Document:

10.1 Exhibit Crichfield

EXHIBIT 10.1
SEPARATION AGREEMENT

THIS SEPARATION AGREEMENT is entered into by and between Solera National Bancorp, Inc. and Solera National Bank (collectively, the “Employer”) and Douglas Crichfield (“Employee”) for good and valuable consideration, the sufficiency of which is hereby acknowledged.

1. Employee and Employer agree that Employee's resignation as a Director and Member of the Boards of Solera National Bancorp., Inc. and Solera National Bank, and Employee's termination of employment with Employer are effective as of July 26, 2013 (the “Separation Date”).  

2. Regardless of whether he signs this Separation Agreement, Employee will be paid all compensation he has earned through the Separation Date, Employer will reimburse Employee for reasonable business expenses incurred through the Separation Date upon submission by Employee of expense reports in accordance with company policy, and Employee will have the right to elect to continue his health insurance coverage pursuant to the federal law regarding continuation of insurance coverage, known as COBRA.

3. In exchange for Employee's agreement to this Separation Agreement and contingent upon the execution of this agreement by Employee, Employer agrees to provide Employee with the following additional severance benefits:

(A) severance pay in the aggregate gross amount of $200,000 (two hundred thousand dollars), less applicable withholding taxes, payable over twelve months in accordance with the normal payroll practices of Employer; 

(B) provided Employee elects continuation coverage of health insurance in accordance with COBRA, Employer will pay the premiums for such coverage for eighteen months from when Employee's coverage would otherwise end, or until such earlier date as Employee's eligibility for such coverage ends; 

(C) all stock options held by Employee (as reported in the Employer's public filings) that are currently scheduled to vest on or before January 26, 2014 shall be deemed vested as of July 26, 2013; all remaining unvested stock options, other than those noted in this paragraph, will be forfeited and cancelled.

(D) the exercise period for all stock options currently held by Employee (as reported in the Employer's public filings), including those noted above in paragraph 3(C), shall be extended until December 31, 2014. 

Employee acknowledges that he would not be entitled to receive the severance benefits described above if he did not agree to all of the terms of this Separation Agreement, including the non-disparagement provisions in paragraph 11. Payment of the severance benefits described above shall commence as soon as practicable after the Effective Date of this Agreement and the expiration of the revocation period as described in paragraph 13. Employee agrees to return to Employer on or before September 1, 2013, any and all property and documents of Employer. Employee agrees to cooperate with Employer to resolve all other issues relating to Employee's separation from employment. Employee agrees that he is not entitled to any other compensation or benefits except as expressly provided herein.

4. Employee hereby releases Employer and its parent, subsidiary, and sister companies, and their respective officers, directors, agents, shareholders, employees, and benefit plans (collectively “Released Persons”) of and from any and all past, present, or future actions, causes of actions, claims, demands, damages, expenses, charges, complaints, obligations and liability of any nature or kind whatsoever on account of, or in any way growing out of, his employment with or separation from employment with Employer, whether such liability or damages are accrued or unaccrued, known or unknown at this time. This release includes, without limitation, any and all rights or claims under any common law theory such as defamation, intentional infliction of emotional distress, outrageous conduct, breach of contract, invasion of privacy, wrongful discharge, breach of implied covenant, and any claim of discrimination on the basis of sex, race, creed, religion, age, disability, sexual orientation, or national origin under any municipal ordinance or under any statute of the United States or Colorado, including without limitation, any claim under Title VII of the 1964 Civil Rights Act, The Civil Rights Acts of 1866 and 1871, the Americans with Disabilities Act, the Colorado Civil Rights Act (C.R.S. Sections 24-34-301 et seq. and 24-34-401 et seq.), and the Age Discrimination in Employment Act of 1967 as amended, which is codified beginning at 29 U.S.C. Section 621.

5. The release in paragraph 4 does not include a release or waiver of the following:

(A) any rights of Employee which are already vested as of the Separation Date to benefits under Employer's 401(k) Plan;

(B) any rights: (i) to elect continuation coverage under Employer's group health plan in accordance with the terms of COBRA, or (ii) to otherwise maintain coverage under Employer's group health plan if the plan so provides at the time of Employee's separation from employment; and

(C) any claims which Employee may have under Colorado statutes for workers compensation benefits and/or unemployment compensation benefits; and

(D) any rights or claims arising under the Age Discrimination in Employment Act after the date that Employee signs this Separation Agreement.

6. Employee agrees that he will not file, cause to be filed, or prosecute any civil suit in any court for any claims which are released in Paragraph 4. In the event that Employee breaches this paragraph, all Released Persons shall be entitled to recover from Employee all reasonable attorney fees and costs incurred as a result of such breach, provided, however, that Employee's obligation to pay attorney fees and costs shall apply to claims asserted under the Age Discrimination in Employment Act or the Older Workers Benefit Protection Act only as specifically authorized by federal law.

7.  Employee understands and acknowledges that the non-recruitment provisions of Section C.12 of the Executive Employment Agreement made and entered into August 1, 2009 between Employer and Employee (the “Employment Agreement) continue to apply after the period of his employment, and Employee agrees and covenants to comply with said provisions.

8. Employee understands and acknowledges that the confidentiality provisions of Section C.13 of the Employment Agreement continue to apply after the period of his employment, and Employee agrees and covenants to comply with said provisions. In addition, Employee agrees that the terms, amount and fact of this Agreement are also confidential information. Employee represents that he has not disclosed such confidential information to any other person or entity, except to his attorneys, tax advisors, and spouse. Employee agrees that hereafter he will not disclose any such confidential information to any other person or entity, except to his attorneys, tax advisors, spouse, or as required by law or court order. Any disclosure of such confidential information by Employee's attorneys, tax advisors, or spouse will be deemed to be a disclosure by Employee.

