Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 2 TO SECOND AMENDED AND

RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

 

This AMENDMENT NO. 2
TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of September
27, 2019, is made with respect to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March
1, 2019 (as amended by that certain Amendment No. 1 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated
as of March 20, 2019, and as further amended, restated, supplemented or otherwise modified from time to time prior to the date
hereof, the “Credit Agreement”), among MONROE CAPITAL CORPORATION, a Maryland corporation (the “Borrower”),
the lenders party to the Credit Agreement from time to time (the “Lenders”), and ING CAPITAL LLC, as administrative
agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative
Agent”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement
(as amended hereby).

 

W  I T N E S S E T H:

 

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

 

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory
hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.

 

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

 

SECTION I AMENDMENTS TO
CREDIT AGREEMENT

 

1.1.         The Credit Agreement
is hereby amended to delete the bold, red stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the bold, blue double-underlined text (indicated textually in the same manner as the following
example: double-underlined text) as set forth in the Credit
Agreement attached as Annex A hereto.

 

SECTION II MISCELLANEOUS

 

2.1.          Conditions to
Effectiveness of Amendment. This Amendment shall become effective as of the date (the “Amendment Effective Date”)
on which the Obligors shall have satisfied each of the following conditions precedent:

 

(a)       Documents. The Administrative Agent shall have received, from Lenders holding not less than two-thirds of the total
Revolving Credit Exposures and unused Commitments and from each Obligor, either (1) a counterpart of this Amendment signed
on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission
or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment.

 

    

     

    

 

(b)       Consents.
Each Obligor 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 such Obligor and all guarantors in connection with this Amendment,
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.

 

(c)       Default. No Default or Event of Default shall have occurred and be continuing under the Credit Agreement or this
Amendment, nor any default or event of default that permits acceleration of any Material Indebtedness, immediately before and after
giving effect to this Amendment, any incurrence of Indebtedness hereunder or thereunder and the use of proceeds hereof or thereof
on a pro forma basis.

 

(d)       Fees and Expenses. The Administrative Agent shall have received all costs, fees and expenses (including the Amendment
Fee (as defined below)) required to be paid on the Amendment Effective Date pursuant to this Amendment, the Credit Agreement or
as otherwise agreed by the parties hereto (and, in the case of costs and expenses, to the extent invoiced at least two (2) Business
Days (or such shorter period as the Borrower may agree) prior to the Amendment Effective Date).

 

(e)       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.

 

2.2.          Amendment
Fee. The Borrower agrees to pay (or cause to be paid) to the Administrative Agent, for the account of each Lender party to
this Amendment, an amendment fee (the “Amendment Fee”) equal to 0.05% of the aggregate amount of the Commitments
held by such Lender on the Amendment Effective Date. The Amendment Fee will be fully earned, due and payable in full in immediately
available funds on the Amendment Effective Date.

 

2.3.          Representations
and Warranties. To induce the other parties hereto to enter into this Amendment, each Obligor represents and warrants to the
Administrative Agent and each of the Lenders that, as of the date hereof and after giving effect to this Amendment:

 

(a)       This
Amendment and the Credit Agreement (as amended by this Amendment) have been duly authorized, executed and delivered by each Obligor
and constitutes a legal, valid and binding obligation of such Obligor enforceable 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 and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

(b)      The representations and warranties set forth in Article III 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 date hereof or as
to any such representations and warranties that refer to a specific date, as of such specific date.

 

    2

     

    

 

2.4.          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.

 

2.5.          Payment
of Expenses. The Borrower agrees to pay and reimburse, pursuant to Section 9.03 of the Credit Agreement (as amended by this
Amendment), the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection
with this Amendment.

 

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

 

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

 

2.8.          Incorporation
of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement (as amended hereby) 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, any Lender
or any Obligor 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.

 

    3

     

    

 

2.10.        Consent
and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, each Obligor hereby, as of the
date hereof, (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) 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,
and (iv) acknowledges and affirms that such grant is in full force and effect in respect of, and to secure, the Secured Obligations.

 

2.11.        Release.
Each Obligor hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against
the Administrative Agent, the Collateral Agent or any Lender (or any of their respective Affiliates, officers, directors, employees,
attorneys, consultants or agents) under the Credit Agreement and the other Loan Documents (and each other document entered into
in connection therewith), and (b) the Administrative Agent, the Collateral Agent and each Lender has heretofore properly performed
and satisfied in a timely manner all of its obligations to the Obligors and their Affiliates under the Credit Agreement and the
other Loan Documents (and each other document entered into in connection therewith) that are required to have been performed on
or prior to the date hereof. Accordingly, for and in consideration of the agreements contained in this Amendment and other good
and valuable consideration, each Obligor (for itself and its Affiliates and the successors, assigns, heirs and representatives
of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally and irrevocably
release and forever discharge the Administrative Agent, the Collateral Agent, each Lender and each of their respective Affiliates,
officers, directors, employees, attorneys, consultants and agents (collectively, the “Released Parties”) from
any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings
and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature
or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore
had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done
or omitted to be done on or prior to the date hereof directly arising out of, connected with or related to this Amendment, the
Credit Agreement or any other Loan Document (or any other document entered into in connection therewith).

 

[Signature pages follow]

 

    4

     

    

 

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.

 

	 	MONROE CAPITAL CORPORATION, as
    Borrower
	 
	 
	 	By:	/s/ Aaron Peck
	 	Name: Aaron Peck
	 	Title: Authorized Signatory

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent
    and a Lender
	 
	 
	 	By:	/s/ Patrick Frisch
	 	Name: Patrick Frisch
	 	Title: Managing Director
	 
	 
	 	By:	/s/ Dina Kook
	 	Name: Dina Kook
	 	Title: Vice President

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	CADENCE BANK, N.A., as successor by merger with State Bank and Trust
                                                                                       Company,                                                                                        successor by merger with
                                                                                       AloStar Bank of Commerce, as a Lender

	 
	 
	 	By:	/s/ Daryn Venéy
	 	Name: Daryn Venéy
	 	Title: Vice President

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	CIBC BANK USA, as a Lender
	 
	 
	 	By:	/s/ Ross Kohn
	 	Name: Ross Kohn
	 	Title: Managing Director

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	CITY NATIONAL BANK, as a Lender
	 
	 
	 	By:	/s/ Andrew Miller
	 	Name: Andrew Miller
	 	Title: AVP

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

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

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 
	 
	 	By:	/s/ Alexandra E. Dressman
	 	Name: Alexandra E. Dressman
	 	Title: Authorized Signer

 

[Signature Page to Amendment No. 2 to Amended
and Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

Annex A

 

(See attached)

 

     

     

    

 

Execution
VersionANNEX A

Conformed Through
Amendment No. 1

 

 

 

 

SECOND AMENDED AND RESTATED

SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

March 1, 2019

 

as amended by Amendment No. 1 to Second
Amended and Restated Senior Secured Revolving

 Credit Agreement, dated as of March 20, 2019 and
Amendment No. 2 to Second Amended and 

Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2019

 

among

 

MONROE CAPITAL CORPORATION

as Borrower

 

The LENDERS Party Hereto

 

and

 

ING CAPITAL LLC

as Administrative Agent,

Arranger and Bookrunner

 

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I
	 	 
	DEFINITIONS
	 	 
	Section 1.01.	Defined
    Terms	1
	Section 1.02.	Classification of
    Loans and Borrowings	3740
	Section 1.03.	Terms Generally	3740
	Section 1.04.	Accounting Terms;
    GAAP	3841
	Section 1.05.	Currencies Generally	3842
	Section 1.06.	Special Provisions
    Relating to Euro	3942
	Section 1.07.	Times of Day; Interest
    Rates	4043
	Section 1.08.	Divisions	4043
	Section 1.09.	Issuers	4043
	 	 	 
	Article II
	 	 
	THE CREDITS
	 	 
	Section 2.01.	The Commitments	4043
	Section 2.02.	Loans and Borrowings	4144
	Section 2.03.	Requests for Borrowings	4245
	Section 2.04.	Funding of Borrowings	4346
	Section 2.05.	Interest Elections	4447
	Section 2.06.	Termination, Reduction
    or Increase of the Commitments	4548
	Section 2.07.	Repayment of Loans;
    Evidence of Debt	4951
	Section 2.08.	Prepayment of Loans	5053
	Section 2.09.	Fees	5356
	Section 2.10.	Interest	5457
	Section 2.11.	Eurocurrency Borrowing
    Provisions	5558
	Section 2.12.	Increased Costs	5761
	Section 2.13.	Break Funding Payments;
    Foreign Currency Losses	5862
	Section 2.14.	Taxes	5963
	Section 2.15.	Payments Generally;
    Pro Rata Treatment; Sharing of Set-offs	6368
	Section 2.16.	Defaulting Lenders	6670
	Section 2.17.	Mitigation Obligations;
    Replacement of Lenders	6771
	 	 	 
	Article III
	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 
	Section 3.01.	Organization; Powers	6872
	Section 3.02.	Authorization; Enforceability	6973
	Section 3.03.	Governmental Approvals;
    No Conflicts	6973

 

    	 	i	 

     

    

 

	Section 3.04.	Financial Condition;
    No Material Adverse Effect	6973
	Section 3.05.	Litigation	7074
	Section 3.06.	Compliance with Laws
    and Agreements	7074
	Section 3.07.	Taxes	7074
	Section 3.08.	ERISA	7175
	Section 3.09.	Disclosure	7175
	Section 3.10.	Investment Company
    Act; Margin Regulations	7176
	Section 3.11.	Material Agreements
    and Liens	7276
	Section 3.12.	Subsidiaries and Investments	7276
	Section 3.13.	Properties	7377
	Section 3.14.	Solvency	7377
	Section 3.15.	Affiliate Agreements	7377
	Section 3.16.	No Default	7377
	Section 3.17.	Use of Proceeds	7378
	Section 3.18.	Security Documents	7478
	Section 3.19.	Compliance with Sanctions	7478
	Section 3.20.	Anti-Money Laundering
    Program	7478
	Section 3.21.	Anti-Corruption Laws	7479
	Section 3.22.	Structured Subsidiaries	7579
	Section 3.23.	EEA Financial Institutions	7579
	Section 3.24.	Beneficial Ownership
    Certification	7579
	 	 	 
	Article IV
	 	 
	CONDITIONS
	 	 
	Section 4.01.	Restatement Effective
    Date	7579
	Section 4.02.	Conditions to Loans	7983
	 	 	 
	Article V
	 	 
	AFFIRMATIVE COVENANTS
	 	 
	Section 5.01.	Financial Statements
    and Other Information	8084
	Section 5.02.	Notices of Material
    Events	8387
	Section 5.03.	Existence; Conduct
    of Business	8488
	Section 5.04.	Payment of Obligations	8488
	Section 5.05.	Maintenance of Properties;
    Insurance	8488
	Section 5.06.	Books and Records;
    Inspection and Audit Rights	8488
	Section 5.07.	Compliance with Laws
    and Agreements	8589
	Section 5.08.	Certain Obligations
    Respecting Subsidiaries; Further Assurances	8590
	Section 5.09.	Use of Proceeds	8993
	Section 5.10.	Status of RIC and
    BDC	8994
	Section 5.11.	Investment Policies	9094
	Section 5.12.	Portfolio Valuation
    and Diversification Etc.; Risk Factor Ratings	9094
	Section 5.13.	Calculation of Borrowing
    Base	9498
	Section 5.14.	Anti-Hoarding of Assets
    at Non-Pledged Financing Subsidiaries	106111

 

    	 	ii	 

     

    

 

	Section 5.15.	Taxes	107112
	Section 5.16.	Operations	107112
	 	 	 
	Article VI
	 	 
	NEGATIVE COVENANTS
	 	 
	Section 6.01.	Indebtedness	107112
	Section 6.02.	Liens	109114
	Section 6.03.	Fundamental Changes	109114
	Section 6.04.	Investments	111116
	Section 6.05.	Restricted Payments	112117
	Section 6.06.	Certain Restrictions
    on Subsidiaries	113118
	Section 6.07.	Certain Financial
    Covenants	113118
	Section 6.08.	Transactions with
    Affiliates	114119
	Section 6.09.	Lines of Business	114119
	Section 6.10.	No Further Negative
    Pledge	115119
	Section 6.11.	Modifications of Certain
    Documents	115120
	Section 6.12.	Payments of Indebtedness	116121
	Section 6.13.	Modification of Investment
    Policies	116121
	Section 6.14.	SBIC Guarantee	116121
	Section 6.15.	Derivative Transactions	116121
	Section 6.16.	Convertible Indebtedness	116121
	 	 	 
	Article VII
	 	 
	EVENTS OF DEFAULT
	 	 
	Section 7.01.	Events of Default	116121
	 	 	 
	Article VIII
	 	 
	THE ADMINISTRATIVE AGENT
	 	 
	Section 8.01.	Appointment	121126
	Section 8.02.	Capacity as Lender	121126
	Section 8.03.	Limitation of Duties;
    Exculpation	121127
	Section 8.04.	Reliance	122127
	Section 8.05.	Sub-Agents	123128
	Section 8.06.	Resignation; Successor
    Administrative Agent	123128
	Section 8.07.	Reliance by Lenders	123128
	Section 8.08.	Modifications to Loan
    Documents	124129
	Section 8.09.	Indemnification
    by Lenders 124[Reserved]	129
	Section 8.10.	Certain ERISA Matters	125130
	Section 8.11.	Agents	126131
	Section 8.12.	Collateral Matters	126131
	Section 8.13.	Third Party Beneficiaries	127132

 

    	 	iii	 

     

    

 

	Section 8.14.	Administrative Agent
    May File Proofs of Claim	127132
	Section 8.15.	Credit Bidding	128133
	 	 	 
	Article IX
	 	 
	MISCELLANEOUS
	 	 
	Section 9.01.	Notices; Electronic
    Communications	129134
	Section 9.02.	Waivers; Amendments	133138
	Section 9.03.	Expenses; Indemnity;
    Damage Waiver	136141
	Section 9.04.	Successors and Assigns	138143
	Section 9.05.	Survival	143148
	Section 9.06.	Counterparts; Integration;
    Effectiveness; Electronic Execution	143148
	Section 9.07.	Severability	144149
	Section 9.08.	Right of Setoff	144149
	Section 9.09.	Governing Law; Jurisdiction;
    Etc.	144149
	Section 9.10.	WAIVER OF JURY TRIAL	145150
	Section 9.11.	Judgment Currency	145150
	Section 9.12.	Headings	146151
	Section 9.13.	Treatment of Certain
    Information; Confidentiality	146151
	Section 9.14.	USA PATRIOT Act	147152
	Section 9.15.	Termination	147152
	Section 9.16.	Amendment and Restatement	148153
	Section 9.17.	Acknowledgment and
    Consent to Bail-In of EEA Financial Institutions	149154
	Section 9.18.	Interest Rate Limitation	149154
	Section 9.19.	Release	149154
	Section 9.20.	Acknowledgment
    Regarding Any Supported QFCs	155

 

	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)	-	Eligibility Criteria
	SCHEDULE 1.01(e)	-	Industry Classification Groups
	SCHEDULE 3.11(a)	-	Material Agreements
	SCHEDULE 3.11(b)	-	Liens
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 6.08	-	Certain Affiliate Transactions

 

	EXHIBIT A	-	 Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Promissory Note
	EXHIBIT D	-	Form of Borrowing Request
	EXHIBIT E	-	Form of Interest Election Request
	EXHIBIT F	-	Form of Quarterly Compliance Certificate
	EXHIBIT G	-	Form of Monthly Compliance
    Certificate

 

    	 	iv	 

     

    

 

SECOND AMENDED AND RESTATED
SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of March 1, 2019 (this “Agreement”), among MONROE CAPITAL
CORPORATION, a Maryland corporation (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative
Agent (in such capacity, the “Administrative Agent”).

 

WHEREAS, the Borrower
and the Administrative Agent entered into that certain Amended and Restated Senior Secured Revolving Credit Agreement dated as
of December 14, 2015 (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 and restate the Existing Credit Agreement to make certain changes, including to extend the maturity date and to
provide for increased commitments from certain of the Existing Lenders (the “Increasing Existing Lenders”);
and

 

WHEREAS, the Existing
Lenders are willing to make such changes to the Existing Credit Agreement, and the Increasing 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:

 

“2023 Notes”
shall mean the Borrower’s 5.75% Notes due October 31, 2023 in an aggregate principal amount of up to $109,000,000 outstanding
at any time, and without giving effect to any other amendment or modification thereto made after the Amendment No. 1 Effective
Date (other than any modification made no later than one (1) Business Day after the Amendment No. 1 Effective Date, the sole purpose
of which is to issue additional notes under the relevant indenture, subject to the aforementioned aggregate principal amount limitation).

 

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

 

    	1

     

    

 

“Accretive Value”
shall mean, with respect to Preferred Stock, the dollar amount equal to the accretion to the Liquidation Preference, including
accrued or declared and unpaid dividends, dividends paid in kind or other amounts (including any multiple payable on capital) otherwise
owing to the holder thereof in excess of the initial Liquidation Preference.

 

“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.

 

“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 the greater of (i) (a) the LIBO Rate for such Interest Period multiplied
by (b) the Statutory Reserve Rate for such Interest Period and (ii) zero.

 

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

 

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

 

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

 

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

 

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

 

“Affiliate Agreements”
means, collectively, (a) the Investment Advisory and Management Agreement, dated as of October 22, 2012 between the Borrower and
the Investment Advisor, (b) the Staffing Agreement, dated as of October 22, 2012, by and between Monroe Capital Management Advisors,
LLC and Investment Advisor, (c) the Administration Agreement, dated as of October 22, 2012 by and between Borrower and Monroe Capital
Management Advisors, LLC and (d) the Trademark License Agreement, dated as of October 22, 2012, by and between Monroe Capital,
LLC and Borrower.

 

“Affiliate Investment”
means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls more than 25% of the Equity
Interests.

 

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

 

    	2

     

    

 

“Agent” means, collectively,
the Administrative Agent and the Collateral Agent.

 

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

 

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

 

“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%, (c) the LIBO Rate for deposits in Dollars for a period of
three (3) months plus 1% and (d) zero. Any change in the Alternate Base Rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or such LIBO Rate shall be effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Effective Rate, or such LIBO Rate, as the case may be.

 

“Amendment No.
1 Effective Date” means March 20, 2019.

 

“Anti-Corruption
Laws” has the meaning assigned to such term in Section 3.21.

 

“Applicable
Commitment Fee Rate” means, with respect to any Lender, a rate per annum equal to (x) 1.00%, if the utilized portion
of such Lender’s aggregate Commitments as of the close of business on such day (after giving effect to borrowings, prepayments
and commitment reductions on such day) is less than or equal to an amount equal to thirty five percent (35%) of such Lender’s
aggregate Commitments and (y) 0.50% if the utilized portion of such Lender’s aggregate Commitments as of the close of business
on such day (after giving effect to borrowings, prepayments and commitment reductions on such day) is greater than an amount equal
to thirty five percent (35%) of such Lender’s aggregate Commitments.

 

“Applicable
Margin” means (a) with respect to any ABR Loan, 1.375% per annum, and (b) with respect to any Eurocurrency Loan, 2.375%
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 in full, the Applicable Percentages shall be determined based upon the
Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04(b).

 

    	3

     

    

 

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

 

“Approved Pricing
Service” means (a) a pricing or quotation service as set forth in Schedule 1.01(a) or (b) any other pricing
or quotation service (i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower 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) and (iii) acceptable to the Administrative Agent in its
reasonable determination.

 

“Approved Third-Party
Appraiser” means any independent nationally recognized third-party appraisal firm (a) 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) and (b) acceptable to the Administrative Agent. It is understood and agreed that Houlihan Lokey, Duff & Phelps LLC, Murray,
Devine and Company, Lincoln Partners Advisors, LLC and Valuation Research Corporation are acceptable to the Administrative Agent.
As used in Section 5.12 hereof, an “Approved Third-Party Appraiser retained by the Administrative Agent” shall
mean any of the firms identified in the preceding sentence and any other independent nationally recognized third-party appraisal
firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld).

 

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

 

“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 Financing Subsidiary pursuant to the terms of Section 6.03(e)
or (f) hereof.

 

    	4

     

    

 

“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 2.06(f).

 

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

 

“AUD Screen
Rate” means, with respect to any Interest Period, the average bid reference rate administered by the Australian Financial
Markets Association (or any other Person that takes over the administration of such rate) for AUD bills of exchange with a tenor
equal in length to such Interest Period as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear
on such Reuters page, on any successor or substitute on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable
discretion) on or about 11:00 a.m. (Sydney, Australia time) on the first day of such Interest Period. If the AUD Screen Rate shall
be less than zero, the AUD Screen Rate shall be deemed to be zero for purposes of this Agreement.

 

“Availability
Period” means the period from and including the Original Effective Date to but excluding the earlier of the Revolver
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.

 

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

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the
Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or
the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a rate of interest as a
replacement to the LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed
to be zero for the purposes of this Agreement.

 

    	5

     

    

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and
frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

 

(1)     in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Rate
permanently or indefinitely ceases to provide the LIBO Rate; or

 

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

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(1)     a public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator
has ceased or will cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the LIBO Rate;

 

    	6

     

    

 

(2)     a public statement or publication of information by the regulatory supervisor
for the administrator of the LIBO Rate, the U.S. Federal
Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with
jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over
the administrator for the LIBO Rate, which states that the administrator of the LIBO Rate has ceased or will cease to provide the
LIBO Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the LIBO Rate; or

 

(3)     a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing
that the LIBO Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders,
as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the
Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with
respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period
(x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
the LIBO Rate for all purposes hereunder in accordance with Section 2.11(c) and (y) ending at the time that a Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.11(c).

 

“Beneficial Ownership Certification”
means a certification regarding a beneficial ownership required by the Beneficial Ownership Regulation.

 

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

 

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

 

“Board of Directors”
means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person, (b) in the case of
any limited liability company, the board of managers of such Person, or if there is none, the Board of Directors of the managing
member of such Person, (c) in the case of any partnership, the general partner and the Board of Directors of the general partner
of such Person and (d) in any other case, the functional equivalent of the foregoing.

 

    	7

     

    

 

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

 

“Borrowing”
means (a) all ABR Loans of the same Class made, converted or continued on the same date or (b) all Eurocurrency Loans
of the same Class denominated in the same Currency 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, substantially in the form of Exhibit B and appropriately
completed.

 

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

 

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

 

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

 

“CAM Exchange”
means the exchange of the Lenders’ interests provided for in Section 7.01.

 

“CAM Exchange
Date” means the first date on which there shall occur (a) any event referred to in Section 7.01(h) or 7.01(i) or (b)
an acceleration of Loans pursuant to Section 7.01.

 

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

 

    	8

     

    

 

“Canadian Dollar”
means the lawful money of Canada.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases or finance 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 or under the laws
of Canada or any province thereof or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction or
any constituent jurisdiction thereof of any other Agreed Foreign Currency, provided that such certificates of deposit,
banker’s acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through
which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit
rating of at least A-1 from S&P and at least P-1 from Moody’s;

 

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

 

(e)              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

 

    	9

     

    

 

(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.

 

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

 

“CFC”
means an entity that is a “controlled foreign corporation” of any Obligor within the meaning of Section 957 of the
Code, but only to the extent the Obligor or a subsidiary thereof is a “United States Shareholder” (within the meaning
of Section 951(b) of the Code) of such entity.

 

“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, (c) the Investment Advisor shall cease to be the investment adviser of the Borrower, (d) the acquisition
of direct or indirect Control of the Borrower by any Person or group other than the Investment Advisor or (e) the Investment Advisor
ceases to be Controlled by at least two of the Permitted Holders.

 

“Change in Law”
means (a) the adoption or taking effect of any law, rule or regulation or treaty after the Original Restatement Effective Date,
(b) any change in any law, rule or regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority after the Original Restatement Effective Date or (c) compliance by any Lender (or, for purposes
of Sections 2.12(b) or 2.17(a), by any lending office of such Lender or by such Lender’s parent, if any) with any request,
guideline, requirements or directive (whether or not having the force of law) of any Governmental Authority made or issued after
the Original Restatement 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, requirements or directives in connection therewith
and (II) all requests, rules, guidelines, requirements or directives promulgated by the Bank For International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted,
adopted, issued, promulgated or implemented.

 

    	10

     

    

 

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

 

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

 

“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 and any of its successors in such capacity under the
Guarantee and Security Agreement.

 

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

 

“Commitment
Increase” has the meaning assigned to such term in Section 2.06(f).

 

“Commitment
Increase Date” has the meaning assigned to such term in Section 2.06(f).

 

“Constituent
Documents” means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited
partnership, the certificate of limited partnership and limited partnership agreement for such Person; (b) in the case of any limited
liability company, the articles of formation and operating agreement for such Person; and (c) in the case of a corporation, the
certificate or articles of incorporation and the bylaws or memorandum and articles of association for such Person.

 

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

 

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

 

“Covered Debt
Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus
(y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind
interest) of Other Covered Indebtedness outstanding on such date.

 

    	11

     

    

 

“Covered Taxes”
means (i) Taxes other than Excluded Taxes and (ii) Other Taxes.

 

“Currency”
means Dollars or any Foreign Currency.

 

“Currency Valuation
Notice” has the meaning assigned to such term in Section 2.08(b).

 

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

 

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

 

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

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws
of the United States or other applicable jurisdictions from time to time in effect.

 

“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.

 

    	12

     

    

 

“Defaulting
Lender” means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any
portion of its Loans within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of any
Loans, such Lender notifies the Administrative Agent in writing that 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, or any other Lender in writing that it does not intend
to comply with any of its funding obligations under this Agreement or has made a public statement that it does not intend to comply
with its funding obligations under this Agreement (unless such writing or public statement states that such position is based on
such Lender’s determination that one or more conditions precedent to funding (which conditions precedent, together with the
applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) failed,
within three (3) Business Days after request by the Administrative Agent or the Borrower to confirm in writing to the Administrative
Agent and the Borrower that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans
(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 and the Borrower), (d) otherwise failed to pay over to the Administrative Agent or
any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, unless
the subject of a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated
as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or
has a parent company that has been adjudicated as, or determined by any Governmental Authority having regulatory authority over
such Person or its assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or custodian, appointed for it, or has 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 (unless in the
case of any Lender referred to in this clause (e), the Borrower and the Administrative Agent shall be satisfied in the exercise
of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue to
perform its obligations as a Lender hereunder) or (iii) become the subject of a Bail-In Action; provided that a Lender shall
not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender
or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by a Governmental
Authority or instrumentality thereof, or solely as a result of an Undisclosed Administration, so long as such ownership interest
or Undisclosed Administration does not result in or provide such Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above, and of the effective
date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting
Lender as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be
delivered by the Administrative Agent to the Borrower and each Lender promptly following such determination.

