be conducted in accordance with the
Federal Arbitration Act. The Arbitrator shall expeditiously hear and decide all matters concerning the Dispute. Except as expressly provided to the contrary in this Agreement, the Arbitrator shall have the power to (i) gather such materials,
information, testimony and evidence as the Arbitrator deems relevant to the Dispute before him or her (and each party will provide such materials, information, testimony and evidence requested by the Arbitrator), and (ii) grant injunctive
relief and enforce specific performance. All Disputes shall be arbitrated on an individual basis, and each party hereto hereby foregoes and waives any right to arbitrate any Dispute as a class action or collective action or on a consolidated basis
or in a representative capacity on behalf of other persons or entities who are claimed to be similarly situated, or to participate as a class member in such a proceeding. The decision of the Arbitrator shall be reasoned, rendered in writing, be
final and binding upon the disputing parties and the parties agree that judgment upon the award may be entered by any court of competent jurisdiction. The parties acknowledge and agree that in connection with any such arbitration and regardless of
outcome, except as provided under this Section 12, each party will pay all of its own costs and expenses, including its own legal fees and expenses, and the arbitration costs will be shared equally by the Company and
Employee. 
 (b) Notwithstanding Section 12(a), either party may make a timely application for, and obtain,
judicial emergency or temporary injunctive relief to enforce any of the provisions of Sections 9 through 11; provided, however, that the remainder of any such Dispute (beyond the application for emergency or temporary
injunctive relief) shall be subject to arbitration under this Section 12. 
 (c) By entering into this Agreement
and entering into the arbitration provisions of this Section 12, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL. 

(d) Nothing in this Section 12 shall prohibit a party to this Agreement from (i) instituting litigation to
enforce any arbitration award, or (ii) joining the other party to this Agreement in a litigation initiated by a person or entity that is not a party to this Agreement. Further, nothing in this Section 12 precludes
Employee from filing a charge or complaint with a federal, state or other governmental administrative agency. 

  
 14 

 13. Defense of Claims; Cooperation. During the Employment Period and
thereafter, upon request from the Company, Employee shall cooperate with the Company Group in the defense of any claims or actions that may be made by or against any member of the Company Group that relate to Employee’s actual or prior areas of
responsibility or knowledge. Employee shall further provide reasonable and timely cooperation in connection with any actual or threatened claim, action, inquiry, review, investigation, process, or other matter (whether conducted by or before any
court, arbitrator, regulatory, or governmental entity, or by or on behalf of any Company Group member), that relates to Employee’s actual or prior areas of responsibility or knowledge. 

14. Withholdings; Deductions. The Company is authorized to withhold and deduct from any benefits, amounts, or payments related to
this Agreement or Employee’s employment (a) all federal, state, local and other taxes and (b) any applicable deductions or withholdings. 

15. Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and
shall in no way limit, define or otherwise affect the provisions hereof. Any and all Exhibits or Attachments referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes. Unless the context
requires otherwise, all references to laws, regulations, contracts, documents, agreements and instruments refer to such laws, regulations, contracts, documents, agreements and instruments as they may be amended, restated or otherwise modified from
time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars” or “$” in this Agreement refer to
United States dollars. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement, including all Exhibits attached hereto, and not to any particular
provision hereof. Unless the context requires otherwise, the word “or” is not exclusive. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.
All references to “including” shall be construed as meaning “including without limitation.” Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any
rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and
intentions of the parties hereto. 
 16. Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be
construed according to the laws of the State of Tennessee without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under
this Agreement, the parties hereby consent to the arbitration provisions of Section 12 and recognize and agree that should any resort to a court be necessary and permitted under this Agreement, then they consent to the
exclusive jurisdiction, forum and venue of the state and federal courts (as applicable) located in Tennessee. 
 17. Entire Agreement
and Amendment. This Agreement and the LLC Agreement contain the entire agreement of the parties with respect to the matters covered herein and supersede all prior and contemporaneous agreements and understandings, oral or written,
between the parties hereto concerning the subject matter hereof (including that certain employment letter agreement dated November 9, 2020 (the “Letter Agreement”); provided, however, that the provisions of this
Agreement are in addition to and complement (and do not replace or supersede) any other written agreement(s) or parts thereof between Employee and any member of the Company Group that create restrictions on Employee with respect to confidentiality, non-disclosure, non-competition, non-solicitation or non-disparagement. Without limiting the
scope of the preceding sentence, 

  
 15 

 
except as otherwise expressly provided in this Section 17, all understandings and agreements preceding the Effective Date and relating to the subject matter hereof are
hereby null and void and of no further force or effect, and this Agreement shall supersede all other agreements, written or oral, that purport to govern the terms of Employee’s employment (including Employee’s compensation) with any member
of the Company Group. Employee acknowledges and agrees that the Letter Agreement is hereby terminated and has been satisfied in full, as has any other employment agreement between Employee and any member of the Company Group, with the exception of
any unpaid base salary for the pay period that includes the date on which Employee signs this Agreement. This Agreement may be amended only by a written instrument executed by both parties hereto. 

18. Waiver of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No waiver by
either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent
breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action
at any time. 
 19. Assignment. This Agreement is personal to Employee, and neither this Agreement nor any rights or
obligations hereunder shall be assignable or otherwise transferred by Employee. The Company may assign this Agreement without Employee’s consent, including to any member of the Company Group and to any successor to or acquirer of (whether by
merger, purchase or otherwise) all or substantially all of the equity, assets or businesses of the Company. 
 20. Notices.
Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person, (b) when sent by facsimile transmission (with confirmation of transmission) or email on a business day
to the number or email address set forth below, if applicable; provided, however, that if a notice is sent by facsimile transmission or email after normal business hours of the recipient or on a
non-business day, then it shall be deemed to have been received on the next business day after it is sent, (c) on the first business day after such notice is sent by express overnight courier service, or
(d) on the second business day following deposit with an internationally-recognized second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable: 

If to the Company, addressed to: 

Shoals Technologies Group, LLC 

1400 Shoals Way 
 Portland, TN
37148 
 Attn: Chief Executive Officer 

Email: jason.whitaker@shoals.com 

  
 16 

 With a copy (which shall not itself constitute notice) to: 

Oaktree Capital Management, L.P. 

c/o Peter Jonna 
 11611 San
Vicente Blvd., Suite 700 
 Los Angeles, California 90049 

Email: pjonna@oaktreecapital.com 

If to Employee, addressed to: 

Address and email on file with Company 

21. Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each
of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one
party, but together signed by both parties hereto. Electronic copies shall have the same force and effect as the originals. 
 22.
Deemed Resignations. Except as otherwise determined by the Board or as otherwise agreed to in writing by Employee and any member of the Company Group prior to the termination of Employee’s employment with the Company or any member
of the Company Group, any termination of Employee’s employment shall constitute, as applicable, an automatic resignation of Employee as an officer of the Company and each member of the Company Group. Employee agrees to take any further actions
that any member of the Company Group reasonably requests to effectuate or document the foregoing. 
 23. Section 409A.
Notwithstanding any provision of this Agreement to the contrary: 
 (a) All provisions of this Agreement are intended to comply with
Section 409A of the Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations and administrative guidance issued thereunder (collectively,
“Section 409A”) or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A
either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under
this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Employee’s employment shall only be made if such termination of employment constitutes a “separation from
service” under Section 409A. 
 (b) To the extent, if any, that the aggregate amount of the installments of the Severance Payment
that would otherwise be paid pursuant to Section 7(f)(i) after March 15 of the calendar year following the calendar year in which the Termination Date occurs (the “Applicable
March 15”) exceeds the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to Employee in a lump
sum on the Applicable March 15 (or the first business day preceding the Applicable March 15 if the Applicable March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March 15
shall be reduced by such excess (beginning with the installment first payable after the Applicable March 15 and continuing with the next succeeding installment until the aggregate reduction equals such excess). 

  
 17 

 (c) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no later than the last day of
Employee’s taxable year following the taxable year in which such expense was incurred by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by
Section 105(b) of the Code solely because such expenses are subject to a limit related to the period in which the arrangement is in effect. 

(d) If any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A if Employee’s
receipt of such payment or benefit is not delayed until the earlier of (i) the date of Employee’s death or (ii) the date that is six (6) months after the Termination Date (such date, the
“Section 409A Payment Date”), then such payment or benefit shall not be provided to Employee (or Employee’s estate, if applicable) until the Section 409A Payment Date.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall any member of the Company Group be liable
for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A. 

24. Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Employee is a “disqualified
individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Employee has the right to receive from the Company or any of its
affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present
value of such total amounts and benefits received by Employee from the Company or any of its affiliates shall be one dollar ($1.00) less than three times Employee’s “base amount” (as defined in Section 280G(b)(3) of the Code) and
so that no portion of such amounts and benefits received by Employee shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better
net after-tax position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits
hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in
time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order.
The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or
otherwise that payment or benefit, when aggregated with other payments and benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times
Employee’s base amount, then Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 24 shall require any member of the Company
Group to be responsible for, or have any liability or obligation with respect to, Employee’s excise tax liabilities under Section 4999 of the Code. 

  
 18 

 25. Clawback. To the extent required by applicable law or any applicable
securities exchange listing standards, amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by any member of the Company Group, which clawback policies or
procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement. 
 26. Effect of
Termination. The provisions of Sections 7, 9-14 and 22, 24 and 25 and those provisions necessary to interpret and enforce them, shall survive any termination of this Agreement and any termination of
the employment relationship between Employee and the Company. 
 27. Third-Party Beneficiaries. Each member of the Company
Group that is not a signatory to this Agreement shall be a third-party beneficiary of Employee’s obligations under Sections 8, 9, 10, 11, 12 and 22 and shall be entitled to enforce such obligations as
if a party hereto. 
 28. Severability. If an arbitrator or court of competent jurisdiction determines that any provision of
this Agreement (or portion thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or portion thereof) shall not affect the validity or enforceability of any other provision of this Agreement, and all other
provisions shall remain in full force and effect. It is the intention of the parties that any such invalid or unenforceable provision be reformed and enforced to the fullest extent permitted by law. 

[Remainder of Page Intentionally Blank; 

Signature Page Follows] 

  
 19 

 IN WITNESS WHEREOF, Employee and the Company each have caused this Agreement to be
executed and effective as of the Effective Date. 
  

			
	EMPLOYEE
	
	 /s/ Dean Solon

	Dean Solon
	
	SHOALS TECHNOLOGIES GROUP, LLC
		
	By:	 	 /s/ Jason Whitaker

		 	Jason Whitaker
		 	Chief Executive Officer

 SIGNATURE PAGE TO 

EMPLOYMENT AGREEMENTExhibit 10.1

 

EXECUTION VERSION

 

 

 

Up To U.S. $350,000,000

 

Form
of LOAN AND SECURITY AGREEMENT

 

by and among

 

New
Mountain Finance Advisers BDC, L.L.C.,

as the Collateral Manager

 

NMF SLF I SPV, L.L.C.,

as the Borrower

 

NMF SLF I, INC.,

as the Equityholder and as the Seller

 

EACH OF THE LENDERS FROM TIME TO TIME
PARTY HERETO,

as the Lenders

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Custodian

 

Dated as of December 23, 2020

 

 

 

    

     

    

 

TABLE OF CONTENTS 

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I.            DEFINITIONS	2
	 	Section 1.1.	Certain Defined Terms	2
	 	Section 1.2.	Other Terms	48
	 	Section 1.3.	Computation of Time Periods	48
	 	Section 1.4.	Interpretation	48
	ARTICLE II.          THE FACILITY	49
	 	Section 2.1.	Advances	49
	 	Section 2.2.	Procedures for Advances by the Lenders	50
	 	Section 2.3.	Reduction of the Facility Amount; Optional Repayments	51
	 	Section 2.4.	Determination of Interest and Non-Usage Fee	52
	 	Section 2.5.	[Reserved]	52
	 	Section 2.6.	Principal Repayments	52
	 	Section 2.7.	Settlement Procedures	53
	 	Section 2.8.	Alternate Settlement Procedures	56
	 	Section 2.9.	Collections and Allocations	57
	 	Section 2.10.	Payments, Computations, Etc.	58
	 	Section 2.11.	Fees	59
	 	Section 2.12.	Increased Costs; Capital Adequacy; Illegality	59
	 	Section 2.13.	Taxes	61
	 	Section 2.14.	Discretionary Sales	65
	 	Section 2.15.	Assignment of the Sale Agreement	66
	ARTICLE III.          CONDITIONS TO CLOSING AND ADVANCES	66
	 	Section 3.1.	Conditions to Closing and Initial Advance	66
	 	Section 3.2.	Conditions Precedent to All Advances and Reinvestments	68
	 	Section 3.3.	Custodianship; Transfer of Loans and Permitted Investments	70
	ARTICLE IV.          REPRESENTATIONS AND WARRANTIES	72
	 	Section 4.1.	Representations and Warranties of the Borrower	72
	 	Section 4.2.	Representations and Warranties of the Borrower Relating to the Agreement and the Collateral	81
	 	Section 4.3.	Representations and Warranties of the Collateral Manager	81

 

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Table of Contents

(continued

 

Page

 

	 	Section 4.4.	Representations and Warranties of the Collateral Custodian	84
	 	Section 4.5.	Representations and Warranties of the Seller	85
	ARTICLE V.           GENERAL COVENANTS	86
	 	Section 5.1.	Affirmative Covenants of the Borrower	86
	 	Section 5.2.	Negative Covenants of the Borrower	91
	 	Section 5.3.	Affirmative Covenants of the Collateral Manager	94
	 	Section 5.4.	Negative Covenants of the Collateral Manager	97
	 	Section 5.5.	Affirmative Covenants of the Collateral Custodian	98
	 	Section 5.6.	Negative Covenants of the Collateral Custodian	99
	 	Section 5.7.	Covenants of the Seller	99
	ARTICLE VI.          COLLATERAL MANAGEMENT	100
	 	Section 6.1.	Designation of the Collateral Manager	100
	 	Section 6.2.	Duties of the Collateral Manager	100
	 	Section 6.3.	Authorization of the Collateral Manager	102
	 	Section 6.4.	Collection of Payments; Accounts	102
	 	Section 6.5.	Realization Upon Defaulted or Delinquent Loans	104
	 	Section 6.6.	[Reserved]	104
	 	Section 6.7.	Payment of Certain Expenses by Collateral Manager	104
	 	Section 6.8.	Reports	104
	 	Section 6.9.	Annual Statement as to Compliance	105
	 	Section 6.10.	The Collateral Manager Not to Resign	106
	 	Section 6.11.	Collateral Manager Defaults	106
	ARTICLE VII.        THE COLLATERAL CUSTODIAN	106
	 	Section 7.1.	Designation of Collateral Custodian	106
	 	Section 7.2.	Duties of Collateral Custodian	107
	 	Section 7.3.	Merger or Consolidation	110
	 	Section 7.4.	Collateral Custodian Compensation	110
	 	Section 7.5.	Collateral Custodian Removal	110
	 	Section 7.6.	Limitation on Liability	110
	 	Section 7.7.	Resignation of the Collateral Custodian	112

 

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Table of Contents

(continued

 

Page

 

	 	Section 7.8.	Release of Documents	112
	 	Section 7.9.	Return of Underlying Instruments	113
	 	Section 7.10.	Access to Certain Documentation and Information Regarding the Collateral; Audits	113
	ARTICLE VIII.       SECURITY INTEREST	114
	 	Section 8.1.	Grant of Security Interest	114
	 	Section 8.2.	Release of Lien on Collateral	115
	 	Section 8.3.	Further Assurances	115
	 	Section 8.4.	Remedies	116
	 	Section 8.5.	Waiver of Certain Laws	116
	 	Section 8.6.	Power of Attorney	117
	ARTICLE IX.         EVENTS OF DEFAULT	117
	 	Section 9.1.	Events of Default	117
	 	Section 9.2.	Remedies	119
	ARTICLE X.           INDEMNIFICATION	121
	 	Section 10.1.	Indemnities by the Borrower	121
	 	Section 10.2.	Indemnities by the Collateral Manager	123
	 	Section 10.3.	Taxes	124
	ARTICLE XI.         THE ADMINISTRATIVE AGENT	125
	 	Section 11.1.	Appointment	125
	 	Section 11.2.	Standard of Care; Exculpatory Provisions	125
	 	Section 11.3.	Administrative Agent’s Reliance, Etc.	126
	 	Section 11.4.	Credit Decision with Respect to the Administrative Agent	127
	 	Section 11.5.	Indemnification of the Administrative Agent	127
	 	Section 11.6.	Successor Administrative Agent	127
	 	Section 11.7.	Delegation of Duties	128
	 	Section 11.8.	Payments by the Administrative Agent	128
	 	Section 11.9.	Collateral Matters	128
	ARTICLE XII.        MISCELLANEOUS	129
	 	Section 12.1.	Amendments and Waivers	129

 

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(continued)

 

 Page 

 

	 	Section 12.2.	Notices, Etc.	131
	 	Section 12.3.	Ratable Payments	131
	 	Section 12.4.	No Waiver; Remedies	132
	 	Section 12.5.	Binding Effect; Benefit of Agreement	132
	 	Section 12.6.	Term of this Agreement	132
	 	Section 12.7.	Governing Law; Waiver of Jury Trial	132
	 	Section 12.8.	Consent to Jurisdiction; Waiver of Objection to Venue; Waivers	132
	 	Section 12.9.	Costs and Expenses	133
	 	Section 12.10.	No Proceedings	134
	 	Section 12.11.	Recourse Against Certain Parties	134
	 	Section 12.12.	Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances	135
	 	Section 12.13.	Confidentiality	136
	 	Section 12.14.	Execution in Counterparts; Severability; Integration	138
	 	Section 12.15.	Waiver of Setoff	138
	 	Section 12.16.	Status of Lenders; Assignments by the Lenders	139
	 	Section 12.17.	Heading and Exhibits	140
	 	Section 12.18.	Intent of the Parties	140
	 	Section 12.19.	Recognition of the U.S. Special Resolution Regimes	140

 

    iv

     

    

 

 EXHIBITS 

 

	EXHIBIT A-1	Form of Funding Notice	 
	EXHIBIT A-2	Form of Repayment Notice	 
	EXHIBIT A-3	Form of Reinvestment Notice	 
	EXHIBIT A-4	Form of Borrowing Base Certificate	 
	EXHIBIT A-5	Form of Approval Notice	 
	EXHIBIT B	[Reserved]	 
	EXHIBIT C	Form of Officer’s Certificate as to Solvency	 
	EXHIBIT D	Form of Officer’s Closing Certificate	 
	EXHIBIT E	Form of Release of Underlying Instruments	 
	EXHIBIT F	Form of Certificate of Assignment	 
	EXHIBIT G	[Reserved]	 
	EXHIBIT H	[Reserved]	 
	EXHIBIT I	Form of Joinder Supplement	 
	EXHIBIT J	[Reserved]	 
	EXHIBIT K	[Reserved]	 
	EXHIBIT L-1	
        Form of Tax Certificate (For Foreign Lenders That Are Not
        Partnerships

        For U.S. Federal Income Tax Purposes)
	 
	EXHIBIT L-2	
        Form of Tax Certificate (For Foreign Participants That
        Are Not

        Partnerships For U.S. Federal Income Tax Purposes)
	 
	EXHIBIT L-3	
        Form of Tax Certificate (For Foreign Participants That
        Are Partnerships

        For U.S. Federal Income Tax Purposes)
	 
	EXHIBIT L-4	
        Form of Tax Certificate (For Foreign Lenders That Are Partnerships
        For

        U.S. Federal Income Tax Purposes)
	 

 

    	 	v	 

     

    

 

	SCHEDULES
	 
	SCHEDULE I	Legal Names	 
	SCHEDULE II	Approved Broker Dealers and Approved Valuation Firms	 
	SCHEDULE III	Loan List	 
	SCHEDULE IV	Credit and Collection Policy	 
	SCHEDULE V	Agreed-Upon Procedures	 

 

	ANNEXES
	 
	ANNEX A	Addresses for Notices	 
	ANNEX B	Commitments	 
	ANNEX C	Variable Defined Terms	 

 

    vi

     

    

 

LOAN AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY
AGREEMENT (as amended, modified, waived, supplemented, restated or replaced from time to time, this “Agreement”)
is made as of December 23, 2020, by and among:

 

New
Mountain Finance Advisers BDC, L.L.C., a Delaware limited liability company, as the collateral manager (together with
its successors and assigns in such capacity, the “Collateral Manager”);

 

NMF SLF I SPV, L.L.C.,
a Delaware limited liability company, as the borrower (the “Borrower”);

 

NMF SLF I, INC.,
a Maryland corporation, as the equityholder (the “Equityholder”) and as the seller (the “Seller”);

 

EACH OF THE LENDERS
FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a “Lender”,
collectively, the “Lenders”);

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as the administrative agent hereunder (together with its successors and
assigns in such capacity, the “Administrative Agent”); and

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), not in its individual capacity but
as the collateral custodian (together with its successors and assigns in such capacity, the “Collateral Custodian”).

 

R E C I T A L S

 

WHEREAS, the
Borrower has requested that the Lenders provide Commitments and make Advances (each as defined below) from time to time prior to
the Revolving Period End Date (as defined below) for the general business purposes of the Borrower;

 

WHEREAS, the
Borrower has requested that the Collateral Manager act as the collateral manager of the Borrower and manage the Collateral (as
defined below);

 

WHEREAS, the
Borrower and the Lenders have requested the Collateral Custodian to act as Collateral Custodian hereunder, with all covenants and
agreements made by the Borrower herein being for the benefit and security of the Secured Parties; and the Collateral Custodian
is willing to accept the trusts created hereby; and

 

WHEREAS, the
Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE,
based upon the foregoing Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

    

     

    

 

ARTICLE I.

 

DEFINITIONS

 

Section 1.1.     Certain
Defined Terms.

 

Certain capitalized
terms used throughout this Agreement are defined in this Section 1.1. As used in this Agreement and its schedules,
exhibits and other attachments, unless the context requires a different meaning, the following terms shall have the following meanings:

 

“1940 Act”:
The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

“Account”:
Any of the Collateral Account, the Principal Collection Account, the Interest Collection Account, the Unfunded Exposure Account
and any sub-accounts thereof reasonably deemed appropriate or necessary by the Securities Intermediary or the Administrative Agent
for convenience in administering such accounts.

 

“Accreted
Interest”: Interest accrued on a Loan that is added to the principal amount of such Loan instead of being paid as it
accrues.

 

“Accrual Period”:
With respect to (a) the first Payment Date, the period from and including the Closing Date to but excluding the Determination
Date immediately preceding the first Payment Date, and (b) any subsequent Payment Date, the period from and including the
Determination Date immediately preceding the previous Payment Date to but excluding the Determination Date immediately preceding
the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

 

“Adjusted
Balance”: For any Loan as of any date of determination, an amount equal to the product of (a) the OLB of such Loan
as of such date of determination and (b) the Advance Rate for such Loan as of such date of determination; provided
that, the “Adjusted Balance” of any Loan that is not an Eligible Loan shall be zero.

 

“Administrative
Agent”: Wells Fargo, in its capacity as administrative agent, together with its successors and assigns, including any
successor appointed pursuant to Section 11.6.

 

“Administrative
Expenses”: All amounts (including indemnification payments) due or accrued and payable by the Borrower to any Person
pursuant to any Transaction Document or otherwise required to be reimbursed by the Borrower, including, but not limited to,
the Collateral Manager, the Independent Manager, any third party service provider to the Borrower, any Lender, the Administrative
Agent or the Collateral Custodian, any Approved Broker Dealer or Approved Valuation Firm, accountants, agents and counsel of any
of the foregoing for reasonable fees and expenses or any other Person in respect of any other reasonable fees, expenses,
or other payments (including indemnification payments).

 

    2

     

    

 

“Advance”:
The meaning specified in Section 2.1(a).

 

“Advance Date”:
With respect to any Advance, the date on which such Advance is made.

 

“Advance Rate”:
With respect to (a) any Broadly Syndicated Loan, 65%, (b) any Middle Market Loan, 60% and (c) any Second Lien Loan,
25%.

 

“Advances
Outstanding”: On any day, the aggregate principal amount of all Advances outstanding on such day, after giving effect
to all repayments of Advances and the making of new Advances on such day.

 

“Affected
Party”: The Administrative Agent, each Lender, all assignees and participants of each Lender and any sub-agent of the
Administrative Agent.

 

“Affiliate”:
With respect to a Person, means any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person, or is a director or officer of such Person; provided that, for purposes of determining whether any Loan
is an Eligible Loan or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which
may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor. For purposes of this
definition, “control,” when used with respect to any specified Person means the possession, directly or indirectly,
of the power to vote 20% or more of the voting securities of such Person or to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Aggregate
Adjusted Balance”: On any date of determination, the sum of the Adjusted Balances of all Eligible Loans on such date.

 

“Aggregate
OLB”: On any date of determination, the sum of the OLBs of all Eligible Loans on such date.

 

“Aggregate
Unfunded Exposure Amount”: On any date of determination, the sum of the Unfunded Exposure Amounts of all Loans included
in the Collateral.

 

“Agreement”:
The meaning specified in the Preamble.

 

“Anti-Corruption
Laws”: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended;
and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower,
the Collateral Manager, the Equityholder, the Seller or any of their respective Subsidiaries is located or doing business.

 

“Anti-Money
Laundering Laws”: Applicable Laws in any jurisdiction in which the Borrower, the Collateral Manager, the Equityholder,
the Seller or any of their respective Subsidiaries is located or doing business that relates to money laundering or terrorism financing,
any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

 

    3

     

    

 

“Applicable
Law”: For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed,
temporary and final tax regulations), statutes, treaties, codes, ordinances, permits, certificates, licenses and orders of, and
interpretations by, any Governmental Authority which are applicable to such Person or property (including, without limitation,
predatory lending laws, usury laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending
Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees,
injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or
agency of competent jurisdiction.

 

“Applicable
Spread”: A rate per annum equal to the percentage determined in accordance with the following formula, rounded
to four decimal places:

 

Applicable Spread = (ASB
x PercentageB) + (ASO x PercentageO)

 

	 	 	 	 
	where:	ASB	=	1.65%;
	 	ASO	=	2.15%;
	 	 	 	 
	 	PercentageB	=	Average
AB / Average AAgg;
	 	PercentageO	=	Average
AO / Average AAgg;
	 	 	 	 
	 	Average
AB	=	(the aggregate Adjusted Balance of all Broadly Syndicated Loans on the first day of the related Accrual Period
+ the aggregate Adjusted Balance of all Broadly Syndicated Loans on the last day of the related Accrual Period) / 2;
	 	 	 	 
	 	Average
AO	=	(the aggregate Adjusted Balance of all Loans other than Broadly Syndicated Loans on the first day of the
related Accrual Period + the aggregate Adjusted Balance of all Loans other than Broadly Syndicated Loans on the last day of the
related Accrual Period) / 2; and
	 	 	 	 
	 	Average
AAgg	=	Average AB + Average AO;

 

provided that the “Applicable
Spread” shall be 3.25% after the occurrence and during the continuance of an Event of Default.

 

“Approval
Notice”: A notice substantially in the form of Exhibit A-5 attached hereto, executed by the Administrative
Agent, evidencing the approval of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition
of “Eligible Loan”, of the Loans to be added to the Collateral.

 

“Approved
Broker Dealer”: (a) Each broker dealer listed on part I of Schedule II hereto and (b) any other financial
institution designated as an “Approved Broker Dealer” by the Collateral Manager and reasonably acceptable to the Administrative
Agent.

 

    4

     

    

 

“Approved
Valuation Firm”: (a) Each valuation firm listed on part II of Schedule II hereto and (b) any other financial
institution designated as an “Approved Valuation Firm” by the Collateral Manager and reasonably acceptable to the Administrative
Agent.

 

“Asset Rejection
Percentage”: The ratio of (a)(i) the number of Partially Eligible Loans submitted by the Borrower to the Administrative
Agent to be included in the Collateral which are rejected by the Administrative Agent pursuant to clause (B) of the definition
of “Eligible Loan” plus (ii) the number of Eligible Loans which are given an Assigned Value of less than 50% of
their respective Purchase Price by the Administrative Agent pursuant to clause (a)(iii) of the definition of “Assigned
Value” to (b) the total number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent to
be included in the Collateral; provided that, until fifteen (15) Partially Eligible Loans have been submitted to the Administrative
Agent by the Borrower, the Asset Rejection Percentage shall be zero.

 

“Assigned
Value”:

 

(a)            With
respect to any Loan as of any date of determination and subject to the following clauses (b) through (f), the lowest of (i) 100%,
(ii) the Purchase Price with respect to such Loan and (iii) the Initial Assigned Value with respect to such Loan, if
any. For the avoidance of doubt, the “Assigned Value” of any Loan may not subsequently be adjusted absent a Value Adjustment
Event with respect to such Loan or pursuant to the last paragraph of this definition of “Assigned Value”.

 

(b)            If
a Value Adjustment Event of the type described in clauses (c), (d) (solely with respect to a Material Modification described
in clause (a)(i) of the definition thereof) or (e) of the definition thereof with respect to such Loan occurs, the “Assigned
Value” of such Loan will, automatically and without any action by the Administrative Agent, be 0%.

 

(c)            If
a Value Adjustment Event of the type described in clauses (a), (b), (d) (other than with respect to a Material Modification
described in clause (a)(i) of the definition thereof) or (f) of the definition thereof with respect to such Loan occurs,
the “Assigned Value” of such Loan may be amended by the Administrative Agent in its sole discretion; provided
that (x) with respect to any Broadly Syndicated Loan, the Administrative Agent shall not adjust the Assigned Value to a value
lower than the lower of (A) the Market Value of such Loan on such date and (B) the Initial Assigned Value with respect
to such Loan on such date and (y) with respect to any other type of Loan and solely with respect to the occurrence of a Value
Adjustment Event of the type described in clause (a) of the definition thereof with respect to such Loan, immediately
after giving effect to any such reevaluation, the Assigned Value shall not be lower than the lower of (1) the Initial Assigned
Value of such Loan on such date and (2) such value that would result in the Facility Attachment Ratio for such Loan being
equal to or lower than the “Minimum Facility Attachment Ratio” specified therefor in accordance with the grids below:

 

    5

     

    

 

	
        First
        Lien Loans 

	Net Senior Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 4.25x	2.90x
	Greater than or equal to 4.25 and less than 5.00x	2.80x
	Greater than or equal to 5.00 and less than 6.00x	2.70x
	Greater than or equal to 6.00 and less than 7.00x	2.60x
	Greater than or equal to 7.00 and less than 8.00x	2.40x
	Greater than or equal to 8.00x	0.00x
	
        Second
        Lien Loans

	Total Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 5.00x	Facility Attachment Ratio as of the date 

of acquisition of such Loan
	Greater than or equal to 5.00 and less than 6.00x	Facility Attachment Ratio as of the date of acquisition of such Loan less 0.25x
	Greater than or equal to 6.00 and less than 7.00x	Facility Attachment Ratio as of the date 

of acquisition of such Loan less 0.50x
	Greater than or equal to 7.00x	0.00x
	
        Designated
        Loans

	Total Leverage Ratio	Minimum Facility Attachment Ratio
	Less than 6.00x	Lesser of (x) the Facility Attachment

 Ratio as of the date of acquisition of such

 Loan and (y) 2.00x
	Greater than or equal to 6.00x	0.00x

 

(d)            In
the event that a Value Adjustment Event results in the reduction of the Assigned Value of any Eligible Loan and, subsequent to
such reduction, either (i) the Net Senior Leverage Ratio (in the case of any Value Adjustment Event pursuant to clause (a)(i) of
such definition), (ii) the Cash Interest Coverage Ratio (in connection with any Value Adjustment Event pursuant to clause
(b) of such definition), (iii) the Total Leverage Ratio (in the case of any Value Adjustment Event pursuant to clause
(a)(ii) of such definition) or (iv) all of the Net Senior Leverage Ratio, Cash Interest Coverage Ratio and Total Leverage
Ratio (in the case of any Value Adjustment Event pursuant to clauses (a) and (b) of such definition) is or are improved
to the applicable levels reported on the Purchase Date of such Loan, then on any Business Day the Borrower may, by written notice
to the Administrative Agent, request that the Assigned Value of such Loan be re-determined by the Administrative Agent in its sole
discretion in accordance with terms of the definition of “Assigned Value” in this Section 1.1; provided
that the resulting increase (if any) to the Assigned Value of such Eligible Loan shall be no greater than the Assigned Value as
of the Purchase Date of such Loan;

 

    6

     

    

 

(e)            The
Assigned Value shall be zero for any Loan that is not an Eligible Loan;

 

(f)            The
Assigned Value shall be zero for any Loan subject to mandatory repurchase by the Seller under the Sale Agreement; and

 

(g)            the
Assigned Value shall be zero for any Ramp-up Participation Interest which is not converted to a full assignment within sixty (60)
days after the execution and delivery of the Master Participation Agreement pursuant to which such Ramp-up Participation Interest
has been conveyed (or such longer period to which the Administrative Agent has provided its agreement in its sole discretion).

 

Any Assigned Value determined
hereunder with respect to any Loan on any date after the date such Loan is transferred to the Borrower shall be communicated by
the Administrative Agent to the Borrower, the Collateral Manager, the Collateral Custodian and the Lenders.

 

“Availability”:
As of any day, an amount equal to the excess, if any, of (i) the Borrowing Base minus (ii) the Advances Outstanding
on such day; provided that at all times on and after the earliest to occur of the Revolving Period End Date, the Revolving
Period Termination Date and the Termination Date, the Availability shall be zero.

 

“Available
Funds”: With respect to any Payment Date, all amounts on deposit in the Collection Account (including, without limitation,
any Collections) as of the last day of the related Collection Period.

 

“Available
Tenor”: As of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the
then-current Benchmark is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated
with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Accrual Period pursuant
to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of “Accrual Period” pursuant to Section 12.1(a)(4).

 

“Bankruptcy
Code”: The United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to
time.

 

“Base Rate”:
For any day, the rate per annum (rounded upward, if necessary, to the next 1/16 of 1%) equal to the greater of (a) the Federal
Funds Rate in effect on such day plus 0.50% and (b) the Prime Rate in effect on such day.

 

“Benchmark”:
Initially, the LIBOR Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to Section 12.1(a).

 

    7

     

    

 

“Benchmark
Replacement”: For any Available Tenor,

 

(a)            with
respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can
be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

 

		(1)	the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;

 

		(2)	the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

		(3)	the sum of: (A) the alternate benchmark rate that has been selected by the Administrative
Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration
to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the
Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a
replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related
Benchmark Replacement Adjustment; or

 

(b)            with
respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

 

provided that, (i) in the case
of clause (a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent,
then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or
clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion (in consultation
with the Borrower). If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause
(b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Transaction Documents.

 

“Benchmark
Replacement Adjustment”: With respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

		(1)	for purposes of clauses (a)(1) and (a)(2) of the definition of “Benchmark Replacement,”
the first alternative set forth in the order below that can be determined by the Administrative Agent:

 

		(a)	the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Accrual
Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of such
Benchmark with the applicable Unadjusted Benchmark Replacement;

 

    8

     

    

 

(b) 
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is
first set for such Accrual Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Available Tenor of such Benchmark;

 

		(2)	for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body
on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such
Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities; and

 

		(3)	for purposes of clause (b) of the definition of “Benchmark Replacement,” the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Accrual Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Available Tenor of the LIBOR Rate with a SOFR-based rate;

 

provided that,
(x) in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes
such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion (in
consultation with the Borrower) and (y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark
is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will replace
such Benchmark in accordance with Section 12.1(a) will not be a term rate, the Available Tenor of such Benchmark
for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with respect to each Unadjusted
Benchmark Replacement having a payment period for interest calculated with reference thereto, the Available Tenor that has approximately
the same length (disregarding business day adjustments) as such payment period.

 

“Benchmark
Replacement Conforming Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition
of “Accrual Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions,
and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Borrower, decides
may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other
Transaction Documents).

 

    9 

     

    

 

“Benchmark Replacement Date”:
The earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on
which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
ceases to provide all Available Tenors of such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the
date of the public statement or publication of information referenced therein;

 

		(3)	in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative
Agent has provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 12.1(a)(1)(B); or

 

		(4)	in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of
such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New
York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders,
written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if
the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with
respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark:

 

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide
all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such
Benchmark (or such component thereof);

 

    10 

     

    

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve
Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark
(or such component thereof) are no longer representative.

 

For the avoidance of
doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement
or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark
(or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period”: The period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 12.1 and (y) ending
at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction
Document in accordance with Section 12.1.

 

“Beneficial
Ownership Certification”: A certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners
of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities
Industry and Financial Markets Association.

 

“Beneficial
Ownership Regulation”: 31 C.F.R. § 1010.230.

 

“BHC Act Affiliate”:
The meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

 

“Borrower”:
The meaning specified in the Preamble.

 

“Borrower
LLC Agreement”: The Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of the Closing
Date, as the same may be amended, restated, modified or supplemented from time to time.

 

    11 

     

    

 

“Borrower’s
Notice”: Any (a) Funding Notice or (b) Reinvestment Notice.

