Document:

Exhibit 10.17

 

EXECUTION VERSION

 

GOLUB CAPITAL INVESTMENT CORPORATION CLO
2016(M) LLC

NOTESNPA

 

U.S. $220,000,000 CLASS A SENIOR SECURED
FLOATING RATE NOTES DUE 2028

 

U.S. $32,500,000 CLASS B SENIOR SECURED
FLOATING RATE NOTES DUE 2028

 

U.S. $42,300,000 CLASS C SENIOR SECURED
DEFERRABLE FLOATING RATE NOTES DUE 2028

 

U.S. $28,600,000 CLASS D SENIOR SECURED
DEFERRABLE FLOATING RATE NOTES DUE 2028

 

NOTE PURCHASE AND PLACEMENT AGREEMENT

 

August 16, 2016

 

Wells Fargo Securities, LLC,

as the Initial Purchaser

550 S. Tryon Street

5th Floor

Charlotte, NC 28202

Attention: Asset-Backed Finance – Golub Capital Investment
Corporation CLO 2016(M) LLC

 

Ladies and Gentlemen:

 

Section 1.          Authorization
of Notes.

 

This Note Purchase and
Placement Agreement (the “Agreement”) is entered into among Golub Capital Investment Corporation CLO 2016(M)
LLC (f/k/a GCIC CLO 2016-1 LLC), a Delaware limited liability company (the “Issuer”), Wells Fargo Securities,
LLC, as the initial purchaser and as the placement agent (collectively, in such capacities, the “Initial Purchaser”)
and Golub Capital Investment Corporation, a Maryland corporation (the “Transferor”). The Issuer has duly authorized
the sale of the Golub Capital Investment Corporation CLO 2016(M) LLC Notes to the Initial Purchaser, in an amount equal to U.S.$220,000,000
principal amount of Class A Notes (the “Class A Notes”) and U.S.$32,500,000 principal amount of Class B Notes
(the “Class B Notes and, together with the Class A Notes, the “Purchased Notes”). To the extent
specified on Schedule I hereto, the Issuer will also issue, and the Initial Purchaser will place, on a reasonable best efforts
basis, a portion of the notes, subject to the terms and conditions stated herein (the “Placed Notes” and the
Placed Notes together with the Purchased Notes, the “Offered Notes”). The Issuer will also issue U.S.$42,300,000
principal amount of Class C Notes (the “Class C Notes”) and U.S.$28,600,000 principal amount of Class D Notes
(the “Class D Notes” and, the Class D Notes together with the Class C Notes, the “Non-Offered Notes”
and, the Non-Offered Notes together with the Offered Notes, the “Notes”), a beneficial interest of which the
Transferor will purchase on the Closing Date (as defined below) directly from the Issuer (provided that the Initial Purchaser
may facilitate the settlement of the Non-Offered Notes solely as an accommodation to the Issuer and the Transferor). Any reference
herein to the sale of the Notes to or by the Initial Purchaser shall include the distribution to, and placement by, the Initial
Purchaser to the extent reflected as such on Schedule I hereto.  The Offered Notes will be secured by the assets of
the Issuer. The Notes will be issued pursuant to an Indenture, to be dated as of August 16, 2016 (the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as the Trustee (the “Trustee”). Pursuant to the
Indenture, as security for the indebtedness represented by the Offered Notes, the Issuer will pledge and grant to the Trustee a
security interest in the Collateral Obligations. The Collateral Obligations will be managed by GC Advisors LLC (the “Collateral
Manager”) pursuant to the Collateral Management Agreement. The Issuer has retained the Collateral Administrator to perform
certain administrative duties with respect to the Collateral Obligations pursuant to the Collateral Administration Agreement. This
Agreement, the Indenture, the Collateral Management Agreement, the Collateral Administration Agreement and the Loan Sale Agreement
are referred to collectively herein as the “Transaction Documents.”

 

     

     

    

  

Capitalized terms used
herein but not otherwise defined shall have the meanings set forth in the Indenture or the Final Memorandum, as applicable.

 

The Offered Notes are to
be offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”), to
(i) “qualified purchasers” (“Qualified Purchasers”) for purposes of Section 3(c)(7) under the Investment
Company Act of 1940, as amended (the “1940 Act”) that are non-United States persons outside of the United States
in reliance on Regulation S under the Securities Act (“Regulation S”), and (ii) persons that are both (A) (x)
“qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A under the
Securities Act (“QIBs”) or (y) solely in the case of Offered Notes issued as Certificated Offered Notes, to
institutional “accredited investors” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) (“Institutional
Accredited Investors”) and (B) Qualified Purchasers or entities owned exclusively by Qualified Purchasers.

 

In connection with the
sale of the Offered Notes, the Issuer has prepared an initial preliminary offering circular dated July 11, 2016 (including any
exhibits thereto and all information incorporated therein by reference, the “Initial Preliminary Memorandum”),
a second preliminary offering circular dated July 21, 2016 (including any exhibits thereto and all information incorporated therein
by reference, the “Second Preliminary Memorandum”) and a final offering circular dated August 11, 2016 (including
any exhibits, amendments or supplements thereto and all information incorporated therein by reference, the “Final Memorandum”,
and each of the Initial Preliminary Memorandum, the Second Preliminary Memorandum and the Final Memorandum, a “Memorandum”)
including a description of the terms of the Offered Notes, the terms of the offering, and the Issuer. It is understood and agreed
that the close of business on August 16, 2016 constitutes the time of the contract of sale for each purchaser of the Offered Notes
offered to the investors for purposes of Rule 159 under the Securities Act (the “Time of Sale”) and that (i)
the Final Memorandum and (ii) the information set forth on Schedule II hereto constitute the entirety of the information
conveyed to investors as of the Time of Sale (the “Time of Sale Information”).

 

It is understood and agreed
that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements, underwriting agreements
or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and nothing contained
herein shall be construed in any way as precluding or restricting the Initial Purchaser’s right to sell or offer for sale
any securities issued by any person, including securities similar to, or competing with, the Notes.

 

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During each Interest Accrual
Period, the Class A Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 2.15% per annum,
the Class B Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.00% per annum,
the Class C Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.10% per annum
and the Class D Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.25% per annum.

 

Each of the Transferor
and the Issuer, as applicable, hereby agrees with the Initial Purchaser as follows:

 

Section 2.          Purchase
and Sale of Offered Notes.

 

Subject to the terms and
conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to the Initial Purchaser
the Purchased Notes, and the Initial Purchaser has agreed to use its reasonable best efforts to resell the aggregate principal
amount of Purchased Notes and to place the aggregate principal amount of Placed Notes, in each case, set forth on Schedule I
hereto with investors in accordance with the terms hereof. If purchased, the Purchased Notes will be purchased at the price specified
on Schedule II. It is understood and agreed that the structuring and placement fee payable by the Issuer to the Initial
Purchaser on the Closing Date with respect to the Offered Notes is $2,152,951.50. Such fee payable by the Issuer may be netted
by the Initial Purchaser against its purchase price payment for the Purchased Notes. It is understood and agreed that the Initial
Purchaser is not acquiring, and has no obligation to acquire, the Non-Offered Notes (a beneficial interest of such Non-Offered
Notes will be purchased by the Transferor on the Closing Date). It is further understood and agreed that the Initial Purchaser
may retain the Offered Notes, purchase the Offered Notes for its own account, place the Offered Notes directly with its affiliates,
or sell the Offered Notes to its affiliates or to any other investor in accordance with the applicable provisions hereof and of
the Indenture.

 

(a)          In
addition, whether or not the transaction contemplated hereby shall be consummated, the Transferor agrees to pay (or cause to be
paid by the Issuer) all costs and expenses incident to the performance by the Transferor and the Issuer of their obligations hereunder
and under the documents to be executed and delivered in connection with the offering, issuance, sale and delivery of the Offered
Notes (the “Documents”), including, without limitation or duplication, (i) the fees and disbursements of counsel
to the Transferor and the Issuer; (ii) the fees and expenses of the Trustee and the Collateral Administrator incurred in connection
with the issuance of the Offered Notes and their or its counsel, as applicable; (iii) the fees and expenses of any bank establishing
and maintaining accounts on behalf of the Issuer or in connection with the transaction; (iv) the fees and expenses of the
accountants for the Transferor and the Issuer, including the fees for the “comfort letters” or “agreed–upon
procedures letters” required by the Initial Purchaser, any rating agency or any purchaser in connection with the offering,
sale, issuance and delivery of the Offered Notes; (v) all expenses incurred in connection with the preparation and distribution
of each Memorandum and other disclosure materials prepared and distributed and all expenses incurred in connection with the preparation
and distribution of the Transaction Documents; (vi) the fees charged by any securities rating agency for rating the Offered Notes;
(vii) the fees for any securities identification service for any CUSIP or similar identification number required by the purchasers
or requested by the Initial Purchaser; (viii) the reasonable fees and disbursements of counsel to the Initial Purchaser (not
to exceed $150,000); (ix) all expenses in connection with the qualification of the Offered Notes for offering and sale under state
securities laws, including the fees and disbursements of counsel and, if requested by the Initial Purchaser, the cost of the preparation
and reproduction of any “blue sky” or legal investment memoranda; (x) any federal, state or local taxes, registration
or filing fees (including Uniform Commercial Code financing statements) or other similar payments to any federal, state or local
governmental authority in connection with the offering, sale, issuance and delivery of the Offered Notes; (xi) all expenses associated
with listing the Notes on the Irish Stock Exchange; and (xii) the reasonable fees and expenses of any special counsel or other
experts required to be retained to provide advice, opinions or assistance in connection with the offering, issuance, sale and delivery
of the Offered Notes; provided that in the event the Documents do not close, such costs and expenses shall be allocated
among the parties hereto in accordance with that certain Engagement Letter, dated as of June 16, 2016, by and between the Initial
Purchaser and the Collateral Manager.

 

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Section 3.          Delivery.

 

Delivery of the Offered
Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Offered
Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser for purposes
of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined herein), shall be delivered in fully registered,
certificated form in an amount not less than the applicable minimum denomination set forth in the Final Memorandum at the offices
of Dechert LLP at 10:00 a.m. New York City, New York time, on August 16, 2016, or such other place, time or date as may be
mutually agreed upon by the Initial Purchaser and the Transferor (the “Closing Date”). Subject to the foregoing,
the Offered Notes will be registered in such names and such denominations as the Initial Purchaser shall specify in writing to
the Transferor and the Trustee.

 

Section 4.          Representations
and Warranties of the Transferor and the Issuer.

 

Each of the Transferor
(as to itself and the Issuer) and the Issuer represents and warrants to the Initial Purchaser, as of the date hereof and as of
the Closing Date, that:

 

(i)          The
Final Memorandum and any additional information and documents concerning the Offered Notes, including but not limited to one or
more marketing books or preliminary offering circulars, delivered by or on behalf of the Issuer to prospective purchasers of the
Offered Notes (collectively, such additional information and documents, the “Additional Offering Documents”),
did not, each as of their respective dates or the date on which such statement was made and, with respect to the Final Memorandum,
as of the Closing Date, include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements in each, in light of the circumstances under which they were made, not misleading; provided that (i) no representation
or warranty is being made as to the information contained in or omitted from the Final Memorandum or the Additional Offering Documents
in reliance upon and in conformity with information furnished in writing by or on behalf of the Initial Purchaser referenced in
the last sentence of Section 8(a) herein and (ii) no representation or warranty is being made as to any statements or omissions
made in any Additional Offering Documents to the extent such statements or omissions were corrected, included or clarified in the
Final Memorandum.