 

“Designated
Jurisdiction” means any country, region or territory to the extent that such country, region or territory itself is the
subject of any Sanction.

 

“Designated
Obligations” means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b)
accrued and unpaid fees under the Loan Documents.

 

    	13

     

    

 

“Disqualified
Equity Interests” means Equity Interests of the Borrower that after issuance are subject to any agreement between the
holder of such Equity Interests and the Borrower whereby the Borrower is required to purchase, redeem, retire, acquire, cancel
or terminate such Equity Interests, other than (x) as a result of a change of control or (y) in connection with any purchase, redemption,
retirement, acquisition, cancellation or termination with, or in exchange for, shares of Equity Interests that are not Disqualified
Equity Interests.

 

“Dollar Commitment”
means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.06 or reduced from time to
time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04 and the other provisions of this Agreement (including the last
two paragraphs of Section 7.01). The aggregate amount of each Lender’s Dollar Commitment as of the Restatement Effective
Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Commitments as of the Restatement Effective
Date is $110,000,000.

 

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

 

“Dollar Lender”
means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Dollar Commitments and any
other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar
Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption.

 

“Dollar Loan”
means a Loan denominated in Dollars made pursuant to a Dollar Commitment.

 

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

 

“Early
Opt-in Election” means the occurrence of:

 

(1)
(i)         a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with
a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in Section 2.11(c) are being executed or amended, as
applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

    	14

     

    

 

(2)
(i)         the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election
has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and
the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

 

“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.

 

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

 

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

 

    	15

     

    

 

“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 or any of its Subsidiaries, is treated
as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA
and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA 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 that
is intended to qualify under Section 401(a) of the Code, the occurrence of any event that could reasonably be expected to prevent
or cause the loss of such qualification; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard
(as defined in Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA), whether or not waived; (d) the
filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (e) the incurrence by the Borrower or any ERISA Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Plan; (f) 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; (g) the incurrence by the Borrower or any ERISA Affiliate of any Withdrawal Liability; (h) the occurrence
of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to
any Plan; (i) 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; (j) 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
in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (k) the incurrence with
respect to any “employee benefit plan” as defined in Section 3(3) of ERISA that is sponsored or maintained by the Borrower
or any ERISA Affiliate of any liability for post-retirement health or welfare benefits, except as may be required by 4980B of the
Code or similar laws; or (l) a determination that any Plan is, or expected to be, in “at risk” status (within the meaning
of Section 430 of the Code or Section 303 of ERISA).

 

    	16

     

    

 

“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 is, 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 “Alternate Base Rate” shall not be a Eurocurrency Loan or Eurocurrency
Borrowing.

 

“Event of Default”
has the meaning assigned to such term in Section 7.01.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended from time to time.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to the Administrative Agent or any Lender or required to be withheld
or deducted from a payment to the Administrative Agent or any Lender, (a) Taxes imposed on (or measured by) its net income
or franchise Taxes, in each case, imposed (i) 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, or (ii) as a result of a present or former connection between such recipient and the jurisdiction imposing
such Tax (other than connections solely arising from such recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document), (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 Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)),
any U.S. federal withholding Tax that is imposed on amounts payable to such Lender pursuant to a law in effect at the time such
Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor,
if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding Tax pursuant to Section 2.14(a), (d) Taxes attributable to such recipient’s
failure to comply with Section 2.14(f), and (e) any U.S. federal withholding Taxes imposed under FATCA.

 

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

 

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

 

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

 

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

 

    	17

     

    

 

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

 

“Extraordinary
Receipts” means any cash received by or paid to any Obligor on account of 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 received not in the ordinary course
of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement
and proceeds of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity Interests by the
Borrower and issuances of Indebtedness by any Obligor), provided, however, that Extraordinary Receipts shall
not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.14(h),
or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity
payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds,
awards or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and
promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of
such Person with respect thereto.

 

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

 

“FCPA”
has the meaning assigned to such term in Section 3.21.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three 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.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

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

 

    	18

     

    

 

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

 

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

 

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

 

“Foreign Eligible
Portfolio Investments” means any Eligible Portfolio Investment of
a Permitted Foreign Issuer with respect to which the requirements of paragraph 13 of Schedule 1.01(d) hereto are met
by reference to any Permitted Foreign Jurisdiction.

 

“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
(including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

 

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

 

    	19

     

    

 

“Guarantee and
Security Agreement” means the Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the Original
Restatement Effective Date, between the Borrower, the Subsidiary Guarantors party thereto, 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 amended, restated, modified and supplemented from time to time.

 

“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 entered into in the ordinary course of business
and not for speculative purposes. For the avoidance of doubt, in no event shall a Hedging Agreement include a total return swap.

 

“HMT”
means Her Majesty’s Treasury (United Kingdom).

 

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

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.06(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 (other
than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than 90 days after the
date on which such trade account payable was due), (e) all Indebtedness of others secured by any Lien on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such debt being the
lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien), (f) all Guarantees
by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent
or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) the amount such Person
would be obligated for under any Hedging Agreement if such Hedging Agreement was terminated at the time of determination, (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (k) all obligations, contingent
or otherwise, with respect to Disqualified Equity Interests. The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness).
Notwithstanding the foregoing, “Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of
the seller of such asset or Investment, (y) a commitment arising in the ordinary course of business to make a future Portfolio
Investment or (z) indebtedness of the Borrower on account of the sale by the Borrower of the first out tranche of any First Lien
Bank Loan that arises solely as an accounting matter under ASC 860, provided that such indebtedness (i) is non-recourse
to the Borrower and its Subsidiaries and (ii) would not represent a claim against the Borrower or any of its Subsidiaries in a
bankruptcy, insolvency or liquidation proceeding of the Borrower or its Subsidiaries, in each case in excess of the amount sold
or purportedly sold.

 

    	20

     

    

 

“Industry Classification
Group” means 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 (including, without limitation, those set forth on Schedule
1.01(e) on the Restatement Effective Date).

 

“ING”
means ING Capital LLC.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05, substantially
in the form of Exhibit E hereto or such other form as reasonably satisfactory to the Administrative Agent.

 

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

 

    	21

     

    

 

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

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible
securities) 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 Monroe Capital BDC Advisors, LLC, a Delaware limited liability company, or an Affiliate thereof.

 

“Investment
Allocation Policy” means the written statement, approved by the Board of Directors of the Borrower and reasonably acceptable
to the Administrative Agent, of the Borrower’s investment
allocation policy between affiliated investment vehicles managed directly or indirectly by Monroe Capital BDC Advisors, LLC.

 

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

 

“Investment
Policies” means the credit policies and procedures of Monroe
Capital BDC Advisors, LLC and the Investment Allocation Policy, each as in existence on the Original Effective Date.

 

“Lenders”
means the Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) 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.

 

“LIBO Quoted
Currency” means (x) Dollars and (y) Euro and English Pounds Sterling (but in the case of this clause (y), only if such
Currency is an Agreed Foreign Currency), in each case so long as there is a published LIBO Rate with respect thereto.

 

“LIBO Rate”
means, for any Interest Period:

 

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

 

    	22

     

    

 

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

 

(c)               in
the case of any Eurocurrency Borrowings denominated in AUD, the AUD Screen Rate per annum plus 0.20%; and

 

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

 

provided, in each
case, that if the LIBO Rate is less than zero, such rate shall be deemed to 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 (and, in the case of Portfolio Investments that are equity securities,
excluding customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of
the same issuer). For the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions
on assignments or transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such
Investment shall not be deemed to be a “Lien”.

 

“Loan Documents”
means, collectively, this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents,
and such other agreements and operative documents, and any amendments or supplements thereto or modification thereof, executed
and/or delivered pursuant to the terms of this Agreement or any of the other Loan Documents.

 

    	23

     

    

 

“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 or the ability of the Obligors
to perform their respective obligations thereunder.

 

“Material Indebtedness”
means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries
(including any Financing Subsidiary) in an aggregate principal amount exceeding $5,000,000 and (b) obligations in respect
of one or more Hedging Agreements or other swap or derivative transactions under which the maximum aggregate amount (after giving
effect to any netting agreements) that the Borrower and its Subsidiaries would be required to pay if such Hedging Agreement(s) were
terminated at such time would exceed $5,000,000.

 

“Maturity Date”
means the earliest of: (a) the Stated Maturity Date, (b) the date upon which the Administrative Agent declares the Obligations,
or the Obligations become, due and payable after the occurrence of an Event of Default and (c) the date upon which the Commitments
are terminated in full pursuant to Section 2.06(b).

 

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

 

“Multicurrency
Commitments” means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans
denominated in Dollars and in Agreed Foreign Currencies hereunder, as such commitment may be (a) reduced or increased from time
to time pursuant to Section 2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in
this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section
9.04 and the other provisions of this Agreement (including the last two paragraphs of Section 7.01). The aggregate amount of
each Lender’s Multicurrency Commitment as of the Restatement Effective Date is set forth on Schedule 1.01(b),
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate
amount of the Lenders’ Multicurrency Commitments as of the Restatement Effective Date is $145,000,000.

 

“Multicurrency
Lender” means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Multicurrency
Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for
it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Assumption.

 

    	24

     

    

 

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

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA that is contributed to
by (or to which there is an obligation to contribute of) the Borrower, any of its Subsidiaries or any of their ERISA Affiliates,
and each such plan for the six-year period immediately following the latest date on which the Borrower, any of its Subsidiaries
or any of their ERISA Affiliates contributed to or had an obligation to contribute to such plan.

 

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

 

“Net Asset Sale
Proceeds” means, with respect to any Asset Sale, an amount equal to (a) the sum of any Cash payments and Cash Equivalents
(and net Cash or Cash Equivalent proceeds of any noncash amount) received by the Obligors from such Asset Sale (including any Cash
or Cash Equivalents (and net Cash or Cash Equivalent proceeds of any noncash amount) received by way of deferred payment pursuant
to, or by monetization of, a note receivable or otherwise, but only as and when so received), minus (b) any costs,
fees, commissions, premiums and expenses actually incurred by any Obligor directly incidental to such Asset Sale and paid in cash
to a Person that is not an Affiliate of any Obligor (or if paid in cash to an Affiliate, only to the extent such expenses are reasonable
and customary), minus (c) all taxes paid or reasonably estimated to be payable by any Obligor as a result of such Asset
Sale (after taking into account any available tax credits or deductions).

 

“No External
Review Assets” means Portfolio Investments that are Unquoted Investments with a fair value of less than $4,000,000 and
which an Approved Third-Party Appraiser is not assisting the Board of Directors of the Borrower in determining the fair market
value of such Unquoted Investment in accordance with Section 5.12 as of the end of the applicable fiscal quarter; provided that
the aggregate fair value of all such Unquoted Investments does not exceed 10% of the Borrowing Base.

 

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

 

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

 

“Non-Pledged
Financing Subsidiary” means, with respect to any Financing Subsidiary, the Equity Interest of such Financing Subsidiary
is not subject to a first priority perfected security interest in favor of the Collateral Agent securing the Secured Obligations.

 

“Obligations”
means all present and future indebtedness, obligations, and liabilities of the Obligors to the Administrative Agent and/or any
other Secured Party, and all renewals and extensions thereof, or any part thereof, arising pursuant to this Agreement (including,
without limitation, the indemnity provisions hereof), and all interest accruing thereon, and attorneys’ fees incurred in
the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect,
fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations, and liabilities of the Obligors
to the Administrative Agent and/or any other Secured Party evidenced or arising pursuant to any of the other Loan Documents, and
all renewals and extensions thereof, or any part thereof.

 

    	25

     

    

 

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

 

“Obligors’
Net Worth” means, at any date, the Total Net Assets at such date, exclusive of the net asset value held by any Obligor
in any non-Obligor Subsidiary.

 

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

 

“Original Effective
Date” means October 23, 2012.

 

“Original Restatement
Effective Date” means December 14, 2015.

 

“Other Covered
Indebtedness” means, collectively, (i) Secured Longer-Term Indebtedness, (ii) Unsecured Shorter-Term Indebtedness
and (iii) from and after the date that is 9 months prior to their scheduled maturity, the 2023 Notes; provided that to the
extent any portion of any such Indebtedness is subject to a contractually scheduled amortization payment, other required principal
payment or redemption earlier than the scheduled maturity date of such Indebtedness, such portion of such Indebtedness shall be
included in the calculation of Other Covered Indebtedness beginning upon the date that is the later of (x) 9 months prior to such
scheduled amortization payment, other required principal payment or redemption and (y) the date the Borrower becomes aware that
such Indebtedness is required to be paid or redeemed.

 

“Other Permitted
Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any
Obligor’s business that are overdue for a period of more than 90 days and 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, Hedging Agreements entered
into for financial planning purposes and not for speculative purposes, 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 Section
7.01(k), (d) Indebtedness incurred in the ordinary course of business to finance equipment and fixtures; provided that such Indebtedness
does not exceed $5,000,000 in the aggregate at any time outstanding; and (e) other Indebtedness not to exceed $3,000,000 in the
aggregate.

 

“Other Taxes”
means any and all present or future stamp, court, documentary, intangible, recording or filing 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, performance,
enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any
Loan Document, except any such Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to
Section 2.17(b)) and as a result of a present or former connection between such Lender and the jurisdiction imposing such
Tax (other than connections solely arising from such Lender having executed, delivered, become a party to, performed is obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document).

 

    	26

     

    

 

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

 

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

 

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

 

“Permitted
Foreign Issuer” shall mean any Person (i) organized under the laws of a Permitted Foreign Jurisdiction or any province thereof,
(ii) domiciled in a Permitted Foreign Jurisdiction, or (iii) with principal operations or any other material property or other
material assets pledged as collateral and located in a Permitted Foreign Jurisdiction.

 

“Permitted Foreign
Jurisdiction” means Canada, Australia and the United Kingdom.

 

“Permitted Holders”
means Theodore Koenig, Michael Egan, Jeremy VanDerMeid, Thomas Aronson and Aaron Peck, or any other individual manager of Monroe
Management Holdco, LLC reasonably acceptable to the Administrative Agent and the Required Lenders after the death, disability,
resignation or termination for cause by the Board of Directors of any of the foregoing.

 

“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; (k) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary
course of business; and (l) Eligible Liens.

 

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“Permitted Policy
Amendment” is an amendment, modification, termination or restatement of the Investment Policies, that is either (a) approved
in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental
Authority, or (c) not material.

 

“Permitted SBIC
Guarantee” means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA’s then applicable
form, provided that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of
an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided
in Section 7.01(q), it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs).

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan) that is subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, in respect of which the Borrower, any
of its Subsidiaries or any of its or their respective ERISA Affiliates is (or would under Section 4069 of ERISA be deemed to be)
an “employer” as defined in Section 3(5) of ERISA.

 

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“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 (which the Borrower has no reason to believe is inaccurate
in any material respect), which may include pro-forma financial information in connection with, among other things, (a) an Investment
that was originated by the Borrower within the preceding twelve month period, (b) 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, (c) 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 (d) a Portfolio Company that does not have an entire fiscal year under its current capital structure. For
the avoidance of doubt, Portfolio Company Data shall exclude any adjustments to the historical results of the applicable Portfolio
Company to the extent such adjustments are inconsistent with the methodologies of RiskCalc.

 

“Portfolio Investment”
means any Investment held by the Borrower and its Subsidiaries in their asset portfolio and included on the schedule of investments
on the financial statements of the Borrower delivered pursuant to Section 5.01(a) or (b) (and, for the avoidance
of doubt, shall not include any Subsidiary of the Borrower).

 

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

 

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

 

“QFC”
has the meaning assigned to such term in Section 9.20.

 

“QFC
Credit Support” has the meaning assigned to such term in Section 9.20.

 

“Quarterly Dates”
means the last Business Day of March, June, September and December in each year, commencing on December 31, 2015.

 

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

 

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

 

    	29

     

    

 

“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, partners, officers, employees,
agents and advisors of such Person and such Person’s Affiliates.

 

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

 

“Required Lenders”
means, at any time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if
there are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit
Exposures and unused Commitments representing at least two-thirds of the sum of the total Revolving Credit Exposures and unused
Commitments at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders”
shall mean all Lenders. Solely for purposes of Section 2.11(a)(ii) and the last sentence of Section 9.02(b), the
Required Lenders of a Class means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more
than 50% (or, if there are only three (3) Lenders of such Class at such time, at least two-thirds, and, if there are only two (2)
Lenders of such Class at such time, all such Lenders) of the sum of the total Revolving Credit Exposures and unused Commitments
of such Class at such time.

 

“Required Multicurrency
Lenders” means Multicurrency Lenders having Revolving Multicurrency Credit Exposures and unused Multicurrency Commitments
representing more than 50% (or, if there are only three (3) Multicurrency Lenders at such time, at least two-thirds, and, if there
are only two (2) Multicurrency Lenders at such time, all such Multicurrency Lenders) of the sum of the total Revolving Multicurrency
Credit Exposures and unused Multicurrency Commitments at such time.

 

“Restatement
Effective Date” means March 1, 2019.

 

“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
Permitted Equity Interests nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt
made solely with Permitted Equity Interests shall be a Restricted Payment hereunder.

 

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“Return of Capital”
means an amount equal to (a) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time
in respect of the outstanding principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise),
plus (b) without duplication of amounts received under clause (a), any net cash proceeds (including net cash proceeds of any noncash
consideration) received by any Obligor at any time from the sale of any property or assets pledged as collateral in respect of
any Portfolio Investment to the extent such net cash proceeds are less than or equal to the outstanding principal balance of such
Portfolio Investment, plus (c) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time
in respect of any Portfolio Investment that is an Equity Interest (x) upon the liquidation or dissolution of the issuer of such
Portfolio Investment, (y) as a distribution of capital made on or in respect of such Portfolio Investment, or (z) pursuant to the
recapitalization or reclassification of the capital of the issuer of such Portfolio Investment or pursuant to the reorganization
of such issuer, plus (d) any similar return of capital received by any Obligor in cash (and net cash proceeds of any noncash amount)
in respect of any Portfolio Investment.

 

“Revolver Termination
Date” means the date that is the earlier to occur of (i) the date that is the four (4) year anniversary of the Restatement
Effective Date, and (ii) the termination in full of the Commitments in accordance with this Agreement, in each case unless
extended with the consent of each Lender in its sole and absolute discretion.

 

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

 

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

 

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

 

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

 

“Risk Factor”
means, with respect to any Portfolio Investment (other than an ABL Transaction), for any calendar quarter, the risk factor set
forth on Schedule 1.01(c) corresponding to the Risk Factor Rating that has been most recently assigned to such Portfolio
Investment by the Borrower in accordance with the definition of Risk Factor Rating.

 

“Risk Factor
Rating” means, with respect to any Portfolio Investment (other than an ABL Transaction), a rating assigned by the Borrower
from time to time to such Portfolio Investment by, at the Borrower’s option, either (i) using a public or private rating
of the Portfolio Company from Moody’s; (ii) using a comparable shadow rating performed by a Moody’s analyst with respect
to the Portfolio Investment; (iii) if such a public or private rating or comparable shadow rating referred to in clauses (i) and
(ii) above is not available, using a comparable rating determined by the Borrower inputting the Portfolio Company Data relating
to such Portfolio Investment into RiskCalc (Moody’s KMV Expected Default Frequency model); or (iv) determining a rating by
another method that has been approved for such Portfolio Investment by the Administrative Agent and Lenders (which approval, for
the avoidance of doubt, may be given electronically) holding at least two-thirds of the total Revolving Credit Exposures and unused
Commitments.

 

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“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto.

 

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

 

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

 

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

 

“SBIC Subsidiary”
means any Subsidiary of the Borrower (or such Subsidiary’s general partner or manager entity) that is (x) 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 in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as:

 

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

 

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

 

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

 

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

 

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

 

“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 for borrowed money (other than Indebtedness hereunder) of the Borrower
(which may be Guaranteed by Subsidiary Guarantors) that;

 

(a)             
has no amortization or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than,
six months after the Stated Maturity Date (it being understood that any mandatory amortization, redemption, repurchase or
prepayment obligation or put right that is contingent upon the happening of an event that is not certain to occur (including,
without limitation, a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness
under this clause (a) (notwithstanding the foregoing, the Borrower acknowledges that any payment prior to the Termination
Date in respect of any such obligation or right shall only be made to the extent permitted by Section 6.12));

 

(b)              is incurred pursuant
to documentation containing (i) financial covenants, covenants governing the borrowing base, if any, portfolio valuations
and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions
in this Agreement or credit agreements generally) that are no more restrictive upon the Borrower and its Subsidiaries than those
set forth in this Agreement (provided that, upon the Borrower’s written notice to the Administrative Agent at least five
Business Days prior to the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of
this clause (b)(i), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the
Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis,
solely to the extent necessary that the financial covenants, covenants governing the borrowing base, if any, portfolio valuations
and events of default, as applicable, in this Agreement shall be at least as restrictive as such covenants in the Secured Longer-Term
Indebtedness) and (ii) other terms (other than interest and any commitment or related fees) that are no more restrictive in any
material respect upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement
(it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection
with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing
rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change”
(as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed
to be more restrictive for purposes of this definition); and

 

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(c)               ranks pari passu
with the obligations under this Agreement and is not secured by any assets of any Person other than any assets of any Obligor pursuant
to the Security Documents and the holders of which, or the agent, trustee or representative of such holders have agreed to be bound
by the provisions of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral
Agent. For the avoidance of doubt, (i) Secured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal
or extension of any Secured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues
to satisfy the requirements of this definition and (ii) any payment on account of Secured Longer-Term Indebtedness shall be
subject to Section 6.12.

 

“Secured Obligations” has
the meaning specified in the Guarantee and Security Agreement.

 

“Secured Parties”
has the meaning specified in the Guarantee and Security Agreement.

 

“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, intercreditor 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.

 

“Senior Coverage
Ratio” means the ratio of (A) the aggregate fair value (with regard to Eligible Portfolio Investments, as determined
in accordance with Section 5.12(b)(ii)) of the Collateral of the Obligors (exclusive of Collateral that represents Equity Interests
in Financing Subsidiaries and Equity Interests in joint ventures that in the aggregate exceed 20% of the total value of the Collateral)
to (B) the Covered Debt Amount (excluding solely for this purpose any unsecured Indebtedness included therein not maturing within
90 days of the date of determination).

 

“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).

 

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

 

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

 

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

 

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

 

“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
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 is formed in connection with, and which continues to exist
for the sole purpose of, such Subsidiary obtaining and maintaining third-party financing from unaffiliated third parties, and which
engages in no material activities other than in connection with the purchase and 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; and, 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, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings
or any Guarantee thereof;

 

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

 

(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;

 

(d)      definitive
documentation relating to a third party financing provided to such Subsidiary by an unaffiliated third party (1) remains in full
force and effect at all times and (2) does not permit such Subsidiary to become an Obligor hereunder;

 

(e)       [reserved];

 

(f)       in
the good faith judgment of the Borrower, such Structured Subsidiary reasonably expects to utilize, in the ordinary course of business,
its assets to obtain or maintain a secured financing from an unaffiliated third party.

 

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

 

“Subject to
Sanctions” with respect to any Person means that such Person is: (a) currently the subject of, or subject to, any
Sanctions; (b) included on OFAC’s list of Specially Designated Nationals or HMT’s Consolidated List of Financial Sanctions
Targets; (c) located, organized or resident in a Designated Jurisdiction; or (d) (i) an agency of the government of a Designated
Jurisdiction, (ii) an organization controlled by a Designated Jurisdiction, or (iii) a Person located, organized or resident
in a Designated Jurisdiction.

 

“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 a Portfolio Investment held by any Obligor in the ordinary course of business and that is not, under
GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower.

 

    36

     

    

 

“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), (i) no CFC or Transparent Subsidiary shall be required to be a Subsidiary
Guarantor and (ii), no Financing Subsidiary shall be required to be a Subsidiary Guarantor, in each case as long as it remains
a Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, as defined and described herein.

 

“Supported
QFC” has the meaning set forth in Section 9.20.

 

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

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“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 (excluding, for the avoidance of doubt,
any amount in connection with any contingent, unasserted indemnification obligations).

 

“Total Net Assets”
means, at any date, the total net assets of the Borrower and its Subsidiaries determined on a consolidated basis, without duplication,
in accordance with GAAP.

 

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

 

“Transparent
Subsidiary” means an entity directly or indirectly owned by an Obligor that has no material assets other than Equity
Interests (held directly or indirectly through other Transparent Subsidiaries) in one or more CFCs.

 

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

 

“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.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Undisclosed
Administration” means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator
under or based on the law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction
supervision if applicable law requires that such appointment is not to be publicly disclosed and such appointment has not been
publicly disclosed (including, without limitation, under the Dutch Financial Supervision Act 2007 (as amended from time to time
and including any successor legislation)).

 

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

 

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

 

“Unsecured Longer-Term
Indebtedness” means

 

(A) any Indebtedness
for borrowed money of the Borrower that:

 

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

 

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

 

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

 

(B) the 2023 Notes
up until the date that is 9 months prior to the scheduled maturity of the 2023 Notes, provided that the 2023 Notes otherwise comply
with the provisions of the immediately preceding clause (A).

 

For the avoidance of
doubt, (a) Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured
Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements
of this definition and (b) any payment on account of Unsecured Longer-Term Indebtedness shall be subject to Section 6.12.

 

“Unsecured Shorter-Term
Indebtedness” means, collectively, (a) any Indebtedness of the Borrower or any of its Subsidiaries that is not secured
by any assets of any Person and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness of the
Borrower or any of its Subsidiaries that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a).
For the avoidance of doubt, Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension
of any Unsecured Shorter-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to
satisfy the requirements of clause (a).

