Document:

Exhibit 10.1

 

AMENDMENT NO. 8 TO AMENDED AND RESTATED
SENIOR

SECURED REVOLVING CREDIT AGREEMENT 

 

This AMENDMENT NO. 8 (this “Amendment”)
with respect to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 22, 2011 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), is made as of July
14, 2017, among Fifth Street Finance Corp., a Delaware corporation (the “Borrower”), FSFC Holdings, Inc., a
Delaware corporation (“FSFC”), Fifth Street Fund of Funds LLC, a Delaware limited liability company (“Fifth
Street”; collectively with FSFC, the “Subsidiary Guarantors”), the Lenders party hereto (the “Lenders”),
and ING CAPITAL LLC, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders
under the Credit Agreement and as collateral agent for the parties defined as “Secured Parties” under the Guarantee
and Security Agreement. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement. 

 

WITNESSETH:

 

WHEREAS, pursuant to the Credit Agreement,
the Lenders have made certain loans and other extensions of credit to the Borrower;

 

WHEREAS, Fifth Street Management LLC, a Delaware
limited liability company (“Fifth Street Management”), has entered into that certain Asset Purchase Agreement,
dated as of July 13, 2017, by and among the Oaktree Buyer (as defined therein), Fifth Street Management and the other parties thereto
(including all schedules, exhibits, amendments and supplements thereto, the “Asset Purchase Agreement”), pursuant
to which an Affiliate of Oaktree Capital Management, L.P., a Delaware limited partnership, may become the Borrower’s investment
advisor subject to the terms and conditions set forth therein;

 

WHEREAS, in connection with the transactions
contemplated by the Asset Purchase Agreement, the Borrower has requested that the Lenders amend certain provisions of the Credit
Agreement, and the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions
contained in this Amendment; provided that the effectiveness of the amendments to certain negative covenants of the Credit
Agreement (such amendments, the “Covenant Amendments”) shall be subject to written consent by Lenders holding
not less than two-thirds of the total Revolving Credit Exposures and unused Commitments evidenced by counterparts of this Amendment
signed by such Lenders; and

 

WHEREAS, the Borrower
desires to obtain, and each of the Lenders party hereto has agreed to provide, Commitments with an extended availability period
(collectively, the “Extended Commitments”) in an aggregate principal amount of $525 million with each Lender’s
Extended Commitment in a principal amount equal to the amount set forth opposite its name on Schedule 1.01(b) to the Amended
Credit Agreement; provided that the effectiveness of such Extended Commitments shall be subject to written consent by all
Lenders evidenced by counterparts of this Amendment signed by each Lender.

 

     

     

    

 

NOW THEREFORE, in consideration of the promises
and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION I AMENDMENT TO
CREDIT AGREEMENT

 

1.1           Amendment
of the Credit Agreement. Effective as of the Effective Date (as defined below), and subject to the terms and conditions set
forth herein, the Credit Agreement is hereby amended as described in the marked version attached hereto as Exhibit A (the
“Amended Credit Agreement”).

 

SECTION II MISCELLANEOUS

 

2.1.           Conditions to Effectiveness of
Amendment. The amendments set forth in Section I shall become effective as of the date (the “Effective Date”)
on which each of the following conditions precedent have been satisfied (unless a condition shall have been waived in accordance
with Section 9.02 of the Amended Credit Agreement):

 

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

 

(1)         Executed
Counterparts. From the Required Lenders, the Administrative Agent and the Obligors, either (x) a counterpart of this Amendment
signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of
this Amendment.

 

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

 

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

 

     

     

    

 

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

 

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

 

(d)          No
Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments
pending or, to the knowledge of a Financial Officer of the Borrower, threatened in any court or before any arbitrator or Governmental
Authority that relates to this Amendment or that could have a Material Adverse Effect.

 

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

 

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

 

(g)          Default.
No Default or Event of Default shall have occurred and be continuing under the Credit Agreement, immediately before and after giving
effect to this Amendment.

 

     

     

    

 

(h)          Financial
Covenants. The Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07 of the Credit Agreement
(as amended hereby) at the time of the Effective Date.

 

(i)          Purchase
Agreement. Borrower shall have delivered an executed copy of the Asset Purchase Agreement to the Administrative Agent.

 

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

 

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

 

The contemporaneous exchange and release
of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Amendment effective and
any such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as
applicable) of any condition precedent to such effectiveness set forth above.

 

2.2.         Conditions
to the Covenant Amendments. The Covenant Amendments shall become effective as of July 13, 2017 (the “Covenant Effective
Date”).

 

2.3.         Conditions to the Extended Commitments.
The Extended Commitments shall become effective as of July 13, 2017 (the “Extension Effective Date”).

 

2.4.         Representations and Warranties.
To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent
and each of the Lenders that, as of the Effective Date and after giving effect to this Amendment:

 

(a)          
This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes
a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms, except
as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general
applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). The Credit Agreement, as amended
by this Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its respective
terms, except as such enforceability may be limited by (x) bankruptcy, insolvency, reorganization, moratorium or similar laws
of general applicability affecting the enforcement of creditors’ rights and (y) the application of general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

     

     

    

 

(b)          The
representations and warranties set forth in Article 3 of the Credit Agreement and the representations and warranties in each other
Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality
or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Effective Date, or, as to any such
representations and warranties that refer to a specific date, as of such specific date.

 

2.5.          Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the
entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment
by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

2.6.          Payment of Fees and Expenses.
The Borrower agrees to (i) on the Effective Date, pay and reimburse the Administrative Agent for all of its reasonable and documented
out-of-pocket costs and expenses incurred in connection with the Amended Credit Agreement, including, without limitation, the reasonable
fees, charges and disbursements of legal counsel to the Administrative Agent and such other amounts at the times set forth in the
fee letter dated on the date hereof and (ii) subject to the occurrence of the Extension Effective Date, on the Extension Effective
Date, pay to the Administrative Agent on behalf of each Lender an upfront fee equal to 0.10% of the aggregate amount of such Lender’s
Extended Commitment.

 

2.7.          GOVERNING LAW. THIS AMENDMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

2.8.          Incorporation of Certain Provisions.
The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement are hereby incorporated by reference mutatis
mutandis as if fully set forth herein.

 

2.9.          Effect of Amendment. Except
as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise
affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower or the Subsidiary Guarantors
under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend
or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement
or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of,
any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document
in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions amended
herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and
be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document shall mean the
Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

     

     

    

 

2.10.        Consent and Affirmation.
Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary Guarantors hereby,
to the extent applicable, as of the Effective Date (i) consents to this Amendment and the transactions contemplated hereby, (ii)
agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) confirms
its guarantee (solely in the case of Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security Agreement
and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee
and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant, as applicable, is in full force and
effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).

 

2.11.        No Novation. This Amendment
is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement, the Security Agreement
or the other Loan Documents or an accord and satisfaction in regard thereto.

 

[Signature pages follow]

 

     

     

    

 

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

 

	 	FIFTH STREET FINANCE CORP., as Borrower

 

	 	By:	/s/ Bernard D. Berman
	 	Name: Bernard D. Berman
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	FSFC HOLDINGS, INC., as Subsidiary Guarantor
	 	 
	 	By:	/s/ Bernard D. Berman
	 	Name: Bernard D. Berman
	 	Title: President
	 	 
	 	FIFTH STREET FUND OF FUNDS LLC, as Subsidiary Guarantor
	 	 
	 	By:	/s/ Bernard D. Berman
	 	Name: Bernard D. Berman
	 	Title: President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent

 

	 	By:	/s/ Patrick Frisch
	 	Name: Patrick Frisch
	 	Title: Managing Director
	 	 
	 	By:	/s/ Dina Kook
	 	Name: Dina Kook
	 	Title: Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	BANKUNITED, N.A., as a Lender

 

	 	By:	/s/ George Manchenko
	 	Name: George Manchenko
	 	Title: Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	Barclays Bank PLC, as a Lender
	 	 
	 	By:	/s/ Vanessa Kurbatskiy
	 	Name: Vanessa Kurbatskiy
	 	Title: Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	CIT FINANCE LLC, as a Lender
	 	 
	 	By:	/s/ Robert L. Klein
	 	Name: Robert L. Klein
	 	Title: Director

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

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

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	Deutsche Bank AG, New York Branch, as a Lender
	 	 
	 	By:	/s/ Virginia Cosenza
	 	Name: Virginia Cosenza
	 	Title: Vice President
	 	 
	 	By:	/s/ Ming K. Chu
	 	Name: Ming K. Chu
	 	Title: Director

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender
	 	 
	 	By:	/s/ Ushma Dedhiya
	 	Name: Ushma Dedhiya
	 	Title: Authorized Signatory

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	J.P. Morgan Chase Bank N.A., as a Lender
	 	 
	 	By:	/s/ Matthew Griffith
	 	Name: Matthew Griffith
	 	Title: Executive Director

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	KeyBank National Association, as a Lender
	 	 
	 	By:	/s/ Richard Andersen
	 	Name: Richard Andersen
	 	Title: Designated Signer

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	MORGAN STANLEY BANK, N.A., as a Lender
	 	 
	 	By:	/s/ Dmitriy Barskiy
	 	Name: Dmitriy Barskiy
	 	Title: Authorized Signatory

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	Raymond James Bank, N.A., as a Lender
	 	 
	 	By:	/s/ H. Fred Coble, Jr.
	 	Name: H. Fred Coble, Jr.
	 	Title: Senior Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as a Lender
	 	 
	 	By:	/s/ Glenn Van Allen
	 	Name: Glenn Van Allen
	 	Title: Authorized Signatory

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	Stifel Bank & Trust, as a Lender
	 	 
	 	By:	/s/ Joseph L. Sooter, Jr.
	 	Name: Joseph L. Sooter, Jr.
	 	Title: Senior Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as a Lender
	 	 
	 	By:	/s/ Hitoshi Ryoji
	 	Name: Hitoshi Ryoji
	 	Title: Managing Director

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	TriState Capital Bank, as a Lender
	 	 
	 	By:	/s/ Ellen Frank
	 	Name: Ellen Frank
	 	Title: Senior Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	UBS AG, Stamford Branch, as a Lender
	 	 
	 	By:	/s/ Houssem Daly
	 	Name: Houssem Daly
	 	Title: Associate Director
	 	 
	 	By:	/s/ Kenneth Chin
	 	Name: Kenneth Chin
	 	Title:

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

	 	Webster Bank, as a Lender
	 	 
	 	By:	/s/ Stephen Corcoran
	 	Name: Stephen  Corcoran
	 	Title: Senior Vice President

 

[Amendment No. 8 to Revolving Credit Agreement]

 

     

     

    

 

Exhibit
A

 

Composite Conformed Copy

[through Amendment No.78]

 

 

 

AMENDED AND RESTATED SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

February 22, 2011

 

among

 

FIFTH STREET FINANCE CORP.

as Borrower

 

The LENDERS Party Hereto

 

and

 

ING CAPITAL LLC

as Administrative Agent

 

 

 

ING CAPITAL LLC

as Arranger and Bookrunner

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	 
	DEFINITIONS
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	3032
	Section 1.03.	Terms Generally	3032
	Section 1.04.	Accounting Terms; GAAP	3032
	 	 	 
	Article II
	 
	THE CREDITS
	 	 	 
	Section 2.01.	The Commitments	3133
	Section 2.02.	Loans and Borrowings	3133
	Section 2.03.	Requests for Borrowings	3234
	Section 2.04.	Letters of Credit	3335
	Section 2.05.	Funding of Borrowings	3739
	Section 2.06.	Interest Elections	3840
	Section 2.07.	Termination, Reduction or Increase of the Commitments	3941
	Section 2.08.	Repayment of Loans; Evidence of Debt	4244
	Section 2.09.	Prepayment of Loans	4345
	Section 2.10.	Fees	4547
	Section 2.11.	Interest	4648
	Section 2.12.	Alternate Rate of Interest	4749
	Section 2.13.	Increased Costs	4749
	Section 2.14.	Break Funding Payments	4850
	Section 2.15.	Taxes	4951
	Section 2.16.	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	5254
	Section 2.17.	Defaulting Lenders	5456
	Section 2.18.	Mitigation Obligations; Replacement of Lenders	5558
	 	 	 
	Article III
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	Section 3.01.	Organization; Powers	5759
	Section 3.02.	Authorization; Enforceability	5760
	Section 3.03.	Governmental Approvals; No Conflicts	5760
	Section 3.04.	Financial Condition; No Material Adverse Effect	5760
	Section 3.05.	Litigation	5861
	Section 3.06.	Compliance with Laws and Agreements	5861
	Section 3.07.	Taxes	5861

 

    (i)

     

    

 

	Section 3.08.	ERISA	5861
	Section 3.09.	Disclosure	5861
	Section 3.10.	Investment Company Act; Margin Regulations	5962
	Section 3.11.	Material Agreements and Liens	5962
	Section 3.12.	Subsidiaries and Investments	6063
	Section 3.13.	Properties	6063
	Section 3.14.	Solvency	6063
	Section 3.15.	Affiliate Agreements	6063
	Section 3.16.	Structured Subsidiaries	6164
	 	 	 
	Article IV
	 
	CONDITIONS
	 	 	 
	Section 4.01.	Restatement Effective Date	6164
	Section 4.02.	Each Credit Event	6366
	 	 	 
	Article V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	Section 5.01.	Financial Statements and Other Information	6467
	Section 5.02.	Notices of Material Events	6669
	Section 5.03.	Existence; Conduct of Business	6669
	Section 5.04.	Payment of Obligations	6770
	Section 5.05.	Maintenance of Properties; Insurance	6770
	Section 5.06.	Books and Records; Inspection and Audit Rights	6770
	Section 5.07.	Compliance with Laws and Agreements	6871
	Section 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	6871
	Section 5.09.	Use of Proceeds	7174
	Section 5.10.	Status of RIC and BDC	7174
	Section 5.11.	Investment Policies	7174
	Section 5.12.	Portfolio Valuation and Diversification Etc.; Risk Factor Ratings	7174
	Section 5.13.	Calculation of Borrowing Base	7780
	 	 	 
	Article VI
	 
	NEGATIVE COVENANTS
	 	 	 
	Section 6.01.	Indebtedness	8689
	Section 6.02.	Liens	8790
	Section 6.03.	Fundamental Changes	8891
	Section 6.04.	Investments	9093
	Section 6.05.	Restricted Payments	9093
	Section 6.06.	Certain Restrictions on Subsidiaries	9194
	Section 6.07.	Certain Financial Covenants	9195
	Section 6.08.	Transactions with Affiliates	9295

 

    (ii)

     

    

 

	Section 6.09.	Lines of Business	9295
	Section 6.10.	No Further Negative Pledge	9296
	Section 6.11.	Modifications of Indebtedness and Affiliate Agreements	9396
	Section 6.12.	Payments of Longer-Term Indebtedness	9397
	Section 6.13.	Modification of Investment Policies and Proprietary Rating System	9497
	Section 6.14.	SBIC Guarantee	9497
	 	 	 
	Article VII
	 
	EVENTS OF DEFAULT
	 
	Article VIII
	 
	THE ADMINISTRATIVE AGENT
	 	 	 
	Section 8.01.	Appointment of the Administrative Agent	97101
	Section 8.02.	Capacity as Lender	98101
	Section 8.03.	Limitation of Duties; Exculpation	98101
	Section 8.04.	Reliance	98102
	Section 8.05.	Sub-Agents	99102
	Section 8.06.	Resignation; Successor Administrative Agent	99102
	Section 8.07.	Reliance by Lenders	99103
	Section 8.08.	Modifications to Loan Documents	99103
	 	 	 
	Article IX
	 
	MISCELLANEOUS
	 	 	 
	Section 9.01.	Notices; Electronic Communications	100103
	Section 9.02.	Waivers; Amendments	102105
	Section 9.03.	Expenses; Indemnity; Damage Waiver	104107
	Section 9.04.	Successors and Assigns	106109
	Section 9.05.	Survival	110113
	Section 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	110114
	Section 9.07.	Severability	111114
	Section 9.08.	Right of Setoff	111114
	Section 9.09.	Governing Law; Jurisdiction; Etc	111115
	Section 9.10.	WAIVER OF JURY TRIAL	112115
	Section 9.11.	Judgment Currency	112116
	Section 9.12.	Headings	113116
	Section 9.13.	Treatment of Certain Information; Confidentiality	113116
	Section 9.14.	USA PATRIOT Act	114117
	Section 9.15.	Termination	114117
	Section 9.16.	Reallocation of Commitments	114118
	Section 9.17.	Amendment and Restatement	114118
	Section 9.18.	No Fiduciary Duty	115119

 

    (iii)

     

    

 

	SCHEDULE 1.01(a)	-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	-	Commitments
	SCHEDULE 1.01(c)	-	Risk Factors
	SCHEDULE 1.01(d)	-	Proprietary Ratings System
	SCHEDULE 3.11(a)	-	Material Agreements
	SCHEDULE 3.11(b)	-	Liens
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 3.15	-	Affiliate Agreements
	SCHEDULE 6.08	-	Transactions with Affiliates

 

	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D	-	Form of Amendment and Reaffirmation of Guarantee and Security Agreement
	EXHIBIT E	-	Form of Investment Policy Amendment

 

    (iv)

     

    

 

AMENDED AND RESTATED SENIOR SECURED REVOLVING
CREDIT AGREEMENT dated as of February 22, 2011 (this “Agreement”), among FIFTH STREET FINANCE CORP., a Delaware
corporation (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent.

 

WHEREAS, the Borrower, the Administrative
Agent and the Documentation Agent entered into that certain Senior Secured Revolving Credit Agreement dated as of May 27, 2010
(as the same has been amended, supplemented or otherwise modified from time to time until the date hereof, the “Existing
Credit Agreement”) with the lenders party thereto from time to time (the “Existing Lenders”), pursuant
to which the Existing Lenders extended certain commitments and made certain loans to the Borrower (the “Existing Loans”);

 

WHEREAS, the Borrower desires to amend
the Existing Credit Agreement, to among other things, provide for increased commitments from certain of the Existing Lenders and
new commitments from certain new lenders party to this Agreement (the “New Lenders”); and

 

WHEREAS, the Existing Lenders are willing
to make such changes to the Existing Credit Agreement, and the New Lenders and certain of the Existing Lenders are willing to provide
new commitments, each upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and the covenants and agreements contained herein, the parties hereto hereby agree that, effective as of the Restatement
Effective Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

 

Article I

 

DEFINITIONS

 

Section 1.01.         Defined
Terms. As used in this Agreement, the following terms have the meanings specified below and the terms defined in Section 5.13
have the meanings assigned thereto in such section:

 

“2016
Notes” means the Borrower’s 5.375% Convertible Senior Notes due 2016 pursuant to an Indenture, dated April
12, 2011, between the Borrower and Deutsche Bank Trust Company Americas, as trustee.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

“Administrative Agent’s Account”
means an account designated by the Administrative Agent in a notice to the Borrower and the Lenders.

 

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

 

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

 

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

 

“Affiliate Agreements”
means, collectively, (a) the Amended and Restated Investment Advisory Agreement, dated as of April 30, 2008, between the Borrower
and Fifth Street Management LLC, (b) the Administration Agreement, dated as of
December 14, 2007, between the Borrower and FSC, Inc., (c) the Trademark License Agreement, dated as of December 14, 2007, between
the Borrower and Fifth Street Capital LLC, (d) the Structured Facility Agreements – FSF
and, (e) the SBIC Agreements and (f) following
the consummation of the transaction contemplated by the Asset Purchase Agreement, the Ancillary Agreements (as defined in the Asset
Purchase Agreement).

 

“Affiliate Investment”
means any Portfolio Investment in a Person in which either (i) the Borrower or any of its Subsidiaries owns or controls more than
10% of the Equity Interests or (ii) is Controlled by the Borrower or any Subsidiary.

 

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

 

“Amendment and Reaffirmation”
has the meaning set forth in Section 4.01(a)(ii).

 

    	 	2	 

     

    

 

“Amendment No. 4 Effective Date”
means November 30, 2012.

 

“Amendment No. 5 Effective Date”
means August 6, 2013.

 

“Amendment No. 8 Effective
Date” means July 14, 2017.

 

“Amendment
No. 8” means that certain Amendment No. 8 to Amended and Restated Senior Secured Revolving Credit Agreement, dated
as of the Amendment No. 8 Effective
Date, among the Borrower, the Lenders party thereto and the Administrative Agent, as amended, restated, supplemented or otherwise
modified from time to time.