 

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(ii)         The
Time of Sale Information, as of the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided that no representation or warranty is being made as to the information contained in or omitted from the Time of
Sale Information in reliance upon and in conformity with information furnished in writing by or on behalf of the Initial Purchaser
referenced in the last sentence of Section 8(a) herein.

 

(iii)        Each
of the Transferor and the Issuer is duly organized and validly existing under the laws of its jurisdiction of organization, has
all power and authority necessary to own or hold its properties and conduct its business in which it is engaged as described in
each Memorandum and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified
in each jurisdiction in which the conduct of its business (including, without limitation, the origination and acquisition of Collateral
Obligations and performing its obligations hereunder and under the other Transaction Documents) requires such licensing or qualification
and in which the failure so to qualify would have a material adverse effect on the business, properties, assets, or condition (financial
or otherwise) of such entity.

 

(iv)        This
Agreement has been duly authorized, executed and delivered by the Transferor and the Issuer and, assuming due authorization, execution
and delivery thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Transferor and the
Issuer enforceable against the Transferor and the Issuer in accordance with its terms, subject, as to enforcement only, to the
effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally or the application of equitable principles in any proceeding, whether at law or in equity.

 

(v)         Each
of the other Transaction Documents has been duly authorized, executed and delivered by the Transferor and the Issuer, as applicable,
and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes the valid and binding
agreement of the Transferor and the Issuer, as applicable, enforceable against the Transferor and the Issuer, as applicable, in
accordance with their respective terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles
in any proceeding, whether at law or in equity.

 

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(vi)        The
Offered Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to
and paid for by the Initial Purchaser in accordance with this Agreement, the Offered Notes will constitute valid and binding obligations
of the Issuer, enforceable against the Issuer in accordance with their terms, subject, as to enforcement only, to the effect of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally
or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits
of the Indenture.

 

(vii)       Other
than as set forth in or contemplated by the Final Memorandum, there are no legal or governmental proceedings pending to which the
Transferor or the Issuer is a party or of which any property or assets of the Transferor or the Issuer are the subject of which
could reasonably be expected to materially adversely affect the financial position, stockholders’ or members’ equity
or results of operations of the Transferor or the Issuer or on the performance by the Transferor or the Issuer of its obligations
hereunder or under the other Transaction Documents to which it is a party; and to the knowledge of the Transferor, no such proceedings
are threatened or contemplated by governmental authorities or threatened by others.

 

(viii)      The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation
by the Transferor and the Issuer and of the transactions contemplated herein and therein and in all documents relating to the Notes
will not result in any breach or violation of, or constitute a default under, any agreement or instrument to which the Transferor
or the Issuer is a party or to which any of its respective properties or assets are subject, except for such of the foregoing as
to which relevant waivers, consents or amendments have been obtained and are in full force and effect or which would not reasonably
be expected to have a material adverse effect on the financial position, stockholders’ or members’ equity or results
of operations of the Transferor or the Issuer or on the performance by the Transferor or the Issuer of its obligations hereunder
or under the other Transaction Documents to which it is a party, nor will any such action result in a violation of the organizational
documents of the Transferor or the Issuer or any applicable law.

 

(ix)         Neither
the Issuer nor the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by the Transaction
Documents will be, required to be registered as an “investment company” under the 1940 Act.

 

(x)          Assuming
the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection with the offer, sale
and delivery of the Offered Notes in the manner contemplated by this Agreement and each Memorandum to register the Offered Notes
under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

 

(xi)         The
Offered Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. As of the Closing Date, the Offered
Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered
under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (ii) quoted
in any “automated inter-dealer quotation system” (as such term is used in the Exchange Act) in the United States.

 

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(xii)        [Reserved].

 

(xiii)       After
giving effect to the transfers on the Closing Date and any contemporaneous releases, the Issuer will own the Collateral Obligations
conveyed to it on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests (“Liens”)
other than Liens permitted by the Transaction Documents.

 

(xiv)      Upon
the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Purchased Notes, payment by the
applicable purchasers for the Placed Notes, delivery to the Initial Purchaser of the Purchased Notes and delivery of the Non-Offered
Notes to the Transferor, the Issuer will own the Collateral Obligations conveyed to it on the Closing Date and the Initial Purchaser
will acquire title to the Purchased Notes, in each case free of Liens except such Liens as may be created or granted by the Initial
Purchaser and those permitted in the Transaction Documents.

 

(xv)       No
consent, authorization or order of, or filing or registration with, any court or governmental agency is required for the issuance
and sale of the Offered Notes or the execution, delivery and performance by the Transferor or the Issuer, as applicable, of this
Agreement or the other Transaction Documents to which it is a party, except such consents, approvals, authorizations, filings,
registrations or qualifications as have been obtained or as may be required under the Securities Act or state securities or blue
sky laws or the rules and regulations of the Financial Industry Regulatory Authority in connection with the sale and delivery of
the Offered Notes in the manner contemplated herein.

 

(xvi)      The
Collateral Obligations in all material respects have the characteristics described in the Time of Sale Information and the Final
Memorandum.

 

(xvii)     Each
of the representations and warranties of the Transferor and the Issuer set forth in each of the other Transaction Documents to
which such entity is a party is true and correct in all material respects.

 

(xviii)    No
adverse selection procedures were used in selecting the Collateral Obligations from among the loans that meet the criteria set
forth in the Indenture and that are included in the Assets.

 

(xix)       Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”))
of the Issuer nor anyone acting on their behalf has, directly or indirectly (except to or through the Initial Purchaser), sold
or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of,
any of the Offered Notes and neither the Issuer nor any of its affiliates will do any of the foregoing. As used herein, the terms
“offer” and “sale” have the meanings specified in Section 2(3) of the Securities Act.

 

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(xx)        Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer has directly, or through any agent, sold,
offered for sale, solicited offers to buy or otherwise negotiated in respect of any security (as defined in the Securities Act)
which is or will be integrated with the sale of the Offered Notes in a manner that would require the registration under the Securities
Act of the offering contemplated by each Memorandum or engaged in any form of general solicitation or general advertising in connection
with the offering of the Offered Notes.

 

(xxi)       With
respect to any Offered Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has not offered or sold
such Offered Notes during the Distribution Compliance Period to (A) a U.S. person or for the account or benefit of a U.S. person
(other than the Initial Purchaser) or (B) a non-U.S. person that is not a Qualified Purchaser. For this purpose, the term “Distribution
Compliance Period” and “U.S. person” are defined as such term is defined in Regulation S.

 

(xxii)      Since
the date of the latest financial statements of the Transferor as of March 31, 2016, there has been no change or any development
or event involving a prospective change which has had or could reasonably be expected to have a material adverse change in or effect
on (i) the business, operations, properties, assets, liabilities, stockholders’ equity, earnings, condition (financial or
otherwise), results of operations or management of the Transferor and its subsidiaries, considered as one enterprise, whether or
not in the ordinary course of business, or (ii) the ability of the Transferor to perform its obligations hereunder or under the
other Transaction Documents to which it is a party.

 

(xxiii)     The
Notes and the Transaction Documents conform in all material respects to the descriptions thereof in the Final Memorandum.

 

(xxiv)    Any
taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and the other Transaction
Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date.

 

(xxv)     On
or before the Closing Date, the Issuer has provided a written representation (the “17g-5 Representations”) to
each nationally recognized statistical rating organization hired to rate the Notes, which satisfies the requirements of paragraph
(a)(3)(iii) of Rule 17g-5 of the Exchange Act, and a copy of which has been delivered to the Initial Purchaser. The Issuer has
complied, and has caused each of its affiliates to comply, with the 17g-5 Representations.

 

(xxvi)    No
proceeds received by the Transferor or the Issuer in respect of the Notes will be used by the Transferor or the Issuer to acquire
any security in any transaction which is subject to Section 13 or 14 of the Exchange Act.

 

(xxvii)   (i)
To the extent applicable thereto, each of the Transferor, the Issuer and their respective ERISA Affiliates is in compliance in
all material respects with ERISA unless any failure to so comply could not reasonably be expected to have a material adverse effect
and (ii) no lien under Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph,
the term “ERISA Affiliate” means, with respect to any Person, a corporation, trade or business that is, along
with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA).

 

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(xxviii)    
Neither the Transferor nor the Issuer has paid or agreed to pay to any Person any compensation for soliciting another Person to
purchase any of the Offered Notes (except as contemplated by this Agreement).

 

(xxix)      Neither
the Transferor nor the Issuer has taken, directly nor indirectly, any action designed to cause or to result in, or that has constituted
or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any Offered Note or to facilitate
the sale or resale of the Offered Notes.

 

(xxx)        On
and immediately after the Closing Date, each of the Transferor and the Issuer (after giving effect to the issuance of the Notes
and to the other transactions related thereto as described in the Time of Sale Information and the Final Memorandum) will be Solvent.
As used in this paragraph, the term “Solvent” means, with respect to a particular date such Person, that on
such date (A) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the
total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent
liabilities) as they become absolute and matured, (B) such Person is able to realize upon its assets and pay its debts and other
liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (C) assuming
the sale of the Notes as contemplated by this Agreement, Time of Sale Information and the Final Memorandum, such Person is not
incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature and (D) such Person is not engaged
in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute
unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.
In computing the amount of such contingent liabilities at any time, it is intended that such liabilities will be computed at the
amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability.

 

Section 5.          Sale
and Placement of Offered Notes on Closing Date.

 

The sale of the Purchased
Notes to the Initial Purchaser and placement by the Initial Purchaser of the Placed Notes will be made without registration of
the Offered Notes under the Securities Act, in reliance upon the exemption therefrom provided by Section 4(a)(2) of the Securities
Act.

 

(a)          The
Transferor, the Initial Purchaser and the Issuer hereby agree that the Offered Notes will be offered and sold only in transactions
exempt from registration under the Securities Act. The Transferor, the Initial Purchaser and the Issuer will each reasonably believe
at the time of any sale of the Offered Notes by the Issuer through the Initial Purchaser (i) that either (A) each purchaser of
the Offered Notes is (1) a QIB who is a Qualified Purchaser purchasing for its own account (or for the accounts of QIBs who are
Qualified Purchasers to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule
144A under the Securities Act) in transactions meeting the requirements of Rule 144A under the Securities Act, or (2) solely in
the case of Offered Notes issued as Certificated Offered Notes, an Institutional Accredited Investor who is a Qualified Purchaser
who purchases for its own account and provides the Initial Purchaser with a written certification in substantially the form attached
to the Indenture, or (B) each purchaser is a Qualified Purchaser that is acquiring the Offered Notes in an offshore transaction
meeting the requirements of Regulation S, and (ii) that the offering of the Offered Notes will be made in a manner that will
enable the offer and sale of the Offered Notes to be exempt from registration under state securities or Blue Sky laws; and each
such party understands that no action has been taken to permit a public offering in any jurisdiction where action would be required
for such purpose. The Transferor, the Initial Purchaser and the Issuer each further agree not to (i) engage (and each such party
represents that it has not engaged) in any activity that would constitute a public offering of the Offered Notes within the meaning
of Section 4(a)(2) of the Securities Act or (ii) offer or sell the Offered Notes by (and each such party represents that it
has not engaged in) any form of general solicitation or general advertising (as those terms are used in Regulation D), including
the methods described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Offered Notes.