 

“USA PATRIOT
Act” has the meaning assigned to such term in Section 3.20.

 

“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.

 

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

 

“U.S.
Special Resolution Regimes” has the meaning assigned to such term in Section 9.20.

 

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

 

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

 

“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.

 

“Withholding
Agent” means the Borrower or the Administrative Agent, as applicable.

 

“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 Class (e.g., a “Dollar Loan” or a “Multicurrency
Loan”), by Type (e.g., an “ABR Loan”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Dollar Borrowing” or a “Multicurrency Borrowing”),
by Type (e.g., an “ABR Borrowing”) or by Class and Type (e.g., a “Multicurrency Eurocurrency Borrowing”).
Loans and Borrowings may also be identified by Currency.

 

Section 1.03.       
Terms Generally. The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to
have the same meaning and effect as the word “shall” and vice versa. 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, restated, amended and restated, supplemented, renewed or otherwise modified
(subject to any restrictions on such amendments, supplements, renewals or modifications set forth herein or therein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
on such successors and assigns set forth herein), (c) the words “herein”, “hereto”, “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. Solely for purposes
of this Agreement, any references to “obligations” owed by any Person under any Hedging Agreement shall refer to the
amount that would be required to be paid by such Person if such Hedging Agreement were terminated at such time (after giving effect
to any netting agreement).

 

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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 Restatement Effective Date in GAAP or in the application
or interpretation 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), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then the Borrower, Administrative Agent and the Lenders agree to enter
into negotiations in good faith in order to amend such provisions of the Agreement so as to equitably reflect such change to comply
with GAAP with the desired result that the criteria for evaluating the Borrower's financial condition shall be the same after such
change to comply with GAAP as if such change had not been made; provided, however, until such amendments to equitably
reflect such changes are effective and agreed to by the 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 Board Accounting Standards
Codification 825, all determinations relating to fair value accounting for liabilities or compliance with the terms and conditions
of this Agreement shall be made on the basis that the Borrower has not adopted Accounting Standard Codification 825. Notwithstanding
any other provision contained herein, all
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159, The Fair
Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to Financial Accounting
Standard Board Accounting Standard Codifications), to value any Indebtedness of the Borrower or any Subsidiary at “fair market
value”, as defined therein. In addition, notwithstanding
Accounting Standards Update 2015-03, GAAP or any other matter, for purposes of calculating any financial or other covenants hereunder,
debt issuance costs shall not be deducted from the related debt obligation. Notwithstanding
any other provision contained herein, the definitions set forth in the Loan Document
and any financial calculations required by the Loan Documents shall be computed to exclude any effects on lease accounting as a
result of ASU No. 2016-02 Leases (Topic 842) (or any other Financial Accounting Standard having a similar result or effect), regardless
of the date enacted, adopted or issued and regardless of any delayed implementation thereof, and all determinations of Capital
Lease Obligations shall be made consistently therewith (i.e., ignoring any such changes in GAAP pursuant to ASU No. 2016-02 Leases
(Topic 842) (or any other Financial Accounting Standard having a similar result or effect)).

 

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Section 1.05.       
Currencies Generally. At any time, any reference
in the definition of the term “Agreed Foreign Currency” or in any other provision of this Agreement to the Currency
of any particular nation means the lawful currency of such nation at such time whether or not the name of such Currency is the
same as it was on the date hereof. Except as provided in Section 2.08(b) and the last sentence of Section 2.15(a), for purposes
of determining (i) whether the amount of any Borrowing under the Multicurrency Commitments, together with all other Borrowings
under the Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate
amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving
Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing Base or the Value or the fair market value of any Portfolio
Investment, the outstanding principal amount of any Borrowing that is denominated in any Foreign Currency or the Value or the fair
market value of any Portfolio Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent
of the amount of the Foreign Currency of such Borrowing or Portfolio Investment, as the case may be, determined as of the date
of such Borrowing (determined in accordance with the last sentence of the definition of the term “Interest Period”)
or the date of valuation of such Portfolio Investment, as the case may be; provided that in connection with the delivery of any
Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts shall be determined as of the date of the delivery
of such Borrowing Base Certificate. Where any amount is denominated in Dollars under this Agreement but requires for its determination
an amount which is denominated in a Foreign Currency, such amounts shall be converted into the Foreign Currency Equivalent on the
date of determination. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum
or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall
be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign Currency).

 

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

 

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

 

Section 1.07.       
Times of Day; Interest Rates. Unless otherwise specified
in the Loan Documents, time references are to Eastern time (daylight or standard, as applicable). The Administrative Agent does
not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any
other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor rate
thereto, or replacement rate therefor.

 

Section 1.08.       
Divisions. For all purposes under the Loan Documents,
in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new
Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders
of its equity interests at such time.

 

Section 1.09.       
Issuers. For all purposes of this Agreement, 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 or similar sponsor.

 

Article II

 

THE
CREDITS

 

Section 2.01.       
The Commitments. Subject to the terms and conditions
set forth herein, 

 

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

 

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

 

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

 

(b)              
Type of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans
or of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each
ABR 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.

 

(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 of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments
of such Class. Borrowings of more than one Class, Currency or 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.

 

(e)              
[Reserved].

 

(f)               
Restatement Effective Date Adjustments.

 

(i)                
On the Restatement Effective Date Borrower shall (A) prepay the Existing Loans (if any) in full and (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 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)).  Each of the Lenders consents to any non-pro rata commitment reduction or payment
that is a result of the reallocation. Each of the Lenders agrees to waive repayment of the amounts, if any, payable under Section
2.13 as a result of, and solely in connection with, any such prepayment.

 

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(ii)             
On the Restatement Effective Date, substantially contemporaneously with the reallocation described in Section 2.02(f)(i),
each Increasing Existing Lender shall make a payment to the Administrative Agent, for the account of the other Lenders, in an amount
calculated by the Administrative Agent in accordance with such section, so that after giving effect to such payment and to the
distribution thereof to the other Lenders, the Loans are held ratably by the Lenders.

 

Section 2.03.       
Requests for Borrowings.

 

(a)              
Notice by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request
by delivery of a signed Borrowing Request or by telephone or e-mail (in each case, followed promptly by delivery (including by
e-mail) of a signed Borrowing Request) (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than
noon, New York City time, three Business Days before the date of the proposed Borrowing, (ii) in the case of a Eurocurrency
Borrowing denominated in a Foreign Currency, not later than noon, New York City time, four (4) Business Days before the date of
the proposed Borrowing, or (iii) in the case of an ABR Borrowing, not later than noon, New York City time, one (1) 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. It is the intention of the Borrower to use its commercially reasonable efforts to make Borrowings
hereunder in a manner such that, after giving effect to each extension of credit hereunder, each Lender’s outstanding principal
amount of its Loans as a percentage of the aggregate outstanding principal amount of all Loans outstanding is in accordance with
its Applicable Percentage.

 

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

 

(i)              whether such Borrowing is to be made under the Dollar Commitments, the Multicurrency Commitments or both (and, if both,
the amount of the Borrowing under each Class);

 

(ii)            
the aggregate amount and Currency of each Class of the requested Borrowing;

 

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

 

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

 

(v)              
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

 

(vi)            
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.04.

 

(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 Class of a Borrowing denominated in Dollars is specified, then the requested
Borrowing shall be deemed to be under both the Multicurrency Commitments and Dollar Commitments, provided however, that if no election
as to a Class is specified but an Agreed Foreign Currency has been specified then the requested Borrowing shall be deemed to be
under the Multicurrency Commitments. If no election as to the Currency of a Borrowing is specified, then the requested Borrowing
shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall
be a Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed Foreign Currency has been specified, the requested
Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one (1)
month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing
is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in
Dollars having an Interest Period of one (1) month’s duration, and (ii) if the Currency specified for such Borrowing is an
Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration.

 

Section 2.04.       
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.

 

(b)              
Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with paragraph (a) of this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion
and without any obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate and (ii) in the case of the Borrower, the
interest rate applicable 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.

 

    46

     

    

 

Section 2.05.       
Interest Elections.

 

(a)              
Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall
have the Interest Period specified in such Borrowing Request. Thereafter, subject to Section 2.05(e), the Borrower may elect to
convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in
the case of a Eurocurrency Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided,
however, that (i) the Borrower may only continue or convert a Borrowing of a Class into a Borrowing of the same Class, (ii)
the Borrower may not continue or convert a Borrowing denominated in one Currency as or to a Borrowing in a different Currency,
(iii) the Borrower may not continue a Eurocurrency Borrowing denominated in a Foreign Currency if, after giving effect thereto,
the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) the Borrower
may not convert a Eurocurrency Borrowing denominated in a Foreign Currency to a Borrowing of a different Type. The Borrower may
elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing (except as provided under
Section 2.11(b)), 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 delivery of a signed Interest Election Request or by telephone (followed promptly, but no later than the close
of business on the date of such request, by a signed Interest Election Request) 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 Interest Election Request shall be irrevocable.

 

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

 

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

 

    47

     

    

 

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

 

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

 

(iv)            
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d);
provided that there shall be no more than ten (10) separate interest rate contracts (either tenor or benchmark) outstanding at
any one time; provided further, that if a Dollar Loan and a Multicurrency Loan have Interest Periods beginning and ending on the
same dates, they shall be deemed to be a single interest rate contract for the purpose of the limit set forth in this clause (iv),
and for the avoidance of doubt, any ABR Loans do not count against such limit.

 

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

 

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

 

Section 2.06.       
Termination, Reduction or Increase of the Commitments.

 

(a)              
Scheduled Termination. On the Revolver Termination Date the Commitments of each Class shall automatically be reduced
to an amount equal to the aggregate principal amount of the Loans of all Lenders of such Class outstanding on the Revolver Termination
Date and thereafter to an amount equal to the aggregate principal amount of the Loans of such Class outstanding after giving effect
to each payment of principal hereunder; provided that, for clarity, no Lender shall have any obligation to make new Loans
on or after the Revolver Termination Date, and any outstanding amounts shall be due and payable on the Maturity Date in accordance
with Section 2.07.

 

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(b)              
Voluntary Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments
ratably among each Class, so long as no Borrowing Request is outstanding, the Borrowing under which would cause the aggregate amount
of all outstanding Loans (including such Borrowing) to exceed the reduced amount of the Commitments; provided that (i) each
reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount (when considered in the aggregate with all
reductions being applied contemporaneously to the Classes being reduced) that is $5,000,000 or a larger multiple of $1,000,000
in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans of any Class in accordance with Section 2.08, the total Revolving Credit Exposures of such Class would
exceed the total Commitments of such Class.

 

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

 

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

 

(e)              
[Intentionally omitted]

 

(f)               
Increase of the Commitments.

 

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

 

    49

     

    

 

(A)       the
minimum amount of the Commitment (in the aggregate for all relevant Classes) of any Assuming Lender, and the minimum amount of
the increase of the Commitment (in the aggregate for all relevant Classes) 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 (or, in each case, in such other amounts as agreed
by the Borrower and the Administrative Agent, in its sole discretion),

 

(B)       immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $400,000,000;

 

(C)       each
Assuming Lender and the Commitment Increase shall be consented to by the Administrative Agent (which consent shall not be unreasonably
withheld);

 

(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 the respective Class of any Increasing Lender and such Assuming Lender shall
be increased as of such Commitment Increase Date; provided that:

 

(x)       the
Administrative Agent shall have received on or prior to noon, 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 noon, 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, in each case of the respective Class,
duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative
Agent.

 

    50

     

    

 

Promptly following satisfaction
of such conditions, the Administrative Agent shall notify the Lenders of such Class (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 each Commitment Increase Date, the Borrower shall (A) prepay
the outstanding Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in
an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to,
and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to
such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming
Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving
effect thereto, the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments
of such Lenders of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class
the amounts, if any, payable under Section 2.13 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. The Administrative Agent shall amend Schedule 1.01(b) to reflect the aggregate amount of each Lender’s Dollar
Commitments and Multicurrency Commitments (including Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(b)
in this Agreement shall be to Schedule 1.01(b) as amended pursuant to this Section.

 

(v)              
Terms of Loans issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any
new Loans issued by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing
Lender, shall be identical to the Loans issued by, and the Commitments of, the Lenders immediately prior to the applicable Commitment
Increase Date.

 

Section 2.07.       
Repayment of Loans; Evidence of Debt.

 

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

 

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(b)              
Manner of Payment. Subject to Section 2.08(d), prior to any repayment or prepayment of any Borrowings of any Class
hereunder, the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent
by telephone (confirmed by telecopy or e-mail) of such selection not later than the time set forth in Section 2.08(e)
prior to the scheduled date of such repayment; provided that each repayment of Borrowings of a Class shall be applied to
repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely
selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding
ABR Borrowings of such Class and, second, to any remaining Borrowings of such Class 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
of a Class shall be applied ratably to the Loans of such Class included in such Borrowing (except as otherwise provided in Section
2.11(b)).

 

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

 

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

 

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

 

(f)               
Promissory Notes. Any Lender may request that Loans of any Class 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).

 

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Section 2.08.       
Prepayment of Loans.

 

(a)              
Optional Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Section
2.08(e)) to prepay any Borrowing in whole or in part, without premium or fee (but subject to Section 2.13), subject to the requirements
of this Section. Each prepayment in part under this Section 2.08 shall be in a minimum amount of $1,000,000 (or, if the total amount
of such Borrowing is less than $1,000,000, the entire remaining outstanding amount of such Borrowing) or a larger multiple of $100,000.

 

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

 

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

 

(ii)             
Prepayment. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105%
of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, promptly (but in no event later
than ten (10) Business Days following the Borrower’s receipt of the notice from the Administrative Agent described in clause
(i) above) prepay the Multicurrency Loans in such amounts as shall be necessary so that after giving effect thereto the aggregate
Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments.

 

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

 

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(c)              
Mandatory Prepayments due to Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure
exceeds the total Commitments, the Borrower shall prepay (subject to Section 2.08(e)) Loans in such amounts as shall be necessary
so that the amount of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at any time any
Borrowing Base Deficiency shall exist, within 5 Business Days, the Borrower shall either prepay (x) the Loans so that the Borrowing
Base Deficiency is promptly cured or (y) the Loans and the Other Covered Indebtedness in such amounts as shall be necessary so
that such Borrowing Base Deficiency is promptly cured (and, as among the Loans and the Other Covered Indebtedness, at least ratably
(based on the outstanding principal amount of such Indebtedness) as to payments of Loans in relation to Other Covered Indebtedness);
provided, that if within such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably
feasible plan, which plan is reasonably satisfactory to the Administrative Agent, that will enable any such Borrowing Base Deficiency
to be cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include
the 5 Business Days permitted for delivery of such plan), then such prepayment or reduction shall be effected in accordance with
such plan (subject, for the avoidance of doubt, to the limitations set forth above in this Section 2.08(c)). Notwithstanding the
foregoing, the Borrower shall pay interest in accordance with Section 2.10(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 5-Business Day period (or, if applicable, such 30-Business Day period), it shall constitute an Event of Default
under Section 7.01(a).

 

(d)              
Mandatory Prepayments due to Certain Events Following Availability Period. Subject to Section 2.08(e) below:

 

(i)                
Asset Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability
Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay
the Loans in an amount equal to 100% of such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such
amount); provided, that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not
be required to prepay the Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all
such Asset Sales are greater than $2,000,000.

 

(ii)             
Extraordinary Receipts. In the event (but only to the extent) that the aggregate amount of all Extraordinary Receipts
received by the Obligors at any time after the Availability Period exceeds $2,000,000, the Borrower shall, no later than the third
Business Day following the receipt of such excess Extraordinary Receipts, prepay the Loans in an amount equal to such excess Extraordinary
Receipts (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 excess Extraordinary Receipts, no later
than the third Business Day following the receipt of such excess Extraordinary Receipts, 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.

 

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(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 100% of such Return of Capital (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 100% of
such Return of Capital, no later than the third Business Day following the receipt of such Return of Capital, 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.

 

(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 fifty percent (50%) of such Cash proceeds, net of underwriting
discounts and commissions or other similar payments and other costs, fees, premiums and expenses directly associated therewith,
including, without limitation, 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 100% of such Cash proceeds, net of underwriting discounts and commissions
or other similar payments and other costs, fees, commissions, premiums and expenses directly associated therewith, including, without
limitation, reasonable legal fees and expenses (and the Commitments shall be permanently reduced by such amount).

 

Notwithstanding the foregoing,
and subject to clause (e) below, if, in connection with any of the events specified in this Section 2.08(d), the Borrower receives
any proceeds or Return of Capital in an Agreed Foreign Currency, the Borrower shall be permitted to pay just the then outstanding
Loans denominated in such Agreed Foreign Currency (applied ratably among just the Multicurrency Lenders); provided that
any such proceeds or Return of Capital remaining after the Loans denominated in such Agreed Foreign Currency have been paid in
full shall be converted to Dollars and paid ratably among the Dollar Lenders and the Multicurrency Lenders in accordance with clause
(e) below.

 

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(e)              
Notices, Etc. The Borrower shall notify the Administrative Agent by telephone (followed promptly by written confirmation) of
any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing denominated in Dollars under Section 2.08(a),
not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment
of a Eurocurrency Borrowing denominated in Foreign Currency under Section 2.08(a), not later than 11:00 a.m., London time, four
(4) Business Days before the date of prepayment and (iii) in the case of prepayment of an ABR Borrowing under Section 2.08(a),
or any prepayment under Section 2.08(b) or (c), not later than 11:00 a.m., New York City time, one (1) Business Day before
the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each
Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the
amount of such prepayment; provided, that, (1) if a notice of prepayment is given in connection with a conditional notice
of termination of the Commitments as contemplated by Section 2.06(c), then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.06(c) and (2) any such notices given in connection with any
of the events specified in Section 2.08(d) may be conditioned upon (x) the consummation of the issuance of Equity Interests or
Indebtedness (as applicable) or (y) the receipt of net cash proceeds from Extraordinary Receipts or Returns of Capital. Promptly
following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents
thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Subject to clause
(b) above and to the proviso of Section 2.15(c), each prepayment in Dollars shall be applied ratably (based on the outstanding
principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency Lenders based on the then outstanding
Loans denominated in Dollars and each prepayment in an Agreed Foreign Currency (including as a result of the Borrower’s receipt
of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied ratably just among the Multicurrency Lenders.
In the event the Borrower is required to make any concurrent prepayments under both paragraph (b) and another paragraph of this
Section 2.08, any such prepayments shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment pursuant
to any other paragraph of this Section 2.08. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10
and shall be made in the manner specified in Section 2.07(b).

 

Section 2.09.       
Fees.

 

(a)              
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee,
which shall accrue at the Applicable Commitment Fee Rate on the unused amount of the Dollar Commitment and Multicurrency Commitment
of such Lender, as applicable, on each day during the period from and including the Original Restatement Effective Date to the
earlier of the date the Commitments terminate and the Revolver Termination Date. Accrued commitment fees shall be payable in arrears
on the following dates (commencing on the first such dates to occur after the Original Restatement Effective Date): (x) within
one Business Day after each Quarterly Date (calculated as of the most recent Quarterly Date); and (y) on the earlier of the date
the Commitments terminate and the Revolver Termination 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).

 

(b)              
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.

 

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(c)           Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative
Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto. Fees paid shall not be refundable under
any circumstances absent manifest error. Any fees representing the Borrower’s reimbursement obligations of expenses, to
the extent requirements of invoice are not otherwise specified in this Agreement, shall be due (subject to the other terms and
conditions contained herein) within ten (10) Business Days of the date that the Borrower receives from the Administrative Agent
an invoice for such reimbursement obligations. On the Restatement Effective Date, the Borrower shall pay (i) all fees required
to be paid on the Restatement Effective Date under that certain amended and restated fee letter, dated March 1, 2019, by and between
the Borrower and ING and (ii) all costs and expenses outstanding on such date and required to be paid pursuant to Section 9.03(a)(i).

 

Section 2.10.      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 described in Section 7.01(a), (b), (d) (only with respect
to Section 6.07), (h), (i), (j) or (o) has occurred and is continuing, or on written demand of the Administrative Agent or the
Required Lenders if any Event of Default described in any other clause of Section 7.01 has occurred and is continuing, or if the
Covered Debt Amount exceeds the Borrowing Base during the 5-Business Day period (or, if applicable, the 30-Business Day period)
referred to in Section 2.08(c), the interest applicable to the Loans shall accrue, 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, 2.00% plus the rate otherwise applicable to such Loan as provided above, or (ii) in the
case of any fee or other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this
Section.

 

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

 

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(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 computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative
Agent and such determination shall be conclusive absent manifest error.

 

Section 2.11.      Eurocurrency
Borrowing Provisions. 

 

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

 

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

 

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

 

and,
in each case, the provisions of Section 2.11(c) are not applicable, then the Administrative Agent shall give notice
thereof to the Borrower and the affected Lenders by telephone, telecopy or e-mail as promptly as practicable thereafter and, until
the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist,
(i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as,
a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective and, if the Affected Currency is Dollars, such
Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing and, if the Affected Currency is a Foreign
Currency, such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such time, (ii) if the Affected Currency
is Dollars and any Borrowing Request requests a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be made as
an ABR Borrowing, and (iii) if the Affected Currency is a
Foreign Currency, any Borrowing Request that requests a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective.

 

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

 

(c)           Effect
of Benchmark Transition Event.

 

(i)             (c)
Benchmark Replacement. Notwithstanding the
foregoing, if at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error)
that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii)
the circumstances set forth in clause (a)(i) have not arisen but the supervisor
for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the
Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate (or any component thereof)
shall no longer be used for determining interest rates for loans, the Borrower and the Administrative Agent shall endeavor to
establish an alternate rate of interest to the LIBO Rate that (x) gives due consideration to the then-prevailing
market convention for determining a rate of interest for syndicated loans in the United States
at such time and (y) is a rate for which the Administrative Agent has indicated in writing to the Lenders that it is able to calculate
and administer and the Borrower and the Administrative Agent may enter into an amendment to this Agreement to reflect such alternate
rate of interest and such other related changes to this Agreement as may be anything
to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election,
as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business
Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so
long as the Administrative Agent has not received, by such
time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect
to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the
Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark
Replacement pursuant to this Section 2.11(c) will occur prior to the applicable Benchmark
Transition Start Date.

 

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(ii)            (but
for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin). NotwithstandingBenchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to
the contrary herein, such amendment shall or
in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement so long as the Administrative
Agent shall not have received, within five (5) Business Days of the date notice
of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required
Lenders object to such amendment. Until an alternate rate of interest is determined in accordance with this clause (c), (x) the
obligation of the Lenders to make or maintain Eurocurrency Loans shall be suspended and (y) the utilization of the LIBO Rate component
in determining the Alternate Base Rate shall be suspended.(other
than the Borrower, whose consent shall not be unreasonably withheld or delayed).

 

(iii)           Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i)
any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement
Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any
Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.11(c), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their
sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this
Section 2.11(c).

 

(iv)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the
Borrower may revoke any request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made,
converted or continued during any Benchmark Unavailability Period and, failing that, (i) in the case of any request for a Eurocurrency
Borrowing of, conversion to or continuation of Eurocurrency Loans to be made in Dollars, the Borrower will be deemed to have converted
any such request into a request for a Borrowing of or conversion to ABR Loans, (ii) in the case of any request for a Eurocurrency
Borrowing of or conversion to Eurocurrency Loans to be made in any Foreign Currency, such request will be deemed to be ineffective
and (iii) in the case of any request for a continuation of Eurocurrency Loans to be made in any Foreign Currency, such Borrowing
shall be converted to Dollars based on the Dollar Equivalent at such time. During any Benchmark Unavailability Period, the component
of ABR based upon the LIBO Rate will not be used in any determination of ABR.

 

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Section 2.12.      Increased
Costs.

 

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

 

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

 

(ii)            subject
any Lender to any Taxes (other than Covered Taxes and Taxes described in clauses (a)(ii), (c), (d) and (e) of the definition of
 “Excluded Taxes”) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto; or

 

(iii)           impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement
or Eurocurrency Loans made by such Lender or participation therein;

 

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

 

(b)          Capital
Requirements. If any Lender 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 capital or on the capital of such Lender’s parent, if any
(or would have the effect of reducing the liquidity of such Lender or such Lender’s parent, if any), as a consequence of
this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s parent could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
parent with respect to capital adequacy or liquidity position), by an amount deemed to be material by such Lender, then from time
to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or
such Lender’s parent for any such reduction suffered.

 

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(c)          Certificates
from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender
or its parent, 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 (it being understood that no Lender shall be required to disclose
(i) any confidential or price sensitive information or (ii) any information to the extent prohibited by applicable law). The Borrower
shall pay such Lender 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 to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered
more than six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise
to such increased costs or reductions (except that, if the Change in Law giving rise to such increased costs is retroactive, then
the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

Section 2.13.      Break
Funding Payments; Foreign Currency Losses. (a) In the event of (i) 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 the occurrence of any Commitment Increase Date or an Event of Default), (ii) the conversion of any Eurocurrency Loan other
than on the last day of an Interest Period therefor, (iii) the failure to borrow, convert, continue or prepay any Eurocurrency
Loan on the date specified in any notice delivered pursuant hereto (including in connection with any Commitment Increase Date
and regardless of whether such notice is permitted to be revocable under Section 2.08(e) and is revoked in accordance
herewith), (iv) the assignment as a result of a request by the Borrower pursuant to Section 2.17(b) of any Eurocurrency
Loan other than on the last day of an Interest Period therefor or (v) the conversion of any Eurocurrency Loan (other than on the
last day of an Interest Period therefor) as a result of the occurrence of a CAM Exchange or otherwise, including without limitation
in connection with Section 2.15, 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

 

(1)       the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses (i),
(ii), (iii), (iv) or (v) of this Section 2.13 denominated in the Currency of such Loan for the period from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan (or, in the case
of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing,
conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Currency
for such Interest Period, over

 

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

 

Payments under this Section shall
be made upon written request of a Lender delivered 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 written certificate
of such Lender setting forth in reasonable detail the amount or amounts that such Lender is entitled to receive pursuant to this
Section, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 days after receipt thereof.