 

“Borrowing
Base”: As of any Measurement Date, an amount equal to the greater of (A) zero and (B) the least of:

 

(a)         an
amount equal to (i) the product of (x) the Aggregate OLB on such date and (y) the Weighted Average Advance Rate,
on such date, plus (ii) the amount on deposit in the Principal Collection Account on such date minus (iii) the
Unfunded Exposure Equity Amount on such date plus (iv) the amount on deposit in the Unfunded Exposure Account on such
date;

 

(b)         an
amount equal to (i) the Aggregate OLB on such date, minus (ii) the Required Minimum Equity Amount on such date,
plus (iii) the amount on deposit in the Principal Collection Account on such date, minus (iv) the Unfunded
Exposure Equity Amount on such date, plus (v) the amount on deposit in the Unfunded Exposure Account on such date;
and

 

(c)          an
amount equal to (i) the Facility Amount as of such date, minus (ii) the Aggregate Unfunded Exposure Amount on
such date, plus (iii) the amount on deposit in the Unfunded Exposure Account on such date.

 

“Borrowing
Base Certificate”: A certificate, in the form of Exhibit A-4, setting forth, among other things, the calculation
of the Borrowing Base as of each Measurement Date.

 

“Breakage
Costs”: With respect to any Lender, any amount or amounts as shall compensate such Lender for any loss, cost or expense
incurred by such Lender (as determined by the applicable Lender in such Lender’s reasonable discretion, but excluding the
Applicable Spread) as a result of a payment by the Borrower of Advances Outstanding or Interest other than on a Payment Date. All
Breakage Costs shall be due and payable hereunder on each Payment Date in accordance with Section 2.7 and Section 2.8.
The determination by the applicable Lender of the amount of any such loss, cost or expense shall be conclusive absent manifest
error.

 

“Broadly Syndicated
Loan”: Any First Lien Loan (i) issued pursuant to an Underlying Instrument governing the issuance of Indebtedness
of the related Obligor having an aggregate principal amount (whether drawn or undrawn) of $350,000,000 or greater, (ii) with
a related Obligor with EBITDA of at least $75,000,000 for the twelve months immediately prior to the acquisition of such Loan by
the Borrower and (iii)(x) is rated by both of S&P and Moody’s (or the related Obligor is rated by both of S&P
and Moody’s) and no such rating is lower than “B3” in the case of Moody’s and “B-” in the case
of S&P or (y) the Net Senior Leverage Ratio of such Loan is less than or equal to 5.00x at the time of approval of such
Loan by the Administrative Agent.

 

“Business
Day”: Any day (other than a Saturday or a Sunday) on which banks are not required or authorized to be closed in New York,
New York, the location of the Collateral Custodian’s Corporate Trust Office or, solely with respect to the determination
of the LIBOR Rate, London, England.

 

“Cash”:
Cash or legal currency of the United States as at the time shall be legal tender for payment of all public and private debts.

 

    12 

     

    

 

“Cash Interest
Coverage Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Cash Interest
Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of
any Loan with respect to which the related Underlying Instruments do not include a definition of “Cash Interest Coverage
Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect
to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith.

 

“Cash Interest
Expense”: With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite
the caption “interest expense” or any like caption reflected on the most recent financial statements delivered by such
Obligor to the Borrower for such period.

 

“Certificated
Security”: The meaning specified in Section 8-102(a)(4) of the UCC.

 

“Change of
Control”: Any of the following:

 

(a)          the
creation, imposition or, to the knowledge of the Borrower or the Collateral Manager, threatened imposition of any Lien on any limited
liability company membership interest in the Borrower;

 

(b)          the
Borrower LLC Agreement shall fail to be in full force and effect;

 

(c)           the
failure of the Equityholder to directly own in the aggregate 100% of the limited liability company membership interests in the
Borrower; or

 

(d)           the
dissolution, termination, liquidation, transfer or other disposition of all or substantially all of the assets of the Collateral
Manager or the Equityholder.

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 

“Closing Date”:
December 23, 2020.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated or issued thereunder.

 

“Collateral”:
All of the Borrower’s right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter
acquired or arising) all accounts (as defined in the UCC), General Intangibles, Instruments and Investment Property and any
and all other property of any type or nature owned by it, including but not limited to:

 

(a)         all
Loans, Permitted Investments and Equity Securities, all payments thereon or with respect thereto and all contracts to purchase,
commitment letters, confirmations and due bills relating to any Loans, Permitted Investments or Equity Securities;

 

(b)         the
Accounts and all Cash and Financial Assets credited thereto and all income from the investment of funds therein;

 

    13 

     

    

 

(c)         all
Transaction Documents to which the Borrower is a party;

 

(d)         all
funds; and

 

(e)         all
accounts, accessions, profits, income benefits, proceeds, substitutions and replacements, whether voluntary or involuntary, of
and to any of the property of the Borrower described in the preceding clauses.

 

“Collateral
Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian entitled “Collateral
Account” in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties.

 

“Collateral
Custodian”: Wells Fargo, not in its individual capacity, but solely as Collateral Custodian, its successor in interest
pursuant to Section 7.3 or such Person as shall have been appointed Collateral Custodian pursuant to Section 7.5.

 

“Collateral
Custodian Fee”: The fees, expenses and indemnities set forth as such in the Collateral Custodian Fee Letter and as provided
for in this Agreement or any other Transaction Document.

 

“Collateral
Custodian Fee Letter”: The fee schedule provided by the Collateral Custodian and acknowledged by the Collateral Manager.

 

“Collateral
Custodian Termination Notice”: The meaning specified in Section 7.5.

 

“Collateral
Manager”: The meaning specified in the Preamble.

 

“Collateral
Manager Default”: The occurrence of any one or more of the following:

 

(a)         the
Collateral Manager in bad faith willfully violates, or takes any action that it knows breaches, any material provision of any Transaction
Document applicable to it (other than a willful and intentional breach that results from a good faith dispute regarding reasonable
alternative courses of action or interpretation of instructions);

 

(b)         the
Collateral Manager fails to observe or perform any covenant or agreement applicable to it in any Transaction Document which has
a material adverse effect on the Lenders (it being understood and agreed that the Collateral Manager shall have no responsibility
for the creditworthiness or continuing eligibility of any Eligible Loan) and such failure continues unremedied for a period of
30 days (if such failure can be remedied) after the earlier to occur of (A) a Responsible Officer of the Collateral Manager’s
actual knowledge of such failure or (B) its receipt of written notice of such failure;

 

(c)          any
representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered
pursuant to any Transaction Document shall prove to have been incorrect when made, which has a material adverse effect on any Lender,
the Collateral Custodian or the Administrative Agent and which continues to be unremedied for a period of thirty (30) days after
the earlier to occur of (A) a Responsible Officer of the Collateral Manager’s actual knowledge of such failure or (B) its
receipt of written notice of such failure;

 

    14 

     

    

 

(d)         the
occurrence of an Event of Default that results primarily from any material breach by the Collateral Manager of its duties under
the Transaction Documents and which continues to be unremedied for a period of ten (10) Business Days;

 

(e)          the
Collateral Manager fails to maintain at least $3,000,000,000 of assets under its management;

 

(f)           New
Mountain Finance Advisers BDC, L.L.C. (or an Affiliate thereof) ceases to be the Collateral Manager unless it is removed pursuant
to Section 6.11;

 

(g)          an
Insolvency Event shall occur with respect to the Collateral Manager;

 

(h)          (A) the
occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations
under the Transaction Documents (as determined pursuant to a final adjudication by a court of competent jurisdiction), (B) the
Collateral Manager being convicted (after all appeals and the expiration of time to appeal) of a criminal offense materially related
to its business of providing asset management services or (C) any Responsible Officer of the Collateral Manager primarily
responsible for the performance by the Collateral Manager of its obligations under the Transaction Documents (in the performance
of his or her investment management duties) is convicted (after all appeals and the expiration of time to appeal) of a criminal
offense materially related to the business of the Collateral Manager providing asset management services and continues to have
responsibility for the performance by the Collateral Manager under the Transaction Documents for a period of 30 days after the
final such appeal;

 

(i)           any
failure by the Collateral Manager to make any payment, transfer or deposit into the Collection Account as required by this Agreement
which continues unremedied for a period of two (2) Business Days;

 

(j)           the
failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) with respect to
any recourse debt which debt is in excess of United States $15,000,000, individually or in the aggregate, or the occurrence of
any event or condition that has resulted in the acceleration of such recourse debt;

 

(k)           the
occurrence or existence of any change with respect to the Collateral Manager which the Administrative Agent in its sole discretion
determines has a Material Adverse Effect;

 

(l)            any
Change of Control described in clause (d) of the definition thereof occurs;

 

(m)          any
failure by the Collateral Manager to deliver any Required Reports hereunder on or before the date occurring two (2) Business
Days after the date such report is required to be made or given, as the case may be, under the terms of this Agreement;

 

    15 

     

    

 

(n)         the
rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess of
United States $15,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied
and in effect for any period of more than sixty (60) consecutive days without a stay of execution; or

 

(o)          the
Equityholder shall fail to maintain at least $10,000,000 of unencumbered liquidity (calculated as the sum (without duplication)
of (i) cash or cash equivalents, (ii) assets which satisfy the criteria set forth in the definition of Eligible Loans
(other than clauses (A) and (B) and except that they are owned by the Equityholder or an Affiliate thereof instead of
the Borrower), (iii) committed, undrawn equity capital, (iv) uncalled capital commitments that are in excess of any indebtedness
incurred under a subscription facility, in each case which are not subject to any Liens (other than all asset liens or liens in
favor of a subscription facility lender) or which otherwise would be considered available for general corporate purposes in the
reasonable determination of the Collateral Manager and (v) the Availability).

 

“Collateral
Manager Termination Notice”: The meaning specified in Section 6.11

 

“Collection
Account”: Collectively, the Interest Collection Account and the Principal Collection Account.

 

“Collection
Period”: With respect to the first Payment Date, the period from and including the Closing Date to and including the
Determination Date immediately preceding the first Payment Date; and thereafter, the period from but excluding the Determination
Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current
Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

 

“Collections”:
All cash collections and other cash proceeds of any Collateral, including, without limitation or duplication, any Interest Collections,
Principal Collections, collections on Permitted Investments or other amounts received in respect thereof (but excluding any Excluded
Amounts).

 

“Commitment”:
With respect to each Lender, the commitment of such Lender to make Advances in accordance herewith in an amount up to (a) prior
to the earlier to occur of the Revolving Period End Date or the Termination Date, the dollar amount set forth opposite such Lender’s
name on Annex B hereto or the amount set forth as such Lender’s “Commitment” on Schedule I to the Joinder
Supplement relating to such Lender, as such amounts may be reduced, increased or assigned from time to time pursuant to the terms
of this Agreement, and (b) on or after the earlier to occur of the Revolving Period End Date or the Termination Date, zero.

 

“Commitment
Reduction Fee”: With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount
equal to the product of (i) the amount of such reduction multiplied by (ii) the applicable Commitment Reduction Percentage.

 

    16 

     

    

 

“Commitment
Reduction Percentage”: On any date (a) on or prior to the second anniversary of the Closing Date, the Asset Rejection
Percentage is less than or equal to 50%, and (i) if such date is on or prior to the first anniversary of the Closing Date,
2.00% or (ii) if such date is after the first anniversary of the Closing Date, a percentage equal to the product of (x) the
number of days remaining until the two-year anniversary of the Closing Date divided by 365 and (y) 1.00% and (b) where
either the Asset Rejection Percentage is greater than 50% or such date is after the second anniversary of the Closing Date, zero
percent.

 

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

 

“Contractual
Obligation”: With respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage,
deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or
any of its property is bound or to which either is subject.

 

“Control”: 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.

 

“Controlled
Group”: (a) The controlled group of corporations as defined in Section 414(b) of the Internal Revenue
Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal
Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412
of the Internal Revenue Code), in each case of which the applicable Borrower is a member.

 

“Corporate
Trust Office”: The designated corporate trust office of the Collateral Custodian specified on Annex A or such
other address within the United States as the Collateral Custodian may designate from time to time by notice to the Administrative
Agent.

 

“Corresponding
Tenor”: With respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covenant
Compliance Period”: The period beginning on the Closing Date and ending on the date on which all Commitments have been
terminated and the Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for
which no claim giving rise thereto has been asserted).

 

“Credit and
Collection Policy”: The written credit policies and procedures manual of the Collateral Manager set forth on Schedule
IV, as such credit and collection policy may be as amended or supplemented from time to time in accordance with Section 5.1(h).

 

“Daily Simple
SOFR”: For any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the
Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body
for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent
decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may
establish another convention in its reasonable discretion (in consultation with the Borrower).

 

    17 

     

    

 

“Default”:
Any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.

 

“Default Right”:
The meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Delayed Draw
Loan”: A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing
of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw
Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future
funding obligation.

 

“Designated
Loan”: Any Loan that the Administrative Agent, in its sole discretion, has designated as a “Designated Loan”
on the related Approval Notice solely for the purposes of determining the Assigned Value of such Loan in reference to the “Minimum
Facility Attachment Ratio” specified therefor and set forth in the definition of “Assigned Value.”

 

“Determination
Date”: The last day of each calendar month; provided that, with respect to the Termination Date, the Determination
Date shall be the Termination Date.

 

“DIP Loan”:
Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which
has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved
by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

 

“Discretionary
Sale”: The meaning specified in Section 2.14.

 

“Discretionary
Sale Date”: With respect to any Discretionary Sale, the Business Day on which such Discretionary Sale occurs.

 

“Distressed
Loan”: Any Loan (i) that is issued pursuant to an Underlying Instrument governing the issuance of indebtedness having
an aggregate principal amount (whether drawn or undrawn) of less than $350,000,000 at the time of issuance, (ii) with respect
to which the EBITDA of the related Obligor set forth on the most recently delivered financial statements is less than $75,000,000
and (iii) either (x) for which bid side prices cannot be obtained from at least two independent broker-dealers or (y) for
which the average bid side prices obtained from independent broker-dealers is less than 80% (expressed as a percentage of par)
or (iv) that has a S&P rating of “CCC+” or lower or a Moody’s rating of “Caa1” or lower.

 

“Dollars”:
Means, and the conventional “$” signifies, the lawful currency of the United States.

 

“Early Opt-in Election”:
If the then-current Benchmark is the LIBOR Rate, the occurrence of:

 

    18 

     

    

 

		(1)	a notification by the Administrative Agent to (or the request by the Borrower to the Administrative
Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit
facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term
SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice
and are publicly available for review), and

 

		(2)	the election by the Administrative Agent, in consultation with the Borrower, to trigger a fallback
from the LIBOR Rate and the provision by the Administrative Agent of written notice of such election to the Lenders.

 

“EBITDA”:
With respect to the Relevant Test Period with respect to the related Loan, the meaning of “EBITDA”, “Adjusted
EBITDA” or any comparable definition in the related Underlying Instruments, and in any case that “EBITDA”, “Adjusted
EBITDA” or such comparable definition is not defined in such Underlying Instruments, an amount, for the principal Obligor
on such Loan and any parent or subsidiary that is obligated pursuant to the Underlying Instruments for such Loan (determined on
a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period
plus (a) interest expense, (b) income taxes, (c) unallocated depreciation and amortization for such Relevant
Test Period (to the extent deducted in determining earnings from continuing operations for such period), (d) amortization
of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other non-cash charges and
organization costs, (e) extraordinary losses in accordance with GAAP, (f) one-time, non-recurring non-cash charges consistent
with the compliance statements and financial reporting packages provided by the Obligors, and (g) and any other item the Borrower
and the Administrative Agent mutually deem to be appropriate; provided that, with respect to any Obligor for which four
full fiscal quarters of economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic
data from the reporting periods actually available.

 

“Eligible
Loan”: Each Loan (A) for which the Administrative Agent and the Collateral Custodian have received (or, in accordance
with clause (b) of the definition of “Required Loan Documents”, the Collateral Custodian will receive) the related
Required Loan Documents; (B) that has been approved by the Administrative Agent in its sole discretion on or prior to the
date of the related Transaction; and (C) that satisfies each of the following eligibility requirements (unless the Administrative
Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Loan):

 

(a)         such
Loan is a First Lien Loan, a Second Lien Loan or a Ramp-up Participation Interest;

 

(b)         such
Loan is denominated and payable only in Dollars in the United States and does not permit the currency in which such Loan is payable
to be changed; provided that the sum of the OLBs of all Loans denominated in a currency other than Dollars may comprise
up to 5% of the Aggregate OLB;

 

    19 

     

    

 

(c)         the
acquisition of such Loan will not cause the Borrower or the pool of Collateral to be required to register as an investment company
under the 1940 Act;

 

(d)         such
Loan does not constitute a DIP Loan;

 

(e)         the
primary Underlying Asset for such Loan is not real property;

 

(f)          such
Loan is in the form of and is treated as indebtedness of the related Obligor for United States federal income tax purposes;

 

(g)         as
of the date such Loan is first included as part of the Collateral hereunder, such Loan is not delinquent in payment after taking
into account any applicable grace or cure period;

 

(h)         such
Loan and any Underlying Assets comply in all material respects with all Applicable Laws;

 

(i)          such
Loan is eligible under its Underlying Instruments (giving effect to the provisions of Sections 9-406 and 9-408 of the UCC)
to be sold to the Borrower and to have a security interest therein granted to the Administrative Agent, as agent for the Secured
Parties;

 

(j)           such
Loan, together with the Underlying Instruments related thereto, (i) is, to the knowledge of the Borrower following the Borrower’s
completion of customary due diligence, in full force and effect and constitutes the legal, valid and binding obligation of the
related Obligor enforceable against such Obligor in accordance with its terms, subject to customary bankruptcy, insolvency and
equity limitations, (ii) is not subject to any litigation, dispute or offset as of the Purchase Date or, to the knowledge
of the Collateral Manager, on any subsequent date, and (iii) contains provisions substantially to the effect that the Obligor’s
payment obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense
for any reason against the Borrower or any assignee thereof except as required by law;

 

(k)           such
Loan (i) was originated and underwritten, or purchased and re-underwritten, by the Borrower or any of its Affiliates in accordance
with the Credit and Collection Policy and (ii) is fully documented;

 

(l)            (i) the
Borrower has good and marketable title to, and is the sole owner of, such Loan, and (ii) the Borrower has granted to the Administrative
Agent a valid and perfected first-priority (subject to Permitted Liens) security interest in the Loan and, other than with respect
to each Ramp-up Participation Interest, Underlying Instruments, for the benefit of the Secured Parties;

 

(m)           such
Loan, and any payment made with respect to such Loan, is not subject to any withholding tax (other than withholding tax in respect
of commitment, amendment, waiver, consent, extension or other similar fees) unless the Obligor thereon is required under the terms
of the related Underlying Instrument to make “gross-up” payments that cover the full amount of such withholding tax
on an after-tax basis (subject only to customary carve-outs);

 

    20 

     

    

 

(n)         (x) all
material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority
or any other Person required to be obtained, effected or given in connection with the making, acquisition, transfer or performance
by the Borrower of such Loan and (y) all consents, licenses, approvals or authorizations of, or registrations or declarations
with, any Governmental Authority or any other Person required to be obtained, effected or given in connection with the borrowing
or performance by the related Obligor of such Loan (unless the failure to do so could not be reasonably expected to have a material
adverse effect), in each case have been duly obtained, effected or given and are in full force and effect;

 

(o)          such
Loan and the Underlying Instruments related thereto, are eligible to be sold, assigned or transferred to the Borrower, and neither
the sale, transfer or assignment of such Loan to the Borrower, nor the granting of a security interest hereunder to the Administrative
Agent, violates, conflicts with or contravenes in any material respect any Applicable Law or any contractual or other restriction,
limitation or encumbrance binding on the Borrower;

 

(p)          such
Loan requires the related Obligor to pay customary maintenance, repair, insurance and taxes, together with all other ancillary
costs and expenses, with respect to the related, underlying collateral of such Loan;

 

(q)          such
Loan has an original term to stated maturity as of the Purchase Date that does not exceed ten (10) years;

 

(r)           the
Underlying Instruments for such Loan do not contain a confidentiality provision that would prohibit the Administrative Agent or
any Secured Party from obtaining all necessary information with regard to such Loan, so long as the Administrative Agent or such
Secured Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions
of such Underlying Instruments;

 

(s)           such
Loan requires (i) periodic payments of accrued and unpaid interest in cash (x) in a minimum amount of (A) if such
Loan has a floating interest rate based on LIBOR, such LIBOR rate plus 2% per annum, (B) if such Loan has a
floating interest rate based on the Prime Rate, the Prime Rate or (C) if such Loan has a fixed interest rate, 6% per annum
and (y) on a current basis no less frequently than quarterly and (ii) a fixed amount of principal payable in cash no
later than its stated maturity;

 

(t)            if
such Loan is a registration-required obligation within the meaning of Section 163(f)(2) of the Code, such Loan is Registered;

 

(u)           other
than with respect to any Ramp-up Participation Interest, such Loan is not a participation interest;

 

(v)            all
information provided by the Borrower or the Collateral Manager with respect to the Loan is true, correct and complete in all material
respects as of the date such information is provided;

 

    21 

     

    

 

(w)        such
Loan (A) is not an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at
any time on or after the date it is included as part of the Collateral;

 

(x)         such
Loan does not constitute Margin Stock;

 

(y)         unless
such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect of such
Loan at any time after the Borrower’s purchase of such Loan; provided that, if such Loan is a Delayed Draw Loan or
a Revolving Loan, the acquisition of such Loan would not cause the sum of the OLBs of all Loans that would qualify as a Delayed
Draw Loan or Revolving Loan plus the Aggregate Unfunded Exposure Amount to exceed the greater of (i) 10% of the Aggregate
OLB plus the Aggregate Unfunded Exposure Amount as of such date and (ii) the applicable amount set forth in Annex C;

 

(z)          such
Loan shall not cause the aggregate OLBs of all Loans with respect to which the related Obligor is not domiciled, organized or incorporated
in the United States or any State or territory thereof or Canada to exceed the greater of (i) 10% of the Aggregate OLB as
of such date and (ii) the applicable amount set forth in Annex C;

 

(aa)        such
Loan shall not cause the aggregate OLBs of all Loans that are fixed rate loans to exceed the greater of (i) 10% of the Aggregate
OLB as of such date and (ii) the applicable amount set forth in Annex C;

 

(bb)       such
Loan is not a PIK Loan;

 

(cc)  
      the Obligor of which is an Eligible Obligor;

 

(dd)        such
Loan does not cause the aggregate OLBs of Loans made to one Obligor to exceed (i) the applicable amount set forth in Annex
C for the two (2) largest Obligors (by aggregate OLB of all Loans to such Obligor), (ii) the applicable amount set
forth in Annex C for the three (3) largest Obligors (by aggregate OLB for all Loans to such Obligor) and (iii) the
applicable amount set forth in Annex C for all Obligors (by aggregate OLB of all Loans to such Obligor);

 

(ee)         such
Loan shall not cause the aggregate OLBs of Second Lien Loans to exceed the greater of (i) 5% of the Aggregate OLB as of such
date and (ii) the applicable amount set forth in Annex C; and

 

(ff)          such
Loan satisfies such other eligibility criteria as may be mutually agreed upon by the Administrative Agent and the Borrower prior
to the applicable Advance Date.

 

For purposes of determining compliance
with clause (B) of the definition of “Eligible Loan,” each Loan included in the Loan List set forth on Schedule
III hereto as of the Closing Date shall be deemed to be approved by the Administrative Agent.

 

“Eligible
Obligor”: Any Obligor:

 

    22 

     

    

 

(a)         that
is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of
organization;

 

(b)         that
is not a Governmental Authority;

 

(c)         that
is not an Affiliate of the Borrower, the Equityholder or the Collateral Manager;

 

(d)         that
is organized or incorporated in (i) the United States (or any State thereof), (ii) Canada (or any Province thereof) or
(iii) if approved in writing by the Administrative Agent in its sole discretion, any other country; and

 

(e)         that
is not the subject of an Insolvency Event and, as of the Purchase Date, such Obligor has not, to the Borrower’s knowledge
after completion of customary due diligence, experienced a material adverse change in its financial condition since the date the
related Loan was underwritten by the Borrower or its Affiliate.

 

“Equityholder”:
The meaning specified in the Preamble.

 

“Equity Security”:
(i) Any equity security or any other security that is not eligible for purchase by the Borrower as a Loan and (ii) any
security purchased as part of a “unit” with a Loan and that itself is not eligible for purchase by the Borrower as
a Loan.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated
or issued thereunder.

 

“Eurodollar
Disruption Event”: The occurrence of any of the following: (a) any Lender shall have notified the Administrative
Agent of a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental
Authority (whether or not having the force of law) to obtain United States dollars in the London interbank market to fund any Advance,
(b) any Lender shall have notified the Administrative Agent of a determination by such Lender that the rate at which deposits
of United States dollars are being offered to such Lender in the London interbank market does not accurately reflect the cost to
such Lender of making, funding or maintaining any Advance or (c) any Lender shall have notified the Administrative Agent of
the inability of such Lender, as applicable, to obtain United States dollars in the London interbank market to make, fund or maintain
any Advance.

 

“Event of
Default”: The meaning specified in Section 9.1.

 

“Excepted
Persons”: The meaning specified in Section 12.13(a).

 

“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded
Amounts”: Any amount received in the Collection Account with respect to any Loan included as part of the Collateral,
(i) which amount is attributable to the reimbursement of payment by the Borrower or any Affiliate (other than from amounts
on deposit in the Collection Account) of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on
any Underlying Assets or (ii) which amount was deposited into the Collection Account in error.

 

    23 

     

    

 

“Excluded
Taxes”: Any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from
a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance or a Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply
with Section 2.13(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Exposure
Amount Shortfall”: The meaning specified in Section 2.2(e).

 

“Facility
Attachment Ratio”: With respect to any Eligible Loan, as of any date of determination, an amount equal to (a) if
such Eligible Loan is a First Lien Loan, the product of (i) the First Out Attachment Ratio, (ii) the applicable Advance
Rate and (iii) the Assigned Value, (b) if such Eligible Loan is a Second Lien Loan, the sum of (i) the Net Senior
Leverage Ratio and (ii) the product of (A) the Total Leverage Ratio less the Net Senior Leverage Ratio, (B) the
applicable Advance Rate and (C) the Assigned Value, and (c) if such Eligible Loan is a Designated Loan, the applicable
Facility Attachment Ratio calculation above for a First Lien Loan.

 

“Facility
Amount”: Up to $350,000,000, as such amount may vary from time to time pursuant to Sections 2.1(c) and 2.3
hereof; provided that on the Closing Date the Facility Amount shall be $250,000,000; provided further that on or
after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount shall mean the Advances
Outstanding.

 

“Facility
Maturity Date”: The two-year anniversary of the Revolving Period End Date.

 

“FATCA”:
Sections 1471 through 1474 of the Code, as in effect on the Closing Date (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreements (or related legislation or official administrative rules or
practices) implementing the foregoing.

 

“FDIC”:
The Federal Deposit Insurance Corporation, and any successor thereto.

 

    24 

     

    

 

“Federal Funds
Rate”: For any day, a per annum rate equal to the weighted average of the overnight federal funds rates as in
Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent
for such day (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not
available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight
federal funds are being offered in the national federal funds market at 9:00 a.m. on such day.

 

“Financial
Asset”: The meaning specified in Section 8-102(a)(9) of the UCC.

 

“Financial
Sponsor”: Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding,
and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities
with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial
condition and creditworthiness are independent of the other companies so owned by such Person.

 

“First Lien
Loan”: A Loan that either (i) is not (and cannot by its terms become) subordinate in right of payment to any
obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) that
is secured by a pledge of collateral, which security interest is validly perfected and first priority (subject to Liens
permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded priority
by law in favor of the United States or any state or agency thereof) under Applicable Law and (iii) the Collateral
Manager determines in good faith that the value of the collateral securing the Loan on or about the time of origination equals
or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans
of equal or higher seniority secured by the same collateral.

 

“First Out
Attachment Ratio”: With respect to any Eligible Loan, as of any date of determination, an amount equal to the “senior
net leverage ratio” or any comparable term relating to any “first out” senior secured Indebtedness in the Underlying
Instruments for such Loan; provided that if the “senior net leverage ratio” or such comparable term is not defined
in the Underlying Instruments, then the First Out Attachment Ratio shall be the ratio of such “first out” senior secured
Indebtedness (less Unrestricted Cash) to EBITDA, as calculated by the Collateral Manager in good faith using information from calculations
consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the
requirements of the Underlying Instruments. For the avoidance of doubt, “first out” senior secured Indebtedness refers
to all or any portion of such Loan that constitutes first lien senior secured Indebtedness that is not (and cannot by its terms
become) subordinate in right of payment to any obligation of the relevant Obligor in any bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceedings.

 

“Fitch”:
Fitch Ratings, Inc. or any successor thereto.

 

“Floor”:
The benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBOR Rate.

 

    25 

     

    

 

“Foreign Lender”:
A Lender that is not a U.S. Person.

 

“Funding Date”:
With respect to any Advance, the date on which such Advance is made, which shall be the Business Day following the Business Day
of receipt by the Administrative Agent and Lender of a Funding Notice and other required deliveries in accordance with Section 2.2.

 

“Funding Notice”:
A notice in the form of Exhibit A-1 requesting an Advance, including the items required by Section 2.2.

 

“GAAP”:
Generally accepted accounting principles as in effect from time to time in the United States.

 

“General Intangible”:
The meaning specified in Section 9-102(a)(42) of the UCC.

 

“Governmental
Authority”: With respect to any Person, any nation or government, any state or other political subdivision thereof, any
central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such
Person.

 

“Highest Required
Investment Category”: (i)  With respect to ratings assigned by Moody’s, “Aa2” or “P-1”
for one (1) month instruments, “Aa2” and “P-1” for three (3) month instruments, “Aa3”
and “P-1” for six (6) month instruments and “Aa2” and “P-1” for instruments with a term
in excess of six (6) months, (ii) with respect to rating assigned by S&P, “A-1” for short-term instruments
and “A” for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated
by Fitch), “F-1+” for short-term instruments and “AAA” for long-term instruments.

 

“Increased
Costs”: Any amounts that an Affected Party has notified the Borrower pursuant to Section 2.12(d) are
required to be paid by the Borrower to an Affected Party pursuant to Section 2.12.

 

“Indebtedness”:
With respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance
with customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument or other evidence of indebtedness
customary for indebtedness of that type, (b) all obligations of such Person under leases that have been or should be, in accordance
with GAAP, recorded as capital leases, (c) all obligations of such Person in respect of acceptances issued or created for
the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such
Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness, obligations or liabilities
of that Person in respect of derivatives, and (f) all obligations under direct or indirect guaranties in respect of obligations
(contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness
or obligations of others of the kind referred to in clauses (a) through (e) above.

 

    26 

     

    

 

“Indemnified
Amounts”: The meaning specified in Section 10.1(a).

 

“Indemnified
Parties”: The meaning specified in Section 10.1(a).

 

“Indemnified
Taxes”: (a) 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 Transaction Document and (b) to the extent not otherwise described in (a), Other
Taxes.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (a) does not have and is not committed to acquire any material
direct or any material indirect financial interest in such Person or in any Affiliate of such Person (other than the payment of
any amounts as compensation for actual services rendered), and (b) is not connected with such Person as an officer, employee,
promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when
used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying
the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the
Code of Professional Conduct of the American Institute of Certified Public Accountants.

 

“Independent
Manager”: The meaning specified in Section 4.1(u)(xxv).

 

“Indorsement”:
The meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.

 

“Ineligible
Assignee”: Any private investment company, investment firm, investment partnership, private equity fund or other private
equity investment vehicle.

 

“Initial Assigned
Value”: With respect to any Loan, the “Initial Assigned Value”, if any, set forth on the related Approval
Notice by the Administrative Agent in its sole discretion, or such higher percentage as may be notified by the Administrative Agent
to the Collateral Manager in its sole discretion from time to time.

 

“Insolvency
Event”: With respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction
over such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person
or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such
decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement
by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person
to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person
or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors,
or (d) the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person
in furtherance of any of the foregoing.

 

    27 

     

    

 

“Insolvency
Laws”: The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally.

 

“Insolvency
Proceeding”: Any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency
Event.

 

“Instrument”:
The meaning specified in Section 9-102(a)(47) of the UCC.

 

“Interest”:
For each Accrual Period, the sum of the amounts determined (with respect to each day during such Accrual Period) in accordance
with the following formula:

 

IR x P x 1

             D

 

where:

 

	IR	=	the Interest Rate for such day;
	 	 	 
	P	=	the Advances Outstanding on such day; and
	 	 	 
	D	=	360 days (or, to the extent the Interest Rate for such day is determined pursuant to the proviso of the definition thereof, 365 or 366 days, as applicable).

 

provided that (i) no provision
of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable
Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must
otherwise be returned for any reason.

 

“Interest
Collections”: All payments of interest, late fees, amendment fees, prepayment fees and premiums, extension fees, consent
fees and waiver fees on Loans and Permitted Investments, including any payments of accrued interest received on the sale of Loans
or Permitted Investments and all payments of principal (including principal prepayments) on Permitted Investments purchased with
the proceeds described in this definition, in each case, received in cash by or on behalf of the Borrower or Collateral Custodian;
provided that, Interest Collections shall not include (x) Sale Proceeds representing accrued interest that are
applied toward payment for accrued interest on the purchase of a Loan and (y) interest received in respect of a Loan (including
in connection with any sale thereof), which interest was purchased with Principal Collections.

 

“Interest
Collection Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian
entitled “Interest Collection Account” in the name of the Borrower and subject to the Lien of the Administrative Agent
for the benefit of the Secured Parties.

 

    28 

     

    

 

“Interest
Rate”: With respect to any day, a rate per annum equal to (a) the LIBOR Rate (or following a Benchmark Replacement
Date, the applicable Benchmark Replacement) for such day plus (b) the Applicable Spread for such day; provided
that, for any day after the occurrence and during the continuance of a Eurodollar Disruption Event, the “Interest Rate”
on that portion of the Advances Outstanding owing to the affected Lender shall mean a rate per annum equal to (x) the Base
Rate for such day plus (y) the Applicable Spread for such day.

 

“Investment”:
With respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means
of share purchase, capital contribution, loan or otherwise, excluding the acquisition of Loans and the acquisition of Equity Securities
otherwise permitted by the terms hereof which are related to such Loans.

 

“Investment
Property”: The meaning specified in Section 9-102(a)(49) of the UCC.

 

“ISDA Definitions”:
The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“IRS”:
The United States Internal Revenue Service.

 

“Joinder Supplement”:
An agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit I to this Agreement (appropriately
completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date, as contemplated by Section 2.1(c).

 

“Lenders”:
The meaning specified in the Preamble, including Wells Fargo Bank, National Association, and each financial institution which may
from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the
Borrower as contemplated by Section 2.1(c).

 

“LIBOR Rate”:
For any day, the greater of (x) zero and (y) (a) the rate per annum appearing on Reuters Screen LIBOR01 Page (or
any successor or substitute page) as the London interbank offered rate for deposits in dollars at approximately 11:00 a.m., London
time, for such day, provided, if such day is not a Business Day, the immediately preceding Business Day, for a one-month
maturity; and (b) if no rate specified in clause (a) of this definition so appears on Reuters Screen LIBOR01 Page (or
any successor or substitute page), the interest rate per annum at which dollar deposits of $5,000,000 and for a one-month maturity
are offered by the principal London office of Wells Fargo in immediately available funds in the London interbank market at approximately
11:00 a.m., London time, for such day.

 

“Lien”:
Any mortgage, lien, pledge, charge, right, claim, security interest or encumbrance of any kind of or on any Person’s assets
or properties in favor of any other Person.

 

“Loan”:
(a) Any loan which represents an obligation of the relevant Obligor that is (a) sourced or originated by the Seller or
any of its Affiliates and which the Borrower acquires or (b) which the Borrower originates or acquires from a third party
in the ordinary course of its business; provided that, any such loan is similar to those typically made to a commercial
client or syndicated, sold or participated to a commercial bank or institutional loan investor or other financial institution in
the ordinary course of business and (b) each Ramp-up Participation Interest.

 

    29 

     

    

 

“Loan File”:
For each Loan, the following documents or instruments:

 

(a)           copies
of each of the Required Loan Documents;

 

(b)           to
the extent applicable to such Loan, the final copies for any related subordination agreement, intercreditor agreement, or similar
instruments, assumption or substitution agreement or similar material operative document, in each case together with any amendment
or modification thereto; and

 

(c)           either
(i) copies of any financing statements under the UCC, if any, and any related continuation statements, each showing the Obligor
as debtor and each with evidence of filing thereon, or (ii) copies of any such financing statements certified by the Collateral
Manager to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate
public filing office for filing.

 

“Loan List”:
The Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, in the form of Schedule III
hereto, as such list may be amended, supplemented or modified from time to time in accordance with this Agreement.

 

“Loan Register”:
The meaning specified in Section 5.3(n).