 

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(b)          The
Initial Purchaser hereby represents and warrants to and agrees with the Transferor, that (i) it is a QIB and a Qualified Purchaser
and (ii) it will offer the Offered Notes only (A) to persons who it reasonably believes are QIBs who are Qualified Purchasers in
transactions meeting the requirements of Rule 144A under the Securities Act, (B) to institutional investors who it reasonably believes
are Institutional Accredited Investors who are Qualified Purchasers or (C) to persons that are Qualified Purchasers that are acquiring
the Offered Notes in offshore transactions in accordance with Regulation S. The Initial Purchaser further agrees that (i) it will
deliver to each purchaser of the Offered Notes, at or prior to the Time of Sale, a copy of the Time of Sale Information, as then
amended or supplemented, and (ii) prior to any sale of the Offered Notes to an Institutional Accredited Investor that it does
not reasonably believe is a QIB who is a Qualified Purchaser, it will receive from such Institutional Accredited Investor a written
certification in substantially the applicable form attached to the Indenture.

 

(c)          The
Initial Purchaser hereby represents that it is duly authorized and possesses the requisite corporate power to enter into this Agreement.

 

(d)          The
Initial Purchaser hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the Initial
Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency,
or official which could reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform its
obligations under this Agreement.

 

(e)          The
Initial Purchaser hereby represents and agrees that all offers and sales of the Offered Notes by it to Qualified Purchasers that
are non–United States persons, prior to the expiration of the Distribution Compliance Period, will be made only in accordance
with the provisions of Rule 903 or Rule 904 of Regulation S and only upon receipt of certification of beneficial ownership of the
securities by a non–U.S. person in the form provided in the Indenture. For this purpose, the term “Distribution Compliance
Period” and “U.S. person” are defined as such terms are defined in Regulation S.

 

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(f)          In
relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each,
a “Relevant Member State”), the Initial Purchaser hereby represents and agrees that effective from and including
the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation
Date”) it has not made and will not make an offer of the Offered Notes to the public in that Relevant Member State prior
to the publication of a prospectus in relation to the Offered Notes which has been approved by the competent authority in that
Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority
in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, effective from and including
the Relevant Implementation Date, make an offer of the Offered Notes to the public in that Relevant Member State at any time:

 

(i)          to
any legal entity which is a qualified investor as defined in the Prospectus Directive;

 

(ii)         to
fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) as permitted under
the Prospectus Directive subject to obtaining the prior consent of the relevant dealer or dealers nominated by the Issuer for any
such offer; or

 

(iii)        in
any other circumstances falling within Article 3(2) of the Prospectus Directive; provided that no such offer of securities
referred to in (i) to (iii) above shall require the publication by the Issuer or Initial Purchaser of a prospectus pursuant to
Article 3 of the Prospectus Directive, or supplement to a prospectus pursuant to Article 16 of the Prospectus Directive.

 

For the purposes of this
Section 5(f), the expression “offer of Offered Notes to the public” in relation to any Offered Notes in any
Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Offered Notes so as to enable an investor to decide to purchase or subscribe the Offered Notes, as the same may be varied
in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC (and the amendments thereto, including the 2010 PD Amending Directive, to the extent
implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the
expression “2010 PD Amending Directive” means Directive 2010/73/EU.

 

Section 6.          Certain
Agreements of the Issuer.

 

The Issuer covenants and
agrees with the Initial Purchaser as follows:

 

(a)          If,
at any time prior to the earlier of the completion of the distribution and the 90th day following the Closing Date, any event involving
the Issuer or, to the knowledge of a Responsible Officer, the Collateral Manager shall occur as a result of which the Final Memorandum
(as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, the Issuer will immediately
notify the Initial Purchaser and will prepare and furnish to the Initial Purchaser an amendment or supplement to the Final Memorandum
that will correct such statement or omission. The Issuer will not at any time amend or supplement the Final Memorandum (i) prior
to having furnished the Initial Purchaser with a copy of the proposed form of the amendment or supplement and giving the Initial
Purchaser a reasonable opportunity to review the same or (ii) except to the extent the Issuer may determine that the Issuer is
required to so disclose pursuant to applicable law and after consultation with the Initial Purchaser (and, in such a circumstance,
shall remove all references to the Initial Purchaser therefrom if so requested by the Initial Purchaser), in a manner to which
the Initial Purchaser or its counsel shall object.

 

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(b)          During
the period referred to in Section 6(a), the Issuer will furnish to the Initial Purchaser, without charge, copies of the
Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all amendments
or supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial Purchaser
may from time to time reasonably request.

 

(c)          Subject
to compliance with Regulation FD, at all times during the course of the private placement contemplated hereby and prior to the
Closing Date, (i) the Issuer will make available to each offeree such information concerning any other relevant matters as it or
any of its affiliates possess or can acquire without unreasonable effort or expense, as determined in good faith by it or such
affiliate, as applicable, (ii) the Issuer will provide each offeree the opportunity to ask questions of, and receive answers from,
it concerning the terms and conditions of the offering and to obtain any additional information, to the extent it or any of its
affiliates possess such information or can acquire it without unreasonable effort or expense (as determined in good faith by it
or such affiliate, as applicable), necessary to verify the accuracy of the information furnished to the offeree, (iii) neither
the Issuer nor the Transferor will publish or disseminate any material in connection with the offering of the Offered Notes except
as contemplated herein or as consented to by the Initial Purchaser, (iv) the Issuer will advise the Initial Purchaser promptly
of the receipt by the Issuer of any communication from the SEC or any state securities authority concerning the offering or sale
of the Offered Notes, (v) the Issuer will advise the Initial Purchaser promptly of the commencement of any lawsuit or proceeding
to which the Transferor or the Issuer is a party relating to the offering or sale of the Offered Notes, and (vi) the Issuer
will advise the Initial Purchaser of the suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction,
or the initiation or threat of any procedure for any such purpose.

 

(d)          Subject
to compliance with Regulation FD, the Issuer will furnish, upon the written request of any Noteholder or of any owner of a beneficial
interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder
or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein designated by such Noteholder or beneficial
owner, or (iii) to the Trustee for delivery to such Noteholder, beneficial owner or prospective purchaser, in order to permit compliance
by such Noteholder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note or beneficial
interest therein by such holder or beneficial owner in reliance on Rule 144A under the Securities Act unless, at the time of such
request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or is exempt from such
reporting requirements pursuant to and in compliance with Rule 12g3-2(b) of the Exchange Act.

 

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(e)          Except
as otherwise provided in the Indenture, each Offered Note will contain legends in the forms set forth in the Final Memorandum.

 

(f)          In
connection with the application to list the Notes on the Irish Stock Exchange, the Issuer will furnish from time to time any and
all documents, instruments, information and commercially reasonable undertakings and publish all advertisements or other material
that may be necessary in order to effect such listing and use commercially reasonable efforts to maintain such listing until none
of such Notes is outstanding or until such time as payment of principal, interest and any additional amounts (if any) in respect
of all such Notes have been duly provided for, whichever is earlier; provided that if such listing can no longer be reasonably
maintained, the Issuer will use its commercially reasonable efforts to obtain and maintain the quotation for, or listing of, such
Notes on such other stock exchange or exchanges in the European Union as the Initial Purchaser may reasonably request.

 

(g)          Neither
the Issuer nor any of its affiliates or any other Person acting on their behalf shall engage, in connection with the offer and
sale of the Offered Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D under the Securities Act, including, but not limited to, the following:

 

(i)          any
advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over
television or radio; and

 

(ii)         any
seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(h)          The
Issuer shall not solicit any offer to buy from, or offer to sell, or sell to any Person any Offered Notes, except through the Initial
Purchaser or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time on or prior to
the Closing Date; on or prior to the Closing Date, neither the Issuer nor any of its affiliates (except for compliance by the Transferor
with Regulation FD) shall publish or disseminate any material other than the Additional Offering Documents consented to by the
Initial Purchaser, the Time of Sale Information and the Final Memorandum in connection with the offer or sale of the Offered Notes
as contemplated by this Agreement, unless the Initial Purchaser shall have consented to the use thereof; if the Issuer or any of
its affiliates makes any press release including “tombstone” announcements, in connection with the Transaction Documents,
the Issuer shall permit the Initial Purchaser to review and approve such release in advance.

 

(i)          The
Issuer shall not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of requiring
the registration, under the Securities Act, of the offer or sale of the Offered Notes.

 

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(j)          The
Issuer shall not take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected
to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Offered Note to facilitate
the sale or resale of the Offered Notes.

 

(k)          The
Issuer shall apply the net proceeds from the sale of the Offered Notes as set forth in the Final Memorandum under the heading “Use
of Proceeds”.

 

Section 7.          Conditions
of the Initial Purchaser Obligations.

 

The obligation of the Initial
Purchaser to purchase the Purchased Notes and to place the Placed Notes on the Closing Date will be subject to the accuracy, in
all material respects, of the representations and warranties of the Transferor and the Issuer herein, to the performance, in all
material respects, by the Transferor and the Issuer of their respective obligations hereunder and to the following additional conditions
precedent:

 

(a)          The
Offered Notes shall have been duly authorized, executed, authenticated, delivered and issued, the Transaction Documents shall have
been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the documents
required to be delivered pursuant to the Indenture in respect of the Collateral Obligations shall have been delivered to the Custodian
pursuant to and as required by the Transaction Documents.

 

(b)          The
Initial Purchaser shall have received a certificate, dated as of the Closing Date, of a manager of the Collateral Manager to the
effect that such officer has carefully examined the Final Memorandum and that, to the best of such officer’s knowledge, nothing
has come to the attention of such officer that would lead such officer to believe that the “Collateral Manager Information”
(as defined in the Final Memorandum), as of the date of the Final Memorandum and as of the Closing Date, contained any untrue statement
of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

(c)          The
Class A Notes shall have been rated no less than “AAA(sf)” by S&P and “Aaa(sf)” by Moody’s, the
Class B Notes shall have been rated no less than “Aa1(sf)” by Moody’s, the Class C Notes rated no less than “A2(sf)”
by Moody’s and the Class D Notes rated no less than “Baa3(sf)” by Moody’s, such ratings shall not have
been rescinded, and no public announcement shall have been made by either S&P or Moody’s that any ratings of the Offered
Notes have been placed under review.