9.  Employee understands and acknowledges that the covenant-not-to-compete provisions of Section C.14, and the companion provisions of Section C.18 and C.19, of the Employment Agreement continue to apply after the period of his employment, and Employee agrees and covenants to comply with said provisions, except as specifically modified herein.  Section C.18 is hereby modified to substitute the words “within 100 miles of any geographic area in which Employer conducts business” for the words “within twenty (20) miles of the primary office of Executive upon termination of Executive's employment with the bank.”
10. Employee agrees that he shall provide transitional assistance or information as may be requested from time to time by Employer for a period of six months after the termination of his employment provided that Employee shall not be required to spend more than 20 hours per month providing such assistance.

11.  Employee agrees that, from this time forward, he will refrain from making any disparaging or derogatory remarks of any kind about Employer, or any person associated with or representing Employer.  Employee further agrees that, from this time forward, Employee will not repeat any allegation of illegal, immoral, unethical, or improper conduct about Employer, unless ordered to do so by a court of competent jurisdiction, or as otherwise required by law.

12. This Separation Agreement constitutes the entire agreement between Employee and Employer concerning his employment with Employer and his separation from employment with Employer and supersedes all prior agreements relating thereto, and there are no other promises, understandings, or agreements relating thereto except as may be provided herein. Both parties agree and acknowledge that they have not relied upon any representation, whether written or oral, of the other party in connection with entering into this Separation Agreement. Nothing in this Agreement shall be construed as an admission of liability or wrongdoing by either party. The purpose of this Agreement is solely to amicably resolve all issues relating to Employee's employment and separation from employment with Employer and to provide transitional assistance to Employee. No rules of construction based upon which party drafted any portion of this Agreement shall be applicable in the event of any dispute over its meaning or interpretation. This Agreement shall be construed and enforced in 

accordance with the law of the State of Colorado. If any provision of this Agreement is found to be invalid or unenforceable by a court of competent jurisdiction, the remaining terms of this Agreement will remain in full force and effect, and any Court having jurisdiction shall modify any such invalid or unenforceable provision to the extent necessary for it to be valid and enforceable.

13. Employee understands that this is an important legal document. Employee is advised to consult with an attorney before signing this Separation Agreement. Employee has 21 days after receiving this Separation Agreement to consider it, and if Employee chooses to agree to the terms of this Separation Agreement, Employee understands that he must sign and return this Separation Agreement to Employer within that 21-day period. If Employee signs this Separation Agreement, he will then have the right to revoke this Separation Agreement by delivering written notice of revocation, but such notice must be received by Employer within seven days after the date that Employee signed this Separation Agreement. If this Separation Agreement is not signed and delivered within 21 days, or if it is revoked within the seven day period, neither Employee nor Employer will have any rights or obligations under this Separation Agreement. The Effective Date of this Separation Agreement is the eighth day after Employee signs it, unless Employee revokes it as described above.

14. It is expressly understood that Employee has read and reviewed this Separation Agreement and every word of it, that Employee has had an opportunity to discuss this Separation Agreement with an attorney if he chose to do so, and that Employee understands this Separation Agreement. By signing below, Employee represents that this Separation Agreement has been entered into voluntarily and knowingly and is binding upon him, his heirs, and personal representatives, and shall inure to the benefit of Employer, its successors and assigns.

Signature page to Separation Agreement

The duly authorized parties have caused this Separation Agreement to be executed as of the date first set forth above.

	
					
	/s/ Douglas Crichfield
	 
	 
	 

	Douglas Crichfield
	 
	 
	 

	 
	 
	 
	 

	STATE OF COLORADO
	)
	 
	 

	 
	) ss.
	 
	 

	COUNTY OF EAGLE
	)
	 
	 

The foregoing Separation Agreement was acknowledged before me this 3rd day of September, 2013, by Douglas Crichfield.	
					
	WITNESS my hand and official seal.
	 
	 
	 

	 
	 
	 
	 

	My commission expires:  12/24/2016
	 
	 
	 

	 
	 
	 
	/s/ Laura Hagen

	 
	 
	 
	Notary Public

Solera National Bancorp, Inc.

	
				
	/s/ Ron Montoya
	 
	 

	Ron Montoya, Chairman of the Board
	 
	 

	Solera National Bank
	 
	 

	 
	 
	 

	STATE OF COLORADO
	)
	 
	 

	 
	) ss.
	 
	 

	COUNTY OF DENVER
	)
	 
	 

The foregoing Separation Agreement was acknowledged before me this 4th day of September, 2013, by as of Solera National Bancorp, Inc., on behalf of said corporation.

	
					
	 
	 
	 
	 

	WITNESS my hand and official seal.
	 
	 
	 

	 
	 
	 
	 

	My commission expires:  7/28/2015
	 
	 
	 

	 
	 
	 
	/s/ Caroline Novotny

	 
	 
	 
	Notary Public

	
					
	/s/ Stan Sena
	 
	 
	 

	Stan Sena, Vice Chairman of the Board
	 
	 
	 

	Solera National Bank
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	STATE OF COLORADO
	)
	 
	 

	 
	) ss.
	 
	 

	COUNTY OF DENVER
	)
	 
	 

The foregoing Separation Agreement was acknowledged before me this 4th day of September, 2013, by as of Solera National Bank, on behalf of said corporation.
	
				
	 
	 
	 
	 

	WITNESS my hand and official seal.
	 