 

“Applicable Commitment Fee Rate”
means, with respect to any period (an “Applicable Period”), a rate per annum equal to (x) prior to the Amendment
No. 4 Effective Date, 0.50%, and from and after the Amendment No. 4 Effective Date, 0.375%, with respect any Unused Portion of
the Commitment of any Lender during such Applicable Period if the utilized portion of the aggregate Commitments during such Applicable
Period (after giving effect to borrowings, prepayments and commitment reductions during such Applicable Period) is greater than
an amount equal to thirty-five percent (35.00%) of the aggregate Commitments during such Applicable Period and (y) 1.00%, with
respect to any Unused Portion of the Commitment of any Lender during such Applicable Period if the utilized portion of the aggregate
Commitments during such Applicable Period (after giving effect to borrowings, prepayments and commitment reductions during such
Applicable Period) is less than or equal to an amount equal to thirty-five percent (35.00%) of the aggregate Commitments during
such Applicable Period.

 

For purposes of determining the Applicable
Commitment Fee Rate, the Commitments shall be deemed to be utilized to the extent of the outstanding Loans and LC Exposure of all
Lenders.

 

“Applicable Margin” means,
on any day on or after the Amendment No. 58
Effective Date, (i) with respect to any ABR Loan, 1.25% per annum; and (ii) with respect to any Eurocurrency Loan, 2.25% per
annum; 

 

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

 

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

 

“Approved Pricing Service”
means a pricing or quotation service as set forth in Schedule 1.01(a) or any other pricing or quotation service approved
by the Board of Directors of the Borrower and designated in writing to the Administrative Agent (which designation shall be accompanied
by a copy of a resolution of the Board of Directors of the Borrower that such pricing or quotation service has been approved by
the Borrower).

 

    	 	3	 

     

    

 

“Approved Third-Party Appraiser”
means any Independent nationally recognized third-party appraisal firm designated by the Borrower in writing to the Administrative
Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm
has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in making valuations of portfolio
assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company Act). It is understood
and agreed that, so long as the same are Independent third-party appraisal firms approved by the Board of Directors of the Borrower,
Houlihan Lokey Howard & Zukin Capital, Inc., Duff & Phelps LLC, Murray, Devine and Company and Lincoln Advisors shall be
deemed to be Approved Third-Party Appraisers.

 

“Asset Coverage Ratio”
means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities
and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness
of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued
to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with the Order
dated December 14, 2010, issued by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act in the
matter of Fifth Street Finance Corp., et al., only so long as (i) such Order is in effect, and (ii) no obligations have become
due and owing pursuant to the terms of the SBIC Guarantee.

 

“Asset Purchase Agreement”
means that certain Asset Purchase Agreement, dated as of July 13, 2017, by and among the Oaktree Buyer (as defined therein), Fifth
Street Management and the other parties thereto, including all schedules, exhibits, amendments and supplements thereto. 

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Borrowing” means (a) all
ABR Loans made, converted or continued on the same date or (b) all Eurocurrency Loans that have the same Interest Period.

 

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

 

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

 

“Borrowing Base Deficiency”
means, at any date on which the same is determined, the amount, if any, that (i) (a) the aggregate Covered Debt Amount as
of such date exceeds (b) the Borrowing Base as of such date, (ii) (a) the aggregate Covered Debt Amount as of such date exceed
the sum of (b)(x) the aggregate value of all Eligible Portfolio Investments included in the Borrowing Base, less (y) the aggregate
Value of all Eligible Portfolio Investments issued by the four largest issuers, or (iii) the aggregate Covered Debt Amount (excluding,
in the case of this clause (iii) only, the 2016 Notes)
as of such date exceeds 100% (or, in an Excess Commitment Period, 143%) of the aggregate value of all Eligible
Portfolio Investments included in the Borrowing Base that are Low-Risk Assets.

 

“Borrowing Request” means
a request by the Borrower for a Borrowing in accordance with Section 2.03.

 

    	 	5	 

     

    

 

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

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

 

“Cash” means any immediately
available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof) which is
a freely convertible currency.

 

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

 

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

 

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

 

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

 

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

 

(e)          certificates
of deposit or bankers’ acceptances with a maturity of ninety (90) days or less of any financial institution that is a member
of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $1,000,000,000; and

 

    	 	6	 

     

    

 

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

 

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

 

“Change in Control” means
(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of shares representing
more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower; (b) occupation
of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither
(i) nominated by the requisite members of the board of directors of the Borrower nor (ii) appointed by a majority of
the directors so nominated; provided, for the avoidance of doubt, the nomination and appointment of
the directors to the board of directors of the Borrower in accordance with the terms of and the transactions contemplated by the
Asset Purchase Agreement shall not be deemed a “Change of Control” for purposes of this Agreement;
or (c) the acquisition of direct or indirect Control of the Borrower by any Person or group other than the Investment Advisor
or one of its Affiliates or another investment advisor reasonably satisfactory to the Administrative Agent and the Required Lenders
in their reasonable discretion.

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

“Commitment” means, with
respect to each Lender, the commitment of such Lender to make Loans, and to acquire participations in Letters of Credit, expressed
as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.07 and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The aggregate amount of each Lender’s Commitment as of
the Amendment No. 58 Effective Date is
set forth on Schedule 1.01(b), as the
same may be amended from time to time (including on the Extension Effective Date) or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate
amount of the Lenders’ Commitments as of the Amendment No. 5
Effective Date is $480,000,000.

 

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

 

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

 

“Commitment Termination Date”
means (i) prior to the Extension Effective Date, the date that is the four
yearfour-year anniversary of the Amendment No. 5 Effective Date
and (ii) from and after the Extension Effective Date,
the date that is the earlier of (x) January 31, 2018 and
(y) the date on which the Asset Purchase Agreement is terminated pursuant to its terms, unless extended with the consent
of each Lender in its sole and absolute discretion.

 

“Consolidated Adjusted Interest Expense”
means, for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, cash interest paid in respect
of the stated rate of interest (including any default rate of interest, if applicable) applicable to any Indebtedness.

 

“Consolidated EBIT” means,
for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, income after deduction of all expenses
and other proper charges other than Taxes, Consolidated Interest Expense and non-cash employee stock options expense and excluding
(a) net realized gains or losses, (b) net change in unrealized appreciation or depreciation, (c) gains on re-purchases of Indebtedness,
(d) the amount of interest paid-in-kind (“PIK”) to the extent such amount exceeds the sum of (i) PIK interest
collected in cash (including any amortization payments on such applicable debt instrument up to the amount of PIK interest previously
capitalized thereon) and (ii) realized gains collected in cash (net of realized losses), provided that the amount determined
pursuant to this clause (d)(ii) shall not be less than zero, all as determined in accordance with GAAP, and (e) other non-cash
charges and gains to the extent included to calculate income.

 

    	 	8	 

     

    

 

“Consolidated Interest Coverage Ratio”
means the ratio of as of the last day of any fiscal quarter of (a) Consolidated EBIT for the four fiscal quarter period then
ending, taken as a single accounting period, to (b) Consolidated Adjusted Interest Expense for such four fiscal quarter period.

 

“Consolidated Interest Expense”
means, with respect to a Person and for any period, the total consolidated interest expense (including capitalized interest expense
and interest expense attributable to Capital Lease Obligations) of such Person and in any event shall include all interest expense
with respect to any Indebtedness in respect of which such Person is wholly or partially liable.

 

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

 

“Covenant Effective
Date” means the “Covenant Effective Date” (as defined in Amendment No. 8).

 

“Covered Debt Amount” means,
on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate
amount of Other Covered Indebtedness on such date minus (z) the LC Exposures fully cash collateralized on such date
pursuant to Section 2.04(k).

 

“Covered Taxes” means Taxes
other than Excluded Taxes and Other Taxes.

 

“Custodian” means U.S.
Bank National Association or any other financial institution mutually agreeable to the Administrative Agent and the Borrower as
custodian holding Portfolio Investments on behalf of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent,
any successor in such capacity. The term “Custodian” includes any agent or sub-custodian acting on behalf of the Custodian.

 

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

 

“Custodian Agreement” means,
collectively, (i) the Custody Control Agreement, dated March 30, 2011, among FSFC Holdings, Inc., the Borrower, the Collateral
Agent, and U.S. Bank National Association, (ii) the Custody Control Agreement, dated March 30, 2011, among the Borrower, the Collateral
Agent, and U.S. Bank National Association; (iii) the Custody Control Agreement, dated March 30, 2011, among Fifth Street Fund of
Funds LLC, the Borrower, the Collateral Agent and U.S. Bank National Association, and (iv) such other control agreements as may
be entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance acceptable to the Administrative
Agent.

 

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

 

    	 	9	 

     

    

 

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

 

“Documentation Agent” has
the meaning assigned to such term in the recitals to this Agreement.

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	11	 

     

    

 

“Eligible Portfolio Investment”
means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents
held by any Obligor); provided that no Portfolio Investment shall constitute an Eligible Portfolio Investment or be included
in the Borrowing Base if (i) (w) the Portfolio Investment is not denominated in United States or Canadian dollars, (x) the principal
operations of the corresponding Portfolio Company, and any assets of such Portfolio Company pledged as collateral for such Portfolio
Investment are not primarily located in the United States or Canada or any state, province, commonwealth, territory, possession
or political subdivision thereof (other than Guam), (y) the corresponding Portfolio Company is not organized under the laws of
the United States, Canada or any state, province, commonwealth, territory, possession or political subdivision thereof (other than
Guam), or (z) the corresponding Portfolio Company is not domiciled within the United States or Canada or any state, province, commonwealth,
territory, possession or political subdivision thereof (other than Guam); (ii) (x) such Portfolio Investment is secured primarily
by a mortgage, deed of trust or similar lien on real estate, (y) such Portfolio Investment is issued by a Person whose primary
asset is real estate or (z) the value of such Portfolio Investment is otherwise primarily derived from real estate; (iii) such
Portfolio Investment represents a consumer obligation (including, without limitation, a mortgage loan, auto loan, credit card loan
or personal loan); (iv) such Portfolio Investment represents any financing of a debtor-in-possession in any case, action or proceeding
seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect (unless the Administrative Agent and Lenders holding not less than two-thirds of the total
Revolving Credit Exposures and unused Commitments otherwise consent); (v) such Portfolio Investment represents a “Structured
Finance Obligation”; (vi) such Portfolio Investment is an Underperforming Portfolio Investment for which the Borrower has
not obtained an external valuation pursuant to Section 5.12(b)(ii); (vii) such Portfolio Investment constitutes Equity Interests,
advances to or other Investments in any Financing Subsidiary or Fifth Street Funding II, LLC (to the extent it becomes a Portfolio
Investment rather than a Financing Subsidiary); (viii) such Portfolio Investment constitutes investments in LP interests in any
fund or in any Equity Interests of any Person; (ix) such Portfolio Investment is an obligation of a Governmental Authority (excluding
obligations described under the definition of “Cash Equivalents”); (x) the obligation under such Portfolio Investment
is a Defaulted Obligation (as such term is defined in Section 5.13); (xi) such Portfolio Investment is not Transferable; (xii)
such Portfolio Investment has not been obtained, reviewed and serviced in accordance with (A) for any Portfolio Investment obtained
prior to the adoption of the Investment Policies, the underwriting and servicing policies and procedures of the Borrower in effect
at such time or (B) for any Portfolio Investment obtained after the adoption of the Investment Policies, the Investment Policies,
(xiii) the documentation relating to or evidencing or, if applicable, securing such Portfolio Investment (A) does not conform in
all material respects to the requirements set forth in this definition of Eligible Portfolio Investment, (B) is not valid, binding
and enforceable against the applicable obligor or issuer accordance with its terms, except as such enforceability may be limited
by (1) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement
of rights and (2) the application of general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), or (C) for any debt obligation, contains rights of setoff, counterclaim or offset for the
obligor; (xiv) such Portfolio Investment (A) has not been assigned a Risk Factor, or (B) has a Risk Factor greater than 6500; (xv)
such Portfolio Investment, if a debt instrument, bears interest due and payable less frequently than semi-annually; (xvi) such
Portfolio Investment has a final maturity greater than 7 years; (xvii) such Portfolio Investment constitutes Equity Interests,
advances to or other Investments in Healthcare Finance Group, LLC or any Subsidiary thereof; or (xviii) the documentation governing
such Portfolio Investment does not contain customary provisions relating to compliance with the USA PATRIOT Act and applicable
anti-money laundering law; provided, further, that no Portfolio Investment, Cash or Cash Equivalent shall constitute
an Eligible Portfolio Investment or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a
first priority, perfected Lien on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment, Cash or Cash
Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security Agreement).
In addition, if such Portfolio Investment is a Credit Facility Loan and the Portfolio Company of such Portfolio Investment has
issued a Permitted Prior Working Capital Lien, the Borrower shall have delivered to the Administrative Agent a written valuation
report of an Approved Third-Party Appraiser determining the enterprise value of such Portfolio Company to be used for purposes
of the conditions outlined in clause (iii) of the definition of “Permitted Prior Working Capital Lien” (except that,
prior to the delivery of the first valuation report of the Approved Third-Party Appraiser to be delivered after the Borrower’s
acquisition of such Portfolio Investment, the enterprise value of such Portfolio Company may be calculated by the Borrower in a
commercially reasonable manner). Without limiting the generality of the foregoing, it is understood and agreed that any Portfolio
Investments that have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary,
or held by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible
Portfolio Investments. Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i), which provide
that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible Portfolio Investment
shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will not be treated as an Eligible
Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded
as an Eligible Portfolio Investment until such sale has settled), provided that no such Investment shall be included as an Eligible
Portfolio Investment to the extent it has not been paid for in full.

 

    	 	12	 

     

    

 

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

 

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

 

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

 

“ERISA Event” means (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a
Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy
the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 302(c) of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or
to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the occurrence of any nonexempt prohibited
transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA which could result in liability to an Lender;
(h) the failure to make any required contribution to a Multiemployer Plan or failure to make by its due date any required contribution
to any Plan; (i) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan
from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (j)
the incurrence with respect to any “employee benefit plan” as defined in Section 3(3) of ERISA that is sponsored or
maintained by any Lender of any material liability for post-retirement health or welfare benefits, except as may be required by
4980B of the Code or similar laws.

 

    	 	13	 

     

    

 

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

 

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

 

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

 

“Excess Cash”
means, on the relevant date of determination, the excess of (A) the Borrower’s Cash and Cash Equivalents, over (B) the sum
of (i) the amount of the Borrower’s existing commitments to make Portfolio Investments as of such date of determination and
(ii) $45,000,000. 

 

“Excess Commitment Period”
means any period during which the total Commitments exceed the greater of (i) the aggregate principal amount of all other secured
debt of Borrower and its Structured Subsidiaries and (ii) $475,000,000.

 

“Excluded Taxes” means,
with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net
income by the United States of America, or by the jurisdiction (or any political subdivision thereof) under the laws of which
such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant
to a request by the Borrower under Section 2.18(b)), any withholding tax that is imposed on amounts payable to such Foreign
Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable
to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.15(e),
except to the extent, other than in a case of failure to comply with Section 2.15(e), that such Foreign Lender (or its assignor,
if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from
the Borrower with respect to such withholding tax pursuant to Section 2.15(a), and (d) any withholding tax that is imposed
on amounts payable to a Lender to the extent such requirement to withhold is attributable to such Lender’s failure or inability
(other than as a result of a Change in Law) to comply with Section 2.15(h).

 

“Existing Credit Agreement”
has the meaning assigned to such term in the recitals to this Agreement.

 

“Existing Lenders” has
the meaning assigned to such term in the recitals to this Agreement.

 

    	 	14	 

     

    

 

“Existing Loans” has the
meaning assigned to such term in the recitals to this Agreement.

 

“Extension Effective
Date” means the “Extension Effective Date” (as defined in Amendment No. 8).

 

“External Quoted Value”
has the meaning assigned to such term in Section 5.12(b)(ii)(A).

 

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

 

“Extraordinary Receipts”
means any cash received by or paid to or for the account of any Obligor not in the ordinary course of business, including any foreign,
United States, state or local tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of
any kind in connection with any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments and any
purchase price adjustment received in connection with any purchase agreement and proceeds of insurance (excluding, however, proceeds
of any issuance of Equity Interests by the Borrower and issuances of Indebtedness by any Obligor).

 

“FATCA” means Sections
1471 through 1474 of the Code, as of the date of this Agreement (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 and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

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

 

“Fifth
Street Management” means Fifth Street Management LLC, a Delaware limited liability
company.

 

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

 

“Financing Subsidiary”
means (i) any Structured Subsidiary or (ii) any SBIC Subsidiary.

 

    	 	15	 

     

    

 

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

 

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

 

“Governmental Authority”
means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not
include endorsements for collection or deposit in the ordinary course of business.

 

“Guarantee and Security Agreement”
means the Guarantee, Pledge and Security Agreement, dated as of the Original Effective Date, between the Borrower, the Administrative
Agent, each holder (or a representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness, and the
Collateral Agent, as the same shall be modified and supplemented and in effect from time to time (including as supplemented by
the Amendment and Reaffirmation of the Guarantee and Security Agreement, dated as of the Restatement Effective Date and delivered
pursuant to Section 4.01(a)(ii)).

 

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

 

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

 

    	 	16	 

     

    

 

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

 

“Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits, loans or advances
of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,
(d) all obligations of such Person in respect of the deferred purchase price of property or services, (e) all Indebtedness
of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has
been assumed, (f) all Guarantees by such Person of Indebtedness of others; provided the amount of any Guarantee at any time
shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which
such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such Person
may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to
such lesser amount), (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise,
of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent
or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such Indebtedness provide that such Person is not liable therefor.

 

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

 

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

 

“Industry Classification Group”
means (a) any of the classification groups that are currently in effect by Moody’s or may be subsequently established
by Moody’s and provided by the Borrower to the Lenders, and (b) up to three additional industry group classifications
established by the Borrower pursuant to Section 5.12.

 

“ING” means ING Capital
LLC.

 

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

 

    	 	17	 

     

    

 

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

 

“Interest Period” means,
for any Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end
on the next preceding Business Day, and (ii) any Interest Period that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially
shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of
the most recent conversion or continuation of such Loans.

 

“Internal Value” has the
meaning assigned to such term in Section 5.12(b)(ii)(C).

 

“Investment” means, for
any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire
any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short sale”
or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits,
advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject
to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements.

 

“Investment Advisor” means
Fifth Street Management,  LLC, a Delaware limited liability company.or,
following the consummation of the transaction contemplated by the Asset Purchase Agreement, Oaktree.

 

“Investment Advisor Departure Event”
means the Investment Advisor or one of its Affiliates shall cease to be the investment advisor of the Borrower without having been
immediately replaced with an investment advisor reasonably satisfactory to the Administrative Agent and the Required Lenders
in their reasonable discretion. For clarity, in the event the Borrower elects to be self-managed in accordance with applicable
law, no Investment Advisor Departure Event shall be deemed to have occurred, so long as no Key Person Departure Event has occurred..

 

“Investment Policies” means
the written statement, in form and substance reasonably satisfactory to the Administrative Agent, of the Borrower’s investment
objectives, policies, restrictions and limitations delivered on the Original Effective Date, as amended by the Investment Policy
Amendment delivered on the Restatement Effective Date and on February 29, 2012, and as the same may be amended from time to time
by a Permitted Policy Amendment.

 

    	 	18	 

     

    

 

“Investment Policy Amendment”
has the meaning assigned to such term in Section 4.01(a)(iii).

 

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

 

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

 

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

 

“IVP Supplemental Cap”
has the meaning assigned to such term in Section 5.12(b)(iii)(C).

 

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

 

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

 

“Key Person Departure Event”
means any two of (i), so long as Oaktree has not
become the Investment Advisor, Leonard Tannenbaum, (ii) and
Bernard Berman and (iii) Ivelin Dimitrov (collectively, the “Key Persons”),
in each case, cease to be actively involved in the operations of the Borrower andor
the Investment Advisor (provided that there shall be no Key Person Departure Event in connection
with the Investment Advisor if (i) the Borrower elects to be self-managed in accordance with applicable law and (ii) the requisite
Key Persons remain actively involved in the operations of the Borrower) and such individual or individuals have not within 120
days thereafter been replaced with officers reasonably satisfactory to the Administrative Agent and the Required Lenders in their
reasonable discretion..

 

“Largest Industry Classification
Group” means, as of any date of determination, the single Industry Classification Group to which a greater portion of
the Borrowing Base has been assigned pursuant to Section 5.12(a) than any other single Industry Classification Group.