 

(d)          On
the date of the Final Memorandum, Deloitte & Touche LLP shall have furnished to the Initial Purchaser an “agreed upon
procedures” letter, dated the date of delivery thereof, in form and substance satisfactory to the Initial Purchaser, with
respect to certain financial and statistical information contained in the Final Memorandum.

 

(e)          The
Initial Purchaser shall have received an opinion, dated the Closing Date, of in-house counsel to the Trustee, in form and substance
satisfactory to the Initial Purchaser.

 

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(f)          The
Initial Purchaser shall have received legal opinions of Dechert LLP, counsel to the Issuer and the Collateral Manager, with respect
to certain corporate matters with respect to the Issuer and the Collateral Manager and certain federal tax, securities law and
investment company matters, in form and substance satisfactory to the Initial Purchaser.

 

(g)          The
Initial Purchaser shall have received opinions of Clark Hill PLC, Delaware counsel to the Issuer, with respect to certain limited
liability company matters with respect to the Issuer in form and substance satisfactory to the Initial Purchaser.

 

(h)          The
Initial Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers of the Trustee,
dated the Closing Date, in customary form.

 

(i)          The
Transferor shall have furnished to the Initial Purchaser and its counsel such further information, certificates and documents as
the Initial Purchaser and its counsel may reasonably have requested, and all proceedings in connection with the transactions contemplated
by this Agreement, the other Transaction Documents and all documents incident hereto shall be in all material respects reasonably
satisfactory in form and substance to the Initial Purchaser and its counsel.

 

(j)          The
Indenture, the Collateral Management Agreement and all other documents incident hereto and to the other Transaction Documents shall
be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel.

 

(k)          The
Initial Purchaser shall have received opinions of Venable LLP, Maryland counsel to the Transferor, with respect to certain corporate
matters with respect to the Transferor in form and substance satisfactory to the Initial Purchaser.

 

If any of the conditions
specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above shall not be in all material respects reasonably satisfactory in form
and substance to the Initial Purchaser, this Agreement and all of the Initial Purchaser’s obligations hereunder may be canceled
by the Initial Purchaser at or prior to delivery of and payment for the Offered Notes. Notice of such cancellation shall be given
to the Transferor in writing, or by telephone or facsimile confirmed in writing.

 

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Section 8.          Indemnification
and Contribution.

 

(a)          The
Transferor and the Issuer, jointly and severally (each an “indemnifying party” as such term is used in this Agreement),
shall indemnify and hold harmless the Initial Purchaser (whether acting as Initial Purchaser or as placement agent with respect
to any of the Offered Notes), its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser
within the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial Purchaser (each an “indemnified
party” as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several, and
any action in respect thereof, to which any indemnified party may become subject, under the Securities Act or Exchange Act or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue
statement of a material fact contained in any Memorandum, any Additional Offering Document or the Time of Sale Information or arises
out of, or is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein in light of the circumstances under which they were made not misleading, and shall reimburse any
such indemnified party for any legal and other expenses reasonably incurred by such indemnified party in investigating or defending
or preparing to defend against any such loss, claim, damage, liability or action; provided, however,
that the indemnifying parties shall not be liable to any such indemnified party in any such case to the extent that any such loss,
claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission
or alleged omission made in the Time of Sale Information, any Memorandum or any Additional Offering Document in reliance upon and
in conformity with written information furnished to the Transferor by such indemnified party specifically for inclusion therein;
provided, further, that the foregoing indemnity shall not inure to the benefit of any indemnified party
from whom the person asserting any such loss, claim, damage or liability purchased the Offered Notes which are the subject thereof
if the indemnified party sold Offered Notes to or placed Offered Notes with the person alleging such loss, claim, damage or liability
without sending or giving a copy of the Time of Sale Information at or prior to the confirmation of the sale of the Offered Notes,
if the Transferor shall have previously furnished copies thereof to such indemnified party and the loss, claim, damage or liability
of such person results from an untrue statement or omission of a material fact contained in the Initial Preliminary Memorandum
or the Second Preliminary Memorandum which was corrected in the Time of Sale Information. The foregoing indemnity is in addition
to any liability that the indemnifying parties may otherwise have to any indemnified party. The indemnifying parties acknowledge
that the statements set forth in the Time of Sale Information and the Final Memorandum (x) under the caption: “Plan of Distribution”
(but solely the second, third, fourth, seventh, ninth, eleventh and twelfth paragraphs under such caption) of the Final Memorandum,
(y) relating to Wells Fargo Securities, LLC on page i of the Final Memorandum in the ninth, tenth and eleventh paragraphs under
the heading “Important Information Regarding This Offering Circular and the Notes” and (z) under the caption “Risk
Factors—Relating to Certain Conflicts of Interest—The Issuer will be subject to various conflicts of interest involving
Wells Fargo Securities and its Affiliates” constitute the only written information furnished to the Transferor by or on behalf
of the indemnified parties specifically for inclusion in the Time of Sale Information, any Memorandum or any Additional Offering
Document.

 

(b)          Promptly
after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8,
notify such indemnifying party in writing of the claim or commencement of that action; provided, however,
that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have
to an indemnified party under this Section 8, except to the extent that such indemnifying party has been materially prejudiced
by such failure; and, provided, further, that the failure to notify an indemnifying party shall not
relieve such indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section
8. If any such claim or action shall be brought against an indemnified party, and it shall notify an indemnifying party thereof,
such indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly
notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After
notice from any such indemnifying party or parties to the indemnified party or parties of its or their election to assume the defense
of such claim or action, any such indemnifying party or parties shall not be liable to the indemnified party under this Section
8 for any legal or other expenses subsequently incurred by the indemnified party or parties in connection with the defense
thereof; provided that the indemnified party seeking such indemnity shall have the right to employ counsel to represent
it and any other indemnified party who may be subject to liability arising out of any claim or action in respect of which indemnity
may be sought by an indemnified party against an indemnifying party under this Section 8, if (i) in the reasonable judgment
of such indemnified party, there may be legal defenses available to it and any other indemnified party different from or in addition
to those available to the Transferor or the Issuer, or there is a conflict of interest between it and any other indemnified party,
on one hand, and the Transferor or the Issuer, on the other hand, or (ii) the Transferor or the Issuer shall fail to select
counsel reasonably satisfactory to such indemnified party or parties, and in such event the fees and expenses of such separate
counsel shall be paid by the Transferor and the Issuer. In no event shall the Transferor or the Issuer be liable for the fees and
expenses of more than one separate firm of attorneys for all indemnified parties in connection with any other action or separate
but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement (i) does not include a statement as to, or admission of, fault, culpability or a failure
to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such proceeding.

 

    16 

     

    

 

(c)          If
the indemnification provided for in Section 8 shall for any reason be unavailable to an indemnified party under subsection
8(a) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as
shall be appropriate to reflect the relative benefits received by the Transferor and the Issuer on the one hand (without duplication)
and the Initial Purchaser on the other hand from the offering and sale of the Offered Notes or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Transferor and the Issuer on the one hand and
the Initial Purchaser on the other hand with respect to the statements or omissions that resulted in such loss, claim, damage or
liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received
by the Transferor and the Issuer on the one hand (without duplication) and the Initial Purchaser on the other hand with respect
to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering and sale of the Offered
Notes (before deducting expenses) received by the Transferor and the Issuer bear (without duplication) to the total fees actually
received by the Initial Purchaser with respect to such offering and sale. The relative fault shall be determined by reference to
whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Transferor and the Issuer or by the Initial Purchaser, the intent of the parties and their relative
knowledge, access to information and opportunity to correct or prevent such statement or omission. The Transferor, the Issuer and
the Initial Purchaser agree that it would not be just and equitable if contributions pursuant to this subsection 8(c) were
to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or
action in respect thereof, referred to above in this subsection 8(c) shall be deemed to include, for purposes of this subsection
8(c), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this subsection 8(c), the Initial Purchaser shall not be required
to contribute any amount in excess of the aggregate fee actually paid to the Initial Purchaser with respect to the offering of
the Offered Notes. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

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(d)          The
indemnity agreements contained in this Section 8 shall survive the delivery of the Offered Notes, and the provisions of
this Section 8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or
any investigation made by or on behalf of any indemnified party.

 

Section 9.          Termination.

 

This Agreement shall be
subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the Transferor and the Issuer prior
to delivery of and payment for the Offered Notes, if prior to such time (i) trading in securities generally on the New York Stock
Exchange or the Irish Stock Exchange shall have been suspended or materially limited or any setting of minimum prices for trading
on such exchange shall have occurred, (ii) there shall have been, since the respective dates as of which information is given in
the Time of Sale Information or the Final Memorandum, any material adverse change in the condition, financial or otherwise, or
in the properties (including, without limitation, the Collateral Obligations) or the earnings, business affairs or business prospects
of the Transferor, the Issuer or the Collateral Manager, whether or not arising in the ordinary course of business, (iii) a general
moratorium on commercial banking activities in New York shall have been declared by either U.S. federal or New York State authorities,
or (iv) there shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the effect of
which on the financial markets of the United States is such as to make it, in the reasonable judgment of the Initial Purchaser,
impracticable or inadvisable to market the Offered Notes on the terms and in the manner contemplated by each Memorandum as amended
or supplemented.

 

Section 10.         Severability
Clause.

 

Any part, provision, representation,
or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof.

 

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Section 11.         Notices.

 

All demands, notices and
communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by
overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial Purchaser,
will be delivered to Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention:
Asset-Backed Finance – Golub Capital Investment Corporation CLO 2016(M) LLC; if sent to the Transferor, 150 South Wacker
Drive, Suite 800, Chicago, Illinois 60606, Attention: David Golub Re: Golub Capital Investment Corporation CLO 2016(M) LLC, facsimile
(312) 201-9167; or if sent to the Issuer, c/o Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711.

 

Section 12.         Representations
and Indemnities to Survive.

 

The respective agreements,
representations, warranties, indemnities and other statements of the Transferor, the Issuer and their respective officers or managers,
as applicable, and of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect,
regardless of any investigation made by or on behalf of the Initial Purchaser, the Transferor, the Issuer or any indemnified party
referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Offered Notes.

 

Section 13.         Successors.

 

This Agreement will inure
to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition
of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and, except
as specifically set forth herein, no other person will have any right or obligation hereunder.

 

Section 14.         Applicable
Law.

 

(a)          THIS
AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

(b)          EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO
(I) 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 (II) 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
14(b).

 

    19 

     

    

  

(c)          ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT
OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
TO THE NON–EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION
TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

Section 15.         Counterparts,
Etc.

 

This Agreement supersedes
all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of
such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which
shall be deemed an original, which taken together shall constitute one and the same instrument.

 

Section 16.         [Reserved].

 

Section 17.         No
Petition; Limited Recourse.

 

(a)          The
Initial Purchaser covenants and agrees that, prior to the date that is one year (or such longer preference period as shall then
be in effect) plus one day after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against
the Issuer or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States.