 

(a)           In the event that any Loan not denominated in Dollars is converted to, or redenominated in Dollars (including, without limitation,
pursuant to Section 2.15, a CAM Exchange or otherwise), then in any such event, the Borrower shall compensate each Lender for the
loss, cost or expense attributable to such event.

 

Section 2.14.     Taxes.

 

(a)           Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Taxes, unless otherwise required by applicable law; provided
that if an applicable Withholding Agent shall be required to deduct or withhold any Taxes from such payments (as determined
in the good faith discretion of such Withholding Agent), then (i) the applicable Withholding Agent shall be entitled to make
such deductions or withholdings, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is a Covered Tax, the sum payable
by the Borrower shall be increased as necessary so that after making all required deductions and withholdings (including deductions
and withholdings applicable to additional sums payable under this Section 2.14) the Administrative Agent or Lender
receives an amount equal to the sum it would have received had no such deductions or withholdings been made.

 

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

 

(c)           Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and, within
ten (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 2.14) payable or paid by the Administrative Agent or
such Lender, 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
setting forth in reasonable detail a calculation and explanation of the amount of such payment or liability delivered to the Borrower
by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

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(d)           Indemnification
by the Lenders. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any
Lender an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a) or
(c), each Lender shall, and does hereby, agree to indemnify the Administrative Agent, and shall make payable in respect
thereof within ten (10) Business Days after demand therefor, (i) against any and all Taxes and any and all related losses,
claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) (collectively,
 “Tax Damages”) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or
any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts
paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly
executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption
from, or reduction of withholding tax ineffective) and (ii) Tax Damages attributable to such Lender’s failure to comply
with the provisions of Section 9.04 relating to the maintenance of a Participant Register. A certificate setting forth
in reasonable detail a calculation and explanation of the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the
Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation and/or replacement of
the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and
the repayment, satisfaction or discharge of all other obligations.

 

(e)           Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section 2.14, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any U.S. federal withholding Taxes that
are Excluded Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent the required
receipts or other required documentary evidence on account of such Excluded Taxes, the Borrower shall indemnify the Administrative
Agent and each Lender for any incremental Taxes that may become payable by the Administrative Agent or such Lender as a result
of such failure.

 

(f)            Status
of Lenders.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this Agreement or
any other Loan Documents shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed
by applicable law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative
Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A) or (B)
or Section 2.14(g) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender.

 

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(ii)           Without limiting the generality of the foregoing, if the Borrower is a U.S. Person,

 

(A)          any
Lender that is a U.S. Person 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), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(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:

 

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

 

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

 

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

 

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		(4)	any other form as prescribed by applicable law as a basis for claiming exemption from or a reduction
in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower to determine the withholding or deduction required to be made, including, to the extent a
Foreign Lender is not the beneficial owner, duly completed executed originals of Internal Revenue Service Form W-8IMY accompanied
by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable,
a certificate substantially similar to the certificate described in Section 2.14(f)(ii)(B)(3)(x) above, Internal Revenue
Service Form W-9 and/or other certification documents from each beneficial owner, as applicable.

 

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

 

(g)           If
a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Borrower such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times reasonably
requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.14(g), “FATCA”
shall include any amendment made to FATCA after the Restatement Effective Date. Each Lender agrees that if any form or certification
it previously delivered under this Agreement expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

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(h)          Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in
its sole discretion exercised in good faith, that it has received a refund (including any credit of any Taxes in lieu of a
refund) of any Covered 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 2.14, it shall pay to the Borrower an amount equal to such
refund (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 giving rise to such refund), net of all reasonable out-of-pocket expenses of
the Administrative Agent or any Lender, as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the
Administrative Agent or any Lender, agrees to repay the amount paid over to the Borrower pursuant to this
paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or any Lender in the event the Administrative Agent or any Lender is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the
Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this paragraph (h) 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 Tax subject to indemnification and giving rise to such refund
had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph (h) shall not be construed to require the Administrative Agent or any
Lender 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.

 

(i)            Survival.
Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

(j)           Defined
Terms. For purposes of this Section 2.14, the term “applicable law” includes FATCA.

 

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Section 2.15.      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 under Section 2.12, 2.13 or 2.14, 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, deduction or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly
provided in the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 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.

 

All amounts owing under
this Agreement (including commitment fees and payments required under Sections 2.12 and 2.13, and payments required under
Section 2.14 relating to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in
any Foreign Currency or payments relating to any such Loan required under Section 2.14, which are payable in such Foreign Currency)
or under any other Loan Document (except to the extent otherwise provided therein) are payable in Dollars. Notwithstanding
the foregoing, if the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration,
by mandatory prepayment or otherwise), the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically
be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period
therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination
and such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated
in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor after giving effect to any applicable
grace period (or, if such date is a day other than the last day of the Interest Period therefor, on the last day of such Interest
Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable
on demand.

 

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

 

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(c)           Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the
Lenders of such Class, each payment of commitment fee under Section 2.09 shall be made for account of the Lenders of the
applicable Class, and each termination or reduction of the amount of the Commitments of a Class under Section 2.06, Section
2.08 or otherwise shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts
of their respective Commitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders
according to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or their respective
Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans), subject
to Section 2.02(e); (iii) each payment or prepayment of principal of Loans of a Class by the Borrower shall be made for account
of the Lenders of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held
by them (and, with respect to the pro rata treatment of prepayments between Classes, any such prepayments shall be made in accordance
with the provisions of Section 2.08(e)); and (iv) each payment of interest on Loans of a Class by the Borrower shall be made
for account of the Lenders pro rata in accordance with the amounts of interest on such Loans of such Class then due and payable
to the respective Lenders; provided however that, notwithstanding anything to the contrary contained herein, in the event
that the Borrower wishes to make a Multicurrency Borrowing in an Agreed Foreign Currency and the Multicurrency Commitments are
fully utilized, the Borrower may make a Borrowing under the Dollar Commitments (if otherwise permitted hereunder) and may use
the proceeds of such Borrowing to prepay the Multicurrency Loans (without making a ratable prepayment to the Dollar Loans) solely
to the extent that the Borrower concurrently utilizes any Multicurrency Commitments made available as a result of such prepayment
to make (subject to the terms and conditions contained herein) a Multicurrency Borrowing in an Agreed Foreign Currency.

 

(d)           Sharing
of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans, resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loans, and accrued interest thereon then due than the proportion received by any other
Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations
in the Loans of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans; 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 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.

 

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(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 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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, 2.15(e) or 9.03(c), 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 2.16.      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 2.09(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender to
the extent and during the period such Lender is a Defaulting Lender;

 

(b)          the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, two-thirds
of the 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), (iii) or (iv)); provided that any waiver, amendment or modification requiring the consent
of all Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently than other
Lenders or affected Lenders (as applicable) shall require the consent of such Defaulting Lender.

 

In the event that the
Administrative Agent and the Borrower agree in writing that a Defaulting Lender has adequately remedied all matters that caused
such Lender to be a Defaulting Lender, then, on the date of such agreement, such Lender shall purchase at par the portion of the
Loans of the other Lenders and take such other actions as the Administrative Agent shall determine may be necessary in order for
such Lender to hold such Loans in accordance with its Applicable Percentage whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while such Lender was a Defaulting Lender; provided further that, except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

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Any payment of principal,
interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Section 7.01 or otherwise) or received by Administrative Agent from a Defaulting Lender,
will be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of
any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second, as Borrower may request (so long
as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by Administrative Agent; third, if so determined by Administrative Agent and
Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential
future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to Lenders
as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, to
the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if:
(x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully
funded its appropriate share; and (y) notwithstanding anything to the contrary contained herein, such Loans were made at a
time when the conditions set forth in Section 4.02 were satisfied or waived, such payment will be applied solely to pay
the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting
Lender until such time as all Loans are held by Lenders pro rata in accordance with the Revolving Credit Exposures hereunder.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender pursuant to this Section 2.16 are hereby deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

Section 2.17.      Mitigation
Obligations; Replacement of Lenders.

 

(a)           Designation
of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b) or requests compensation
under Section 2.12, or if the Borrower is required to pay any Covered Taxes or additional amount to any Lender or
any Governmental Authority for account of any Lender pursuant to Section 2.14, then such Lender shall (at the request
of the Borrower) 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 reasonable judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future, or eliminate
the circumstance giving rise to such Lender exercising its rights under Section 2.11(b) and (ii) would not subject
such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

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(b)           Replacement
of Lenders. If any Lender exercises its rights under Section 2.11(b) or requests compensation under Section 2.12,
or if the Borrower is required to pay any Covered Taxes or additional amount to any Lender or any Governmental Authority for account
of any Lender pursuant to Section 2.14 and, in each case, such Lender has declined or is unable to designate a different
lending office in accordance with Section 2.17(a), or if any Lender becomes a Defaulting Lender, or if any Lender becomes
a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that (i) the Borrower shall have received the prior written consent of the Administrative Agent which consent shall not
be unreasonably withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12
or payments required to be made pursuant to Section 2.14, 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, 2.15(e) 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 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.

 

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,
formed or incorporated, as applicable, validly existing and in good standing under the laws of the jurisdiction of its organization,
formation or incorporation, as applicable, 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. There is no existing default under any charter, by-laws or other
organizational documents of Borrower or its Subsidiaries or any event which, with the giving of notice or passage of time or both,
would constitute a default by any party thereunder.

 

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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 stockholder action
and the Board of Directors of the Borrower and its Subsidiaries have approved the transactions contemplated in this Agreement.
This Agreement has been duly executed and delivered by the Borrower and each of the other Loan Documents to which the Borrower
and/or any of its Subsidiaries is a party have been duly executed and delivered by the Borrower and/or such Subsidiary, as applicable.
This Agreement constitutes, and each of the other Loan Documents to which the Borrower or any of its Subsidiaries is a party when
executed and delivered will constitute, a legal, valid and binding obligation of the Borrower or such Subsidiary, as applicable,
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 (including the Investment Company Act and the rules, regulations
and orders issued by the SEC thereunder), (c) will not violate or result in a default in any material respect under any indenture,
agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder
to require any payment to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents,
will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries.

 

Section 3.04.      Financial
Condition; No Material Adverse Effect.

 

(a)           Financial
Statements.(i) The financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant
to Section 4.01(c) present fairly, in all material respects, the consolidated financial position and results of operations and
cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with
GAAP applied on a consistent basis. None of the Borrower or any of its Subsidiaries has any material contingent liabilities, material
liabilities for taxes, material unusual forward or material long-term commitments or material unrealized or anticipated losses
from any unfavorable commitments not reflected in the financial statements referred to above.

 

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(ii)           The
financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Sections 5.01(a) and (b)
present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP applied on a consistent
basis. None of the Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes,
material unusual forward or material long-term commitments or material 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, 2017, there has not been any event, development or circumstance that has
had or could reasonably be expected to have a Material Adverse Effect.

 

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

 

Section 3.06.      Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries
is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it (including rules, regulations
and orders issued by the SEC) or its property and all indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. 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. Neither Borrower nor its Subsidiaries
is in default in any manner under any provision of any agreement or instrument to which it is a party or by which it or any of
its property is or may be bound, and no condition exists which, with the giving of notice or the lapse of time or both, would
constitute such a default, in each case where such default could reasonably be expected to result in a Material Adverse Effect.
Each of the Borrower and its Subsidiaries is in compliance with its respective Constituent Documents in all material respects.

 

Section 3.07.      Taxes.
Each of the Borrower and its Subsidiaries has timely filed or has
caused to be timely filed all U.S. federal, state and material local Tax returns that are required to be filed by it and all other
material Tax returns that are required to be filed by it and has paid all material Taxes for which it is directly or indirectly
liable and any assessments made against it or any of its property and all other material Taxes, fees or other charges imposed
on it or any of its property by any Governmental Authority, other than any Taxes, fees or other charges the amount or validity
of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves
on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges are adequate in accordance
with GAAP. Neither the Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations
relating to the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien has been filed with
respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the Borrower or any of its Subsidiaries,
and there is no basis for such assessment. The period within which United States federal income Taxes may be assessed against
any of the Borrower or any of its Subsidiaries has expired for all taxable years ending on or before December 31, 2014.

 

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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 that have occurred or are reasonably expected to occur, could reasonably
be expected to result in a Material Adverse Effect.

 

Section 3.09.      Disclosure.

 

(a)           All
written reports, financial statements, certificates and other written information (other than projected financial information,
other forward looking information, information relating to third parties and information of a general economic or general industry
nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower, any of its Subsidiaries
or any of their respective representatives in connection with the transactions contemplated by this Agreement or delivered under
any Loan Document, taken as a whole, is complete, true and correct in all material respects and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein at the time made
and taken as a whole not misleading in light of the circumstances under which such statements were made; and

 

(b)          All
financial projections, pro forma financial information and other forward-looking information which have been delivered to the
Administrative Agent or any Lender by or on behalf of Borrower, any of its Subsidiaries or any of their respective representatives
in connection with the transactions contemplated by this Agreement or delivered under any Loan Document are based upon good faith
assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in each case,
believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events
is subject to significant uncertainty and contingencies (many of which are beyond the control of the Borrower) and are therefore
not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially
differ from the results set forth therein.

 

(c)           All
information of a general economic nature (excluding the specific historical economic performance of the Borrower or its Subsidiaries
or their respective Affiliates) or relating generally to the industry in which the Borrower or its or their Subsidiaries or their
respective Affiliates operate made available to the Administrative Agent or any Lender by or at the direction of the Borrower
are believed by the Borrower in good faith to be true and accurate in all material respects, but without independent investigation
by the Borrower of the accuracy thereof.

 

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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 the Borrower’s taxable year ended December 31, 2013.

 

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

 

(c)           Investment
Policies. The Borrower is in compliance 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. Neither the Borrower
nor any of its Subsidiaries own or intend to carry or purchase any Margin Stock or to extend “purpose credit” within
the meaning of Regulation U.

 

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 Restatement 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
Restatement Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate principal amount
of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of
the Restatement Effective Date is correctly described in Schedule 3.11(b).

 

Section 3.12.      Subsidiaries
and Investments.

 

(a)           Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of the
Restatement 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 Restatement Effective Date, (x) the Borrower owns, free and clear of Liens, and
has the unencumbered right to vote, all outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a),
and (y) all of the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued,
fully paid and nonassessable.

 

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(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) and (e) of Section 6.04) held by the Borrower or any of its Subsidiaries in any
Person on the Restatement Effective Date and, for each such Investment, (i) the identity of the Person or Persons holding
such Investment, (ii) the nature of such Investment, (iii) the amount of such Investment, (iv) the rate of interest charged
for such Investment, (v) the value assigned to such Investment by the Board of Directors of the Borrower and value with respect
to such Investment set forth in the Third-Party Valuation Opinion and (vi) the transferor of such Investment. Except as disclosed
in Schedule 3.12(b), as of the Restatement Effective Date each of the Borrower and its Subsidiaries owns, free and
clear of all Liens (other than Liens permitted pursuant to Section 6.02), all such Investments.

 

Section 3.13.      Properties.

 

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

 

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

 

Section 3.15.      Affiliate
Agreements. As of the Restatement Effective Date, the Borrower has
heretofore delivered to the Administrative Agent and 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
as of the Restatement Effective Date, other than the Affiliate Agreements, there is no contract, agreement or understanding between
the Borrower or any of its Subsidiaries on one hand, and any Affiliate of the Borrower or any of its Subsidiaries on the other
hand. As of the Restatement Effective Date, the Affiliate Agreements are in full force and effect.

 

Section 3.16.      No
Default. No Default or Event of Default has occurred and is continuing
under this Agreement or under any Material Indebtedness.

 

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Section 3.17.      Use
of Proceeds. The proceeds of the Loans shall be used for the general
corporate purposes of the Borrower and its Subsidiaries (other than Financing Subsidiaries except as expressly permitted under
Section 6.03(e)) in the ordinary course of its 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 and other Portfolio Investments, but excluding, for clarity,
Margin Stock.

 

Section 3.18.      Security
Documents. The Guarantee and Security Agreement is effective to create
in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guarantee and Security Agreement),
legal, valid and enforceable first priority Liens (subject to Eligible Liens or any Liens described in clause (b) of the definition
of “Permitted Liens”) on, and security interests in, the Collateral and, when (i) all appropriate filings or recordings
are made in the appropriate offices as may be required under applicable law and, as applicable, (ii) upon the taking of possession
or control by the Collateral Agent of the Collateral with respect to which a security interest may be perfected by possession
or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral
Agent is required by the Guarantee and Security Agreement), the Liens created by the Guarantee and Security Agreement shall constitute
fully perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than
such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the relevant
jurisdiction), in each case subject to no Liens other than Permitted Liens.

 

Section 3.19.      Compliance
with Sanctions. Neither the Borrower nor any of its Subsidiaries,
or any officer or director thereof, nor, to the knowledge of any Financial Officer, any Affiliate of the Borrower, (i) is subject
to, or subject of, sanctions (collectively, “Sanctions”) administered by the United States Department of the
Treasury’s Office of Foreign Assets Control (“OFAC”), any other United States of America Governmental
Authority, the U.S. Department of State, the European Union, HMT or the United Nations Security Council, or (ii) is located, has
a place of business or is organized or resident in a Sanctioned Country. Furthermore, no part of the proceeds of a Loan will be
used, directly or indirectly, by the Borrower or to the knowledge of the Borrower, any Affiliate of the Borrower to finance or
facilitate a transaction with a person that is Subject to Sanctions or is located, has a place of business or is organized or
resident in a Sanctioned Country. Each Obligor has instituted and maintained policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, compliance with all applicable Sanctions.

 

Section 3.20.      Anti-Money
Laundering Program. The Borrower has implemented an anti-money laundering
program to the extent required by the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And
Obstruct Terrorism, as amended (the “USA PATRIOT Act”), and the rules and regulations thereunder and maintains
in effect and enforces policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries (and, when acting
on behalf of the Borrower and its Subsidiaries, their respective directors, officers, employees and agents) with applicable Sanctions.

 

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Section 3.21.      Anti-Corruption
Laws. None of the Borrower or, to the Borrower’s knowledge,
any director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Borrower or any Affiliate
of the Borrower has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity or to influence official action; (ii) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the “FCPA”) and any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (collectively with
the FCPA, the “Anti-Corruption Laws”); and each of the Borrower and any Affiliate of the Borrower has conducted
its businesses in compliance with the Anti-Corruption Laws and have instituted and maintained policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, compliance therewith. Furthermore, no part of the proceeds
of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by any of their respective
directors, officers, agents, employees or Affiliates, to finance or facilitate a transaction in violation of the Anti-Corruption
Laws.

 

Section 3.22.      Structured
Subsidiaries 

 

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

 

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

 

Section 3.23.      EEA
Financial Institutions. No Obligor is an EEA Financial Institution.

 

Section 3.24.      Beneficial
Ownership Certification. As of the Restatement Effective Date, to
the best knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided on or prior to
the Restatement Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

 

Article IV

 

CONDITIONS

 

Section 4.01.      Restatement Effective Date. The effectiveness of
this Agreement on the Restatement Effective Date and of the obligations of the Lenders to make Loans 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):

 

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

 

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

 

(ii)            Guarantee
and Security Agreement; Custodian Agreement. An amendment to the Guarantee and Security Agreement and an amendment to the
Custodian Agreement with respect to the Borrower’s Custodian Account, each duly executed and delivered by each of the parties
thereto, and all other documents or instruments required to be delivered by the Guarantee and Security Agreement and such Custodian
Agreement in connection with the execution thereof.

 

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

 

(iv)          Corporate
Documents. A certificate of the secretary or assistant secretary of each Obligor, dated the Restatement Effective Date, certifying
that attached thereto are (1) true and complete copies of the organizational documents of each Obligor certified as of a recent
date by the appropriate governmental official, (2) signature and incumbency certificates of the officers of such Person executing
the Loan Documents to which it is a party, (3) true and complete resolutions of the Board of Directors of each Obligor approving
and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party
or by which it or its assets may be bound as of the Restatement Effective Date, and, in the case of the Borrower, authorizing
and approving the borrowings hereunder, and certified as of the Restatement Effective Date by its secretary or an assistant secretary
that such resolutions are in full force and effect without modification or amendment, (4) 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 (5) such other documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of each Obligor, and the authorization of the
Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

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(v)           Officer’s
Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer, confirming compliance
with the conditions set forth in Sections 4.01(d), (e), (h) and (m).

 

(vi)          Borrowing
Base Certificate. A Borrowing Base Certificate dated the Restatement Effective Date, showing a calculation of the Borrowing
Base as of the Restatement Effective Date immediately after giving effect to the Transactions, in form and substance reasonably
satisfactory to the Administrative Agent.

 

(vii)         Fee
Letter. The amended and restated fee letter, duly executed and delivered by each of the parties thereto.

 

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

 

(c)           Financial
Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this Agreement the final
version, approved by the Board of Directors of the Borrower, of the consolidated statement of assets and liabilities and the related
consolidated statements operations, changes in net assets and cash flows and related schedule of investments of the Borrower and
its consolidated Subsidiaries as of and for the fiscal period ended September 30, 2018, all certified in writing by a Financial
Officer 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. The Administrative Agent and the Lenders shall have received any other financial statements of the
Borrower and its Subsidiaries as they shall reasonably request.

 

(d)           Consents.
The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations,
registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder,
including, without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all other
Obligors in connection with the Transactions and any other evidence reasonably requested by, and reasonably satisfactory to, the
Administrative Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, 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.

 

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

 

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

 

(g)          Interest, Fees, Expenses and Other Amounts. The Borrower shall have paid in full (i) to the Administrative Agent
and the Lenders all fees and expenses related to this Agreement owing on or prior to the Restatement Effective Date, including
any up-front fee due to any Lender on the Restatement Effective Date and (ii) to the Administrative Agent and the Existing Lenders
all accrued and unpaid interest, commitment fees, fees, expenses and other amounts owing under the Existing Credit Agreement.

 

(h)          Default. No Default or Event of Default shall have occurred and be continuing under this Agreement, nor any default
or event of default that permits (or which upon notice, lapse of time or both, would permit) the acceleration of any Material Indebtedness,
immediately before and after giving effect to the Transactions, any incurrence of Indebtedness hereunder and the use of the proceeds
hereof on a pro forma basis.

 

(i)            USA
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 USA PATRIOT Act, as reasonably requested by the Administrative Agent and each Lender.

 

(j)            Insurance.
The Administrative Agent shall have received (i) customary insurance certificates, or (ii) confirmation that there have been
no changes to the underlying insurance policies since the Original ClosingEffective
Date and that the insurance certificates and endorsements delivered in connection with the Original ClosingEffective
Date are in full force and effect.

 

(k)           Investment
Policies. The Administrative Agent shall have received the Investment Policies as in effect on the Restatement Effective Date
in form and substance satisfactory to the Administrative Agent.

 

(l)            Beneficial
Ownership Regulation. To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation, at least one (1) day prior to the Restatement Effective Date, any Lender that has requested, in a written notice to
the Borrower at least three (3) days prior to the Restatement Effective Date, a Beneficial Ownership Certification in relation
to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by
such Lender of its signature page to this Agreement, the condition set forth in this clause (l) shall be deemed to be satisfied).

 

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(m)          Representations
and Warranties. The representations and warranties of the Borrower or any other Obligor 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 Restatement
Effective Date, or, as to any such representation or warranty that refers to a specific date, as of such specific date.

 

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

 

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

 

Section 4.02.      Conditions
to Loans. 

 

(a)           [Intentionally
omitted].

 

(b)           Each
Credit Event. The obligation of each Lender to make any Loan, including any such extension of credit on the Restatement Effective
Date, is additionally subject to the satisfaction of the following conditions:

 

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

 

(ii)            at
the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing or would result
from such Loan after giving effect thereto and to the use of proceeds thereof on a pro forma basis;

 

(iii)           no Borrowing Base Deficiency shall exist at the time of and immediately after giving effect to such Loan (as well as giving
effect to any substantially concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Loans or
Indebtedness), and either (i) the aggregate Covered Debt Amount (after giving effect to such Loan) 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 Loan) shall not exceed the Borrowing Base after giving effect to such Loan as well as any concurrent acquisitions
of Portfolio Investments, distributions or payment of outstanding Loans or Other Covered Indebtedness;

 

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

 

(v)           the Custodian Agreement shall have been duly executed and delivered by the Borrower, the Collateral Agent and the Custodian
and all other control arrangements required at the time by Section 5.08(c)(ii) with respect to the Obligors’ other deposit
accounts and securities accounts shall have been entered into; and

 

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

 

Each Borrowing Request
submitted by the Borrower shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to
the matters specified in this Section 4.02.