 

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

 

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

 

    	 	19	 

     

    

 

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

 

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

 

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

 

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

 

“LIBO Rate” means, for
any Interest Period, the British Bankers’ Association Interest Settlement Rate per annum for deposits in U.S. dollars for
a period equal to the Interest Period appearing on the display designated as Reuters Screen LIBOR01 Page (or such other page on
that service or such other service designated by the British Bankers’ Association for the display of such Association’s
Interest Settlement Rates for Dollar deposits) as of 11:00 a.m., London time on the day that is two Business Days prior to
the first day of the Interest Period (or if such Reuters Screen LIBOR01 Page is unavailable for any reason at such time, the rate
which appears on the Reuters Screen ISDA Page as of such date and such time); provided, that if the Administrative Agent
determines that the relevant foregoing sources are unavailable for the relevant Interest Period, LIBO Rate shall mean the rate
of interest determined by the Administrative Agent to be the average (rounded upward, if necessary, to the nearest 1/100th
of 1%) of the rates per annum at which deposits in U.S. dollars are offered to the Administrative Agent two (2) business days
preceding the first day of such Interest Period by leading banks in the London interbank market as of 11:00 a.m. for delivery on
the first day of such Interest Period, for the number of days comprised therein and in an amount comparable to the amount of the
Administrative Agent’s portion of the relevant Eurocurrency Borrowing; provided, further, that
if the LIBO Rate is less than zero, such rate shall be zero for purposes of this Agreement.

 

“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on
or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities, except in favor of the issuer thereof.

 

“Loan Documents” means,
collectively, this Agreement, the Letter of Credit Documents and the Security Documents.

 

    	 	20	 

     

    

 

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

 

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

 

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

 

“Material Indebtedness”
means (a) Indebtedness (other than the Loans, Letters of Credit and Hedging Agreements), of any one or more of the Borrower
and its Subsidiaries in an aggregate principal amount exceeding $20,000,000 and (b) obligations in respect of one or more
Hedging Agreements under which the maximum aggregate amount (giving effect to any netting agreements) that the Borrower and
the Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $20,000,000.

 

“Maturity Date” means the
date that is the one year anniversary of the Commitment Termination DateAugust
6, 2018.

 

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

 

“Multiemployer Plan” means
a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Asset Sale Proceeds”
means, with respect to any Asset Sale, an amount equal to (i) the sum of Cash payments and Cash Equivalents received by the Obligors
from such Asset Sale (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received), minus (ii) any bona fide costs incurred by the Obligors
directly incidental to such Asset Sale.

 

“New Lenders” has the meaning
assigned to such term in the recitals to this Agreement.

 

“No External Review Assets”
means (i) Underperforming Investments, unless the Borrower intends to include such Investments in the Borrowing Base and (ii) Portfolio
Investments with a fair value of less than $5,000,000, so long as the aggregate amount of Portfolio Investments under this clause
(ii) does not constitute more than 10% of the Borrowing Base.

 

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

 

    	 	21	 

     

    

 

“Non-Performing Portfolio Investment”
means any Eligible Portfolio Investment that is not a Performing (as defined below) Eligible Portfolio Investment.

 

“Oaktree” means
Oaktree Capital Management, L.P., a Delaware limited partnership, or any of its Affiliates.

 

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

 

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

 

“Other Covered Indebtedness”
means, collectively, Secured Longer-Term Indebtedness and Unsecured Shorter-Term Indebtedness.

 

“Original Effective Date”
means May 27, 2010.

 

“Other Permitted Indebtedness”
means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor’s business
which are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings,
(b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary
course of any Obligor’s business in connection with its purchasing of securities, derivatives transactions, reverse repurchase
agreements or dollar rolls to the extent such transactions are permitted under the Investment Company Act and the Borrower’
s Investment Policies, provided that such Indebtedness does not arise in connection with the purchase of Eligible Portfolio
Investments other than Cash Equivalents and U.S. Government Securities, (c) Indebtedness in respect of judgments or awards
that have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute
an Event of Default under clause (k) of Article VII, and (d) Indebtedness incurred in the ordinary course of business
to finance equipment and fixtures.

 

“Other Taxes” means any
and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from
any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan
Document.

 

“PBGC” means the Pension
Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    	 	22	 

     

    

 

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

 

“Permitted Policy Amendment”
is an amendment, modification, termination or restatement of either the Investment Policies or the Proprietary Rating System, that
is either (i) approved in writing by the Administrative Agent (with the consent of Lenders holding not less than two-thirds of
the total Revolving Credit Exposures and unused Commitments) or (ii) required by applicable law or Governmental Authority.

 

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

 

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

 

    	 	23	 

     

    

 

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

 

“Portfolio Company Data”
means historic (not to exceed 6 months) and pro-forma financial information and market data associated with a Portfolio Company
which has been delivered by such Portfolio Company to the Borrower (without independent substantive verification by the Borrower),
which may include pro-forma financial information in connection with, among other things, (i) an Investment that was originated
by the Borrower within the preceding twelve month period, (ii) a Portfolio Company that has, within the preceding twelve month
period, been the acquirer of substantially all of the business assets or stock of another Person, (iii) a Portfolio Company that
has, within the preceding twelve month period, been the target of an acquisition of substantially all of its business assets or
stock, and/or (iv) a Portfolio Company that does not have an entire fiscal year under its current capital structure.

 

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

 

“Prime Rate” means the
rate of interest quoted in The Wall Street Journal, Money Rates Section, as the Prime Rate (currently defined as the
base rate on corporate loans posted by at least seventy-five percent (75%) of the nation’s thirty (30) largest banks), as
in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually
charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at,
above, or below the Prime Rate.

 

“Proprietary Rating System”
means the four-level numeric rating system used by the Borrower to rate the credit profile and expected level of returns on Portfolio
Investments as described on Schedule 1.01(d).

 

“Quarterly Dates” means
the last Business Day of March, June, September and December in each year, commencing on June 30, 2010.

 

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

 

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

 

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

 

“Required Lenders” means,
at any time, subject to Section 2.17(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than
50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time.

 

“Required Payment Amounts”
has the meaning assigned to such term in Section 6.05(b).

 

    	 	24	 

     

    

 

“Restatement Effective Date”
means February 22, 2011.

 

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

 

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

 

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

 

“Return of Capital” means
any return of capital received by the Obligors in respect of any Portfolio Investment, including, without limitation, any amount
received in respect of principal (whether at stated maturity, by acceleration or otherwise) and any proceeds of the sale of any
property or assets pledged as collateral in respect of such Portfolio Investment to the extent such proceeds are less than or equal
to the outstanding principal balance of such Portfolio Investment.

 

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

 

“Risk Factor” means, with
respect to each Portfolio Investment, for any calendar quarter, the risk factor corresponding to the Risk Factor Rating attributable
to such Portfolio Investment, as set forth in Schedule 1.01(c).

 

“Risk Factor Rating” is
defined in Section 5.12(d).

 

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

 

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

 

“SBIC Agreements” means
each of (i) the SBIC Guarantee, (ii) the Investment Advisory Agreement dated as of August 13, 2009 by and among the Borrower, Fifth
Street Mezzanine Partners IV, L.P., and FSMP IV GP, LLC, and (iii) the Administration Agreement dated August as of August 13, 2009
by and among the Borrower, Fifth Street Mezzanine Partners IV, L.P., and FSMP IV GP, LLC.

 

    	 	25	 

     

    

 

“SBIC Guarantee” means
the Transferor’s Liability Contract dated June 22, 2009 executed by the Borrower in favor of the SBA.

 

“SBIC Subsidiary” means
each of (i) Fifth Street Mezzanine Partners IV, L.P., (ii) FSMP IV GP, LLC, (iii) Fifth Street Mezzanine Partners V, L.P.,
and (iv) FSMP V GP, LLC, and (v) any other Subsidiary
of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) a “small business investment company”
licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings
promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended, and (y) designated by
the Borrower (as provided below) as an SBIC Subsidiary, in the case of each of clauses (i), (ii), (iii),
and (iv) and (v), so long as:

 

(a)          other
than pursuant to the SBIC Guarantee with respect to the existing SBIC Subsidiaries as of the Original Effective Date or any substantially
similar agreement with respect to any other SBIC Subsidiary (or upon the SBA’s then applicable form), no portion of the Indebtedness
or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries
(other than any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any
SBIC Subsidiary) in any way, or (iii) subjects any property of the Borrower or any of its Subsidiaries (other than any SBIC
Subsidiary) to the satisfaction thereof, other than Equity Interests in any SBIC Subsidiary pledged to secure such Indebtedness;

 

(b)          other
than pursuant to the SBIC Agreements with respect to the existing SBIC Subsidiaries as of the Original Effective Date or any substantially
similar agreement with respect to any other SBIC Subsidiary (or upon the SBA’s then applicable form), neither the Borrower
nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding with such Person other than on terms
no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates
of the Borrower or such Subsidiary;

 

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

 

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

 

Any designation by the
Borrower under clause (v) above shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of Borrower’s knowledge, such designation
complied with the foregoing conditions. As of the Amendment No. 5 Effective Date, the Borrower has designated the following Subsidiaries
as SBIC Subsidiaries: (i) Fifth Street Mezzanine Partners IV, L.P., (ii) FSMP IV GP, LLC, (iii) Fifth Street Mezzanine Partners
V, L.P., and (iv) FSMP V GP, LLC.

 

    	 	26	 

     

    

 

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

 

“Secured Longer-Term Indebtedness”
means, as at any date, Indebtedness (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed by Subsidiary
Guarantors) that (a) has no amortization prior to, and a final maturity date not earlier than, six months after the Maturity
Date, (b) is incurred pursuant to documentation containing other terms (including interest, amortization, covenants and events
of default) that are no more restrictive upon the Borrower and its Subsidiaries than those set forth in this Agreement and
(c) ranks pari passu with the Loans and is not secured by any assets of any Obligor other than pursuant to the Security Documents
and the holders of which have agreed, in a manner satisfactory to the Administrative Agent and the Collateral Agent, to be bound
by the provisions of the Security Documents.

 

“Security Documents” means,
collectively, the Guarantee and Security Agreement, the Custodian Agreement, all Uniform Commercial Code financing statements filed
with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement and all other
assignments, pledge agreements, security agreements, control agreements and other instruments executed and delivered at any time
by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security
for any of the Secured Obligations under and as defined in the Guarantee and Security Agreement.

 

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

 

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

 

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

 

    	 	27	 

     

    

 

“Standard Securitization Undertakings”
means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations
(together with any related performance guarantees) to refund the purchase price or grant purchase price credits for dilutive
events or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness of the associated
account debtors), and (c) representations, warranties, covenants and indemnities (together with any related performance
guarantees) of a type that are reasonably customary in accounts receivable securitizations. For clarity, the obligations of
Borrower pursuant to the Structured Facility Agreements - FSF as in effect on the Original Effective Date (other than the Structured
Loan Agreement, which shall be as in effect on November 5, 2010), including the repurchase and limited recourse obligations of
the Borrower, in its capacity as seller, under the Structure Purchase Agreement - FSF (as in effect on the Original Effective Date,
except the Structured Loan Agreement-FSF which shall be as in effect on November 5, 2010) are agreed to be “Standard Securitization
Undertakings“ for purposes of such Structured Facility Agreements - FSF.

 

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

 

“Structured Facility Agreements –
FSF” means, collectively, (a) Structured Loan Agreement - FSF, (b) the Structured Purchase Agreement - FSF, (c) the Structured
Pledge Agreement - FSF, (d) the Collection Account Agreement (as defined in the Structured Loan Agreement FSF) and (e) the Unfunded
Exposure Account Agreement (as defined in the Structured Loan Agreement - FSF).

 

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

 

“Structured Loan Agreement - FSF”
means the Amended and Restated Loan and Servicing Agreement, dated as of November 5, 2010, among Fifth Street Funding, LLC, the
Borrower, each of the conduit lenders and institutional lenders from time to time party thereto, Wells Fargo Securities, LLC, as
administrative agent, and the other parties thereto.

 

    	 	28	 

     

    

 

“Structured Pledge Agreement - FSF”
means the Pledge Agreement, dated as of November 16, 2009, between the Borrower, as pledgor, and Wells Fargo Securities, LLC, as
secured party.

 

“Structured Purchase Agreement -
FSF” means the Purchase and Sale Agreement, dated as of November 16, 2009, between the Borrower, as seller, and Fifth
Street Funding, LLC, as purchaser, as amended by that certain Omnibus Amendment No.1 to the Structured Purchase Agreement-FSF,
dated as of May 26, 2010, between Fifth Street Funding, LLC, as borrower, the Borrower, Wells Fargo Securities, LLC, as administrative
agent and other parties thereto.

 

“Structured
Subsidiaries” means a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise
transfers (whether directly or indirectly) Portfolio Investments, which engages in no material activities other than in connection
with the purchase or financing of such assets from the Obligors or any other Person, and which is designated by the Borrower (as
provided below) as a Structured Subsidiary, so long as:

 

“Structured
Subsidiary” means Fifth Street Funding II, LLC,
so long as:

 

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

 

(b)          other
than the Structured Facility Agreements-FSF (as in effect on the Original Effective Date, except the Structured Loan Agreement-FSF
which shall be as in effect on November 16, 2010), no Obligor has any material contract, agreement, arrangement or understanding
with such Subsidiary other than on terms no less favorable to such Obligor than those that might be obtained at the time from Persons
that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection with servicing
loan assets; and

 

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

 

Any such
designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of Borrower’s knowledge, such designation
complied with the foregoing conditions. Each Subsidiary of a Structured Subsidiary shall
be deemed to be a Structured Subsidiary and shall comply with the foregoing requirements of this
definition. As of the Amendment No. 5 Effective Date, the Borrower has designated the following Subsidiaries as Structured Subsidiaries:
(i) Fifth Street Funding, LLC, and (ii) Fifth Street Funding II, LLC.

 

    	 	29	 

     

    

 

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

 

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

 

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

 

“Termination Date” means
the date on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all
fees and other amounts payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated
(or cash collateralized with cash deposited in the Letter of Credit Collateral Account in an amount equal to 102% of the aggregate
undrawn face amount thereof or otherwise subject to a back-to-back letter of credit reasonably satisfactory to the Administrative
Agent and the Required Lenders) and all LC Disbursements then outstanding shall have been reimbursed.

 

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

 

“Transferable” means:

 

(i)          in
the case of any Portfolio Investment, that the applicable Obligor may create a security interest in or pledge all of its rights
under and interest in such Portfolio Investment to secure its obligations under this Agreement or any other Loan Document, and
that such pledge or security interest may be enforced in any manner permitted under applicable law; and

 

(ii)         in
the case of any Portfolio Investment entered into from and after the Restatement Effective Date, that such Portfolio Investment
(and all documents related thereto) contains no provision that directly or indirectly restricts the assignment of such Obligor’s,
or any assignee of Obligor’s, rights under such Portfolio Investment (including any requirement that the Borrower maintain
a minimum ownership percentage of such Portfolio Investment), provided that, such Portfolio Investment may contain the following
restrictions on customary and market based terms: (a) such assignment may be subject to the consent of the obligor or issuer or
agent under the Portfolio Investment so long as the applicable provision also provides that such consent may not be unreasonably
withheld, (b) restrictions on assignment to customers or direct competitors (or their sponsors or Affiliates) of the obligor or
issuer, (c) restrictions on transfer to parties that are not ‘eligible assignees’ within the customary and market based
meaning of the term, (d) restrictions on transfer to the applicable obligor or issuer under the Portfolio Investment or its equity
holders or financial sponsor entities, and (e) restrictions on transfer to parties designated pursuant to a “blacklist”,
provided that (i) such list shall include no more than 5 names at any time, and (ii) the Portfolio Investments that contain
such restrictions shall be subject to the concentration limit set forth in Section 5.13(s).

 

    	 	30	 

     

    

 

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

 

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

 

“Unquoted Investments”
is defined in Section 5.12(b)(iii)(B).

 

“Unsecured Longer-Term Indebtedness”
means any Indebtedness of the Borrower that (a) has no amortization prior to, and a final maturity date not earlier than,
six months after the Maturity Date, (b) is incurred pursuant to terms that are substantially comparable to market terms for substantially
similar debt of other similarly situated borrowers as reasonably determined in good faith by Borrower (other than financial covenants
and events of default, which shall be no more restrictive upon the Borrower and its Subsidiaries than those set forth in this Agreement),
and (c) is not secured by any assets of any Obligor.  Notwithstanding the foregoing, prior
to the Commitment Termination Date, the 2016 Notes shall continue to be deemed Unsecured Longer-Term
Indebtedness in all respects despite the fact that the maturity date of the 2016 Notes is less than six months after the Maturity
Date; provided that, from and after
the date that is 9 months prior to the scheduled maturity of such 2016 Notes,
the 2016 Notes shall be reclassified as Unsecured Shorter-Term Indebtedness.

 

“Unsecured Shorter-Term Indebtedness”
means, collectively, (a) any Indebtedness of the Borrower or any Subsidiary that is not secured by any assets of any Obligor
and that does not constitute Unsecured Longer-Term Indebtedness (including the 2016 Notes from
and after the date that is 9 months prior to the scheduled maturity of such 2016 Notes) and (b) any Indebtedness
that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a).

 

“Unused Portion” means,
with respect to any Lender during any period of determination, the unused amount of the aggregate Commitments of such Lender during
such period.

 

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

 

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

 

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

 

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

 

Section 1.02.         Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., an “ABR
Loan”). Borrowings also may be classified and referred to by Type (e.g., an “ABR Borrowing”).

 

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

 

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

 

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Article II

 

THE CREDITS

 

Section 2.01.         The
Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrower from time
to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving
Credit Exposure exceeding such Lender’s Commitment, (ii) the aggregate Revolving Credit Exposure of all of the Lenders
exceeding the aggregate Commitments, (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect, (iv)
the Covered Debt Amount exceeding the sum of (a) the aggregate Value of all Eligible Portfolio Investments included in the Borrowing
Base, less (b) the aggregate Value of all Eligible Portfolio Investments issued by the four largest issuers, or (v) the aggregate
Covered Debt Amount (excluding, in the case of this clause (v) only, the 2016 Notes)
exceeding 100% (or, in an Excess Commitment Period, 143%) of the aggregate Value of all Eligible Portfolio
Investments included in the Borrowing Base that are Low-Risk Assets; provided that the Lenders shall not be required to
make more than seven (7) Loans in any calendar month. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Loans.

 

Section 2.02.         Loans
and Borrowings.

 

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

 

(b)          Type
of Loans. Subject to Section 2.12, each Borrowing shall be constituted entirely of ABR Loans or of Eurocurrency Loans
as the Borrower may request in accordance herewith. Each Loan shall be denominated in Dollars. Each Lender at its option may make
any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement.

 

    	 	33	 

     

    

 

(c)          Minimum
Amounts. Each Eurocurrency Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000, and each
ABR Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000; provided that an ABR Borrowing
may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance
the reimbursement of an LC Disbursement as contemplated by Section 2.04(f). Borrowings of more than one Type may be outstanding
at the same time.

 

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

 

Section 2.03.         Requests
for Borrowings.

 

(a)          Notice
by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (i) in
the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of
the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business
Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed
promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower.

 

(b)          Content
of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance
with Section 2.02:

 

(i)          the
aggregate amount of the requested Borrowing;

 

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

 

(iii)        whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

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

 

(v)         the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.05.

 

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

 

(d)          Failure
to Elect. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing
having an Interest Period of one month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, the Borrower
shall be deemed to have selected an Interest Period of one month’s duration.

 

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Section 2.04.         Letters
of Credit.

 

(a)          General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower
may request the Issuing Bank to issue, at any time and from time to time during the Availability Period, Letters of Credit denominated
in Dollars for the purposes set forth in Section 5.09 in such form as is acceptable to the Issuing Bank in its reasonable determination.
Letters of Credit issued hereunder shall constitute utilization of the Commitments up to the aggregate amount available to be drawn
thereunder.

 

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

 

(c)          Limitations
on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the aggregate LC Exposure of the Issuing Bank (determined for these purposes
without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not
exceed $50,000,000, (ii) the total Revolving Credit Exposures shall not exceed the aggregate Commitments and (iii) the
total Covered Debt Amount shall not exceed the Borrowing Base then in effect.

 

(d)          Expiration
Date. Subject to Section 2.08(a), each Letter of Credit shall expire at or prior to the close of business on the date
twelve months after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve
months after the then-current expiration date of such Letter of Credit, so long as such renewal or extension occurs within three
months of such then-current expiration date); provided that any Letter of Credit with a one-year term may provide for the
renewal thereof for additional one-year periods; provided, further, that in no event shall any Letter of Credit have
an expiration date that is later than the Maturity Date; provided, further, that in no event shall
any Letter of Credit have an expiration date that is later than the Commitment Termination Date unless the Borrower
shall have deposited Cash into the Letter of Credit Collateral Account at the time of issuance
thereof least five Business Days prior to
the Commitment Termination Date in an amount equal to 102% of the face amount thereof.