 

(b)          Notwithstanding
anything to the contrary herein, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer payable
solely from the Assets securing the Notes, and following the exhaustion of such Assets, any claims of the Initial Purchaser hereunder
against the Issuer shall be extinguished. All payments by the Issuer to the Initial Purchaser hereunder shall be made subject to
and in accordance with the Priority of Payments set forth in the Indenture.

 

(c)          This
Section 17 will survive the termination of this Agreement.

 

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Section 18.         Arm’s-Length
Transaction; Other Transactions.

 

(a)          Each
of the Transferor and the Issuer acknowledges and agrees that (i) the purchase and sale of the Offered Notes pursuant to this Agreement,
including the determination of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length
commercial transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand, (ii) in connection with
the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting solely
as a principal and is not an agent or fiduciary of the Issuer or the Transferor or any of their respective equity holders, creditors,
employees or any other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility
in favor of the Issuer or the Transferor with respect to the offering contemplated hereby or the process leading thereto (irrespective
of whether the Initial Purchaser has advised or is currently advising any of the Issuer or the Transferor on other matters) and
the Initial Purchaser has no obligation to any of the Issuer or Transferor with respect to the offering contemplated hereby, except
the obligations expressly set forth in this Agreement, and (iv) the Initial Purchaser has not provided any legal, accounting, regulatory
or tax advice with respect to the offering contemplated hereby and each of the Issuer and Transferor has consulted its own legal,
accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

(b)          Each
of the Transferor and the Issuer acknowledges and agrees that the Initial Purchaser and its Affiliates may presently have and may
in the future have investment and commercial banking, trust and other relationships with parties other than the Transferor and
the Issuer, which parties may have interests with respect to the purchase and sale of the Offered Notes. Although the Initial Purchaser
in the course of such other relationships may acquire information about the purchase and sale of the Offered Notes, potential purchasers
of the Offered Notes or such other parties, the Initial Purchaser shall not have any obligation to disclose such information to
any of the Transferor or the Issuer. Furthermore, each of the Transferor and the Issuer acknowledges that the Initial Purchaser
may have fiduciary or other relationships whereby the Initial Purchaser may exercise voting power over securities of various persons,
which securities may from time to time include securities of any of the Transferor or the Issuer or their respective Affiliates
or of potential purchasers. Each of the Transferor and the Issuer acknowledges that the Initial Purchaser may exercise such powers
and otherwise perform any functions in connection with such fiduciary or other relationships without regard to its relationship
to the Transferor or the Issuer hereunder.

 

[REST OF PAGE INTENTIONALLY LEFT BLANK]

 

    21 

     

    

  

If the foregoing is in
accordance with your understanding of our agreement, please sign and return to the undersigned a counterpart hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the Transferor, the Issuer and the Initial Purchaser.

 

	 	Very truly yours,
	 	 
	 	GOLUB CAPITAL INVESTMENT CORPORATION
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	Name:	Ross A. Teune
	 	Title:	Chief Financial Officer and Treasurer
	 	 	 
	 	Golub Capital Investment
    Corporation CLO 2016(M) LLC
	 	 	 
	 	By:	Golub Capital Investment Corporation, its designated manager
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	Name:	Ross A. Teune
	 	Title:	Chief Financial Officer and Treasurer

 

Golub Capital Investment Corporation

CLO 2016(M) LLC Purchase Agreement

 

    	 	S-1	 

     

    

  

The foregoing Agreement is hereby confirmed and

accepted as of the date first above written.

 

WELLS FARGO SECURITIES,
LLC,

as the Initial Purchaser

 

	By:	/s/ Beale Pope	 
	Name:	Beale Pope	 
	Title:	Vice President	 

 

Golub Capital Investment Corporation

CLO 2016(M) LLC Purchase Agreement

 

    	 	S-2	 

     

    

  

SCHEDULE I

 

Notes to be Placed
by the Initial Purchaser

 

	Principal Amount of Class A Notes to be Placed:	 	U.S.$	0	 
	 	 	 	 	 
	Principal Amount of Class B Notes to be Placed:	 	U.S.$	0	 

 

Notes to be Purchased
by the Initial Purchaser

 

	Principal Amount of Class A Notes to be Purchased:	 	U.S.$	220,000,000	 
	 	 	 	 	 
	Principal Amount of Class B Notes to be Purchased:	 	U.S.$	32,500,000	 

 

     

     

    

  

SCHEDULE II

TIME OF SALE INFORMATION

Golub Capital Investment Corporation CLO 2016(M) LLC **Priced** 144A/Reg S

 

	CLS	 	 	SIZE	 	 	WAL	 	 	RATING	 	 	COUPON	 	 	PRICE	 
	 	A	 	 	$	220,000,000	 	 	 	5.15	 	 	 	AAA(sf)/Aaa(sf)	 	 	 	LIBOR + 2.15%	 	 	 	100.00000	%
	 	B	 	 	$	32,500,000	 	 	 	6.62	 	 	 	Aa1(sf)	 	 	 	LIBOR + 3.00%	 	 	 	100.00000	%
	 	C	 	 	$	42,300,000	 	 	 	7.27	 	 	 	A2(sf)	 	 	 	LIBOR + 3.10%	 	 	 	93.00812	%
	 	D	 	 	$	28,600,000	 	 	 	7.58	 	 	 	Baa3(sf)	 	 	 	LIBOR + 3.25%	 	 	 	84.57016	%Exhibit 10.18

 

EXECUTION VERSION

 

LOAN SALE AGREEMENT

 

by and between

 

GOLUB CAPITAL INVESTMENT CORPORATION CLO 2016(M)
LLC,

as the Purchaser

 

and

 

GOLUB CAPITAL INVESTMENT CORPORATION,

as the Seller

 

Dated as of August 16, 2016

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS	1
	 	 	 
	Section 1.1.	General	1
	 	 	 
	Section 1.2.	Specific Terms	1
	 	 	 
	Section 1.3.	Other Terms	3
	 	 	 
	Section 1.4.	Computation of Time Periods	3
	 	 	 
	Section 1.5.	Certain References	3
	 	 	 
	ARTICLE II.	SALE AND PURCHASE OF THE CONVEYED COLLATERAL	3
	 	 	 
	Section 2.1.	Sale and Purchase of the Conveyed Collateral	3
	 	 	 
	Section 2.2.	Purchase Price	4
	 	 	 
	Section 2.3.	Sales to the Seller	4
	 	 	 
	Section 2.4.	Nature of the Sales	5
	 	 	 
	Section 2.5.	Delivery of Documents	6
	 	 	 
	Section 2.6.	Interim Amounts Accruing Prior to Settlement	6
	 	 	 
	ARTICLE III.	CONDITIONS OF SALE AND PURCHASE	6
	 	 	 
	Section 3.1.	Conditions Precedent to Effectiveness	6
	 	 	 
	Section 3.2.	Conditions Precedent to All Purchases	7
	 	 	 
	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES	7
	 	 	 
	Section 4.1.	Representations and Warranties of the Seller	7
	 	 	 
	Section 4.2.	Representations and Warranties of the Seller Relating to the Agreement and each Sale Portfolio	9
	 	 	 
	Section 4.3.	Representations and Warranties of the Purchaser	10
	 	 	 
	ARTICLE V.	ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF THE SALE PORTFOLIO	12
	 	 	 
	Section 5.1.	Rights of the Purchaser	12
	 	 	 
	ARTICLE VI.	MISCELLANEOUS	12
	 	 	 
	Section 6.1.	Amendments; Limited Agency	12
	 	 	 
	Section 6.2.	Waivers; Cumulative Remedies	12
	 	 	 
	Section 6.3.	Notices	12
	 	 	 
	Section 6.4.	Severability of Provisions	13
	 	 	 
	Section 6.5.	GOVERNING LAW; JURY WAIVER	13

 

    i 

     

    

  

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 6.6.	Counterparts	13
	 	 	 
	Section 6.7.	Bankruptcy Non-Petition and Limited Recourse; Claims	13
	 	 	 
	Section 6.8.	Binding Effect; Assignability	13
	 	 	 
	Section 6.9.	Headings and Exhibits	13

 

    ii 

     

    

 

SCHEDULES AND EXHIBITS

  

	Schedule I	-	Sale Portfolio List
	Exhibit A	-	Form of Loan Assignment

 

    iii 

     

    

 

LOAN SALE AGREEMENT

 

THIS LOAN SALE AGREEMENT,
dated as of August 16, 2016, by and between GOLUB CAPITAL INVESTMENT CORPORATION, a Maryland corporation, as the seller (the “Seller”)
and GOLUB CAPITAL INVESTMENT CORPORATION CLO 2016(M) LLC, a Delaware limited liability company, as the purchaser (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Purchaser
has agreed to Purchase (as hereinafter defined) from the Seller from time to time, and the Seller has agreed to Sell (as hereinafter
defined) to the Purchaser from time to time, certain Conveyed Collateral (as hereinafter defined) on the terms set forth herein;

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Purchaser and the Seller, intending to be legally bound, hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

Section 1.1.          General.
The specific terms defined in this Article include the plural as well as the singular. Words herein importing a gender include
the other gender. References herein to “writing” include printing, typing, lithography and other means of reproducing
words in visible form. References to agreements and other contractual instruments include all subsequent amendments thereto or
changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Indenture (as
hereinafter defined). References herein to Persons include their successors and assigns permitted hereunder or under the Indenture.
The terms “include” or “including” mean “include without limitation” or “including without
limitation.” The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section,
Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this
Agreement. References to any applicable law means such applicable law as amended, modified, codified, replaced or reenacted, in
whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any
Section or other provision of any applicable law means that provision of such applicable law from time to time in effect and constituting
the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision. Capitalized
terms used herein but not defined herein shall have the respective meanings assigned to such terms in the Indenture, provided
that, if, within such definition in the Indenture a further term is used which is defined herein, then such further term shall
have the meaning given to such further term herein.

 

Section 1.2.          Specific
Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have
the following meanings:

 

     

     

    

  

“Agreement”
means this Loan Sale Agreement, as the same may be amended, restated, waived, supplemented and/or otherwise modified from time
to time hereafter.

 

“Conveyed Collateral”
means the Collateral Obligations listed on Schedule I and related Assets.

 

“Cut-Off Date”
means the date on which any Sale Portfolio is transferred to the Purchaser.

 

“Indenture”
means that certain Indenture, dated on or about the date hereof, by and between the Purchaser, as issuer, and Wells Fargo Bank,
National Association, as trustee, as such may be amended, restated, supplemented or otherwise modified from time to time pursuant
to the terms thereof.

 

“Interim Amounts”
has the meaning specified in Section 2.6.

 

“Loan Assignment”
means a Loan Assignment executed by the Seller, substantially in the form of Exhibit A attached hereto.

 

“Purchase”
means a purchase by the Purchaser of Conveyed Collateral from the Seller pursuant to Article II.

 

“Purchase Date”
means any Business Day, including the Closing Date, on which any Sale Portfolio is acquired by the Purchaser pursuant to the terms
of this Agreement.

 

“Purchase Price”
has the meaning specified in Section 2.2.

 

“Purchaser”
has the meaning specified in the Preamble.