 

“Loan Tape”:
The loan tape to be delivered in connection with each Borrowing Base Certificate, which tape shall include (but not be limited
to) the aggregate OLB of all Loans and, with respect to each Loan, the following information:

 

(a)          name
of the related Obligor;

 

(b)          calculation
of the Net Senior Leverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval Notice and
for the most recent Relevant Test Period;

 

(c)          calculation
of the Cash Interest Coverage Ratio for the Relevant Test Period immediately prior to the date of the applicable Approval Notice
and for the most recent Relevant Test Period;

 

(d)          calculation
of the Total Leverage Ratio for the most recent Relevant Test Period;

 

(e)          collection
status (number of days past due);

 

(f)           loan
status (whether in default (and the number of days such default is outstanding) or on non-accrual status);

 

    30 

     

    

 

(g)          scheduled
maturity date;

 

(h)          loan
rate of interest (and reference rate, if applicable);

 

(i)           LIBOR
floor (if applicable);

 

(j)           OLB;

 

(k)          principal
balance;

 

(l)          Assigned
Value;

 

(m)         Purchase
Price;

 

(n)          Moody’s
Obligor rating (if available);

 

(o)          S&P
Obligor rating (if available);

 

(p)          whether
such Loan has been subject to an Value Adjustment Event (and of what type);

 

(q)          whether
such Loan has been subject to any waiver, amendment, restatement, supplement or other modification (and whether such action constitutes
a Material Modification);

 

(r)           the
date on which such Loan was acquired or originated by the Borrower;

 

(s)          maintenance
capital expenditures and cash taxes paid by the related Obligor during the applicable Relevant Test Period or, if either are unavailable,
a good faith approximation by the Collateral Manager; provided that, the information required under this clause (s) shall
only be updated annually or as otherwise requested by the Administrative Agent;

 

(t)           payment
frequency;

 

(u)          Obligor’s
domicile;

 

(v)          financial
reporting failure (yes or no);

 

(w)         EBITDA
for the applicable Relevant Test Period (and the date as of which such calculation was made);

 

(x)          revenue
for the applicable Relevant Test Period (and the date as of which such calculation was made) as calculated and delivered by the
related Obligor or, if not calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially
reasonable determination;

 

(y)          aggregate
gross debt (and the date as of which such calculation was made), as calculated and delivered by the related Obligor or, if not
calculated and delivered by such Obligor, as calculated by the Collateral Manager in its commercially reasonable determination;

 

    31 

     

    

 

(z)          the
 “as of” date, with respect to the financials used for such Obligor;

 

(aa)        Loan
type (Broadly Syndicated Loan, First Lien Loan, Middle Market Loan or Second Lien Loan);

 

(bb)       tranche
size; and

 

(cc)        whether
such Loan is a Delayed Draw Loan or a Revolving Loan.

 

“Margin Stock”:
 “Margin Stock” as defined under Regulation U.

 

“Market Value”:
With respect to any Broadly Syndicated Loan as of any date of determination, the price (expressed as a percentage of par) as of
the immediately preceding Measurement Date (or, if such date is a Measurement Date, as of such date) determined in the following
manner:

 

(a)          by
using the bid side quote determined by any of Loan Pricing Corporation, MarkIt Partners or any other nationally recognized loan
pricing service or broker quote selected by the Collateral Manager and approved in writing by the Administrative Agent; provided
that, if such Loan is a Distressed Loan or if the Administrative Agent or the Equityholder reasonably determines that any such
quote is not current or accurate, either of the Administrative Agent or the Equityholder may reject such quote;

 

(b)          if
the value of a Broadly Syndicated Loan is not determined in accordance with clause (a) above (either because no bid side quote
is available or the Administrative Agent or the Equityholder reasonably rejects any such quote) and such Loan is not a Distressed
Loan, by using the average of the bid side quotes determined by three Approved Broker Dealers active in the trading of such asset;
or

 

(i)           if
only two such bids can be obtained, the average of the bid side quotes of such two bids; or

 

(ii)          if
only one such bid can be obtained, such bid;

 

provided
that, if the Administrative Agent reasonably determines that the quote of any such Approved Broker Dealer is not current or accurate,
the Administrative Agent may reject such quote; or

 

(c)           if
the value of a Loan is not determined in accordance with clause (a) or (b) above (either because no bid side quote is
available or the Administrative Agent reasonably rejects one or more bid side quotes) or if such Loan is a Distressed Loan, by
using the value assigned by the Administrative Agent in a notice thereof sent to the Collateral Manager, the Equityholder and the
Collateral Custodian.

 

    32 

     

    

 

“Master Participation
Agreement”: A participation agreement between the Seller and a Borrower relating to a Ramp-up Participation Interest.

 

“Material
Action”: The meaning specified in the Borrower LLC Agreement.

 

“Material
Adverse Effect”: With respect to any event or circumstance, a material adverse effect on (a) the business, assets,
financial condition, operations, performance or properties of the Borrower, (b) the validity, enforceability or collectability
of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or
any material portion of the Loans, (c) the rights and remedies of the Administrative Agent, the Lenders and the Secured Parties
with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower
or the Collateral Manager to perform its obligations under any Transaction Document to which it is a party, or (e) the status,
existence, perfection, priority or enforceability of the Administrative Agent’s or the other Secured Parties’, lien
on the Collateral.

 

“Material
Modification”: Any amendment or waiver of, or modification or supplement to, an Underlying Instrument governing a Loan
executed or effected on or after the date on which the Borrower acquired such Loan that:

 

(a)          (i) reduces,
delays or forgives any or all of the principal amount of such Loan as and when due or (ii) extends or delays (A) the
stated maturity date of such Loan or (B) the required or scheduled amortization for such Loan (including any scheduled or
required excess cash flow sweeps), and such extension or delay has not been approved by the Administrative Agent in its sole reasonable
discretion;

 

(b)          waives
one or more required or scheduled amortization or interest payments (including any scheduled or required excess cash flow sweeps),
or permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Loan (other than any
such waiver that occurs without any further action in accordance with the terms of the applicable Underlying Instrument);

 

(c)          contractually
or structurally subordinates such Loan by operation of a priority of payments, turnover provisions, the transfer of assets in order
to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the Underlying Assets
securing such Loan; or

 

(d)          substitutes,
alters or releases (other than as permitted by such Underlying Instruments) all or a material portion of the Underlying Assets
securing such Loan, and each such substitution, alteration or release, as determined in the sole discretion of the Administrative
Agent, materially and adversely affects the value of such Loan; or

 

(e)          amends,
waives, forbears, supplements or otherwise modifies in any way the definition of “Net Senior Leverage Ratio”, “Total
Leverage Ratio”, “Cash Interest Coverage Ratio” or “Permitted Liens” (or any respective comparable
definition in its Underlying Instruments) or the definition of any component thereof (including any adjustment to EBITDA or similar
definition) in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to the Administrative Agent
or any Lender; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation,
the Administrative Agent may waive any Material Modification resulting from such implementation pursuant to this clause (e);

 

    33 

     

    

 

provided that
no Material Modification will be deemed to have occurred with respect to any publicly rated Loan if after the occurrence of any
of the events listed in clause (d) of this definition any of S&P, Fitch or Moody’s (or, if such Loan is rated by
some or all of S&P, Fitch and Moody’s each of S&P, Fitch and Moody’s) has affirmed its public rating of such
Loan, in each case unless such Loan is considered to be “significantly modified” within the meaning of Treasury Regulation
 §1.1001-3.

 

“Measurement
Date”: Each of the following: (i) the Closing Date; (ii) each date on which the Administrative Agent, by notice
to the Borrower, adjusts the Assigned Value of a Loan following the occurrence of a Value Adjustment Event with respect thereto;
(iii) each Determination Date, (iv) the date of each Transaction and (v) the date of each Discretionary Sale.

 

“Middle Market Loan”:
A First Lien Loan that does not meet the criteria set forth in clauses (i)-(iii) of the definition of “Broadly
Syndicated Loan”.

 

“Moody’s”:
Moody’s Investors Service, Inc., and any successor thereto.

 

“Net Senior
Leverage Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Net Senior
Leverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of
any Loan with respect to which the related Underlying Instruments do not include a definition of “Net Senior Leverage Ratio”
or comparable definition, the ratio of (i) the senior Indebtedness (including, without limitation, such Loan) of the applicable
Obligor as of the date of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA
of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good
faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages
provided by the relevant Obligor in accordance with the requirements of the related Underlying Instruments.

 

“Non-Usage
Fee”: A fee with respect to each Accrual Period in an amount equal to the sum for each day during such Accrual Period
of (x) the product of (a) the Unused Facility Amount as of the close of business on such day multiplied by (b) the
Non-Usage Fee Rate with respect to such day, divided by (y) 365.

 

“Non-Usage
Fee Rate”: For each day (a) until the earlier of (i) the six-month anniversary of the Closing Date and (ii) the
date that the aggregate Advances Outstanding first exceeds $150,000,000, (A) 0.00% on the Unused Facility Amount up to $100,000,000
and (B) 0.50% on the portion of the Unused Facility Amount in excess of $100,000,000; (b) on and after the earlier of
(i) the six-month anniversary of the Closing Date and (ii) the date that the aggregate Advances Outstanding first exceeds
$150,000,000 and prior to the twelve-month anniversary of the Closing Date, (A) 0.50% on the first portion of the Unused Facility
Amount up to the product of (x) 75% and (y) the Facility Amount and (B) 2.00% on the portion of the Unused Facility
Amount in excess of the product of (x) 75% and (y) the Facility Amount; and (c) thereafter, (i) 0.50% on the
first portion of the Unused Facility Amount up to the product of (x) 40% and (y) the Facility Amount and (ii) 2.00%
on the portion of the Unused Facility Amount in excess of the product of (x) 40% and (y) the Facility Amount.

 

    34 

     

    

 

“Noteless
Loan”: A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute
and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery
of such a promissory note only upon the request of any holder of the indebtedness created under such Loan, and as to which the
Borrower has not requested a promissory note from the related Obligor.

 

“Notice of
Exclusive Control”: The meaning specified in the Securities Account Control Agreement.

 

“Obligations”:
The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances
and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or
like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) on the Advances and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or
indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of
or in connection with any Transaction Document, and any other document made, delivered or given in connection therewith or herewith,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation,
all fees and disbursements of counsel to the Administrative Agent, the Collateral Custodian or to the Lenders that are required
to be paid by the Borrower pursuant to the terms of the Transaction Documents) or otherwise.

 

“Obligor”:
With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including
any guarantor thereof.

 

“Officer’s
Certificate”: A certificate signed by a Responsible Officer of the Person providing the applicable certification, as
the case may be.

 

“OLB”:
For any Loan as of any date of determination, an amount equal to the product of (x) the Assigned Value of such Loan as of
such date of determination, and (y) the principal balance of such Loan outstanding as of such date of determination.

 

“Operating
Lease Implementation”: The implementation by an Obligor of IFRS 16/ASC 842.

 

“Opinion of
Counsel”: A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole
discretion.

 

“Original
Cash Interest Coverage Ratio”: With respect to any Loan, the Cash Interest Coverage Ratio for such Loan on the date of
the related Approval Notice.

 

“Original
Net Senior Leverage Ratio”: With respect to any Loan, the Net Senior Leverage Ratio for such Loan on the date of the
related Approval Notice.

 

    35 

     

    

 

“Original
Total Leverage Ratio”: With respect to any Loan, the Total Leverage Ratio for such Loan on the date of the related Approval
Notice.

 

“Other Connection
Taxes”: With respect to any Recipient, 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 Transaction Document, or sold or assigned an interest in any Advance or Transaction
Document).

 

“Other Taxes”:
All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Transaction Document or any other document providing liquidity support, credit
enhancement or other similar support to the Lenders in connection with this Agreement or the funding or maintenance of Advances
hereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment
made pursuant to a request by the Borrower).

 

“Partially
Eligible Loan”: Any Loan which meets each of the criteria listed in the definition of “Eligible Loan” other
than clause (B) of such definition, whether or not rejected by the Administrative Agent pursuant to such clause (B).

 

“Participant
Register”: The meaning specified in Section 12.16(b).

 

“Payment Date”:
The sixth Business Day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing
in April 2021.

 

“Payment Duties”:
The meaning specified in Section 7.2(b)(vii).

 

“Permitted
Investments”: Negotiable instruments or securities or other investments (which may include obligations, deposits, instruments,
investments and securities of or with the Collateral Custodian or any Affiliate of the Collateral Custodian, or of or with issuers
for which the Collateral Custodian or an Affiliate of the Collateral Custodian provides services or receives compensation) that
(i) except in the case of time deposits and investments in money market funds, are represented by instruments in registered
form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository
institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers,
(ii) as of any date of determination, mature by their terms on or prior to the Business Day preceding the next Payment Date,
(iii) have payments thereon to the Borrower that are not subject to any withholding tax unless the obligor thereon is required
under the terms of the related Underlying Instrument to make “gross-up” payments that cover the full amount of such
withholding tax on an after-tax basis and (iv) evidence:

 

(a)          direct
obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof
to the extent such obligations are backed by the full faith and credit of the United States);

 

    36 

     

    

 

(b)          demand
deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of
the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution
authorities; provided that, at the time of the Borrower’s investment or contractual commitment to invest therein,
the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the
credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit
rating from any Rating Agency in the Highest Required Investment Category granted by such Rating Agency;

 

(c)          commercial
paper, or other short-term obligations, having, at the time of the Borrower’s investment or contractual commitment to invest
therein, a rating in the Highest Required Investment Category granted by any Rating Agency;

 

(d)          demand
deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates
of deposit or short-term deposits from Moody’s and S&P of “P-1” and “A-1”, respectively, and
if rated by Fitch, from Fitch of “F-1+”; or

 

(e)          time
deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower’s
investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each of
Moody’s, S&P and Fitch (if rated by Fitch);

 

provided that,
notwithstanding the foregoing clauses (a) through (e), unless the Borrower and the Collateral Manager have received the written
advice of counsel of national reputation experienced in such matters to the contrary (together with an Officer’s Certificate
of the Borrower or the Collateral Manager to the Collateral Custodian (on which the Collateral Custodian may rely) that the advice
specified in this definition has been received by the Borrower and the Collateral Manager), Permitted Investments may only include
obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of
the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. The Collateral Custodian shall
have no obligation to oversee or monitor compliance with the foregoing.

 

“Permitted
Liens”: Any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently
be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with
GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as bank’s, securities intermediary’s,
materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other
similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested
in good faith, (c) Liens granted pursuant to or by the Transaction Documents and (d) Liens expressly permitted under
the Securities Account Control Agreement.

 

    37 

     

    

 

“Person”:
An individual, partnership, corporation, company, limited liability company, limited liability partnership, joint stock company,
trust (including a statutory or business trust), estate, unincorporated association, sole proprietorship, joint venture, nonprofit
corporation, group, sector, government (or any agency, instrumentality or political subdivision thereof), territory or other entity
or organization.

 

“Plan”:
Any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), including any single-employer
plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA,
respectively), that is subject to Title IV of ERISA or Section 412 of the Code.

 

“PIK Loan”:
A Loan which provides for a portion of the interest that accrues thereon to be added to the principal amount of such Loan for some
period of the time prior to such Loan requiring the current cash payment of such previously capitalized interest, which cash payment
shall be treated as an Interest Collection at the time it is received.

 

“Prime Rate”:
The rate announced by Wells Fargo from time to time as its prime rate in the United States, such rate to change as and when such
designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Wells Fargo or any other specified
financial institution in connection with extensions of credit to debtors.

 

“Principal
Collections”: All amounts received by the Borrower or the Collateral Custodian in respect of the Loans, Permitted Investments
and Equity Securities that are not Interest Collections to the extent received in cash by or on behalf of the Borrower or the Collateral
Custodian.

 

“Principal
Collection Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian
entitled “Principal Collection Account” in the name of the Borrower and subject to the Lien of the Administrative Agent
for the benefit of the Secured Parties.

 

“Pro Rata
Share”: With respect to a Lender, the percentage obtained by dividing the amount of the Commitment of (or, after the
Revolving Period End Date, the Advances Outstanding owing to) such Lender (as determined pursuant to the definition of Commitment)
by the Facility Amount.

 

“Proceeds”:
With respect to any Collateral, all property that is receivable or received when such Collateral is collected, sold, liquidated,
foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights
to payment with respect to any insurance relating to such Collateral.

 

“Purchase
Date”: With respect to any Loan, the date of the acquisition or origination of such Loan by the Borrower.

 

“Purchase
Price”: With respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the purchase price (or,
if different principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase
prices) paid by the Borrower for such Loan (exclusive of any interest, Accreted Interest and original issue discount) divided
by (ii) the principal balance of such Loan outstanding as of the date of such purchase (exclusive of any interest, Accreted
Interest and original issue discount); provided that, if the ratio of clause (i) to clause (ii) above with respect
to a Loan acquired by the Borrower in the secondary market is equal to 95% or higher, such Loan shall be deemed to have a Purchase
Price of 100%.

 

    38 

     

    

 

 

“QPAM”:
A “qualified professional asset manager” within the meaning of the QPAM Exemption.

 

“QPAM Exemption”: Prohibited
Transaction Class Exemption 84-14, as amended.

 

“Qualified
Institution”: A depository institution or trust company organized under the laws of the United States of America or any
one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a
long-term unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s or (2) a
short-term unsecured debt rating or certificate of deposit rating of “A-1” or better by S&P or “P-1”
or better by Moody’s, (b) the parent corporation of which has either (1) a long-term unsecured debt rating of “A”
or better by S&P and “A2” or better by Moody’s or (2) a short-term unsecured debt rating or certificate
of deposit rating of “A-1” or better by S&P and “P-1” or better by Moody’s or (c) is otherwise
acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC.

 

“Ramp-up Participation
Interest”: An undivided 100% participation interest granted by the Seller to a Borrower in and to each Loan identified
on the schedule attached to the related Master Participation Agreement and in which a Lien is granted therein by the Borrower to
the Administrative Agent pursuant to this Agreement.

 

“Rating Agency”:
Each of S&P, Fitch and Moody’s.

 

“Recipient”:
(a) The Administrative Agent, and (b) any Lender, as applicable.

 

“Reference
Time”: With respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBOR Rate,
11:00 a.m. (London time) on the day that is two (2) London banking days preceding the date of such setting, and (2) if
such Benchmark is not the LIBOR Rate, the time determined by the Administrative Agent in its reasonable discretion (in consultation
with the Borrower).

 

“Reinvestment
Notice”: Each notice required to be delivered by the Borrower pursuant to Section 3.2(a) in respect
of any reinvestment, in the form of Exhibit A-3.

 

“Register”:
The meaning specified in Section 12.16(b).

 

“Registered”:
With respect to any registration-required obligation within the meaning of Section 163(f)(2) of the Code, a debt obligation
that was issued after July 18, 1984 and that is in registered form within the meaning of Section 5f.103-1(c) of
the Treasury Regulations.

 

“Regulation
U”: Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 221, or any successor regulation.

 

    	 	39	 

     

    

 

“Related Parties”:
With respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and such Person’s Affiliates.

 

“Relevant
Governmental Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Relevant
Test Period”: With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Total
Leverage Ratio or Cash Interest Coverage Ratio, as applicable, for such Loan in accordance with the related Underlying Instruments
or, if no such period is provided for therein, each period of the last four consecutive reported fiscal quarters of the principal
Obligor on such Loan; provided that, with respect to any Loan for which the relevant test period is not provided for in
the related Underlying Instruments, if four (4) consecutive fiscal quarters have not yet elapsed since the closing date of
the relevant Underlying Instruments, “Relevant Test Period” shall initially include the period from such closing date
to the end of the fourth fiscal quarter thereafter, and shall subsequently include each period of the last four (4) consecutive
reported fiscal quarters of such Obligor.

 

“Repayment
Notice”: Each notice required to be delivered by the Borrower pursuant to Section 2.3 in respect of any reduction
in the Facility Amount or repayment of Advances Outstanding, in the form of Exhibit A-2.

 

“Reporting
Date”: The date that is the fifth Business Day of each calendar month, with the first Reporting Date occurring in February 2021.

 

“Required
Advance Reduction Amount”: As of any Measurement Date, an amount equal to the greater of (a)(i) Advances Outstanding
on such day minus (ii) the Borrowing Base on such day and (b) zero.

 

“Required
Lenders”: The Lenders representing an aggregate of more than 50% of (a) prior to the earlier to occur of the Revolving
Period End Date or the Termination Date, the aggregate Commitments of the Lenders then in effect and (b) thereafter, the outstanding
Advances; provided that, for the purposes of determining the Required Lenders, in the event that a Lender fails to provide
funding for an Advance hereunder for which all conditions precedent have been satisfied, such Lender, as applicable, shall not
constitute a Required Lender hereunder (and the Commitment of such Lender, as applicable, shall be disregarded for purposes of
determining whether the consent of the Required Lenders has been obtained).

 

“Required
Loan Documents”:

 

For each Loan, the following documents or
instruments:

 

(a)           (1) the
original related executed promissory note (if any) or, in the case of a lost note, a copy of the executed underlying promissory
note accompanied by an original executed affidavit and indemnity endorsed by the Borrower in blank (and an unbroken chain of endorsements
from each prior holder of such promissory note to the Borrower), or (2) if such promissory note is not issued in the name
of the Borrower, an executed copy of each assignment and assumption agreement, transfer document or instrument relating to such
Loan evidencing the assignment of such Loan from any prior third party owner thereof directly to the Borrower and from the Borrower
in blank;

 

    	 	40	 

     

    

 

(b)           to
the extent applicable for the related Loan, copies of the executed (a) guaranty, (b) credit agreement, (c) loan
agreement, (d) note purchase agreement, (e) sale and servicing agreement, (f) acquisition agreement (or similar
agreement) and (g) security agreement; provided that, to the extent that final copies of the foregoing documents are
not available as of the related Funding Date, the latest available draft copies with the final copies to be delivered within ten
(10) Business Days after such Funding Date; and

 

(c)           for
any Ramp-up Participation Interest, a copy of the fully executed Master Participation Agreement. Pursuant to such Master Participation
Agreement, the Seller shall sell a 100% participation interest in each such Ramp-up Participation Interest to the Borrower and
shall acknowledge the assignment thereof by the Borrower to the Administrative Agent on behalf of the Secured Parties. As soon
as practicable, but in no event later than the date that is sixty (60) days after the execution of the related Master Participation
Agreement (or such longer period to which the Administrative Agent may agree in its sole discretion), the Borrower shall deliver
to the Collateral Custodian a fully executed assignment agreement assigning each such Ramp-up Participation Interest directly to
the Borrower and written evidence satisfactory to the Administrative Agent that the Borrower is recognized as the owner of record
by the administrative agent in respect of each applicable Underlying Instrument;

 

“Required
Minimum Equity Amount”: On any day, the greater of (x) the applicable amount set forth in Annex C and (y) the
aggregate OLB of the Loans of the three (3) largest Obligors forming part of the Collateral.

 

“Required
Reports”: Collectively, the Borrowing Base Certificate, the financial statements of Obligors and the Equityholder and
the annual statements as to compliance and the annual Independent public accountant’s report.

 

“Responsible
Officer”: With respect to any Person, any duly authorized officer, administrative manager or managing member of such
Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other
duly authorized officer, administrative manager or managing member of such Person to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

 

“Restricted
Payment”: (i) Any dividend or other distribution, direct or indirect, on account of any class of membership interests
of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests
or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter
outstanding, and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding.

 

    	 	41	 

     

    

 

“Revenue Recognition
Implementation”: The implementation by an Obligor of IFRS 15/ASC 606.

 

“Review Criteria”:
The meaning specified in Section 7.2(b)(i).

 

“Revolving
Loan”: Any Loan (other than a Delayed Draw Loan, but including funded and unfunded portions of revolving credit lines
and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under
the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower.

 

“Revolving
Period”: The period commencing on the Closing Date and ending on the day preceding the earlier to occur of the Revolving
Period End Date or the Termination Date.

 

“Revolving
Period End Date”: The earlier to occur of (a) the three (3) year anniversary of the Closing Date (as such date
may be extended pursuant to Section 2.3(c)) and (b) the Revolving Period Termination Date.

 

“Revolving
Period Termination Date”: The date of the declaration of the Termination Date pursuant to Section 9.2(a).

 

“S&P”:
S&P Global Ratings (or its successors in interest).

 

“Sale Agreement”:
The Loan Sale Agreement, dated as of the Closing Date, between the Seller, as seller, and the Borrower, as purchaser, as the same
may be amended, modified, waived, supplemented or restated from time to time.

 

“Sale Proceeds”:
With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses
of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale.

 

“Sanction”
or “Sanctions”: Individually and collectively, respectively, any and all economic or financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes and anti-terrorism laws including but not limited to those imposed, administered
or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of
the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the U.S. Department
of Commerce, or through any existing or future executive order; (b) the United Nations Security Council; (c) the European
Union; (d) the United Kingdom; or (e) any other Governmental Authorities with jurisdiction over the Borrower, the Collateral
Manager, the Equityholder, the Seller or any of their respective Subsidiaries.

 

“Sanctioned
Person”: Any Person that is a target of Sanctions, including without limitation, a Person that is: (a) listed on
OFAC’s Specially Designated Nationals (SDN) and Blocked Persons List; (b) listed on OFAC’s Consolidated Non-SDN
List; (c) a legal entity that is deemed by OFAC to be a Sanctions target based on the direct or indirect ownership or control
of such legal entity by Sanctioned Person(s); or (d) a Person that is a Sanctions target pursuant to any territorial or country-based
Sanctions program.

 

    	 	42	 

     

    

 

“Scheduled
Payment”: Each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan,
as adjusted pursuant to the terms of the related Underlying Instruments, if applicable.

 

“Second Lien
Loan”: Any Loan that (x)(i) is secured by a pledge of collateral which security interest is validly perfected and
second priority security under Applicable Law (subject to Liens permitted by the applicable Underlying Instruments), (ii) is
either pari passu or second priority in right of payment with the Indebtedness of the holders of the first priority security
interest and (iii) pursuant to an intercreditor agreement between the Borrower and the holder of such first priority security
interest, the amount of Indebtedness covered by such first priority security interest is limited in terms of aggregate outstanding
amount or percent of outstanding principal or (y) is designated by the Administrative Agent as a “Second Lien Loan”
on the related Approval Notice.

 

“Secured Party”:
(i) Each Lender, (ii) the Administrative Agent and (iii) the Collateral Custodian.

 

“Securities
Account”: The meaning specified in Section 8-501(a) of the UCC.

 

“Securities
Account Control Agreement”: The Account Control Agreement, dated as of the date hereof, among the Borrower, as the pledgor,
the Administrative Agent and Wells Fargo, as the Collateral Custodian and as the Securities Intermediary, as the same may be amended,
modified, waived, supplemented or restated from time to time.

 

“Securities
Act”: The U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Securities
Intermediary”: A Person, including a bank or broker, that in the ordinary course of its business maintains Securities
Accounts for others and is acting in that capacity.

 

“Security
Certificate”: The meaning specified in Section 8-102(a)(16) of the UCC.

 

“Security
Entitlement”: The meaning specified in Section 8-102(a)(17) of the UCC.

 

“Seller”:
The meaning specified in the Preamble.

 

“SOFR”:
With respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the SOFR Administrator’s Website.

 

“SOFR Administrator”:
The Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

    	 	43	 

     

    

 

“SOFR Administrator’s Website”:
The website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for
the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Solvent”:
As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value
of the property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and
unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy
Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less
than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become
absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including
disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts
and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage
in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital.

 

“Special Purpose
Provisions”: The meaning specified in the Borrower LLC Agreement.

 

“Structuring
Fee”: The meaning specified in Section 2.11(b).

 

“Subsidiary”:
As to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency)
to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time
owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both,
by such Person.

 

“Taxes”:
Any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term SOFR”:
For the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR
Notice”: A notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR
Transition Event.

 

“Term SOFR
Transition Event”: The determination by the Administrative Agent that (a) Term SOFR has been recommended for use
by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative
Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in
the replacement of the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with
Section 12.1 with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.

 

    	 	44	 

     

    

 

“Termination
Date”: The earliest of (a) the date of the termination in whole of the Facility Amount pursuant to Section 2.3(a),
(b) the Facility Maturity Date and (c) the date of the declaration of the Termination Date or the date of the automatic
occurrence of the Termination Date pursuant to Section 9.2(a).

 

“Total Leverage
Ratio”: With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Total Leverage Ratio”
or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect
to which the related Underlying Instruments do not include a definition of “Total Leverage Ratio” or comparable definition,
the ratio of (i) the total Indebtedness (including, without limitation, such Loan) of the applicable Obligor as of the date
of determination minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect
to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith using information from
and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor
in accordance with the requirements of the related Underlying Instruments.

 

“Transaction”:
The meaning specified in Section 3.2(a).

 

“Transaction
Documents”: This Agreement, the Sale Agreement, the Securities Account Control Agreement, each Master Participation Agreement,
any Joinder Supplement and the Collateral Custodian Fee Letter.

 

“UCC”:
The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

 

“Unadjusted
Benchmark Replacement”: The applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Uncertificated
Security”: The meaning specified in Section 8-102(a)(l8) of the UCC.

 

“Underlying
Assets”: With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment
of such Loan, including, without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the
stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such
property or other assets.

 

“Underlying
Assignment Agreement”: Any assignment and acceptance, assignment and assumption, joinder or other assignment agreement,
the form of which is specified under the applicable Underlying Instruments for use when assigning the related Loan.

 

“Underlying
Instruments”: The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted
Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented
by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries.

 

“United States”:
The United States of America.

 

    	 	45	 

     

    

 

“Unfunded
Exposure Account”: A Securities Account created and maintained on the books and records of the Collateral Custodian entitled
 “Unfunded Exposure Account” in the name of the Borrower and subject to the Lien of the Administrative Agent for the
benefit of the Secured Parties.

 

“Unfunded
Exposure Amount”: On any date of determination, with respect to any Loan, the aggregate amount (without duplication)
of all (i) unfunded commitments and (ii) all standby or contingent commitments associated with such Loan.

 

“Unfunded
Exposure Equity Amount”: On any date of determination, an amount equal to the sum, for each Loan, of (a) the Unfunded
Exposure Amount for such Loan minus (b) the product of (i) the Unfunded Exposure Amount for such Loan, (ii) the
Advance Rate for such Loan and (iii) the Assigned Value of such Loan.

 

“Unrestricted
Cash”: The meaning of “Unrestricted Cash” or any comparable definition in the Underlying Instruments for
each Loan, and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Underlying
Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually
restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance
with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been
delivered to the Borrower.

 

“Unused Facility
Amount”: At any time, (a) the Facility Amount minus (b) the Advances Outstanding at such time.

 

“USA Patriot
Act”: The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Public Law 107-56.

 

“U.S. Person”:
Any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Special
Resolution Regime”: Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

“U.S. Tax
Compliance Certificate”: The meaning assigned to such term in Section 2.13(g).

 

“Value Adjustment
Event”: With respect to any Loan, the occurrence of any one or more of the following events after the related Funding
Date:

 

(a)           (i) solely
with respect to any First Lien Loan, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect
to such Loan is (A) greater than 3.50 and (B) greater than 0.50 higher than the Original Net Senior Leverage Ratio and
(ii) solely with respect to any Second Lien Loan, the Total Leverage Ratio is (A) greater than 4.00 and (B) greater
than 0.50 higher than the Original Total Leverage Ratio; provided that in connection with any Revenue Recognition Implementation
or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Net Senior Leverage Ratio or the Total
Leverage Ratio for any Loan as determined on the related Funding Date;

 

    	 	46	 

     

    

 

(b)           the
Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less than
1.50 to 1.00 and (ii) less than 85% of the Original Cash Interest Coverage Ratio; provided that in connection with
any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may retroactively adjust
the Cash Interest Coverage Ratio for any Loan as determined on the related Funding Date;

 

(c)           any
of (i) a payment default under such Loan (after giving effect to any applicable grace or cure periods, but in any case not
to exceed five (5) Business Days, in accordance with the Underlying Instruments) or, (ii) a default under such Loan,
together with the election by any Person or group of Persons authorized to exercise any rights or remedies by the applicable Underlying
Instruments (including, without limitation, the Borrower) to enforce any of their respective rights or remedies (including, without
limitation, acceleration of the Loan) pursuant to the applicable Underlying Instruments;

 

(d)           the
occurrence of a Material Modification with respect to such Loan;

 

(e)           the
occurrence of an Insolvency Event with respect to the related Obligor; or

 

(f)            the
failure to deliver (i) with respect to quarterly reports, any financial statements (including unaudited financial statements)
to the Administrative Agent sufficient to calculate the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest
Coverage Ratio of the related Obligor by the date that is no later than eighty (80) days after the end of the first, second or
third quarter of any fiscal year and (ii) with respect to annual reports, any audited financial statements to the Administrative
Agent sufficient to calculate the Net Senior Leverage Ratio, the Total Leverage Ratio or the Cash Interest Coverage Ratio of the
related Obligor by the date that is no later than one hundred and sixty (160) days after the end of any fiscal year.

 

“Volcker Rule”:
Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

“Weighted
Average Advance Rate”: As of any date of determination with respect to all Eligible Loans on such date, (a) the
sum of the products for each Eligible Loan of (i) such Eligible Loan’s Advance Rate and (ii) such Eligible Loan’s
OLB divided by (b) the Aggregate OLB on such date.

 

“Wells Fargo”:
Wells Fargo Bank, National Association, a national banking association, and its successors and assigns.

 

“Withholding
Agent”: The Borrower, the Collateral Custodian and the Administrative Agent.

 

    	 	47	 

     

    

 

Section 1.2.          Other
Terms.

 

All accounting terms
used but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC
in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9.

 

Section 1.3.          Computation
of Time Periods.

 

Unless otherwise stated
in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding.”

 

Section 1.4.           Interpretation.

 

In each Transaction
Document, unless a contrary intention appears:

 

(a)           the
singular number includes the plural number and vice versa;

 

(b)           reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted
by the Transaction Documents;

 

(c)           reference
to any gender includes each other gender;

 

(d)           reference
to day or days without further qualification means calendar days;

 

(e)           reference
to any time means Charlotte, North Carolina time;

 

(f)            reference
to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended,
modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and,
if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note
that is an extension or renewal thereof or a substitute or replacement therefor;

 

(g)           reference
to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or reenacted, in whole or in part, and
in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other
provision of any Applicable Law means that provision of such Applicable Law from time to time in effect and constituting the substantive
amendment, modification, codification, replacement or reenactment of such Section or other provision;

 

(h)           if
any date for compliance with the terms or conditions of any Transaction Document falls due on a day which is not a Business Day,
then such due date shall be deemed to be the immediately following Business Day;

 

(i)            reference
to any delivery or transfer to the Collateral Custodian with respect to the Collateral in this Agreement means delivery or transfer
to the Collateral Custodian for the benefit of the Administrative Agent on behalf of the Secured Parties;

 

    	 	48	 

     

    

 

(j)            the
word “including” is not limiting and means “including without limitation;”

 

(k)           the
word “any” is not limiting and means “any and all” unless the context clearly requires or the language
provides otherwise;

 

(l)            references
herein to the knowledge or actual knowledge of a Person shall mean the actual knowledge following due inquiry of a Responsible
Officer of such Person;

 

(m)          for
purposes of this Agreement, an Event of Default shall be deemed to be continuing until it is waived in accordance with Section 12.1;
and

 

(n)           unless
otherwise expressly stated in this Agreement, if at any time any change in generally accepted accounting principles (including
the adoption of IFRS) would affect the computation of any covenant (including the computation of any financial covenant) set forth
in this Agreement or any other Transaction Document, Borrower and Administrative Agent shall negotiate in good faith to amend such
covenant to preserve the original intent in light of such change; provided, that, until so amended, (i) such covenant
shall continue to be computed in accordance with the application of generally accepted accounting principles prior to such change
and (ii) Borrower shall provide to Administrative Agent a written reconciliation in form and substance reasonably satisfactory
to Administrative Agent, between calculations of such covenant made before and after giving effect to such change in generally
accepted accounting principles.

 

ARTICLE II.

 

THE FACILITY

 

Section 2.1.          Advances.

 

(a)           During
the Revolving Period, the Borrower may, at its option, request the Lenders to make advances of funds (each, an “Advance”)
under this Agreement pursuant to a Funding Notice, in an aggregate amount up to the Availability as of the proposed Funding Date
of the Advance; provided, however, that no Lender shall be obligated to make any Advance on or after the date that
is two (2) Business Days prior to the earlier to occur of the Revolving Period End Date or the Termination Date.

 

(b)           Following
the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Lenders
shall fund such Advance. Notwithstanding anything to the contrary herein, no Lender shall be obligated to make any Advance if,
after giving effect to such Advance and the addition to the Collateral of the Eligible Loans to be acquired by the Borrower with
the proceeds of such Advance, (i) an Event of Default, Default or Collateral Manager Default would result therefrom on the
date of such Advance or (ii) the aggregate Advances Outstanding would exceed the Borrowing Base.

 

(c)           The
Borrower may, with the written consent of the Administrative Agent, add additional Persons as Lenders and increase the Commitments
hereunder; provided that, the Commitment of any Lender may only be increased with the prior written consent of such Lender
and the Administrative Agent. Each additional Lender shall become a party hereto by executing and delivering to the Administrative
Agent and the Borrower a Joinder Supplement and a representation letter in the form of Exhibit I. Upon such increase,
Annex B hereto shall be deemed to be revised to reflect such increase in such Lender’s Commitment and those terms
set forth on Annex C shall be revised as set forth therein in accordance with such increase. For the avoidance of doubt,
on the Closing Date the Facility Amount shall be $250,000,000 and on any subsequent date of determination, the terms set forth
on Annex C shall vary in accordance with the Facility Amount then in effect (including, prior to the earlier to occur of
the end of the Revolving Period or the Termination Date, in connection with a permanent reduction of the Facility Amount). The
Borrower, or the Collateral Manager on its behalf, may at any time request Annex C to be revised so long as it has received
prior written consent from the Administrative Agent and the Required Lenders.