 

    	 	35	 

     

    

 

(e)          Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by the Issuing
Bank, and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender,
and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that
its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit
or the occurrence and continuance of a Default or reduction or termination of the Commitments, provided that no Lender shall
be required to purchase a participation in a Letter of Credit pursuant to this Section 2.04(e) if (1)(x) the conditions
set forth in Section 4.02 would not be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and
(y) the Required Lenders shall have so notified the Issuing Bank in writing and shall not have subsequently determined that
the circumstances giving rise to such conditions not being satisfied no longer exist, or (2) such Letter of Credit has an expiration
date that is later than the Maturity Date.

 

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

 

(f)          Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Bank
in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than
11:00 a.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if
such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day
that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement
is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with
Section 2.03 that such payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, the
Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing.

 

    	 	36	 

     

    

 

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

 

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

 

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

 

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

 

    	 	37	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	38	 

     

    

 

(k)          Cash
Collateralization. If the Borrower shall be required or shall elect, as the case may be, to provide cover for LC Exposure pursuant
to the definition of “Termination Date” in Section 1.01, Section 2.04(d), Section 2.08(a), Section 2.09(b),
2.17(c)(ii) or the last paragraph of Article VII, the Borrower shall immediately deposit into a segregated collateral account
or accounts (herein, collectively, the “Letter of Credit Collateral Account”) in the name and under the
dominion and control of the Administrative Agent Cash denominated in Dollars in an amount equal to the amount required under the
definition of “Termination Date” in Section 1.01, Section 2.04(d), Section 2.08(a), Section 2.09(b), 2.17(c)(ii) or
the last paragraph of Article VII, as applicable. Such deposit shall be held by the Administrative Agent as collateral in
the first instance for the LC Exposure under this Agreement and thereafter for the payment of the “Secured Obligations”
under and as defined in the Guarantee and Security Agreement, and for these purposes the Borrower hereby grants a security interest
to the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets
(as defined in the Uniform Commercial Code) or other property held therein.

 

Section 2.05.         Funding
of Borrowings.

 

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

 

(b)          Presumption
by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of
this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event,
if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment
to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case
of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Loan included in such Borrowing.

 

    	 	39	 

     

    

 

Section 2.06.         Interest
Elections.

 

(a)          Elections
by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of
the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period
specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a different
Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the
Interest Period therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders, and the Loans constituting
each such portion shall be considered a separate Borrowing.

 

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

 

(c)          Content
of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information
in compliance with Section 2.02:

 

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

 

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

 

(iii)        whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)        if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election, which shall
be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d),
provided that there shall be no more than ten (10) separate Borrowings outstanding at any one time.

 

    	 	40	 

     

    

 

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

 

(e)          Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to a Eurocurrency Borrowing having an Interest Period
of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, any Eurocurrency Borrowing shall, at the end of the applicable
Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing.

 

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

 

(a)          Scheduled
Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Commitment Termination Date
the Commitments shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans and LC Exposure
of all Lenders outstanding on the Commitment Termination Date, provided that, for clarity, no Lender shall have any obligation
to make new Loans on or after the Commitment Termination Date, and any outstanding amounts shall be due and payable on the Maturity
Date in accordance with Section 2.08.

 

(b)          Voluntary
Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided
that (i) each reduction of the Commitments shall be in an amount that is $1,000,000 or a larger multiple of $1,000,000 in
excess thereof; (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.09, the total Revolving Credit Exposures would exceed the total Commitments;
and (iii) if the Commitments are terminated or reduced at any time prior to the first anniversary of the Amendment No. 5 Effective
Date, the Borrower shall pay to the Administrative Agent on such date, for the ratable benefit of the Lenders, an amount equal
to 1.00% of the principal amount of such reduction or termination.

 

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

 

    	 	41	 

     

    

 

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

 

(e)          [Reserved].

 

(f)          Increase
of the Commitments.

 

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

 

(A)         the
minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing
Lender, as part of such commitment Increase shall be $5,000,000 or a larger multiple of $1,000,000 in excess thereof,

 

(B)         immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $800,000,000;

 

(C)         each
Assuming Lender shall be consented to by the Administrative Agent and the Issuing Bank;

 

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

 

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

 

(ii)         Effectiveness
of Commitment Increase by Borrower. The Assuming Lender, if any, shall become a Lender hereunder as of such Commitment Increase
Date and the Commitment of any Increasing Lender and such Assuming Lender shall be increased as of such Commitment Increase Date;
provided that:

 

    	 	42	 

     

    

 

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

 

(y)          each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York
City time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent),
an agreement, in form and substance satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall,
effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, duly executed by such Assuming
Lender and the Borrower and acknowledged by the Administrative Agent.

 

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

 

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

 

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

 

    	 	43	 

     

    

 

Section 2.08.         Repayment
of Loans; Evidence of Debt.

 

(a)          Repayment.
Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative
Agent for account of the Lenders the outstanding principal amount of the Loans on the Maturity Date.

 

In addition, on the date that is thirty (30) days
prior to the Maturity Date, the Borrower shall deposit into the Letter of Credit Collateral Account Cash in an amount equal to
102% of the undrawn face amount of all Letters of Credit outstanding on the close of business on such date, such deposit to be
held by the Administrative Agent as collateral security for the LC Exposure under this Agreement in respect of the undrawn portion
of such Letters of Credit.

 

(b)          Manner
of Payment. Prior to any repayment or prepayment of any Borrowings hereunder, the Borrower shall select the Borrowing or Borrowings
to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than
the time set forth in Section 2.09(d) prior to the scheduled date of such repayment; provided that each repayment of
Borrowings shall be applied to repay any outstanding ABR Borrowings before any other Borrowings. If the Borrower fails to make
a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding
ABR Borrowings and, second, to other Borrowings in the order of the remaining duration of their respective Interest Periods (the
Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably
to the Loans included in such Borrowing.

 

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

 

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

 

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

 

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

 

    	 	44	 

     

    

 

Section 2.09.         Prepayment
of Loans.

 

(a)          Optional
Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or fee (but subject to Section 2.14), subject to the requirements of this Section.

 

(b)          Mandatory
Prepayments due to Borrowing Base Deficiency or Excess Revolving Credit Exposure.

 

(i)          Borrowing
Base Deficiency. In the event that at any time any Borrowing Base Deficiency shall exist, the Borrower shall prepay the Loans
(or provide cover for Letters of Credit as contemplated by Section 2.04(k)) or, if applicable, reduce Other Covered Indebtedness
in such amounts as shall be necessary so that such Borrowing Base Deficiency is promptly cured, provided that (X) the aggregate
amount of such prepayment of Loans (and cover for Letters of Credit) shall be at least equal to the Revolving
Percentage times the aggregate prepayment of the Covered Debt Amount; and (Y) if within 5 Business Days of the occurrence
of any Borrowing Base Deficiency, the Borrower shall present to the Administrative Agent a reasonably feasible plan that will enable
any such Borrowing Base Deficiency to be cured within 30-Business Days of the occurrence of such Borrowing Base Deficiency (which
30-Business Day period shall include the 5 Business Days permitted for delivery of such plan), then such prepayment or reduction
shall be effected in accordance with such plan. Notwithstanding the foregoing, the Borrower shall pay interest in accordance with
Section 2.11(c) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day Period. For clarity,
in the event that the Borrowing Base Deficiency is not cured prior to the end of such 30-Business Day period, it is shall constitute
an Event of Default under clause (a) of Article VII.

 

(ii)         Excess
Revolving Credit Exposure. In the event that the amount of total Revolving Credit Exposure exceeds the total Commitments, the
Borrower shall prepay Loans in such amounts as shall be necessary so that the amount of total Revolving Credit Exposure does not
exceed the total Commitments.

 

(c)          Mandatory
Prepayments due to Certain Events Following Availability Period.

 

(i)          Asset
Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans in
an amount equal to such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such amount); provided,
that if the Loans to be prepaid are Eurocurrency Loans, the Borrower may defer such prepayment (and permanent Commitment reduction)
until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to such Net
Asset Sale Proceeds, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, into a segregated
collateral account in the name and under the dominion and control of the Administrative Agent pending application of such amount
to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period.

 

    	 	45	 

     

    

 

(ii)         Extraordinary
Receipts. In the event that any Obligor shall receive any Extraordinary Receipts at any time after the Availability Period,
the Borrower shall, no later than the third Business Day following the receipt of such Extraordinary Receipts, prepay the Loans
in an amount equal to such Extraordinary Receipts (and the Commitments shall be permanently reduced by such amount).

 

(iii)        Returns
of Capital. In the event that any Obligor shall receive any Return of Capital at any time after the Availability Period, the
Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the Loans in an amount
equal to such Return of Capital (and the Commitments shall be permanently reduced by such amount).

 

(iv)        Equity
Issuances. In the event that the Borrower shall receive any Cash proceeds from the issuance of Equity Interests of the Borrower
at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such
Cash proceeds, prepay the Loans in an amount equal to (x) prior to the Extension Effective Date,
fifty percent (50%) of such Cash proceeds, or (y)
from and after the Extension Effective Date, one-hundred percent (100%) of such Cash proceeds, in each case net of underwriting
discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses
(and the Commitments shall be permanently reduced by such amount).

 

(v)         Indebtedness.
In the event that any Obligor shall receive any Cash proceeds from the issuance of Indebtedness at any time after the Availability
Period, such Obligor shall, no later than the third Business Day following the receipt of such Cash proceeds, prepay the Loans
in an amount equal to (x) prior to the Extension Effective Date, fifty percent (50%) of
such Cash proceeds, or (y) from and after the Extension
Effective Date, one-hundred percent (100%), in each case net of reasonable costs and expenses associated therewith,
including reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

(vi)        Excess
Cash. If the Extension Effective Date has occurred on or prior to the Commitment Termination Date set forth in clause (i) of the
definition thereof, any Obligor shall, no later than the third Business Day following the Commitment Termination Date set forth
in clause (ii) of the definition thereof, prepay the Loans in an amount equal to the Excess Cash held by such Obligor on the Commitment
Termination Date set forth in clause (ii) of the definition thereof. 

 

    	 	46	 

     

    

 

(d)          Notices,
Etc. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder
(i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time, three Business
Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York
City, one Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date,
the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably
detailed calculation of the amount of such prepayment; provided, that, if a notice of prepayment is given in connection
with a conditional notice of termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment
may be revoked if such notice of termination is revoked in accordance with Section 2.07. Promptly following receipt of any
such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment
of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02,
except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required
by Section 2.11 and shall be made in the manner specified in Section 2.08(b).

 

Section 2.10.         Fees.

 

(a)          Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall accrue
at the Applicable Commitment Fee Rate on the unused amount of the Commitment of such Lender, if any, during the period from and
including the Restatement Effective Date to the earlier of the date the Commitments terminate and the Commitment Termination Date.
Accrued commitment fees shall be payable within one Business Day after each Quarterly Date and on the earlier of the date the Commitments
terminate and the Commitment Termination Date, commencing on the first such date to occur after the Restatement Effective Date.
All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). For purposes of computing commitment fees, the Commitments shall be deemed
to be used to the extent of the outstanding Loans and LC Exposure of all Lenders.

 

(b)          Letter
of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for account of each Lender a participation
fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin
applicable to interest on Eurocurrency Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Original Effective Date to
but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases
to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of one half of one percent
(0.5%) per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Original Effective Date to but excluding the later of the date of
termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard
fees with respect to the issuance, amendment renewal or extension of any Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the third Business Day
following such Quarterly Date, commencing on the first such date to occur after the Original Effective Date; provided that
all such fees with respect to the Letters of Credit shall be payable on the date on which the Commitments terminate and any such
fees accruing after the date on which such commitments terminate shall be payable on demand. Any other fees payable to the Issuing
Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).

 

    	 	47	 

     

    

 

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

 

(d)          Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative
Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation
fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent manifest error.

 

Section 2.11.      Interest.

 

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

 

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

 

(c)          Default
Interest. Notwithstanding the foregoing, if any Event of Default has occurred and is continuing, or if at any time the Covered
Debt Amount exceeds the Borrowing Base, the interest rates applicable to Loans and any fee or other amount payable by the Borrower
hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal
of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above, (ii) in the case of any Letter of
Credit, 2% plus the fee otherwise applicable to such Letter of Credit as provided in Section 2.10(b)(i), or (iii) in
the case of any fee or other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this
Section.

 

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

 

    	 	48	 

     

    

 

(e)          Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall
be determined by the Administrative Agent and such determination shall be conclusive absent manifest error.

 

Section 2.12.      Alternate
Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing:

 

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

 

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

 

then the Administrative Agent shall give notice thereof to the
Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies
the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election
Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurocurrency Borrowing and
such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing and (ii) if any Borrowing Request
requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

Section 2.13.      Increased
Costs.

 

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

 

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

 

(ii)         impose
on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this Agreement
or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein;

 

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

 

    	 	49	 

     

    

 

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

 

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

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation.

 

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

 

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

 

    	 	50	 

     

    

 

(ii)         the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated
in Dollars from other banks in the Eurocurrency market at the commencement of such period.

 

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

 

Section 2.15.      Taxes.

 

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

 

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

 

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

 

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(d)          Evidence
of Payments. As soon as practicable after any payment of Covered Taxes by the Borrower to a Governmental Authority, the Borrower
shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

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

 

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

 

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

 

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

 

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

 

    	 	52	 

     

    

 

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

 

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

 

In addition, each Foreign Lender shall deliver
such forms promptly upon the expiration or invalidity of any form previously delivered by such Foreign Lender, provided
it is legally able to do so at the time. Each Foreign Lender shall promptly notify the Borrower and the Administrative Agent at
any time that it becomes aware that it no longer satisfies the legal requirements to provide any previously delivered form or certificate
to the Borrower (or any other form of certification adopted by the U.S. or other taxing authorities for such purpose).

 

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

 

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(g)          Conduit
Financing Arrangements. Each of the Administrative Agent and each Lender represents that as of the date hereof (or, in the
case of an assignee pursuant to Section 9.04(b)(i), as of the date of assignment) it is not participating in a conduit financing
arrangement as defined in Section 7701(l) of the Code and the regulations thereunder (regardless of whether such arrangement is
pursuant to the use of an SPC as defined in Section 9.04(e)) in connection with its participation in any of the Loan Documents
(a “Conduit Financing Arrangement”). Notwithstanding anything to the contrary in this Section 2.15, if the Internal
Revenue Service determines that any SPC (as defined in Section 9.04(e)) is a conduit entity participating in a Conduit Financing
Arrangement with respect to any Loan Document and the Borrower was not a participant to such arrangement (other than as a Borrower
under this Agreement), then (i) the Borrower shall have no obligation to pay additional amounts or indemnify the SPC for any Taxes
with respect to any payments hereunder to the extent that the amount of such Taxes exceeds the amount that would have otherwise
been withheld or deducted had the Internal Revenue Service not made such a determination and (ii) such SPC shall indemnify the
Borrowers in full for any and all taxes for which the Borrower is held directly liable under Section 1461 of the Code by virtue
of such Conduit Financing Arrangement; provided that such Borrower (A) promptly forward to the indemnitor an official receipt of
such documentation satisfactorily evidencing such payment, (B) contest such tax upon the reasonable request of the indemnitor and
at such indemnitor’s cost and (C) pay such indemnitor within thirty (30) days any refund of such taxes (including interest
thereon).

 

(h)          FATCA
Compliance. If a payment made to a Lender hereunder or under any Loan 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 and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower 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 or the Administrative Agent as may be necessary for the Borrower
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 (h), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

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

 

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All amounts owing under this Agreement (including
commitment fees, payments required under Sections 2.13 and 2.14 or under any other Loan Document (except to the extent otherwise
provided therein) are payable in Dollars.

 

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

 

(c)          Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing shall be made from the Lenders, each
payment of commitment fee under Section 2.10 shall be made for account of the Lenders, and each termination or reduction of
the amount of the Commitments under Section 2.07, Section 2.09 or otherwise shall be applied to the respective Commitments
of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated
pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Loans) or
their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each
payment or prepayment of principal of Loans by the Borrower shall be made for account of the Lenders pro rata in accordance with
the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower
shall be made for account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable
to the respective Lenders.

 

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

 

    	 	55	 

     

    

 

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

 

(f)          Certain
Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(e), 2.05(a) or (b) or 2.16(e), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to
satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

Section 2.17.         Defaulting
Lenders.

 

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

 

(a)          commitment
fees pursuant to Section 2.10(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender;

 

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

 

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

 

    	 	56	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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In the event that the Administrative Agent,
the Borrower and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender
to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative shall
determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.

 

Section 2.18.         Mitigation
Obligations; Replacement of Lenders.

 

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

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.15, or if any Lender becomes
a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement
to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a
Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder (excluding, for the avoidance of doubt, any payments
under Section 2.07(e) hereof), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result
in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply.

 

(c)          Defaulting
Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(e), 2.05 or 9.03(c),
then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing
Bank to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or
(ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of
such Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative
Agent in its discretion.

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

 

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

 

2.          the
effects of any Bail-in Action on any such liability, including, if applicable:

 

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

 

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

 

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

 

Article III

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the
Lenders that:

 

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

 

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

 

Section 3.03.         Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of registration or filing with,
or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made and are
in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents,
(b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower
or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default in any
material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets
(including, without limitation, any Structured Facility Agreement - FSF), or give rise to a right thereunder to require any payment
to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents, will not result in
the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

 

Section 3.04.         Financial
Condition; No Material Adverse Effect.

 

(a)          Financial
Statements. The Borrower has heretofore delivered to the Lenders the unaudited interim consolidated balance sheet and statements
of operations, changes in net assets and cash flows of the Borrower and its Subsidiaries as of and for the three month period ended
December 31, 2010 (as reported in the Borrower’s Form 10-Q filed with the SEC on January 31, 2011), certified by a Financial
Officer of the Borrower. Such financial statements present fairly, in all material respects, the consolidated financial position
and results of operations and cash flows of the Borrower and its Subsidiaries as of such date and for such period in accordance
with GAAP, subject to year-end audit adjustments and the absence of footnotes. None of the Borrower or any of its Subsidiaries
has any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated
losses from any unfavorable commitments not reflected in the financial statements referred to above.

 

(b)          No
Material Adverse Effect. Since December 31, 2010, there has not been any event, development or circumstance that has had
or could reasonably be expected to have a Material Adverse Effect.

 

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

 

Section 3.06.         Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders
of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property (including, without limitation, the Structured Facility Agreements - FSF), except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower
nor any of its Subsidiaries is subject to any contract or other arrangement, the performance of which by the Borrower could reasonably
be expected to result in a Material Adverse Effect (other than the SBIC Guarantee, provided that the failure of the Borrower to
perform its obligations thereunder could not reasonably be expected to result in a Material Adverse Effect so long as the Borrower
does not “Participate In” an “Impermissible Change of Control” (as each such term is defined in the SBIC
Guarantee and which, for the avoidance of doubt, would constitute an Event of Default hereunder)).

 

Section 3.07.         Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all material U.S. federal, state and
local Tax returns that are required to be filed by it and all other material Tax returns that are required to be filed by it and
has paid all Taxes for which it is directly or indirectly liable and any assessments made against it or any of its property and
all other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, other than any Taxes,
fees or other charges the amount or validity of which is currently being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as
the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes
and other governmental charges are adequate.

 

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

 

Section 3.09.         Disclosure.
The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of
its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished
by or on behalf of the Borrower to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents
or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that with respect to projected financial information, the Borrower
represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time
(it being understood that actual results during the period or periods covered by any such projections and forecasts may differ
from the projected or forecasted results and such differences may be material).

 

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Section 3.10.         Investment
Company Act; Margin Regulations.

 

(a)          Status
as Business Development Company. The Borrower is an “investment company” that has elected to be regulated as a
“business development company” within the meaning of the Investment Company Act and qualifies as a RIC (and has qualified
as a RIC at all times since January 2, 2008).

 

(b)          Compliance
with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries, including the borrowing
of the Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions
contemplated by the Loan Documents do not result in a violation or breach in any material respect of the provisions of the Investment
Company Act or any rules, regulations or orders issued by the SEC thereunder.

 

(c)          Investment
Policies. The Borrower is in compliance in all material respects with the Investment Policies.

 

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

 

Section 3.11.         Material
Agreements and Liens.

 

(a)          Material
Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture,
purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or
any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries
outstanding on the Amendment No. 5 Effective Date, and the aggregate principal or face amount outstanding or that is, or may become,
outstanding under each such arrangement is correctly described in Schedule 3.11(a).

 

(b)          Liens.
Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the
Amendment No. 5 Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate Indebtedness
secured (or that may be secured) by each such Lien and the property covered by each such Lien is correctly described in Schedule 3.11(b).

 

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Section 3.12.         Subsidiaries
and Investments.