 

“Sale”
and “Sell” have the meanings specified in Section 2.1(a), and the term “Sold” shall
have the corresponding meaning.

 

“Sale Portfolio”
means all right, title, and interest (whether now owned or hereafter acquired or arising, and wherever located) of the Seller in
the Conveyed Collateral.

 

“Schedule I”
means the schedule of all Collateral Obligations that are Sold by the Seller to the Purchaser on a Purchase Date, as supplemented
on any subsequent Purchase Date by the “Schedule I” attached to the applicable Loan Assignment, and incorporated herein
by reference, as such schedule may be supplemented and amended from time to time pursuant to the terms hereof.

 

“Seller”
has the meaning specified in the Preamble.

 

“Transfer Taxes”
means any tax, fee or governmental charge payable by the Purchaser, the Seller or any other Person to any federal, state or local
government arising from or otherwise related to the Sale of any Collateral Obligation, the related Underlying Instruments (if any)
and/or any other related Assets from the Seller to the Purchaser under this Agreement (excluding taxes measured by net income).

 

     2

     

    

  

Section 1.3.          Other
Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms
used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined
in such Article 9.

 

Section 1.4.          Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to
later specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding.” Reference to days or days without further qualification means calendar days. Reference
to any time means New York, New York time.

 

Section 1.5.          Certain
References. All references to the Principal Balance of a Collateral Obligation as of a Purchase Date shall refer to the close
of business on such day.

 

ARTICLE II.

SALE AND PURCHASE OF THE CONVEYED COLLATERAL

 

Section 2.1.          Sale
and Purchase of the Conveyed Collateral.

 

(a)          Subject
to the terms and conditions of this Agreement, on the Closing Date and each Purchase Date thereafter, the Seller hereby agrees
to (i) sell, assign and otherwise convey (collectively, “Sell” and any such sale, assignment and/or other conveyance,
a “Sale”), to the Purchaser, without recourse, and the Purchaser hereby agrees to purchase, all right, title
and interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Sale Portfolio
designated by the Seller and (ii) transfer to, or cause the deposit into, the Collection Account of all Interest Proceeds, Principal
Proceeds and/or other Monies received by the Seller on account of any Sale Portfolio hereunder on and after the Purchase Date with
respect to such Sale Portfolio and required to be deposited in the Collection Account pursuant to the Indenture, in each case,
within two Business Days of the receipt thereof. The Seller hereby acknowledges that each Sale to the Purchaser hereunder is absolute
and irrevocable, without reservation or retention of any interest whatsoever by the Seller.

 

(b)          The
Seller shall on each Purchase Date execute and deliver to the Purchaser a proposed Loan Assignment identifying the Sale Portfolio
to be Sold by the Seller to the Purchaser on such Purchase Date. From and after such Purchase Date, the Sale Portfolio listed on
Schedule I to the related Loan Assignment shall be deemed to be listed on Schedule I hereto and constitute part of the Sale Portfolio
hereunder.

 

(c)          On
and after each Purchase Date hereunder and upon payment of the Purchase Price therefor, the Purchaser shall own the Sale Portfolio
Sold by the Seller to the Purchaser on such Purchase Date, and the Seller shall not take any action inconsistent with such ownership
and shall not claim any ownership interest in such Sale Portfolio.

 

(d)          In
connection with each Purchase of any Sale Portfolio hereunder, the Seller shall cause to be Delivered to the Custodian (with a
copy to the Trustee), the Underlying Instruments and other Assets related to the Collateral Obligations that are a part of such
Sale Portfolio being Sold by the Seller in accordance with the terms of the Indenture.

 

     3

     

    

  

(e)          In
connection with the Purchase by the Purchaser of any Sale Portfolio as contemplated by this Agreement, the Seller further agrees
that it shall, at its own expense, indicate clearly and unambiguously in its computer files on or prior to each Purchase Date,
and its financial statements, that such Sale Portfolio has been purchased by the Purchaser in accordance with this Agreement.

 

(f)          The
Seller further agrees to deliver to the Purchaser on or before each Purchase Date a computer file containing a true, complete and
correct list of all Collateral Obligations to be Sold hereunder on such Purchase Date, identified by the related Obligor’s
name and Principal Balance as of the related Cut-Off Date. Such file or list shall be marked as Schedule I to the applicable Loan
Assignment and shall be delivered to the Purchaser as confidential and proprietary, and is hereby incorporated into and made a
part of Schedule I to this Agreement, as such Schedule I may be supplemented and amended from time to time.

 

Section 2.2.          Purchase
Price.

 

The purchase price for
(a) the Sale Portfolio Sold on the Closing Date to the Purchaser and (b) each Sale Portfolio Sold after the Closing Date to the
Purchaser (collectively, the “Purchase Price”) shall be the value thereof as determined by the board of directors
of the Seller in accordance with the 1940 Act (but in no event at less than fair market value).  The Purchase Price paid in
connection with the transfer of the Sale Portfolio from the Seller to the Purchaser shall consist of (i) Cash paid by the Purchaser
to the Seller on the date hereof and (ii) a Contribution made by the Seller to the Purchaser in respect of the Interests or (iii)
solely in the case of the transfer of the Sale Portfolio from the Seller to the Purchaser on the Closing Date, a beneficial interest
in all of the Class C Notes and the Class D Notes issued by the Purchaser on the date hereof. To the extent that such Cash and
such Class C Notes and Class D Notes so paid on the date hereof is less than the Purchase Price of the Sale Portfolio purchased
on the Closing Date, the difference shall be deemed a capital contribution from the Seller to the Purchaser in respect of the Interests
the Seller holds in the Purchaser on the date hereof.  After the Closing Date, to the extent the cash paid for any Sale Portfolio
is less than the fair market value thereof, the difference will be deemed to be a capital contribution made by Seller to the Purchaser
in respect of the Interests the Seller holds in the Purchaser.

 

The Purchase Price paid
for any Sale Portfolio acquired by the Purchaser on any Purchase Date pursuant to this Agreement may be paid in a combination of
(i) immediately available funds and/or (ii) a capital contribution by the Seller to the Purchaser.

 

Section 2.3.          Sales
to the Seller. Subject to any applicable provisions of Section 12.3 of the Indenture, the Purchaser may, from time
to time, sell, assign or otherwise convey any Collateral Obligation included in the Conveyed Collateral to the Seller and such
sale, assignment or conveyance shall be effected in accordance with the requirements of the Collateral Management Agreement on
terms no less favorable to the Issuer than would be the case if such Person were not so Affiliated; provided that in the
case of any Collateral Obligation sold or otherwise transferred to a Person so Affiliated, the value thereof shall be the mid-point
between the “bid” and “ask” prices provided by a nationally recognized independent pricing service or,
if unavailable or determined by the Collateral Manager to be unreliable, the fair market value of such Collateral Obligation as
reasonably determined by the Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser) consistent
with the Collateral Manager Standard, and such Affiliate shall acquire such Collateral Obligation for a price equal to the value
so determined; provided further that an aggregate amount of Collateral Obligations not exceeding 15% of the Net
Purchased Loan Balance may be sold or otherwise transferred to the Seller at a price greater than the value determined pursuant
to the immediately preceding proviso, but not greater than the Transfer Deposit Amount (and to the extent such price exceeds the
fair market value of any such Collateral Obligation, such excess shall be deemed to be a capital contribution from the Seller
to the Purchaser). Upon any such sale, assignment or conveyance of a Collateral Obligation, such Collateral Obligation shall be
deemed removed from Schedule I hereto.

 

     4

     

    

 

Section 2.4.          Nature
of the Sales.

 

(a)          It
is the express intent of the parties hereto that the Sale of any Sale Portfolio by the Seller to the Purchaser hereunder be, and
be treated for all purposes (other than for accounting and tax purposes) as, an absolute sale by the Seller (free and clear of
any Lien, security interest, charge or encumbrance other than Permitted Liens) of such Sale Portfolio. It is, further, not the
intention of the parties that such Sale be deemed a pledge of any such Sale Portfolio by the Seller to the Purchaser to secure
a debt or other obligation of the Seller. However, in the event that, notwithstanding the intent of the parties, any such Sale
Portfolio is held to continue to be property of the Seller, then the parties hereto agree that: (i) this Agreement shall also be
deemed to be, and hereby is, a “security agreement” within the meaning of Article 9 of the UCC; (ii) the transfer of
any such Sale Portfolio provided for in this Agreement shall be deemed to be a grant by the Seller to the Purchaser of a first
priority security interest (subject only to Permitted Liens) in all of the Seller’s right, title and interest in and to such
Sale Portfolio and all amounts payable to the holders of the Sale Portfolio in accordance with the terms thereof and all proceeds
of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including,
without limitation, all amounts from time to time held or invested in the Collection Account and the Revolver Funding Account,
whether in the form of cash, instruments, securities or other property, to secure the prompt and complete payment of a loan deemed
to have been made in an amount equal to the aggregate Purchase Price of such Sale Portfolio together with all of the other obligations
of the Seller hereunder; (iii) the possession by the Purchaser (or the Custodian on behalf of the Trustee, for the benefit of the
Secured Parties) of such Sale Portfolio and such other items of property as constitute instruments, money, negotiable documents
or chattel paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the UCC; and (iv)
acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians, bailees or agents (as applicable)
of the Purchaser for the purpose of perfecting such security interest under applicable law. The parties further agree in such event
that any assignment of the interest of the Purchaser pursuant to any provision hereof shall also be deemed to be an assignment
of any security interest created pursuant to the terms of this Agreement. Each of the Seller and the Purchaser shall, to the extent
consistent with this Agreement and the other Transaction Documents, take such actions as may be necessary to ensure that, if this
Agreement were deemed to create a security interest in any Sale Portfolio, such security interest would be deemed to be a perfected
security interest of first priority (subject only to Permitted Liens) under applicable law and will be maintained as such throughout
the term of this Agreement. The Purchaser shall have, in addition to the rights and remedies which it may have under this Agreement,
all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies
shall be cumulative.

 

     5

     

    

  

(b)          It
is the intention of each of the parties hereto that each Sale Portfolio Sold by the Seller to the Purchaser pursuant to this Agreement
shall constitute assets owned by the Purchaser and shall not be part of the Seller’s estate in the event of the filing of
a bankruptcy petition by or against the Seller under any bankruptcy or similar law.

 

(c)          The
Purchaser agrees to treat, and shall cause the Seller to treat, for all purposes (other than for accounting and tax purposes),
the transactions effected by this Agreement as sales of assets to the Purchaser.

 

Section 2.5.          Delivery
of Documents.

 

The Seller and the Purchaser
acknowledge and agree that, solely for administrative convenience, any transfer document or assignment agreement (or, in the case
of any Underlying Instrument that is in the form of a note, any chain of endorsement) required to be executed and delivered in
connection with the transfer of a Collateral Obligation in accordance with the terms of any related Underlying Instruments may
reflect that (i) an affiliate of the Seller (or any third party from whom the Seller or the Purchaser may purchase a Collateral
Obligation) is assigning such Collateral Obligation directly to the Purchaser or (ii) the Purchaser is acquiring such Collateral
Obligation at the closing of such Collateral Obligation. Nothing in any such transfer document or assignment agreement (or, in
the case of any Underlying Instrument that is in the form of a note, nothing in such chain of endorsement) shall be deemed to impair
the transfers of the Collateral Obligations by the Seller to the Purchaser in accordance with the terms of this Agreement.