 

    	 	49	 

     

    

 

Section 2.2.          Procedures
for Advances by the Lenders.

 

(a)          Subject
to the limitations set forth herein, the Borrower may request an Advance from the Lenders by delivering to the Lenders at certain
times the information and documents set forth in this Section 2.2.

 

(b)          No
later than 3:00 p.m. on the Business Day prior to the proposed Funding Date, the Borrower (or the Collateral Manager on its
behalf) shall deliver:

 

(i)            to
the Administrative Agent and the Collateral Custodian a duly completed Borrowing Base Certificate updated to the date such Advance
is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof;

 

(ii)           to
the Administrative Agent a description of the Obligor and the Loan(s) to be funded by the proposed Advance;

 

(iii)          to
the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered;

 

(iv)          to
the Administrative Agent and the Collateral Custodian a duly completed Funding Notice which shall (a) specify the desired
amount of such Advance, which amount must be at least equal to $500,000 (or, in the case of any Advance to be applied to fund any
draw under a Delayed Draw Loan or Revolving Loan, such lesser amount as may be required to fund such draw), to be allocated to
each Lender in accordance with its Pro Rata Share, (b) specify the proposed Funding Date of such Advance, (c) specify
the Loan(s) to be financed on such Funding Date (including the appropriate file number, Obligor, original loan balance, OLB,
Assigned Value and Purchase Price for each Loan) and, with respect to any Delayed Draw Loan or Revolving Loan, the amount to be
deposited in the Unfunded Exposure Account in connection with the acquisition of such Loan(s) pursuant to Section 2.2(e) and
(d) include a representation that all conditions precedent for an Advance described in Article III hereof have
been met (except as otherwise provided in Section 2.2(e)). Each Funding Notice shall be irrevocable. If any Funding
Notice is received by the Administrative Agent and each Lender after 3:00 p.m. on the Business Day prior to the Business Day
for which such Advance is requested or on a day that is not a Business Day, such Funding Notice shall be deemed to be received
by the Administrative Agent and each Lender at 9:00 a.m. on the next Business Day.

 

    	 	50	 

     

    

 

(c)           On
the proposed Funding Date, subject to the limitations set forth in Section 2.1(a) and upon satisfaction of the
applicable conditions set forth in Article III, each Lender shall make available to the Borrower in same day funds,
by wire transfer to the account designated by Borrower in the Funding Notice given pursuant to this Section 2.2, an
amount equal to such Lender’s Pro Rata Share of the least of (i) the amount requested by the Borrower for such Advance,
(ii) the aggregate unused Commitments then in effect and (iii) an amount equal to the Availability on such Funding Date.

 

(d)           On
each Funding Date, the obligation of each Lender to remit its Pro Rata Share of any such Advance shall be several from that of
each other Lender and the failure of any Lender to so make such amount available to the Borrower shall not relieve any other Lender
of its obligation hereunder.

 

(e)           Notwithstanding
anything to the contrary herein, upon the occurrence of the earlier of (i) an Event of Default or (ii) the Revolving
Period End Date, if the amount on deposit in the Unfunded Exposure Account is less than the Aggregate Unfunded Exposure Amount,
the Borrower shall request an Advance in the amount of such shortfall (the “Exposure Amount Shortfall”). Following
receipt of a Funding Notice (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested
and giving pro forma effect to the Advance requested), the Lenders shall fund such Exposure Amount Shortfall in accordance
with Section 2.2(b) as if the Revolving Period were still in effect and notwithstanding anything to the contrary
herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.2),
except that no Lender shall make any Advance to the extent that, after giving effect to such Advance, the Advances Outstanding
would exceed the Borrowing Base.

 

Section 2.3.          Reduction
of the Facility Amount; Optional Repayments.

 

(a)          The
Borrower shall be entitled at its option to terminate the Facility Amount in whole or reduce in part the portion of the Facility
Amount that exceeds the sum of the Advances Outstanding, accrued Interest and Breakage Costs; provided that (i) the
Borrower shall provide a Repayment Notice to the Administrative Agent at least (x) ten (10) Business Days prior to such
termination of the Facility Amount in whole and (y) one (1) Business Day prior to such reduction of the Facility Amount
in part; (ii) any partial reduction of the Facility Amount shall be in an amount equal to $2,500,000 and in integral multiples
of $250,000 in excess thereof; and (iii) in the case of such termination or reduction on or prior to the second anniversary
of the Closing Date other than in connection with (i) a refinancing using the proceeds of any (a) other financing in
which the Administrative Agent or an Affiliate thereof holds at least 25% of the aggregate commitments of such replacement or other
financing or (b) distributed capital markets offering or (ii) an amendment and restatement of this Agreement, the Borrower
shall pay to the Administrative Agent the applicable Commitment Reduction Fee in accordance with Section 2.7 or Section 2.8,
as applicable. Any request for a reduction or termination pursuant to this Section 2.3(a) shall be irrevocable.
The Commitment of each Lender shall be reduced by an amount equal to its Pro Rata Share (prior to giving effect to any reduction
of Commitments hereunder) of the aggregate amount of any reduction under this Section 2.3(a).

 

    	 	51	 

     

    

 

(b)           The
Borrower shall be entitled at its option, at any time, to reduce Advances Outstanding; provided that (i) the Borrower
shall provide a Repayment Notice to the Administrative Agent at least one (1) Business Day prior to such reduction and (ii) any
reduction of Advances Outstanding (other than with respect to repayments of Advances Outstanding made by the Borrower to reduce
Advances Outstanding such that the Required Advance Reduction Amount is equal to zero) shall be in a minimum amount of $500,000
and in integral multiples of $100,000 in excess thereof. In connection with any such reduction of Advances Outstanding, the Borrower
shall deliver to each Lender (1) instructions to reduce such Advances Outstanding and (2) funds sufficient to repay such
Advances Outstanding together with all accrued Interest and any Breakage Costs; provided that, the Advances Outstanding
will not be reduced unless sufficient funds have been remitted to pay the related accrued Interest and Breakage Costs, if any,
in full. The Administrative Agent shall apply amounts received from the Borrower pursuant to this Section 2.3(b) to
the pro rata reduction of the Advances Outstanding, to the payment of accrued Interest on the amount of the Advances Outstanding
to be repaid and to the payment of any Breakage Costs. Any Advance so repaid may, subject to the terms and conditions hereof, be
reborrowed during the Revolving Period. Any Repayment Notice relating to any repayment pursuant to this Section 2.3(b) shall
be irrevocable.

 

(c)           At
any time after the nine-month anniversary of the Closing Date and on or prior to the date set forth in clause (a) of the definition
of “Revolving Period End Date,” the Borrower may make a request to the Lenders to extend the date set forth in clause
(a) of the definition of “Revolving Period End Date” (and in accordance therewith, the Facility Maturity Date
shall be automatically extended) for an additional period of one (1) year (or such shorter period as determined by the Collateral
Manager). Each Lender shall have the right in its sole discretion to approve or deny any such extension request. Upon written notice
from the Administrative Agent and each Lender agreeing to such extension, the Revolving Period shall be extended to such date as
is approved by each Lender for all purposes hereof (and clause (a) of the definition of “Revolving Period End Date”
shall be deemed amended).

 

Section 2.4.          Determination
of Interest and Non-Usage Fee.

 

The Administrative
Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date)
and the Non-Usage Fee (including any previously accrued and unpaid Non-Usage Fee) to be paid by the Borrower on each Payment Date
for the related Accrual Period and shall advise the Collateral Manager thereof on the third Business Day prior to such Payment
Date.

 

Section 2.5.          [Reserved].

 

Section 2.6.          Principal
Repayments.

 

(a)           Unless
sooner prepaid pursuant to the terms hereof, the Advances Outstanding shall be repaid in full on the Termination Date or on such
later date as is agreed to in writing by the Borrower, the Collateral Manager, the Administrative Agent and the Lenders.

 

    	 	52	 

     

    

 

(b)          At
the Borrower’s option in its sole discretion, it may take any of the following actions at any time to reduce the Required
Advance Reduction Amount:

 

(i)           depositing
Cash into the Principal Collection Account;

 

(ii)          repaying
Advances Outstanding in accordance with Section 2.3(b); and/or

 

(iii)         posting
additional Eligible Loans as Collateral.

 

Section 2.7.           Settlement
Procedures.

 

(a)            On
each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral
Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Interest
Collection Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate)
to the following Persons, the following amounts in the following order of priority:

 

(1)            pro
rata to (A) the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided
that, the aggregate amount payable pursuant to this Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and
Section 2.8(1)(A) shall not exceed $100,000 per annum, and (B) the applicable Governmental Authority
for any Tax; provided that, the aggregate amount payable pursuant to this Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and
Section 2.8(1)(B) shall not exceed $25,000 per annum;

 

(2)            to
the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable
pursuant to this Section 2.7(a)(2), Section 2.7(b)(2) and Section 2.8(2) shall not
exceed $100,000 per annum;

 

(3)            pro
rata to each Lender, in an amount equal to (A) such Lender’s share of the Interest for the related Accrual Period
and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender’s pro rata share of the Non-Usage
Fee for the related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage
Costs with respect to such Lender;

 

(4)            pro
rata to the Administrative Agent and each Lender, all fees and other amounts, including any Increased Costs and Structuring
Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fees and Administrative Expenses, then due to each
such Person under this Agreement;

 

(5)            pro
rata to each Lender, if the Required Advance Reduction Amount is greater than zero, an amount necessary to reduce the Required
Advance Reduction Amount to zero;

 

    	 	53	 

     

    

 

 

 

(6)            pro
rata to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee;

 

(7)            (i) prior
to the Revolving Period End Date, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the
Unfunded Exposure Account to equal the Unfunded Exposure Equity Amount, and (ii) after the end of the Revolving Period, to
the Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall;

 

(8)            pro
rata to each applicable party, to pay all other accrued and unpaid Administrative Expenses and Taxes; and

 

(9)            (A) during
a Default, to remain in the Interest Collection Account or (B) otherwise, any remaining amounts shall be distributed to (or
as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

(b)           On
each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral
Custodian to pay pursuant to the latest Borrowing Base Certificate (and the Collateral Custodian shall make payment from the Principal
Collection Account to the extent of Available Funds, in reliance on the information set forth in such Borrowing Base Certificate)
to the following Persons, the following amounts in the following order of priority:

 

(1)            pro
rata to (A) to the extent not paid pursuant to Section 2.7(a)(1)(A), to the Collateral Custodian, in an amount
equal to any accrued and unpaid Collateral Custodian Fees; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A),
this Section 2.7(b)(1)(A) and Section 2.8(1)(A) shall not exceed $100,000 per annum and
(B) to the extent not paid pursuant to Section 2.7(a)(1)(B), to the applicable Governmental Authority for any
Tax; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(B), this Section 2.7(b)(1)(B) and
Section 2.8(1)(B) shall not exceed $25,000 per annum;

 

(2)            to
the extent not paid pursuant to Section 2.7(a)(2), to the Collateral Manager, in an amount equal to any accrued and
unpaid expenses; provided that, the aggregate amount payable pursuant to Section 2.7(a)(2), this Section 2.7(b)(2) and
Section 2.8(2) shall not exceed $100,000 per annum;

 

(3)            to
the extent not paid pursuant to Section 2.7(a)(3), pro rata to each Lender, in an amount equal to (A) such
Lender’s share of the Interest for the related Accrual Period and any accrued and unpaid Interest for previous Accrual Periods,
(B) such Lender’s share of the Non-Usage Fee for the related Accrual Period and any unpaid Non-Usage Fees for previous
Accrual Periods and (C) any unpaid Breakage Costs with respect to such Lender;

 

(4)            to
the extent not paid pursuant to Section 2.7(a)(4), pro rata to the Administrative Agent and each Lender, all
other fees and other amounts, including any Increased Costs and Structuring Fee, but other than the principal of Advances Outstanding,
Commitment Reduction Fee and Administrative Expenses, then due to each such Person under this Agreement;

 

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(5)            to
the extent not paid pursuant to Section 2.7(a)(5), pro rata to each Lender, if the Required Advance Reduction
Amount is greater than zero, an amount necessary to reduce the Required Advance Reduction Amount to zero;

 

(6)            to
the extent not paid pursuant to Section 2.7(a)(6), pro rata to each Lender, in an amount equal to any accrued and unpaid
Commitment Reduction Fee;

 

(7)            during
the Revolving Period, as directed by the Collateral Manager, to (A) repay Advances Outstanding, (B) return cash to the
Principal Collection Account for application in accordance with the terms hereof and/or (C) unless a Default has occurred
and is continuing, or after giving effect to such distribution the Availability is less than zero, to be distributed to (or as
directed by) the Borrower (to be used for any purpose, including distribution to the Collateral Manager);

 

(8)            to
the extent not paid pursuant to Section 2.7(a)(7), to the Unfunded Exposure Account in an amount equal to (i) prior
to the Revolving Period End Date, necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded
Exposure Equity Amount, and (ii) after the end of the Revolving Period, the Exposure Amount Shortfall;

 

(9)            after
the end of the Revolving Period, to the Lenders to pay the Advances Outstanding;

 

(10)          to
the extent not paid pursuant to Section 2.7(a)(8), pro rata to each applicable party to pay all other Administrative
Expenses and Taxes; and

 

(11)          (A) during
a Default, to remain in the Principal Collection Account or (B) otherwise, any remaining amounts shall be distributed to (or
as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

(c)           The
Collateral Manager may, in its sole discretion, direct the Collateral Custodian to make a payment to the Borrower from the Principal
Collection Account on any Business Day other than a Payment Date if, both immediately prior and after giving effect to such payment
(i) the Availability is greater than zero and (ii) no Default or Event of Default has occurred and is continuing.

 

(d)           Subject
to the satisfaction of the applicable conditions set forth in Section 3.2, the Collateral Manager may direct the Collateral
Custodian to withdraw funds on deposit in the Principal Collection Account on any Business Day in order to reinvest such funds
in Eligible Loans to be pledged hereunder.

 

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Section 2.8.          Alternate
Settlement Procedures.

 

On each Payment Date
following the occurrence of and during the continuation of an Event of Default, the Collateral Manager (or, after delivery of a
Notice of Exclusive Control, the Administrative Agent) shall direct the Collateral Custodian to pay pursuant to the latest Borrowing
Base Certificate (and the Collateral Custodian shall make payment from the Collection Account to the extent of Available Funds,
in reliance on the information set forth in such Borrowing Base Certificate) to the following Persons, the following amounts in
the following order of priority:

 

(1)            pro
rata to (A) to the Collateral Custodian, in an amount equal to any accrued and unpaid Collateral Custodian Fees; provided
that, the aggregate amount payable pursuant to Section 2.7(a)(1)(A), Section 2.7(b)(1)(A) and this
Section 2.8(1)(A) shall not exceed $100,000 per annum, and (B) to the applicable Governmental Authority
for any Tax; provided that, the aggregate amount payable pursuant to Section 2.7(a)(1)(B), Section 2.7(b)(1)(B) and
this Section 2.8(1)(B) shall not exceed $25,000 per annum;

 

(2)            to
the Collateral Manager, in an amount equal to any accrued and unpaid expenses; provided that, the aggregate amount payable
pursuant to Section 2.7(a)(2), Section 2.7(b)(2) and this Section 2.8(2) shall not
exceed $100,000 per annum;

 

(3)            pro
rata to each Lender, in an amount equal to (A) such Lender’s share of the Interest for the related Accrual Period
and any accrued and unpaid Interest for previous Accrual Periods, (B) such Lender’s share of the Non-Usage Fee for the
related Accrual Period and any unpaid Non-Usage Fees for previous Accrual Periods and (C) any unpaid Breakage Costs with respect
to such Lender;

 

(4)            pro
rata to the Administrative Agent and each Lender, all other fees and other amounts, including any Increased Costs and Structuring
Fee, but other than the principal of Advances Outstanding, Commitment Reduction Fee and Administrative Expenses, then due to each
such Person under this Agreement;

 

(5)            to
the Unfunded Exposure Account in an amount equal to Exposure Amount Shortfall;

 

(6)            pro
rata to the Lenders to pay the Advances Outstanding and any accrued and unpaid Commitment Reduction Fee;

 

(7)            pro
rata to each applicable party, to pay all other Administrative Expenses and Taxes; and

 

(8)            (A) so
long as such Event of Default is continuing, to remain in the Collection Account or (B) otherwise, any remaining amounts shall
be distributed to (or as directed by) the Borrower (to be used for any purpose, including distribution to the Equityholder).

 

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Section 2.9.          Collections
and Allocations.

 

(a)           Collections.
The Collateral Manager shall promptly identify any collections received as being on account of Interest Collections or Principal
Collections and shall transfer, or cause to be transferred, all Collections received to the appropriate Collection Account within
two Business Days after such Collections are received. The Collateral Manager shall include a statement as to the amount of Principal
Collections and Interest Collections on deposit on each Reporting Date in the Borrowing Base Certificate delivered pursuant to
Section 5.1(p).

 

(b)           Excluded
Amounts. With the prior written consent of the Administrative Agent, the Collateral Manager may withdraw from the Collection
Account any deposits thereto constituting Excluded Amounts if the Collateral Manager has, prior to such withdrawal and consent,
delivered to the Administrative Agent and each Lender a report setting forth the calculation of such Excluded Amounts in form and
substance reasonably satisfactory to the Administrative Agent and each Lender.

 

(c)           Initial
Deposits. On each Funding Date, the Collateral Manager will instruct the related Obligor to deposit all Collections with respect
to Collateral being acquired by the Borrower on such date into the Collection Account.

 

(d)           Investment
of Funds. Unless a Collateral Manager Default or an Event of Default has occurred and is continuing, to the extent there are
uninvested amounts deposited in the Collection Account, all such amounts shall be invested in Permitted Investments selected by
the Collateral Manager on each Payment Date (or pursuant to standing instructions provided by the Collateral Manager); provided
that, if a Collateral Manager Default or an Event of Default has occurred and is continuing, to the extent there are uninvested
amounts in the Collection Account, all such amounts may be invested in Permitted Investments selected by the Administrative Agent
(or pursuant to standing instructions provided by the Administrative Agent). All earnings (net of losses and investment expenses)
thereon shall be retained or deposited into the applicable Collection Account and shall be applied on each Payment Date pursuant
to the provisions of Section 2.7 or Section 2.8 (as applicable).

 

(e)           Unfunded
Exposure Account.

 

(i)            Amounts
on deposit in the Unfunded Exposure Account may be withdrawn (A) by the Collateral Custodian pursuant to Section 2.9(e)(ii) to
fund any draw requests of the relevant Obligors under any Delayed Draw Loan or Revolving Loan or (B) if the amount on deposit
in the Unfunded Exposure Account exceeds the Aggregate Unfunded Exposure Amount, by the Borrower (or the Collateral Manager on
the Borrower’s behalf) to make a deposit into the Principal Collection Account to the extent of such excess.

 

(ii)           After
the end of the Revolving Period, any draw request made by an Obligor under a Delayed Draw Loan or Revolving Loan, along with wiring
instructions for the applicable Obligor, shall be forwarded by the Collateral Manager (on the Borrower’s behalf) to the Collateral
Custodian (with a copy to the Administrative Agent) along with an instruction to the Collateral Custodian to withdraw the applicable
amount from the Unfunded Exposure Account. Upon receipt of, and in accordance with, such instruction, the Collateral Custodian
shall fund such draw request directly from the Unfunded Exposure Account.

 

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(f)            All
income earned on the funds invested and allocable to the Accounts is legally owned by the Borrower (and for U.S. federal income
tax purposes, owned by the Equityholder). The Borrower is required to provide to Wells Fargo, in its capacity as Collateral Custodian
(i) an IRS Form W-9 of the Equityholder no later than the date hereof, and (ii) any additional IRS forms (or updated
versions of any previously submitted IRS forms) or other documentation upon the reasonable request of the Collateral Custodian
as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes and (b) to permit the Collateral
Custodian to fulfill its tax reporting obligations under applicable law with respect to the Accounts or any amounts paid to the
Borrower. The Borrower is further required to report to the Collateral Custodian comparable information upon any change in the
legal or beneficial ownership of the income allocable to the Accounts. Wells Fargo, both in its individual capacity and in its
capacity as Collateral Custodian, shall have no liability to the Borrower or any other person in connection with any tax withholding
amounts paid, or retained for payment, to a governmental authority from the Accounts arising from the Borrower’s failure
to timely provide an accurate, correct and complete IRS Form W-9 of the Equityholder or such other documentation contemplated
under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Accounts absent the Collateral
Custodian having first received (x) instructions with respect to the investment of such funds, and (y) the forms and
other documentation required by this paragraph.

 

Section 2.10.        Payments,
Computations, Etc.

 

(a)           Unless
otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Collateral Manager hereunder shall
be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the day when due in lawful money of the
United States in immediately available funds and any amount not received before such time shall be deemed received on the next
Business Day. The Borrower or the Collateral Manager, as applicable, shall, to the extent permitted by law, pay to the Secured
Parties interest on all amounts (other than Advances) not paid or deposited when due hereunder at 5.25% per annum above
the Prime Rate, payable on demand; provided that, such interest rate shall not at any time exceed the maximum rate permitted
by Applicable Law. Such interest shall be for the account of the applicable Secured Party. All computations of interest and other
fees hereunder shall be made on the basis of a year consisting of 360 days (other than calculations with respect to the Base Rate
and the Non-Usage Fee, which shall each be based on a year consisting of 365 or 366 days, as applicable) for the actual number
of days elapsed.

 

(b)           Whenever
any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest or any fee
payable hereunder, as the case may be. For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment
Date to satisfy the full amount of any Increased Costs then due pursuant to Section 2.12, such unpaid amounts shall
remain due and owing and shall accrue interest as provided in Section 2.10(a) until repaid in full.

 

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(c)           If
any Advance requested by the Borrower is not effectuated as a result of the Borrower’s actions or failure to fulfill any
condition under Section 3.2, as the case may be, on the date specified therefor, the Borrower shall indemnify the applicable
Lender against any reasonable loss, cost or expense incurred by the applicable Lender, including, without limitation, any loss,
cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender
to fund or maintain such Advance, but excluding the Applicable Spread.

 

Section 2.11.        Fees.

 

(a)           The
Collateral Manager on behalf of the Borrower shall pay or cause to be paid in accordance with Sections 2.7 and 2.8,
quarterly in arrears, the applicable Non-Usage Fee.

 

(b)           On
or prior to the Closing Date, the Borrower shall pay or cause to be paid to the Administrative Agent a fee in an amount equal to
the product of (x) the Facility Amount as of the Closing Date and (y) 1.00% (the “Structuring Fee”).

 

(c)           The
Collateral Custodian shall be entitled to receive the Collateral Custodian Fee in accordance with Sections 2.7 and 2.8.

 

(d)           The
Borrower shall pay to Cadwalader, Wickersham & Taft LLP as counsel to the Administrative Agent on the Closing Date, its
reasonable estimated fees and out-of-pocket expenses through the Closing Date, and shall pay all additional reasonable fees and
out-of-pocket expenses of Cadwalader, Wickersham & Taft LLP required to be paid by the Borrower hereunder and on the immediately
following Payment Date after its receipt of an invoice therefor in accordance with the terms of Section 2.7 or 2.8,
as applicable.

 

Section 2.12.        Increased
Costs; Capital Adequacy; Illegality.

 

(a)           If
either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of
reserve requirements) in or in the interpretation of any Applicable Law or (ii) the compliance by an Affected Party with any
guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in each case,
adopted, made or implemented after the Closing Date, shall (a) subject any Affected Party to any Taxes (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto, (b) impose, modify or deem applicable any reserve requirement (including, without
limitation, any reserve requirement imposed by the Board of Governors of the Federal Reserve System, but excluding any reserve
requirement, if any, included in the determination of Interest), special deposit or similar requirement against assets of, deposits
with or for the amount of, or credit extended by, any Affected Party or (c) impose any other condition (other than Taxes)
affecting the ownership interest in the Collateral conveyed to the Lenders hereunder or any Affected Party’s rights hereunder
or under any other Transaction Document, the result of which is to increase the cost to any Affected Party or to reduce the amount
of any sum received or receivable by an Affected Party under this Agreement or under any other Transaction Document, then on the
later of the next Payment Date and 30 days after receipt by the Borrower of demand by such Affected Party (which demand shall be
accompanied by a statement setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such
additional amount or amounts as will compensate such Affected Party for such additional or increased cost incurred or such reduction
suffered.

 

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(b)           If
either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive
or request or (ii) compliance by any Affected Party with any law, guideline, rule, regulation, directive or request from any
central bank or other Governmental Authority or agency (whether or not having the force of law), including, without limitation,
compliance by an Affected Party with any request or directive regarding capital adequacy, in each case, adopted, made or implemented
after the Closing Date, has or would have the effect of reducing the rate of return on the capital of any Affected Party as a consequence
of its obligations hereunder or arising in connection herewith to a level below that which any such Affected Party could have achieved
but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to
capital adequacy) by an amount deemed by such Affected Party to be material, then from time to time, on the later of the next Payment
Date and 30 days after receipt by the Borrower of demand by such Affected Party (which demand shall be accompanied by a statement
setting forth the basis for such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts
as will compensate such Affected Party for such reduction.

 

(c)           If
as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.12
that occurs after the Closing Date, any Affected Party is required to compensate a bank or other financial institution providing
liquidity support, credit enhancement or other similar support to such Affected Party in connection with this Agreement or the
funding or maintenance of Advances hereunder, then on the later of the next Payment Date and 30 days after receipt of a statement
describing such costs in reasonable detail, the Borrower shall pay to such Affected Party such additional amount or amounts as
may be necessary to reimburse such Affected Party for any amounts payable or paid by it.

 

(d)           In
determining any amount provided for in this Section 2.12, the Affected Party may use any reasonable averaging and attribution
methods. Any Affected Party making a claim under this Section 2.12 shall submit to the Collateral Manager a written
description as to such additional or increased cost or reduction and the calculation thereof, which written description shall be
conclusive absent manifest error.

 

(e)           If
a Eurodollar Disruption Event as described in clause (a) of the definition of “Eurodollar Disruption Event” with
respect to any Lender occurred, such Lender shall in turn so notify the Borrower, whereupon all Advances Outstanding of the affected
Lender in respect of which Interest accrues at the LIBOR Rate shall immediately be converted into Advances Outstanding in respect
of which Interest accrues at the Base Rate in accordance with the definition of “Interest Rate”.

 

(f)            Failure
or delay on the part of any Affected Party to demand compensation pursuant to this Section 2.12 shall not constitute
a waiver of such Affected Party’s right to demand or receive such compensation. Notwithstanding anything to the contrary
in this Section 2.12, the Borrower shall not be required to compensate an Affected Party pursuant to this Section 2.12
for any amounts incurred more than six (6) months prior to the date that such Affected Party notifies the Borrower of such
Affected Party’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such
claim have a retroactive effect, then such six (6) month period shall be extended to include the period of such retroactive
effect.

 

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(g)           Each
Lender agrees that it will take such commercially reasonable actions as the Borrower may reasonably request that will avoid the
need to pay, or reduce the amount of, any increased amounts referred to in this Section 2.12 or Section 2.13
provided that, no Lender shall be obligated to take any actions that would, in the reasonable opinion of such Lender, be
disadvantageous to such Lender. In no event will Borrower be responsible for increased amounts referred to in this Section 2.12
which relates to any other entities to which Lenders provide financing.

 

(h)           Notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules and
regulations promulgated thereunder or issued in connection therewith and (ii) all requests, rules, guidelines, requirements
and 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 have been introduced after the Closing Date, thereby constituting a change for which a claim for increased costs
or additional amounts may be made hereunder with respect to the Affected Parties, regardless of the date enacted, adopted or issued.

 

Section 2.13.        Taxes.

 

(a)           Defined
Terms. For purposes of this Section 2.13, the term “applicable law” includes FATCA.

 

(b)           Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall
be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law
and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section 2.13) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made.

 

(c)           Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable
law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

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(d)           Indemnification
by the Borrower. The Borrower shall indemnify each Recipient, on the later of the next Payment Date and 30 days after receipt
of a certificate referred to in the next succeeding sentence, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 2.13) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified 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 (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)           Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 12.16(b) 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 Transaction 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 Transaction 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 (e).

 

(f)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section 2.13, 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.

 

(g)           Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Transaction Document shall deliver to the Borrower, the Collateral Custodian and the Administrative Agent, at the
time or times reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent, such properly completed
and executed documentation reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower, the Collateral Custodian or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower, the Collateral Custodian or the Administrative Agent as will enable the Borrower,
the Collateral Custodian or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Sections 2.13(g)(ii)(1), (ii)(2) and
(ii)(4) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

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(ii)          Without
limiting the generality of the foregoing:

 

(1)           any
Lender that is a U.S. Person shall deliver to the Borrower, the Collateral Custodian 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 reasonable request
of the Borrower, the Collateral Custodian or the Administrative Agent), executed copies of IRS Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding tax;

 

(2)           any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian 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, the
Collateral Custodian or the Administrative Agent), whichever of the following is applicable:

 

i.             in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with
respect to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E
(as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS
Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

ii.            executed
copies of IRS Form W-8ECI;

 

iii.           in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not
a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or

 

iv.           to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2
or Exhibit L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that, if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender
are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit L-4 on behalf of each such direct and indirect partner;

 

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(3)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower, the Collateral Custodian 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, the
Collateral Custodian or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for
claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation
as may be prescribed by applicable law to permit the Borrower, the Collateral Custodian or the Administrative Agent to determine
the withholding or deduction required to be made; and

 

(4)            if
a payment made to a Lender under any Transaction Document 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 Borrower, the Collateral Custodian and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, the Collateral Custodian
or the Administrative Agent 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 Borrower, the Collateral Custodian or the Administrative
Agent as may be necessary for the Borrower, the Collateral Custodian and the Administrative Agent 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 such payment. Solely for purposes of this clause (4), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrower, the Collateral Custodian and the Administrative Agent in writing of
its legal inability to do so.

 

(h)           Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.13 (including by the payment of additional
amounts pursuant to this Section 2.13), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section 2.13 with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which
would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the
Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any
indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.

 

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(i)            Survival.
Each party’s obligations under this Section 2.13 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Transaction Document.

 

Section 2.14.        Discretionary
Sales.

 

The Borrower shall
be permitted to sell Loans (each, a “Discretionary Sale”) subject to the following conditions:

 

(i)            no
Collateral Manager Default or Event of Default has occurred and is continuing and, immediately after giving effect to such Discretionary
Sale, no Collateral Manager Default, Default or Event of Default shall have occurred;

 

(ii)           immediately
after giving effect to such Discretionary Sale, the Required Advance Reduction Amount shall be (x) zero or (y) subject
to the prior consent of the Administrative Agent (in its sole discretion), an amount less than the Required Advance Reduction Amount
immediately prior to giving effect to such Discretionary Sale;

 

(iii)          the
Borrower shall have delivered a Borrowing Base Certificate to the Administrative Agent;

 

(iv)          such
Discretionary Sale shall be made by the Collateral Manager, on behalf of the Borrower, to an unaffiliated third party purchaser
in a transaction (i) reflecting arms-length market terms and (ii) in which the Borrower makes no representations, warranties
or covenants and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than that the
Borrower has good title thereto, free and clear of all Liens and has the right to sell the related Loan), provided that
the Borrower may make a Discretionary Sale to (A) an Affiliate of the Borrower with the prior written consent of the Administrative
Agent in its sole discretion or (B) to the Seller pursuant to any exercise of the Seller’s mandatory repurchase obligation
under Section 7.1 of the Sale Agreement;

 

(v)           on
the related Discretionary Sale Date, the Administrative Agent, each Lender and the Collateral Custodian, as applicable, shall have
received, as applicable, in immediately available funds, an amount equal to the sum of (a) an amount sufficient to reduce
the Advances Outstanding such that, after giving effect to the transfer of the Loans that are the subject of such Discretionary
Sale, the Required Advance Reduction Amount will be equal to zero plus (b) an amount equal to all unpaid Interest then
due and owing to the extent reasonably determined by the Administrative Agent and the Lenders to be attributable to that portion
of the Advances Outstanding to be repaid in connection with the Discretionary Sale plus (c) an aggregate amount equal
to the sum of all other Obligations then due and owing to the Administrative Agent, each applicable Lender, the Affected Parties
and the Indemnified Parties, as applicable, under this Agreement and the other Transaction Documents (or such lesser amount as
consented to by the Administrative Agent pursuant to clause (ii) above);

 

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(vi)          on
the related Discretionary Sale Date, the proceeds (net of (x) amounts payable pursuant to Section 2.14(v) and
(y) transactional expenses) from such Discretionary Sale shall be sent directly to the Collection Account; and

 

(vii)         the
aggregate OLB of all Loans which are sold by the Borrower in connection with a Discretionary Sale during any 12-month rolling period
shall not exceed 30% of the highest Aggregate OLB at any point during such 12-month period (or such lesser number of months as
shall have elapsed from the Closing Date as of such date); provided that, (a) any Discretionary Sale may be excluded
from such 30% limitation with the prior written consent of the Administrative Agent and (b) any Discretionary Sale made pursuant
to clause (B) or (C) of Section 2.14(iv) shall be excluded from such 30% limitation; provided, further,
that the Borrower may make Discretionary Sales of Loans exceeding such 30% limitation if (x) all proceeds from such Discretionary
Sales are applied pursuant to Section 2.3(b) to reduce Advances Outstanding and (y) the Facility Amount is
concurrently reduced pursuant to Section 2.3(a) by an amount equal to the proceeds of such Discretionary Sales.

 

Section 2.15.        Assignment
of the Sale Agreement.

 

The Borrower hereby
collaterally assigns to the Administrative Agent, for the benefit of the Secured Parties, all of the Borrower’s right, title
and interest in and to, but none of its obligations under, the Sale Agreement and any UCC financing statements filed under or in
connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby collaterally assigns to the Administrative
Agent for the benefit of the Secured Parties its right to indemnification under the Sale Agreement. The Borrower confirms that
the Administrative Agent, on behalf of the Secured Parties, at any time upon the occurrence and during the continuance of an Event
of Default, shall have the right to enforce the Borrower’s rights and remedies under the Sale Agreement and any UCC financing
statements filed under or in connection therewith for the benefit of the Secured Parties.

 

ARTICLE III.

 

CONDITIONS TO CLOSING AND ADVANCES

 

Section 3.1.          Conditions
to Closing and Initial Advance.

 

Neither any Lender,
the Administrative Agent nor the Collateral Custodian shall be obligated to take, fulfill or perform any other action hereunder,
until the following conditions have been satisfied in the sole discretion of, or waived in writing by, the Administrative Agent:

 

(a)           Each
Transaction Document shall have been duly executed by, and delivered to, the parties thereto, and the Administrative Agent shall
have received such other documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request
in connection with the transactions contemplated by this Agreement, each in form and substance reasonably satisfactory to the Administrative
Agent.

 

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(b)           The
Administrative Agent shall have received reasonably satisfactory evidence that the Borrower, the Equityholder and the Collateral
Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement
and the other Transaction Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby.

 

(c)           The
Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certification in
the form of Exhibit D.

 

(d)           The
Borrower, the Equityholder and the Collateral Manager shall each have delivered to the Administrative Agent a certificate as to
whether such entity is Solvent in the form of Exhibit C.

 

(e)           The
Collateral Manager shall have delivered to the Administrative Agent certification that no Default, Event of Default, Change of
Control or Collateral Manager Default has occurred and is continuing.

 

(f)            The
Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinion or opinions of Schulte
Roth & Zabel LLP counsel to the Borrower, covering (i) enforceability, grant and perfection of the security interests
on the Collateral and (ii) non-consolidation of the Borrower with the Equityholder, in each case in form and substance reasonably
acceptable to the Administrative Agent.

 

(g)           The
Administrative Agent and each Lender shall have received copies of the Credit and Collection Policy.

 

(h)           The
Administrative Agent and the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Public Law 107-56.

 

(i)            The
UCC-1 financing statements naming (1) the Borrower as debtor and the Administrative Agent as secured party, and (2) the
Seller as debtor, the Administrative Agent as assignee secured party and the Borrower as assignor secured party are in proper form
for filing in the filing office of the appropriate jurisdiction and shall have been filed (or will be concurrently filed on the
Closing Date or within one (1) Business Day thereafter) and, when filed, together with the Securities Account Control Agreement,
are effective to perfect the Administrative Agent’s security interest in the Collateral such that the Administrative Agent’s
security interest in the Collateral ranks senior to that of any other creditors of the Borrower, Equityholder or Seller (whether
now existing or hereafter acquired), subject only to Permitted Liens.

 

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(j)            The
Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other appropriate
authority, evidencing the good standing of the Borrower, the Equityholder and the Collateral Manager (i) in the jurisdiction
of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of Property or the conduct
of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could
not be reasonably expected to have a Material Adverse Effect.

 

(k)           The
Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of
the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower and the Equityholder,
and bankruptcy and pending lawsuits with respect to the Borrower and the Equityholder and the results of such search shall be satisfactory
to the Administrative Agent.

 

(l)            The
Administrative Agent and the Lenders shall have received the fees (including fees, disbursements and other charges of the Administrative
Agent) to be received on the Closing Date referred to herein to the extent invoiced at least two (2) Business Days prior to
the Closing Date.

 

(m)          The
Equityholder shall have raised at least $500,000,000 in capital commitments from the investors of the Equityholder.

 

Section 3.2.          Conditions
Precedent to All Advances and Reinvestments.