 

(a)          Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of the Amendment
No. 5 Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests held by each such Person
and the percentage of ownership of such Subsidiary represented by such ownership interests. Except as disclosed in Schedule 3.12(a),
as of the Amendment No. 5 Effective Date, (x) other than pursuant to the terms of the Structured Pledge Agreement - FSF (in
the case of ownership interests in Fifth Street Funding, LLC), the Borrower owns, free and clear of Liens, and has the unencumbered
right to vote, all outstanding ownership interests in each Person shown to be held by it in Schedule 3.12(a), (y) all
of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable
and (z) there are no outstanding Equity Interests with respect to such Person.

 

(b)          Investments.
Set forth in Schedule 3.12(b) is a complete and correct list of all Investments (other than Investments of the types
referred to in clauses (b), (c), (d), (e) and (f) of Section 6.04) held by the Borrower or any of its Subsidiaries in
any Person as of the Amendment No. 5 Effective Date and, for each such Investment, (x) the identity of the Person or Persons
holding such Investment and (y) the nature of such Investment. Except as disclosed in Schedule 3.12(b), each of
the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant to Section 6.02), all
such Investments.

 

Section 3.13.         Properties.

 

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

 

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

 

Section 3.14.         Solvency.
Each Obligor is and, upon the incurrence of any extension of credit hereunder by such Obligor on any date on which this representation
and warranty is made, will be, Solvent.

 

Section 3.15.         Affiliate
Agreements. As of the Original Effective Date, the Borrower has heretofore delivered to each of the Lenders true and complete
copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and any amendments, supplements or waivers
executed and delivered thereunder) and, except as set forth on Schedule 3.15, there have been no modifications to such
agreements since the Original Effective Date, except as modified pursuant to Section 6.11(b). As of the Amendment No. 5 Effective
Date, each of the Affiliate Agreements is in full force and effect.

 

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Section 3.16.         Structured
Subsidiaries.

 

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

 

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

 

Section 3.17.         EEA
Financial Institutions. No Obligor is an EEA Financial Institution.

 

Article IV

CONDITIONS

 

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

 

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

 

(i)          Executed
Counterparts. From each party hereto either (x) a counterpart of this Agreement signed on behalf of each Existing Lender,
each New Lender, the Borrower, the Administrative Agent and the Issuing Bank, or (y) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party
has signed a counterpart of this Agreement.

 

(ii)         Guarantee
and Security Agreement. An Amendment and Reaffirmation of the Guarantee and Security Agreement, in the form of Exhibit D (the
“Amendment and Reaffirmation”), duly executed and delivered by the Borrower and each Subsidiary Guarantor;

 

(iii)        Investment
Policy Amendment. An amendment to the Borrower’s Investment Policies permitting the Borrower to invest in Asset Managers,
which shall be in the form attached hereto as Exhibit E (the “Investment Policy Amendment”);

 

(iv)        Opinion
of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated as
of the date hereof) of Rutan & Tucker, LLP, counsel for the Obligors, in form and substance reasonably acceptable to the Administrative
Agent and covering such matters as the Administrative Agent may reasonably request (and the Borrower hereby instructs such counsel
to deliver such opinion to the Lenders and the Administrative Agent);

 

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(v)         Corporate
Documents. (a) A certificate, from the secretary of each Obligor, that there has been no change to the organizational documents
of each Obligor delivered as of the Original Effective Date, (b) signature and incumbency certificates of the officers of such
Person executing this Agreement and the Amendment and Reaffirmation, (c) resolutions of the board of directors or similar governing
body of each Obligor approving and authorizing the execution, delivery and performance of this Agreement and the Amendment and
Reaffirmation, (d) a good standing certificate from the applicable Governmental Authority of each Obligor’s jurisdiction
of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other
entity to do business, each dated a recent date prior to the Restatement Effective Date, and (e) such other documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good
standing of the Obligors, the authorization of the Transactions and any other legal matters relating to the Obligors, this Agreement
or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

 

(vi)        Officer’s
Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in Sections 4.02(a), (b), (c) and (d), and certifying that before and after giving
effect to the Transactions, each Obligor is and will be Solvent.

 

(vii)       Borrowing
Base Certificate. A Borrowing Base Certificate showing a calculation of the Borrowing Base as of the Restatement Effective
Date.

 

(b)          Consents.
The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations,
registrations, or filings required to be made or obtained by the Borrower and all guarantors in connection with the Transactions
and any transaction being financed with the proceeds of the Loans and such consents, approvals, authorizations, registrations,
filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation
or inquiry by any Governmental Authority regarding the Transactions or any transaction being financed with the proceeds of the
Loans shall be ongoing.

 

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

 

(d)          Fees
and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses related
to this Agreement owing on the Restatement Effective Date, including the break funding payments, if any, payable under Section 2.14
as a result of the Commitment Increase taking effect on the Restatement Effective Date.

 

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(e)          Accrued
Interest and Commitment Fees. The Borrower shall have paid to the Administrative Agent and the Lenders (i) all accrued but
unpaid commitment fees as of the Restatement Effective Date, provided that such fees shall be paid at the rate set forth in the
Existing Credit Agreement, and (ii) all accrued but unpaid interest as of the Restatement Effective Date, provided that such interest
shall be paid at the rate set forth in the Existing Credit Agreement.

 

(f)          Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent may reasonably request
in form and substance satisfactory to the Administrative Agent.

 

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

 

(h)          Default.
On the Restatement Effective Date, no Default shall have occurred and be continuing.

 

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

 

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

 

(b)          at
the time of and immediately after giving effect to such Loan or the issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing;

 

(c)          either
(i) the aggregate Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing
Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower
shall have delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such
extension of credit) shall not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent
acquisitions of Portfolio Investments by the Borrower or payment of outstanding Loans or Other Covered Indebtedness;

 

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

 

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

 

Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date
thereof as to the matters specified in the preceding sentence.

 

Article V

AFFIRMATIVE COVENANTS

 

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

 

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

 

(a)          within
90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth
in each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers or other independent
public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and
shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided that the requirements
set forth in this clause (a) may be fulfilled by providing to the Administrative Agent and the Lenders the report of the Borrower
to the SEC on Form 10-K for the applicable fiscal year;

 

(b)          within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of
the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative
form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous
fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition
and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this
clause (b) may be fulfilled by providing to the Lenders the report of the Borrower to the SEC on Form 10-Q for the applicable
quarterly period;

 

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(c)          concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer
of the Borrower (i) certifying that such statements are consistent with the financial statements filed by the Borrower with
the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.01, 6.02, 6.04, 6.05 and 6.07 and (iv) stating whether
any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Original Effective Date
and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

 

(d)          as
soon as available and in any event not later than twenty (20) days after the end of each monthly accounting period (ending on the
last day of each calendar month) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as of the last day of
such accounting period;

 

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

 

(f)          promptly
upon receipt thereof copies of all significant reports submitted by the Borrower’s independent public accountants in connection
with each annual, interim or special audit or review of any type of the financial statements or related internal control systems
of the Borrower or any of its Subsidiaries delivered by such accountants to the management or board of directors of the Borrower;

 

(g)          promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by the Borrower or any of its Subsidiaries with the SEC or with any national securities exchange, as the case may be;

 

(h)          promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the
Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative
Agent or any Lender may reasonably request;

 

(i)          within
45 days after the end of each fiscal quarter of the Borrower, a certificate of a Financial Officer of the Borrower certifying
that attached thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with
respect to each such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment, the name
of the issuer of such Portfolio Investment and all internal
and external valuation reports relating to such Portfolio Investment;

 

(j)          promptly
at the time of delivery of any Eligible Portfolio Investments, the underwriting memoranda for all underlying Portfolio Investments;

 

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(k)          promptly
upon (i) any Eligible Portfolio Investments being rated 3 or higher using the Proprietary Rating System, (ii) the downgrade of
any Eligible Portfolio Investment, or (iii) any material adverse change in the quality of any underlying Portfolio Company, credit
monitoring reports relating to such Eligible Portfolio Investment or Portfolio Company, as applicable;

 

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

 

(m)          concurrently
with any delivery of financial statements under clauses (a) and (b) of this Section, a certificate of a Financial Officer of the
Borrower setting forth the Borrower's good faith estimate of the Required Payment Amount for such taxable year-to-date and any
dividends and distributions that the Borrower has made or intends to make in respect thereof.

 

Section 5.02.         Notices
of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

 

(a)          the
occurrence of any Default;

 

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

 

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

 

(d)          any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

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

 

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

 

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

 

Section 5.05.         Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain
insurance in such amounts and against such risks as the Borrower maintains as of the Original Effective Date or such modifications
thereto as reasonably determined by the Borrower in its good faith business judgment.

 

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

 

(a)          Books
and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and account
in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make
extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants,
all at such reasonable times and as often as reasonably requested, provided that the Borrower or such Subsidiary shall be
entitled to have its representatives and advisors present during any inspection of its books and records; provided, further,
that the Administrative Agent and the Lenders shall not conduct more than three such visits and inspections in any calendar year
unless an Event of Default has occurred and is continuing at the time of any subsequent visits and inspections during such calendar
year.

 

(b)          Audit
Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative
Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations
and appraisals of the Borrower’s computation of the Borrowing Base and the assets included in the Borrowing Base, all at
such reasonable times and as often as reasonably requested. The Borrower shall pay the reasonable fees and expenses of any representatives
retained by the Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not be
required to pay such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event
of Default has occurred and is continuing at the time of any subsequent evaluation or appraisal during such calendar year. The
Borrower also agrees to modify or adjust the computation of the Borrowing Base to the extent required by the Administrative Agent
or the Required Lenders as a result of any such evaluation or appraisal, provided that if the Borrower demonstrates that
such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its computation of the Borrowing Base.

 

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Section 5.07.         Compliance
with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it
(including orders issued by the SEC) or its property and all indentures, agreements and other instruments (including, without
limitation, the Structured Facility Agreements – FSF to the extent in effect), except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.08.         Certain
Obligations Respecting Subsidiaries; Further Assurances.

 

(a)          Subsidiary
Guarantors.

 

(i)          In
the event that (i) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing Subsidiary),
or that any other Person shall become a “Subsidiary” within the meaning of the definition thereof, (ii) any Structured
Subsidiary shall no longer constitute a “Structured Subsidiary” pursuant to the definition thereof (in which case such
Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08); or (iii) any SBIC Subsidiary shall
no longer constitute an “SBIC Subsidiary” pursuant to the definition thereof (in which case such Person shall be deemed
to be a “new” Subsidiary for purposes of this Section 5.08), the Borrower will, in each case, on or before thirty (30)
days following such Person becoming a Subsidiary or such Financing Subsidiary no longer qualifying as such, cause such new Subsidiary
or former Financing Subsidiary to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the
Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action,
incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower pursuant
to Section 4.01 upon the Original Effective Date (as set forth in the Existing Credit Agreement) or as the Administrative
Agent shall have reasonably requested.

 

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

 

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

 

(b)          Ownership
of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall
be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary.

 

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

 

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

 

(ii)         cause
any bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with
the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” (within the meaning of
the Uniform Commercial Code) over each bank account or securities account of the Obligors (other than (A) any such accounts that
are maintained by the Borrower in its capacity as “servicer” for a Financing Subsidiary or any “Agency Account”
pursuant to Section 5.08(c)(v) below, (B) any such accounts which hold solely money or financial assets of a Financing Subsidiary,
(C) any payroll account so long as such payroll account is coded as such, (D) withholding tax and fiduciary accounts, (E) checking
accounts of the Obligors that do not contain, at any one time, an aggregate balance in excess of $1,000,000, provided that Borrower
will, and will cause each of its Subsidiary Guarantors to, use commercially reasonable efforts to obtain control agreements governing
any such account in this clause (E), and (F) any account in which the aggregate value of deposits therein, together with all other
such accounts under this clause (F), does not at any time exceed $75,000, provided that in the case of each of the foregoing clauses
(A) through (F), no other Person shall have “control” over such account, except as described in Section 5.08(c)(vii)
below), and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv) and (v) below, to cause all cash and other
proceeds of Portfolio Investments received by any Obligor to be immediately deposited into such an account (or otherwise delivered
to, or registered in the name of, the Collateral Agent) and, both prior to and following such deposit, delivery or registration
such cash and other proceeds shall be held in trust by the Borrower for and as the property of the Collateral Agent and shall not
be commingled with any other funds or property of such Obligor or any other Person (including with any money or financial assets
of the Borrower in its capacity as “servicer” for a Structured Subsidiary, or any money or financial assets of a Structured
Subsidiary, or any money or financial assets of the Borrower in its capacity as “agent” for any other Credit Facility
Loan subject to Section 5.08(c)(v) below);

 

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

 

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(iv)        in
the case of any Portfolio Investment consisting of a Credit Facility Loan (as defined in Section 5.13) that is not a Noteless
Loan Asset and that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan
documents and a Financing Subsidiary holds any interest in the loans or other extensions of credit under such loan documents, (x)(1)
cause the interest owned by such Financing Subsidiary to be evidenced by a separate note or notes which note or notes are either
(A) in the name of such Financing Subsidiary or (B) in the name of the Borrower, endorsed in blank and delivered to the applicable
Financing Subsidiary and beneficially owned by the Financing Subsidiary and (2) cause such Financing Subsidiary to have a direct
interest (rather than a participation acquired from an Obligor) in such underlying loan documents and the extensions of credit
thereunder; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower
or other obligated party are remitted by such borrower or obligated party directly to the Custodian Account and no other amounts
owing by such underlying borrower or obligated party are remitted to the Custodian Account.

 

(v)         in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Credit Facility
Loan and such Obligor does not hold all of the credit extended to the underlying borrower under the relevant underlying loan documents,
ensure that (a) all funds held by such Obligor in such capacity as agent or administrative agent is segregated from all other funds
of such Obligor and clearly identified as being held in an agency capacity (an “Agency Account”); (b) all amounts
owing on account of such Credit Facility Loan by the underlying borrower or other obligated party are remitted by such borrower
or obligated party to either (1) such Agency Account or (2) directly to an account in the name of the underlying lender to whom
such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more than one underlying lender may be
remitted to any single account other than the Agency Account); (c) within two (2) Business Days after receipt of such funds, such
Obligor acting in its capacity as agent or administrative agent shall distribute any such funds belonging to any Obligor to the
Custodian Account.

 

(vi)        Except
as otherwise set forth in clause Section 5.08(c)(iv) above, cause all Portfolio Investments held by an Obligor that are Credit
Facility Loans (other than any Noteless Loan Assets) to be evidenced by promissory notes in the name of such Obligor, cause such
Obligor to be party to the underlying loan documents as a “lender” having a direct interest (or a participation not
acquired from an Affiliate) in such underlying loan documents and the extensions of credit thereunder, and cause all such underlying
loan and other documents relating to any such Portfolio Investment (including, without limitation, such promissory notes that are
owned by an Obligor) to be held by (x) the Collateral Agent or (y) the Custodian pursuant to the terms of a Custodian
Agreement and, unless delivered to the Collateral Agent, such Credit Facility Loan shall be credited to the Custodian Account;
provided that Borrower’s obligation to deliver underlying documentation (other than promissory notes, which must be
delivered in the original) may be satisfied by delivery of copies of such underlying documentation.

 

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(vii)       At
the Administrative Agent’s sole discretion, an Agency Account may be subject to a concentration and intercreditor agreement
(in form and substance acceptable to the Administrative Agent in its sole discretion) entered into with other lenders that provide
advances against the underlying assets relating to such Agency Account; provided that upon the effectiveness of any of such
concentration and intercreditor agreement, such Agency Account shall cease to be an "Excluded Asset" as defined in the
Guarantee and Security Agreement.

 

Section 5.09.         Use
of Proceeds. The Borrower will use the proceeds of the Loans and the issuances of Letters of Credit only for general corporate
purposes of the Borrower and its Subsidiaries (other than the Financing Subsidiaries, except to the extent permitted by Section
6.03(e)) in the ordinary course of business, including making distributions not prohibited by this Agreement and the acquisition
and funding (either directly or through one or more wholly-owned Subsidiary Guarantors) of leveraged loans, mezzanine loans,
high-yield securities, convertible securities, preferred stock, common stock and other Investments; provided that neither
the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds
of any Loan will be used in violation of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental
or ultimate, of buying or carrying any Margin Stock. On the Restatement Effective Date and at any other time requested by the
Administrative Agent or any Lender, the Borrower shall furnish to the Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.
Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin
Stock (within the meaning of Regulation U), or with the proceeds of equity capital of the Borrower. For the avoidance of
doubt, Letters of Credit may be issued to support obligations of any Portfolio Company, but the underlying obligations of such
Portfolio Company to the Borrower in respect of such Letters of Credit shall not be treated as Eligible Portfolio Investments.

 

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

 

Section 5.11.         Investment
Policies. The Borrower shall at all times be in compliance in all material respects with its Investment Policies.

 

Section 5.12.         Portfolio
Valuation and Diversification Etc.; Risk Factor Ratings;

 

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

 

(b)          Portfolio
Valuation Etc.

 

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(i)          Settlement
Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included as an Eligible Portfolio
Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated
as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold
will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such investment shall be
included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

 

(ii)         Determination
of Values. The Borrower will conduct reviews of the value to be assigned to each of its Eligible Portfolio Investments as follows:

 

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

 

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

 

(x)          in
the case of bank loans, the bid price as determined by one Approved Dealer selected by the Borrower,

 

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

 

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

 

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

 

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(x)          
Commencing on November 30th, 2013, and on each February 28th, May 31st, August 31st,
and November 30th thereafter (or such other dates as are reasonably agreed by the Borrower and the Administrative Agent
(provided that such testing dates shall occur not less than quarterly), each an “IVP Testing Date”), the Administrative
Agent through an Independent Valuation Provider will test the values as of such IVP Testing Date of those Unquoted Investments
(other than No External Review Assets) that are Portfolio Investments included in the Borrowing Base selected by the Administrative
Agent (such selected assets, the “IVP Tested Assets” and such value, the “IVP External Unquoted Value”);
provided that the fair value of such Portfolio Investments tested by the Independent Valuation Provider as of any IVP Testing
Date shall be approximately 25% (but in no event shall exceed 30% as of any quarterly test; provided, however commencing as of
the fourth (4th) IVP Testing Date after the Amendment No. 5 Effective Date, for any trailing four (4) quarter period
such percentage shall not exceed 27% in the aggregate and the Administrative Agent shall, if applicable, reduce the amount of assets
being valued during such quarter to ensure that only 27% are valued by the Administrative Agent as of the end of such trailing
four (4) quarter period) of the aggregate value of the Unquoted Investments in the Borrowing Base (the determination of fair value
for such 25% threshold shall be based off of the last determination of value of the Portfolio Investments pursuant to this Section
5.12 and, for the avoidance of doubt, in the case of any Unquoted Investments acquired during the calendar quarter, the value shall
be as determined pursuant to clause (B)(z) below); provided, further that the Administrative Agent shall provide written
notice to the Borrower, setting forth a description of which Unquoted Investments will be IVP Tested Assets as of such IVP Testing
Date, not later than November 15th, 2013, and on each February 15th, May 15th, August 15th,
and November 15th, thereafter (or such other dates as are reasonably agreed by the Borrower and the Administrative Agent),
as applicable. Each such valuation report shall also include the information required to comply with any enterprise value eligibility
criteria for an IVP Tested Asset (to the extent such criteria are applicable.)

 

(y)          With
respect to all Unquoted Investments that are not IVP Tested Assets as of such IVP Testing Date, other than No External Review Assets
(the “Borrower Tested Assets”), the Borrower shall request an Approved Third-Party Appraiser to assist the Board
of Directors of the Borrower in determining the fair value of such Unquoted Investments, as of the end of each fiscal quarter of
the Borrower (such value, the “Borrower External Unquoted Value”), and to provide the Borrower’s Board
of Directors with a written valuation report as part of that assistance each quarter; provided that solely with respect
to the fiscal quarter ending September 30, 2013, all Unquoted Investments other than No External Review Assets shall be Borrower
Tested Assets and the Borrower shall request a Borrower External Unquoted Value for all such Unquoted Investments. Each such valuation
report shall also include the information required to comply with any enterprise value eligibility criteria referred to above.

 

(z)          the
value of any Unquoted Investments acquired during a fiscal quarter shall be deemed to be equal to the cost of such Portfolio Investment
until such time as the fair market value of such Portfolio Investment is determined in accordance with the foregoing provisions
of this sub-clause (B) as at the last day of such fiscal quarter.