	 
	 

	 
	 
	 
	 

	My commission expires:  7/28/2015
	 
	 
	 

	 
	 
	 
	/s/ Caroline Novotny

	 
	 
	 
	Notary PublicCorporate Capital Trust 8-K

Exhibit 10-1

 

Amended
and Restated Committed Facility Agreement

 

 

BNP
Paribas prime brokerage, inc., on behalf of itself and as agent for the bnpp entities (“BNPP
PB, Inc.”) and
the counterparty specified on the signature page (“Customer”),
hereby enter into this Amended and Restated Committed Facility Agreement (this “Agreement”),
dated as of the date specified on the signature page. 

 

Whereas
BNPP PB, Inc. and Corporate Capital Trust, Inc. (“CCT”) have previously entered into a Committed Facility
Agreement, dated as of June 4, 2013 (as amended from time to time, the “Original Agreement”);

 

Whereas
CCT has assigned all of its rights and obligations under the Original Agreement to Customer, and Customer and BNPP PB, Inc.
hereby desire to amend and restate the Original Agreement as set forth herein;

 

Whereas
BNPP PB, Inc. and Customer have entered into the U.S. PB Agreement, dated as of June 4, 2013 (as previously assigned from
CCT to Customer, the “U.S. PB Agreement”);

 

Whereas
BNPP PB, Inc., Customer and State Street Bank and Trust Company (the “Custodian”) have entered into the
Special Custody and Pledge Agreement, dated as of June 4, 2013 (as previously assigned from CCT to Customer, the “Special
Custody Agreement” and together with this Agreement and the U.S. PB Agreement, the “40 Act Financing Agreements”);
and

 

Whereas
this Agreement supplements and forms part of the other 40 Act Financing Agreements and sets out the terms of the commitment
of BNPP PB, Inc. to provide financing to Customer under the 40 Act Financing Agreements.

 

Now,
therefore, in consideration of the foregoing promises and for other good and valuable consideration, the receipt and adequacy
of which is hereby acknowledged, the parties agree to amend and restate the Original Agreement as follows:

 

1.           
Definitions -

 

(a)  
Capitalized terms not defined in this Agreement have the respective meanings assigned to them in the U.S. PB Agreement. The 40
Act Financing Agreements are included in the term “Contract,” as defined in the U.S. PB Agreement.

 

(b)  
“Account Agreement” means the Account Agreement attached as Exhibit A to the U.S. PB Agreement.

 

(c)  
“Borrowing” means a draw of cash financing by Customer from BNPP PB, Inc. pursuant to Section 2 of this Agreement.

 

(d)  
“Closing Date” means August 29, 2013.

 

(e)  
“Collateral Requirements” means margin requirements set forth in Appendix A attached hereto.

 

(f)   
“Maximum Commitment Financing” means an amount equal to USD $200,000,000, provided that if Customer shall not
send to BNPP PB, Inc., prior to December 30, 2013 a notice electing to maintain the Maximum Commitment Financing at USD $200,000,000
(an “Election Notice”), the Maximum Commitment Financing shall thereafter be reduced from time to time as follows:

If, measured as of the close of the second-to-last day of any calendar
month, the Maximum Commitment Financing is greater than the product of 120% times the Outstanding Debt Financing,
then on the last day of such calendar month the Maximum Commitment Financing shall be reduced by the amount of such excess, provided
that in no event will the Maximum Commitment Financing be reduced to an amount less than USD $50,000,000.

    	 

    	 

    

 

(g)  
“Net Asset Value” means, with respect to any person, the net asset value per share of common stock issued by
such person (or other equity ownership interests in such person) calculated in accordance with such person’s commercially
reasonable internal policies and procedures. 

 

(h)  
“Net Asset Value Floor” means, with respect to CCT, an amount equal to 50% of CCT’s
Net Asset Value in effect as of the Closing Date (such 50% amount, the “Execution Date NAV Floor”); provided,
however, that following the date hereof, the Net Asset Value Floor shall be the greater of (i) the Execution Date NAV Floor
or (ii) 50% of the Net Asset Value of CCT, calculated based on the CCT Net Asset Value as of its most recent fiscal year end subsequent
to the date hereof.

 

(i)    
“Outstanding Debit Financing” means the aggregate cash borrowings under the 40 Act Financing Agreements. For
the purposes of calculating such aggregate cash borrowings, if Customer holds debit cash balances in non-USD currencies, BNPP
PB, Inc. will convert each of these balances into USD at prevailing market rates in a commercially reasonable manner to determine
Customer’s aggregate cash borrowings.

 

(j)    
“1940 Act” means the Investment Company Act of 1940, as amended. 

 

2.            
Borrowings -

 

Subject
to the terms hereof, BNPP PB, Inc. shall make available cash financing under the 40 Act Financing Agreements in an amount up to
the relevant Maximum Commitment Financing. Such cash financing shall be made available in immediately available funds. Customer
may borrow under this Section 2, prepay pursuant to Section 4 and reborrow under this Section 2 without penalty.

 

On
the Closing Date, subject to the terms hereof, BNPP PB, Inc. shall make funds available to Customer in an amount up to the Maximum
Commitment Financing. Each subsequent Borrowing (not to exceed, in the aggregate with each other outstanding Borrowing, the Maximum
Commitment Financing) shall be made on written notice (the “Borrow Request”), given by Customer to BNPP PB,
Inc. not later than 11:00 A.M. (New York City time) on the Business Day immediately preceding the date of the proposed Borrowing
(which must be a Business Day) by Customer. Subject to Section 7, BNPP PB, Inc. shall, before 11:00 A.M. (New York City time)
on the date of such Borrowing, make available to Customer the amount of such Borrowing (provided that the Outstanding Debit
Financing, taking into account the amount specified in the Borrow Request, does not exceed the Maximum Commitment Financing) payable
to the account designated by the Customer in such Borrow Request.