 

(a)           Each
Advance and each reinvestment of Principal Collections pursuant to Section 2.7(d) (each, a “Transaction”)
shall be subject to the further conditions precedent that:

 

(i)            with
respect to any Advance, the Collateral Manager shall have delivered to the Administrative Agent (with a copy to the Collateral
Custodian) no later than 3:00 p.m. one (1) Business Day prior to the related Funding Date:

 

(1)            the
documents required by Section 2.2(b) and a Loan List; and

 

(2)            a
certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably
requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party
to any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements
set forth in clause (a) of the definition of “Required Loan Documents”;

 

(ii)           with
respect to any reinvestment of Principal Collections permitted by Section 2.7(d), the Collateral Manager shall have
delivered to the Administrative Agent (with a copy to the Collateral Custodian), no later than 3:00 p.m. one (1) Business
Day prior to the day of any such reinvestment:

 

(1)            a
Reinvestment Notice in the form of Exhibit A-3 and a Borrowing Base Certificate, executed by the Collateral Manager
and the Borrower; and

 

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(2)          a
certificate of assignment substantially in the form of Exhibit F containing such additional information as may be reasonably
requested by the Administrative Agent and each Lender or, with respect to any Loan with respect to which the Borrower is not party
to any Underlying Instrument other than the relevant credit agreement, an assignment agreement in accordance with the requirements
set forth in clause (a) of the definition of “Required Loan Documents”;

 

(b)          On
the date of such Transaction the following shall be true and correct and the Borrower and the Collateral Manager shall have certified
in the related Borrower’s Notice that all conditions precedent to the requested Transaction have been satisfied and shall
thereby be deemed to have certified that:

 

(i)           The
representations and warranties contained in Section 4.1 and Section 4.2 are true and correct in all respects
on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (other than any representation
and warranty that is made as of a specific date);

 

(ii)          No
event has occurred, or would result from such Transaction or from the application of proceeds thereof, that constitutes an Event
of Default, Default or Collateral Manager Default;

 

(iii)         On
and as of such day, after giving effect to such Transaction, the Availability is greater than or equal to zero;

 

(iv)         On
and as of such day, the Borrower and the Collateral Manager each has performed all of the covenants and agreements contained in
this Agreement to be performed by such Person on or prior to such day; and

 

(v)          No
Applicable Law prohibits or enjoins the making of such Advance by any Lender or the proposed reinvestment of Principal Collections.

 

(c)          The
Revolving Period End Date or the Termination Date shall not have occurred;

 

(d)          On
the date of such Transaction, the Administrative Agent shall have received such other approvals, opinions or documents as the Administrative
Agent may reasonably require;

 

(e)          The
Borrower and Collateral Manager shall have delivered to the Administrative Agent all reports required to be delivered as of the
date of such Transaction including, without limitation, all deliveries required by Section 2.2;

 

(f)           The
Borrower shall have paid all fees then required to be paid and, without duplication of Section 2.11(d), shall have
reimbursed the Lenders, the Collateral Custodian and the Administrative Agent for all fees, costs and expenses then required to
be paid of closing the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable
attorney fees and any other legal and document preparation costs incurred by the Lenders, the Collateral Custodian and the Administrative
Agent;

 

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(g)          The
Borrower shall have received a copy of the related Approval Notice;

 

(h)          In
connection with each Transaction, with respect to any Loan (other than a Ramp-up Participation Interest), the Borrower shall have
delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than 3:00 p.m. on the date of the
related Transaction, (i) a Loan File with respect to each Loan proposed to be acquired by the Borrower in connection with
such Transaction, and (ii) a faxed or an emailed copy of the duly executed original promissory notes for each Loan in respect
of which a promissory note is issued (or, in the case of any Noteless Loan, a fully executed assignment agreement), and, if any
Loans are closed in escrow, a written certification from the closing attorneys of such Loan confirming the possession of the Required
Loan Documents and that all documentary conditions to such Loan have been satisfied; provided that, notwithstanding the
foregoing, the Borrower shall cause the Required Loan Documents to be in the possession of the Collateral Custodian within ten
(10) Business Days of any related Purchase Date with respect to any Loan.

 

(i)           On
or prior to the date of the initial Advance, the Administrative Agent shall have received evidence satisfactory to it in its sole
discretion that at least the Required Minimum Equity Amount (which may include capital contributions in Cash, securities or Loans)
has been deposited by the Equityholder into the Principal Collection Account or has been credited to the Collateral Account.

 

(j)           To
the extent any Loans being acquired by the Borrower in connection with such Transaction are being purchased from the Seller, a
true sale opinion with respect to each Loan, in each case, in form and substance acceptable to the Administrative Agent in its
reasonable discretion (it being acknowledged and agreed that the opinion delivered by Schulte Roth & Zabel LLP on the
Closing Date is acceptable to the Administrative Agent and satisfies the requirements of this Section 3.2(j), so long
as such sales are made in accordance with the facts described in such opinion and pursuant to the Sale Agreement).

 

The failure of the
Borrower to satisfy any of the foregoing conditions precedent in respect of any Advance (which has not been waived by the Administrative
Agent) shall give rise to a right of the Administrative Agent, which right may be exercised at any time on the demand of the Administrative
Agent, to rescind the related Advance and direct the Borrower to pay to the Administrative Agent for the benefit of the Lenders
an amount equal to the Advances made during any such time that any of the foregoing conditions precedent were not satisfied.

 

Section 3.3.         Custodianship;
Transfer of Loans and Permitted Investments.

 

(a)          The
Administrative Agent shall hold all Certificated Securities (whether Loans or Permitted Investments) and Instruments in physical
form at the Collateral Custodian’s offices set forth in Section 5.5(c). Any successor Collateral Custodian shall
be a state or national bank or trust company which is not an Affiliate of the Borrower or the Seller and which is a Qualified Institution.

 

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(b)          Each
time that the Borrower (or the Collateral Manager on behalf of the Borrower) shall direct or cause the acquisition of any Loan
or Permitted Investment, the Borrower shall (or the Collateral Manager on behalf of the Borrower), if such Loan or Permitted Investment
has not already been transferred in accordance with its Underlying Instruments (including obtaining any necessary consents) to
the Collateral Custodian, cause the transfer of such Loan or Permitted Investment in accordance with its Underlying Instruments
(including obtaining any necessary consents) to the Collateral Custodian to be credited by the Collateral Custodian to the Collateral
Account in accordance with the terms of this Agreement. The security interest of the Administrative Agent in the funds or other
property utilized in connection with such acquisition shall, immediately and without further action on the part of the Administrative
Agent, be released. The Borrower and the Collateral Manager hereby authorize and direct the Collateral Custodian to credit the
Collateral Account with any Loan (to the extent evidenced by an Instrument) or Permitted Investment transferred to the Borrower
in accordance with its Underlying Instruments.

 

(c)          The
Borrower (or the Collateral Manager on behalf of the Borrower) shall cause all Loans (to the extent evidenced by an Instrument)
or Permitted Investments acquired by the Borrower to be transferred to the Collateral Custodian for credit by the Collateral Custodian
to the Collateral Account, and shall cause all Loans and Permitted Investments acquired by the Borrower to be delivered to the
Collateral Custodian by one of the following means (and shall take any and all other actions necessary to create and perfect in
favor of the Administrative Agent a valid security interest in each Loan and Permitted Investment, which security interest shall
be senior (subject to Permitted Liens) to that of any other creditor of the Borrower (whether now existing or hereafter acquired)):

 

(i)           in
the case of an Instrument or a Certificated Security represented by a Security Certificate in registered form by having it Indorsed
to the Collateral Custodian or in blank by an effective Indorsement or registered in the name of the Administrative Agent and by
(A) delivering such Instrument or Security Certificate to the Collateral Custodian at the Corporate Trust Office and (B) causing
the Collateral Custodian to maintain (on behalf of the Administrative Agent) continuous possession of such Instrument or Security
Certificate at its offices set forth in Section 5.5(c) (except as otherwise permitted pursuant to this Agreement,
including Section 7.8 or Section 7.9);

 

(ii)          in
the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective;

 

(iii)         in
the case of any Security Entitlement, by causing each such Security Entitlement to be credited to a Securities Account in the name
of the Borrower pursuant to the Securities Account Control Agreement;

 

(iv)         in
the case of General Intangibles (including any Loan or Permitted Investment not evidenced by an Instrument) by filing, maintaining
and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Administrative Agent as secured
party and covering the Loan or Permitted Investment (as the case may be) as the collateral at the filing office of the Secretary
of State of the State of Delaware.

 

(d)          The
security interest of the Administrative Agent in any Collateral disposed of in a transaction permitted by this Agreement shall,
immediately and without further action on the part of the Administrative Agent, be released and the Collateral Custodian shall
immediately release such Collateral to, or as directed by, the Borrower.

 

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ARTICLE IV.

 

REPRESENTATIONS AND WARRANTIES

 

Section 4.1.         Representations
and Warranties of the Borrower.

 

The Borrower represents
and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement or the
other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

 

(a)          Organization
and Good Standing. The Borrower has been duly organized, and is validly existing as a limited liability company in good standing,
under the laws of the State of Delaware, with all requisite limited liability company power and authority to own or lease its properties
and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power,
authority and legal right to acquire, own and sell the Collateral.

 

(b)          Due
Qualification. The Borrower is (i) duly qualified to do business and is in good standing as a limited liability company
in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions
in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals,
except where the failure to be so qualified or to have obtained such licenses or approvals could not reasonably be expected to
have a Material Adverse Effect.

 

(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Borrower (i) has all necessary limited liability company
power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry
out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability
company action, the execution, delivery and performance of each Transaction Document to which it is a party and the transfer and
assignment of an ownership and security interest in the Collateral on the terms and conditions herein provided. This Agreement
and each other Transaction Document to which the Borrower is a party have been duly executed and delivered by the Borrower.

 

(d)          Binding
Obligation. Each Transaction Document to which the Borrower is a party constitutes a legal, valid and binding obligation of
the Borrower enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited
by Insolvency Laws and by general principles of equity (whether considered in a suit at law or in equity).

 

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(e)          No
Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment
of the terms thereof will not (i) in any material respect conflict with, result in any breach of any of the terms and provisions
of, or constitute (with or without notice or lapse of time or both) a default under, the Borrower’s certificate of formation,
operating agreement or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien (other
than Permitted Liens) upon any of the Borrower’s properties pursuant to the terms of any such Contractual Obligation or (iii) violate
any Applicable Law in any material respect.

 

(f)           Agreements.
The Borrower is not a party to any agreement or instrument or subject to any limited liability company restriction that has resulted
or could reasonably be expected to result in a Material Adverse Effect. The Borrower is not in default in any manner under any
provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument
to which it is a party or by which it or any of its properties or assets are or may be bound, where such defaults could reasonably
be expected to result in a Material Adverse Effect.

 

(g)          No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened against
the Borrower, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which the Borrower
is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to
which the Borrower is a party or (iii) that could reasonably be expected to have Material Adverse Effect.

 

(h)          All
Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of
any Governmental Authority (if any) required for the due execution, delivery and performance by the Borrower of each Transaction
Document to which the Borrower is a party have been obtained.

 

(i)           Bulk
Sales. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require compliance
with any “bulk sales” act or similar law by the Borrower.

 

(j)           Solvency.
The Borrower is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents
to which the Borrower is a party do not and will not render the Borrower not Solvent.

 

(k)          Taxes.

 

(i)           The
Equityholder is and has always been a U.S. Person.

 

(ii)          The
Borrower is a “disregarded entity” of the Equityholder for U.S. federal income tax purposes.

 

(iii)         The
Borrower has filed or caused to be filed all U.S. federal and other material tax and information returns that are required to be
filed by it and has paid or made adequate provisions for the payment of all U.S. federal and other material Taxes and all material
assessments made against it or any of its property (other than any amount of Tax that is not yet due or the validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have
been provided on the books of the Borrower or the Equityholder, as applicable), and no U.S. federal or other material tax lien
(other than a Permitted Lien in respect of Taxes) has been filed and, to the Borrower’s knowledge, no claim is being asserted
with respect to any such Tax, fee or other charge (other than any claim the validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of
the Borrower or the Equityholder, as applicable).

 

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(l)           Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents
(including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation
of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T,
U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to
carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any “margin stock” within the
meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U. The foregoing shall not restrict
the receipt by the Borrower of any Equity Security as a result of a workout or restructuring of any Obligor of a Loan.

 

(m)         Security
Interest.

 

(i)           This
Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of
New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is
validly perfected under Article 9 of the UCC and is prior to all other Liens (except for Permitted Liens), and is enforceable
as such against creditors of and purchasers from the Borrower;

 

(ii)          the
Collateral is comprised of “instruments”, “security entitlements”, “general intangibles”, “certificated
securities”, “uncertificated securities”, “securities accounts”, “investment property”
and “proceeds” (each as defined in the applicable UCC) and such other categories of collateral under the applicable
UCC as to which the Borrower has complied with its obligations under Section 4.1(m)(i);

 

(iii)         with
respect to Collateral that constitutes Security Entitlements:

 

(1)          all
of such Security Entitlements have been credited to one of the Accounts and the securities intermediary for each Account has agreed
to treat all assets credited to such Account as Financial Assets within the meaning of the UCC as in effect from time-to-time in
the State of New York;

 

(2)          the
Borrower has taken all steps necessary to enable the Administrative Agent to obtain “control” (within the meaning of
the UCC as in effect from time-to-time in the State of New York) with respect to each Account; and

 

(3)          the
Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Administrative Agent. The Borrower
has not instructed the securities intermediary of any Account to comply with the entitlement order of any Person other than the
Administrative Agent; provided that, until the Administrative Agent delivers a Notice of Exclusive Control, the Borrower
and the Collateral Manager may cause cash in the Accounts to be invested in Permitted Investments, and the proceeds thereof to
be distributed in accordance with this Agreement.

 

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(iv)         all
Accounts constitute “securities accounts” as defined in the Section 8-501(a) of the UCC as in effect from
time-to-time in the State of New York;

 

(v)          the
Borrower owns and has good and marketable title to the Collateral free and clear of any Lien (other than Permitted Liens) of any
Person;

 

(vi)         the
Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security interest in the
Loans hereunder to the Administrative Agent, on behalf of the Secured Parties;

 

(vii)        the
Borrower has taken all necessary steps to authorize the Administrative Agent to file all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion
of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in
the Borrower’s jurisdiction of organization;

 

(viii)       other
than the security interest granted to the Administrative Agent, on behalf of the Secured Parties, pursuant to this Agreement, the
Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. The Borrower
has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of
any collateral included in the Collateral other than any financing statement (A) in favor of the Administrative Agent, (B) relating
to the security interest, if any, granted to the Borrower under the Sale Agreement or (C) that has been terminated and/or
fully and validly assigned to the Administrative Agent or the Borrower on or prior to the date hereof. There are no judgments against
the Borrower that would constitute an Event of Default;

 

(ix)         all
original executed copies of each underlying promissory note that constitute or evidence each Loan that is evidenced by a promissory
note has been or, subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian;

 

(x)          the
Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the
Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory note (if any) that evidence
all Loans evidenced by a promissory note solely on behalf of the Administrative Agent for the benefit of the Secured Parties;

 

(xi)          none
of the underlying promissory notes (if any) that constitute or evidence the Loans has any marks or notations indicating that they
have been pledged, assigned or otherwise conveyed to any Person other than the Administrative Agent on behalf of the Secured Parties;

 

(xii)         with
respect to Collateral that constitutes an Uncertificated Security, the Borrower has caused the Administrative Agent to gain “control”
of such Collateral pursuant to Section 8-106(c) of the UCC and such control remains effective; and

 

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(xiii)        in
the case of an Uncertificated Security, by (A) causing the Administrative Agent to become the registered owner of such Uncertificated
Security and (B) causing such registration to remain effective.

 

(n)          Reports
Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished
by the Borrower or the Seller to the Administrative Agent or any Lender in connection with this Agreement are true, complete and
correct in all material respects.

 

(o)          Location
of Offices. The Borrower’s location (within the meaning of Article 9 of the UCC) is, and at all times has been,
the State of Delaware. The Borrower’s Federal Employer Identification Number is that of the Equityholder and is correctly
set forth on Exhibit D. The Borrower has not changed its name (whether by amendment of its certificate of formation,
by reorganization or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months
preceding the Closing Date (or, if less, the period of time since its formation).

 

(p)          Collection
Account. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections on the Collateral
are sent.

 

(q)          Legal
Name. The Borrower’s exact legal name is NMF SLF I SPV, L.L.C.

 

(r)           Sale
Agreement and Master Participation Agreement. The Sale Agreement (together with each assignment agreement to be delivered pursuant
thereto and each Underlying Assignment Agreement) and the Master Participation Agreement are the only agreements pursuant to which
the Borrower has purchased or will purchase, or acquire by way of contribution, Collateral from the Seller or any Affiliate of
the Seller, except as otherwise provided in Section 2.3 of the Sale Agreement.

 

(s)          Value
Given. The Borrower shall have given reasonably equivalent value to (i) the Seller in consideration for the transfer to
the Borrower of the Collateral pursuant to the Sale Agreement and (ii) the applicable third party seller of Collateral in
consideration for the transfer to the Borrower of the Collateral, and no such transfer shall have been made for or on account of
an antecedent debt, and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

 

(t)           Accounting.
The Borrower accounts for the transfers to it of interests in Collateral as sales for legal (other than tax) purposes on its books,
records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.

 

(u)          Special
Purpose Entity. The Borrower has not and shall not:

 

(i)           engage
in any business or activity other than the purchase, receipt and management of Collateral, the transfer and pledge of Collateral
under the Transaction Documents and such other activities as are incidental thereto;

 

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(ii)          acquire
or own any assets other than (a) the Collateral, (b) Permitted Investments and (c) incidental property as may be
necessary for the operation of the Borrower and the performance of its obligations under the Transaction Documents, including,
without limitation, capital contributions which it may receive from the Equityholder;

 

(iii)         merge
into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of all
or substantially all of its assets (other than in accordance with the provisions hereof), without in each case first obtaining
the prior written consent of the Administrative Agent, or except as permitted by this Agreement, change its legal structure or
jurisdiction of formation;

 

(iv)         fail
to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization or formation, or without the prior written consent of the Administrative Agent, amend or modify (other than
in accordance with the terms hereof and thereof), terminate or fail to comply with the provisions of, its operating agreement,
or fail to observe limited liability company formalities;

 

(v)          own
any Subsidiary or make any Investment in any Person (other than Permitted Investments) without the consent of the Administrative
Agent;

 

(vi)         except
as permitted by this Agreement, commingle its assets with the assets of any of its Affiliates, or of any other Person;

 

(vii)        incur
any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Indebtedness to
the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the
Commitments;

 

(viii)       become
insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;

 

(ix)          fail
to maintain its bank accounts separate and apart from those of any other Person, other than as expressly provided in the Transaction
Documents;

 

(x)           enter
into any contract or agreement with any Person, except (a) the Transaction Documents, (b) the documents specifically
contemplated by the Borrower LLC Agreement, (c) other contracts or agreements that are upon terms and conditions that are
commercially reasonable and substantially similar to those that would be available on an arms-length basis with third parties other
than such Person and (d) as otherwise permitted under the Transaction Documents;

 

(xi)          seek
its dissolution or winding up in whole or in part;

 

(xii)         fail
to correct any known misunderstandings regarding the separate identity of the Borrower and the Equityholder or any principal or
Affiliate thereof or any other Person;

 

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(xiii)       guarantee,
become obligated for, or hold itself out to be responsible for the debt of another Person;

 

(xiv)       fail
either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is
transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals
or Affiliates);

 

(xv)        fail
to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations;

 

(xvi)       file
or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy,
liquidation or reorganization statute, or make an assignment for the benefit of creditors;

 

(xvii)      except
as may be required or permitted by the Code and regulations or other applicable state or local tax law, hold itself out as or be
considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or
(c) any other Person;

 

(xviii)     fail
to maintain separate company records and books of account; provided, however, that the Borrower’s assets and
liabilities may be included in a consolidated financial statement of the Equityholder so long as the separateness of the Borrower
from the Equityholder and the unavailability of the Borrower’s assets and credit to satisfy the debts and other obligations
of the Equityholder are disclosed by the Equityholder within all public filings that contain such consolidated financial statements;

 

(xix)        fail
to pay its own liabilities and expenses only out of its own funds;

 

(xx)         fail
to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of
its own employees, if any;

 

(xxi)        acquire
the obligations or securities of its Affiliates or stockholders;

 

(xxii)       fail
to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space, if
any, provided by an Affiliate or services performed by any employee of an Affiliate;

 

(xxiii)      fail
to use separate checks bearing its own name;

 

(xxiv)      pledge
its assets to secure the obligations of any other Person;

 

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(xxv)       (A) fail
at any time to have at least one (1) independent manager or director (the “Independent Manager”) who is
not currently (a) a manager, officer, employee or Affiliate of the Borrower or the Equityholder or any major creditor, or
a manager, officer or employee of any such Affiliate (other than an independent manager or similar position of the Borrower, the
Equityholder or an Affiliate), or (b) the beneficial owner of any limited liability company interests of the Borrower or
any voting, investment or other ownership interests of any Affiliate of the Borrower or of any major creditor or (B) fail
to ensure that all limited liability company action relating to the selection, maintenance or replacement of the Independent Manager
are duly authorized by the unanimous vote of the board of managers (including the Independent Manager) except as otherwise permitted
pursuant to the Borrower LLC Agreement;

 

(xxvi)      fail
to provide that the unanimous consent of all members or managers (including the consent of the Independent Manager) is required
for the Borrower to take any Material Action; and

 

(xxvii)     take
or refrain from taking, as applicable, each of the activities specified in the non-consolidation opinion of Schulte Roth &
Zabel LLP, dated as of the date hereof upon which the conclusions expressed therein are based.

 

(v)          1940
Act. The Borrower is not required to register as an “investment company” within the meaning of the 1940 Act.

 

(w)         ERISA.
(i) Neither the Borrower nor, except as would not reasonably be expected to result in a Material Adverse Effect, any member
of its Controlled Group, has established, maintains, contributes to, or has any liability (contingent or otherwise) with respect
to any Plan.

 

(ii)          On
each day when the Borrower is subject to ERISA and/or Section 4975 of the Code: (A) the Collateral Manager is the investment
manager of the Borrower pursuant to the Borrower LLC Agreement, which agreement is in full force and effect; (B) pursuant
to the Borrower LLC Agreement, the disposition of the Borrower’s assets is subject to the discretionary authority of the
Collateral Manager; (C) the Borrower is an investment fund (as defined in Part VI(b) of the QPAM Exemption);
(D) the terms of the transactions contemplated by the Transaction Documents were negotiated on behalf of the Borrower by the
Collateral Manager, which satisfies the conditions to be a QPAM within the meaning of the QPAM Exemption; (E) the conditions
of Part I of the QPAM Exemption are satisfied with respect to the Borrower’s entering into and performance of the Agreement,
each Loan made thereunder, and the transactions contemplated by the Transaction Documents; and (F) none of any Lender, the
Administrative Agent or any Affiliate of any of the foregoing has rendered (or has any responsibility or authority to render) investment
advice (within the meaning of Section 3(21) of ERISA and Section 4975(e)(3) of the Code) with respect to any moneys
or other property of the Borrower that would cause any Lender, the Administrative Agent or any Affiliate of the of the foregoing
to be deemed a “fiduciary” within the meaning of Section 3(21) of ERISA and Section 4975(e)(3) of the
Code with respect to the assets of the Borrower involved in any Loan or other transaction, and none of any Lender, the Administrative
Agent or any Affiliate of any of the foregoing is otherwise a fiduciary with respect to the assets of the Borrower involved in
any Loan or other transaction under the Transaction Documents (including in connection with its retention or exercise of any rights
under the Transaction Documents).

 

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(x)           Compliance
with Law. The Borrower has complied in all material respects with all Applicable Law to which it may be subject, and no item
of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable predatory and
abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and privacy).

 

(y)         Collections.
The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the Collateral transferred hereunder
are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account within two
Business Days after receipt as required herein.

 

(z)          Amendments.
No Loan has been amended, modified or waived, except for amendments, modifications or waivers, if any, to such Collateral otherwise
permitted under Section 6.4(a) and in accordance with the Credit and Collection Policy.

 

(aa)        Full
Payment. As of the Funding Date thereof, the Borrower has no knowledge of any fact which should lead it to expect that any
Loan will not be repaid by the related Obligor in full.

 

(bb)       Accuracy
of Representations and Warranties. Each representation or warranty by the Borrower contained herein or in any report, financial
statement, exhibit, schedule, certificate or other document furnished by the Borrower pursuant hereto, in connection herewith
or in connection with the negotiation hereof is true and correct in all material respects.

 

(cc)        Members
of the Borrower. The sole member of the Borrower is a U.S. Person.

 

(dd)       Sanctions.
None of the Borrower nor any Person directly or indirectly Controlling the Borrower (i) is a Sanctioned Person; (ii) is
Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Borrower’s knowledge, under investigation
for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will fund any repayment
of the Obligations with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any
Lender or any other party to this Agreement to be in breach of any Sanctions. To each such Person’s knowledge, no investor
in such Person is a Sanctioned Person. The Borrower will notify each Lender and Administrative Agent in writing promptly after
becoming aware of any breach of this section.

 

(ee)        Beneficial
Ownership Certification. The information included in the Beneficial Ownership Certification is true and correct in all respects
as of the Closing Date. The Borrower will notify each Lender and Administrative Agent in writing promptly after becoming aware
of any change in such information.

 

The representations
and warranties in Section 4.1(m) shall survive the termination of this Agreement and such representations and
warranties may not be waived by any party hereto without the consent of the Administrative Agent.

 

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Section 4.2.          Representations
and Warranties of the Borrower Relating to the Agreement and the Collateral.

 

The Borrower hereby
represents and warrants, as of the Closing Date and as of each Funding Date:

 

(a)          Valid
Security Interest. This Agreement constitutes a security agreement within the meaning of Section 9-102(a)(73) of the UCC
as in effect from time to time in the State of New York. Upon the delivery to the Collateral Custodian of all Collateral constituting
 “instruments” and “certificated securities” (as defined in the UCC as in effect from time to time in the
jurisdiction where the Collateral Custodian’s office set forth in Section 5.5(c) is located), the crediting
of all Collateral that constitutes Financial Assets (as defined in the UCC as in effect from time to time in the State of New York)
to an Account and the filing of the financing statements described in Section 4.1(m) in the jurisdiction in which
the Borrower is located, the security interest created hereby shall be a valid and first priority perfected security interest in
all of the Collateral (subject to Permitted Liens) in that portion of the Collateral in which a security interest may be created
under 9 of the UCC as in effect from time to time in the State of New York.

 

(b)          Eligibility
of Collateral. The Borrower has conducted such due diligence and other review as it considered necessary with respect to the
Loans set forth on Schedule III. As of the Closing Date and each Funding Date, (i) the Loan List and the information
contained in each Funding Notice delivered pursuant to Section 2.2, is an accurate and complete listing in all material
respects of all Loans included in the Collateral as of the related Funding Date and the information contained therein with respect
to the identity of such Loans and the amounts owing thereunder is true, correct and complete in all material respects as of the
related Funding Date, (ii) each such Loan included in the Borrowing Base is an Eligible Loan, (iii) each Loan included
in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens) and in compliance with all Applicable
Laws in all material respects and (iv) with respect to each Loan included in the Collateral, all material consents, licenses,
approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained,
effected or given by the Borrower in connection with the transfer of an ownership interest or security interest in such Collateral
to the Administrative Agent as agent for the benefit of the Secured Parties have been duly obtained, effected or given and are
in full force and effect.

 

(c)          No
Fraud. Each Loan was acquired by the Borrower without any fraud or material misrepresentation.

 

Section 4.3.         Representations
and Warranties of the Collateral Manager.

 

The Collateral Manager
represents and warrants as follows as of the Closing Date, each Funding Date, and as of each other date provided under this Agreement
or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made:

 

(a)          Organization
and Good Standing. The Collateral Manager has been duly organized, and is validly existing as a limited liability company in
good standing, under the laws of the State of Delaware, with all requisite limited liability company power and authority to own
or lease its properties and conduct its business as such business is presently conducted.

 

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(b)          Due
Qualification. The Collateral Manager is duly qualified to do business and is in good standing as a limited liability company,
and has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of
property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so
qualified or in good standing or to have obtained such licenses or approvals could not reasonably be expected to have a Material
Adverse Effect.

 

(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Collateral Manager (i) has all necessary limited liability
company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and
(b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary
limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party.
This Agreement and each other Transaction Document to which the Collateral Manager is a party have been duly executed and delivered
by the Collateral Manager.

 

(d)          Binding
Obligation. Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding obligation
of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as such enforceability
may be limited by Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity).

 

(e)          No
Violation. The consummation of the transactions contemplated by each Transaction Document to which it is a party and the fulfillment
of the terms thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, the Collateral Manager’s certificate of formation, operating
agreement or any Contractual Obligation of the Collateral Manager, (ii) result in the creation or imposition of any Lien (other
than Permitted Liens) upon any of the Collateral Manager’s properties pursuant to the terms of any such Contractual Obligation,
other than this Agreement, or (iii) violate any Applicable Law in any material respect.

 

(f)           No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Collateral Manager, threatened
against the Collateral Manager, before any Governmental Authority (i) asserting the invalidity of any Transaction Document
to which the Collateral Manager is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated
by any Transaction Document to which the Collateral Manager is a party or (iii) that could reasonably be expected to have
Material Adverse Effect.

 

(g)          All
Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of
any Governmental Authority (if any) required for the due execution, delivery and performance by the Collateral Manager of each
Transaction Document to which the Collateral Manager is a party have been obtained.

 

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(h)          Reports
Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished
by the Collateral Manager to the Administrative Agent or any Lender in connection with this Agreement are true, complete and correct
in all material respects.

 

(i)           Collections.
The Collateral Manager acknowledges that all Collections received by it or its Affiliates with respect to the Collateral transferred
or pledged hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection
Account within two (2) Business Days from receipt as required herein.

 

(j)           Solvency.
The Collateral Manager is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction
Documents to which the Collateral Manager is a party do not and will not render the Collateral Manager not Solvent.

 

(k)          Taxes.
The Collateral Manager is a U.S. Person and is treated as a disregarded entity for U.S. federal income tax purposes. The Collateral
Manager has filed or caused to be filed all U.S. federal and other material tax and information returns that are required to be
filed by it (if any).

 

(l)           ERISA.
The Collateral Manager, in its individual capacity, represents and warrants, which representations and warranties will be repeated
at all times during the term of the Agreement, that, in the event that the Borrower is deemed to hold “plan assets”
by reason of any such employee benefit plan’s or plan’s investment in the entity as determined under Section 3(42)
of ERISA or regulations promulgated thereunder and for so long as the Borrower is deemed to hold “plan assets”, the
following shall be true: (i) the Collateral Manager is the investment manager of the Borrower pursuant to the Borrower LLC
Agreement, which agreement is in full force and effect; (ii) pursuant to the Borrower LLC Agreement, the disposition of the
Borrower’s assets is subject to the discretionary authority of the Collateral Manager; (iii) the Borrower is an investment
fund (as defined in Part VI(b) of the QPAM Exemption); (iv) the terms of the transactions contemplated by the Transaction
Documents were negotiated on behalf of the Borrower by the Collateral Manager, which satisfies the conditions to be a QPAM within
the meaning of the QPAM Exemption; (v) the conditions of Part I of the QPAM Exemption are satisfied with respect to the
Borrower’s entering into and performance of this Agreement, each Loan made hereunder, and the transactions contemplated by
the Transaction Documents; and (vi) none of any Lender, the Administrative Agent or any Affiliate of any of the foregoing
has rendered (or has any responsibility or authority to render) investment advice (within the meaning of Section 3(21) of
ERISA and Section 4975(e)(3) of the Code) with respect to any moneys or other property of the Borrower that would cause
any Lender, the Administrative Agent or any Affiliate of the of the foregoing to be deemed a “fiduciary” within the
meaning of Section 3(21) of ERISA and Section 4975(e)(3) of the Code with respect to the assets of the Borrower
involved in any Loan or other transaction, and none of any Lender, the Administrative Agent or any Affiliate of any of the foregoing
is otherwise a fiduciary with respect to the assets of the Borrower involved in any Loan or other transaction under the Transaction
Documents (including in connection with its retention or exercise of any rights under the Transaction Documents).

 

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(m)           1940
Act. The Collateral Manager is not required to register as an “investment company” within the meaning of the 1940
Act.

 

(n)            Compliance
with Law. The Collateral Manager has complied in all material respects with all Applicable Law to which it may be subject,
and no item of Collateral contravenes in any material respect any Applicable Law (including, without limitation, all applicable
predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing,
fair credit reporting, equal credit opportunity, fair debt collection practices and privacy).

  

(o)            No
Material Adverse Effect. No event, change or condition has occurred that has had, or could reasonably be expected to have,
a Material Adverse Effect on the Collateral Manager since its formation date.

 

(p)            Actions
of the Collateral Manager. The Collateral Manager acknowledges and agrees that, as of the date hereof, all of the Loans owned
by the Borrower as of the Closing Date (or subject to irrevocable commitments to purchase by the Borrower for settlement (as participations
or assignments) after the Closing Date) are owned by way of an assignment (and not a participation), other than each Ramp-up Participation
Interest, and are as set forth on Schedule III and hereby consents to the acquisition by the Borrower on the Closing Date
(or, in respect of Loans with respect to which the Borrower has entered into irrevocable commitments to purchase as of the Closing
Date for settlement after the Closing Date) of each Loan set forth on Schedule III.

 

(q)            Sanctions.
None of the Collateral Manager nor any Person directly or indirectly Controlling the Collateral Manager (i) is a Sanctioned
Person; (ii) is Controlled by or is acting on behalf of a Sanctioned Person; (iii) is, to the Collateral Manager’s
knowledge, under investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions; or
(iv) will not cause the Obligations to be repaid with proceeds derived from any transaction that would be prohibited by Sanctions
or would otherwise cause any Lender or any other party to this Agreement to be in breach of any Sanctions. The Collateral Manager
will notify each Lender and Administrative Agent in writing promptly after becoming aware of any breach of this section.

 

Section 4.4.            Representations
and Warranties of the Collateral Custodian.

 

The Collateral Custodian
in its individual capacity and as Collateral Custodian represents and warrants as follows:

 

(a)            Organization;
Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws
of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Custodian under this Agreement.

 

(b)            Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian,
as the case may be.

 

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(c)            No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the material
terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract,
agreement, mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its
property is bound.

  

(d)            No
Violation. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral Custodian.

 

(e)            All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance
by the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms
hereof have been obtained.

 

(f)            Validity,
Etc. This Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against the
Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws and
general principles of equity (whether considered in a suit at law or in equity).

 

Section 4.5.            Representations
and Warranties of the Seller.

 

The Seller hereby represents
and warrants, as of the Closing Date, each date the Borrower acquires any Collateral from the Seller and as of each Funding Date:

 

(a)            Eligibility
of Collateral. The Seller has conducted the due diligence and other review it considered necessary with respect to each Loan
acquired by the Borrower from the Seller. As of each date the Borrower acquires any Loan from the Seller, (i) each such Loan
included in the Borrowing Base is an Eligible Loan and (ii) each such Loan included in the Collateral is free and clear of
any Lien of any Person (other than Permitted Liens and any Lien which will be released contemporaneously with the acquisition thereof
by the Borrower) and in compliance in all material respects with all Applicable Laws.

 

(b)            No
Fraud. Each Loan originated by an unaffiliated third party was, to the Seller’s knowledge as of the date of the transfer
by the Seller to the Borrower of such Loan, originated without any fraud or material misrepresentation.

 

(c)            Sanctions.
None of the Seller nor any Person directly or indirectly Controlling the Seller (i) is a Sanctioned Person; (ii) is Controlled
by or is acting on behalf of a Sanctioned Person; (iii) is, to the Seller’s knowledge, under investigation for an alleged
breach of Sanction(s) by a governmental authority that enforces Sanctions; or (iv) will not cause the Obligations to
be repaid with proceeds derived from any transaction that would be prohibited by Sanctions or would otherwise cause any Lender
or any other party to this Agreement to be in breach of any Sanctions. The Seller will notify each Lender and Administrative Agent
in writing promptly after becoming aware of any breach of this section.

 

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(d)            1940
Act. The Seller is regulated as a business development company under the 1940 Act.

  

(e)            BDC
Status. The Seller will use its best efforts to continue to be regulated as a business development company under the 1940 Act.

 

ARTICLE V.

 

GENERAL COVENANTS

 

Section 5.1.            Affirmative
Covenants of the Borrower.

 

The Borrower covenants
and agrees with the Lenders that during the Covenant Compliance Period:

 

(a)            Compliance
with Laws. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the
Collateral or any part thereof.

 

(b)            Preservation
of Company Existence. The Borrower will (i) preserve and maintain its limited liability company existence, rights, franchises
and privileges in the jurisdiction of its formation, (ii) qualify and remain qualified in good standing as a limited liability
company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification
has had, or could reasonably be expected to have, a Material Adverse Effect and (iii) maintain the Borrower LLC Agreement
in full force and effect.

 

(c)            Performance
and Compliance with Collateral. The Borrower will, at its expense, timely and fully perform and comply (or, by exercising its
rights thereunder, cause the Seller to perform and comply pursuant to the Sale Agreement) with all provisions, covenants and other
promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such
Collateral.