 

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

 

(D)         Value
of Quoted Investments. Subject to clauses (G) and (H) below, the “Value” of each Quoted Investment for purposes
of this Agreement shall be the lowest of (i) the Internal Value of such Quoted Investment as most recently determined by the Borrower
pursuant to Section 5.12(b)(ii)(C), (ii) the External Quoted Value of such Quoted Investment as most recently determined pursuant
to Section 5.12(b)(ii)(A), (iii) 102% of the principal amount of such Eligible Portfolio Investment and (iv) the principal amount
of such Eligible Portfolio Investment plus any applicable prepayment premium.

 

(E)         Value
of Unquoted Investments. Subject to clauses (G) and (H) below,

 

(x)          if
the Internal Value of any Unquoted Investments as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls below the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of the Credit Agreement shall be deemed to be the lowest
of (i) the Internal Value, (ii) 102% of the principal amount of such Eligible Portfolio Investment and (iii) the principal
amount of such Eligible Portfolio Investment plus any applicable prepayment premium;

 

(y)          (i)
if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls above the range of the Borrower External Unquoted Value of such Unquoted Investment as most recently determined pursuant
to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of the Credit Agreement
shall be deemed to be the lowest of (a) the midpoint of the range of the Borrower External Unquoted Value, (b) 102% of
the principal amount of such Eligible Portfolio Investment and (c) the principal amount of such Eligible Portfolio Investment plus
any applicable prepayment premium;

 

(ii)         if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
falls more than 5% above the midpoint of the range of the IVP External Unquoted Value of such Unquoted Investment as most recently
determined pursuant to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of
the Credit Agreement shall be deemed to be the lowest of (a) the midpoint of the range of the IVP External Unquoted Value,
(b) 102% of the principal amount of such Eligible Portfolio Investment and (c) the principal amount of such Eligible Portfolio
Investment plus any applicable prepayment premium;

 

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(z)          if
the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C)
is within the range of the Borrower External Unquoted Value, or within or not more than 5% above the midpoint of the range of the
IVP External Unquoted Value, of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then
the “Value” of such Unquoted Investment for all purposes of the Credit Agreement shall be deemed to be the lowest of
(i) the Internal Value, (ii) 102% of the principal amount of such Eligible Portfolio Investment and (iii) the principal
amount of such Eligible Portfolio Investment plus any applicable prepayment premium;

 

except that:

 

if the difference between the highest and lowest Borrower
External Unquoted Value in such range exceeds an amount equal to 6% of the midpoint of such range, the “Value” of such
Unquoted Investment shall instead be deemed to be the lowest of (i) the lowest Borrower External Unquoted Value in such range,
(ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C), (iii) 102% of the principal amount of such Eligible
Portfolio Investment, and (iv) the principal amount of such Eligible Portfolio Investment plus any applicable prepayment premium.

 

(F)         Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base
Deficiency exists, then the Borrower shall, promptly and in any event within one Business Day as provided in Section 5.01(e),
deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the payments
and prepayments (and provide cover for Letters of Credit), all as more specifically set forth in Section 2.09(b).

 

(G)         Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B)(y) or (C), then the “Value”
of such Eligible Portfolio Investment as at such date shall be deemed to be zero. If the Administrative Agent shall fail to determine
the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then the “Value” of such Eligible
Portfolio Investment as at such date shall be the lower of (x) the Internal Value and (y) the par or face value of such Unquoted
Investment.

 

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(H)         Adjustment
of Values. Solely with respect to the fiscal quarter ending September 30, 2013, the Administrative Agent, in its sole and absolute
discretion exercised in good faith, may, and upon the request of the Required Lenders, shall, lower the Value of any Eligible Portfolio
Investment (in which case the “Value” of such Eligible Portfolio Investment shall for all purposes hereof be deemed
to be the Value assigned by the Administrative Agent) and/or exclude any Eligible Portfolio Investment from the Borrowing Base
entirely, so long as the aggregate reduction in the Borrowing Base resulting from all such revisions and exclusions in any fiscal
quarter does not exceed five percent (5%). Any such revision or exclusion shall be effective ten Business Days after the Administrative
Agent’s delivery of notice thereof to the Borrower.

 

(iii)        
Supplemental Testing of Values; Valuation Dispute Resolutions

 

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

 

(B) For purposes of this Section
5.12(b)(iii), the Value of any Portfolio Investment for which the Independent Valuation Provider’s value is used shall be
the midpoint of the range (if any) determined by the Independent Valuation Provider.

 

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(C) Subject to the next sentence,
the documented out-of-pocket costs of any valuation reasonably incurred by the Administrative Agent under this Section 5.12 shall
be at the expense of the Borrower; provided that the Administrative Agent shall under no circumstances be required to incur
expenses under Section 5.12(b)(iii) in excess of the IVP Supplemental Cap (as defined below). Unless an Event of Default has occurred
and is continuing, the Borrower shall not be responsible for the reimbursement of any fees, costs and expenses of the Independent
Valuation Provider incurred pursuant to Section 5.12(b)(iii) in excess of $200,000 in the aggregate incurred for all
such fees, costs and expenses in any 12-month period (the “IVP Supplemental Cap”).

 

(c)          Investment
Company Diversification Requirements. The Borrower will, and will cause its Subsidiaries (other than Financing Subsidiaries
that are exempt from the Investment Company Act) at all times to (i) comply with the portfolio diversification and similar
requirements set forth in the Investment Company Act applicable to business development companies and (ii) subject to applicable
grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable
to RICs.

 

(d)          Risk
Factor Rating. The Borrower shall assign each Portfolio Investment that is otherwise an Eligible Portfolio Investment a risk
factor rating (a “Risk Factor Rating”) based on Portfolio Company Data relating to such Portfolio Investment by, at
the Borrower’s option, either (i) inputting such Portfolio Company Data into RiskCalc, Moody’s KMV Expected Default
Frequency model or (ii) a shadow rating performed by a Moody’s analyst with respect to such Portfolio Company Data.

 

Section 5.13.         Calculation
of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any
date of determination, as the sum of the products obtained by multiplying (i) the Value of each Eligible Portfolio Investment
(excluding any cash held by the Administrative Agent pursuant to Section 2.04(k)) by (ii) the applicable Advance Rate, expressed
as a fraction; provided that:

 

(a)          the
Advance Rate applicable to that portion of the aggregate Value of the Eligible Portfolio Investments of all issuers in a consolidated
group of corporations or other entities, in accordance with GAAP, that exceeds (i) 10% of Shareholders’ Equity of the Borrower
(which, for purposes of this calculation, shall be exclusive of the net asset value held in any Financing Subsidiary), or (ii)
10% of the aggregate Value of all Eligible Portfolio Investments included in the Borrowing Base, shall be 0%;

 

(b)          the
Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at any time
when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 20 different issuers;

 

(c)          the
portion of the Borrowing Base attributable to the following assets in the aggregate shall not exceed 10% of the Borrowing Base,
and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 10% of the Borrowing Base: (i) Eligible
Portfolio Investments rated 3 by the Borrower using the Proprietary Rating System; (ii) Underperforming Investments; (iii) Eligible
Portfolio Investments that are debt obligations which bear cash interest less frequently than quarterly; and (iv) PIK Obligations;

 

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(d)          the
portion of the Borrowing Base attributable to Underperforming Investments shall not exceed 5% of the Borrowing Base, and the Borrowing
Base shall be reduced to the extent such portion would otherwise exceed 5% of the Borrowing Base;

 

(e)          the
portion of the Borrowing Base attributable to Covenant-Lite Loans shall not exceed 10% of the Borrowing Base, and the Borrowing
Base shall be reduced to the extent such portion would otherwise exceed 10% of the Borrowing Base;

 

(f)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Low-Risk Assets, Performing Last Out
Loans or Performing Second Lien Credit Facility Loans shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be
reduced to the extent such portion would otherwise exceed 25% of the Borrowing Base;

 

(g)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in the Largest Industry Classification Group shall
not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed
25% of the Borrowing Base;

 

(h)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other
than the Largest Industry Classification Group) shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced
to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(i)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments with respect to which the headquarters of the corresponding
Portfolio Company is located in any one state, province, commonwealth, territory, possession or political subdivision of the United
States or Canada shall not exceed 30% of the Borrowing Base and the Borrowing Base shall be reduced to the extent such portion
would otherwise exceed 30% of the Borrowing Base;

 

(j)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments with a Risk Factor higher than 3490 shall not exceed
20% of the Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 20% of the
Borrowing Base;

 

(k)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are revolving loans shall not exceed 15% of the
Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(l)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are loans with respect to which the Borrower
(including, for clarity, any Financing Subsidiary and its Affiliates, on a combined basis) controls less than 50% of such loan
and for which the Borrower was not actively engaged in the origination and structuring of such loan, shall not exceed 20% of the
Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 20% of the Borrowing Base;

 

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(m)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Affiliate Investments shall not exceed 20%
of the Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 20% of the Borrowing
Base;

 

(n)          if
at any time the weighted average maturity of all debt Eligible Portfolio Investments exceeds 5 years, the Borrowing Base shall
be reduced by removing debt Eligible Portfolio Investments therefrom (but not from the Collateral) in the order of maturity (with
the debt Eligible Portfolio Investment having the longest maturity to be removed first) to the extent necessary to cause the weighted
average maturity of all debt Eligible Portfolio Investments included in the Borrowing Base to be no greater than 5 years (subject
to all other constraints, limitations and restrictions set forth herein);

 

(o)          if
at any time the Weighted Average Fixed Coupon (after giving effect to any Hedge Agreement) is less than the greater of (i) 8% and
(ii) the one-month LIBO Rate plus 4.5%, the Borrowing Base shall be reduced by removing debt Eligible Portfolio Investments therefrom
(but not from the Collateral) in the order of cash interest coupon amount (with the debt Eligible Portfolio Investment having the
lowest cash interest coupon to be removed first) to the extent necessary to cause the Weighted Average Fixed Coupon to be at least
equal to the greater of (x) 8% and (y) LIBO Rate plus 4.5% (subject to all other constraints, limitations and restrictions set
forth herein);

 

(p)          if
at any time the Weighted Average Floating Spread (after giving effect to any Hedge Agreement) is less than 4.5%, the Borrowing
Base shall be reduced by removing debt Eligible Portfolio Investments therefrom (but not from the Collateral) in the order of Spread
amount (with the debt Eligible Portfolio Investment having the lowest Spread to be removed first) to the extent necessary to cause
the Weighted Average Floating Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions set forth
herein);

 

(q)          if
at any time the weighted average Risk Factor of all Eligible Portfolio Investments (based on the fair value of such Eligible Portfolio
Investments) exceeds 2950, the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from
the Collateral) to the extent necessary to cause the weighted average Risk Factor of all Eligible Portfolio Investments in the
Borrowing Base to be no greater than 2950 (subject to all other constraints, limitations and restrictions set forth herein);

 

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(r)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments denominated in Canadian dollars or with respect to
which (i) the principal operations of the corresponding Portfolio Company or any assets of such Portfolio Company pledged as collateral
for such Portfolio Investment are primarily located in Canada or any commonwealth, territory, possession or political subdivision
of the United States (other than any state of the United States), (ii) the corresponding Portfolio Company is organized under the
laws of Canada or any commonwealth, territory, possession or political subdivision of the United States (other than any state of
the United States), or (iii) the corresponding Portfolio Company is domiciled within Canada or any commonwealth, territory, possession
or political subdivision of the United States (other than any state of the United States), shall not exceed 10% of the Borrowing
Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 10% of the Borrowing Base;

 

(s)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that contain any restrictions on transfer described
in subclause (e) of clause (ii) of the definition of “Transferable” shall not exceed 10% of the Borrowing Base and
the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 10% of the Borrowing Base; and

 

(t)          the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Noteless Loan Assets shall not exceed 25%
of the Borrowing Base, and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 25% of the Borrowing
Base.

 

For all purposes of this Section 5.13, (A)
all issuers of Eligible Portfolio Investments that are Affiliates of one another shall be treated as a single issuer (unless such
issuers are Affiliates of one another solely because they are under the common Control of the same private equity sponsor), and
(B) the amount of all Eligible Portfolio Investments denominated in Canadian dollars shall be converted into the Dollar Equivalent
thereof prior to any other determinations under this Section 5.13. In addition, as used herein, the following terms have the following
meanings:

 

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

 

	Eligible Portfolio Investment	 	Quoted	 	Unquoted
	Cash and Cash Equivalents	 	100%	 	n.a.
	Short-Term U.S. Government Securities	 	100%	 	n.a.
	Long-Term U.S. Government Securities	 	95%	 	n.a.
	Performing First Lien Credit Facility Loans	 	85%	 	75%
	Performing Last Out Loans	 	75%	 	65%
	Performing Second Lien Credit Facility Loans	 	70%	 	60%
	Performing High Yield Securities	 	65%	 	55%
	Performing Mezzanine Investments and Performing Covenant-Lite Loans	 	60%	 	50%
	Performing PIK Obligation	 	50%	 	40%
	Performing Underperforming Investments	 	40%	 	30%
	Non-Performing Portfolio Investments	 	0%	 	0%

 

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

 

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

 

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

 

“Covenant-Lite Loans” means
a Credit Facility Loan or a mezzanine investment (which would otherwise qualify as a Mezzanine Investment but for the absence of
the following covenants) that (i) does not include at least one of the following: (a) a leverage covenant, (b) a fixed charge coverage
ratio of not less than 1.00 to 1.00, (c) a debt service ratio of not less than 1.25 to 1.00, or (d) an interest coverage ratio
of not less than 1.50 to 1.00, and (ii) is for an issuer whose trailing 12 month EBITDA (or adjusted EBITDA, consolidated EBITDA,
adjusted consolidated EBITDA or such other similar term as may be used in the applicable documentation) is at least $50,000,000.

 

“Credit Facility Loans”
means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded
portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans,
bridge loans and senior subordinated loans) which are generally under a syndicated loan or credit facility, which may be a
portion of a larger credit facility to the same obligor(s) for which other portions thereof may be held by one or more Financing
Subsidiaries or other Persons (so long as the applicable Obligor’s portion is pari passu with all other obligations under
such credit facility and the requirements of Section 5.08(c)(iv) have been satisfied with respect thereto).

 

“Defaulted Obligation”
means debt (a) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing
for a period of thirty two (32) consecutive days with respect to such debt (without regard to any grace period applicable thereto,
or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such debt have accelerated
all or a portion of the principal amount thereof as a result of such default; (b) as to which a default as to the payment
of principal and/or interest has occurred and is continuing on another material debt obligation of the obligor under such debt
which is senior or pari passu in right of payment to such debt; (c) as to which the obligor under such debt or others have
instituted proceedings to have such obligor adjudicated bankrupt or insolvent or placed into receivership and such proceedings
have not been stayed or dismissed or such obligor has filed for protection under Chapter 11 of the United States Bankruptcy Code
(unless, in the case of clause (b) or (c), such debt is a debtor-in-possession loan, in which case it shall not be deemed
to be a Defaulted Obligation under such clause); (d) as to which any of the following actions have been taken: charging a
default rate of interest for more than 150 consecutive days, or foreclosure on collateral for such debt has been commenced and
is being pursued by or on behalf of the holders thereof; or (e) that the Borrower has in its reasonable commercial judgment otherwise
declared to be a Defaulted Obligation.

 

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“First Lien Credit Facility Loan”
means a Credit Facility Loan that is entitled to the benefit of a first lien and first priority perfected security interest on
all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the
most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings; provided,
however that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may
be second in priority to a Permitted Prior Working Capital Lien.

 

“Fixed Rate Portfolio Investment”
means a debt Eligible Portfolio Investment that bears interest at a fixed rate.

 

“Floating Rate Portfolio Investment”
means a debt Eligible Portfolio Investment that bears interest at a floating rate.

 

“High Yield Securities”
means debt Securities (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement
or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents,
Mezzanine Investments or Credit Facility Loans.

 

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

 

(a) such last out tranche is entitled
(along with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof (subject to customary exceptions), and
which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings
(taking into account the payment priority of the first out tranche and subject to customary permitted liens as contemplated by
the applicable Credit Facility Loan documents);

 

(b) the ratio of (x) the amount
of the first out tranche to (y) EBITDA (or adjusted EBITDA, consolidated EBITDA, adjusted consolidated EBITDA or such other similar
term as may be used in the applicable documentation) of the underlying obligor does not at any time exceed 2.25x;

 

(c) such last out tranche (i)
gives the holders of such last out tranche enforcement rights during the existence of an event of default (subject to customary
standstill and other customary limitations and exceptions, including if the holders of the first out tranche have previously exercised
enforcement rights), (ii) shall have the same maturity date as the first out tranche, (iii) is entitled to the same representations,
covenants and events of default as the holders of the first out tranche, and (iv) provides the holders of such last out tranche
with customary amendment protections benefiting the last out lenders; and

 

    	 	85	 

     

    

 

(d) such first out tranche is
not subject to multiple drawings, other than pursuant to a customary accordion not to exceed 120% of the original maximum principal
commitment (provided, in any case, at the time of such drawing and after giving effect thereto, the ratio referenced in clause
(b) above is not exceeded).

 

For clarity, any last out loan that
complies with subsection (a) above, but fails to qualify under any of (b), (c) and/or (d) above, shall be deemed a Second Lien
Credit Facility Loan (to the extent it otherwise meets the definition of Second Lien Credit Facility Loan).

 

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

 

“Low-Risk Assets” means
Cash, Cash Equivalents and Performing First Lien Credit Facility Loans.

 

“Mezzanine Investments”
means (i) debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof))
(a) issued by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued
pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents
and (e) contractually subordinated in right of payment to other debt of the same issuer and (ii) a Credit Facility Loan that
is not a First Lien Credit Facility Loan, a Last Out Loan or a Second Lien Credit Facility Loan.

 

“Non-Performing Portfolio Investment”
means any Eligible Portfolio Investment that is not a Performing (as defined below) Eligible Portfolio Investment.

 

“Noteless Loan Asset” means
a debt Portfolio Investment with respect to which the underlying loan or credit agreement does not require the underlying obligor
to execute and deliver a promissory note to evidence the indebtedness (or requires the holder of the indebtedness to affirmatively
request a promissory note and such promissory note has been requested but not yet received); provided that for any debt
Portfolio Investment for which the Borrower or its Affiliates is the administrative agent, all such debt obligations shall be evidenced
by a promissory note; provided, further that any Noteless Loan Asset shall be identified as such in the Borrowing Base Certificate.

 

“Performing” means with
respect to any Eligible Portfolio Investment, that such Eligible Portfolio Investment is not a Defaulted Obligation and does not
represent debt or Capital Stock of an issuer that has issued any Defaulted Obligation.

 

“Performing Covenant-Lite Loans”
means Covenant-Lite Loans that (a) are not PIK Obligations or Underperforming Investments and (b) are Performing.

 

“Performing First Lien Credit Facility
Loans” means First Lien Credit Facility Loans that (a) are not Last Out Loans, PIK Obligations, Covenant-Lite Loans or
Underperforming Investments and (b) are Performing.

 

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“Performing High Yield Securities”
means High Yield Securities that (a) are not PIK Obligations or Underperforming Investments and (b) are Performing.

 

“Performing Last Out Loans”
means Last Out Loans that (a) are not PIK Obligations, Covenant Lite Loans or Underperforming Investments and (b) are Performing.

 

“Performing Mezzanine Investments”
means Mezzanine Investments that (a) are not PIK Obligations, Covenant-Lite Loans or Underperforming Investments and (b) are Performing.

 

“Performing PIK Obligations”
means PIK Obligations that (a) are not Underperforming Investments and (b) are Performing.

 

“Permitted Prior Working Capital
Lien” means, with respect to a Portfolio Company that is a borrower under a Credit Facility Loan, a security interest
to secure a working capital facility for such Portfolio Company in the accounts receivable and/or inventory (and the proceeds thereof)
of such Portfolio Company and any of its subsidiaries that are guarantors of such working capital facility; provided that
(i) such Credit Facility Loan has a second priority lien on such accounts receivable and/or inventory, as applicable (and the proceeds
thereof), (ii) such working capital facility is not secured by any other assets (other than a second priority lien, subject to
the first priority lien of the Credit Facility Loan on such other assets) and does not benefit from any standstill rights or other
agreements (other than customary rights) with respect to any other assets and (iii) the maximum principal amount of such working
capital facility is not at any time greater than 20% of the aggregate enterprise value of the Portfolio Company (as determined
in accordance with the valuation methodology for determining the enterprise value of the applicable Portfolio Company as established
by an Approved Third-Party Appraiser).

 

“Performing Second Lien Credit Facility
Loans” means Second Lien Credit Facility Loans that (a) are not Last Out Loans, PIK Obligations, Covenant-Lite Loans
or Underperforming Investments and (b) are Performing.