 

3.           
Repayment -

 

(a)  
Upon the occurrence of a Facility Termination Event, an event described in Section 15(a) hereof, or the date specified in the
Facility Modification Notice as described in Section 6, all Borrowings (including all accrued and unpaid interest thereon and
all other amounts owing or payable hereunder) may be recalled by BNPP PB, Inc. in accordance with Section 1 of the U.S. PB Agreement.

 

(b)  
Upon the occurrence of a Default, the BNPP Entities shall have the right to take any action described in Section 13(b) hereof.

    	2

    	 

    

 

4.           
Prepayments -

 

Customer
may, upon at least one Business Day's notice to BNPP PB, Inc. stating the proposed date and aggregate principal amount of the
prepayment, prepay all or any portion of the outstanding principal amount of the Outstanding Debit Financing, together with accrued
interest to the date of such prepayment on the principal amount prepaid; provided that Customer shall continue to be obligated
to pay the Commitment Fee as set forth in Appendix B attached hereto.

 

5.           
Interest -

 

Customer
shall pay interest on the outstanding principal amount of each Borrowing from the date of such Borrowing until such principal
amount has been paid in full, at the rates specified in Appendix B attached hereto. Such interest shall be payable monthly, and
if not paid when due, any unpaid interest shall be capitalized on the principal balance as additional cash borrowing by the Customer;
provided that, notwithstanding such capitalization, the failure by Customer to pay such interest when due, shall be a failure
of Customer to comply with an obligation under this Agreement (after giving effect to any applicable notice requirement or grace
period).

 

6.           
Scope of Committed Facility -

 

Subject
to Section 7, BNPP PB, Inc. shall make available cash financing under the 40 Act Financing Agreements in an aggregate amount up
to the relevant Maximum Commitment Financing, and may not take any of the following actions except upon at least 364 calendar
days’ prior notice (the “Facility Modification Notice”) (the date such Facility Modification Notice is
sent, the “Notice Date”):

 

(a)  
modify the method for calculating the Collateral Requirements;

 

(b)  
recall or cause repayment of any cash loan under the 40 Act Financing Agreements;

 

(c)  
modify the interest rate spread on cash loans under the 40 Act Financing Agreements, as set forth in Appendix B attached
hereto;

 

(d)  
modify any other fees specified in Appendix B attached hereto; or

 

(e)  
terminate this Agreement or any of the 40 Act Financing Agreements.

 

7.           
Conditions for Committed Facility -

 

The
commitment as set forth in Sections 2 and 6 only applies so long as –

 

(a)  
Customer satisfies the Collateral Requirements;

 

(b)  
no Default or Facility Termination Event has occurred and is continuing;

 

(c)  
Customer is not bankrupt, insolvent, or subject to any bankruptcy, reorganization, insolvency or similar proceeding; and

 

(d)  
there has not occurred any termination of this Agreement (including, without limitation, pursuant to Section 15).

 

8.           
Arrangement and Commitment Fee -

 

(a)  
Customer shall pay when due an Arrangement Fee as set forth in Appendix B attached hereto.

 

(b)  
Customer shall pay when due a Commitment Fee as set forth in Appendix B attached hereto.

    	3

    	 

    

 

9.            Substitution -

 

(a)  
After BNPP PB, Inc. sends a Facility Modification Notice, Customer may not substitute any collateral, provided that Customer
may, subject to the Special Custody Agreement, purchase and sell portfolio securities in the ordinary course of business consistent
with its investment restrictions; provided further that BNPP PB, Inc. may permit substitutions upon request, which permission
shall not be unreasonably withheld; provided further that for substitutions of rehypothecated collateral, such collateral
shall be returned for substitution within a commercially reasonable period (in any event no sooner than the standard settlement
period applicable to such collateral).

 

(b)  
Prior to BNPP PB, Inc. sending a Facility Modification Notice, Customer may, subject to the Special Custody Agreement, substitute
collateral, provided that for substitutions of rehypothecated collateral, such collateral shall be returned for substitution
within a reasonable period (in any event no sooner than the standard settlement period applicable to such collateral).

 

10.         
Collateral Delivery -

 

If
notice of a Collateral Requirement is sent to Customer: (i) on or before 11:00 a.m. on any Business Day, then Customer shall
deliver all required Collateral no later than the close of business on such Business Day, and (ii) after 11:00 a.m. on any
Business Day, then Customer shall deliver all required Collateral no later than the close of business on the immediately succeeding
Business Day.

 

Unless
a Default or Facility Termination Event (other than a Facility Termination Event under Section 13(c)(ii)) has occurred and is
continuing, subject to Section 17(b) of the Account Agreement, on any Business Day prior to the Notice Date, to the extent that
there is margin in the Special Custody Account (as defined in the Special Custody Agreement) in excess of the Collateral Requirements
(such excess, the “Margin Excess”), if a request for return or delivery of Margin Excess is sent to BNPP PB,
Inc.: (a) on or before 11:00 a.m. New York City time on any Business Day, then BNPP PB, Inc. shall, no later than the close of
business on such Business Day, provide an Advice from Counterparty (as defined in the Special Custody Agreement) to Custodian
instructing for the release of such Margin Excess pursuant to section 4 of the Special Custody Agreement, and (b) after 11:00
a.m. New York City time on any Business Day, then BNPP PB, Inc. shall, no later than the close of business on the immediately
succeeding Business Day, provide an Advice from Counterparty (as defined in the Special Custody Agreement) to Custodian instructing
for the release of such Margin Excess pursuant to section 4 of the Special Custody Agreement; provided that it shall not
be a breach of this Agreement if a failure to provide such Advice from Counterparty is caused by an error or omission of an administrative
or operational nature and BNPP PB, Inc. provides such Advice from Counterparty by the close of business on the next following
Business Day after such Advice from Counterparty was to be provided pursuant to the immediately preceding provisions. For the
avoidance of doubt, to the extent Customer’s request for Margin Excess is a request for a return of securities Collateral,
BNPP PB, Inc. shall only be obligated to instruct for the release of such securities Collateral to the extent such securities
Collateral has not been re-hypothecated pursuant to Exhibit B to the Account Agreement.