 

(d)            Keeping
of Records and Books of Account. The Borrower will keep proper books of record and account in which full, true and correct
entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business
and activities in all material respects. The Borrower will permit any representatives designated by the Administrative Agent to
visit and inspect the financial records and the properties of such person upon reasonable advance notice and during normal business
hours and as often as reasonably requested, without unreasonably interfering with such party’s business and affairs and to
make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent
to discuss the affairs, finances and condition of such person with the officers thereof and independent accountants therefor, in
each case, other than (x) material and affairs protected by the attorney-client privilege and (y) materials which such
party may not disclose without violation of confidentiality obligations binding upon it; provided that the right of the
Administrative Agent provided herein to visit and inspect the financial records and properties of the Borrower shall be limited
to not more than one such visit and inspection in any fiscal year; provided further that, during the continuance of a Collateral
Manager Default or an Event of Default, there shall be no limit to the number of such visits and inspections, and after the resolution
of such Collateral Manager Default or Event of Default, the number of visits occurring in the current fiscal year shall be deemed
to be zero.

 

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(e)           Protection
of Interest in Collateral. With respect to the Collateral, the Borrower will (i) acquire such Collateral pursuant to and
in accordance with the terms of the Sale Agreement or the Master Participation Agreement or directly from the Equityholder or a
third party, (ii) (at the Collateral Manager’s expense) take all action necessary to perfect, protect and more fully
evidence the Borrower’s ownership of such Collateral free and clear of any Lien other than the Lien created hereunder and
Permitted Liens, including, without limitation, (a) with respect to the Loans and that portion of the Collateral in which
a security interest may be perfected by filing and maintaining (at the Collateral Manager’s expense), effective financing
statements against the Obligor in all necessary or appropriate filing offices, (including any amendments thereto or assignments
thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including
any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices
as may be necessary or appropriate, and (iii) take all additional action that the Administrative Agent may reasonably request
to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the Collateral.

 

(f)           Deposit
of Collections.

 

(i)            The
Borrower shall, or shall cause the Collateral Manager to, instruct each Obligor to deliver all Collections to the applicable Collection
Account.

 

(ii)            The
Borrower shall promptly (but in no event later than two (2) Business Days after receipt) deposit all Collections received
by such party in respect of the Collateral into the appropriate Collection Account as set forth in clause (i) above.

 

(g)          Special
Purpose Entity. The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 4.1(u).

 

(h)          Credit
and Collection Policy. The Borrower will (a) comply in all material respects with the Credit and Collection Policy in
regard to the Collateral, and (b) furnish to the Administrative Agent prior to its effective date, prompt written notice of
any changes in the Credit and Collection Policy. The Borrower will not agree to or otherwise permit to occur any material change
in the Credit and Collection Policy without the prior written consent of the Administrative Agent; provided that, no consent
shall be required from the Administrative Agent in connection with any change mandated by Applicable Law or a Governmental Authority
as evidenced by an Opinion of Counsel to that effect delivered to the Administrative Agent.

 

(i)           Events
of Default. Promptly following the Borrower’s knowledge or notice of the occurrence of any Event of Default or Default,
the Borrower will provide the Administrative Agent with written notice of the occurrence of such Event of Default or Default of
which the Borrower has knowledge or has received notice. In addition, such notice will include a written statement of a Responsible
Officer of the Borrower setting forth the details of such event and the action that the Borrower proposes to take with respect
thereto.

 

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(j)           Obligations
and Taxes.

 

(i)            The
Borrower shall pay its material Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge
promptly when due all U.S. federal and other material Taxes and withholding Tax obligations before the same shall become delinquent
or in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to
a Lien (other than Permitted Liens) upon such properties or any part thereof and enforce all material indemnities and rights against
Obligors in accordance with this Agreement and all rights against the Seller under the Sale Agreement or with respect to any U.S.
federal and other material Tax or withholding Tax; provided, that such payment and discharge shall not be required with
respect to any such U.S. federal and other Taxes or other obligations so long as the validity or amount thereof shall be contested
in good faith by appropriate proceedings and the Borrower and/or the Equityholder, as appropriate, shall have set aside on its
books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested
obligation or Taxes and enforcement of a Lien.

  

(ii)           The
Borrower will be a “disregarded entity” of the Equityholder for U.S. federal income tax purposes.

 

(iii)          The
Borrower will file or cause to be filed all material tax and information returns that are required to be filed by it (if any).

 

(k)          Use
of Proceeds. The Borrower will use the proceeds of the Advances only to originate or acquire Loans, to fund draws under Delayed
Draw Loans and Revolving Loans, to make distributions to its member in accordance with the terms hereof or to pay related expenses
(including expenses payable hereunder).

 

(l)           Beneficial
Ownership Regulation. Promptly following any request therefor, the Borrower shall deliver to the Administrative Agent information
and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial
Ownership Regulation.

 

(m)          Adverse
Claims. The Borrower will not create, or participate in the creation of, or permit to exist, any Liens on any of the Accounts
other than the Lien created by this Agreement and other Permitted Liens and Liens expressly permitted under the Securities Account
Control Agreement.

 

(n)           Notices.
The Borrower will furnish (or cause the Equityholder to furnish) to the Administrative Agent:

 

(i)            Auditors’
Management Letters. Promptly after the receipt thereof, any auditors’ management letters are received by the Borrower
or by its accountants;

 

(ii)           Representations
and Warranties. Promptly after receiving knowledge or notice of the same, the Borrower shall notify the Administrative Agent
if any representation or warranty set forth in Section 4.1 or Section 4.2 was incorrect at the time it
was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth
in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower
shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or
circumstances within the knowledge of the Borrower which would render any of the said representations and warranties untrue as
of such Funding Date;

 

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(iii)            [Reserved.]

 

(iv)            Proceedings.
As soon as possible and in any event within three (3) Business Days after an executive officer of the Borrower receives notice
or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the
liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action,
material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties’ interest in the Collateral,
or the Borrower, the Collateral Manager or the Equityholder; provided that, notwithstanding the foregoing, any settlement,
judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Secured
Parties’ interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder in excess of $1,000,000
shall be deemed to be material for purposes of this Section 5.1(n);

 

(v)             Notice
of Certain Events. Promptly upon becoming aware thereof, notice of (1) any Collateral Manager Default, (2) any Value
Adjustment Event, (3) any Change of Control, (4) any other event or circumstance that could reasonably be expected to
have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation
of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative
Agent on or prior to the related Purchase Date in respect of such Loan) listed in the definition of “Eligible Loan”,
and (6) of the occurrence of any event of default by an Obligor on any Loan (after giving effect to any grace period under
the related Underlying Instruments);

 

(vi)            Organizational
Changes. As soon as possible and in any event within fifteen (15) Business Days after the effective date thereof, notice of
any change in the name, jurisdiction of organization, organizational structure or location of records of the Borrower or the Equityholder;
provided that, the Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings
have been made under the UCC or otherwise that are required in order for the Administrative Agent to continue at all times following
such change to have a valid, legal and perfected security interest in all the Collateral;

 

(vii)            Accounting
Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof, notice
of any material change in the accounting policies of the Borrower; and

 

(viii)           Removal
and Resignation of Independent Manager. No less than five (5) Business Days prior to any removal of the Independent Manager
of any such removal, and within five (5) Business Days after any resignation of the Independent Manager.

 

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(o)            Contest
Recharacterization. The Borrower shall in good faith contest any attempt to recharacterize the treatment of the Loans as property
of the bankruptcy estate of the Equityholder.

 

(p)            Payment
Date Reporting. The Borrower shall deliver (or shall cause to be delivered) a Borrowing Base Certificate on each Reporting
Date, determined as of the immediately preceding Determination Date. Each such Borrowing Base Certificate delivered immediately
prior to a Payment Date shall contain instructions to the Collateral Custodian to withdraw on the related Payment Date
from the applicable Collection Account and pay or transfer amounts set forth in such report in the manner specified, and in
accordance with the priorities established, in Section 2.7 or Section 2.8, as applicable.

  

(q)            Borrower
Financial Statements. Unless the Borrower is consolidated with the Equityholder for financial reporting purposes, the Borrower
will submit to the Administrative Agent and each Lender, (A) within sixty (60) days after the end of each of its fiscal quarters
(excluding the fiscal quarter ending on the date specified in clause (B)), commencing with the first fiscal quarter after the Closing
Date, consolidated unaudited financial statements of the Borrower for the most recent fiscal quarter and (B) within one hundred
and twenty (120) days after the end of each fiscal year, commencing with the first fiscal year ended after the Closing Date, consolidated
audited financial statements of the Borrower, audited by a firm of nationally recognized independent public accountants.

 

(r)            Equityholder
Financial Statements. The Borrower will cause the Equityholder to submit to the Administrative Agent and each Lender, (A) within
sixty (60) days after the end of each of its fiscal quarters (excluding the fiscal quarter ending on the date specified in clause
(B)), commencing with the first fiscal quarter after the Closing Date, consolidated unaudited financial statements of the Equityholder
for the most recent fiscal quarter and (B) within one hundred and twenty (120) days after the end of each fiscal year, commencing
with the first fiscal year ended after the Closing Date, consolidated audited financial statements of the Equityholder, audited
by a firm of nationally recognized independent public accountants.

 

(s)            Further
Assurances. The Borrower will execute any and all further documents, financing statements, agreements and instruments, and
take all further action (including filing UCC and other financing statements, agreements or instruments) that may be required under
applicable law, or that the Administrative Agent may reasonably request, in order to grant, preserve, protect and perfect the validity
and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such
security interests and Liens will be created hereunder and the Borrower shall deliver or cause to be delivered to the Administrative
Agent all such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence
compliance with this Section 5.1(s). The Borrower agrees to provide such evidence as the Administrative Agent shall
reasonably request as to the perfection and priority status of each such security interest and Lien.

 

(t)            Non-Consolidation.
The Borrower shall at all times act in a manner such that each of the assumptions made by Schulte Roth & Zabel LLP in
their opinion delivered pursuant to Section 3.1(f)(ii) is true and accurate in all material respects. The Borrower
shall at all times observe and be in compliance in all material respects with all covenants and requirements in the Borrower LLC
Agreement.

 

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(u)            Delivery
of Certificates of Assignments. The Borrower shall deliver to the Administrative Agent (with a copy to the Collateral Custodian)
no later than sixty (60) days after the execution of a Master Participation Agreement, certificate of assignment substantially
in the form of Exhibit F (including Exhibit A thereto), with respect to each related Ramp-up Participation Interest
containing such additional information as may be reasonably requested by the Administrative Agent.

  

(v)            Loan
Acquisitions. All Loans acquired by the Borrower shall be acquired either from the Seller pursuant to the Sale Agreement or
the Master Participation Agreement or from an unaffiliated third party, except as otherwise provided in Section 2.3 of the
Sale Agreement.

 

(w)            Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws. The Borrower shall and each Person directly or indirectly Controlling
the Borrower shall: (i) comply with all applicable Anti–Money Laundering Laws and Anti-Corruption Laws in all material
respects, and shall maintain policies and procedures reasonably designed to ensure compliance with the Anti-Money Laundering Laws
and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein
for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor
and the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient information
to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure it does not use any of the
credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure it does not fund any repayment
of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering.

 

(x)            Other.
The Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or
reports respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager or the Borrower
as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent
or the other Secured Parties under or as contemplated by this Agreement.

 

Section 5.2.            Negative
Covenants of the Borrower.

 

During the Covenant
Compliance Period:

 

(a)            Other
Business. The Borrower will not (i) engage in any business other than (A) entering into and performing its obligations
under the Transaction Documents and other activities contemplated by the Transaction Documents and the Borrower LLC Agreement,
(B) the acquisition, ownership and management of the Collateral and (C) the sale or disposition of Loans and other Collateral
as permitted hereunder, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind other than
pursuant to the Transaction Documents or (iii) form any Subsidiary or make any Investment in any other Person (other than
Permitted Investments).

 

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(b)            Collateral
Not to be Evidenced by Instruments. The Borrower will take no action to cause any Loan that is not, as of the Closing Date
or the related Purchase Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the
enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Administrative Agent, together with
an Indorsement in blank, as collateral security for the Obligations.

 

(c)            Security
Interests. Except as otherwise permitted herein or in respect of any Discretionary Sale or other sale permitted hereunder or
required under the Sale Agreement or the Master Participation Agreement, the Borrower will not sell, pledge, assign or transfer
to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any Collateral,
whether now existing or hereafter transferred hereunder, or any interest therein. The Borrower will promptly notify the Administrative
Agent of the existence of any Lien (other than Permitted Liens) on any Collateral and the Borrower shall defend the right, title
and interest of the Administrative Agent, as agent for the Secured Parties in, to and under the Collateral against all claims of
third parties; provided that, nothing in this Section 5.2(c) shall prevent or be deemed to prohibit the
Borrower from suffering to exist Permitted Liens upon any of the Collateral.

 

(d)            Mergers,
Acquisitions, Sales, etc. The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire
all or substantially all of the assets or all or substantially all of the equity interests of any other Person (other than in connection
with the enforcement or collection of any Loan or as a result of a workout or restructuring of an Obligor), or sell, transfer,
convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or any interest
therein (other than as otherwise permitted pursuant to this Agreement or the Sale Agreement or the Master Participation Agreement).

 

(e)            Change
of Location of Underlying Instruments. The Borrower shall not, without the prior consent of the Administrative Agent, consent
to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian’s offices set
forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including
Section 7.8 or Section 7.9), unless the Borrower has given at least thirty (30) days’ written notice
to the Administrative Agent and has taken all actions required under the UCC of each relevant jurisdiction in order to ensure that
the Secured Parties’ first priority perfected security interest (subject to Permitted Liens) continues in effect.

 

(f)             ERISA.
Neither the Borrower, nor, except as would not reasonably be expected to result in a Material Adverse Effect, a member of a Borrower’s
Controlled Group shall establish, maintain, contribute to, or have any liability (contingent or otherwise) with respect to any
Plan.

 

(g)            Borrower
LLC Agreement. The Borrower will not amend, modify, waive or terminate (i) any provision of the Borrower LLC Agreement
if such amendment, modification, waiver or termination would result in a Default, Event of Default or Material Adverse Effect or
(ii) any Special Purpose Provision, in each case without the prior written consent of the Administrative Agent.

 

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(h)            Changes
in Payment Instructions to Obligors. The Borrower will not make any change, or permit the Collateral Manager to make any change,
in its instructions to Obligors regarding payments to be made with respect to the Collateral to the Collection Account, unless
(x) the change in such instructions is to comply with the terms of the Transaction Documents or (y) the Administrative
Agent has consented to such change.

 

(i)             Extension
or Amendment of Collateral. The Borrower will not, except as otherwise permitted in Section 6.4(a), consent to
the extension, amendment or other modification of the terms of any Loan without the prior written consent of the Administrative
Agent.

  

(j)             Fiscal
Year. The Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with
prior written notice (i) providing a detailed explanation of such changes and (ii) including a pro forma financial statements
demonstrating the impact of such change.

 

(k)            Change
of Control. The Borrower shall not enter into any transaction or agreement which results in a Change of Control.

 

(l)             Sole
Ownership. The Borrower shall not have more than one (1) owner of its membership interests during the term of this Agreement.

 

(m)           Disregarded
Entities. The Borrower shall not file any election or take any position to be other than a “disregarded entity”
for U.S. tax purposes.

 

(n)            Restricted
Payments. The Borrower shall not make any Restricted Payments other than (i) so long as no Event of Default or Default
has occurred and is continuing or would result therefrom, (x) amounts on deposit in the Interest Collection Account that would
have been distributed pursuant to Section 2.7(a)(9) on the immediately preceding Payment Date but for the existence
of a Default, (y) amounts on deposit in the Principal Collection Account that would have been distributed pursuant to Section 2.7(b)(11)
on the immediately preceding Payment Date but for the existence of a Default and (z) amounts on deposit in the Collection
Account that would have been distributed pursuant to Section 2.8(9) on the immediately preceding Payment Date
but for the existence of an Event of Default and (ii) amounts the Borrower receives in accordance with Section 2.7,
Section 2.8 or any other provision of any Transaction Document which expressly requires or permits payments to be made
to or amounts to be reimbursed to the Borrower.

 

(o)            Compliance
with Sanctions. None of the Borrower nor any Person directly or indirectly Controlling the Borrower will, directly or, to the
knowledge of the Borrower, indirectly, use the proceeds of any Advance hereunder, or lend, contribute, or otherwise make available
such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with
a Sanctioned Person, or (ii) in any manner that would be prohibited by Sanctions or would otherwise cause any Lender to be
in breach of any Sanctions. The Borrower shall comply with all applicable Sanctions in all material respects, and shall maintain
policies and procedures reasonably designed to ensure compliance with Sanctions. The Borrower will notify each Lender and the Administrative
Agent in writing promptly after becoming aware of any breach of this section.

 

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Section 5.3.           Affirmative
Covenants of the Collateral Manager.

 

The Collateral Manager
covenants and agrees with the Lenders that during the Covenant Compliance Period:

 

(a)           Compliance
with Law. The Collateral Manager will comply in all material respects with all Applicable Law, including those with respect
to the Collateral or any part thereof.

  

(b)           Preservation
of Company Existence. The Collateral Manager will (i) preserve and maintain its limited liability company existence, rights,
franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a
limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges
and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.

 

(c)           Performance
and Compliance with Collateral. The Collateral Manager will duly fulfill and comply with all obligations on the part of the
Borrower to be fulfilled or complied with under or in connection with each item of Collateral and will do nothing to impair the
rights of the Administrative Agent, as agent for the Secured Parties, or of the Secured Parties in, to and under the Collateral.

 

(d)           Keeping
of Records and Books of Account.

 

(i)            The
Collateral Manager will maintain and implement administrative and operating procedures (including, without limitation, an ability
to recreate records evidencing Collateral in the event of the destruction of the originals thereof), and keep and maintain in all
material respects all documents, books, records and other information reasonably necessary or advisable for the collection of all
Collateral and the identification of the Collateral.

 

(ii)           The
Collateral Manager shall permit the Administrative Agent or its designated representatives to visit the offices of the Collateral
Manager during normal office hours and upon reasonable advance notice and examine and make copies of all documents, books, records
and other information concerning the Collateral and discuss matters related thereto with any of the officers or employees of the
Collateral Manager having knowledge of such matters; provided that the right of the Administrative Agent provided herein
to visit and inspect the financial records and properties of the Collateral Manager shall be limited to not more than one (1) such
visit and inspection in any fiscal year; provided further that after the occurrence of a Collateral Manager Default or an
Event of Default and during its continuance, there shall be no limit to the number of such visits and inspections, and after the
resolution of such Collateral Manager Default or Event of Default, the number of visits occurring in the current fiscal year shall
be deemed to be zero.

 

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(iii)            The
Collateral Manager will on or prior to the date hereof, mark its master data processing records and other books and records relating
to the Collateral with a legend, acceptable to the Administrative Agent, describing the pledge of the Collateral by the Borrower
to the Administrative Agent as agent for the Secured Parties hereunder.

 

(e)           Preservation
of Security Interest. The Collateral Manager (at its own expense) will authorize the Administrative Agent to file such financing
and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority
to preserve and protect fully the first priority perfected security interest of the Administrative Agent, as agent for the Secured
Parties in, to and under the Loans and proceeds thereof and that portion of the Collateral in which a security interest may be
perfected by filing (subject to Permitted Liens).

  

(f)            Credit
and Collection Policy. The Collateral Manager will (i) comply in all material respects with the Credit and Collection
Policy in regard to the Collateral, and (ii) furnish to the Administrative Agent prior to its effective date, prompt written
notice of any changes in the Credit and Collection Policy. The Collateral Manager will not agree to or otherwise permit to occur
any material change in the Credit and Collection Policy without the prior written consent of the Administrative Agent; provided
that, no consent shall be required from the Administrative Agent in connection with any change mandated by Applicable Law or a
Governmental Authority as evidenced by an Opinion of Counsel to that effect delivered to the Administrative Agent. Compliance by
the Collateral Manager with this covenant shall be deemed to constitute compliance by the Borrower with its corresponding obligations
under Sections 5.1(h).

 

(g)           Events
of Default. Promptly following the Collateral Manager’s knowledge or notice of the occurrence of any Event of Default
or Default, the Collateral Manager will provide the Administrative Agent with written notice of the occurrence of such Event of
Default or Default of which the Collateral Manager has knowledge or has received notice. In addition, such notice will include
a written statement of a Responsible Officer of the Collateral Manager setting forth the details of such event and the action that
the Collateral Manager proposes to take with respect thereto.

 

(h)           Taxes.

 

(i)            The
Collateral Manager shall pay its material Indebtedness and other obligations promptly and in accordance with their terms and timely
pay and discharge promptly when due all U.S. federal and other material Taxes and withholding Tax obligations before the same shall
become delinquent or in default, as well as all material lawful claims for labor, materials and supplies or otherwise that, if
unpaid, might give rise to a Lien (other than Permitted Liens) upon such properties or any part thereof and enforce all material
indemnities and rights against Obligors and the Collateral Manager with respect to any U.S. federal and other material Tax or withholding
Tax; provided, that such payment and discharge shall not be required with respect to any such U.S. federal and other Taxes
or other obligations so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and
the Collateral Manager shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such
contest operates to suspend collection of the contested obligation or Taxes and enforcement of a Lien. The Collateral Manager shall
file or cause to be filed all U.S. federal and other material Tax and information returns required to be filed by it.

 

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(ii)            The
Collateral Manager will be a U.S. Person and will be treated as a disregarded entity for U.S. federal income tax purposes.

 

(i)            Other.
The Collateral Manager will promptly furnish to the Administrative Agent such other information, documents, records or reports
respecting the Collateral or the condition or operations, financial or otherwise, of the Collateral Manager as the Administrative
Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or Secured Parties
under or as contemplated by this Agreement.

 

(j)            Proceedings.
The Collateral Manager will furnish to the Administrative Agent, as soon as possible and in any event within three (3) Business
Days after the Collateral Manager receives notice or obtains knowledge thereof, notice of any settlement of, material judgment
(including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor
controversy, material litigation, material action, material suit or material proceeding before any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents,
the Secured Parties’ interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder; provided
that, notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting
the Collateral, the Transaction Documents, the Secured Parties’ interest in the Collateral, or the Borrower, the Collateral
Manager or the Equityholder in excess of $1,000,000 shall be deemed to be material for purposes of this Section 5.3(j).

  

(k)           Deposit
of Collections. The Collateral Manager shall promptly (but in no event later than two (2) Business Days after receipt)
deposit into the Collection Account any and all Collections received by the Borrower or the Collateral Manager.

 

(l)           Required
Notices. The Collateral Manager will furnish to the Administrative Agent, promptly upon becoming aware thereof, notice of (1) any
Collateral Manager Default, (2) any Value Adjustment Event, (3) any Change of Control, (4) any other event or circumstance
that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which
was included in the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria
(other than criteria waived by the Administrative Agent on or prior to the related Purchase Date in respect of such Loan) listed
in the definition of “Eligible Loan” or (6) the occurrence of any event of default by an Obligor on any Loan (after
giving effect to any grace period under the related Underlying Instruments).

 

(m)           Accounting
Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof, the Collateral
Manager will provide to the Administrative Agent notice of any material change in the accounting policies of the Collateral Manager.

 

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(n)            Loan
Register. The Collateral Manager will maintain, or cause to be maintained, with respect to each Noteless Loan with respect
to which the Collateral Manager or an Affiliate thereof acts as administrative agent (or a comparable capacity), a register (each,
a “Loan Register”) in which it will record, or cause to be recorded, (v) the principal amount of such Noteless
Loan, (w) the amount of any principal or interest due and payable or to become due and payable from the Obligor thereunder,
(x) the amount of any sum in respect of such Noteless Loan received from the related Obligor, (y) the date of origination
of such Noteless Loan and (z) the maturity date of such Noteless Loan. At any time such a Noteless Loan is included in the
Collateral, the Collateral Manager shall deliver to the Borrower, the Administrative Agent and the Collateral Custodian a copy
of the related Loan Register, together with a certificate of a Responsible Officer of the Collateral Manager certifying to the
accuracy of such Loan Register as of the date of acquisition of such Noteless Loan by the Borrower, all of which information may
be included in the applicable Borrowing Base Certificate.

 

(o)            Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws. The Collateral Manager, each Person directly or indirectly Controlling
the Collateral Manager and each Person directly or indirectly Controlled by the Collateral Manager and, to the Collateral Manager’s
knowledge, any Related Party of the foregoing shall: (i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption
Laws in all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with the Anti-Money
Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated
herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable
investor and the origin of the assets used by such investor to purchase the property in question, and will maintain sufficient
information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure it does not cause
the Borrower to use any of the credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure
it does not cause the Borrower to fund any repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money
Laundering Laws.

 

(p)            Sanctions.
The Collateral Manager shall promptly notify the Administrative Agent and the Lenders in writing of any breach of any representation,
warranty or covenant relating to Sanctions or Sanctioned Persons by itself or by the Borrower.

 

Section 5.4.            Negative
Covenants of the Collateral Manager.

 

During the Covenant
Compliance Period:

 

(a)            Mergers,
Acquisition, Sales, etc. The Collateral Manager will not be a party to any merger or consolidation, or purchase or otherwise
acquire all or substantially all of the assets or all or substantially all of the equity interests of any other Person, or sell,
transfer, convey or lease all or substantially all of its assets, or sell or assign with or without recourse any Collateral or
any interest therein (other than as otherwise permitted pursuant to this Agreement).

 

(b)            Change
of Location of Underlying Instruments. The Collateral Manager shall not, without the prior consent of the Administrative Agent,
consent to the Collateral Custodian moving any Certificated Securities or Instruments from the Collateral Custodian’s offices
set forth in Section 5.5(c) on the Closing Date (except as otherwise permitted pursuant to this Agreement, including
Section 7.8 or Section 7.9), unless the Collateral Manager has given at least thirty (30) days’ written
notice to the Administrative Agent and has authorized the Administrative Agent to take all actions required under the UCC of each
relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent as agent
for the Secured Parties in the Collateral (subject to Permitted Liens).

 

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(c)            Change
in Payment Instructions to Obligors. The Collateral Manager will not make any change in its instructions to Obligors regarding
payments to be made with respect to the Collateral to the Collection Account, unless (x) the change in such instructions is
to comply with the terms of the Transaction Documents or (y) the Administrative Agent has consented to such change.

 

(d)            Extension
or Amendment of Collateral. The Collateral Manager will not, except as otherwise permitted in Section 6.4(a), consent
on behalf of the Borrower to the extension, amendment or modification to the terms of any Loan without the prior written consent
of the Administrative Agent.

  

(e)            Members
of the Borrower. The Collateral Manager shall not permit any Person which is not a “United States Person” within
the meaning Section 7701(a)(30) of the Code to own any membership interests in the Borrower.

 

(f)            Bankruptcy.
The Collateral Manager will not cause the Borrower to file a voluntary petition under the Bankruptcy Code or Insolvency Laws.

 

(g)            Compliance
with Sanctions. None of the Collateral Manager nor any Person directly or indirectly Controlling the Collateral Manager will,
directly or, to the knowledge of the Collateral Manager, indirectly, cause the Borrower to use the proceeds of any Advance hereunder,
or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to
fund any activities or business of or with a Sanctioned Person, or (ii) in any manner that would be prohibited by Sanctions
or would otherwise cause any Lender to be in breach of any Sanctions. The Collateral Manager shall comply with all applicable Sanctions
in all material respects, and shall maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The
Collateral Manager will notify each Lender and the Administrative Agent in writing promptly after becoming aware of any breach
of this section.

 

Section 5.5.            Affirmative
Covenants of the Collateral Custodian.

 

During the Covenant
Compliance Period:

 

(a)            Compliance
with Law. The Collateral Custodian will comply in all material respects with all Applicable Law.

 

(b)            Preservation
of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction
of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain
such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse
Effect.

 

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(c)            Location
of Underlying Instruments. Subject to Section 7.8, the Underlying Instruments shall remain at all times in the
possession of the Collateral Custodian at its offices at 425 Hennepin Ave., Minneapolis, MN, 55414, unless notice of a different
address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow certain Underlying Instruments
to be released to the Collateral Manager on a temporary basis in accordance with the terms hereof, except as such Underlying Instruments
may be released pursuant to this Agreement.

 

Section 5.6.           Negative
Covenants of the Collateral Custodian.

 

During the Covenant
Compliance Period:

 

(a)            Underlying
Instruments. The Collateral Custodian will not dispose of any documents constituting the Underlying Instruments in any manner
that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not
dispose of any Collateral except as contemplated by this Agreement. The Collateral Custodian’s services hereunder shall be
conducted through its Corporate Trust Services division (including, as applicable, any agents or Affiliates utilized thereby).

 

(b)            No
Changes to Collateral Custodian Fee. The Collateral Custodian will not make any changes to the Collateral Custodian Fee set
forth in the Collateral Custodian Fee Letter without the prior written approval of the Administrative Agent and the Borrower.

 

Section 5.7.           Covenants
of the Seller.

 

(a)            Notice.
Promptly after the knowledge (without giving effect to Section 1.4(l)) or receipt of notice of a Responsible Officer
of the Seller of the same, the Seller shall notify the Administrative Agent and the Borrower if any representation or warranty
set forth in Section 4.5 was incorrect at the time it was given or deemed to have been given and at the same time deliver
to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. The
Seller shall notify the Administrative Agent and the Borrower in the manner set forth in the preceding sentence before any Funding
Date of any facts or circumstances within the knowledge (without giving effect to Section 1.4(l)) of a Responsible
Officer of the Seller which would render any of the said representations and warranties untrue as of such Funding Date.

 

(b)            Negative
Pledge. The Seller, as the Equityholder, shall not permit any Person to have a Lien over the limited liability company interests
of the Borrower (other than Permitted Liens).

 

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ARTICLE VI.

 

COLLATERAL MANAGEMENT

 

Section 6.1.           Designation
of the Collateral Manager.

 

Subject to Section 6.11,
the servicing, administering and collection of the Collateral shall be conducted by the Collateral Manager.

 

Section 6.2.           Duties
of the Collateral Manager.

 

(a)            Appointment.
Pursuant to the Borrower LLC Agreement, the Borrower has appointed the Collateral Manager as its agent to service the Collateral
and enforce its rights and remedies in, to and under such Collateral. The Collateral Manager has accepted such appointment and
agrees to perform the duties and obligations with respect thereto as set forth herein. The Collateral Manager and the Borrower
hereby acknowledge that the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations
undertaken by the Collateral Manager hereunder.

 

(b)            Duties.
The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to collect on the Collateral
from time to time, all in accordance with Applicable Law and the Credit and Collection Policy. Without limiting the foregoing,
the duties of the Collateral Manager shall include the following:

 

(i)             preparing
and submitting claims to, and acting as post-billing liaison with, Obligors on each Loan (for which no administrative or similar
agent exists);

 

(ii)            maintaining
all necessary records and reports with respect to the Collateral and providing such reports to the Administrative Agent in respect
of the management and administration of the Collateral (including information relating to its performance under this Agreement)
as may be required hereunder or as the Administrative Agent may reasonably request;

 

(iii)           maintaining
and implementing administrative and operating procedures (including, without limitation, an ability to recreate management and
administration records evidencing the Collateral in the event of the destruction of the originals thereof) and keeping and maintaining
all documents, books, records and other information reasonably necessary or advisable for the collection of the Collateral;

 

(iv)           promptly
delivering to the Administrative Agent or the Collateral Custodian, from time to time, such information and management and administration
records (including information relating to its performance under this Agreement) as the Administrative Agent or the Collateral
Custodian may from time to time reasonably request;

 

(v)            identifying
each Loan clearly and unambiguously in its records to reflect that such Loan is owned by the Borrower and that the Borrower is
granting a security interest therein to the Secured Parties pursuant to this Agreement;

 

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(vi)           notifying
the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (1) that
is or is threatened to be asserted by an Obligor with respect to any Loan (or portion thereof) of which it has knowledge or has
received notice; and (2) that could reasonably be expected to have a Material Adverse Effect;

 

(vii)          providing
the prompt written notice to the Administrative Agent, prior to the effective date thereof, of any proposed changes in the Credit
and Collection Policy;

 

(viii)         using
its reasonable best efforts to maintain the first priority, perfected security interest (subject to Permitted Liens) of the Administrative
Agent, as agent for the Secured Parties, in the Collateral;

 

(ix)           maintaining
the Loan File(s) with respect to Loans included as part of the Collateral; provided that, upon the occurrence and during
the continuance of an Event of Default or a Collateral Manager Default, the Administrative Agent may request the Loan File(s) to
be sent to the Administrative Agent or its designee;

 

(x)            with
respect to each Loan included as part of the Collateral, making the Loan File available for inspection by the Administrative Agent,
upon reasonable advance notice, at the offices of the Collateral Manager during normal business hours in accordance with and subject
to the terms of Section 5.3(d)(ii); and

 

(xi)           directing
the Collateral Custodian to make payments pursuant to the instructions set forth in the latest Borrowing Base Certificate in accordance
with Section 2.7 and Section 2.8 and preparing such other reports as required pursuant to Section 6.8.

 

It is acknowledged
and agreed that in circumstances in which a Person other than the Borrower or the Collateral Manager acts as lead agent with respect
to any Loan, the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as
a lender under the related Underlying Instruments, it has the right to do so.

 

(c)            Notwithstanding
anything to the contrary contained herein, the exercise by the Administrative Agent or the Secured Parties of their rights hereunder
(including, but not limited to, the delivery of a Collateral Manager Termination Notice), shall not release the Collateral Manager
or the Borrower from any of their duties or responsibilities with respect to the Collateral. The Secured Parties, the Administrative
Agent and the Collateral Custodian shall not have any obligation or liability with respect to any Collateral, other than to use
reasonable care in the custody and preservation of Collateral in such party’s possession, nor shall any of them be obligated
to perform any of the obligations of the Collateral Manager hereunder.

 

(d)            Any
payment by an Obligor in respect of any Indebtedness owed by it to the Borrower shall, except as otherwise specified by such Obligor
or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a collection
of a payment by such Obligor (starting with the oldest such outstanding payment due) to the extent of any amounts then due and
payable thereunder before being applied to any other receivable or other obligation of such Obligor.

 

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Section 6.3.           Authorization
of the Collateral Manager.

 

(a)            Each
of the Borrower, the Administrative Agent and each Lender hereby authorizes the Collateral Manager to take any and all reasonable
steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent
with the sale of the Collateral to the Borrower, the pledge by the Borrower to the Administrative Agent, on behalf of the Secured
Parties, hereunder, to collect all amounts due under any and all Collateral, including, without limitation, endorsing any of their
names on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral
and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence
proceedings with respect to enforcing payment thereof, to the same extent as the Seller could have done if it had continued to
own such Collateral. The Borrower and the Administrative Agent, on behalf of the Secured Parties shall furnish the Collateral Manager
with any powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out its management
and administrative duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in order to ensure the
collectability of the Collateral. In no event shall the Collateral Manager be entitled to make any Secured Party or the Collateral
Custodian a party to any litigation without such party’s express prior written consent, or to make the Borrower a party to
any litigation (other than any foreclosure or similar collection procedure) without the Administrative Agent’s consent.

 

(b)            After
the declaration of the Termination Date, at the direction of the Administrative Agent, the Collateral Manager shall take such action
as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral.

 

Section 6.4.           Collection
of Payments; Accounts.

 

(a)            Collection
Efforts, Modification of Collateral. The Collateral Manager will use commercially reasonable best efforts to collect or cause
to be collected, all payments called for under the terms and provisions of the Loans included in the Collateral as and when the
same become due in accordance with the Credit and Collection Policy. The Collateral Manager may not waive, modify or otherwise
vary any provision of an item of Collateral in any manner contrary in any material respect to the Credit and Collection Policy.

 

(b)            Taxes
and other Amounts. The Collateral Manager will use its reasonable best efforts to collect all payments with respect to amounts
due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to the Borrower for such
application under the Underlying Instrument and remit such amounts in accordance with Section 2.7 and Section 2.8
to the appropriate Governmental Authority or insurer as required by the Underlying Instruments.

 

(c)            Payments
to Collection Account. On or before the applicable Purchase Date, the Collateral Manager shall have instructed all Obligors
to make all payments owing to the Borrower in respect of the Collateral directly to the applicable Collection Account; provided
that, the Collateral Manager is not required to so instruct any Obligor which is solely a guarantor unless and until the Collateral
Manager calls on the related guaranty.

 

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(d)            Accounts.
Each of the parties hereto hereby agrees that each Account shall be deemed to be a Securities Account. Each of the parties hereto
hereby agrees to cause the Collateral Custodian or any other Securities Intermediary that holds any Cash or other Financial Asset
for the Borrower in an Account to agree with the parties hereto that (A) the cash and other property (subject to Section 6.4(e) below
with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated
as a Financial Asset and (B) the jurisdiction governing the Account, all Cash and other Financial Assets credited to the Account
and the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110(e) of the UCC)
shall, in each case, be the State of New York. In no event may any Financial Asset held in any Account be registered in the name
of, payable to the order of, or specially Indorsed to, the Borrower, unless such Financial Asset has also been Indorsed in blank
or to the Collateral Custodian or other Securities Intermediary that holds such Financial Asset in such Account.