 

Article V

 

AFFIRMATIVE
COVENANTS

 

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

 

Section 5.01.      Financial Statements and Other Information. The Borrower
will furnish to the Administrative Agent for distribution to each Lender (provided that, the Administrative Agent shall not be
required to distribute any document or report to any Lender to the extent such distribution would cause the Administrative Agent
to breach or violate any agreement that it has with another Person (including any non-reliance or non-disclosure letter with any
Approved Third-Party Appraiser), subject to any applicable exceptions contained in such agreement, including the entry by such
Lender into an additional agreement with such Person):

 

(a)           within
90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015), the audited
consolidated statement of assets and liabilities and the related audited consolidated statements of operations, changes in net
assets and cash flows and related audited consolidated schedule of investments of the Borrower and its Subsidiaries on a consolidated
basis as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year
(to the extent full fiscal year information is available), all reported on by RSM US LLP (formerly McGladrey LLP) or other independent
public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and
shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern); provided that the
requirements set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution to each
Lender the report filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year;

 

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(b)           within
45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (commencing with the
fiscal quarter ending March 31, 2016), the consolidated statement of assets and liabilities and the related consolidated statements
of operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries on
a consolidated basis as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for (or, in the case of the statement of assets and liabilities, as of the end of) the
corresponding period or periods of the previous fiscal year (to the extent such information is available for the previous fiscal
year), all certified by a Financial Officer 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 Administrative Agent for distribution to each Lender the report filed by the Borrower
with the SEC on Form 10-Q for the applicable quarterly period;

 

(c)           concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer
substantially in the form of Exhibit F hereto or such other form as is reasonably acceptable to the Administrative Agent
(i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering the applicable report
delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements filed by the
Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred during the most
recent period covered by such financial statement (and such Default has not previously been disclosed in writing pursuant to Section
5.02(a)) and, if such a previously undisclosed Default has occurred during such period (or has occurred and is continuing
from a prior period), specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting
forth reasonably detailed calculations demonstrating compliance with Sections 6.01(b), (c), (d) and (e), 6.02(f), 6.03(e),
(h), 6.04(i), 6.05(b) and 6.07, (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by)
the Borrower has occurred since the Original Restatement Effective Date (but only if the Borrower has not previously reported
such change to the Administrative Agent and if such change has had a material effect on the financial statements) and, if any
such change has occurred (and has not been previously reported to the Administrative Agent), specifying the effect of such change
on the financial statements accompanying such certificate, (v) attaching a list of Subsidiaries as of the date of delivery of
such certificate or a confirmation that there is no change in such information since the date of the last such list and (vi) providing
a reconciliation of any difference between the assets and liabilities of the Borrower and its consolidated Subsidiaries presented
in such financial statements and the assets and liabilities of the Borrower and its Subsidiaries for purposes of calculating the
financial covenants in Section 6.07;

 

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(d)           as
soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting period (ending
on the last day of each calendar month and commencing with the month ended December 31, 2015) of the Borrower and its Subsidiaries,
a Borrowing Base Certificate as of the last day of such accounting period, including an Excel schedule containing such additional
information as shall have been mutually agreed with the Administrative Agent;

 

(e)           promptly but no later than two Business Days after the Borrower shall at any time be aware (based upon facts and circumstances
known to it) that there is a Borrowing Base Deficiency or be aware (based upon facts and circumstances known to it) that the Borrowing
Base has declined by more than 15% from the Borrowing Base as of the end of the most recently ended calendar month, a Borrowing
Base Certificate as at the date the Borrower has knowledge of such Borrowing Base Deficiency or decline indicating the amount of
the Borrowing Base Deficiency or decline as at the date the Borrower obtained knowledge of such deficiency and the amount of the
Borrowing Base Deficiency or decline as of the date not earlier than two Business Days prior to the date the Borrowing Base Certificate
is delivered pursuant to this paragraph;

 

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

 

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

 

(h)           within
45 days after the last day of each fiscal quarter of the Borrower, all internal
and external valuation reports relating to the Eligible Portfolio Investments (including all valuation
reports delivered by the Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted Investments
in accordance with Section 5.12(b)(ii)(B)), and any other information relating to the Eligible Portfolio Investments
as reasonably requested by the Administrative Agent or any Lender;

 

(i)            within 45 days after the initial closing of each Eligible Portfolio Investment that is acquired, made or entered into after
the Original Restatement Effective Date, all underwriting memoranda for such Eligible Portfolio Investment;

 

(j)            to the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, substantially
in the form of Exhibit G hereto or such other form as is reasonably acceptable to the Administrative Agent, full, correct
and complete updated copies of custody reports (including (i) activity reports with respect to cash and Cash Equivalents included
in the calculation of the Borrowing Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in
any Custodian Account owned by the Borrower or any Subsidiary) reflecting all assets being held in any Custodian Account owned
by the Borrower or any of its Subsidiaries or otherwise subject to a Custodian Agreement;

 

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(k)           within
45 days after the end of each fiscal quarter of the Borrower commencing with the first fiscal quarter to end on or after the date
on which the Borrower has any Financing Subsidiary, a certificate of a Financial Officer certifying that attached thereto is a
complete and correct description of all Portfolio Investments as of the date thereof, including, with respect to each such Portfolio
Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the issuer of such Portfolio
Investment;

 

(l)            promptly
following any request therefor, (i) such other information regarding the operations, business affairs and financial condition
of any Obligor 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 and (ii) information and documentation reasonably requested by
the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation;

 

(m)          to the extent required by the Beneficial Ownership Regulation, any change in the information provided in the Beneficial
Ownership Certification delivered to a Lender that would result in a change to the list of beneficial owners identified in such
certificate; and

 

(n)           to
the extent such information is not otherwise available in the financial statements delivered pursuant to clause (a) or (b) of
this Section 5.01, upon the reasonable request of the Administrative Agent prior to the end of the applicable fiscal quarter or
year, the Borrower shall deliver within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year
of the Borrower and ninety (90) days after the end of each fiscal year of the Borrower, a schedule setting forth in reasonable
detail with respect to each Portfolio Investment where there has been a realized gain or loss in the most recently completed fiscal
quarter, (i) the cost basis of such Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment,
(iii) the associated reversal of any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the
proceeds received with respect to such Portfolio Investment representing repayments of principal during the most recently ended
fiscal quarter, and (v) any other amounts received with respect to such Portfolio Investment representing exit fees or prepayment
penalties during the most recently ended fiscal quarter.

 

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

 

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

 

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(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 or any ERISA Affiliate 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.

 

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 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, (b) maintain, with financially sound and reputable insurance companies, insurance
in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar business, operating
in the same or similar locations (including, without limitation, directors and officers liability insurance) and (c) after the
request of the Administrative Agent, promptly deliver to the Administrative Agent any certificate or certificates from the Borrower’s
insurance broker or other documentary evidence, in each case, demonstrating the effectiveness of, or any changes to, such insurance.
Each such policy of insurance (other than any director and officer liability insurance policy) shall name the Collateral Agent,
for the benefit of the Administrative Agent and the Lenders, as additional insured with respect to liability policies (and, with
respect to casualty policies, to the extent Borrower owns any material tangible Collateral other than documentation evidencing
Portfolio Investments, loss payee) thereunder.

 

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, or cause to kept, 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 the Borrower, at the sole expense of the
Borrower, to (i) visit and inspect its properties, to examine and make extracts from its books and records, and (ii) discuss its
affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably
requested; 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 Borrower shall not be required to pay
for more than two 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.

 

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(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 any components thereof) and the assets included
in the Borrowing Base (and any components thereof, including, for clarity, audits of any Agency Accounts, funds transfers and
custody procedures), all at such reasonable times and as often as reasonably requested. The Borrower shall pay the reasonable,
documented fees and expenses of representatives retained by the Administrative Agent to conduct any such evaluation or appraisal;
provided that the Borrower shall not be required to pay such fees and expenses for more than one such evaluation or appraisal
during any calendar year unless an Event of Default has occurred and is continuing at the time of any subsequent evaluation or
appraisal during such calendar year. The Borrower also agrees to modify or adjust the computation of the Borrowing Base and/or
the assets included in the Borrowing Base, to the extent required by the Administrative Agent or the Required Lenders as a result
of any such evaluation or appraisal indicating that such computation or inclusion of assets is not consistent with the terms of
this Agreement, provided that if the Borrower demonstrates that such evaluation or appraisal is incorrect, the Borrower
shall be permitted to re-adjust its computation of the Borrowing Base.

 

(c)           Notwithstanding
the foregoing, nothing contained in this Section 5.06 shall impair or affect the rights of the Administrative Agent under
Section 5.12(b)(ii)(I) in any respect.

 

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 rules, regulations and orders issued by the SEC)
or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower
will maintain and enforce policies and procedures that are designed in good faith and in a commercially reasonable manner to promote
and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower and each of its Subsidiaries and (when acting
on behalf of the Borrower or any of its Subsidiaries) their respective directors, officers, employees and agents with any applicable
Anti-Corruption Laws and applicable Sanctions, in each case, giving due regard to the nature of such Person’s business and
activities.

 

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Section 5.08.      Certain
Obligations Respecting Subsidiaries; Further Assurances.

 

(a)           Subsidiary
Guarantors.

 

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

 

(ii)           The
Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary, each SBIC
Subsidiary, each CFC and each Transparent Subsidiary as an Obligor only for so long as such Person qualifies as a “Structured
Subsidiary”, “SBIC Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, pursuant
to the definition thereof, and thereafter such Person shall no longer constitute a “Structured Subsidiary”, “SBIC
Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, for any purpose of this Agreement
or any other Loan Document; provided, however, that, notwithstanding anything to the contrary contained herein,
so long as (1) no Default exists, (2) the Borrowing Base is at least 115% of the Covered Debt Amount at all times during the period
in which such Subsidiary no longer constitutes a “Structured Subsidiary”, (3) such Subsidiary no longer constitutes
a “Structured Subsidiary” solely for failing to satisfy clause (d)(1) of the definition thereof and (4) the Borrower
delivers to the Administrative Agent a certificate of a Financial Officer certifying as to each of the foregoing conditions, such
Subsidiary may be redesignated a “Structured Subsidiary”, “SBIC Subsidiary”, “CFC” or “Transparent
Subsidiary”, respectively, to the extent that (x) at the time such Subsidiary fails to qualify as a “Structured Subsidiary”,
 “SBIC Subsidiary”, “CFC” or “Transparent Subsidiary”, respectively, such Subsidiary is in
good faith negotiating with an unaffiliated third party to provide such Subsidiary with third party financing and (y) within thirty
(30) days of the date on which such Subsidiary fails to qualify as a “Structured Subsidiary”, “SBIC Subsidiary”,
 “CFC” or “Transparent Subsidiary”, respectively, such Subsidiary enters into definitive documentation
relating to such third party financing; provided, further, that it is expressly agreed that if such third party
financing is not obtained within such 30-day period, the Borrower shall immediately cause such Subsidiary to become a “Subsidiary
Guarantor” in accordance with Section 5.08(a)(i) (and it will be an Event of Default hereunder if such Subsidiary has not
become a “Subsidiary Guarantor” in accordance with Section 5.08(a)(i) on such 30th day).

 

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(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:

 

(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 first-priority security
interests and Liens in the Collateral (subject to Eligible Liens or any Liens described in clause (b) of the definition of “Permitted
Liens”); provided that any such security interest or Lien shall be subject to the relevant requirements of the Security
Documents;

 

(ii)            with
respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained by
the Borrower in its capacity as “servicer” for a Financing Subsidiary or any Agency Account, (B) any such accounts
which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account
is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment,
(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 (other than the depository institution at which such account is
maintained) shall have “control” (within the meaning of the Uniform Commercial Code) over such account, cause each
bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with
the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” (within the meaning
of the Uniform Commercial Code) over each such deposit account or securities account (each, a “Control Account”)
and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv) and (v) below, to cause all cash and other proceeds
of Portfolio Investments received by any Obligor to be immediately deposited into a Control Account (or otherwise delivered to,
or registered in the name of, the Collateral Agent) and, both prior to and following such deposit, delivery or registration
such cash and other proceeds shall be held in trust by the Borrower for the benefit 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 an “agent”
or “administrative agent” for any other Bank Loans subject to Section 5.08(c)(v) below));

 

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

 

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

 

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(v)           in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan
(or is acting in an analogous agency capacity under any agreement related to any Portfolio Investment) and such Obligor does not
hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan documents or other agreements,
ensure that (1) all funds held by such Obligor in such capacity as agent or administrative agent are segregated from all other
funds of such Obligor and clearly identified as being held in an agency capacity (an “Agency Account”); (2)
all amounts owing on account of such Bank Loan or Portfolio Investment by the underlying borrower or other obligated party are
remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an account in the name
of the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more
than one underlying lender may be remitted to any single account other than the Agency Account); and (3) 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 (provided that if any distribution referred to in this clause (c) is not
permitted by applicable bankruptcy law to be made within such two-Business Day period as a result of the bankruptcy of the underlying
borrower, such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make
such distribution as soon as legally permitted to do so);

 

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

 

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

 

Section 5.09.      Use
of Proceeds. The Borrower will use the proceeds of the Loans only
for general corporate purposes of the Borrower and its Subsidiaries (other than the Financing Subsidiaries except as expressly
permitted under Section 6.03(e) or (f)) 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 Portfolio
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 first day (if any)
an Obligor acquires any Margin Stock or at any other time requested by the Administrative Agent or any Lender, the Borrower shall
furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of
FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Margin Stock shall be purchased by the Obligors only with
the proceeds of Indebtedness not directly or indirectly secured by Margin Stock (within the meaning of Regulation U), or
with the proceeds of equity capital of the Borrower. No Obligor will, to its actual knowledge, directly or indirectly use the
proceeds of the Loans or otherwise make available such proceeds (I) to any Person for the purpose of financing the activities
of any Person currently (A) subject to, or the subject of, any Sanctions or (B) organized or resident in a Sanctioned Country
or (II) for any payments to any governmental official or employee, political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of any Anti-Corruption Laws.

 

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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 as reasonably determined by the Borrower. To the extent that the Borrower reasonably
determines that any Eligible Portfolio Investment is not adequately correlated with the risks of other Eligible Portfolio Investments
in an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification
Group that is more closely correlated to such Eligible Portfolio Investment.

 

(b)           Portfolio Valuation Etc.

 

(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 and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted
Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value of such
Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by
the Borrower (each such value, an “External Quoted Value”):

 

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

 

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

 

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

 

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

 

(B)           Unquoted
Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available
(“Unquoted Investments”), other than No External Review Assets, the Borrower shall request an Approved Third-Party
Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investments, as
at the last day of each fiscal quarter following the Original Effective Date (each such value, an “External Unquoted Value”)
and to provide the Board of Directors with a written independent valuation report as part of that assistance each quarter. Each
such valuation report shall also include the information required to comply with paragraph 8 and paragraph 22 of Schedule 1.01(d).

 

(C)           Internal
Review. The Borrower shall conduct internal reviews to determine the value 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), (H) and (I) of this Section 5.12(b)(ii), the “Value” of each Quoted
Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment as most recently
determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such Quoted Investment
as most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) 102% of the par or face value of the such Quoted
Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value).

 

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(E)           Value
of Unquoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii),

 

(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 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 this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock,
the Liquidation Preference thereof without taking into account any Accretive Value);

 

(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 above 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 this Agreement shall be deemed to be the lower of
(i) the midpoint of the range of the External Unquoted Value and (ii) 102% of the par or face value of such Unquoted Investment
(or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); and

 

(III)          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 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 this Agreement shall be deemed to be the lower of
(i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock,
the Liquidation Preference thereof without taking into account any Accretive Value);

 

except that:

 

(w)          if
the difference between the highest and lowest 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 External
Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C), and (iii) 102% of the par
or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking
into account any Accretive Value); and

 

(x)            [intentionally
omitted]; and

 

(y)           the
 “Value” of any Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the lower of the
cost of such Unquoted Investment and the Internal Value of such Unquoted Investment until such time as the External Unquoted Value
of such Unquoted Investment is determined in accordance with the provisions of Section 5.12(b)(ii)(E) as at the last
day of such fiscal quarter.

 

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(F)           Actions
Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base
Deficiency exists or that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base
Certificate last delivered by the Borrower to the Administrative Agent, then the Borrower shall, promptly and in any event within
two Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing
Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically set forth in Section 2.08(c).

 

(G)          Failure
to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date
pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the “Value”
of such Eligible Portfolio Investment as at such date shall be deemed to be zero.

 

(H)          Adjustment
of Values. Notwithstanding anything herein to the contrary, the Administrative Agent, in its sole and absolute discretion exercised
in good faith, may, and upon the request of Required Lenders, shall, revise 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 7.5%. Any such revision or exclusion shall be effective ten Business Days after the Administrative Agent’s delivery
of notice thereof to the Borrower.

 

(I)           Testing
of Values; Valuation Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the
right to request any Unquoted Investment be independently valued by an Approved Third-Party Appraiser retained by the Administrative
Agent. 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 the difference between the Borrower’s valuation pursuant to Section
5.12(b)(ii)(E) and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section
5.12(b)(ii)(I) is (1) less than 7.5% of the value thereof, then the Borrower’s valuation pursuant to Section 5.12(b)(ii)(E)
shall be used, (2) between 7.5% and 20% of the value thereof, then the valuation of such Portfolio Investment shall be the average
of the value determined by the Borrower pursuant to Section 5.12(b)(ii)(E) and the value determined by the Approved Third-Party
Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I) and (3) greater than 20% of the value thereof,
then the valuation of such Portfolio Investment shall be the lesser of the Borrower’s valuation pursuant to Section 5.12(b)(ii)(E)
and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I).

 

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

 

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

 

(a)           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 15 different issuers;

 

(b)           with
respect to all Eligible Portfolio Investments issued by a single issuer, the Advance Rate applicable to that portion of the Value
of such Eligible Portfolio Investments that exceeds 7.5% of the Obligors’ Net Worth shall be 0%; provided that, with
respect to each of the six (6) largest Portfolio Companies (based on the fair value of the Eligible Portfolio Investments), only
that portion of the Eligible Portfolio Investments issued by such Portfolio Company that exceeds 10% of the Obligors’ Net
Worth shall have an Advance Rate of 0%;

 

(c)           if
at any time the weighted average Risk Factor of all Eligible Portfolio Investments (other than Eligible Portfolio Investments
that are ABL Transactions) in the Borrowing Base (based on the fair value of such Eligible Portfolio Investments) exceeds 3490,
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 (other than Eligible Portfolio
Investments that are ABL Transactions) in the Borrowing Base to be no greater than 3490 (subject to all other constraints, limitations
and restrictions set forth herein);

 

(d)           the
portion of the Borrowing Base attributable to Eligible Portfolio Investments (other than Eligible Portfolio Investments that are
ABL Transactions) with a Risk Factor higher than 3490 shall not exceed 25% of the Borrowing Base and the Borrowing Base shall
be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 25% of the Borrowing Base;

 

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(e)           the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S.
Government Securities or First Lien Bank Loans (including, for clarity, LTV Transactions that are not Indirect Real Estate LTV
Transactions) shall not exceed 5040%
of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from
the Collateral) to the extent such portion would otherwise exceed 5040%
of the Borrowing Base; provided, that, (i) at any time that the Asset Coverage Ratio is less than 2.00 to 1, such contribution
shall not exceed 4035%
and (ii) at any time that the Asset Coverage Ratio is less than 1.67 to 1, such contribution shall not exceed 30%;

 

(f)            [reserved];if
at any time the Weighted Average Recurring Revenue Ratio is greater than 2.40 to 1.00, the Borrowing Base shall be reduced by removing
Recurring Revenue Transactions therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Recurring
Revenue Ratio to be no greater than 2.40 to 1.00 (subject to all other constraints, limitations and restrictions set forth herein);

 

(g)           if
at any time the Weighted Average Leverage Ratio is greater than 4.75 to
1.00, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the
Collateral) to the extent necessary to cause the Weighted Average Leverage Ratio to be no greater than 4.75 to
1.00 (subject to all other constraints, limitations and restrictions set forth herein); provided that any LTV
Transactions shall be excluded from such calculation;

 

(h)           the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in each of the Industry Classification Groups that
are part of the Two Largest Industry Classification Groups shall, in each case, not exceed 20% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 20% of the Borrowing Base;

 

(i)            the
portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other
than each of the Industry Classification Groups that are part of the Two Largest Industry Classification Groups) shall not exceed
15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

(j)            if
at any time the weighted average maturity of all Debt Eligible Portfolio Investments (based on the fair value of such Eligible
Portfolio Investments to the extent included in the Borrowing Base) exceeds 5.0 years, the Borrowing Base shall be reduced by
removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) 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 5.0 years (subject
to all other constraints, limitations and restrictions set forth herein);

 

(k)           the
portion of the Borrowing Base attributable to Debt Eligible Portfolio Investments with a maturity greater than 7 years shall not
exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom
(but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base;

 

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(l)            the
portion of the Borrowing Base attributable to PIK Obligations, DIP Loans, Covenant-Lite Loans and Preferred Stock shall not exceed
20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not
from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; provided, that the portion
of the Borrowing Base attributable to Preferred Stock in the aggregate shall not exceed 10% of the Borrowing Base and the Borrowing
Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 10% of the Borrowing Base;

 

(m)          if at any time the Weighted Average Fixed Coupon (after giving effect to any Hedging 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) 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);

 

(n)           if
at any time the Weighted Average Floating Spread (after giving effect to any Hedging Agreement) is less than 4.5%, the Borrowing
Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) 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);

 

(o)           the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Low Risk Assets shall be at least 65% of
the Borrowing Base, and the Borrowing Base shall be reduced by removing therefrom (but not from the Collateral) Eligible Portfolio
Investments that are not Low Risk Assets so that the portion of the Borrowing Base attributable to Low Risk Assets will be at
least 65% of the Borrowing Base;

 

(p)           no
portion of the Borrowing Base shall be attributable to (a) any (i) Equity Interests (other than Preferred Stock), (ii) warrants,
options or other rights for the purchase or acquisition of Equity Interests or (iii) securities convertible into or exchangeable
for shares of Equity Interests, (b) any Affiliate Investment or (c) any Structured Finance Obligation;

 

(q)           [reserved];

 

(r)            to
the extent that the fair value of the No External Review Assets included in the Borrowing Base exceeds 10% of the Borrowing Base
(without taking into account any No External Review Assets), the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent the fair value of the No External Review Assets included in
the Borrowing Base would otherwise exceed 10% of the Borrowing Base;

 

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(s)           the
portion of the Borrowing Base attributable to Foreign Eligible Portfolio Investments shall not exceed 10% of the Borrowing Base
and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to
the extent such portion would otherwise exceed 10% of the Borrowing Base;

 

(t)            the
portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S.
Government Securities, First Lien Bank Loans (including, for clarity, LTV Transactions that are not Indirect Real Estate LTV Transactions),
Last Out Loans or Second Lien Bank Loans shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by
removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed
20% of the Borrowing Base; and

 

(u)           the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are LTV Transactions shall not exceed
2040% of
the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the
Collateral) to the extent such portion would otherwise exceed 2040%
of the Borrowing Base; provided that the
contribution to the Borrowing Base of Eligible Portfolio
Investments that are LTV Transactions shall at no time exceed the aggregate contribution to the Borrowing Base of (x) Eligible
Portfolio Investments that are First Lien Bank Loans (including Covenant-Lite Loans that are First Lien Bank Loans and excluding
LTV Transactions), plus (y) Cash and Cash Equivalents plus (z) Long-Term U.S. Government Securities; provided further
that the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Real Estate LTV Transactions shall
not exceed 10% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom
(but not from the Collateral) to the extent such portion would otherwise exceed 10% of the Borrowing Base; provided further
that, with respect to all(x)
Recurring Revenue Transactions in the aggregate shall not exceed 25% of the Borrowing Base and (y) ABL Transactions in the aggregate
shall not exceed 20% of the Borrowing Base; and provided further that the portion of the Borrowing Base attributable to
Eligible Portfolio Investments that are Recurring Revenue Transactions,
the Advance Rate applicable to that portion of such Eligible Portfolio
Investments with a loan to enterprise value ratio (determined
in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d)) equal to or greater than 50% shall have
an Advance Rate of 0%.that are Last Out Loans shall
not exceed 6.25% of the Borrowing Base.

 

For the avoidance of
doubt, no Portfolio Investment shall be an Eligible Portfolio Investment unless, among the other requirements set forth in this
Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable. In addition, as used
herein, the following terms have the following meanings:

 

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“ABL Transactions”
has the meaning assigned to such term in the definition of LTV Transaction.

 

“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	Unquoted	Quoted
	Cash and Cash Equivalents (including Short-Term U.S. Government Securities)	n/a	100%
	Long-Term U.S. Government Securities 	n/a	85%
	Performing First Lien Bank Loans 	67.5%	72.5%
	Performing Last Out Loans and Performing LTV Transactions	60%	65%
	Performing Last Out Loans that are both Recurring Revenue Transactions and Last Out Loans	55%	55%
	Performing Second Lien Bank Loans	50%	60%
	Performing High Yield Securities 	45%	55% 
	Performing Mezzanine Investments, Performing Indirect Real Estate LTV Transactions and Performing Covenant-Lite Loans 	40%	50% 
	Performing DIP Loans	50%	50%
	Performing PIK Obligations and Performing Preferred Stock	35%	40% 

 

provided,
that, at any time the Asset Coverage Ratio is less than 1.67 to 1 and the contribution
of First Lien Bank Loans (including, for clarity,
LTV Transactions that are not Indirect Real Estate LTV Transactions) to the Borrowing Base is
less than 70% (in each case, as reported in the most recently delivered monthly Borrowing Base
Certificate) every Advance Rate in the table above that is below the line for “Performing
First Lien Bank Loans” shall be 5% less than the applicable rate indicated in the table. For the avoidance of doubt,
the above categories are intended to be indicative of the traditional investment types in
a fully capitalized issuer. All determinations of whether a particular Portfolio Investment belongs
to one category or another shall be made by the Borrower on a consistent basis with the
foregoing. For example, a secured bank loan solely at a holding company, the only assets
of which are the shares of an operating company, may constitute Mezzanine Investments, but
would not ordinarily constitute a First Lien Bank Loan.

 

“Bank Loans”
means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded
portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans,
bridge loans and senior subordinated loans) that are generally provided under a credit facility or syndicated loan.

 

“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.

 

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

 

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

 

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

 

“Debt Eligible
Portfolio Investment” means an Eligible Portfolio Investment which is an Investment in Indebtedness.