 

11.         
Representations and Warranties -

 

Customer
hereby makes all the representations and warranties set forth in Section 5 of the Account Agreement, which are deemed to
refer to this Agreement, and such representations and warranties shall survive each transaction and the termination of the 40
Act Financing Agreements.

    	4

    	 

    

 

12.        
 Financial Information -

 

Customer
shall provide or cause to be provided to BNPP PB, Inc. copies of –

 

(a)  
the most recent annual report of Customer and CCT containing financial statements certified by independent certified public accountants
and prepared in accordance with generally accepted accounting principles in the United States, as soon as available and in any
event within 120 calendar days after the end of each fiscal year of Customer and CCT, respectively;

 

(b)  
a monthly statement of the leverage and asset coverage ratios of Customer and CCT and a monthly disclosure of Customer’s
and CCT’s consolidated aggregate net asset value as of the last day of each calendar month as soon as available and in any
event within 15 calendar days after the end of each calendar month;

 

(c)  
the estimated Net Asset Value statement of Customer or CCT within one (1) Business Day of request therefor by BNPP PB, Inc.

 

Notwithstanding
anything to the contrary herein, if the Net Asset Value of Customer or CCT or most recent annual report of Customer or CCT (the
“Reports”) are available on Customer’s website and Customer provides BNPP PB, Inc. a working link to
such Reports sent to rcm_regulated_funds@us.bnpparibas.com, such Reports
shall be deemed delivered to BNPP PB, Inc. without further action by Customer or CCT.

 

13.        
Termination -

 

(a)  
Upon the occurrence and continuance of a Facility Termination Event, BNPP PB, Inc. shall have the right to terminate this Agreement,
accelerate the maturity of any and all Borrowings to be immediately due and payable, modify the method for calculating the Collateral
Requirements, and modify any interest rate spread, fees, charges, or expenses, in each case, in accordance with the timeframes
specified in the U.S. PB Agreement.

 

(b)  
Upon the occurrence of a Default, if such Default is at that time continuing, the BNPP Entities may terminate any of the 40 Act
Financing Agreements and/or take Default Action or any other action provided for under the 40 Act Financing Agreements.

 

(c)  
Each of the following events constitutes a “Facility Termination Event”:

 

i.     
the occurrence of a default, termination event or similar condition by CCT under any contract or agreement with a third party
relating to Specified Indebtedness, where the aggregate principal amount of any such contract or agreement is not less than the
lesser of (x) 3% of the Net Asset Value of CCT and (y) USD $20,000,000. For purposes of the foregoing, “Specified Indebtedness”
shall mean any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect
of borrowed money;

 

ii.    
there occurs any change in BNPP PB, Inc.’s interpretation of any Applicable Law or the adoption of or any change in the
same that, in the reasonable opinion of external nationally recognized counsel to BNPP PB, Inc., has the effect with regard to
BNPP PB, Inc. of impeding or prohibiting the arrangements under the 40 Act Financing Agreements (including, but not limited to,
imposing or adversely modifying or affecting the amount of regulatory capital to be maintained by BNPP PB, Inc.); provided,
however, that it shall not be a Facility Termination Event if there occurs a change in, or change in BNPP PB, Inc.’s interpretation
of, any Applicable Law that results in a cost increase to BNPP PB, Inc. (as determined in its sole discretion), rather than a
prohibition (as determined in BNPP PB, Inc.’s sole discretion), and such cost increase is accepted by Customer (for the
avoidance of doubt, such cost increase may be implemented by adjusting the fees and rates in Appendix B or in any other manner,
as determined by BNPP PB, Inc. in its sole discretion);

    	5

    	 

    

 

iii.   
(A) as of the close of Customer’s or CCT’s business on the last Business Day of a month (the “Determination
Date”), the Net Asset Value of Customer or CCT has declined by thirty percent (30%) or more from the Net Asset Value
of Customer or CCT (as applicable) as of the first Business Day of the immediately preceding one-month period then ending; or
(B) as of the Determination Date, the Net Asset Value of Customer or CCT has declined by forty percent (40%) or more from the
Net Asset Value of Customer or CCT (as applicable) as of the first Business Day of the immediately preceding three-month period
then ending; or (C) as of the Determination Date, the Net Asset Value of Customer or CCT has declined by fifty percent (50%) or
more from the Net Asset Value of Customer or CCT (as applicable) as of the first Business Day of the immediately preceding 12-month
period then ending (for purposes of (A), (B) and (C), any decline in the Net Asset Value shall not
take into account any positive or negative change caused by capital transfers, such as redemptions, withdrawals (which, for the
avoidance of doubt, shall include any distributions to CCT), subscriptions, contributions or investments, howsoever characterized,
and all amounts set forth in redemption notices received by or on behalf of Customer (notwithstanding the date the actual redemption
shall occur));

 

iv.   
the investment management agreement between CCT and its investment advisor (“Advisor”) is terminated or the
Advisor otherwise ceases to act as investment advisor of CCT; provided, however, such termination or cessation shall not
constitute a Facility Termination Event if there is a replacement investment advisor appointed immediately who is either (A) and
affiliate of the Advisor or (B) acceptable to BNPP PB, Inc. in its good faith discretion;