 

(e)            Underlying
Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to
a “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Custodian nor any Securities
Intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower of, or the grant by the Borrower
of a security interest to the Administrative Agent in, any Loan to examine or evaluate the sufficiency of the documents or instruments
delivered to it by or on behalf of the Borrower under the related Underlying Instruments, or otherwise to examine the Underlying
Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including
without limitation any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan
transferred to the Administrative Agent hereunder as custodial agent for the Administrative Agent in accordance with the terms
of this Agreement.

 

(f)            Adjustments.
If (i) the Collateral Manager makes a deposit into the Collection Account on behalf of the Borrower in respect of a Collection
of a Loan and such Collection was received by the Collateral Manager in the form of a check that is not honored for any reason
or (ii) the Collateral Manager makes a mistake with respect to the amount of any Collection and deposits an amount that is
less than or more than the actual amount of such Collection, the Collateral Manager shall appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a
dishonored check is received shall be deemed not to have been paid.

 

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Section 6.5.           Realization
Upon Defaulted or Delinquent Loans.

 

The Collateral Manager
will use reasonable efforts consistent with the Underlying Instruments to exercise available remedies relating to a Loan that is
delinquent in the payment of any amounts due thereunder or with respect to which the related Obligor defaults in the performance
of any of its obligations thereunder in order to maximize recoveries thereunder. The Collateral Manager will comply in all material
respects with the Credit and Collection Policy and Applicable Law in exercising such remedies, including but not limited to acceleration
and foreclosure, and employ practices and procedures including reasonable efforts to enforce all obligations of Obligors by foreclosing
upon and causing the sale of such Underlying Assets at public or private sale. Without limiting the generality of the foregoing,
the Collateral Manager may, with the prior written consent of the Administrative Agent, cause the sale of any such Underlying Assets
to the Collateral Manager or its Affiliates for a purchase price equal to the then fair market value thereof, any such sale to
be evidenced by a certificate of a Responsible Officer of the Collateral Manager delivered to the Administrative Agent setting
forth the Loan, the Underlying Assets, the sale price of the Underlying Assets and certifying that such sale price is the fair
market value of such Underlying Assets.

 

Section 6.6.           [Reserved].

 

Section 6.7.           Payment
of Certain Expenses by Collateral Manager.

 

The Collateral Manager
will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and
disbursements of its independent accountants, material Taxes imposed on the Collateral Manager, expenses incurred by the Collateral
Manager in connection with payments and reports pursuant to this Agreement, and all other fees and expenses not expressly stated
under this Agreement for the account of the Borrower. The Collateral Manager will be required to pay (or cause the Borrower to
pay) all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Accounts. The
Collateral Manager shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor,
except pursuant to Sections 2.7 and 2.8.

 

Section 6.8.           Reports.

 

(a)            Borrower’s
Notice. (i) On the date of each Advance, the Borrower (and the Collateral Manager on its behalf) will provide the Funding
Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent (with a copy to the Collateral
Custodian) and (ii) on the date of each reinvestment of Principal Collections under Section 2.7(d), the Borrower
(and the Collateral Manager on its behalf) will provide the Reinvestment Notice to the Administrative Agent (with a copy to the
Collateral Custodian).

 

(b)            Tax
Returns. Upon demand by the Administrative Agent, the Collateral Manager shall deliver copies of all federal, state and local
income tax returns and reports filed by the Borrower, or in which the Borrower was included on a consolidated or combined basis
(excluding sales, use and like Taxes).

 

(c)            Obligor
Financial Statements; Other Reports. The Collateral Manager will deliver to the Administrative Agent, to the extent received
by the Borrower or the Collateral Manager pursuant to the Underlying Instruments, the complete financial reporting package with
respect to each Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion
and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with
respect to each Loan for such Obligor) provided to the Borrower or the Collateral Manager for the periods required by the Underlying
Instruments, which delivery shall be made no later than fifteen (15) Business Days after receipt by the Borrower or the Collateral
Manager as specified in the Underlying Instruments. Upon demand by the Administrative Agent, the Collateral Manager will provide
such other information available to it, including liquidity reports of the Equityholder, as the Administrative Agent may reasonably
request with respect to any Obligor.

 

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(d)            Website.
The Collateral Manager will post on a password protected website maintained by the Borrower to which the Administrative Agent will
have access a copy of (i) any material amendment, restatement, supplement, waiver or other modification to the Underlying
Instruments of any Loan and (ii) any internal documents prepared by the Collateral Manager and provided to its investment
committee in connection with such amendment, restatement, supplement, waiver or other modification within fifteen (15) Business
Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification.

 

(e)            Agreed
Upon Procedures. The Collateral Manager shall furnish to the Administrative Agent for distribution to each Lender within one
hundred and twenty (120) days after the end of each fiscal year of the Collateral Manager, commencing with the 2021 fiscal year,
a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the
effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Schedule
V, it being understood that the Collateral Manager and the Administrative Agent will provide an updated Schedule V reflecting any
further amendments to such Schedule V prior to the issuance of the first such agreed-upon procedures report, a copy of which shall
replace the then existing Schedule V) to certain documents and records relating to the Collateral, the Borrower and the Collateral
Manager, compared the information contained in selected Borrowing Base Certificates and Payment Date calculations pursuant to Section 7.2(b)(vi) delivered
during the period covered by such report with such documents and records and that no matters came to the attention of such accountants
that caused them to believe that the information and the calculations included in such Borrowing Base Certificates and Payment
Date calculations pursuant to Section 7.2(b)(vi) were not determined or performed in accordance with the provisions
of this Agreement, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as shall
be set forth in such statement.

 

Section 6.9.           Annual
Statement as to Compliance.

 

The Collateral Manager
will provide to the Administrative Agent, within 90 days following the end of each fiscal year of the Collateral Manager, commencing
with the fiscal year ending on December 31, 2021, a fiscal report signed by a Responsible Officer of the Collateral Manager
certifying that (a) a review of the activities of the Collateral Manager, and the Collateral Manager’s performance pursuant
to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person’s supervision
and (b) the Collateral Manager has performed or has caused to be performed in all material respects all of its obligations
under this Agreement throughout such year and no Collateral Manager Default has occurred and is continuing or, if any such Collateral
Manager Default has occurred and is continuing, a statement describing the nature thereof and the steps being taken to remedy such
Collateral Manager Default.

 

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Section 6.10.         The
Collateral Manager Not to Resign.

 

The Collateral Manager
shall not resign from the obligations and duties hereby imposed on it except upon the Collateral Manager’s determination
that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no
reasonable action that the Collateral Manager could take to make the performance of its duties hereunder permissible under Applicable
Law. Any such determination permitting the resignation of the Collateral Manager shall be evidenced as to clause (i) above
by an Opinion of Counsel to such effect delivered to the Administrative Agent.

 

Section 6.11.         Collateral
Manager Defaults.

 

Upon the occurrence
of a Collateral Manager Default (unless waived by the Required Lenders in writing), notwithstanding anything herein to the contrary,
the Administrative Agent, by written notice to the Collateral Manager and a copy to the Collateral Custodian (such notice, a “Collateral
Manager Termination Notice”), may, in its sole discretion, terminate all of the rights and obligations of the Collateral
Manager as Collateral Manager under this Agreement; provided, however, no such termination shall be effective to the extent
that the Administrative Agent determines (in its sole discretion) that such termination would result in it becoming a fiduciary
within the meaning of ERISA or would result in a violation of Section 406 of ERISA or Section 4975 of the Code. Following
any such termination, the Administrative Agent may, in its sole discretion, assume or delegate the servicing, administering and
collection of the Collateral; provided that, until any such assumption or delegation, the Collateral Manager shall (i) unless
otherwise notified by the Administrative Agent, continue to act in such capacity pursuant to Section 6.1 and (ii) as
requested by the Administrative Agent (A) terminate some or all of its activities as Collateral Manager hereunder in the manner
requested by the Administrative Agent in its sole discretion as necessary or desirable, (B) provide such information as may
be reasonably requested by the Administrative Agent to facilitate the transition of the performance of such activities to the Administrative
Agent or any agent thereof and (C) take all other actions requested by the Administrative Agent, in each case to facilitate
the transition of the performance of such activities to the Administrative Agent or any agent thereof.

 

ARTICLE VII.

 

THE COLLATERAL CUSTODIAN

 

Section 7.1.           Designation
of Collateral Custodian.

 

(a)            Initial
Collateral Custodian. The role of collateral custodian with respect to the Underlying Instruments shall be conducted by the
Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 7.1. Until the
Administrative Agent shall give to Wells Fargo a Collateral Custodian Termination Notice, Wells Fargo is hereby appointed as, and
hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms
hereof.

 

(b)            Successor
Collateral Custodian. Upon the Collateral Custodian’s receipt of a Collateral Custodian Termination Notice from the Administrative
Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 7.5, the Collateral
Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

 

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Section 7.2.            Duties
of Collateral Custodian.

 

(a)            Appointment.
Each of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Custodian to act as its agent and
hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such duties
as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency appointment
to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian
pursuant to the terms hereof.

 

(b)            Duties.
On or before the initial Funding Date, and until its removal pursuant to Section 7.5, the Collateral Custodian shall
perform, on behalf of the Administrative Agent and the Secured Parties, the following duties and obligations:

 

(i)            The
Collateral Custodian shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to the definition
of “Eligible Loans” in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured
Parties and subject to the Lien thereon in favor of the Administrative Agent, as agent for the Secured Parties. Within five (5) Business
Days of its receipt of any Underlying Instruments, the Collateral Custodian shall review the Required Loan Documents delivered
to it to confirm that (A) if the files delivered per the following sentence indicate that any document must contain an original
signature, each such document appears to bear the original signature, or if the file indicates that such document must contain
a copy of a signature, that such copies appear to bear a reproduction of such signature and (B) based on a review of the applicable
note, the related original Loan balance, Loan identification number and Obligor name with respect to such Loan is referenced on
the related Loan List and is not a duplicate Loan, and the related original balance (based on a comparison to the note or assignment
agreement, as applicable) is greater than or equal to the applicable loan balance listed on the Loan Tape (such items (A) through
(B) collectively, the “Review Criteria”). In order to facilitate the foregoing review by the Collateral
Custodian, in connection with each delivery of Underlying Instruments hereunder to the Collateral Custodian, the Collateral Manager
shall provide to the Collateral Custodian an electronic file (in EXCEL or a comparable format acceptable to the Collateral Custodian)
that contains a list of all Required Loan Documents and whether they require original signatures, the Loan identification number
and the name of the Obligor and the original Loan balance with respect to each related Loan. If, at the conclusion of such review,
the Collateral Custodian shall determine that (1) the original Loan balances of the Loans with respect to which it has received
Underlying Instruments is less than as set forth on the electronic file, the Collateral Custodian shall immediately notify the
Administrative Agent and the Collateral Manager of such discrepancy, and (2) any Review Criteria is not satisfied, the Collateral
Custodian shall within one (1) Business Day notify the Collateral Manager of such determination and provide the Collateral
Manager with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy. The Collateral Manager
shall have twenty (20) Business Days to correct any non-compliance with any Review Criteria. If after the conclusion of such time
period the Collateral Manager has still not cured any non-compliance by a Loan with any Review Criteria, the Collateral Custodian
shall promptly notify the Collateral Manager, the Borrower and the Administrative Agent of such determination by providing a written
report to such persons identifying, with particularity, each Loan and each of the applicable Review Criteria that such Loan fails
to satisfy. In addition, if requested in writing in the form of Exhibit E by the Collateral Manager and approved by
the Administrative Agent within ten (10) Business Days of the Collateral Custodian’s delivery of such report, the Collateral
Custodian shall return the Underlying Instruments for any Loan which fails to satisfy a Review Criteria to the Borrower. Other
than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Underlying Instruments.

 

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(ii)             In
taking and retaining custody of the Underlying Instruments, the Collateral Custodian shall be deemed to be acting as the agent
of the Secured Parties; provided that, the Collateral Custodian makes no representations as to the existence, perfection
or priority of any Lien on the Underlying Instruments or the instruments therein; and provided, further, that, the
Collateral Custodian’s duties as agent shall be limited to those expressly contemplated herein.

 

(iii)            All
Underlying Instruments that are originals or copies shall be kept in fire resistant vaults, rooms or cabinets at its offices set
forth in Section 5.5(c). All Underlying Instruments that are originals or copies shall be placed together with an appropriate
identifying label and maintained in such a manner so as to permit retrieval and access. All Underlying Instruments that are originals
or copies shall be clearly segregated from any other documents or instruments maintained by the Collateral Custodian. All Underlying
Instruments that are delivered to the Collateral Custodian in electronic format shall be saved onto disks and/or onto the Collateral
Custodian’s secure computer system, and maintained in a manner so as to permit retrieval and access.

 

(iv)            The
Collateral Custodian shall make payments in accordance with Section 2.7 and Section 2.8 (the “Payment
Duties”).

 

(v)             On
each Reporting Date, the Collateral Custodian shall provide a written report to the Administrative Agent and the Collateral Manager
(in a form acceptable to the Administrative Agent) identifying each Loan for which it holds Underlying Instruments, the non-complying
Loans and the applicable Review Criteria that any non-complying Loan fails to satisfy.

 

(vi)            The
Collateral Custodian shall, promptly upon its actual receipt of a Borrowing Base Certificate from the Borrower, re-calculate the
Borrowing Base and, if the Collateral Custodian’s calculation does not correspond with the calculation provided by the Borrower
on such Borrowing Base Certificate, deliver such calculation to each of the Administrative Agent, Borrower and Collateral Manager
within one (1) Business Day of receipt by the Collateral Custodian of such Borrowing Base Certificate. The Collateral Custodian
shall also make required calculations for its Payment Duties as of the Determination Date related to such Payment Date, and deliver
such calculations to the Borrower and the Collateral Manager (and, following the delivery of a Notice of Exclusive Control, the
Administrative Agent and the Collateral Manager) for the Collateral Manager’s (or Administrative Agent’s, as applicable)
review no later than two (2) Business Days prior to such Payment Date. The approval of such calculations (which may be by
email) by the Collateral Manager (or after delivery of a Notice of Exclusive Control, the Administrative Agent) shall constitute
instructions by the Collateral Manager (or after delivery of a Notice of Exclusive Control, the Administrative Agent) to the Collateral
Custodian to withdraw on the related Payment Date from the applicable Collection Account and pay or transfer amounts set forth
in such report in the manner specified, and in accordance with the priorities established, in Section 2.7 or Section 2.8,
as applicable.

 

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(vii)            In
performing its duties, (A) the Collateral Custodian shall comply with the standard of care and express terms of the Transaction
Documents with respect to the collateral that it holds hereunder and (B) calculations made by the Collateral Custodian pursuant
to this Section 7.2(b) shall be made using information provided by the Borrower or the Collateral Manager to the
Collateral Custodian.

 

(viii)           The
parties acknowledges that in accordance with the Customer Identification Program (CIP) requirements under the USA Patriot Act and
its implementing regulations, the Collateral Custodian in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Collateral Custodian. The Borrower hereby agrees that it shall provide the Collateral Custodian with
such information as it may reasonably request including, but not limited to, the Borrower’s name, physical address, tax identification
number and other information that will help the Collateral Custodian identify and verify the Borrower’s identity (and in
certain circumstances, the beneficial owners thereof) such as organizational documents, certificate of good standing, license to
do business, or other pertinent identifying information.

 

(ix)             The
Collateral Custodian shall create a collateral database with respect to the Collateral (the “Collateral Database”),
and update the Collateral Database daily for changes, including to reflect the sale or other disposition of the Collateral, based
upon, and to the extent of, information furnished to the Collateral Custodian by the Borrower as may be reasonably required by
the Collateral Custodian.

 

(x)              The
Collateral Custodian shall track the receipt and daily allocation to the Accounts of Collections, the outstanding balances therein,
and any withdrawals therefrom and, on each Business Day, provide to the Collateral Manager daily reports reflecting such actions
as of the close of business on the preceding Business Day.

 

(xi)             The
Collateral Custodian shall provide such other information with respect to the Collateral as may be routinely maintained by the
Collateral Custodian or as may be required by this Agreement, in each case as the Borrower, Collateral Manager or the Administrative
Agent may reasonably request from time to time.

 

(xii)            The
Collateral Custodian shall notify the Borrower, the Collateral Manager and the Administrative Agent upon receiving notices, reports
or proxies or any other requests relating to corporate actions affecting the Collateral.

 

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Section 7.3.            Merger
or Consolidation.

 

Any Person (i) into
which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which
the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian
substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation
of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement without further
act of any of the parties to this Agreement.

 

Section 7.4.           Collateral
Custodian Compensation.

 

As compensation for
its collateral custodian activities hereunder, the Collateral Custodian shall be entitled to a Collateral Custodian Fee pursuant
to the provisions of Sections 2.7 and 2.8, as applicable. The Collateral Custodian’s entitlement to receive
the Collateral Custodian Fee shall cease on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 7.5
or (ii) the termination of this Agreement.

 

Section 7.5.           Collateral
Custodian Removal.

 

The Collateral Custodian
may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Custodian (the
 “Collateral Custodian Termination Notice”); provided that, notwithstanding its receipt of a Collateral
Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian
has been appointed, has agreed to act as Collateral Custodian hereunder, and has received all Underlying Instruments held by the
previous Collateral Custodian. The appointment of any successor Collateral Custodian that is not an Affiliate of Wells Fargo shall
(unless a Default or Event of Default has occurred and is continuing) require the approval of the Borrower (such approval not to
be unreasonably withheld). In the case of a removal of the Collateral Custodian, if no successor custodian shall have been appointed
and an instrument of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian within 90 days
after the giving of a Collateral Custodian Termination Notice, the Collateral Custodian may petition any court of competent jurisdiction
for the appointment of a successor custodian.

 

Section 7.6.            Limitation
on Liability.

 

(a)            The
Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion,
notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that
has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected
in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the oral instructions
of the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder unless
a Responsible Officer of the Collateral Custodian receives written notice of such matter. Notice or knowledge of any matter by
Wells Fargo in its capacity as Administrative Agent or Lender and other publicly available information shall not constitute notice
or actual knowledge of the Collateral Custodian.

 

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(b)            The
Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the advice or opinion of such counsel.

 

(c)            The
Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good
faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except,
notwithstanding anything to the contrary contained herein, in the case of its willful misconduct, bad faith or grossly negligent
performance or omission of its duties and in the case of its grossly negligent performance of its Payment Duties and in the case
of its grossly negligent performance of its duties in taking and retaining custody of the Underlying Instruments.

 

(d)            The
Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability
of the Collateral, and will not be required to and will not make any representations as to the validity or value (except as expressly
set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any legal action
hereunder that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has been furnished
with an indemnity reasonably satisfactory to it.

 

(e)            The
Collateral Custodian shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth
in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian.

 

(f)            The
Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder.

 

(g)            It
is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability
for the obligations of the other parties hereto or any parties to the Collateral.

 

(h)            It
is expressly acknowledged by the parties hereto that application and performance by the Collateral Custodian of its various duties
hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be
based upon, and in reliance upon, data, information and notice provided to it by the Collateral Manager, the Administrative Agent,
the Borrower and/or any related bank agent, Obligor or similar party, and the Collateral Custodian shall have no responsibility
for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as
it may deem necessary or appropriate) based on such information or data.

 

(i)            In
no event shall the Collateral Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or
damage and regardless of the form of action.

 

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(j)            In
no event shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, embargo, government action (including any laws, ordinances, regulations), strikes, lockouts, loss or malfunction of
utilities, computer (hardware or software) or communications services, terrorism, labor disputes, disease, epidemic, pandemic,
quarantine, national emergency, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication
facility or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by
this Agreement.

 

Section 7.7.           Resignation
of the Collateral Custodian.

 

The Collateral Custodian
shall not resign from the obligations and duties hereby imposed on it except upon (a) ninety (90) days written notice to the
Borrower, Collateral Manager, Administrative Agent and each Lender, or (b) the Collateral Custodian’s determination
that (i) the performance of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no
reasonable action that the Collateral Custodian could take to make the performance of its duties hereunder permissible under Applicable
Law. Any such determination permitting the resignation of the Collateral Custodian shall be evidenced as to clause (i) above
by an Opinion of Counsel to such effect delivered to the Administrative Agent. No such resignation shall become effective until
a successor Collateral Custodian shall have assumed the responsibilities and obligations of the Collateral Custodian hereunder.
In the case of a resignation of the Collateral Custodian, if no successor custodian shall have been appointed and an instrument
of acceptance by a successor custodian shall not have been delivered to the Collateral Custodian within 90 days after the giving
of such notice of resignation, the Collateral Custodian may petition any court of competent jurisdiction for the appointment of
a successor custodian.

 

Section 7.8.           Release
of Documents.

 

(a)            Release
for Servicing. From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Collateral
Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written receipt
from the Collateral Manager of a request for release of documents and receipt in the form annexed hereto as Exhibit E,
to release to the Collateral Manager within two (2) Business Days of receipt of such request, the related Underlying Instruments
or the documents set forth in such request and receipt to the Collateral Manager. All documents so released to the Collateral Manager
shall be held by the Collateral Manager in trust for the benefit of the Administrative Agent in accordance with the terms of this
Agreement. The Collateral Manager shall return to the Collateral Custodian the Underlying Instruments or other such documents (i) promptly
upon the request of the Administrative Agent, or (ii) when the Collateral Manager’s need therefor in connection with
such enforcement or servicing no longer exists, unless the Loan shall be liquidated or sold, in which case, upon receipt of an
additional request for release of documents and receipt certifying such liquidation or sale from the Collateral Manager to the
Collateral Custodian in the form annexed hereto as Exhibit E, the Collateral Manager’s request and receipt submitted
pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Collateral Manager.

 

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(b)            Release
for Payment. Upon receipt by the Collateral Custodian of the Collateral Manager’s request for release of documents and
receipt in the form annexed hereto as Exhibit E (which certification shall include a statement to the effect that all
amounts received in connection with such payment or repurchase have been credited to the Collection Account as provided in this
Agreement), the Collateral Custodian shall promptly release the related Underlying Instruments to the Collateral Manager.

 

Section 7.9.            Return
of Underlying Instruments.

 

The Borrower may, with
the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the Collateral
Custodian return each Underlying Instrument (as applicable), respectively (a) delivered to the Collateral Custodian in error,
(b) as to which the lien on the Underlying Asset has been so released pursuant to Section 8.2, (c) that has
been the subject of a Discretionary Sale pursuant to Section 2.14 or (d) that is required to be redelivered to
the Borrower in connection with the termination of this Agreement, in each case by submitting to the Collateral Custodian and the
Administrative Agent a written request in the form of Exhibit E hereto (signed by both the Borrower and the Administrative
Agent) specifying the Collateral to be so returned and reciting that the conditions to such release have been met (and specifying
the Section or Sections of this Agreement being relied upon for such release). The Collateral Custodian shall upon its receipt
of each such request for return executed by the Borrower and the Administrative Agent promptly, but in any event within five (5) Business
Days, return the Underlying Instruments so requested to the Borrower.

 

Section 7.10.         Access
to Certain Documentation and Information Regarding the Collateral; Audits.

 

The Collateral Manager,
the Borrower and the Collateral Custodian shall provide to the Administrative Agent access to the Underlying Instruments and all
other documentation regarding the Collateral including in such cases where the Administrative Agent is required in connection with
the enforcement of the rights or interests of the Secured Parties, or by applicable statutes or regulations, to review such documentation,
such access being afforded without charge but only (i) upon two (2) Business Days’ prior written request, (ii) during
normal business hours and (iii) subject to the Collateral Manager’s and Collateral Custodian’s normal security
and confidentiality procedures. Prior to the Closing Date and periodically thereafter at the discretion of the Administrative Agent,
the Administrative Agent may review the Collateral Manager’s collection and administration of the Collateral in order to
assess compliance by the Collateral Manager with Article VI and may conduct an audit of the Collateral, and Underlying
Instruments in conjunction with such a review. Such review shall be reasonable in scope and shall be completed in a reasonable
period of time.

 

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Without limiting the
foregoing provisions of this Section 7.10, from time to time on request of the Administrative Agent, the Collateral
Custodian shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct
a review of the Underlying Instruments and all other documentation regarding the Collateral. Notwithstanding the foregoing provisions
of this Section 7.10, only one review or audit per fiscal year pursuant to this Section 7.10 shall be at
the expense of the Borrower and additional reviews or audits in a fiscal year shall be at the expense of the requesting Lender(s);
provided that, after the occurrence and during the continuance of a Collateral Manager Default or an Event of Default, any
such reviews or audits, regardless of frequency, shall be at the expense of the Borrower.

 

ARTICLE VIII.

 

SECURITY INTEREST

 

Section 8.1.            Grant
of Security Interest.

 

(a)            This
Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders
to the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing
Date to the Administrative Agent, as agent for the Secured Parties, a Lien and continuing security interest in all of the Borrower’s
right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all
of the Collateral, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of
time, acceleration or otherwise, of the Obligations, whether now or hereafter existing, due or to become due, direct or indirect,
or absolute or contingent. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute
a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any Applicable
Law or requires a consent not obtained of any Governmental Authority or any other Person pursuant to such Applicable Law. The powers
conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative Agent’s
and the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or
any Secured Party to exercise any such powers. Each of the Administrative Agent and each Secured Party shall be accountable only
for amounts that it actually receives as a result of the exercise of such powers, and neither they nor any of their officers, directors,
employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence,
bad faith or willful misconduct. If the Borrower fails to perform or comply with any of its agreements contained herein, the Administrative
Agent, at its option, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance,
with such agreement. The expenses of the Administrative Agent incurred in connection with such performance or compliance shall
be payable by the Borrower to the Administrative Agent on demand and shall constitute Obligations secured hereby.

 

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(b)            The
grant of a security interest under this Section 8.1 does not constitute and is not intended to result in a creation
or an assumption by the Administrative Agent or any of the other Secured Parties of any obligation of the Borrower or any other
Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto. Anything herein to
the contrary notwithstanding, (a) the Borrower shall remain liable under the Collateral to the extent set forth therein to
perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the
exercise by the Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release
the Borrower from any of its duties or obligations under the Collateral, and (c) none of the Administrative Agent or any other
Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative
Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take
any action to collect or enforce any claim for payment assigned hereunder.

 

Section 8.2.            Release
of Lien on Collateral.

 

At the same time as
(i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and
deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14,
has been sold to the Seller as required under the Sale Agreement or has been sold pursuant to Section 6.5 or (iii) this
Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will,
to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such
Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the
Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral
Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager
may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative
Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such
Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s
obligations hereunder with respect to the Proceeds of any such sale.

 

Section 8.3.            Further
Assurances.

 

The provisions of Section 12.12
shall apply to the security interest granted under Section 8.1 as well as to the Advances hereunder.

 

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Section 8.4.            Remedies.

 

Subject to the provisions
of Section 9.2, upon the occurrence of and during the continuation of an Event of Default, the Administrative Agent
and Secured Parties shall have, with respect to the Collateral granted pursuant to Section 8.1, and in addition to
all other rights and remedies available to the Administrative Agent and Secured Parties under this Agreement or other Applicable
Law, all rights and remedies of a secured party upon default under the UCC. Without limiting the generality of the foregoing, the Administrative
Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice
required by law referred to below) to or upon the Borrower or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived), may in such circumstances transfer all or any part of the Collateral into the Administrative Agent’s
name or the name of its nominee or nominees, and/or forthwith collect, receive, appropriate and realize upon the Collateral, or
any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver
the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or
sales, at any exchange, broker’s board or office of the Administrative Agent or any Secured Party or elsewhere upon such
terms and conditions (including by lease or by deferred payment arrangement) as it may deem advisable and at such prices as it
may deem best, for cash or on credit or for future delivery without assumption of any credit risk and/or may take such other actions
as may be available under applicable law, subject to the provisions of Section 9.2. Subject to the provisions of Section 9.2,
the Administrative Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted
by law, upon any such private sale or sales, auction or closed tender, to purchase the whole or any part of the Collateral so sold,
free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. The Borrower
further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative
Agent at places which the Administrative Agent shall reasonably select (on its behalf and on behalf of the Secured Parties), whether
at the Borrower’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any such collection,
recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred
therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights
of the Administrative Agent and the other Secured Parties arising out of the exercise by the Administrative Agent hereunder, including,
without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations,
in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative
Agent of any other amount required by any provision of law, including, without limitation, Section 9-615 of the UCC,
need the Administrative Agent account for the surplus, if any, to the Borrower. To the extent permitted by applicable law, the
Borrower waives all claims, damages and demands it may acquire against the Administrative Agent or any other Secured Party arising
out of the exercise by the Administrative Agent or any other Secured Party of any of its rights hereunder. If any notice of a proposed
sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at
least ten (10) days before such sale or other disposition. The Borrower shall remain liable for any deficiency if the
proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements
of any attorneys employed by the Administrative Agent or any Secured Party to collect such deficiency.

 

Section 8.5.           Waiver
of Certain Laws.

 

Each of the Borrower
and the Collateral Manager agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through
or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now
or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement
or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute
putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower and the Collateral
Manager, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful
so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral
marshaled upon any such sale, and agrees that the Administrative Agent or any court having jurisdiction to foreclose the security
interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Administrative Agent or such
court may determine.

 

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Section 8.6.            Power
of Attorney.

 

Each of the Borrower
and the Collateral Manager hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of
substitution) in its name, place and stead and at is expense, in connection with the enforcement of the rights and remedies provided
for (and subject to the terms and conditions set forth) in this Agreement during the continuance of an Event of Default (and, with
respect to the Collateral Manager, during the continuance of a Collateral Manager Default), including without limitation the following
powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all
necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (c) to execute
and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such
sale or other disposition, the Borrower and the Collateral Manager hereby ratifying and confirming all that such attorney (or any
substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in
connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Administrative Agent, the Borrower
shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser
all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. The power of attorney
granted by the Borrower pursuant to this Section 8.6 supersedes any other power of attorney or similar rights granted
by the Borrower to any other party (including, without limitation, the Collateral Manager) under this Agreement, any other Transaction
Document or any other agreement; provided that, the Collateral Manager may continue to exercise its rights under this Agreement
until the Collateral Manager has received notice of the Administrative Agent’s exercise of its power of attorney hereunder.

 

ARTICLE IX.

 

EVENTS OF DEFAULT

 

Section 9.1.            Events
of Default.

 

The following events
shall be Events of Default (“Events of Default”) hereunder:

 

(a)             the
Borrower defaults in making any payment required to be made under an agreement for borrowed money (other than this Agreement) to
which it is a party individually or in an aggregate principal amount in excess of $500,000 and such default is not cured within
the applicable cure period, if any, provided for under such agreement; or

 

(b)             the
Borrower fails to make any payment of accrued and unpaid Interest when due and such failure is not cured within five (5) Business
Days; or

 

(c)             the
Borrower fails to repay the Obligations in full on the Termination Date; or

 

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(d)             any
failure on the part of the Borrower or the Equityholder to duly observe or perform in any material respect any other covenants
or agreements of the Borrower (other than those specifically addressed by a separate Event of Default) set forth in this Agreement
or the other Transaction Documents to which the Borrower is a party, and the same continues unremedied for a period of thirty (30)
days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure
requiring the same to be remedied shall have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge
thereof; or

 

(e)             any
representation, warranty or certification made by the Borrower or the Equityholder in any Transaction Document or in any certificate
delivered pursuant to any Transaction Document shall prove to have been incorrect when made or deemed made, which has a material
adverse effect on the Administrative Agent or any Lender and the same continues unremedied for a period of thirty (30) days (if
such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring
the same to be remedied shall have been given to the Borrower and (ii) the date on which the Borrower acquires knowledge thereof;
or

 

(f)              the
occurrence of an Insolvency Event relating to the Borrower or the Equityholder; or

 

(g)             the
occurrence and continuation of a Collateral Manager Default;

 

(h)             the
rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment
of money in excess individually or in the aggregate of $500,000 against the Borrower, and the Borrower shall not have, within ninety
(90) days, either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its
terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during
the pendency of the appeal; or

 

(i)              the
Borrower shall have made payments totaling more than $500,000 in the aggregate to settle any litigation, claim or dispute (excluding
the amount of any payment made from insurance proceeds); or

 

(j)              the
occurrence of a Change of Control; or

 

(k)             any
security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a first priority
perfected security interest (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with
the applicable Transaction Document; or

 

(l)              [reserved];
or

 

(m)            [reserved];
or

 

(n)             the
Advances Outstanding on any day exceed the Borrowing Base, and the same continues unremedied for (i) if the Collateral Manager
provides to the Administrative Agent within two (2) Business Days both (x) a written certification that the Equityholder
intends to cure such event and (y) evidence satisfactory to the Administrative Agent in its sole discretion that sufficient
capital has been called from the investors in the Equityholder to cure such event, fifteen (15) consecutive Business Days, or (ii) otherwise,
three (3) consecutive Business Days; or

 

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(o)             the
Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement without the prior written
consent of the Administrative Agent (such consent to be provided in the sole and absolute discretion of the Administrative Agent);
or

 

(p)             the
Borrower or the Collateral Manager fails to observe or perform any agreement or obligation with respect to the management and distribution
of funds received with respect to the Loans, and such failure is not cured with three (3) Business Days; or

 

(q)             the
Borrower shall cease to be a wholly-owned Subsidiary of the Equityholder, or the Borrower shall fail to qualify as a bankruptcy-remote
entity based upon the criteria set forth in Section 4.1(u), such that neither Schulte Roth & Zabel LLP nor
another law firm reasonably acceptable to the Administrative Agent could render a substantive nonconsolidation opinion with respect
thereto; or

 

(r)              any
Transaction Document, or any Lien granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate,
cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower or the Collateral Manager,
as applicable; or

 

(s)             the
Borrower, the Equityholder, the Collateral Manager or any Affiliate of the foregoing or any Governmental Authority shall, directly
or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document
or any lien or security interest thereunder; or

 

(t)              the
Borrower or the pool of Collateral shall become required to register as an “investment company” within the meaning
of the 1940 Act; or

 

(u)             the
Internal Revenue Service or any other Governmental Authority shall (i) except as permitted under Section 4.1(k)(iii),
assess, claim or take the position that the Borrower is liable for any Tax or withholding Tax (other than a withholding tax
under Section 1441 of the Code) in an amount exceeding, in the aggregate, $100,000 or (ii) file notice of a lien pursuant
to Section 6323 of the Code with regard to any assets of the Borrower (other than any Permitted Lien), or the Pension Benefit
Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any material assets of the
Borrower and such lien shall not have been released within five (5) Business Days.

 

Section 9.2.            Remedies.

 

(a)            Upon
the occurrence of and during the continuation of an Event of Default, the Administrative Agent shall, at the request of, or may,
with the consent of the Required Lenders, by notice to the Borrower, declare (i) the Termination Date to have occurred and
the Obligations to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which
are hereby waived by the Borrower) or (ii) the Revolving Period End Date to have occurred; provided that, in the case
of any event involving the Borrower described in Section 9.1(f), the Obligations shall be immediately due and payable
in full (without presentment, demand, notice of any kind, all of which are hereby expressly, waived by the Borrower) and the Termination
Date shall be deemed to have occurred automatically upon the occurrence of any such event.

 

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(b)            On
and after the declaration or occurrence of the Termination Date, the Administrative Agent, for the benefit of the Secured Parties,
shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided
under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. In addition, the Borrower
and the Collateral Manager hereby agree that they will, at the Collateral Manager’s expense and at the direction of the Administrative
Agent, forthwith, (i) assemble all or any part of the Loans as directed by the Administrative Agent and make the same available
to the Administrative Agent at a place to be designated by the Administrative Agent and (ii) without notice except as specified
below, sell the Loans or any part thereof upon such terms, in such lots, to such buyers, and according to such other instructions
as the Administrative Agent may deem commercially reasonable, subject to Section 9.2(c). The Borrower agrees that,
to the extent notice of sale shall be required by law, ten (10) days’ notice to the Borrower of any sale hereunder shall
constitute reasonable notification. All cash Proceeds received by the Administrative Agent in respect of any sale of, collection
from, or other realization upon, all or any part of the Loans (after payment of any amounts incurred in connection with such sale)
shall be deposited into the Collection Account and to be applied pursuant to Section 2.8. For the avoidance of doubt,
the occurrence of a Termination Date as defined in clauses (a) through (c), inclusive, of the definition of
 “Termination Date” shall constitute a Termination Date for the purposes of this Section 9.2.

 

(c)             In
connection with the sale of the Collateral following a declaration that the Obligations are immediately due and payable (or automatic
acceleration thereof) pursuant to Section 9.2(a), the Collateral Manager (or any of its Affiliates) shall have the
right of first refusal to purchase or refinance all of the Loans in the Collateral by paying to the Collateral Custodian in immediately
available funds, an amount equal to all outstanding Obligations. If the Collateral Manager or any Affiliate thereof fails to exercise
this purchase right within ten (10) Business Days following the declaration that the Obligations are immediately due and payable
pursuant to Section 9.2(a), then such rights shall be irrevocably forfeited by the Collateral Manager and its Affiliates
(but, for the avoidance of doubt, such parties shall have the right to participate in any sale pursuant to Section 9.2(b)).

 

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ARTICLE X.

 

INDEMNIFICATION

 

Section 10.1.          Indemnities
by the Borrower.