 

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

 

“PIK Obligation” means
an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof
is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued
rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (i) is
a fixed rate obligation and requires payment of interest in cash on an at least quarterly basis at a rate of not less than 8% per
annum or (ii) is not a fixed rate obligation and requires payment of interest in cash on an at least quarterly basis at a
rate of not less than 4.5% per annum in excess of the applicable index.

 

“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
or (b) any Portfolio Investment that has in the past six months been (x) on cash non-accrual, or (y) amended or subject to a deferral
or waiver the effect of which is to (i) change the amount of previously required scheduled debt amortization (other than by reason
of repayment thereof) or (ii) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining
weighted average life of such Portfolio Investment is extended by more than 20%.

 

    	 	87	 

     

    

 

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

 

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

 

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

 

“Short-Term U.S. Government Securities”
means U.S. Government Securities maturing within six months of the applicable date of determination.

 

“Spread” means, with respect
to Floating Rate Portfolio Investments, the cash interest spread of such Floating Rate Portfolio Investment over the applicable
LIBO Rate; provided, that, in the case of any Floating Rate Portfolio Investment that does not bear interest by reference
to the LIBO Rate, “Spread” shall mean the cash interest spread of such Floating Rate Portfolio Investment over the
LIBO Rate in effect as of the date of determination for deposits in U.S. dollars for a period of three (3) months.

 

“Underperforming Investment”
means (i) any Eligible Portfolio Investment rated 4 by the Proprietary Rating System, (ii) any Restructured Investment, and (iii)
any loan that would otherwise qualify as a Covenant-Lite Loan but whose issuer has trailing 12 month EBITDA (or adjusted EBITDA,
consolidated EBITDA, adjusted consolidated EBITDA or such other similar term as may be used in the applicable documentation) of
less than $50,000,000.

 

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

 

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

 

“Weighted Average Fixed Coupon”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying
the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base as of such date by the outstanding
principal balance of such Fixed Rate Portfolio Investment as of such date, dividing such sum by the aggregate outstanding principal
balance of all such Fixed Rate Portfolio Investments and rounding up to the nearest 0.01%. For the purpose of calculating the Weighted
Average Fixed Coupon, all Fixed Rate Portfolio Investments that are not currently paying cash interest shall have an interest rate
of 0%.

 

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“Weighted Average Floating Spread”
means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying,
in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such
Floating Rate Portfolio Investments, by the outstanding principal balance of such Floating Rate Portfolio Investments as of such
date and dividing such sum by the aggregate outstanding principal balance of all such Floating Rate Portfolio Investments and rounding
the result up to the nearest 0.01%.

 

Article VI

NEGATIVE COVENANTS

 

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

 

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

 

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

 

(b)          (i)
Unsecured Shorter-Term Indebtedness in an aggregate principal amount not to exceed (i) $20,000,000
plus (ii) from and after the date
that is nine months prior to the maturity of such 2016 Notes, $115,000,000 representing the outstanding principal amount of the
2016 Notes; and (ii) Secured Longer-Term Indebtedness, in each case, so long as (w) no Default exists
at the time of the incurrence thereof, (x) the Borrower is in pro forma compliance with each of the covenants set forth in
Sections 6.07(a), (b) and (c) after giving effect to the incurrence thereof and on the date of such incurrence the Borrower delivers
to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately after giving
effect to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect; and (z) on
the date the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate
as at such date demonstrating compliance with subclause (y) after giving effect to such incurrence. For purposes of preparing
such Borrowing Base Certificate, (A) the fair market value of Eligible Portfolio Investments for which market quotations are
readily available shall be the most recent quotation available for such Eligible Portfolio Investment and (B) the fair market
value of Eligible Portfolio Investments for which market quotations are not readily available shall be the Value set forth in the
Borrowing Base Certificate most recently delivered by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01(d);
provided, that the Borrower shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to
the extent necessary to take into account any events of which the Borrower has knowledge that adversely affect the value of such
Eligible Portfolio Investment.

 

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

 

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

 

(e)          Other
Permitted Indebtedness in an aggregate principal amount not to exceed $40,000,000;

 

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

 

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

 

(h)          (i)
prior to the Covenant Effective Date, existing Indebtedness of the Financing Subsidiaries as in effect on the Restatement
Effective Date; and (ii) from and after the Covenant
Effective Date, existing Indebtedness of the Financing Subsidiaries as in effect on the
Amendment No. 8 Effective Date; provided that, in the case of clause (ii) above, with respect
to any undrawn commitments under revolving loan facilities or staged advance loan facilities in effect on the Amendment No. 8 Effective
Date, such commitments may be drawn and repaid from and after such date;

 

(i)          obligations
of the Borrower under the SBIC Guarantee and under any substantially similar agreement (or agreement based upon the SBA’s
then applicable form) with respect to any other SBIC Subsidiary; and

 

(j)          obligations
(including Guarantees) in respect of Standard Securitization Undertakings.

 

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

 

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

 

    	 	90	 

     

    

 

(b)          Liens
created pursuant to the Security Documents;

 

(c)          Liens
on assets of the Financing Subsidiaries;

 

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

 

(e)          Liens
created pursuant to the Security Documents securing Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b);

 

(f)          Permitted
Liens.;

 

(g)          Liens
granted pursuant to the Structured Pledge Agreement - FSF as in effect on the
date hereof on Equity Interests in Fifth Street Funding LLC securing Indebtedness incurred pursuant
to Section 6.01(d).[reserved];

 

(h)          Liens
created by posting of cash collateral in connection with Hedging Agreements permitted under Section 6.04(c) in an aggregate amount
not to exceed $5,000,000 at any time, provided that, for the avoidance of doubt, at no time shall such cash collateral constitute
an Eligible Portfolio Investment; and

 

(i)          additional
Liens securing Indebtedness not to exceed $10,000,000 in the aggregate provided such Indebtedness is not otherwise prohibited under
Section 6.01(e) of this Agreement.

 

Section 6.03.         Fundamental
Changes. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, enter
into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation
or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
acquire any business or property from, or capital stock of, or be a party to any acquisition of, any Person, except for purchases
or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day business activities of the Borrower
and its Subsidiaries and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower
will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, convey, sell, lease, transfer
or otherwise dispose of, in one transaction or a series of transactions, any part of its assets (including, without limitation,
Cash, Cash Equivalents and Equity Interests), whether now owned or hereafter acquired, but excluding (x) assets (other than
Portfolio Investments) sold or disposed of in the ordinary course of business (including to make expenditures of cash in the normal
course of the day-to-day business activities of the Borrower and its Subsidiaries (other than the Financing Subsidiaries)) and
(y) subject to the provisions of clauses (d) and (e) below, Portfolio Investments. From and
after the Amendment No. 8 Effective Date, the Borrower will not, nor will it permit any of its Subsidiaries to, create any new
Financing Subsidiary.

 

    	 	91	 

     

    

 

Notwithstanding the foregoing provisions of
this Section:

 

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

 

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

 

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

 

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

 

(e)          the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments, Cash and Cash Equivalents to a Financing Subsidiary
so long as (i) prior to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions
of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed
the Borrowing Base and no Default exists and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer
to such effect, ( (including compliance with the
financial covenants set forth in 6.07(a), (b), (d), and (e)), and (ii) either (x) the amount by which the
Borrowing Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result of such release
or (y) the Borrowing Base immediately after giving effect to such release is at least 120% of the Covered Debt Amount
and (iii) in the case of any sale, transfer or other disposition to Fifth Street Funding, LLC, if the Structured Facility Agreements
– FSF are outstanding, the Reinvestment Period (as defined in the Structured Loan Agreement - FSF) has not ended, or in the
event that the Structured Facility Agreements – FSF have been terminated or replaced, the lender holding liens on the assets
of Fifth Street Funding, LLC, if any, has not instituted a process whereby the principal portion of loan assets held by Fifth Street
Funding, LLC may not be reinvested or distributed to its equity holder.;

 

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

 

(g)          the
Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do not
consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not
exceed $10,000,000 in any fiscal year; and

 

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(h)          any
Subsidiary of the Borrower may be liquidated or dissolved, provided that, in connection with such liquidation or dissolution,
any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any wholly owned
Subsidiary Guarantor of the Borrower; and.

 

(i) the Borrower may sell
or transfer, in one or more transactions, Equity Interests of Fifth Street Funding II, LLC (or Fifth Street Funding II, LLC may
issue new Equity Interests) to any Person for a fair value thereof, provided that no Default or Event of
Default has occurred and is continuing or would occur as a result of such transfer or issuance. 

 

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

 

(a)          operating
deposit accounts with banks;

 

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

 

(c)          Hedging
Agreements entered into in the ordinary course of the Borrower’s financial planning and not for speculative purposes;

 

(d)          Portfolio
Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company
Act (to the extent such applicable Person is subject to the Investment Company Act) and the Borrower’s Investment Policies;

 

(e)          Equity
Interests in Financing Subsidiaries existing on the Original Effective Date and any other Equity
Interests in Financing Subsidiaries acquired after the OriginalAmendment No. 8
Effective Date to the extent not prohibited by Section 6.03(e);

 

(f)          Investments
by any Financing Subsidiary;

 

(g)          Investments
in Cash and Cash Equivalents;

 

(h)          Investments
described on Schedule 3.12(b) hereto; and

 

(i)          other
Investments in an aggregate amount not to exceed $15,000,000.

 

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

 

(a)          dividends
with respect to the capital stock of the Borrower payable solely in additional shares of the Borrower’s common stock;

 

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(b)          dividends
and distributions in cash or other property (excluding for this purpose the Borrower’s common stock) in or with respect to
any taxable year of the Borrower in amounts not to exceed  110120%
(tested as of September 30 of each year) of the higher of (x) the net investment income of Borrower for the applicable fiscal year
determined in accordance with GAAP and as specified in the annual financial statements of Borrower for such year or (y) the amount
that is required by the Borrower to: (i) allow the Company to satisfy the minimum distribution requirements imposed by Section
852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any
such taxable year, and (ii) reduce to zero for any such taxable year its liability for federal income taxes imposed on (x) its
investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital
gain pursuant to Section 852(b)(3) of the Code (or any successor thereto) (such amount, the “Required Payment Amount”);

 

(c) Restricted Payments
in addition to those permitted in the foregoing clauses (a) and (b), so long as (i) no Default or Event of Default shall have occurred
or be continuing and (ii) prior to and immediately after giving effect to such Restricted Payment, the Covered Debt Amount does
not exceed 85% of the Borrowing Base, and (iii) on the date of such Restricted Payment, the Borrower delivers to the Administrative
Agent a Borrowing Base Certificate demonstrating compliance with the foregoing; provided that, with respect to Restricted Payments
used to repurchase or redeem Equity Interests of the Borrower, such Borrowing Base Certificate may be delivered concurrently with
the financial statements delivered pursuant to Section 5.01(b);

 

(c)          [reserved];
and

 

(d)          Subsidiaries
of the Borrower may make Restricted Payments to the Borrower.

 

Nothing herein shall be deemed
to prohibit the payment of Restricted Payments by any Subsidiary of the Borrower to the Borrower or to any other Subsidiary Guarantor.

 

For the avoidance of doubt, the Borrower shall
not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it.

 

Section 6.06.         Certain
Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits
or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of
Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments
or the sale, assignment, transfer or other disposition of property (other than the Asset Purchase
Agreement).

 

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Section 6.07.         Certain
Financial Covenants.

 

(a)          Minimum
Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of
the Borrower following the Amendment No. 8 Effective Date to be less than the greater of
(i) 40% of the total assets of the Borrower and its Subsidiaries as at the last day of such fiscal quarter (determined on
a consolidated basis, without duplication, in accordance with GAAP) and (ii) the sum of (x) $825,000,000 plus
(y) 50% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the Amendment
No. 5 Effective Date (other than the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries, including,
without limitation, sales of Equity Interests by the Structured Subsidiaries to the Borrower in consideration of the sale of Portfolio
Investments by the Borrower to the Structured Subsidiaries); provided that, from and after the Covenant
Effective Date, clause (ii) shall be deemed to be $900,000,000.

 

(b)          Asset
Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 2.10 to 1 at any time.

 

(c)          Consolidated
Interest Coverage Ratio. The Borrower will not permit the Consolidated Interest Coverage Ratio to be less than (x)
prior to the Covenant Effective Date, 2.50 to 1 or (y) from and after the Covenant Effective
Date, 2.25 to 1, in each case, as of the last day of any fiscal quarter.

 

(d)          Liquidity
Test. The Borrower will not permit the aggregate Value of the Eligible Portfolio Investments that can be converted to Cash
in fewer than 10 Business Days without more than a 5% change in price to be less than 15% of the Covered Debt Amount for more than
30 Business Days during any period when the Adjusted Covered Debt Balance is greater than 85% of the Adjusted Borrowing Base.

 

(e)          Obligors’
Net Worth. Borrower will not permit Obligors’ Net Worth to be less than $750,000,000 at any time.

 

Section 6.08.         Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any
of its Affiliates or Affiliate Investments, even if otherwise permitted under this Agreement, except (a) transactions in
the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than
could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Obligors
not involving any other Affiliate, (c) Restricted Payments permitted by Section 6.05 or dividends from Affiliate Investments
to the Borrower or its Subsidiaries, (d)  the transactions provided in the Affiliate Agreements, (e) a
merger with the Investment Advisor or FSC, Inc.[reserved], (f) if and
to the extent permitted pursuant to applicable law, the transactions described on Schedule 6.08 or (g) co-investments
with other funds advised by Fifth Street Management LLC(or,
following the consummation of the transaction contemplated by the Asset Purchase Agreement, co-investments with other funds advised
by Oaktree) to the extent permitted by applicable law and/or SEC guidance (including exemptive relief from the SEC
and/or a no-action letter).

 

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

 

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

 

Section 6.11.         Modifications
of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, consent to
any modification, supplement or waiver of:

 

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

 

(b)          any
of the Affiliate Agreements (other than the Structured Facility Agreements - FSF and the SBIC Agreements), unless such modification,
supplement or waiver is not less favorable to the Borrower than could be obtained on an arm’s-length basis from unrelated
third parties, in each case, without the prior consent of the Administrative Agent (with the approval of the Required Lenders).

 

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

 

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Section 6.12.         Payments
of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries (other than Financing Subsidiaries) to,
purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund
for the purchase, redemption, retirement or other acquisition of or make any voluntary payment or prepayment of the principal
of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness
(other than (i) the refinancing of Secured Longer-Term Indebtedness or Unsecured Longer-Term
Indebtedness with Secured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness permitted under Section 6.01 or (ii)
with the proceeds of any issuance of Equity Interests, in each case to the extent not required to be used to prepay Loans),
except for (a) regularly scheduled payments, prepayments or redemptions
of principal and interest in respect thereof required pursuant to the instruments evidencing such Indebtedness,
(b) payments and prepayments of Secured Longer-Term Indebtedness required to comply with requirements of Section 2.09(b),
or (c) repurchase of Unsecured Longer-Term Indebtedness, including, but not limited to the 2016 Notes, from time to time, so long
as (i) both before and after giving effect to any such repurchase, there is no Default or Event of Default, and (ii) after giving
effect to such repurchase, the Borrower has not drawn more than 65% of the total Commitments and the Covered Debt Amount does
not exceed 65% of the Borrowing Base.. 

 

Section 6.13.         Modification
of Investment Policies and Proprietary Rating System. Other than with respect to Permitted Policy Amendments and the Investment
Policy Amendment, the Borrower will not amend, supplement, waive or otherwise modify in any material respect either the Investment
Policies or the Proprietary Rating System, in each case, as in effect on February 29, 2012.

 

Section 6.14.         SBIC
Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, (i) “Participate In” an “Impermissible
Change of Control” under (and as defined in) the SBIC Guarantee, or otherwise permit the occurrence of an “Impermissible
Change of Control” under (and as defined in) the SBIC Guarantee or (ii) cause or permit the occurrence of any equivalent
condition or event under any similar agreement with respect to any other SBIC Subsidiary.

 

Article VII

 

EVENTS OF DEFAULT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          any
event or condition occurs that (i) results in any Material Indebtedness becoming due prior to its scheduled maturity or (ii) that
enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the case of this clause (ii), such event
or condition is no longer continuing or has been waived in accordance with the terms of such Material Indebtedness such that the
holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted to cause such Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes due as a result of
the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt that becomes due as
a result of a contingent mandatory conversion or redemption event provided such conversion or redemption is effectuated only in
capital stock.

 

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

 

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

 

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

 

(k)          one
or more judgments for the payment of money in an aggregate amount in excess of $15,000,000 shall be rendered against the Borrower
or any of its Subsidiaries or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any of its Subsidiaries to enforce any such judgment;

 

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

 

(m)          a
Change in Control shall occur;

 

(n)          an
Investment Advisor Departure Event shall occur;

 

(o)          a
Key Person Departure Event shall occur;

 

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

 

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(q)          the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having an aggregate
Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected (to the
extent perfection by filing, registration, recordation, possession or control is required herein or therein) in favor of the
Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens
(other than Liens permitted under Section 6.02 or under the respective Security Documents), except to the extent that any
such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing securities
pledged under the Guarantee and Collateral Agreement;

 

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

 

(s)          the
Borrower or any of its Subsidiaries shall (i) “Participate In” an “Impermissible Change of Control” under
(and as defined in) the SBIC Guarantee, or otherwise permit the occurrence of an “Impermissible Change of Control”
under (and as defined in) the SBIC Guarantee or (ii) cause or permit the occurrence of any equivalent condition or event under
any similar agreement with respect to any future SBIC Subsidiary,

 

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

 

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

 

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Article VIII

 

THE ADMINISTRATIVE AGENT

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	102	 

     

    

 

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

 

Section 8.08.         Modifications
to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the
Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement
or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative
Agent shall not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral
or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree
to additional obligations being secured by all or substantially all of such collateral security, or alter the relative priorities
of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially
all of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release
any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which
the Required Lenders have consented.

 

Article IX

 

MISCELLANEOUS

 

Section 9.01.         Notices;
Electronic Communications.

 

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

 

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

 

Fifth Street Finance Corp.

777 West Putnam Ave.

Greenwich, CT 06830

10 Bank Street, 12th
Floor

White Plains, New York 10606

Attention: Bernard D. Berman

Telecopy Number: (914)
328-4214203-681-3879

Telephone: (914) 286-6800203-681-3636

 

    	 	103	 

     

    

 

With a copy to:

Rutan & Tucker, LLP

611 Anton Boulevard, 14th Floor

Costa Mesa, California 92626

Attention: William F. Meehan

Telecopy Number: (714) 546-9035

 

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

 

ING Capital LLC

13251133 Avenue of the Americas

New York, New York 1001910036

Attention:  Patrick Frisch

Telephone Number: (646) 424-6912

Telecopy Number: (646) 424-6919

 

with a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Terry E. Schimek, Esq.Thomas V. de la

Bastide III

Telecopy Number: (212) 757-3990

 

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

 

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

 

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

 

    	 	104	 

     

    

 

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

 

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

 

Section 9.02.         Waivers;
Amendments.

 

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

 

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

 

    	 	105	 

     

    

 

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

 

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

 

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

 

(iv)        change
Section 2.16(b), (c) or (d) in a manner that would alter the pro rata sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender affected thereby,

 

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

 

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

 

provided further that (x) no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written
consent of the Administrative Agent or the Issuing Bank, as the case may be, and (y) the consent of Lenders holding not less
than two-thirds of the total Revolving Credit Exposures and unused Commitments will be required for (A) any change adverse
to the Lenders affecting the provisions of this Agreement relating to the Borrowing Base (including the definitions used therein),
or the provisions of Section 5.12(b)(ii), (B) any adverse change relating to the financial covenants set forth in Section
6.07 hereof, (C) any adverse change relating to the Proprietary Rating System or the Risk Factor Rating, (D) any change of the
negative covenants set forth in Sections 6.01 or 6.02 hereof, and (E) any release of any material portion of the Collateral other
than for fair value or as otherwise permitted hereunder or under the other Loan Documents.

 

    	 	106	 

     

    

 

(c)          Amendments
to Security Documents.  No Security Document nor any provision thereof may be waived, amended or modified, nor may the
Liens thereof be spread to secure any additional obligations (including any increase in Loans hereunder, but excluding any such
increase pursuant to a Commitment Increase under Section 2.07(f) to an amount not greater than $800,000,000) except
pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of
the Required Lenders; provided that, subject to Section 2.17(b), (i) without the written consent of the holders of
not less than two-thirds of the total Revolving Credit Exposures and unused Commitments, no such agreement shall, (A) release any
Obligor representing more than 10% of the Shareholder’s Equity of the Borrower from its obligations under the Security Documents,
(B) release any guarantor representing more than 10% of the Shareholder’s Equity of the Borrower under the Guarantee and
Security Agreement from its guarantee obligations thereunder, or (C) amend the definition of “Collateral” under the
Security Documents (except to add additional collateral) and (ii) without the written consent of each Lender, no such agreement
shall (W) release all or substantially all of the Obligors from their respective obligations under the Security Documents, (X)
release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under
the Security Documents, (Y) release all or substantially all of the guarantors under the Guarantee and Security Agreement from
their guarantee obligations thereunder, or (Z) alter the relative priorities of the obligations entitled to the Liens created under
the Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other
obligations hereunder) with respect to the collateral security provided thereby; except that no such consent described in
clause (i) or (ii) above shall be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to
direct the Collateral Agent under the Guarantee and Security Agreement, to release any Lien covering property (and to release any
such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which the
Required Lenders have consented, or otherwise in accordance with Section 9.15.