 

v.    
Customer enters into any additional indebtedness with a party other than a BNPP Entity or its affiliates beyond the financing
provided hereunder through the 1940 Act Financing Agreements, including without limitation any further borrowings constituting
‘senior securities’ (as defined for purposes of Section 18 of the 1940 Act) or any promissory note or other evidence
of indebtedness, whether with a bank or any other person;

 

vi.   
CCT violates Section 61 of the 1940 Act;

 

vii.  
CCT fails to make any filing necessary to comply with the rules of any exchange in which its shares are listed where such failure
continues for five (5) Business Days after written notice to Customer by BNPP PB, Inc.;

 

viii. 
CCT is not classified as a “closed-end company” as defined in Section 5 of the 1940 Act;

 

ix.   
Customer pledges to any other party, other than a BNPP Entity or its affiliates, any securities owned or held by Customer; or

 

x.    
CCT changes its fundamental investment policies.

 

(d)  
Each of the following events constitutes a “Default” and shall be an “Event of Default”
for purposes of the Account Agreement:

 

i.     
Customer fails to meet the Collateral Requirements within the time periods set forth in Section 10, provided that,
it shall not be a Default if such failure is caused by an error or omission of an administrative or operational nature of which
Customer has notified BNPP PB, Inc. on the day such posting was due and (A) funds were available for Customer to post when due
and (B) such posting is made by the close of business on the immediately following Business Day after such posting was originally
due;

 

    	6

    	 

    

ii.    
Customer or CCT fails to deliver its financial information within the time periods set forth in Section 12 and such failure is
not remedied within (A) five (5) days for a failure under Section 12(a) and, (B) one (1) Business Day for a failure under Sections
12(b) and 12(c);

 

iii.   
the Net Asset Value of CCT declines below the Net Asset Value Floor;

 

iv.   
any representation or warranty made or deemed made by Customer to BNPP PB, Inc. under any 40 Act Financing Agreement (including
under Section 11 herein) proves false or misleading when made or deemed made;

 

v.    
Customer fails to comply with or perform any other agreement or obligation under this Agreement or the other 40 Act Financing
Agreements;

 

vi.   
Customer or CCT becomes bankrupt, insolvent, or subject to any bankruptcy, reorganization, insolvency or similar proceeding or
all or substantially all its assets become subject to a suit, levy, enforcement, or other legal process where a secured party
maintains possession of such assets, has a resolution passed for its winding-up, official management or liquidation (other than
pursuant to a consolidation, amalgamation or merger), seeks or becomes subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets,
has a secured party take possession of all or substantially all its assets, or takes any action in furtherance of, or indicating
its consent to or approval of, any of the foregoing acts; or

 

vii.  
the occurrence of a default, termination event or similar condition (howsoever characterized, which, for the avoidance of doubt,
includes the occurrence of an Additional Termination Event under an ISDA Master Agreement) by, or with respect to, Customer under
any contract or agreement with a BNPP Entity or affiliate of a BNPP Entity.

 

(e)  
Customer shall have the right to terminate this Agreement upon 180 days’ prior notice.

 

14.        
Notices -

 

Notices
under this Agreement shall be provided pursuant to Section 12(a) of the Account Agreement.

 

15.        
Compliance with Applicable Law -

 

(a)  
Notwithstanding any of the foregoing, if required by Applicable Law (including, for the avoidance of doubt, any new or amended
rules, requests, guidelines and directives promulgated in connection with the Dodd-Frank Wall Street Reform and Consumer Protection
Act) –

 

i.     
the BNPP Entities may terminate any 40 Act Financing Agreement and any Contract;

 

ii.    
BNPP PB, Inc. may recall any outstanding cash loan under the 40 Act Financing Agreements;

 

iii.   
BNPP PB, Inc. may modify the method for calculating the Collateral Requirements; and

 

iv.   
the BNPP Entities may take Default Action;

 

each
action shall be taken solely to the extent required to comply with Applicable Law.

 

    	7

    	 

    

(b)  
This Agreement will not limit the ability of BNPP PB, Inc. to change the product provided under this Agreement and the 40 Act
Financing Agreements as necessary to comply with Applicable Law (including, for the avoidance of doubt, any new or amended rules,
requests, guidelines and directives promulgated in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act).

 

16.         
Miscellaneous -

 

(a)  
In the event of a conflict between any provision of this Agreement and the other 40 Act Financing Agreements, this Agreement prevails.

 

(b)  
This Agreement is governed by and construed in accordance with the laws of the State of New York, without giving effect to the
conflict of laws doctrine other than Title 14 of Article 5 of New York General Obligations Law.

 

(c)  
Section 16(c) of the Account Agreement is hereby incorporated by reference in
its entirety and shall be deemed to be a part of this Agreement to the same extent as if such provision
had been set forth in full herein.

 

(d)  
Notwithstanding anything in any of the 40 Act Financing Agreements to the contrary, if any of the BNPP Entities (the “Assignor”)
assigns its rights hereunder or any interest herein or under any other 40 Act Financing Agreement to any other person (such person,
including any subsequent assignee, referred to herein as an “Assignee”), Customer shall in no event be required to
pay to Assignee any additional amounts with respect to Taxes under any provision herein (or in any of the 40 Act Financing Agreements)
in excess of the amounts Customer was required to pay with respect to payments made to Assignor prior to such assignment.

 

(e)  
This Agreement may be executed in counterparts, each of which will be deemed an original instrument and all of which together
will constitute one and the same agreement.

 

 

 

(The
remainder of this page is blank.)

 

    	8

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of August 29, 2013.