 

Section 2.6.          Interim
Amounts Accruing Prior to Settlement.

 

Certain Collateral Obligations
may be purchased by the Seller from a third party or an affiliate and subsequently Sold to the Purchaser hereunder, which such
Collateral Obligations may settle directly from such third party or affiliate as set forth in Section 2.5. Such Collateral Obligations
may accrue interest or receive principal payments during the time after such acquisition by the Seller but before such conveyance
to the Purchaser hereunder. Any such amounts (the “Interim Amounts”) may be paid directly to the Purchaser from
such third party seller or affiliate (which such payment may be in the form of an adjustment to the purchase price paid at settlement)
and, in such instances, shall be deemed to constitute a capital contribution from the Seller to the Purchaser.

 

ARTICLE III.

CONDITIONS OF SALE AND PURCHASE

 

Section 3.1.          Conditions
Precedent to Effectiveness. This Agreement shall be effective upon the receipt by the Purchaser of a copy of this Agreement
duly executed by each of the parties hereto.

 

     6

     

    

  

Section 3.2.          Conditions
Precedent to All Purchases. Each Purchase to take place on a subsequent Purchase Date hereunder shall be subject to
the further conditions precedent that the Purchaser shall have received a duly executed and completed Loan Assignment along with
a Schedule I that is true, accurate and complete in all respects as of the related Cut-Off Date.

 

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

 

Section 4.1.          Representations
and Warranties of the Seller. The Seller makes the following representations and warranties, on which the Purchaser
relies in acquiring each Sale Portfolio Purchased hereunder and each of the Secured Parties relies upon in entering into the Indenture
or purchasing the Notes. As of the Closing Date and each Purchase Date (unless a specific date is specified below), the Seller
represents and warrants to the Purchaser for the benefit of the Purchaser and each of its successors and assigns that:

 

(a)          Organization
and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the laws
of the State of Maryland, with all requisite corporate power and authority to own or lease its properties and to conduct its business
as such business is presently conducted, and had at all relevant times, and now has, all necessary power, authority and legal right
to acquire and own each Sale Portfolio and to Sell such Sale Portfolio to the Purchaser hereunder.

 

(b)          Due
Qualification. The Seller is duly qualified to do business and has obtained all necessary licenses and approvals, in all jurisdictions
in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses and/or approvals.

 

(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Seller (i) has all necessary corporate power, authority and legal
right to (a) execute and deliver this Agreement and each Loan Assignment and (b) carry out the terms of this Agreement and each
Loan Assignment and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of this
Agreement and each Loan Assignment and the sale and assignment of an ownership interest in each Sale Portfolio on the terms and
conditions herein provided. This Agreement and each Loan Assignment have been duly executed and delivered by the Seller.

 

(d)          Valid
Conveyance; Binding Obligations. This Agreement and each Loan Assignment will be duly executed and delivered by the Seller,
and this Agreement, together with the applicable Loan Assignment in each case, other than for accounting and tax purposes, shall
effect valid Sales of each Sale Portfolio, enforceable against the Seller and creditors of and purchasers from the Seller, and
this Agreement and each Loan Assignment shall constitute legal, valid and binding obligations of the Seller enforceable against
the Seller in accordance with their respective terms, except as enforceability may be limited by the Bankruptcy Code and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension
of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally and general
principles of equity (whether such enforceability is considered in a suit at law or in equity).

 

     7

     

    

  

(e)          No
Violation. The execution, delivery and performance of this Agreement, each Loan Assignment and all other agreements and instruments
executed and delivered or to be executed and delivered by the Seller pursuant hereto or thereto in connection with the Sale of
any Sale Portfolio will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the Seller’s organizational documentation or any contractual
obligation of the Seller, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Seller’s
properties pursuant to the terms of any such contractual obligation, other than this Agreement, or (iii) violate any applicable
law.

 

(f)          No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Seller, threatened against
the Seller, before any Governmental Authority (i) asserting the invalidity of this Agreement or any Loan Assignment, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this Agreement or any Loan Assignment or (iii) seeking any
determination or ruling that could reasonably be expected to have a material adverse effect.

 

(g)          All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery, performance, validity or enforceability of this Agreement or any Loan
Assignment to which the Seller is a party have been obtained.

 

(h)          State
of Organization, Etc. The Seller has not changed its name since its incorporation. Except as permitted hereunder, the chief
executive office of the Seller (and the location of the Seller’s records regarding the Sale Portfolio (other than those delivered
to the Custodian)) is at the address of the Seller set forth on the signature pages hereto. The Seller’s only jurisdiction
of incorporation is Maryland, and, except as permitted hereunder, the Seller has not changed its jurisdiction of incorporation.

 

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

 

(j)          Solvency.
The Seller is not the subject of any bankruptcy proceedings. The Seller is solvent and will not become insolvent after giving effect
to the transactions contemplated by this Agreement and the other Transaction Documents. The Seller, after giving effect to the
transactions contemplated by this Agreement and the other Transaction Documents, will have an adequate amount of capital to conduct
its business.

 

(k)          Compliance
with Laws. The Seller has complied in all material respects with all applicable law to which it may be subject.

 

(l)          Taxes.
The Seller has filed or caused to be filed all tax returns that are required to be filed by it (subject to any extensions to file
properly obtained by the same). The Seller has paid or made adequate provisions for the payment of all Taxes and all assessments
made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of
the Seller), and no tax lien has been filed and, to the Seller’s knowledge, no claim is being asserted, with respect to any
such Tax, assessment or other charge.

 

     8

     

    

  

(m)          Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents
(including, without limitation, the use of the proceeds from the Sale of any Sale Portfolio) will violate or result in a violation
of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and
X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Seller does not own or intend to carry or
purchase, and no proceeds from the Sale of the Sale Portfolio will be used to carry or purchase, any Margin Stock or to extend
“purpose credit” within the meaning of Regulation U.

 

(n)          Loan
Assignments. Each Loan Assignment is accurate in all respects.

 

(o)          No
Liens, Etc. Each Sale Portfolio to be acquired by the Purchaser hereunder is owned by the Seller free and clear of any Lien,
security interest, charge or encumbrance (subject only to Permitted Liens), and the Seller has the full right, corporate power
and lawful authority to Sell the same and interests therein and, upon the Sale thereof hereunder, the Purchaser will have acquired
good and marketable title to and a valid and perfected ownership interest in such Sale Portfolio, free and clear of any Lien, security
interest, charge or encumbrance (subject only to Permitted Liens).

 

(p)          Information
True and Correct. All information heretofore furnished by or on behalf of the Seller to the Purchaser or any assignee thereof
in connection with this Agreement or any transaction contemplated hereby is accurate, true and correct and does not omit to state
a material fact or any fact necessary to make the statements contained therein not misleading; provided that, solely with respect
to written or electronic information furnished by or on behalf of the Seller which was provided to the Seller from an Obligor with
respect to a Collateral Obligation, such information need only be accurate, true and correct to the knowledge of the Seller.

 

(q)          Intent
of the Seller. The Seller has not sold, contributed, transferred, assigned or otherwise conveyed any interest in any Sale Portfolio
to the Purchaser with any intent to hinder, delay or defraud any of the Seller’s creditors.

 

(r)          Value
Given. The Seller has received reasonably equivalent value from the Purchaser in exchange for the Sale of such Sale Portfolio
Sold hereunder. No such Sale has been made for or on account of an antecedent debt owed by the Seller and no such transfer is or
may be voidable or subject to avoidance under any section of the Bankruptcy Code.

 

Section 4.2.          Representations
and Warranties of the Seller Relating to the Agreement and each Sale Portfolio. The Seller makes the following representations
and warranties, on which the Purchaser relies in acquiring each Sale Portfolio Purchased hereunder and each of the Secured Parties
relies upon in entering into the Indenture or purchasing the Notes. As of the Closing Date and each Purchase Date, the Seller
represents and warrants to the Purchaser for the benefit of the Purchaser and each of its successors and assigns that:

 

     9

     

    

  

(a)          Valid
Transfer and Security Interest. This Agreement, together with the Loan Assignments, constitutes a valid transfer to the Purchaser
of all right, title and interest in, to and under each Sale Portfolio, free and clear of any Lien of any Person claiming through
or under the Seller or its Affiliates, except for Permitted Liens. If the conveyances contemplated by this Agreement are determined
to be a transfer for security, then this Agreement constitutes a grant of a security interest in each Sale Portfolio to the Purchaser
which upon the delivery of the Sale Portfolio, in accordance with the definition of “Deliver” under the Indenture,
to the Purchaser (or to the Custodian on behalf of the Trustee, for the benefit of the Secured Parties) and the filing of the financing
statements shall be a first priority perfected security interest in each such Sale Portfolio, subject only to Permitted Liens.

 

(b)          Eligibility
of Sale Portfolio. (i) Schedule I is an accurate and complete listing of each Sale Portfolio as of the related Cut-Off Date
and the information contained therein with respect to the identity of such Sale Portfolio and the amounts owing thereunder is true
and correct as of the related Cut-Off Date and (ii) with respect to each item of the Sale Portfolio, all consents, licenses, approvals
or authorizations of or registrations or declarations of any governmental authority or any Person required to be obtained, effected
or given by the Seller in connection with the transfer of an ownership interest or security interest in each item of the Sale Portfolio
to the Purchaser have been duly obtained, effected or given and are in full force and effect.

 

It is understood and agreed
that the representations and warranties provided in this Section 4.2 shall survive (x) the Sale of each Sale Portfolio to the Purchaser,
(y) the grant of a first priority perfected security interest in, to and under each Sale Portfolio pursuant to the Indenture by
the Purchaser and (z) the termination of this Agreement and the Indenture. Upon discovery by the Seller or the Purchaser of a breach
of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice thereof
to the other and to the Trustee immediately upon obtaining knowledge of such breach.

 

Section 4.3.          Representations
and Warranties of the Purchaser. The Purchaser makes the following representations and warranties, on which the Seller relies
in selling each Sale Portfolio to the Purchaser hereunder and each of the Secured Parties relies upon in entering into the Indenture.
As of the Closing Date and each Purchase, the Purchaser represents and warrants to the Seller for the benefit of the Seller and
each of its successors and assigns that:

 

(a)          Organization
and Good Standing. The Purchaser has been duly organized and is validly existing and in good standing as a limited liability
company under the laws of the State of Delaware or such other jurisdiction as permitted under the terms of the Transaction Documents,
with the power and authority to own or lease its properties and to conduct its business as such properties are currently owned
and such business is currently conducted, and had at all relevant times, and has, all necessary power, authority and legal right
to acquire and own each Sale Portfolio.

 

     10

     

    

  

(b)          Due
Qualification. The Purchaser is duly qualified to do business and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses
and/or approvals.