 

“Defaulted Obligation”
means:

 

(a)            any Debt Eligible Portfolio Investment 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)           any Eligible Portfolio Investment that is Preferred Stock as to which the applicable Portfolio Company has failed, with respect
to any class of Preferred Stock of such Portfolio Company, to meet any scheduled redemption obligations or pay its latest declared
cash dividend after the applicable due date (and after giving effect to the expiration of any applicable grace period);

 

(c)           any Eligible Portfolio Investment (i) as to which a default as to the payment of principal and/or interest has occurred and is
continuing for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation
of the applicable Portfolio Company which is senior or pari passu in right of payment to such Eligible Portfolio Investment (without
regard to any waiver thereof); (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing
for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the
applicable Portfolio Company which is junior in right of payment to such Eligible Portfolio Investment (without regard to any waiver
thereof); or (iii) that is a Debt Eligible Portfolio Investment and the Portfolio Company of such Eligible Portfolio Investment
has issued preferred stock and such Portfolio Company has failed to meet, with respect to such class of preferred stock, any scheduled
redemption obligations or pay its latest declared cash dividend after the applicable due date (and after giving effect to the expiration
of any applicable grace period);

 

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(d)           any Eligible Portfolio Investment (i) as to which, with respect to such Eligible Portfolio Investment or any material debt obligation
of the applicable Portfolio Company, a default rate of interest has been and continues to be charged for more than 120 consecutive
days, or a default 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, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf
of the holders thereof; (ii) as to which the applicable Portfolio Company or others have (A) engaged in an out-of-court restructuring
process (including through any provision of the Uniform Commercial Code or other law) in the past ninety (90) days or (B) instituted
proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have
not been stayed or dismissed or such obligor has filed for protection under Chapter 11 of the United States Bankruptcy Code or
under any foreign bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for
it (unless, in the case of clause (A) or (B), such Eligible Portfolio Investment is a DIP Loan, in which case it shall not be deemed
to be a Defaulted Obligation under such clause); or (iii) as to which (A) written notice declaring such Indebtedness in default
has been delivered by any lender or agent under such Indebtedness and such default has not been remedied, cured or waived within
90 days after delivery of such notice; or (B) any lender or agent under such Eligible Portfolio Investment otherwise exercises
significant remedies following a default; and

 

(e)            any Eligible Portfolio Investment that the Borrower has otherwise declared to be a Defaulted Obligation.

 

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

 

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“Direct Real Estate
LTV Transaction” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto.

 

“EBITDA” means the consolidated net
income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition
of “EBITDA” in the relevant agreement relating to the applicable Eligible Portfolio Investment)) for the relevant
period plus, without duplication, the following to the extent deducted
in calculating such consolidated net income in the relevant agreement relating
to the applicable Eligible Portfolio Investment for such period: (i) consolidated interest charges for such period, (ii)
the provision for Federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization
expense for such period, and (iv) such other adjustments included in the
definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant agreement
relating to the applicable Eligible Portfolio Investment, provided that such adjustments are usual and customary and substantially
comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements
are entered into as reasonably determined in good faith by the Borrower.

 

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

 

“First Lien Bank
Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on
all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the
most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings in such
collateral, provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and
security interest may be second in priority to a Permitted Prior Working Capital Lien; and further provided that (other than for
an LTV Transaction) any portion (and only such portion) of such a Bank Loan which has a total debt to EBITDA ratio above 4.50x
will have the advance rate of a Second Lien Bank Loan applied to such portion and any portion of such a Bank Loan which has a total
debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion. For the avoidance
of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan.

 

“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.

 

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“High Yield Securities”
means debt Securities, in each case (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 (described under clause (i) of the definition thereof) or Bank Loans.

 

“Indirect Real
Estate LTV Transactions” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto.

 

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

 

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

 

(b) the ratio of (x) the amount of the
first out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.25x;

 

(c) such last out tranche (i) gives the
holders of such last out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions
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 protections (including, without limitation,
consent rights with respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins
applicable to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out
tranche, and (4) amending or waiving any provision in the underlying loan documents that is specific to the holders of such last
out tranche); and

 

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

 

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

 

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“Long-Term U.S.
Government Securities” means U.S. Government Securities maturing more than three months from the applicable date of determination,
so long as such securities have a credit rating of at least AAA from S&P and Aaa from Moody’s.

 

“Low Risk Assets”
means each of Cash Equivalents, Long-Term U.S. Government Securities, First Lien Bank Loans (including, for clarity, LTV Transactions
that are not Indirect Real Estate LTV Transactions) and Last Out Loans.

 

“LTV Transaction”
means any transaction that (i) is either (a) structured in a way that would customarily be considered a specialized asset-backed
transaction supported by receivables, inventory or other assets (“ABL Transactions”) or (b) structured as a recurring
revenue loan that (1) is in a high-growth industry or industry that customarily has businesses with revenue derived from perpetual
licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams (as reasonably determined
in good faith by the Borrower) (“Recurring Revenue Transactions”), (2) has a loan to enterprise value ratio (determined
in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d)) of less than 65% and (3) at
the time of the origination of the loan, does not have a debt to recurring revenue ratio of greater than 2.253.00
to 1.00, (ii) does not include and would not customarily be expected to include (at
the time of the origination of the loan) a financial covenant based on debt to EBITDA, debt to EBIT or a similar multiple
of debt to operating cash flow, (iii) is a First Lien Bank Loan or Last
Out Loan (or, with respect to an Indirect Real Estate LTV Transaction, is a Mezzanine Investment), (iv) is not subject
to a Permitted Prior Working Capital Lien and (v) is designated as an LTV Transaction by the Borrower at the time of the initial
investment, provided that any portion (and only such portion) of such LTV Transaction (a) if it is an ABL Transaction, in
excess of an alternative financial covenant or ratio mutually agreeable to the Borrower and the Administrative Agent, or (b) if
it is a Recurring Revenue Transaction, which has a loan to enterprise value ratio that is greater than 35% but does not exceed
50%, such portion will, in each case, be deemed, solely for
the purposes of determining the applicable Advance Rate pursuant to clause (y) of the definition of “Borrowing Base”
and not for any other purpose herein, to be a Second Lien Bank Loan.,
and provided further that the Advance Rate applicable to
that portion of such Recurring Revenue Transaction representing
a loan to enterprise value (determined in a manner consistent with the
methodology outlined in paragraph (8) of Schedule 1.01(d)) equal to or greater than 50% shall have an Advance Rate of 0%.

 

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

 

“Performing”
means with respect to any Eligible Portfolio Investment, such Eligible Portfolio Investment (i) is not a Defaulted Obligation,
(ii) other than with respect to DIP Loans, does not represent debt or Capital Stock of an issuer that has issued a Defaulted Obligation,
and (iii) is not on non-accrual.

 

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

 

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

 

“Performing First
Lien Bank Loans” means funded First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans,
Second Lien Bank Loans or Last Out Loans and (b) are Performing.

 

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

 

“Performing Indirect
Real Estate LTV Transactions” means funded Indirect Real Estate LTV Transactions that are Performing.

 

“Performing Last
Out Loans” means funded Last Out Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Second Lien Bank
Loans and (b) are Performing.

 

“Performing LTV
Transactions” means funded LTV Transactions that (a) are not Indirect Real Estate LTV Transactions and (b) are Performing.

 

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

 

“Performing PIK
Obligations” means funded PIK Obligations that are Performing.

 

“Performing Second
Lien Bank Loans” means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or
Last Out Loans and (b) are Performing.

 

“Permitted
Foreign Issuer” shall mean any Person (i) organized under the laws of a Permitted Foreign Jurisdiction or any province thereof,
(ii) domiciled in a Permitted Foreign Jurisdiction, or (iii) with principal operations or any other material property or other
material assets pledged as collateral and located in a Permitted Foreign Jurisdiction.

“Permitted Prior
Working Capital Lien” means, with respect to a Portfolio Company that is a borrower under a Bank Loan, a security interest
to secure a working capital facility for such Portfolio Company in the accounts receivable and inventory (and all accounts and
other assets associated therewith 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 Bank Loan has a second priority lien on such accounts receivable and inventory,
(ii) such working capital facility is not secured by any other assets (other than a second priority lien, subject to the first
priority lien of the Bank Loan, on any other assets) and does not benefit from any standstill rights or other agreements with respect
to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater than 15%
of the aggregate enterprise value of the Portfolio Company (as determined in accordance with the valuation methodology for determining
the enterprise value of the applicable Portfolio Company as established by an Approved Third-Party Appraiser).

 

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“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 (a) is a
fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per
annum or (b) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate
of not less than 4.5% per annum in excess of the applicable index.

 

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

 

“Real Estate LTV
Transaction” has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto.

 

“Recurring Revenue
Transaction” has the meaning assigned to such term in the definition of LTV Transaction.

 

“Restructured Investment”
means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months,
(b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any Portfolio Investment that
has in the past six months been amended or subject to a deferral or waiver the effect of which is to (i) change the amount of previously
required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock (other than
by reason of repayment thereof)) or (ii) extend the tenor of previously required scheduled debt amortization (or, in the case of
Preferred Stock, required payments on such Preferred Stock), in each case such that the remaining weighted average life of such
Portfolio Investment is extended by more than 20%. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it
does not meet the conditions of the definition of Restructured Investment.

 

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“Second Lien Bank
Loan” means a Bank Loan (other than a First Lien Bank 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; provided that any portion of such a Loan which has a total
debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion.

 

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

 

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

 

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

 

“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 Dollars for a period of three (3) months.

 

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

 

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

 

“Value” means,
with respect to any Eligible Portfolio Investment, the value thereof determined for purposes of the Loan Documents in accordance
with Section 5.12(b)(ii).

 

“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 (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other
than interest or fees) owed on account of such Preferred Stock) of such Fixed Rate Portfolio Investment as of such date, dividing
such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed
amount (other than interest or fees) owed on account of such Preferred Stock) 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 Investment, by the outstanding principal balance (or, in the case of Preferred
Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such
Floating Rate Portfolio Investment as of such date and dividing such sum by the aggregate outstanding principal balance (or, in
the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred
Stock) of all such Floating Rate Portfolio Investments and rounding the result up to the nearest 0.01%.

 

“Weighted Average
Leverage Ratio” means, as of any date of determination, the number obtained by summing the products obtained by multiplying,
in the case of each Debt Eligible Portfolio Investment included in the Borrowing Base (but, for the avoidance of doubt, excluding
any Debt Eligible Portfolio Investments that are LTV Transactions), the leverage ratio (expressed as a number) for the Portfolio
Company of such Eligible Portfolio Investment of all Indebtedness (or, as applicable, Preferred Stock) that has a ranking of payment
or lien priority senior to or pari passu with and including the tranche that includes the Borrower’s Eligible Portfolio Investment,
by the fair value of such Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values
of all such Eligible Portfolio Investments and rounding the result up to the nearest 0.01.

 

“Weighted
Average Recurring Revenue Ratio” means, as of any date of determination, the number obtained by summing the products obtained
by multiplying, in the case of each Recurring Revenue Transaction included in the Borrowing Base, the debt to recurring revenue
ratio (expressed as a number) for the Portfolio Company of such Eligible Portfolio Investment of all Indebtedness that has a ranking
of payment or lien priority senior to or pari passu with and including the tranche that includes the Borrower’s Eligible
Portfolio Investment, by the fair value of such Eligible Portfolio Investment as of such date and dividing such sum by the aggregate
of the fair values of all such Eligible Portfolio Investments and rounding the result up to the nearest 0.01.

 

Section 5.14.      Anti-Hoarding
of Assets at Non-Pledged Financing Subsidiaries. If any Non-Pledged
Financing Subsidiary is not prohibited by any law, rule or regulation or by any contract or agreement relating to indebtedness
from distributing all or any portion of its assets to an Obligor, then such Non-Pledged Financing Subsidiary shall, if the Borrowing
Base is not at least 115% of the Covered Debt Amount at the time of determination, distribute to an Obligor the amount of assets
held by such Non-Pledged Financing Subsidiary that such Non-Pledged Financing Subsidiary is permitted to distribute and that,
in the good faith judgment of the Borrower, such Non-Pledged Financing Subsidiary does not reasonably expect to utilize, in the
ordinary course of business, to obtain or maintain a financing from an unaffiliated third party.

 

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Section 5.15.      Taxes.
Each of the Borrower and its Subsidiaries will timely file or cause to be timely filed all U.S. federal, state and local Tax returns
that are required to be filed by it and all other Tax returns that are required to be filed by it and will pay 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, except Taxes that are being contested in good faith
by appropriate proceedings, and with respect to which reserves in conformity with GAAP are 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 will be adequate in accordance with GAAP.

 

Section 5.16.      Operations.
The Borrower will, and will cause each of its Subsidiaries to, act, in all material respects, in accordance with their respective
Constituent Documents.

 

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 $5,000,000, so long as no Default exists at the time
of the incurrence thereof (or immediately after the incurrence thereof) and (ii) Secured Longer-Term Indebtedness, in each
case, so long as (w) no Default exists at the time of the incurrence thereof (and immediately after the incurrence thereof), (x) prior
to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants
set forth in Section 6.07 after giving effect to the incurrence 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 of the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a Borrowing
Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause
(y) after giving effect to such incurrence. For purposes of preparing such Borrowing Base Certificate, (A) the fair
market value of Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment and (B) the
fair market value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently delivered
by the Borrower to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after the
delivery of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the lower
of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower
shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the extent necessary to
take into account any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment.

 

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(c)           Unsecured
Longer-Term Indebtedness, so long as (x) no Default exists at the time of the incurrence thereof (or immediately after the
incurrence thereof) and (y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro
forma compliance with each of the covenants set forth in Section 6.07 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 any and all revolving loan facilities, term loan facilities, staged advance loan facilities or any other credit facilities,
 “incurrence” shall be deemed to take place at the time such facility is entered into, and not upon each borrowing
thereunder), prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with
each of the covenants set forth in Section 6.07 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 Section
6.07.

 

(e)            Other
Permitted Indebtedness in an aggregate principal amount not to exceed $5,000,000;

 

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

 

(i)            the
2023 Notes.

 

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

 

(a)            any
Lien on any property or asset of the Borrower existing on the Restatement 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 Restatement Effective Date and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

(b)           Liens
created pursuant to the Security Documents;

 

(c)           Liens
on assets owned by Financing Subsidiaries;

 

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

 

(e)           Permitted
Liens;

 

(f)            additional
Liens securing Indebtedness not to exceed $3,000,000 in the aggregate provided such Indebtedness is not otherwise prohibited under
Section 6.01(e) of this Agreement; and

 

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

 

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, division,
consolidation or amalgamation, or liquidate or provisionally liquidate, wind up or dissolve itself (or suffer any liquidation,
provisional liquidation or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries to reorganize under
the laws of a jurisdiction other than any jurisdiction in the United States. 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 (including Cash and Cash Equivalents but excluding Portfolio Investments) sold or disposed
of in the ordinary course of business of the Borrower and its Subsidiaries (other than the Financing Subsidiaries) (including to
make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries (other
than the Financing Subsidiaries)) and (y) subject to the provisions of clauses (d) and (e) below, Portfolio Investments. The
Borrower will not, nor will it permit any of its Subsidiaries to, change its name, jurisdiction of formation, chief executive office
and/or principal place of business without giving the Administrative Agent a minimum of thirty (30) days’ (or such lesser
period as the Administrative Agent may reasonably agree) written notice thereof. The Borrower will not, nor will it permit any
of its Subsidiaries to, file a certificate of division; adopt a plan of division or otherwise take any action to effectuate a division
pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any analogous action taken pursuant to applicable
law with respect to any corporation, limited liability company, partnership or other entity).

 

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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 (i) between a Subsidiary or a wholly owned Subsidiary Guarantor and the Borrower, the
Borrower shall be the continuing or surviving entity and (ii) between a Subsidiary and a wholly owned Subsidiary Guarantor, the
wholly owned Subsidiary Guarantor shall be the continuing or surviving entity;

 

(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
and, on the date of such sale, transfer or disposition, the Borrower delivers to the Administrative Agent and each Lender a Borrowing
Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) the
foregoing after giving effect to such sale, transfer or disposition;

 

(e)           the
Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than ownership interests in Financing Subsidiaries),
Cash and Cash Equivalents to a Financing Subsidiary so long as both immediately prior to and immediately 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) (i) 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, (ii) either (x) the
amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result
of such release or (y) the Borrowing Base immediately after giving effect to such release is at least 115% of the Covered
Debt Amount, (iii) the sum of (x) all sales, transfers or other dispositions under this clause (e) that occur after the Revolver
Termination Date and do not result in Net Asset Sale Proceeds for fair value that are applied in accordance with Section 2.08(d)(i)
and (y) all Investments under Section 6.04(e) that occur after the Revolver Termination Date, shall not exceed 20% of the Commitments
on the Revolver Termination Date, and (iv) the Asset Coverage Ratio is not less than 1.67 to 1 (and the Borrower delivers to the
Administrative Agent a certificate of a Financial Officer with respect to each of clauses (i) through (iv) of this clause (e));

 

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

 

(g)              
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;

 

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

 

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

 

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 business for 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;

 

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(e)              
Equity Interests in (or capital contribution to) Financing Subsidiaries acquired after the Original Restatement Effective
Date to the extent not prohibited by Section 6.03(e) or (f);

 

(f)               
Investments by any Financing Subsidiary;

 

(g)              
Investments in Cash and Cash Equivalents;

 

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

 

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

 

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

 

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

 

(b)              
provided that the Asset Coverage Ratio exceeds 1.50 to 1 on a pro forma basis both immediately before and immediately after
giving effect thereto, the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding
for this purpose the Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year,
as relevant) in amounts not to exceed 115% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy
the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility
to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year its liability for federal income
taxes imposed on (y) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto),
or (z) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero its
liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto);

 

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

 

(d)              
Obligors may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees
of the Investment Advisor or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability
or termination of employment of such employees or termination of their seat on the Board of Directors of the Investment Advisor
or the Borrower or any of its Subsidiaries; provided that (i) no Default or Event of Default shall have occurred and be
continuing or would result therefrom, (ii) such Equity Interests are not registered on Form S-8 or other registration statement
or are not transferable under Rule 144 of the Securities Exchange Act of 1934, and (iii) the aggregate amount of all repurchases
in any calendar year shall not exceed $500,000, with unused amounts in any calendar year being carried over to succeeding calendar
years subject to a maximum of $1,000,000 in any calendar year;

 

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(e)               
the Borrower may make other Restricted Payments, including the repurchase by Borrower of its Equity Interests, so long as,
(i) on the date of such payment and immediately prior to and immediately after giving effect thereto, no Default shall have occurred
and be continuing, (ii) prior to and immediately after giving effect to such 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 as of such date demonstrating compliance with the foregoing immediately after giving effect to such Restricted
Payment; provided that, solely in the case of Restricted Payments consisting of the repurchase by the Borrower of its Equity
Interests, such compliance may be demonstrated on the next Borrowing Base Certificate delivered pursuant to Section 5.01(d).

 

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, except for any prohibitions or restraints contained in (i) any Indebtedness permitted under Section 6.01(b) or (c),
(ii) any Indebtedness permitted under Section 6.01(e) secured by a Lien permitted under Section 6.02(f) provided that such prohibitions
and restraints are applicable by their terms only to the assets that are subject to such Lien and (iii) any Indebtedness permitted
under Section 6.01(f) or (g) secured by a Permitted Lien provided that such prohibitions and restraints are applicable by their
terms only to the assets that are subject to such Lien.

 

Section 6.07.       
Certain Financial Covenants.

 

(a)              
Minimum Total Net Assets. The Borrower will not permit Total Net Assets at the last day of any fiscal quarter of
the Borrower to be less than the sum of (x) $175,000,000 plus (y) 65% of the aggregate net proceeds of all sales
of Equity Interests by the Borrower and its Subsidiaries after the Restatement Effective Date (other than the proceeds of sales
of Equity Interests by and among the Borrower and its Subsidiaries).

 

(b)              
Asset Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Asset Coverage Ratio
to be less than 1.50 to 1 at any time.

 

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(c)              
Senior Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Senior Coverage Ratio
to be less than 2.00 to 1 at any time.

 

(d)              
Liquidity Test. After the Restatement Effective Date, 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 10% of the Covered Debt Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance
is greater than 90% of the Adjusted Borrowing Base.

 

(e)              
Obligors’ Net Worth Test. After the Restatement Effective Date, the Borrower will not permit the Obligors’
Net Worth at the last day of any fiscal quarter to be less than an amount equal to $125,000,000.

 

Section 6.08.       
Transactions with Affiliates. (a) The Borrower will
not, and will not permit any of its Subsidiaries to, enter into any transactions with any of its Affiliates, even if otherwise
permitted under this Agreement, except (i) transactions in the ordinary course of business at prices and on terms and conditions
not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction between an Obligor and a non-Obligor Subsidiary,
not less favorable to such Obligor) than could be obtained at the time on an arm’s-length basis from unrelated third parties,
(ii) transactions between or among the Obligors not involving any other Affiliate, (iii) transactions between or among the Obligors
and any SBIC Subsidiary or any “downstream affiliate” (as such term is used under the rules promulgated under the Investment
Company Act) company of an Obligor at prices and on terms and conditions not less favorable to the Obligors than could be obtained
at the time on an arm’s-length basis from unrelated third parties, (iv) Restricted Payments permitted by Section 6.05, (v)
the transactions provided in the Affiliate Agreements as the same may be amended in accordance with Section 6.11(b) or (vi) existing
transactions with Affiliates as set forth in Schedule 6.08.

 

(b)               The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any issuer of an Affiliate
Investment (including any Investment that becomes an Affiliate Investment as a result of such transaction or any modification,
supplement or waiver to an existing Affiliate Investment), even if otherwise permitted under this Agreement, except transactions
in the ordinary course of business that are either (i) on terms and conditions not less favorable to the Borrower or such Subsidiary
than could be obtained at the time on an arm's-length basis from unrelated third parties or (ii) in the nature of an amendment,
supplement or modification to any such Affiliate Investment on terms and conditions that are similar to those obtained by debt
or equity investors in similar types of investments in which such investors do not have the controlling equity interest, in each
case, as reasonably determined in good faith by the Borrower.

 

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

 

Section 6.10.       
No Further Negative Pledge. The Borrower will not,
and will not permit any of its Subsidiaries 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; and (d) any other agreement that does not restrict in any manner (directly or indirectly)
Liens created pursuant to the Loan Documents on any Collateral securing the Secured Obligations 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.

 

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Section 6.11.       
Modifications of Certain Documents. The Borrower
will not, and will not permit any of its Subsidiaries to:

 

(a)              
consent to any modification, supplement or waiver of 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” or “Unsecured Shorter-Term Indebtedness”, as applicable, set forth
in Section 1.01 of this Agreement, unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have
been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and
the Borrower so designates such Indebtedness as “Unsecured Shorter-Term Indebtedness” (whereupon such Indebtedness
shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all purposes of this Agreement);

 

(b)              
consent to any modification, supplement or waiver of any of the Affiliate 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;

 

(c)              
consent to any modification, supplement or waiver of any Constituent Document of the Borrower or any of its Subsidiaries
to the extent such modification, supplement or waiver would be materially adverse to the Agent or any of the Lenders; or

 

(d)              
enter into or maintain any advisory or investment management agreement other than the Affiliate Agreements.

 

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 any documents, instruments and agreements evidencing, securing or
relating to Indebtedness permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount thereof, modifications
to the advance rates and/or modifications to the interest rate, fees or other pricing terms, provided that no such amendment, restatement,
termination 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 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, Unsecured Longer-Term Indebtedness or the 2023 Notes (other than the refinancing
of Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or the 2023 Notes with Indebtedness permitted under Section 6.01(b)
and (c)), except for (a) regularly scheduled payments of interest in respect thereof required pursuant to the instruments
evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid in connection
with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under convertible
notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash
payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such triggering and/or
settlement thereof, shall be permitted under this clause (a)), or (b) payments and prepayments of Secured Longer-Term Indebtedness
required to comply with requirements of Section 2.08(c).

 

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

 

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

 

Section 6.15.       
Derivative Transactions. The Borrower will not, nor
will it permit any of its Subsidiaries (other than Financing Subsidiaries) to, enter into any derivative, swap or other similar
transactions or agreements, except for Hedging Agreements to the extent permitted pursuant to Sections 6.01(e) and 6.04(c).

 

Section 6.16.       
Convertible Indebtedness. The Borrower will not,
nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness that is convertible into
Equity Interests other than Permitted Equity Interests.

 

Article VII

EVENTS OF DEFAULT

 

Section 7.01.       
Events of Default. If any of the following events
(“Events of Default”) shall occur and be continuing:

 

(a)               
the Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section
2.08(b), (c) or (d)) 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;

 

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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 any Obligor or any of its or their 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 (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified
by materiality or Material Adverse Effect);

 

(d)              
the Borrower or any of its Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained
in

 

(i)                Section 5.01(e),
Section 5.02(a), Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only, and not with
respect to the Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a)
or (b), Section 5.09, Section 5.10, Section 5.12(c) or in Article VI;

 

(ii)             
Section 7 of the Guarantee and Security Agreement solely to the extent such covenant, condition or agreement
is not also contained in this Agreement (and if also contained in this Agreement, such covenant, condition or agreement shall be
subject to the relevant provision (including any cure or grace period with respect thereto) in this Section 7.01 applicable
thereto and not this clause (ii)); or

 

(iii)             
Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case of this clause (iii), such failure shall continue
unremedied for a period of five or more days after the Borrower has knowledge of such failure;

 

(e)              
the Borrower or any Obligor shall fail to observe or perform any covenant, condition or agreement applicable to it 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 thirty (30) or more days after the earlier of (i) notice thereof from the Administrative
Agent (given at the request of any Lender) to the Borrower and (ii) the Borrower having obtained actual knowledge thereof;

 

(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;

 

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(g)              
any event or condition occurs that (i) results in all or any portion of 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 that is not Disqualified Equity Interests.

 

(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 (h) of this Article, (iii) apply for or consent to the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries 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)              
(x) there is rendered against the Borrower or any of its Subsidiaries or any combination thereof (i) one or more judgments
or orders for the payment of money in an aggregate amount (as to all such judgments and orders) in excess of $5,000,000 (to the
extent not covered by independent third-party insurance as to which the insurer has been notified of the potential claim and does
not dispute coverage) or (ii) any one or more non-monetary judgments that, individually or in the aggregate, has resulted in or
could reasonably be expected to result in a Material Adverse Effect and, in either case, (1) enforcement proceedings, actions or
collection efforts are commenced by any creditor upon such judgment or order, or (2) there is a period of thirty (30) consecutive
days during which such judgment is undischarged or a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect or (y) 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;

 

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(l)               
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 or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; and

 

(m)             
a Change in Control shall occur;

 

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

 

(o)              
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 Security Agreement; provided that if such default is as a result of any action
of the Administrative Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action
within its control, then there shall be no Default or Event of Default hereunder unless such default shall continue unremedied
for a period of ten (10) consecutive Business Days after the earlier of (i) the Borrower becoming aware of such default and (ii)
the Borrower’s receipt of written notice of such default thereof from the Administrative Agent, unless, in each case, the
continuance thereof is a result of a failure of the Collateral Agent or Administrative Agent to take an action within their control
(and the Borrower has requested that the Collateral Agent or Administrative Agent take such action);

 

(p)              
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 declared ineffective, illegal or inoperative in any material respect or in any way whatsoever cease to give or provide the respective
material rights, titles, interest remedies, powers or privileges intended to be created thereby, 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

 

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

 

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then, and in every such event (other than
an event described in clause (h),  (i) or (j) 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 any
or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments
shall terminate immediately; (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),  (i) or (j) 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 and (iii) without notice of default or demand, pursue and enforce any of the Administrative
Agent’s or the Lender’s rights and remedies under the Loan Document, or as otherwise provided under or pursuant to
any applicable law or agreement.