 

 

	 	PARIS
FUNDING LLC 

         

          

        

	 	By:	/s/
    Paul S. Saint-Pierre
	 	 	Name:	Paul
    S. Saint-Pierre
	 	 	Title:	Chief
    Financial Officer

 

 

	 	bnp
                                                                      paribas prime brokerage, inc., on

                                                                      behalf
of itself and as agent for the BNPP entities LLC 

         

          

        

	 	By:	/s/
    Edward
    Speal
	 	 	Name:	Edward Speal
	 	 	Title:	Managing Director

 

 

	 	By:	/s/
JP Muir
	 	 	Name:	JP
    Muir
	 	 	Title:	Managing Director

 

  

    	9

    	 

    

 

Appendix A
– Collateral Requirements

 

  

THIS
AppendiX forms a part of the Amended and Restated Committed Facility
Agreement entered into between BNP Paribas Prime Brokerage, Inc. (“BNPP PB, Inc.”) and Paris Funding LLC (“Customer”)
(the “Committed Facility Agreement”).

 

1.           
Collateral Requirements  - 

 

The
Collateral Requirements in relation to all positions held in the accounts established pursuant to the 40 Act Financing Agreements
(the “Positions”) shall be the greatest of:

 

(a)
the Total Portfolio Margin Requirements;

 

(b)
the sum of the collateral requirements of such Positions as per Regulation T or Regulation X, as applicable, of the Board of Governors
of the Federal Reserve System, as amended from time to time;

 

(c)
the sum of the collateral requirements of such Positions as per Financial Industry Regulatory Authority Rule 4210(g), as amended
from time to time, to the extent applicable; or

 

(d)
40% of the Portfolio Gross Market Value.

 

2.           
Eligible Securities  - 

 

(a)  
Positions in the following eligible fixed income security types (“Eligible Securities”, which term shall exclude
any securities described in Section 2(b)) are covered under the Committed Facility Agreement:

 

                                    
i.        non-convertible corporate debt securities or preferred securities, provided
such securities (A) are issued by an issuer incorporated in one of the following countries: Australia, Austria, Belgium, Canada,
Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain,
Sweden, Switzerland, United Kingdom, United States, (B) are denominated in USD, and (C) are capable of being valued by BNPP PB,
Inc. on a daily basis based on internal or external pricing sources.

 

(b)  
Notwithstanding the foregoing, the following will not be part of the collateral commitment and shall have no collateral value
(and for the avoidance of doubt, shall be excluded from the Portfolio Gross Market Value for purposes of calculating the Collateral
Requirements hereunder):

 

                                    
i.        any security type not covered above, as determined by BNPP PB, Inc. in its sole discretion;

 

                                   
ii.        any short security position;

 

                                  
iii.        any security offered through a private placement or any restricted securities,
except Rule 144A securities related to Debt Securities; 

 

                                  
iv.        any security that is not maintained as a book-entry security on The Depository Trust
Company;

 

                                   
v.        any securities that are municipal securities, asset-backed securities, mortgage securities,
Payment-in-Kind Securities or Structured Securities (notwithstanding the fact that such securities would otherwise be covered);

    	 

    	 

    

 

 

                                  
vi.        any Debt Security Position which has a Current Market Value that is greater than
35% of the Issue Size;

 

                                 
vii.        any Debt Security which was initially sold as part of an issuance of less than
$50,000,000, as determined by BNPP PB, Inc.;

 

                                
viii.        any Positions with a long-term debt rating below CCC- by S&P or below Caa3
by Moody’s;

 

                                  
ix.        any Debt Security that is a defaulted Debt Security; and

 

                                   
x.        to the extent that the Gross Market Value of all positions with a long-term debt
rating of CCC+, CCC or CCC- by S&P or Caa1, Caa2 or Caa3 by Moody’s (excluding, for the avoidance of doubt, unrated
securities), exceeds 35% of the Portfolio Gross Market Value, any Positions in excess of such 35% (and BNPP PB, Inc. shall determine
in its sole discretion which specific securities shall be considered to be in excess of such 35%).

 

 

3.           
Total Portfolio Margin Requirements - 

 

The
“Total Portfolio Margin Requirements” in relation to Positions consisting of Eligible Securities shall be determined
according the following formula: max(Aggregate Position Level Margin Charge, Issuer Concentration Charge, Sector Concentration
Charge).

 

(a)  
Aggregate Position Level Margin Charge.

 

The
“Aggregate Position Level Margin Charge” in relation to Positions consisting of Eligible Securities shall be
the sum of all the Position Level Margin Charges for all such Positions.

 

The
“Position Level Margin Charge” for each Position consisting of Eligible Securities shall be the product of
(i) the product of (A) the Debt Core Rate and (B) the Debt Liquidity Factor, and (ii) the Current Market Value of such Position.

 

The
“Debt Core Rate” shall be determined pursuant to the following table. For the avoidance of doubt, linear interpolation
shall be used to determine the Debt Core Factor applicable to such Debt Securities between points on the table below.

 

	 	Years
    to Maturity
	Spread
    to Treasuries	1	3	5	10	20
	Treasuries	2%	2%	4%	4%	4%
	2%	10%	10%	10%	10%	10%
	5%	12%	15%	18%	22%	25%
	8%	20%	25%	30%	32%	35%
	10%	25%	30%	35%	40%	45%
	12%	35%	40%	45%	50%	50%
	15%	40%	45%	50%	50%	50%
	>15%
    	Debt
    Core Rate shall be the greater of (i) 60% of Current Market Value and (ii) 30% of Face Value

 

 

    	1

    	 

    

 

The
“Debt Liquidity Factor” shall be determined pursuant to the following table as a percent of Issue Size. For
the avoidance of doubt, linear interpolation shall be used to determine the Debt Liquidity Factor applicable to such Debt Securities
between points on the table below.