 

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

 

(d)          All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery, performance, validity or enforceability of this Agreement or any Loan
Assignment to which the Purchaser is a party have been obtained.

 

(e)          Binding
Obligation. This Agreement and each other Transaction Document to which the Purchaser is a party constitute legal, valid and
binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its respective terms, except as enforceability
may be limited by the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally and general principles of equity (whether such enforceability is considered in a suit at law
or in equity).

 

(f)          No
Violation. The consummation of the transactions contemplated by this Agreement, each Loan Assignment and the other Transaction
Documents to which it is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under,
the Purchaser’s certificate of formation, limited liability company agreement or any contractual obligation of the Purchaser,
(ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Purchaser’s properties
pursuant to the terms of any such contractual obligation, other than this Agreement, or (iii) violate any applicable law.

 

(g)          Value
Given. The Purchaser has given reasonably equivalent value to the Seller in exchange for the Sale of such Sale Portfolio. No
such Sale has been made for or on account of an antecedent debt owed by the Seller and no such transfer is or may be voidable or
subject to avoidance under any section of the Bankruptcy Code.

 

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

 

     11

     

    

  

(i)          Sale
Agreement. This Agreement and the Loan Assignments contemplated herein are the only agreements or arrangements pursuant to
which the Purchaser Purchases each Sale Portfolio Sold to it by the Seller.

 

(j)          Compliance
with Law. The Purchaser has complied in all material respects with all applicable law to which it may be subject, and no item
of any Sale Portfolio contravenes any applicable law.

 

ARTICLE V.

ADDITIONAL RIGHTS AND OBLIGATIONS IN

RESPECT OF THE SALE PORTFOLIO

 

Section 5.1.          Rights
of the Purchaser. The Seller hereby authorizes the Purchaser, the Collateral Manager, the Trustee and/or their respective
designees or assignees to take any and all steps in Seller’s name and on behalf of the Seller that the Purchaser, the Collateral
Manager, the Trustee and/or their respective designees or assignees determine are necessary or appropriate to collect all amounts
due under any and all Sale Portfolio and to enforce or protect the Purchaser’s and the Trustee’s rights under this
Agreement, including endorsing the name of the Seller on checks and other instruments representing Interest Proceeds and Principal
Proceeds and enforcing such Sale Portfolio.

 

ARTICLE VI.

MISCELLANEOUS

 

Section 6.1.          Amendments;
Limited Agency. No amendment, waiver or other modification of any provision of this Agreement shall be effective unless
signed by the Purchaser and the Seller and consented to in writing by the Trustee.

 

Section 6.2.          Waivers;
Cumulative Remedies. No failure or delay on the part of the Purchaser (or any assignee thereof) or the Seller in exercising
any power, right, privilege or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right, privilege or remedy preclude any other or future exercise thereof or the exercise of any other
power, right, privilege or remedy. The powers, rights, privileges and remedies herein provided are cumulative and not exhaustive
of any powers, rights, privileges and remedies provided by law. Any waiver of this Agreement shall be effective only in the specific
instance and for the specific purpose for which it is given.

 

Section 6.3.          Notices.
All demands, notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include
facsimile communication and communication by e-mail in portable document format (.pdf)) and faxed, e-mailed or delivered, to each
party hereto, at its address set forth under its name on the signature pages hereto or at such other address as shall be designated
by such party in a written notice to the other parties hereto. Notices and communications by facsimile and e-mail shall be effective
when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent by other means shall
be effective when received.

 

     12

     

    

  

Section 6.4.          Severability
of Provisions. If any one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever
held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

 

Section 6.5.          GOVERNING
LAW; JURY WAIVER . THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR
IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

 

Section 6.6.          Counterparts.
For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall
constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 6.7.          Bankruptcy
Non-Petition and Limited Recourse; Claims. Each of the parties hereto hereby agrees that it will not institute against,
or join any other Person in instituting against, the other party hereto any bankruptcy proceeding so long as there shall not have
elapsed one year and one day (or such longer preference period as shall then be in effect and one day) after payment in full of
all Notes. In addition, neither party hereto shall have any recourse for any amounts payable or any other obligations arising
under this Agreement against any officer, member, director, employee, partner, Affiliate or security holder of the other party
or any of its successors or assigns.

 

Section 6.8.          Binding
Effect; Assignability.

 

(a)          This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

(b)          The
Trustee and the other Secured Parties shall be express third-party beneficiaries of this Agreement.

 

Section 6.9.          Headings
and Exhibits. The headings herein are for purposes of references only and shall not otherwise affect the meaning or
interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part
of this Agreement and are incorporated into this Agreement for all purposes.

   

[Signature pages to follow.]

 

     13

     

    

  

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

 

	 	GOLUB CAPITAL INVESTMENT 

CORPORATION CLO 2016(M) LLC, as the Purchaser
	 	 	 
	 	By:	Golub Capital Investment Corporation, its designated manager
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name: Ross A. Teune
	 	 	Title: Chief Financial Officer and Treasurer

 

Golub Capital Investment Corporation CLO 2016(M)
LLC

c/o Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

 

with a copy to:

 

GC Advisors LLC

150 South Wacker Drive, Suite 800

Chicago, Illinois 60606

Attention: David Golub

Facsimile: 312-201-9167

 

     

     

    

  

	 	GOLUB CAPITAL INVESTMENT 

CORPORATION, as the Seller
	 	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name: Ross A. Teune
	 	 	Title: Chief Financial Officer and Treasurer

 

Golub Capital Investment Corporation

150 South Wacker Drive, Suite 800

Chicago, Illinois 60606

Attention: David Golub

Facsimile: 312-201.9167

 

     

     

    

  

SCHEDULE I

 

SALE PORTFOLIO LIST

 

(See Attached)

 

     Sch. I-1

     

    

  

EXHIBIT A

 

FORM OF LOAN ASSIGNMENT

 

LOAN ASSIGNMENT NO. ____,
dated as of ____, from Golub Capital Investment Corporation (the “Seller”) to Golub Capital Investment Corporation
CLO 2016 LLC (the “Purchaser”).

 

(A)         We
refer to the Loan Sale Agreement, dated as of August 16, 2016 (such agreement as amended, modified, supplemented or restated from
time to time, the “Agreement”), by and between the Seller and the Purchaser.

 

(B)         Defined
Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Agreement unless otherwise defined
herein.

 

(C)         Designation
of Collateral Obligations. Seller delivers herewith a computer file or microfiche list or other documentation containing a
true and complete list of the Collateral Obligations Sold and assigned hereunder, identified by account number, the related Obligor
and Principal Balance as of the Cut-Off Date. Such computer file, microfiche list or other documentation shall be as of the date
of this Loan Assignment incorporated into and made part of this Loan Assignment and is marked as Schedule I hereto.

 

(D)         The
Seller does hereby Sell to the Purchaser, and the Purchaser hereby Purchases from the Seller, all right, title and interest of
the Seller (whether now owned or hereafter acquired) in the Collateral Obligations identified on Schedule I hereto and all related
Assets with respect thereto (the “Sale Portfolio”).

 

(E)         This
Loan Assignment is made without recourse but on the terms and subject to the conditions set forth in the Transaction Documents
to which the Seller is a party. The Seller acknowledges and agrees that the Purchaser is accepting this Loan Assignment in reliance
on the representations, warranties and covenants of the Seller contained in the Transaction Documents to which the Seller is a
party. The undersigned Responsible Officer of the Seller hereby certifies to the Purchaser, the Trustee and the other Secured Parties
that all of the representations and warranties in Section 4.2 of the Agreement are true, accurate and complete as of the
Cut-Off Date.

 

(F)         Ratification
of the Agreement. The Agreement is hereby ratified, and all references to the “Loan Sale Agreement,” to “this
Agreement” and “herein” shall be deemed to be a reference to the Agreement as supplemented by this Loan Assignment.
Except as expressly amended hereby, all the representations, warranties, terms covenants and conditions of the Agreement shall
remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as
expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or consent to non—compliance
with any term or provision of the Agreement.

 

    Ex. A-1

     

    

  

(G)         It
is the express intent of the parties hereto that the Sale of any Sale Portfolio by the Seller to the Purchaser hereunder be, and
be treated for all purposes (other than for accounting and tax purposes) as, an absolute sale by the Seller (free and clear of
any Lien, security interest, charge or encumbrance other than Permitted Liens) of such Sale Portfolio. It is, further, not the
intention of the parties that such Sale be deemed a pledge of any such Sale Portfolio by the Seller to the Purchaser to secure
a debt or other obligation of the Seller. However, in the event that, notwithstanding the intent of the parties, any such Sale
Portfolio is held to continue to be property of the Seller, then the parties hereto agree that: (i) the Agreement shall also be
deemed to be, and hereby is, a “security agreement” within the meaning of Article 9 of the UCC; (ii) the transfer of
any such Sale Portfolio provided for hereunder shall be deemed to be a grant by the Seller to the Purchaser of a first priority
security interest (subject only to Permitted Liens) in all of the Seller’s right, title and interest in and to such Sale
Portfolio and all amounts payable to the holders of the Sale Portfolio in accordance with the terms thereof and all proceeds of
the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without
limitation, all amounts from time to time held or invested in the Collection Account and the Revolver Funding Account, whether
in the form of cash, instruments, securities or other property, to secure the prompt and complete payment of a loan deemed to have
been made in an amount equal to the aggregate Purchase Price of such Sale Portfolio together with all of the other obligations
of the Seller hereunder; (iii) the possession by the Purchaser (or the Custodian on behalf of the Trustee, for the benefit of the
Secured Parties) of such Sale Portfolio and such other items of property as constitute instruments, money, negotiable documents
or chattel paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the UCC; and (iv)
acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians, bailees or agents (as applicable)
of the Purchaser for the purpose of perfecting such security interest under applicable law. The parties further agree in such event
that any assignment of the interest of the Purchaser pursuant to any provision hereof shall also be deemed to be an assignment
of any security interest created pursuant to the terms of the Agreement. Each of the Seller and the Purchaser shall, to the extent
consistent with the Agreement and the other Transaction Documents, take such actions as may be necessary to ensure that, if the
Agreement were deemed to create a security interest in any Sale Portfolio, such security interest would be deemed to be a perfected
security interest of first priority (subject only to Permitted Liens) under applicable law and will be maintained as such throughout
the term of the Agreement. The Purchaser shall have, in addition to the rights and remedies which it may have under the Agreement,
all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies
shall be cumulative.

 

(H)         THIS
LOAN ASSIGNMENT NO. ___ SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO THE CHOICE OF LAW PROVISIONS.

 

[Remainder of Page Intentionally Left Blank]

 

    Ex. A-2

     

    

  

IN WITNESS WHEREOF, the
Seller has caused this Loan Assignment to be executed by its duly authorized officer as of the date first above written.

 

	 	GOLUB CAPITAL INVESTMENT

 CORPORATION,
	 	as the Seller
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-3

     

    

  

SCHEDULE I TO EXHIBIT A

 

SEE ATTACHED

 

    Ex. A-4

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