 

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

 

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

 

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Article VIII

THE ADMINISTRATIVE AGENT

 

Section 8.01.       
Appointment. 

 

(a)              
Appointment of the Administrative Agent. Each of the Lenders 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.

 

(b)              
Appointment of the Collateral Agent. The Collateral Agent is hereby confirmed and reaffirmed as having been appointed
as the collateral agent hereunder and under the other Loan Documents and in such capacity has been and is authorized to have all
the rights and benefits hereunder and thereunder (including Section 9 of the Guarantee and Security Agreement), and to take
such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. In addition to the rights, privileges and immunities
in the Guarantee and Security Agreement, the Collateral Agent has been and shall be entitled to all rights, privileges, immunities,
exculpations and indemnities of the Administrative Agent for such purpose and each reference to the Administrative Agent in this
Article VIII shall be deemed to include the Collateral Agent.

 

Section 8.02.       
Capacity as Lender. The Person serving as an Agent
hereunder and under any other Loan Document 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 an Agent, and such Person and its Affiliates may (without having to account therefor
to any other Lender) accept deposits from, lend money to, make investments in and generally engage in any kind of business with
the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder, and such Person and its Affiliates
may accept fees and other consideration from the Borrower or any Subsidiary or other Affiliate thereof for services in connection
with this Agreement or otherwise without having to account for the same to the other Lenders.

 

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Section 8.03.       
Limitation of Duties; Exculpation. No Agent shall
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) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary
powers, except, solely in the case of the Administrative Agent, discretionary rights and powers expressly contemplated hereby or
by the other Loan Documents that the Administrative Agent is required to exercise upon receipt of and pursuant to specific instruction
in writing to do so delivered by the Required Lenders (or such other number or percentage of Lenders as is expressly provided for
herein or in the other Loan Documents); provided that the Administrative Agent is not required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law, including, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law, and (c) except as expressly set forth herein and in the other Loan Documents, no Agent shall have any duty
to disclose, nor shall any Agent 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 Person serving as an Agent or any of its Affiliates in any capacity. No
Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary,
including under the circumstances as provided in Section 9.02 or Article VIII of this Agreement) or in the absence
of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable
judgment. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent
by the Borrower or a Lender, and no Agent shall 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, (v) the creation, perfection or priority of any Lien purported to be created by the Loan Documents or the value
or the sufficiency of any Collateral or (vi) 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 such Agent.

 

Section 8.04.       
Reliance. Each 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 or on behalf of the proper Person. Each Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by or on behalf of the proper Person or Persons, and shall not
incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by
its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory
to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such
Loan. Each Agent may consult with legal counsel (who may be counsel for the Borrower), 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.

 

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Section 8.05.       
Sub-Agents. Each 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 such Agent. Each 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 any 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 an Agent. The Administrative Agent is not responsible for the negligence or misconduct
of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Section 8.06.       
Resignation; Successor Administrative Agent. Any
Agent may resign at any time by notifying the Lenders and, solely in the case of the Administrative Agent, the Borrower. Upon any
such resignation, the Required Lenders shall have the right, with, solely in the case of the Administrative Agent, 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 any retiring Agent gives notice of its resignation, then, solely with respect to
the Administrative Agent, the Administrative Agent’s resignation shall nonetheless become effective except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring
or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent
is appointed 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 an Agent hereunder
by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of such retiring
(or retired) Agent and such retiring 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 Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After any Agent’s resignation
hereunder or under any other Loan Document, the provisions of this Article VIII 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 an Agent.
The Collateral Agent may resign in accordance with the Guarantee and Security Agreement.

 

Section 8.07.       
Reliance by Lenders. Each Lender acknowledges that
it has, independently and without reliance upon any 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 any 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.

 

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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 (or such other number or percentage of Lenders as is expressly provided for herein or
in the other Loan Documents) (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, no Agent shall (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 each 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 (or such other number or percentage of Lenders as is expressly provided for herein
or in the other Loan Documents) have consented.

 

SECTION 8.09.
Indemnification by Lenders. To the
extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a) or (c), each Lender shall, and does hereby,
agree severally to indemnify the Administrative Agent, and shall make payable in respect thereof within 10 days after demand therefor,
(i) against any and all Taxes attributable to such Lender and any and all related losses, claims, liabilities and expenses (including
fees, charges and disbursements of any counsel for the Administrative Agent) in each case attributable to such Lender (collectively,
solely for the purposes of this paragraph, “Tax Damages”) incurred by or asserted against the Administrative Agent
by the U.S. Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent
to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate
form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change
in circumstance that rendered the exemption from, or reduction of withholding tax ineffective) (but only to the extent that the
Borrower has not already indemnified the Administrative Agent for such Taxes and Tax Damages and without limiting the obligation
of the Borrower to do so pursuant to and in accordance with Section 2.14(c)), and (ii) Tax Damages attributable to such Lender’s
failure to comply with the provisions of Section 9.04 relating to the maintenance of a Participant Register. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this paragraph.
The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all other obligations.

 

Section 8.09.       
[Reserved].

 

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Section 8.10.       
Certain ERISA Matters.

 

(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that
at least one of the following is and will be true:

 

(i)                such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Commitments or this Agreement,

 

(ii)             
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement,

 

(iii)             
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part
I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Commitments and this Agreement, or

 

(iv)            
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

(b)             
In addition, unless either (1) subclause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with subclause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Obligor, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related to hereto or thereto).

 

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For purposes of this Section 8.10,
the following definitions apply to each of the capitalized terms below:

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

Section 8.11.       
Agents(a). The Arranger shall not have obligations
or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or
thereunder in such capacity, but shall have the benefit of the indemnities provided for hereunder.

 

Section 8.12.       
Collateral Matters. (a) Except with respect to the
exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party’s right to file a proof of claim
in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce
any Guarantee of the Guaranteed Obligations (as defined in the Guarantee and Security Agreement), it being understood and agreed
that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent and/or the Collateral
Agent on behalf of the Secured Parties in accordance with the terms thereof.

 

(a)              
In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of any Hedging Agreement, the
obligations under which constitute Hedging Agreement Obligations, will create (or be deemed to create) in favor of any Secured
Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of
any Obligor under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such
arrangement in respect of Hedging Agreements shall be deemed to have appointed the Administrative Agent and Collateral Agent to
serve as administrative agent and collateral agent, respectively, under the Loan Documents and agreed to be bound by the Loan Documents
as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

 

(b)              
Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority
or perfection of the Administrative Agent’s or the Collateral Agent’s Lien thereon or any certificate prepared by any
Obligor in connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders
or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

 

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(c)              
Without limiting the provisions of Section 8.13, any Lien on any property granted to or held by the Administrative
Agent under any Loan Document shall be automatically released, and the Lenders irrevocably authorize the Administrative Agent to
take any action with respect to such release: (a) upon termination of the Commitments and payment in full of all Obligations
(other than contingent indemnification obligations); (b) that is sold or otherwise disposed of or to be sold or otherwise
disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document;
or (c) subject to Section 9.02, if approved, authorized or ratified in writing by the Required Lenders (or such other
number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents). Upon request by the Administrative
Agent at any time, the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein (including,
without limitation, Section 9.02) or in the other Loan Documents) will confirm in writing the Administrative Agent’s
authority to release its interest in particular types or items of property pursuant to this Section 8.11.

 

Section 8.13.       
Third Party Beneficiaries. The provisions of this
Article VIII are solely for the benefit of the Secured Parties, and no Obligor will have rights as a third party beneficiary of
any of such provisions.

 

Section 8.14.       
Administrative Agent May File Proofs of Claim. In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan
will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent has made any demand on the Borrower) will be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)                to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured
Parties and their respective agents and counsel and all other amounts due the Secured Parties under Section 2.09 and otherwise
hereunder) allowed in such judicial proceeding; and

 

(b)               to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent hereunder.

 

Nothing contained herein
is deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan
of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

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Section 8.15.       
Credit Bidding. The Secured Parties hereby irrevocably
authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations
(including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed
in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles)
all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under
Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which an Obligor is subject,
or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction
of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any
such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit
bid by the Collateral Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating
the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition
vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Collateral Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle
or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall be
deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such
sale, (iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle
or vehicles (provided that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including
any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents
shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or
the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination
of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of
this Agreement), (iv) the Collateral Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue
to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether
as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments
issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action,
and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for
any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition
vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations
shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and
the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically
be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that
the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles
as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured
Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition
vehicle) as the Collateral Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation
or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

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Article IX

MISCELLANEOUS

 

Section 9.01.     
Notices; Electronic Communications.

 

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

 

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

 

	 	Monroe Capital Corporation

    311 South Wacker Drive, Suite 6400
	 	Chicago, Illinois 60606
	 	Attention: Aaron D. Peck
	 	Telephone: (312) 523-2363
	 	Fax: (312) 258-8350
	 	E-mail: apeck@monroecap.com
	 	 
	 	With a copy to:
 

	 	Monroe Capital BDC Advisors,
    LLC
 311 South Wacker Drive, Suite 6400
	 	Chicago, Illinois 60606
	 	Attention: Aaron D. Peck
	 	Telephone: (312) 523-2363
	 	Fax: (312) 258-8350
	 	E-mail: apeck@monroecap.com
	 	 
	 	With a copy to:
 
 Monroe
    Capital, LLC
 311 South Wacker Drive, Suite 6400
	 	Chicago, Illinois 60606
	 	Attention: Aaron D. Peck
	 	Telephone: (312) 523-2363
	 	Fax: (312) 258-8350
	 	E-mail: apeck@monroecap.com
	 	 
	 	With a copy to:
	 	 
	 	Nelson Mullins Riley &
    Scarborough LLP
	 	101 Constitution Avenue, NW,
    Suite 900
	 	Washington, DC 20001
	 	Attention: Jonathan H. Talcott
	 	Telephone:
    (202) 689-2806
	 	Fax: (202)
    689-2862
	 	E-mail: jon.talcott@nelsonmullins.com

 

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(ii)           
if to the Administrative Agent, 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
	 	E-mail: Patrick.Frisch@ing.com
	 	 
	 	 
	 	with a copy to:
 

	 	Dechert LLP
 1095 Avenue
    of the Americas
 New York, New York 10036
 Attention: Jay R. Alicandri, Esq.
 Telephone Number: (212) 698-3500

    Telecopy Number: (212) 698-3599
	 	E-mail: Jay.Alicandri@dechert.com

 

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

 

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

 

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(b)             
Electronic Communications. Notices and other communications to the Lenders 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 pursuant to Section 2.03 if such Lender
has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications.

 

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

 

(c)              
Posting of Communications.

 

(i)                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 Section 5.01 by delivering 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 (and, at the request of the Administrative Agent, one hard copy thereof to the
Administrative Agent); provided that the Administrative Agent shall have no responsibility to maintain access to DebtdomainTM
or an equivalent website.

 

(ii)             
The Obligors agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to
the Lenders by posting the Communications on IntraLinksTM, DebtdomainTM, SyndTrak, ClearPar or any other electronic platform
chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(iii)            
Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to time (including, as of the Restatement Effective
Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each
of the Obligors acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure,
that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are
added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such distribution.
Each of the Lenders and each Obligor hereby approves distribution of the Communications through the Approved Electronic Platform
and understands and assumes the risks of such distribution.

 

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(iv)            
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF
THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND
THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE
APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE
AGENT, ANY LEAD ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY
TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL
OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR’S OR THE
ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT FOR
DIRECT DAMAGES THAT A COURT OF COMPETENT JURISDICTION DETERMINES IN A FINAL AND NON-APPEALABLE JUDGMENT THAT THE ADMINISTRATIVE
AGENT ACTED WITH GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN THE SELECTION OF SUCH SUB-AGENTS.

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent
or any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(v)           
Each Lender and Administrative Agent agrees that notice to it (as provided in the next sentence) specifying that Communications
have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender and
Administrative Agent for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which
could be in the form of electronic communication) from time to time of such Lender’s email address to which the foregoing
notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

 

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(vi)             
Each of the Lenders and the Obligors agree that the Administrative Agent may, but (except as may be required by applicable
law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.

 

(vii)           
Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.

 

Section 9.02.       
Waivers; Amendments.

 

(a)              
No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent 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 and the Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent or any Lender 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 2.16(b), no such
agreement shall

 

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

 

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

 

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

 

(iv)            change
Section 2.15(b), (c) or (d) (or other sections referred to therein to the extent relating to pro
rata payments) in a manner that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements,
required thereby without the written consent of each Lender directly affected thereby,

 

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(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,

 

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

 

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

 

provided further that (x) no
such agreement shall amend, modify or otherwise affect the rights or duties of any Agent hereunder without the prior written consent
of such affected Agent, and (y) the consent of Lenders holding not less than two-thirds of the total Revolving Credit Exposures
and unused Commitments will be required for (A) any change adverse to the Lenders affecting the provisions of this Agreement
relating to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii),
and (B) any release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or
under the other Loan Documents. Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision
of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in
a manner that does not affect all Classes in the same manner shall be effective against the Lenders of such Class unless the Required
Lenders of such Class shall have concurred with such waiver, amendment or modification as provided above; provided, however,
for the avoidance of doubt, in no other circumstances shall the concurrence of the Required Lenders of a particular Class be required
for any waiver, amendment or modification of any provision of this Agreement or any other Loan Document.

 

For purposes of this
Section, the “scheduled date of payment” of any amount shall refer to the date of payment of such amount specified
in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount.
In addition, whenever a waiver, amendment or modification requires the consent of a Lender “affected” thereby, such
waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes
effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided
above.

 

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(c)              
Amendments to Security Documents.  No Security Document nor any provision thereof may be waived, amended or
modified, except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement or the Custodian Agreement,
as applicable, and the Liens granted under the Guarantee and Security Agreement may not be spread to secure any additional obligations
(including any increase in Loans hereunder, but excluding (i) any such increase pursuant to a Commitment Increase under Section 2.06(f) to
an amount not greater than the amount specified in Section 2.06(f)(i)(B)(x) and (ii) any Secured Longer-Term Indebtedness permitted
hereunder) except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement and 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 2.16(b), (i) without the written consent of the holders of at least two-thirds
of the total Revolving Credit Exposures and unused Commitments, no such waiver, amendment or modification to the Guarantee and
Security Agreement shall (A) release any Obligor representing more than 10% of the Total Net Assets of the Borrower from its obligations
under the Security Documents, (B) release any guarantor representing more than 10% of the Total Net Assets 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 (or such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents)
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 2.17(b) so long
as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination.

 

(e)              
Ambiguity, Omission, Mistake or Typographical Error. Notwithstanding the foregoing, if the Administrative Agent and
the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of
this Agreement or any other Loan Document that, without correction, would materially affect the intent of such provision, would
cause more credit to be available to the Borrower or would adversely affect the Lenders in any way; provided that any amendment
that would require the consents set forth in clauses (i) through (vi) of Section 9.02(b) or the proviso thereto
shall be material for purposes of this Section 9.02(e), then the Administrative Agent and the Borrower shall be permitted
to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and
such amendment shall become effective without any further action or consent of any other party to this Agreement; provided
that the Administrative Agent shall promptly provide each Lender with a copy of such amendment.

 

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Section 9.03.       
Expenses; Indemnity; Damage Waiver.

 

(a)              
Costs and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket fees, costs and expenses
incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements
of up to one firm of outside counsel (plus any necessary special or local outside counsel in each jurisdiction where the nature
of the Collateral requires such additional counsel and, solely in the case of an actual or reasonably perceived conflict of interest,
one additional counsel in each applicable jurisdiction to the affected Persons) for the Administrative Agent and the Collateral
Agent collectively (other than the allocated costs of internal counsel), 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 out-of-pocket fees, costs and expenses incurred by the Administrative
Agent or any Lender, including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative
Agent 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, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect thereof and (iii) 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.

 

(b)              
Indemnification by the Borrower. The Borrower shall indemnify each Agent 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 2.14), including the reasonable and documented
fees, charges and disbursements of any counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan
or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory and whether brought by the Borrower, any Indemnitee
or a third party and regardless of whether any Indemnitee is a party thereto IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING,
IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity
shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses 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.

 

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The Borrower shall not
be liable to any Indemnitee for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages
(other than in respect of any such damages incurred or paid by an Indemnitee to a third party)) 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 any
Agent under paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally
agrees to pay to such Agent, 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
such Agent in its capacity as such or against any Related Party of any of the foregoing acting for any Agent (or any sub-agent)
in connection with such capacity.

 

(d)              
Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party to this Agreement shall
assert, and each hereby waives, any claim against any other party to this Agreement on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.
No party to this Agreement 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, except to the extent caused
by the willful misconduct or gross negligence of such Person, as determined by a final, non-appealable judgment of a court of competent
jurisdiction.

 

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

 

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(f)               
No Fiduciary Relationship. Each Agent, each Lender and each of their respective Affiliates (collectively, solely
for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower
or any of its Subsidiaries, their equityholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries,
agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or
fiduciary or other implied duty between the Lender, on the one hand, and the Borrower or any of its Subsidiaries, its equityholders
or its Affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions
contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length
commercial transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in
connection therewith and with the process leading thereto, (x) except as otherwise expressly provided in any of the Loan Documents,
no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their
equityholders or affiliates (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower
or any of its Subsidiaries, their equityholders or their affiliates on other matters) and (y) each Lender is acting hereunder solely
as principal and not as the agent or fiduciary of the Borrower or any of its Subsidiaries, their management, equityholders, creditors
or any other Person. The Borrower and each Obligor each acknowledge and agree that it has consulted its own legal and financial
advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to
such transactions and the process leading thereto. The Borrower and each Obligor each agree that it will not claim that any Lender
has rendered advisory services hereunder of any nature or respect, or owes a fiduciary duty to the Borrower or any of its Subsidiaries,
in each case, in connection with such transactions contemplated hereby or the process leading thereto.

 

Section 9.04.       
Successors and Assigns.

 

(a)              
Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, 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 any of its
rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by any Lender
which is not in accordance with this Section shall be treated as provided in the last sentence of Section 9.04(b)(iii)).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent 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 at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned
or delayed) of:

 

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

 

(B)       the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment by a Lender
to a Lender or an Affiliate of a Lender with prior written notice by such assigning Lender to the Administrative Agent.

 

(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 of a Class, the amount of the Commitment or Loans of such Class of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

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

 

(C)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially
the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable
in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Guarantors shall not
be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and

 

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

 

(iii)           
Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this
Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 with respect to
facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise
expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (f) of
this Section.

 

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(c)              
Maintenance of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as a non-fiduciary
agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount
and stated interest of the Loans 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, and the Borrower, the
Administrative Agent and the Lenders shall 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 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 2.12 (or any other increased costs protection provision), 2.13 or 2.14. 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.

 

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

 

(f)               
Participations. Any Lender may sell participations to one or more banks or other entities (a “Participant”) in
all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all
or a portion of its Commitments and the Loans 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 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 2.12,
2.13 and 2.14 (subject to the requirements and limitations therein, including Sections 2.14(f) and (g)
(it being understood that the documentation required under Sections 2.14(f) and (g) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section; provided that such Participant agrees to be subject to the provisions of Section 2.17 as if it were an assignee
under paragraph (b) of this Section 9.04. Each Lender that sells a participation agrees, at the Borrower’s request
and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.17 with
respect to any Participant. 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 2.15(d) as though it were
a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts and stated
interest of each Participant’s interest in the Loans or other obligations under the Loan Documents (each a “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 each 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 the Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(g)              
Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12
or 2.13 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 2.14 unless such Participant
agrees to comply with Section 2.14(f) as though it were a Lender (it being understood that that the documentation required
under Section 2.14(f) shall be delivered to the participating Lender).

 

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

 

(i)                
No Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to
the contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder
to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest
in any Commitment or Loan held by it hereunder to a natural person (or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural person) or to any Person known by such Lender at the time of such assignment
to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be a
Defaulting Lender.

 

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(j)                
Multicurrency Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and
is continuing, must be to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency
at such time without the need to obtain any authorization referred to in clause (c) of the definition of “Agreed Foreign
Currency.”

 

Section 9.05.       
Survival. All covenants, agreements, representations
and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant
to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that any Agent 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 and
so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14
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 Commitments or the termination
of this Agreement or any provision hereof.

 

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

 

(a)              
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents 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.

 

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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. In addition to any rights and remedies
of the Agents and the Lenders provided by law, if an Event of Default shall have occurred and be continuing, each Agent, each Lender
and each of their respective Affiliates is hereby authorized at any time and from time to time, without prior notice to the Borrower
or any other Obligor, any such notice being waived by the Borrower (on its own behalf, on behalf of its Subsidiaries and on behalf
of each Obligor) to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for
the credit or the account of any Obligor against any of and all the obligations of any Obligor now or hereafter existing under
this Agreement or under any other Loan Document held by such Lender, irrespective of whether or not such Lender shall have made
any demand under this Agreement or any other Loan Document and although such obligations may be contingent or unmatured, or are
owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated
on such Indebtedness; provided that such Lender shall not exercise any right of setoff given in this Section 9.08
without obtaining the prior written consent of the Administrative Agent. 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; provided that
in the event any Defaulting Lender exercises any such right of setoff, (a) all amounts so set off will be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such
payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders and (b) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing in
reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees
promptly to notify the Borrower after any such set-off and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such set-off and application.

 

Section 9.09.       
Governing Law; Jurisdiction; Etc.

 

(a)              
Governing Law. This Agreement and the other Loan Documents 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 any other Loan Documents, 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 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.

 

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(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 (i) irrevocably consents to service of process in the manner provided
for notices in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01 is
sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and
binding service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

 

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

 

Section 9.11.       
Judgment Currency. This is an international loan
transaction in which the specification of Dollars or any Foreign Currency, as the case may be (the “Specified Currency”)
and payment in New York City or the country of the Specified Currency (the “Specified Place”) is of the
essence, and the Specified Currency shall be the currency of account in all events relating to Loans denominated in the Specified
Currency. Subject to Section 2.15(a), the payment obligations of the Borrower under this Agreement shall not be discharged or satisfied
by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the
amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does
not yield the amount of the Specified Currency in the Specified Place due hereunder. If for the purpose of obtaining judgment in
any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “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 the Specified Currency 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 to the Specified Place the Specified Currency 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 the Specified Currency, the amount (if
any) by which the sum originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the
Specified Currency so purchased and transferred.

 

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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 Agent or Lender or by one or more subsidiaries or affiliates of such Agent or Lender and the
Borrower hereby authorizes each Agent and Lender to share any information delivered to such Agent or Lender by the Borrower or
its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Agent or 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 an Agent or Lender (as applicable) hereunder.
Such authorization shall survive the repayment of the Loan, the expiration or termination of the Commitments or the termination
of this Agreement or any provision hereof. The Administrative Agent, each Lender and their Affiliates (collectively, solely for
purposes of this paragraph, the “Lender”), may have economic interests that conflict with those of the Borrower
or any of its Subsidiaries and/or their Affiliates.

 

(b)              
Confidentiality. Each of the Administrative Agent and the Lenders 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 or its Affiliates
(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, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, or (iii) any insurer, (g) with the consent of the Borrower, (h)
on a confidential basis to (i) any insurer, (ii) any rating agency in connection with rating the Borrower or its Subsidiaries
or the Loans and (iii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers
with respect to the Loans, (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 or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrower or (j) in connection with the Lenders’ right
to grant a security interest pursuant to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject
to an agreement containing provisions substantially the same as those of this Section, to any other pledgee or assignee pursuant
to Section 9.04(h).

 

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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 (including, without limitation, any Portfolio Investments), other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any
of its Subsidiaries, provided that, in the case of information received from the Borrower or any of its Subsidiaries after
the 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
Obligors that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that
identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow
such Lender to identify such Obligor in accordance with said Act. The Obligors shall, promptly following a request by the Administrative
Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order
to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act and the Beneficial Ownership Regulation.

 

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.

 

    152

     

    

 

Section 9.16.       
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.

 

(b)              
It is the intention of each of the parties hereto that the Existing Credit Agreement be amended and restated hereunder so
as to preserve the perfection and priority of all Liens securing the “Secured Obligations” under the Loan Documents
and that all “Secured Obligations” of the Borrower and the Subsidiary Guarantors hereunder shall continue to be secured
by Liens evidenced under the Security Documents, and that this Agreement does not in any way constitute a novation or termination
of the Indebtedness, obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any
portion of such obligations and liabilities.

 

(c)              
The terms and conditions of this Agreement and the Administrative Agent’s 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.

 

(d)              
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.

 

(e)              
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.

 

    153

     

    

 

Section 9.17.       
Acknowledgment and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

  (ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, 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.

 

Section 9.18.       
Interest Rate Limitation. Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to
the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted
for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted
by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,
(b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

Section 9.19.       
Release. The Borrower hereby acknowledges
and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent, the
Collateral Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or
agents) under this Agreement and the other Loan Documents (and each other document entered into in connection therewith), and (b)
the Administrative Agent, the Collateral Agent and each Lender has heretofore properly performed and satisfied in a timely manner
all of its obligations to the Obligors and their Affiliates under this Agreement and the other Loan Documents (and each other document
entered into in connection therewith) that are required to have been performed on or prior to the Transactions on the date hereof.
Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable consideration,
the Borrower (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively,
the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge the
Administrative Agent, the Collateral Agent, each Lender and each of their respective Affiliates, officers, directors, employees,
attorneys, consultants and agents (collectively, the “Released Parties”) from any and all debts, claims, obligations,
damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether
known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity,
under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against
any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the Transactions
on the date hereof directly arising out of, connected with or related to this Agreement or any other Loan Document (or any other
document entered into in connection therewith).