 

(a)            Without
limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify
the Administrative Agent, the Collateral Custodian, the Secured Parties, the Affected Parties and each of their respective assigns
and officers, directors, employees and agents thereof (collectively, the “Indemnified Parties”), forthwith on
demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable
attorneys’ fees and disbursements (all of the foregoing being collectively referred to as the “Indemnified Amounts”)
awarded against or incurred by such Indemnified Party arising out of or as a result of this Agreement or having an interest in
the Collateral or in respect of any Loan included in the Collateral, excluding, however, any Indemnified Amounts to the extent
resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party. If the Borrower has made
any indemnity payment pursuant to this Section 10.1 and such payment fully indemnified the recipient thereof and the
recipient thereafter collects any payments from others in respect of such Indemnified Amounts then, the recipient shall repay to
the Borrower an amount equal to the amount it has collected from others in respect of such indemnified amounts. Without limiting
the foregoing, the Borrower shall indemnify each Indemnified Party for Indemnified Amounts (except to the extent resulting from
gross negligence, bad faith or willful misconduct on the part of any Indemnified Party as determined by a court of competent jurisdiction
by final non-appealable judgment) relating to or resulting from:

 

(i)            any
representation or warranty made or deemed made by the Borrower, the Collateral Manager or any of their respective officers under
or in connection with this Agreement or any other Transaction Document, which shall have been false or incorrect in any material
respect when made or deemed made or delivered;

 

(ii)           the
failure of any Loan acquired on the Closing Date to be an Eligible Loan as of the Closing Date and the failure of any Loan acquired
after the Closing Date to be an Eligible Loan on the related Funding Date;

 

(iii)          the
failure by the Borrower or the Collateral Manager to comply with any term, provision or covenant contained in this Agreement or
any agreement executed in connection with this Agreement, or with any Applicable Law, with respect to any Collateral or the nonconformity
of any Collateral with any such Applicable Law;

 

(iv)         the
failure to vest and maintain vested in the Administrative Agent, as agent for the Secured Parties, an undivided security interest
in the Collateral, together with all Collections, free and clear of any Lien (other than Permitted Liens) whether existing at the
time of any Advance or at any time thereafter;

 

(v)          the
failure to maintain, as of the close of business on each Business Day prior to the Termination Date, an amount of Advances Outstanding
that is less than or equal to the Borrowing Base on such Business Day;

 

(vi)         the
failure to file, or any delay in filing, financing statements, continuation statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any
Advance or at any subsequent time, if such failure or delay (i) was caused by the Borrower or the Collateral Manager, (ii) could
have been cured by either the Collateral Manager or the Borrower and such cure was not effected in a timely manner or (iii) resulted
from a failure or delay by either the Borrower or the Collateral Manager to confirm satisfactory completion in a timely manner
of any and all actions they requested in order to maintain compliance with the UCC or such other Applicable Law;

 

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(vii)        any
dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment with respect
to any Collateral (including, without limitation, a defense based on the Collateral not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms);

 

(viii)       any
failure of the Borrower or the Collateral Manager to perform its duties or obligations in accordance with the provisions of this
Agreement or any of the other Transaction Documents to which it is a party or any failure by the Borrower or any Affiliate thereof
to perform its respective duties under any Underlying Instrument related to the Collateral;

 

(ix)          the
failure of the Collateral Custodian to remit any amounts held in the Collection Account pursuant to the instructions of the Collateral
Manager or the Administrative Agent (to the extent such Person is entitled to give such instructions in accordance with the terms
hereof) whether by reason of the exercise of set-off rights or otherwise;

 

(x)           any
inability to obtain any judgment in, or utilize the court or other adjudication system of, any state in which an Obligor may be
located as a result of the failure of the Borrower or the Collateral Manager to qualify to do business or file any notice or business
activity report or any similar report;

 

(xi)          any
action taken by the Borrower or the Collateral Manager in the enforcement or collection of any Collateral;

 

(xii)         any
products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort
arising out of or in connection with the Underlying Assets or services that are the subject of any Collateral;

 

(xiii)        the
failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including without limitation, sales, excise
or personal property taxes payable in connection with the Collateral;

 

(xiv)        any
repayment by the Administrative Agent or another Secured Party of any amount previously distributed in reduction of Advances Outstanding
or payment of Interest or any other amount due hereunder which amount the Administrative Agent or another Secured Party is required
to repay;

 

(xv)         except
with respect to funds held in the Collection Account and the Unfunded Exposure Account, the commingling of Collections on the Collateral
at any time with other funds;

 

(xvi)        any
investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the security interest in
the Collateral;

 

(xvii)       any
failure by the Borrower to give reasonably equivalent value to the Seller or the applicable third party transferor, in consideration
for the transfer by the Seller or such third party to the Borrower of any item of Collateral or any attempt by any Person to void
or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation,
any provision of the Bankruptcy Code;

 

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(xviii)      the
use of the proceeds of any Advance in a manner other than as provided in this Agreement, the Sale Agreement or the Master Participation
Agreement;

 

(xix)        the
failure of the Borrower or any of its agents or representatives to remit to the Collateral Manager or the Administrative Agent,
Collections on the Collateral remitted to the Borrower, the Collateral Manager or any such agent or representative as provided
in this Agreement; or

 

(xx)         the
failure of the Collateral Manager to satisfy its obligations under Section 10.2.

 

(b)            Any
amounts subject to the indemnification provisions of this Section 10.1 shall be paid by the Borrower to the Indemnified
Party pursuant to Section 2.7 or 2.8, as applicable, on the later of (i) the Payment Date following such
Person’s demand therefor and (ii) 30 days after the Borrower’s receipt from such Person of a reasonably detailed
description in writing of the related damage, loss, claim, liability and related costs and expenses.

 

(c)             If
for any reason the indemnification provided above in this Section 10.1 is unavailable to the Indemnified Party or is
insufficient to hold an Indemnified Party harmless, then the Borrower shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative
benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such
Indemnified Party as well as any other relevant equitable considerations; provided that, the Borrower shall not be required
to contribute in respect of any Indemnified Amounts excluded in Section 10.1(a).

 

(d)            The
obligations of the Borrower under this Section 10.1 shall survive the resignation or removal of the Administrative
Agent, the Collateral Manager or the Collateral Custodian and the termination of this Agreement.

 

Section 10.2.          Indemnities
by the Collateral Manager.

 

(a)            Without
limiting any other rights that any such Person may have hereunder or under Applicable Law, the Collateral Manager hereby agrees
to indemnify each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts awarded against or incurred
by any such Indemnified Party by reason of (x) any gross negligence or willful misconduct of the Collateral Manager or (y) any
acts or omissions of the Collateral Manager arising out of a breach of its obligations and duties under this Agreement and each
other Transaction Document to which it is a party, including, but not limited to (i) any representation or warranty made by
the Collateral Manager under or in connection with any Transaction Document or any other information or report delivered by or
on behalf of the Collateral Manager pursuant hereto, which shall have been false, incorrect or misleading in any material respect
when made or deemed made, (ii) the failure by the Collateral Manager to comply with any Applicable Law, (iii) the failure
of the Collateral Manager to comply with its duties or obligations in accordance with this Agreement, (iv) any gross negligence,
willful misconduct or fraud on the part of the Collateral Manager, (v) the imposition of any excise or other tax, fine or
penalty by the U.S. Internal Revenue Service or the U.S. Department of Labor as a result of a breach hereunder or (vi) any
litigation, proceedings or investigation against the Collateral Manager in connection with any Transaction Document or its role
as Collateral Manager hereunder solely to the extent of (I) any gross negligence or willful misconduct of the Collateral Manager
or (II) any acts or omissions of the Collateral Manager arising from the Collateral Manager’s breach of its obligations
and duties under this Agreement or any other Transaction Document to which it is a party (excluding, however, in each case, any
Indemnified Amounts to the extent resulting from gross negligence, bad faith or willful misconduct on the part of any Indemnified
Party as determined by a court of competent jurisdiction by final non-appealable judgment). The provisions of this indemnity shall
run directly to and be enforceable by an injured party subject to the limitations hereof.

 

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(b)            Any
amounts subject to the indemnification provisions of this Section 10.2 shall be paid by the Collateral Manager to the
Indemnified Party within five (5) Business Days following such Person’s demand therefor.

 

(c)            The
Collateral Manager shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes
recourse for uncollectible or uncollected Loans.

 

(d)            The
obligations of the Collateral Manager under this Section 10.2 shall survive the resignation or removal of the Administrative
Agent or the Collateral Custodian and the termination of this Agreement.

 

(e)            Any
indemnification pursuant to this Section 10.2 shall not be payable from the Collateral.

 

Section 10.3.         Taxes.

 

This Article X
(other than Section 10.1(a)(xiii)) shall not apply with respect to Taxes other than any Taxes that represent losses,
claims, damages, etc. arising from any non-Tax claim.

 

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ARTICLE XI.

 

THE ADMINISTRATIVE AGENT

 

Section 11.1.         Appointment.

 

Each Secured Party
hereby appoints and authorizes the Administrative Agent as its agent and bailee for purposes of perfection pursuant to the applicable
UCC and hereby further authorizes the Administrative Agent to appoint additional agents and bailees (including, without limitation,
the Collateral Custodian) to act on its behalf and for the benefit of each of the Secured Parties. Each Secured Party further authorizes
the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other
Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as
are reasonably incidental thereto. In furtherance, and without limiting the generality, of the foregoing, each Secured Party hereby
appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further
action that the Administrative Agent may deem necessary or appropriate or that a Secured Party may reasonably request in order
to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to
exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Administrative
Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative
to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or
appropriate for the purposes stated hereinabove. The Lenders may direct the Administrative Agent to take any such incidental action
hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Administrative Agent
hereunder, the Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to
act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Lenders;
provided that, the Administrative Agent shall not be required to take any action hereunder if the taking of such action,
in the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision
of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative
Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent
(either positive or negative) from such Person within ten (10) Business Days of such Person’s receipt of such request,
then such Lender shall be deemed to have declined to consent to the relevant action.

 

Section 11.2.          Standard
of Care; Exculpatory Provisions.

 

(a)            The
Administrative Agent shall exercise such rights and powers vested in it by this Agreement and the other Transaction Documents,
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs.

 

(b)            The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Transaction
Documents. Without limiting the generality of the foregoing, the Administrative Agent:

 

(i)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)           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 Transaction Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Transaction Documents), provided that, the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Transaction Document or Applicable Law; and

 

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(iii)          shall
not, except as expressly set forth herein and in the other Transaction Documents, 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 Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(c)            The
Administrative Agent shall not be liable to any Lender for any action taken or not taken by it (i) with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative
Agent shall believe in good faith shall be necessary) or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Collateral
Manager, the Borrower or a Lender.

 

(d)            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 Transaction 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 or the occurrence
of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Transaction Document
or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

Section 11.3.         Administrative
Agent’s Reliance, Etc.

 

Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it
or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for
its or their own gross negligence, bad faith or willful misconduct. Without limiting the foregoing, the Administrative Agent: (i) may
consult with legal counsel (including counsel for the Borrower or the Seller), Independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice
of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements,
warranties or representations made by any other Person in or in connection with this Agreement; (iii) shall not have any duty
to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or
any of the other Transaction Documents on the part of the Borrower, the Collateral Manager, the Equityholder or the Seller or to
inspect the property (including the books and records) of the Borrower, the Collateral Manager, the Equityholder or the Seller;
(iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto;
and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting
upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile)
believed by it to be genuine and signed or sent by the proper party or parties.

 

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Section 11.4.         Credit
Decision with Respect to the Administrative Agent.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent’s Affiliates,
and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into
this Agreement and the other Transaction Documents to which it is a party. Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent, or any of the Administrative Agent’s Affiliates, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under
this Agreement and the other Transaction Documents to which it is a party.

 

Section 11.5.          Indemnification
of the Administrative Agent.

 

Each Lender agrees
to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or the Collateral Manager), ratably in accordance
with its Pro Rata Share from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against
the Administrative Agent in any way relating to or arising out of this Agreement or any of the other Transaction Documents, or
any action taken or omitted by the Administrative Agent hereunder or thereunder; provided that, the Lenders shall not be
liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. Without limitation of
the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with its Pro Rata Share promptly
upon demand for any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such
expenses are incurred in the interests of or otherwise in respect of the Lenders hereunder and/or thereunder and to the extent
that the Administrative Agent is not reimbursed for such expenses by the Borrower or the Collateral Manager.

 

Section 11.6.          Successor
Administrative Agent.

 

The Administrative
Agent may resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below,
by giving at least five (5) days’ written notice thereof to each Lender and the Borrower and may be removed at any time
with cause by the Lenders acting jointly. Upon any such resignation or removal, the Lenders acting jointly shall appoint a successor
Administrative Agent with the consent of the Borrower, such consent not to be unreasonably withheld. Each of the Borrower and each
Lender agree that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent.
If no such successor Administrative Agent shall have been so appointed, and shall have accepted such appointment, within thirty
(30) days after the retiring Administrative Agent’s giving of notice of resignation or the removal of the retiring Administrative
Agent, then the retiring Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent with
the consent of the Borrower (not to be unreasonably withheld and only if no Default or Event of Default has occurred and is continuing)
which successor Administrative Agent shall be either (i) a commercial bank organized under the laws of the United States or
of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank.
Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any
retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article XI
shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under
this Agreement.

 

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Section 11.7.         Delegation
of Duties.

 

The Administrative
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Transaction Document
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 of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility as well as
activities as Administrative Agent.

 

Section 11.8.         Payments
by the Administrative Agent.

 

Unless specifically
allocated to a specific Lender pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf
of the Lenders shall be paid by the Administrative Agent to the Lenders in accordance with their respective Pro Rata Shares in
the applicable Advances Outstanding, or if there are no Advances Outstanding in accordance with their most recent Commitments,
on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day,
in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender on such Business Day,
but, in any event, shall pay such amounts to such Lender not later than the following Business Day.

 

Section 11.9.         Collateral
Matters.

 

Each of the Lenders
irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(a)            to
release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties,
under any Transaction Document (i) upon the termination of the Commitment and payment in full of all Obligations (other than
contingent indemnification obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Transaction Document, or (iii) if approved, authorized or ratified in writing in accordance with
Section 12.1; and

 

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(b)           to
subordinate or release any Lien on any Collateral granted to or held by the Administrative Agent under any Transaction Document
to the holder of any Permitted Lien.

 

(c)           Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release or subordinate its interest in particular types or items of property pursuant to this Section 11.9.
In each case as specified in this Section 11.9, the Administrative Agent will, at the Borrower’s expense, execute
and deliver to the applicable loan party such documents as such loan party may reasonably request to evidence the release of such
item of Collateral from the assignment and security interest granted under the Transaction Documents or to subordinate its interest
in such item, in each case in accordance with the terms of the Transaction Documents and this Section 11.9.

 

ARTICLE XII.

 

MISCELLANEOUS

 

Section 12.1.        Amendments
and Waivers.

 

Except as provided
in this Section 12.1, no amendment, waiver or other modification of any provision of this Agreement shall be effective
without the written agreement of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent and the Required
Lenders; provided that (i) any amendment of the Agreement that is solely for the purpose of adding a Lender may be
effected without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver or modification materially
adversely affecting the rights or obligations of the Collateral Custodian shall be effective without the written agreement of such
Person, and (iii) any amendment of the Agreement that a Lender is advised by its legal or financial advisors to be necessary
in order to avoid the consolidation of the Borrower with such Lender for accounting purposes may be effected without the written
consent of any other Lender but with the written consent of the Borrower (not to be unreasonably withheld).

 

(a)           Benchmark
Replacement Settings

 

(1)            (A)          Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance
with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect
of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance
with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark
setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such
Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to,
this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice
of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

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(B)            Notwithstanding
anything to the contrary herein or in any other Transaction Document, if a Term SOFR Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable
Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect
of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other
party to, this Agreement or any other Transaction Document; provided that this clause (B) shall not be effective unless
the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative
Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so
in its sole discretion.

 

(2)           Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement or any other Transaction Document.

 

(3)           Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower, the Collateral Manager,
the Collateral Custodian and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Benchmark
Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 12.1(a)(4) below and (E) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders
pursuant to this Section 12.1, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any
other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 12.1.

 

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(4)           Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including
Term SOFR or LIBOR Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion (in consultation
with the Borrower) or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement
or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative
Agent may modify the definition of “Accrual Period” for any Benchmark settings at or after such time to remove such
unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either
(1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is
not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Administrative Agent may modify the definition of “Accrual Period” for all Benchmark settings
at or after such time to reinstate such previously removed tenor.

 

(5)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a borrowing of, conversion to or continuation of Advances to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into
a request for a borrowing of or conversion to Advances. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark
or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

 

Section 12.2.         Notices,
Etc.

 

All notices, reports
and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by
facsimile copy) and mailed, e-mailed, faxed, transmitted or delivered, as to each party hereto, at its address set forth on Annex
A to this Agreement or at such other address as shall be designated by such party in a written notice to the other parties
hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days
after being deposited in the United States mail, first class postage prepaid, (b) notice by e-mail, when verbal or electronic
communication of receipt is obtained, or (c) notice by facsimile copy, when verbal communication of receipt is obtained.

 

Section 12.3.        Ratable
Payments.

 

If any Lender, whether
by setoff or otherwise, has payment made to it with respect to any portion of the Obligations owing to such Lender (other than
payments received pursuant to Section 10.1) in a greater proportion than that received by any other Lender, such Lender
agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of the Obligations held by the other
Lenders so that after such purchase each Lender will hold its ratable proportion of the Obligations; provided that, if all
or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase
price restored to the extent of such recovery, but without interest.

 

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Section 12.4.        No
Waiver; Remedies.

 

No failure on the part
of the Administrative Agent, the Collateral Custodian or a Secured Party to exercise, and no delay in exercising, any right or
remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude
any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative
and not exclusive of any rights and remedies provided by law.

 

Section 12.5.        Binding
Effect; Benefit of Agreement.

 

This Agreement shall
be binding upon and inure to the benefit of the Borrower, the Equityholder, the Collateral Manager, the Administrative Agent, the
Collateral Custodian, the Secured Parties and their respective successors and permitted assigns. Each Affected Party and each Indemnified
Party shall be an express third party beneficiary of this Agreement.

 

Section 12.6.        Term
of this Agreement.

 

This Agreement, including,
without limitation, the Borrower’s representations and covenants set forth in Articles IV and V, and the
Collateral Manager’s representations, covenants and duties set forth in Articles IV and V, create and
constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect
during the Covenant Compliance Period; provided that, the rights and remedies with respect to any breach of any representation
and warranty made or deemed made by the Borrower or the Collateral Manager pursuant to Articles IV and V, the
provisions, including, without limitation the indemnification and payment provisions, of Article X, Section 2.13,
Section 12.9, Section 12.10 and Section 12.11, shall be continuing and shall survive any termination
of this Agreement.

 

Section 12.7.        Governing
Law; Waiver of Jury Trial.

 

THIS AGREEMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

 

Section 12.8.        Consent
to Jurisdiction; Waiver of Objection to Venue; Waivers.

 

Each of the parties
hereto hereby irrevocably and unconditionally:

 

(a)            submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Transaction Documents to
which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York,
and appellate courts from any thereof;

 

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(b)           consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c)           agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such party;

 

(d)           agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e)           waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 12.8 any special, exemplary, punitive or consequential damages; provided that nothing
contained in this sentence shall limit the Borrower’s indemnification obligations hereunder to the extent such damages are
included in a third party claim in connection with which an Indemnified Party is entitled to indemnification hereunder.

 

Section 12.9.        Costs
and Expenses.

 

(a)           In
addition to the rights of indemnification granted to the Indemnified Parties under Article X hereof, the Borrower agrees
to pay on the later of the next Payment Date and 30 days after receipt of a request for payment of all costs and expenses of the
Administrative Agent and the Collateral Custodian incurred in connection with the preparation, execution, delivery, administration
(including periodic auditing subject to Sections 5.1(d), 5.3(d) and 7.10), renewal, amendment or modification
of, or any waiver or consent issued in connection with, this Agreement and the other documents to be delivered hereunder or in
connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative
Agent and the Collateral Custodian with respect thereto and with respect to advising the Administrative Agent and the Collateral
Custodian as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or
in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by the Administrative
Agent, the Collateral Custodian or the Secured Parties in connection with the enforcement of this Agreement by such Person and
the other documents to be delivered hereunder or in connection herewith.

 

(b)           The
Borrower shall pay on the later of the next Payment Date and 30 days after receipt of a request therefor, all other reasonable
costs and expenses incurred by the Administrative Agent and the Secured Parties, in each case in connection with periodic audits
of the Borrower’s or the Collateral Manager’s books and records and required to be reimbursed by the Borrower or the
Collateral Manager pursuant to this Agreement.

 

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Section 12.10.      No
Proceedings.

 

Each of the parties
hereto (other than the Administrative Agent) hereby agrees that it will not institute against, or join any other Person in instituting
against, the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference
period as shall then be in effect) since the end of the Covenant Compliance Period. The provisions of this Section 12.10
are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are
an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this
Section 12.10 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive
relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding
up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy or similar laws of any jurisdiction.
The provisions of this paragraph shall survive the termination of this Agreement.

 

Section 12.11.      Recourse
Against Certain Parties.

 

(a)           No
recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees
or any other obligations) of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the
Equityholder as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or
in connection herewith shall be had against any incorporator, affiliate, stockholder, officer, partner, employee, member, manager
or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder
by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed and understood that the agreements of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager,
the Seller or the Equityholder contained in this Agreement and all of the other agreements, instruments and documents entered into
by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of the Administrative Agent,
any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder, and that no personal liability whatsoever
shall attach to or be incurred by the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller
or the Equityholder or any incorporator, stockholder, affiliate, officer, partner, member, manager, employee or director of the
Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller or the Equityholder under or by reason
of any of the obligations, covenants or agreements of the Administrative Agent, any Secured Party, the Borrower, the Collateral
Manager, the Seller or the Equityholder contained in this Agreement or in any other such instruments, documents or agreements,
or that are implied therefrom, and that any and all personal liability of the Administrative Agent, any Secured Party, the Borrower,
the Collateral Manager, the Seller or the Equityholder and each incorporator, stockholder, affiliate, officer, partner, member,
manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, the Seller
or the Equityholder, or any of them, for breaches by the Administrative Agent, any Secured Party, the Borrower, the Collateral
Manager, the Seller or the Equityholder of any such obligations, covenants or agreements, which liability may arise either at common
law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for
the execution of this Agreement; provided that, the foregoing non-recourse provisions shall in no way affect any rights
the Secured Parties might have against any incorporator, affiliate, stockholder, officer, employee, member, manager or director
of the Borrower, the Collateral Manager, the Seller or the Equityholder to the extent of any fraud, misappropriation, embezzlement
or any other financial crime constituting a felony by such Person.

 

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(b)           Notwithstanding
any contrary provision set forth herein, no claim may be made by the Borrower, the Collateral Manager, the Seller or the Equityholder
or any other Person against the Administrative Agent and the Secured Parties or their respective Affiliates, directors, officers,
employees, member, manager, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any
claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this
Agreement, or any act, omission or event occurring in connection therewith; and each of the Borrower and the Collateral Manager
hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known
or suspected.

 

(c)           No
obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent and the Secured
Parties under or as a result of this Agreement and the transactions contemplated hereby.

 

(d)           The
provisions of this Section 12.11 shall survive the termination of this Agreement.

 

Section 12.12.      Protection
of Right, Title and Interest in the Collateral; Further Action Evidencing Advances.

 

(a)           The
Collateral Manager shall take such actions as are necessary or reasonably requested by the Administrative Agent to enable the Administrative
Agent to promptly record, register or file, as applicable, this Agreement, all amendments hereto and/or all financing statements
and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent,
as agent for the Secured Parties, and of the Secured Parties to the Collateral, and at all times to be kept recorded, registered
and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest
of the Administrative Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral. The Borrower
shall cooperate fully with the Collateral Manager in connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the intent of this Section 12.12(a).

 

(b)           The
Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and documents,
and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence
the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce
their rights and remedies hereunder or under any other Transaction Document.

 

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(c)           If
the Borrower, the Collateral Manager, the Seller or the Equityholder fails to perform any of its obligations hereunder, the Administrative
Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative
Agent’s or such Secured Party’s costs and expenses incurred in connection therewith shall be payable by the Borrower
as provided in Article X. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative
Agent as its attorney-in-fact to act on behalf of the Borrower (i) to execute on behalf of the Borrower as debtor and to file
financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the
perfection and priority of the interest of the Secured Parties in the Collateral, including those that describe the Collateral
as “all assets,” or words of similar effect, and (ii) to file a carbon, photographic or other reproduction of
this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative
Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests
of the Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable.

 

(d)           Without
limiting the generality of the foregoing, the Borrower will, not earlier than six (6) months and not later than three (3) months
prior to the fifth anniversary of the date of filing of the financing statement referred to in Section 3.1(i) or
any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant
Compliance Period shall have ended, authorize, execute and deliver and file or cause to be filed an appropriate continuation statement
with respect to such financing statement.

 

Section 12.13.      Confidentiality.

 

(a)            Each
of the Administrative Agent, the Secured Parties, the Collateral Manager, the Collateral Custodian, the Equityholder and the Borrower
shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the Agreement and all information
with respect to the other parties, including all information regarding the business and beneficial ownership of the Borrower, the
Equityholder and the Collateral Manager hereto and their respective businesses obtained by it or them in connection with the structuring,
negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may
(i) disclose such information to its external accountants, investigators, auditors, attorneys, investors, potential investors
(in the case of the Equityholder), affiliates or other agents, including any Approved Broker Dealer or Approved Valuation Firm,
engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Loans
contemplated herein and the agents of such Persons (“Excepted Persons”); provided that, each Excepted
Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative Agent, the Secured Parties, the
Collateral Manager, the Collateral Custodian, the Equityholder and the Borrower that such information shall be used solely in connection
with such Excepted Person’s evaluation of, or relationship with, the Borrower and its affiliates, (ii) disclose the
existence of the Agreement, but not the financial terms thereof, (iii) disclose such information as is required by Applicable
Law and (iv) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law
or in equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing
its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of
the Transaction Documents. It is understood that the financial terms that may not be disclosed except in compliance with this Section 12.13(a) include,
without limitation, all fees and other pricing terms, and all Events of Default, Collateral Manager Defaults, and priority of payment
provisions.

 

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(b)           Anything
herein to the contrary notwithstanding, each of the Borrower, the Equityholder and the Collateral Manager hereby consents to the
disclosure of any nonpublic information with respect to it (i) to the Administrative Agent, the Collateral Custodian or the
Secured Parties by each other, (ii) by the Administrative Agent, the Collateral Custodian and the Secured Parties to any prospective
or actual assignee or participant of any of them provided such Person agrees to hold such information confidential in accordance
with the terms hereof, or (iii) by the Administrative Agent, and the Secured Parties to any Rating Agency, any commercial
paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Lender, and to any officers, directors,
employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential
nature of such information. In addition, the Secured Parties, the Administrative Agent, may disclose any such nonpublic information
as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority
or proceedings (whether or not having the force or effect of law).

 

(c)           Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information
that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable
statute, law, rule or regulation, (b) to any government agency or regulatory body having or claiming authority to regulate
or oversee any respects of the Administrative Agents’, the Secured Parties’, the Collateral Custodian’s, the
Borrower’s, the Equityholder’s business or that of their affiliates, (c) pursuant to any subpoena, civil investigative
demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent,
the Secured Parties, the Collateral Custodian, the Borrower, the Equityholder or an officer, director, employee, shareholder, partner,
manager, member or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration
statement or contract or other document approved in advance by the Borrower, the Collateral Manager or the Equityholder or (e) to
any affiliate, independent or internal auditor, agent (including any potential sub-or-successor servicer), employee or attorney
of the Collateral Custodian having a need to know the same, if the Collateral Custodian advises such recipient of the confidential
nature of the information being disclosed and such person agrees to the terms hereof for the benefit of the Borrower, the Collateral
Manager and the Equityholder; or (iii) any other disclosure authorized by the Borrower, the Collateral Manager and the Equityholder,
as applicable.

 

(d)           Notwithstanding
any other provision of this Agreement, the Borrower, the Equityholder and the Collateral Manager shall each have the right to keep
confidential from the Administrative Agent, the Collateral Custodian and/or the Secured Parties, for such period of time as the
Borrower, the Equityholder and/or the Collateral Manager, as the case may be, determines is reasonable (i) any information
that the Borrower, the Equityholder and/or the Collateral Manager, as the case may be, reasonably believes to be in the nature
of trade secrets and (ii) any other information that the Borrower, the Equityholder, the Collateral Manager or any of their
Affiliates, or the officers, employees, partners, members, managers or directors of any of the foregoing, is required by law to
keep confidential as evidenced by an Opinion of Counsel.

 

    137

     

    

 

(e)            Each
of the Administrative Agent, the Secured Parties and the Collateral Custodian will keep the information of the Obligors confidential
in the manner required by the applicable Underlying Instruments.

 

Section 12.14.      Execution
in Counterparts; Severability; Integration.

 

This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each
of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized
individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied
manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable.
Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the UCC or other Signature Law due to the character or intended character of the writings. In case any provision in or obligation
under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability
of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way
be affected or impaired thereby. This Agreement, the other Transaction Documents and any agreements or letters (including fee letters)
executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with
respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject
matter hereof, superseding all prior oral or written understandings.

 

Section 12.15.      Waiver
of Setoff.

 

Each of the parties
hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against
any Lender or its assets.

 

    138

     

    

 

Section 12.16.      Status
of Lenders; Assignments by the Lenders.

 

(a)           Each
Lender represents and warrants to the Borrower that it is a “qualified institutional buyer” as defined in Rule 144A
of the Securities Act. Each Lender may at any time assign, or grant a security interest or sell a participation interest in or
sell any Advance (or portion thereof) to any Person; provided that, as applicable, (i) no transfer of any Advance (or
any portion thereof) shall be made unless such transfer is exempt from the registration requirements of the Securities Act and
any applicable state securities laws or is made in accordance with the Securities Act and such laws, (ii) the transfer is
made only to a person who is (A) either an “accredited investor” as defined in paragraphs (a)(1), (2), (3), or
(7) of Rule 501 of Regulation D under the Securities Act or any entity in which all of the equity owners come within
such paragraphs or to a “qualified institutional buyer” as defined in Rule 144A under the Securities Act and (B) a
 “qualified purchaser” as defined in the 1940 Act, (iii) no such assignment, grant or sale of a participation interest
shall be to an Ineligible Assignee, (iv) such Person shall have a long-term unsecured debt rating of “A” or better
by S&P and “A3” or better by Moody’s, (v) Wells Fargo shall (A) unless required by Applicable Law
(including, without limitation, the Volcker Rule) not assign more than 49% of the Facility Amount and (B) retain all Eligible
Loan approval rights pursuant to clause (B) of the definition of “Eligible Loan” and (vi) in the case of
an assignment of any Advance (or any portion thereof) the assignee executes and delivers to the Collateral Manager, the Equityholder,
the Borrower and the Administrative Agent a fully executed Joinder Supplement substantially in the form of Exhibit I
hereto. The parties to any such assignment, grant or sale of a participation interest shall execute and deliver to the applicable
Lender for its acceptance and recording in its books and records, such agreement or document as may be satisfactory to such parties.
The Borrower agrees that each participant shall be entitled to the benefits of Sections 2.12 and 2.13 (subject to
the requirements and limitations therein, including the requirements under Section 2.13(g) (it being understood
that the documentation required under Section 2.13(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 this Section 12.16(a); provided
that, such participant shall not be entitled to receive any greater payment under Sections 2.12 or 2.13, with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a change in Applicable Law that occurs after the participant acquired the applicable
participation. The Borrower shall not assign or delegate, or grant any interest in, or permit any Lien to exist upon, any of the
Borrower’s rights, obligations or duties under the Transaction Documents without the prior written consent of the Administrative
Agent. Notwithstanding anything contained in this Agreement to the contrary, Wells Fargo shall not need prior consent of the Borrower
to consolidate with or merge into any other Person or convey or transfer substantially all of its properties and assets, including
without limitation any Advance (or portion thereof), to any Person.

 

(b)           The
Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its lending offices, a copy
of each transfer pursuant to Section 12.16(a) delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). Transfer by a Lender of its rights hereunder
may be effected only by the recording by the Administrative Agent of the identity of the transferee in the Register. No assignment
or other transfer of a Lender’s interest in an advance shall be valid unless recorded in the Register. The entries in the
Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The register shall be available for inspection by Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

    139

     

    

 

Each Lender that sells
a participation interest hereunder shall, acting solely for this purpose as an 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 such participant’s
interest in the obligations under the Transaction 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 obligations under any Transaction Document) to any Person
except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. No sale of a participation shall be valid unless recorded in the Participant Register.
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. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

 

Section 12.17.      Heading
and Exhibits.

 

The headings herein
are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules
and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement
for all purposes.

 

Section 12.18.      Intent
of the Parties.

 

It is the intent and
understanding of each party hereto that the Advances are loans from the Lenders to the Borrower and do not constitute a “security”
within the meaning of Section 8-102(15) of the UCC.

 

Section 12.19.      Recognition
of the U.S. Special Resolution Regimes.

 

In the event that the
Borrower becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Borrower of this Agreement
and/or any other Transaction Document, and any interest and obligation in or under this Agreement and/or any other Transaction
Document, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement and/or any other the Transaction Document, and any such interest and obligation, were governed by the laws of the United
States or a state of the United States.

 

In the event that the
Borrower or a BHC Act Affiliate of the Borrower becomes subject to a proceeding under a U.S. Special Resolution Regime, Default
Rights under this Agreement and/or any other Transaction Document that may be exercised against the Borrower are permitted to be
exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
and/or any other Transaction Document were governed by the laws of the United States or a state of the United States.

 

    140

     

    

 

[Remainder of Page Intentionally
Left Blank.]

 

    141

     

    

 

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

	BORROWER:	NMF SLF I SPV, L.L.C., as the Borrower
	 	 
	 	By: New Mountain Finance Advisers BDC, L.L.C., its Manager
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	EQUITYHOLDER AND SELLER:	NMF SLF I, INC., as the Equityholder and as the Seller
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	COLLATERAL MANAGER:	New Mountain Finance Advisers BDC,
                                   L.L.C., as Collateral Manager
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures Continued on the Following
Page]

 

Signature
Page to LSA

 

     

     

    

 

	THE ADMINISTRATIVE AGENT	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	LENDER:	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures Continued on the Following
Page]

 

Signature
Page to LSA

 

     

     

    

 

	THE COLLATERAL CUSTODIAN:	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Custodian
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to LSA

 

     

     

    

 

Annex A

 

NMF SLF I SPV, L.L.C. 

NMF SLF I, INC. 

c/o New Mountain Finance Advisers BDC, L.L.C.

787 Seventh Avenue, 49th Floor

New York, NY 10019

Attention: Shiraz Kajee and Holly Lau

Fax: (212) 720-0351

 

     

     

    

 

Annex A (Continued)

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

550 South Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2489

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Lender

550 South Tryon Street

Charlotte, NC 28202

Attention: Corporate Debt Finance

Facsimile: (704) 715-0067

Confirmation: (704) 410-2489

All electronic dissemination of Notices should be sent to scp.mmloans@wellsfargo.com and agencyservices.request@wellsfargo.com

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Custodian

For notices

 

Wells Fargo Bank, National Association 

Corporate Trust Services Division 

9062 Old Annapolis Rd. 

Columbia, Maryland 21045 

Attn: CDO Trust Services—New Mountain
Capital 

Fax: (410) 715-3748 

Phone(410) 884-2000

 

     

     

    

 

Annex B

 

	Lender	 	Commitment	 
	Wells Fargo Bank, National Association	 	$	250,000,000	 

 

     

     

    

 

Annex C

 

	1	 	 	2	 	 	 	3	 	 	 	4	 
	Facility Amount1,2	 	$	250,000,000	 	 	$	300,000,000	 	 	$	350,000,000	 
	Eligible Loan	 	 	 	 	 	 	 	 	 	 	 	 
	Clause (z) Non-US Loans	 	$	25,000,000	 	 	$	30,000,000	 	 	$	35,000,000	 
	Clause (y) Unfunded	 	$	25,000,000	 	 	$	30,000,000	 	 	$	35,000,000	 
	Clause (aa) Fixed Rate	 	$	25,000,000	 	 	$	30,000,000	 	 	$	35,000,000	 
	Clause (dd)(i) 2 Largest Obligors	 	$	25,000,000	 	 	$	30,000,000	 	 	$	35,000,000	 
	Clause (dd)(ii) Next 3 Largest Obligors	 	$	20,500,000	 	 	$	25,000,000	 	 	$	27,000,000	 
	Clause (dd)(iii) All Other Obligors	 	$	16,500,000	 	 	$	20,000,000	 	 	$	23,000,000	 
	Clause (ee) Second Lien Loans	 	$	12,500,000	 	 	$	15,000,000	 	 	$	17,500,000	 
	Required Minimum Equity Amount	 	 	 	 	 	 	 	 	 	 	 	 
	Clause (x)	 	$	70,500,000	 	 	$	85,000,000	 	 	$	100,000,000	 

 

 

1
If the current Facility Amount is not equal to an amount set forth in the “Facility Amount” row, then
the applicable Facility Amount shall be the next lowest amount set forth in the “Facility Amount” row.

2
If the Facility Amount is reduced below $250,000,000, each number in column 1 of the above chart shall be agreed
to in writing (including via email) at the time of such reduction by the Borrower and the Administrative Agent.

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