 

	Percent
    of Issue Size	Debt
    Liquidity Factor
	9%
    or less	1.0
    (no liquidity charge)
	12%	2.5
	30%	3.0
	35%	3.0

 

 

(b)  
Issuer Concentration Charge

 

The
Issuer Concentration Charge is determined by grouping Positions consisting of Eligible Securities according to Issuer (each such
grouping, an “Issuer Position”). BNPP PB, Inc. shall aggregate the three Issuer Positions with the largest
Gross Market Values (expressed as a positive number) in accordance with the following formula; provided that if there is only
one Issuer Position, then the Issuer Concentration Charge shall equal 100% of such Issuer Position.

 

“Issuer
Concentration Charge” = 250% x Issuer Position with largest Gross Market Value

 

(c)  
Sector Concentration Charge

 

The
Sector Concentration Charge is determined by grouping Positions consisting of Eligible Securities in the same industry sector
(as classified by Bloomberg) (each such grouping, a “Sector Position”). BNPP PB, Inc. shall determine the Sector
Position with the largest Gross Market Value and calculate the Sector Concentration Charge in accordance with the following formula.

 

“Sector
Concentration Charge” = 70% Sector Position with largest Gross Market Value

 

4.           
Positions Outside the Scope of this Appendix  - 

 

For
the avoidance of doubt, the Collateral Requirements set forth herein are limited to the types and sizes of securities specified
herein. The Collateral Requirement for any Position or part of a Position not covered by the terms of this Appendix shall be determined
by BNPP PB, Inc. in its sole discretion.

 

5.           
One-off Collateral Requirements  - 

 

From
time to time BNPP PB, Inc., in its sole discretion, may agree to a different Collateral Requirement than the Collateral Requirement
determined by this Appendix for a particular Position; provided that, for the avoidance of doubt, the commitment in Section 6(a)
of the Committed Facility Agreement shall apply only with respect to the Collateral Requirements based upon the Total Portfolio
Margin Requirements determined pursuant to Section 3 hereof and BNPP PB, Inc. shall have the right at any time to increase the
Collateral Requirement for such Position up to the Collateral Requirement that would be required as determined in accordance to
Section 3 hereof.

 

6.           
Certain Definitions  - 

 

(a)  
“Bloomberg” means the Bloomberg Professional service.

 

(b)  
“Current Market Value” means with respect to a Position, an amount equal to the product of (i) the number
of units of the relevant security and (ii) the price per unit of the relevant security (as determined by BNPP PB, Inc. in its
good faith discretion).

 

(c)  
“Debt Security” means non-convertible preferred securities and corporate debt securities.

 

    	2

    	 

    

 

(d)  
“Face Value” means the value in USD representing the principal of a Debt Security.

 

(e)  
“Gross Market Value” of one or more Positions means an amount equal to the sum of all Current Market Values
of all such Positions, where, for the avoidance of doubt, the Current Market Value of each Position is expressed as a positive
number whether or not such Position is held long.

 

(f)   
“Issue Size” means with respect to a Position in a Debt Security of an Issuer, the Current Market Value of
all such Debt Securities issued by the Issuer and still outstanding.

 

(g)  
“Issuer” means, with respect to a Debt Security, the ultimate parent company or similar term as used
by Bloomberg; provided that, if the relevant security was issued by a company or a subsidiary of a company that has issued
common stock, the Issuer shall be deemed to be the entity that has issued common stock; provided further that, with respect
to any exchange-traded funds, the Issuer of such securities shall be the index to which the relevant securities relate, if any.

 

(h)  
“Moody’s” means Moody’s Investor Service, Inc.

 

(i)    
“Payment-in-Kind Securities” means any security that permits the Issuer to pay the holder of such security
with additional securities or assets in place of cash.

 

(j)    
“Portfolio Gross Market Value” means the Gross Market Value of all of the Positions that are Eligible Securities.

 

(k)  
“Spread to Treasuries” means, with respect to a Debt Security, the spread of such Debt Security to U.S. Treasury
securities as determined by BNPP PB, Inc. in its good faith discretion.

 

(l)    
“Structured Securities” means any security (i) the payment to a holder of which is linked to a different security,
provided that such different security is issued by a different issuer or (ii) structured in such a manner that the credit risk
of acquiring the security is primarily related to an entity other than the issuer of the security itself.

 

(m) 
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

  

    	3

    	 

    

 

 

Appendix
B 

 

 

Pricing 

 

	PARIS
    FUNDING LLC
	 
	 
	 
	Financing
    Rate
	 

Customer
Debit Rate 

 

1
Month LIBOR + 110 bps 

 

ISO
Code 

 

USD

 

 

	Commitment
    Fee
	 

Customer
shall pay a commitment fee (the “Commitment Fee”) to BNPP PB, Inc. equal to sum of the Daily Commitment Fees
over the relevant calculation period, when the amount calculated under the Financing Rate above is due. For purposes of this section,
the “Daily Commitment Fee” on each day shall be the product of (a) the difference between (i) the Maximum Commitment
Financing and (ii) the current Outstanding Debit Financing in respect of such day, (b) 1/360 and (c) the Commitment Spread.

 

“Commitment
Spread” means, (a) on any day prior to December 30, 2013, 55 bps; and (b) on any day on or after December 30, 2013,
(i) if no Election Notice has been sent by Customer, 55 bps; or (ii) if an Election Notice has been sent by Customer and (A) the
Outstanding Debit Financing as of such day is equal to or greater than 80% of the Maximum Commitment Financing, 55 bps; or (B)
the Outstanding Debit Financing as of such day is less than 80% of the Maximum Commitment Financing, 75 bps.

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