 

    154

     

    

 

Section 9.20.       
Acknowledgment Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

(a)              
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the
benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support,
and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a
state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC
or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of
any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    155

     

    

 

(b)              
As used in this Section 9.20, the following terms have the following
meanings:

 

(i)              
“BHC Act Affiliate” of a party means an “affiliate”
(as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

(ii)             
“Covered Entity” means any of the following:

 

(x)
a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(y)
a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(z)
a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

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

 

(iv)            
“QFC” has the meaning assigned to the term “qualified financial
contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

[Signature pages follow]

 

    156

     

    

 

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

 

	 	MONROE CAPITAL
    CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second Amended and
Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

	 	ING CAPITAL LLC, as Administrative Agent and a Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second Amended and
Restated Senior Secured Revolving Credit Agreement]

 

    

     

    

 

Schedule 1.01(a)

Approved Dealers and Approved
Pricing Services

 

APPROVED DEALERS

Ally Financial

American Capital Corporation

Antares Capital, LP

Apollo Global Management, LLC and Affiliates

Ares Capital Corporation

Babson Capital

Banc of America Securities LLC

Bank of Ireland

Bank of Montreal

Bank of New York

Bank of Nova Scotia

Barclays Capital Inc.

BNP Paribas Securities Corp.

BofA Distributors, Inc.

Cantor Fitzgerald & Co.

CapitalSource Finance

CIT Group

Citicorp Securities Services, Inc.

Citigroup Global Markets Inc.

Citizens

City National Bank

Comerica

Credit Suisse Securities (USA) LLC

Daiwa Capital Markets America Inc.

Deutsche Bank Securities Inc.

FBR Capital Markets

Fidelity Brokerage Services LLC

Fifth Third Bank

GE Capital

Gleacher and Company

Goldman, Sachs & Co.

Golub Capital

GSO

Guggenheim Securities

HSBC Securities (USA) Inc.

Imperial Capital

ING Financial Markets LLC

J.P. Morgan Securities Inc.

Jeffries & Company, Inc.

KeyBanc Capital Markets

KKR

Macquarie Securities

 

    

     

    

 

Madison Capital Funding

Merrill Lynch Government Securities Inc.

Merrill Lynch, Pierce, Fenner & Smith
Incorporated

Midcap Financials

Mizuho Securities USA Inc.

Morgan Stanley & Co. Incorporated

Morgan Stanley Smith Barney

Natixis

Nomura Securities International, Inc.

NXT Capital Corporation

PNC

Prudential

RBC Capital Markets

RBS Securities Inc.

Regions Bank

Sankaty Advisors

Santander

Scotia Capital

Seaport Capital

Societe Generale

Sumitomo

SunTrust

CIBC Bank USA (f/k/a The PrivateBank and
Trust Company)

Toronto-Dominion Bank

UBS Financial Services Inc.

UBS Securities LLC

US Bank

Wells Fargo Advisors, LLC

Wells Fargo Investments, LLC

Wells Fargo Securities, LLC

 

APPROVED PRICING SERVICES

Bloomberg

FT Interactive Data Corporation

Loan Pricing Corporation

Markit Group Limited

 

    

     

    

 

Schedule
1.01(b)

 

Dollar
Commitments

 

	Lender	Commitment Amount
	TIAA, FSB as successor in interest to certain assets of EverBank Commercial Finance, Inc.	$30,000,000
	Customers Bank	$20,000,000
	CIBC Bank USA (f/k/a The PrivateBank and Trust Company)	$35,000,000
	Wintrust Bank	$15,000,000
	AloStar Bank of Commerce	$10,000,000

 

Multicurrency
Commitments

 

	Lender	Commitment Amount
	ING Capital LLC	$75,000,000
	The Huntington National Bank	$50,000,000
	City National Bank	$20,000,000

 

    

     

    

 

Schedule
1.01(c)

 

Risk
Factors

 

  [INTENTIONALLY OMITTED]

 

 

  

 

    

     

    

 

Schedule
1.01(d)

 

Eligibility
Criteria

 

A Portfolio Investment shall not be an
Eligible Portfolio Investment on any date of determination unless it meets all of the following criteria:

 

		1)	If an Investment in Indebtedness, (a) all documentation evidencing or otherwise relating to such
Portfolio Investment has been duly authorized and executed, is in full force and effect and is the legal, binding and enforceable
obligation of the parties thereto; (b) the Custodian shall have received and credited to the Custodian Account pursuant to the
terms of the Custodian Agreement an original or a copy of any transfer document or instrument relating to such Indebtedness, which,
in the case of a transfer document, evidences the assignment of such Indebtedness from the prior third party owner thereof directly
to the Obligor (together with the consent of each party required under the applicable loan documentation); and (c) the Custodian
shall have received originals or copies of each of the following, to the extent applicable (and, in the case of any syndicated,
club or multi-lender transaction, to the extent originals or copies of such loan documentation have been distributed to other lenders;
provided that the Borrower shall have used commercially reasonable efforts to obtain such documents): any related loan agreement,
credit agreement, note purchase agreement, security agreement (if separate from any mortgage), acquisition agreement pursuant to
which such Investment was acquired, subordination agreement, intercreditor or similar instruments, guarantee, assumption or substitution
agreement or similar material operative document, in each case together with any amendment or modification thereto;

 

		2)	[Reserved];

 

		3)	Such Portfolio Investment, whether originated directly or purchased, was underwritten and closed
or acquired in all material respects in accordance with the Investment Policies;

 

		4)	If the issuer of such Portfolio Investment is a “Debtor” (as defined in the definition
of “DIP Loan”) and such Portfolio Investment is a Bank Loan, such Portfolio Investment meets the other criteria set
forth in the definition of DIP Loan;

 

		5)	Such Portfolio Investment is Transferable (as defined below);

 

		6)	Such Portfolio Investment (other than an ABL Transaction) has been assigned a Risk Factor Rating
(which Risk Factor Rating shall be updated at least once every six months with Portfolio Company Data that is not more than six
months old) and the corresponding Risk Factor is not greater than 6500;

 

		7)	Such Portfolio Investment is not a Defaulted Obligation or a Restructured Investment;

 

		8)	Other than an LTV Transaction, any Portfolio Company of such Portfolio Investment satisfies at
least one of the following two conditions at all times: (i) a trailing 24-month EBITDA of at least $8,000,000 as calculated by
the Borrower in a commercially reasonable manner, or (ii) a loan (through the Borrower or Obligor’s exposure) to enterprise
value ratio of not more than 65%, where enterprise value shall be the value determined by the Approved Third-Party Appraiser in
its most recent valuation report provided in connection with such Portfolio Investment (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, if such Portfolio Investment is acquired by the Borrower in connection with or at the time of an applicable transaction
involving the equity of the related issuer, the enterprise value of such Portfolio Company may be imputed from such transaction
by the Borrower in a commercially reasonable manner);

 

    

     

    

 

		9)	Such Portfolio Investment does not represent an investment in any issuer in which Monroe Capital,
LLC, Monroe Capital Management LLC, Monroe Capital Management Advisors LLC, Monroe Capital Fund Advisors Inc., Monroe Capital Partners
Fund LP, any Obligor or any of their respective Affiliates, or any entities advised by any of the foregoing, holds any investment
other than an investment that is in the same class as such Portfolio Investment (and, in the case of multiple classes, such Investment
shall represent a ratable strip of each class) and is (a) made in accordance with the requirements of an effective SEC exemptive
order allowing such co-investment or joint follow-on investment or (b) made in compliance with the Massachusetts Mutual Life Insurance
Co., SEC No-Action Letter (pub. avail. June 7, 2000), other interpretive guidance issued by the SEC or the Investment Company Act;

 

		10)	Such Portfolio Investment does not represent an investment in any Financing Subsidiary, investment
fund, Structured Finance Obligation, or similar off balance sheet financing vehicle, or any joint venture or other Person that
is in the principal business of making debt or equity investments in other unaffiliated Persons (other than investments in LTV
Transactions);

 

		11)	(x) Such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of any liens
and Collateral Agent holds a first priority, perfected security interest in the Portfolio Investment (subject to no other Lien
other than any Eligible Liens), (y) the Collateral Agent or the Custodian as bailee on behalf of the Collateral Agent is holding
all documents evidencing or otherwise relating to such Portfolio Investment (which may be copies, except as required in paragraph
(1)(x) above) and (z) the other steps to ensure that the Collateral Agent has “control” or other customary protection
of the relevant Portfolio Investment set forth in Section 5.08 and in the Guarantee and Security Agreement have been taken;

 

		12)	Such Portfolio Investment and related documents are in compliance, in all material respects, with
applicable laws rules and regulations (including relating to usury, truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy, OFAC and USA PATRIOT Act);

 

		13)	Such Portfolio Investment is denominated
                                         and payable only in Dollars or an Agreed Foreign Currency and the issuer of such Portfolio
                                         Investment is organized under the laws of the United States or any state, commonwealth,
                                         province or territory thereof (including the District of Columbia) or any Permitted Foreign
                                         Jurisdiction or any province thereof, is domiciled in the United States or any Permitted
                                         Foreign Jurisdiction, and its principal operations and any property or other assets of
                                         the issuer thereunder pledged as collateral are primarily located in the United States
                                         or a Permitted Foreign Jurisdiction and the only place of payment of such loans is the
                                         United States or a Permitted Foreign Jurisdiction; provided, however, that the
                                         contribution to the Borrowing Base of Portfolio
                                         Investments consisting of Permitted Foreign Issuers shall not exceed 10% of the Borrowing
                                         Base; provided, further, however, that no credit shall be given to the
                                         Borrowing Base for any Portfolio Investment issued by a Permitted Foreign Issuer if any
                                         Obligor does not qualify for zero withholding for loans made to such Permitted Foreign
                                         Issuer;

 

    

     

    

 

		14)	Such Portfolio Investment, if a debt investment, bears interest which is due and payable no less
frequently than semi-annually and provides for a fixed amount of principal payable on a scheduled payment date and or at maturity
and does not have a final maturity greater than 10 years;

 

		15)	Such Portfolio Investment includes a contractual provision requiring all payments to be made without
set off, defense or counterclaim, and does not include a contractual provision granting rights of rescission, set off, counterclaim
or defense in favor of the obligor in respect of such Portfolio Investment, and no material dispute has been asserted with respect
to such Portfolio Investment;

 

		16)	(x) Such Portfolio Investment (other than an LTV Transaction) is not (i) secured primarily by a
mortgage, deed of trust or similar lien on real estate, (ii) issued by a Person whose primary asset is real estate, or whose value
is otherwise primarily derived from real estate or (iii) secured primarily by a pledge of stock issued by a holding company that,
directly or indirectly through one or more subsidiaries, owns assets primarily comprised of real estate and, (y) if such Portfolio
Investment is an LTV Transaction and is (i) secured primarily by a mortgage, deed of trust or similar lien on real estate (a “Direct
Real Estate LTV Transaction”) or (ii) (a) secured primarily by a pledge of stock issued by a holding company that, directly
or indirectly through one or more subsidiaries, owns assets primarily comprised of real estate (it being the understanding that
with respect to any holding company whose value is primarily derived from real estate, an Obligor must have a pledge of all of
the Equity Interests of the operating company that is the fee owner of such real estate) or (b) issued by a Person whose primary
asset is real estate, or whose value is otherwise primarily derived from real estate (the LTV Transactions described in this subclause
(ii), each, an “Indirect Real Estate LTV Transaction” and, collectively, together with the Direct Real Estate LTV Transactions,
 “Real Estate LTV Transactions”), (1) the Borrower has received a Phase I Environmental Site Assessment (and, if such
Phase I Environmental Site Assessment recommends that testing or sampling be performed, a Phase II Environmental Site Assessment)
confirming that the underlying real estate has no currently recognized environmental conditions or documenting that any identified
recognized environmental conditions either would not have a material adverse effect on the condition, use and value of the property
or that no further action, including investigation or remediation, is required by applicable law and any regulatory authority with
jurisdiction with respect to such recognized environmental condition, (2) the Borrower has received an appraisal as of a recent
date on or prior to the date of its initial investment and (3) the loan to fair market value (determined pursuant to the most recent
appraisal) ratio of such Portfolio Investment does not exceed 80% as of the date of the Borrower’s initial investment;

 

    

     

    

 

		17)	Such Portfolio Investment does not represent a consumer obligation (including, without limitation,
a mortgage loan, auto loan, credit card loan or personal loan);

 

		18)	No payment in respect of such Portfolio Investment, if a debt investment, is subject to withholding
in respect to taxes of any nature, unless the issuer is required to make customary and market-based gross-up payments on an after
tax basis for the full amount of such tax;

 

		19)	Such Portfolio Investment is not a derivative instrument;

 

		20)	The issuer of such Portfolio Investment (or an agent on its behalf) is required to make payments
directly into an account of the Borrower or any Obligor over which the Collateral Agent has “control” and no other
person’s assets are commingled in such account;

 

		21)	No Person acting as administrative agent, collateral agent or in a similar capacity shall be an
Affiliate of the Borrower unless such person is an Obligor; and,

 

		22)	If such Portfolio Investment for which market quotations are not readily available is a Bank Loan
and the issuer of such Portfolio Investment has issued a Permitted Prior Working Capital Lien, the Borrower has delivered to the
Administrative Agent a written valuation report of an Approved Third-Party Appraiser determining the enterprise value of such issuer
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 issuer of such Portfolio Investment may be calculated by
the Borrower in a commercially reasonable manner).

 

For purposes of paragraph (5)
above, “Transferable” means, in the case of any Portfolio Investment, both that:

 

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

 

(ii)             
such Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts
the assignment of such Obligor’s, or any assignee of Obligor’s, rights under such Portfolio Investment (including any
requirement that any Obligor maintain a minimum ownership percentage of such Portfolio Investment); provided that, such
Portfolio Investment may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which
assignments may be subject to the consent of the obligor or Portfolio Company or agent under the Portfolio Investment so long as
the applicable provision also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties
that are not ‘eligible assignees’ within the customary and market based meaning of the term, and (c) restrictions on
transfer to the applicable obligor or Portfolio Company under the Portfolio Investment or its equity holders or financial sponsor
entities.

 

    

     

    

 

Schedule
1.01(e)

 

Industry
Classification Groups

 

		1)	Aerospace & Defense

		2)	Automotive

		3)	Banking, Finance, Insurance & Real Estate

		4)	Beverage, Food, & Tobacco

		5)	Capital Equipment

		6)	Chemicals, Plastics, & Rubber

		7)	Construction & Building

		8)	Consumer Goods: Durable

		9)	Consumer Goods: Non-Durable

		10)	Containers, Packaging, & Glass

		11)	Energy: Electricity

		12)	Energy: Oil & Gas

		13)	Environmental Industries

		14)	FIRE: Finance

		15)	FIRE: Insurance

		16)	FIRE: Real Estate

		1417)	Forest Products & Paper

		1518)	Healthcare & Pharmaceuticals

		1619)	High Tech Industries

		1720)	Hotel, Gaming,
& Leisure

		1821)	Media: Advertising, Printing & Publishing

		1922)	Media: Broadcasting & Subscription

		2023)	Media: Diversified & Production

		2124)	Metals & Mining

		2225)	Retail

		2326)	Services: Business

		2427)	Services: Consumer

		2528)	Sovereign & Public Finance

		2629)	Telecommunications

		2730)	Transportation: Cargo

		2831)	Transportation: Consumer

		2932)	Utilities: Electric

		3033)	Utilities: Oil & Gas

		3134)	Utilities: Water

		3235)	WholesaleEX-4.1

 Exhibit 4.1 

ATMOS ENERGY CORPORATION 

Officers’ Certificate Pursuant to Section 301 of the Indenture 

October 2, 2019 
 Each of
the undersigned, Daniel M. Meziere, Vice President and Treasurer, and Karen E. Hartsfield, Senior Vice President, General Counsel and Corporate Secretary of Atmos Energy Corporation (the “Company”) certifies, pursuant to the authority
delegated to each of them, as an officer of the Company, pursuant to the resolutions adopted by the board of directors of the Company (the “Board”) on August 6, 2019 (copies of which resolutions are attached hereto as Exhibit
I), that pursuant to Section 301 of the Indenture dated as of March 26, 2009 (the “Indenture”) between the Company and U.S. Bank National Association, as trustee (the “Trustee”), a series of debt securities of the
Company is hereby established with the following terms and provisions (unless otherwise defined herein, capitalized terms used herein have the meaning given thereto in the Indenture): 

1.    The titles of the series of the securities to be issued are the 2.625% Senior Notes due 2029 (the
“2029 Notes”) and the 3.375% Senior Notes due 2049 (the “2049 Notes” and together with the 2029 Notes, the “Notes”). 

2.    The Notes are unsubordinated and will rank equally with all of the Company’s other unsecured and
unsubordinated debt. Subordinated debt will rank junior to the Notes and the Company’s other senior debt. 

3.    The aggregate principal amount of the 2029 Notes that initially may be issued under the Indenture, in
connection with the Underwriting Agreement, dated as of September 25, 2019, among the Company and certain underwriters named therein, is $300,000,000, and the Stated Maturity of the 2029 Notes is September 15, 2029. The Notes shall be
offered to the public at a price representing 99.940% of their principal amount. 
 4.    The aggregate
principal amount of the 2049 Notes that initially may be issued under the Indenture, in connection with the Underwriting Agreement, dated as of September 25, 2019, among the Company and certain underwriters named therein, is $500,000,000, and
the Stated Maturity of the 2049 Notes is September 15, 2049. The Notes shall be offered to the public at a price representing 99.926% of their principal amount. 

5.    The 2029 Notes shall bear interest at the rate of 2.625% per annum. Interest on the Notes will be
payable in arrears on March 15 and September 15 of each year (each, an “Interest Payment Date”), beginning March 15, 2020. Interest payable on each Interest Payment Date will include interest accrued from and including
October 2, 2019, or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, to but excluding such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be
paid to the Holder in whose 

 
name the Notes are registered at the close of business on the March 1 or September 1 (whether or not a Business Day) preceding the respective Interest Payment Date. The payment of any
Defaulted Interest on the Notes shall be payable to the Holders of the Notes on a Special Record Date established therefor pursuant to the Indenture, or shall be paid at any time in any other lawful manner, all as more fully provided in the
Indenture. 
 6.    The 2049 Notes shall bear interest at the rate of 3.375% per annum. Interest on the
Notes will be payable in arrears on March 15 and September 15 of each year (each, an “Interest Payment Date”), beginning March 15, 2020. Interest payable on each Interest Payment Date will include interest accrued from and
including October 2, 2019, or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, to but excluding such Interest Payment Date. Interest will be computed on the basis
of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Holder in whose name the Notes are registered at the close of business on the March 1 or September 1 (whether or not a Business Day) preceding the respective Interest Payment Date. The payment of any Defaulted
Interest on the Notes shall be payable to the Holders of the Notes on a Special Record Date established therefor pursuant to the Indenture, or shall be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 

7.    Payment of the principal of (and premium, if any) and interest on the Notes will be made at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, or at such other office or agency of the Company as may be maintained for such purpose, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. So long as the Notes remain in book-entry form, all payments of principal and interest will be made by the Company in immediately available funds. 

8.    The Company may redeem the 2029 Notes prior to maturity at the Company’s option, at any time in
whole or from time to time in part. Prior to June 15, 2029, the Redemption Price will be equal to the greater of: 

(a)    100% of the principal amount of the Notes to be redeemed, and 

(b)    as determined by the Quotation Agent (as defined below), the sum of the present values of the
Remaining Scheduled Payments (as defined below) of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (as defined below), discounted to the Redemption Date on a semi-annual basis assuming a
360-day year consisting of twelve 30-day months at the Adjusted Treasury Rate (as defined below) plus 15 basis points; plus, in each case, accrued and unpaid interest on
the principal amount of Notes to be redeemed to the Redemption Date. 
 At any time on or after June 15, 2029, the Redemption Price
shall be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. 

  
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 9.    The Company may redeem the 2049 Notes prior to
maturity at the Company’s option, at any time in whole or from time to time in part. Prior to March 15, 2049, the Redemption Price will be equal to the greater of: 

(a)    100% of the principal amount of the Notes to be redeemed, and 

(b)    as determined by the Quotation Agent (as defined below), the sum of the present values of the
Remaining Scheduled Payments (as defined below) of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (as defined below), discounted to the Redemption Date on a semi-annual basis assuming a
360-day year consisting of twelve 30-day months at the Adjusted Treasury Rate (as defined below) plus 20 basis points; plus, in each case, accrued and unpaid interest on
the principal amount of Notes to be redeemed to the Redemption Date. 
 At any time on or after March 15, 2049, the Redemption Price shall be equal to
100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. 
 “Adjusted
Treasury Rate” means, for any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price of the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for that Redemption Date; 
 “Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming the Notes matured on the Par Call Date) that would be used, at the time of a selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed; 

“Comparable Treasury Price” means, for any Redemption Date, the average of the Reference Treasury Dealer Quotations for that
Redemption Date; 
 “Par Call Date” means June 15, 2029, for the 2029 Notes, and March 15, 2049, for the 2049 Notes;

 “Quotation Agent” means any Reference Treasury Dealer appointed by the Company to act as a quotation agent; 

“Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, and
any Primary Treasury Dealer (as defined below) selected by Credit Agricole Securities (USA) Inc. or any of such parties’ successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer
(each, a “Primary Treasury Dealer”), the Company will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer; 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed, in 

  
 3 

 
each case, as a percentage of its principal amount) quoted in writing to the Trustee at 5:00 p.m., Eastern time, by such Reference Treasury Dealer on the third Business Day preceding such
Redemption Date; and 
 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the
remaining scheduled payments of the principal and interest on such Note that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date, the amount of the
next succeeding scheduled interest payment on such Note will be reduced by the amount of interest accrued on such Note to such Redemption Date. 

10.    In the case of a partial redemption of the Notes, the Notes to be redeemed shall be selected by the
Trustee in accordance with the procedures of the Depository from the outstanding Notes not previously called for redemption. Notice of any redemption will be mailed by first class mail at least 30 days but not more than 60 days before the Redemption
Date to each Holder of the Notes to be redeemed at its registered address. If any Notes are to be redeemed in part only, the notice of redemption will state the portion of the principal amount of the Notes to be redeemed. A new Note in a principal
amount equal to the unredeemed portion of the Note will be issued in the name of the Holder of the Note upon surrender for the cancellation of the original Note. A partial redemption will not reduce the portion of any Note not being redeemed to a
principal amount of less than $2,000. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or the portions of the Notes called for redemption. 

11.    Section 703 of the Indenture is replaced with the following in its entirety for purposes of the
Notes only: 
 The Company shall: 

(1)    file with the Trustee, within 30 days after the Company has filed the same with the Commission,
unless such reports are available on the Commission’s EDGAR filing system (or any successor thereto), copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe), which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such Sections, then the Company shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations; 
 (2)    file with the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations; and 

  
 4 

 (3)    transmit to all Holders, as their names and
addresses appear in the Security Register, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed
by the Company pursuant to Subsections (1) and (2) of this Section 703 as may be required by rules and regulations prescribed from time to time by the Commission. 

12.    The Company has no obligation to redeem, purchase or repay the Notes pursuant to any mandatory
redemption or sinking fund or analogous provisions or at the option of the Holder thereof. 
 13.    The
entire principal amount of the Notes shall be payable upon declaration of acceleration of the Maturity of the Notes pursuant to the Indenture. 

14.    The defeasance and covenant defeasance provisions of Article Fourteen of the Indenture shall apply
to the Notes. 
 15.    The Trustee, the initial Paying Agent and the initial Security Registrar for the
Notes shall be U.S. Bank National Association. The Security Register for the Notes shall be initially maintained at, and the place where such Notes may be surrendered for registration of transfer or exchange shall be, the Trustee’s Corporate
Trust Office located at 1349 West Peachtree Street, Suite 1050, Atlanta, Georgia 30309. 
 16.    The
Notes will be issued in registered permanent global form and each evidenced by a global security (together, the “Global Securities”) in substantially the forms attached hereto as Exhibit II-A
and Exhibit II-B, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have imprinted or otherwise reproduced thereon
such legend or legends or endorsements, not inconsistent with the provisions of the Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to
general usage, all as may be determined by the officers executing each such Global Security, as evidenced by their execution of such Global Security. The beneficial owners of interests in each of the Global Securities may exchange such interests for
Notes in certificated form (the “Definitive Notes”) only in limited circumstances as provided in the Indenture. In the event that Definitive Notes are issued in exchange for a Global Security, the form of certificate evidencing each
Definitive Note shall be in substantially the form of the attached Global Securities, with such changes as are necessary to evidence the Notes in definitive form rather than as a Global Security. The Company initially appoints DTC to act as
Depository with respect to the Notes. 
 17.    The Notes are issuable in denominations of $2,000 and any
integral multiples of $1,000 in excess thereof. 
 18.    The Events of Default set forth in the
Indenture shall apply to the Notes. 

  
 5 

 19.    The Company will not pay Additional Amounts on
the Notes held by any Holder who is not a United States person in respect of any tax, assessment or governmental charge withheld or deducted. 

20.    The Company may, at any time, without the consent of the Holders of the Notes, create and issue
additional securities having the same ranking, interest rate, maturity and other terms as the Notes. Any such additional securities shall be consolidated and form the same series of the Notes having the same terms as to status, redemption and
otherwise as the Notes under the Indenture. 
 Each of us further certifies that the form and terms of the Notes as established in this
certificate have been established pursuant to Section 301 of the Indenture and comply with the Indenture. 
 [Signature page follows]

  
 6 

 IN WITNESS WHEREOF, I have executed this certificate as of the date first written above.

  

			
	 By:
	 	  

	 Name:
	 	 Daniel M. Meziere

	 Title:
	 	 Vice President and Treasurer

 IN WITNESS WHEREOF, I have executed this certificate as of the date first written above. 

 

			
	By:	 	  

	Name:	 	Karen E. Hartsfield
	Title:	 	Senior Vice President, General Counsel and Corporate Secretary

 Officers’ Certificate Pursuant to Section 301 of the Indenture

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