 

(d)          Replacement
of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent of “each
Lender” or “each Lender affected thereby,” or (ii) the consent of “two-thirds of the holders of the total
Revolving Credit Exposures and unused Commitments”, the consent of the Required Lenders is obtained, but the consent of other
necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender
or Lenders with one or more replacement Lenders pursuant to Section 2.18(b) so long as at the time of such replacement, each such
replacement Lender consents to the proposed change, waiver, discharge or termination.

 

Section 9.03.         Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket costs and expenses incurred by the Administrative
Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative
Agent and the Collateral Agent, in connection with the syndication of the credit facilities provided for herein, the preparation
and administration (other than internal overhead charges) of this Agreement and the other Loan Documents and any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal
or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the
Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative
Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
thereof and (iv) and all reasonable out-of-pocket costs, expenses, taxes, assessments and other charges incurred in connection
with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other
document referred to therein.

 

    	 	107	 

     

    

 

(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (other than Taxes or Other
Taxes which shall only be indemnified by the Borrower to the extent provided in Section 2.15), including the reasonable fees,
charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated
hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions
or any other transactions contemplated hereby (including, without limitation, pursuant to any arrangement entered into with an
Independent Valuation Provider), (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal
by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit) or (iii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by a third party or by the Borrower or any other Obligor, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
willful misconduct or gross negligence of such Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee
for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

 

The Borrower shall not be liable to any Indemnitee
for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions
asserted by an Indemnitee against the Borrower or any other Obligor, provided that the foregoing limitation shall not be deemed
to impair or affect the Obligations of the Borrower under the preceding provisions of this subsection.

 

(c)          Reimbursement
by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or
the Issuing Bank under paragraph (a) or (b) of this Section (and without limiting its obligation to do so) or to the
extent that the fees, costs and expenses of the Independent Valuation Provider incurred pursuant to Section 5.12(b)(iii) exceed
the IVP Supplemental Cap for any 12-month period (provided that prior to incurring expenses in excess of the IVP Supplemental Cap,
the Administrative Agent shall have afforded the Lenders an opportunity to consult with the Administrative Agent regarding such
expenses), each Lender severally agrees to pay to the Administrative Agent or the Issuing Bank, as the case may be, such Lender’s
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense,
as the case may be, was incurred by or asserted against the Administrative Agent or the Issuing Bank in its capacity as such.

 

    	 	108	 

     

    

 

(d)          Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of; this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred
to in paragraph (d) above shall be liable for any damages arising from the use by unintended recipients of any information or other
materials distributed by it through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.

 

Section 9.04.         Successors
and Assigns.

 

(a)          Assignments
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit),
except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with
this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter
of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders.

 

(i)          Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans and
LC Exposure at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed) of:

 

(A)         the
Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender,
or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received written notice thereof; and

 

    	 	109	 

     

    

 

(B)         the
Administrative Agent and the Issuing Bank.

 

(ii)         Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)         except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans and LC Exposure, the amount of the Commitment or Loans and LC Exposure of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than U.S. $1,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if a Default has occurred and is continuing;

 

(B)         each
partial assignment of Commitments or Loans and LC Exposure shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement in respect of such Commitments, Loans and LC Exposure;

 

(C)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of U.S. $3,500 (which fee shall not be
payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors
shall not be obligated (except in the case of an assignment pursuant to Section 2.18(b)); and

 

(D)         the
assignee, if it shall not already be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(iii)        Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after
the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.13, 2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective
date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (e) of this Section.

 

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(c)          Maintenance
of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans and LC
Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each
individually, a “Register”). The entries in the Registers shall be conclusive absent manifest error, and the
Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Registers
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Registers shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

 

(d)          Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to
such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption
and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

 

(e)          Special
Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified
as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide
all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing
herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan
pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and
such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled
to the benefits of Sections 2.13 (or any other increased costs protection provision), 2.14 or 2.15. Each SPC shall be conclusively
presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which
is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders
and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through
its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as
if, such Loan were made by the Granting Lender.

 

    	 	111	 

     

    

 

Each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in
full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting
against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under
the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the
Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage
and expense arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything
to the contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender
or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans
made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein
shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither
the consent of the SPC or of any such assignee shall be required for amendments or waivers hereunder except for those amendments
or waivers for which the consent of participants is required under paragraph (1) below, and (ii) disclose on a confidential
basis (in the same manner described in Section 9.13(b)) any non-public information relating to its Loans to any rating
agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC.

 

(f)          Participations.
Any Lender may sell participations to one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion
of its Commitments and the Loans and LC Disbursements owing to it); provided that (i) such Lender’s obligations
under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the
Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan
Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph
(g) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14
and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though
it were a Lender, provided such Participant agrees to be subject to Section 2.16(d) as though it were a Lender hereunder.
Each Lender that sells a participation shall, acting solely for this purpose as an non-fiduciary agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	 	112	 

     

    

 

(g)          Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.13, 2.14
or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower
is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with paragraphs (e) and (f) of Section 2.15 as though it were a Lender and in the case of a Participant claiming
exemption for portfolio interest under Section 871(h) or 881(c) of the Code, the applicable Lender shall provide
the Borrower with satisfactory evidence that the participation is in registered form and shall permit the Borrower to review such
register as reasonably needed for the Borrower to comply with its obligations under applicable laws and regulations.

 

(h)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or other central bank,
and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee
for such Lender as a party hereto.

 

(i)          No
Assignments to the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender may assign
or participate any interest in any Loan or LC Exposure held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries
without the prior consent of each Lender.

 

Section 9.05.         Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time
any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest
on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding
and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment
of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or
any provision hereof.

 

    	 	113	 

     

    

 

Section 9.06.         Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between
and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page to this Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.07.         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

Section 9.08.         Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or
Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition
to other rights and remedies (including other rights of setoff) which such Lender may have.

 

    	 	114	 

     

    

 

Section 9.09.         Governing
Law; Jurisdiction; Etc.

 

(a)          Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

(b)          Submission
to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing
Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its
properties in the courts of any jurisdiction.

 

(c)          Waiver
of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(d)          Service
of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
law.

 

Section 9.10.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	115	 

     

    

 

Section 9.11.         Judgment
Currency. This is a loan transaction in which the specification of Dollars and payment in New York City is of the essence,
and Dollars shall be the currency of account in all events relating to Loans. The payment obligations of the Borrower under this
Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant to a
judgment or otherwise, to the extent that the amount so paid on conversion to Dollars and transfer to New York City under
normal banking procedures does not yield the amount of Dollars in New York City due hereunder. If for the purpose of obtaining
judgment in any court it is necessary to convert a sum due hereunder into another currency (the “Other Currency”),
the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative
Agent could purchase Dollars with the Other Currency on the Business Day next preceding the day on which such judgment is rendered.
The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under
any other Loan Document (in this Section called an “Entitled Person”) shall, notwithstanding the rate
of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt
by such Entitled Person of any sum adjudged to be due hereunder in the Other Currency such Entitled Person may in accordance with
normal banking procedures purchase and transfer Dollars to New York City with the amount of the Other Currency so adjudged
to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled
Person against, and to pay such Entitled Person on demand, in Dollars, the amount (if any) by which the sum originally due
to such Entitled Person in Dollars hereunder exceeds the amount of Dollars so purchased and transferred.

 

Section 9.12.         Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

Section 9.13.         Treatment
of Certain Information; Confidentiality.

 

(a)          Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services
may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by
any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share
any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with
the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such
subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as
if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the
Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

    	 	116	 

     

    

 

(b)          Confidentiality.
Each of the Administrative Agent, the Lenders and the Issuing Bank agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including
any self-regulatory authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) on a confidential basis
to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans, (ii) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans or (iii) any credit
insurer with respect to the Loans, or (i) to the extent such Information (x) becomes publicly available other than as
a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Issuing Bank
or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower.

 

For purposes of this Section, “Information” means
all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any
of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the
Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries, provided that, in
the case of information received from the Borrower or any of its Subsidiaries after the Original Effective Date, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information.

 

Section 9.14.         USA
PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies
each Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender
to identify such Obligor in accordance with said Act.

 

Section 9.15.         Termination.
Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative
Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and releases and other documents necessary
or appropriate to evidence the termination of this Agreement, the Loan Documents, and each of the documents securing the obligations
hereunder as the Borrower may reasonably request, all at the sole cost and expense of the Borrower.

 

    	 	117	 

     

    

 

Section 9.16.         Reallocation
of Commitments. On the Restatement Effective Date Borrower shall (A) prepay the Existing Loans (if any) in full,
(B) simultaneously borrow new Loans hereunder in an amount equal to such prepayment; provided that with respect to
subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Existing Lender shall be effected by book entry
to the extent that any portion of the amount prepaid to such Existing Lender will be subsequently borrowed from such Existing Lender
and (y) the Existing Lenders and the New Lenders shall make and receive payments among themselves, in a manner acceptable
to the Administrative Agent, so that, after giving effect thereto, the Loans are held ratably by the Lenders in accordance with
the respective Commitments of such Lenders (as set forth in Schedule 1.01(b)) and (C) pay to the Lenders the amounts,
if any, payable under Section 2.14 of the Existing Credit Agreement as a result of any such prepayment. Concurrently therewith,
the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests
are held ratably in accordance with their commitments as so revised.

 

Section 9.17.         Amendment
and Restatement.

 

(a)          On
the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement,
and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i) the incurrence by
the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent as of the Restatement
Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective Date and (iii)
any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the Restatement
Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained in such
Existing Credit Agreement). The amendments and restatements set forth herein shall not cure any breach thereof or any “Default”
or “Event of Default” under and as defined in the Existing Credit Agreement prior to the Restatement Effective Date.
This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing under the Existing
Credit Agreement or evidence payment of all or any portion of such obligations and liabilities.

 

(b)          The
terms and conditions of this Agreement and the Agents’ and the Lenders’ rights and remedies under this Agreement and
the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement.

 

(c)          On
and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement in the Loan Documents (other than
this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (ii) all references
to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement) shall be
deemed to be references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, on
or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification and
reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby.

 

(d)          This
amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or
not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents
remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.

 

    	 	118	 

     

    

 

Section 9.18.         No
Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”), may have economic interests that conflict with those of the Borrower. The Borrower agrees
that nothing in the Loan Documents or otherwise shall be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between the Lenders and the Borrower, its stockholders or its affiliates. The Obligors acknowledge and agree
that (i) the transactions contemplated by the Loan Documents are arm's-length commercial transactions between the Lenders, on the
one hand, and the Borrower, on the other, (ii) in connection therewith and with the process leading to such transaction each of
the Lenders is acting solely as a principal and not the agent or fiduciary of the Borrower, its management, stockholders, creditors
or any other person, (iii) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower with respect
to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Lender or any of its affiliates
has advised or is currently advising the Borrower on other matters) or any other obligation to the Borrower except the obligations
expressly set forth in the Loan Documents and (iv) the Borrower has consulted its own legal and financial advisors to the extent
it deemed appropriate. The Borrower further acknowledges and agrees that it is responsible for making its own independent judgment
with respect to such transactions and the process leading thereto. The Borrower agrees that it shall not claim that any Lender
has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with
such transaction or the process leading thereto.

 

[Remainder of page intentionally left blank]

 

    	 	119Exhibit 10.2

 

EXECUTION COPY

 

WAIVER
AND AMENDMENT No. 4

TO Loan AND SERVICING
AGREEMENT

 

THIS WAIVER AND AMENDMENT
NO. 4 TO THE LOAN AND SERVICING AGREEMENT, dated as of July 13, 2017 (this “Waiver and Amendment”), is entered
into in connection with that certain Loan and Servicing Agreement, dated as of September 16, 2011, by and among FIFTH STREET FUNDING
II, LLC, as the borrower (together with its successors and assigns in such capacity, the “Borrower”),
FIFTH STREET FINANCE CORP., as the transferor (together with its successors and assigns in such capacity, the “Transferor”)
and as the servicer (together with its successors and assigns in such capacity, the “Servicer”), SUMITOMO
MITSUI BANKING CORPORATION, as the administrative agent (together with its successors and assigns in such capacity, the
“Administrative Agent”) and as the collateral agent (together with its successors and assigns in such capacity,
the “Collateral Agent”), EACH OF THE LENDERS FROM TIME TO TIME PARTY THERETO (the “Lenders”).
Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Agreement (as defined
below).

 

RECITALS

 

WHEREAS, reference
is made to the Loan and Servicing Agreement, dated as of September 16, 2011 (as amended, modified, waived, supplemented or restated
from time to time, the "Agreement"), by and among the Borrower, the Transferor, the Servicer, the Administrative
Agent, the Collateral Agent and the Lenders;

 

WHEREAS, the
Borrower, the Transferor and the Servicer request that the Administrative Agent and the Lenders waive and amend the Agreement upon
and subject to the terms and conditions set forth in this Waiver and Amendment;

 

WHEREAS, the
parties hereto desire to amend the Agreement in certain respects as specified herein, and the Administrative Agent and the Lenders
are willing, upon the terms and conditions set forth herein, to provide the waivers and amendments specified herein, in each case
pursuant to and in accordance with Section 11.01 of the Agreement;

 

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

 

SECTION
1.      AMENDMENTS.

 

(a)          Section
1.01 of the Agreement is hereby amended by amending and restating the following defined terms:

 

     

     

    

 

“Stated Maturity
Date” means the earlier of (i) August 6, 2018 (or, if such day is not a Business Day, the next succeeding Business Day)
and (ii) the date the Credit Agreement is fully repaid, refinanced and/or terminated, ceases to be effective or ceases to be the
legally valid, binding and enforceable agreement of the parties thereto.

 

(b)          Section
1.01 of the Agreement is hereby amended by inserting the following defined terms in correct alphabetical order:

 

“Asset Purchase
Agreement” means that certain Asset Purchase Agreement, dated as of the date hereof, by and among Oaktree Capital Management,
L.P., Fifth Street Management LLC and the other parties thereto.

 

“Credit Agreement”
means that certain Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 22, 2011, among Fifth Street
Finance Corp., as the borrower, FSFC Holdings, Inc. and Fifth Street Fund of Funds LLC, as the subsidiary guarantors, the lenders
party thereto, and ING Capital LLC, as the Administrative Agent, as amended, modified, waived, supplemented or restated from time
to time.

 

SECTION 2.      WAIVER.

 

(a)          The
parties hereto acknowledge that Fifth Street Management LLC has entered into the Asset Purchase Agreement pursuant to which the
Buyer (as defined therein) may become the Servicer’s investment advisor. The Borrower and Servicer hereby request that the
Administrative Agent and the Lenders provide a limited waiver during the Waiver Period, and by signing below the Administrative
Agent and the Lenders each hereby waives solely during the Waiver Period, the occurrence of (i) any Change of Control pursuant
to clauses (a) or (d) of the definition thereof, and (ii) any Event of Default pursuant to clauses (i), (n)
and (t) of Section 7.01, which is or may be, immediately or with the passage of time, occasioned solely by the consummation
of the transactions contemplated by the Asset Purchase Agreement; provided that, notwithstanding the foregoing or anything
to the contrary contained in the Transaction Documents, from and after the date of this Waiver and Amendment, the Borrower shall
not be permitted to make any Restricted Junior Payments and all payments on any Payment Date shall be made solely pursuant to the
remittance procedures set forth in Section 2.04(c). For purposes of this Waiver and Amendment, the term “Waiver
Period” means the period beginning on the date hereof and ending on the earlier of (i) January 31, 2018 and (ii) the
date on which the Asset Purchase Agreement is terminated, ceases to be effective or ceases to be the legally valid, binding and
enforceable agreement of the parties thereto.

 

(b)          For
the avoidance of doubt, each of the parties hereto acknowledges that the execution of this Waiver and Amendment shall in no way
obligate the Administrative Agent or the Lenders to agree to any future or additional amendment to the Transaction Documents or
additional waiver with respect thereto, each of which shall remain in such party’s sole and absolute discretion. This Waiver
and Amendment is a one-time waiver and shall not be construed (i) to be a waiver as to non-compliance of any of the other provisions
of the Agreement or the other Transaction Documents or for any period of time other than the Waiver Period, (ii) to be an amendment
or modification of the Agreement or the other Transaction Documents or (iii) other than as waived hereunder, prejudice any right
or remedy that the Administrative Agent and the Lenders may now have or may have in the future under or in connection with the
Agreement or any other of the Transaction Documents.

 

    	 	- 2 -	 

     

    

 

SECTION 3.      Agreement
in Full Force and Effect as AMENDED AND WAIVED.

 

Except as specifically
amended and waived hereby, all provisions of the Agreement and the other Transaction Documents (including all Obligations of the
Borrower and rights of the Administrative Agent and the Lenders thereunder) shall remain in full force and effect. After this Waiver
and Amendment becomes effective, all references to the Agreement and corresponding references thereto or therein such as "hereof",
"herein", or words of similar effect referring to the Agreement shall be deemed to mean the Agreement as amended hereby.
This Waiver and Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement
or other Transaction Documents other than as expressly set forth herein.

 

SECTION 4.      Representations.

 

Each of the Borrower
and the Servicer, severally for itself only, represent and warrant as of the date of this Waiver and Amendment as follows:

 

(i)          it
is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization;

 

(ii)         the
execution, delivery and performance by it of this Waiver and Amendment are within its powers, have been duly authorized, and do
not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable Law;

 

(iii)        no
consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority,
is required in connection with the execution, delivery, performance, validity or enforceability of this Waiver and Amendment by
or against it;

 

(iv)        this
Waiver and Amendment has been duly executed and delivered by it;

 

(v)         this
Waiver and Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally or by general principles of equity; and

 

    	 	- 3 -	 

     

    

 

(vi)        upon
giving effect to this Waiver and Amendment, there is no existing Event of Default or Servicer Termination Event.

 

SECTION 5.      Conditions
to Effectiveness.

 

The effectiveness of
this Waiver and Amendment is conditioned upon delivery of executed signature pages by all parties hereto to the Administrative
Agent and the payment of the reasonable fees and expenses of Dechert LLP as counsel to the Administrative Agent.

 

SECTION 6.      Miscellaneous.

 

(a)          This
Waiver and Amendment may be executed in any number of counterparts (including by facsimile or email), and by the different parties
hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together
shall constitute one and the same agreement.

 

(b)          The
descriptive headings of the various sections of this Waiver and Amendment are inserted for convenience of reference only and shall
not be deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)          This
Waiver and Amendment may not be amended or otherwise modified except as provided in the Agreement.

 

(d)          The
failure or unenforceability of any provision hereof shall not affect the other provisions of this Waiver and Amendment.

 

(e)          Whenever
the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the
plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine
and feminine.

 

(f)          This
Waiver and Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered
hereby and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There
are no unwritten oral agreements between the parties with respect to such matters.

 

(g)          THIS
WAIVER AND AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH
IN THE AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE AGREEMENT.

 

    	 	- 4 -	 

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Waiver and Amendment to be executed by their respective officers thereunto duly authorized, as
of the date first above written.

 

	 	FIFTH STREET FUNDING II, LLC, as the Borrower
	 	 
	 	By:	/s/ Bernard D. Berman
	 	 	Name: Bernard D. Berman
	 	 	Title: President

 

[SIGNATURES CONTINUE
ON THE FOLLOWING PAGE]

 

	 	Fifth Street Funding II, LLC
	 	Waiver and Amendment No. 4 to LSA

 

     

     

    

 

	 	fifth
    street finance corp., as the Servicer and the Transferor

 

	 	By:	/s/ Bernard D. Berman
	 	 	Name: Bernard D. Berman
	 	 	Title:  Chief Executive Officer

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

	 	Fifth Street Funding II, LLC
	 	Waiver and Amendment No. 4 to LSA

 

     

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as the Administrative Agent, the Collateral Agent and as the Lender

 

	 	By:	/s/ Hitoshi Ryoji
	 	 	Name: Hitoshi Ryoji
	 	 	Title: Managing Director

 

	 	Fifth Street Funding II, LLC
	 	Waiver and Amendment No. 4 to LSA

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