Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

AMENDMENT NO. 7, CONSENT AND WAIVER 

THIS AMENDMENT NO. 7, CONSENT AND WAIVER (this “Amendment and Consent”) dated as of November 2, 2020, is entered into
among GLADSTONE BUSINESS LOAN, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the “Servicer”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), ING CAPITAL LLC, FIRST
NATIONAL BANK OF PENNSYLVANIA (as successor in interest to Newbridge Bank), CHEMICAL BANK (as successor in interest to Talmer Bank and Trust) and STERLING BANK, as Lenders (collectively, the “Lenders”) and as Managing Agents (in
such capacity, collectively the “Managing Agents”) and KeyBank, as Administrative Agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the “Credit Agreement” referred to below. 
 RECITALS 

WHEREAS, the Borrower, the Lenders, the Managing Agents and the Administrative Agent are party to that certain Fifth Amended and Restated
Credit Agreement dated as of May 1, 2015 by and among the Borrower, the Servicer, the Lenders, the Managing Agents and the Administrative Agent (as amended, modified, supplemented or otherwise modified prior to the date hereof, the
“Credit Agreement”). 
 WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent consent to
certain amendments (the “Relevant Amendments”) to the Loans identified on Schedule A hereto (the “Modified Loans”), as set forth herein subject to the terms and conditions set forth herein 

WHEREAS, the Borrower, the Lenders, the Managing Agents and Administrative Agent, have agreed (i) to waive certain Early Termination
Events arising under the Credit Agreement and (ii) to amend certain provisions of the Credit Agreement, in each case as set forth herein subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Consent to Relevant Amendments; Eligibility of Modified
Loans. 
 (a) Consent to Relevant Amendments. Upon satisfaction of the conditions precedent set forth in
Section 5 hereof, the Lenders and the Administrative Agent consent to the Relevant Amendments; provided that such consent shall not cause such Modified Loans to be Eligible Loans except as provided for in clause
(b) below. 
 (b) Eligibility of Modified Loans. 

(i) The Modified Loans identified on Part I of Schedule A hereto shall be deemed to be Eligible Loans immediately
upon satisfaction of the conditions precedent set forth in Section 5 hereof. 

 (ii) The Modified Loans identified on Part II of Schedule A
hereto shall be deemed to be Eligible Loans upon satisfaction of the additional conditions set forth in such Part II. 

(iii) The Modified Loan identified on Part III of Schedule A hereto shall not be deemed an Eligible Loan
notwithstanding the consent provided for under clause (a) above. 
 SECTION 2. Amendments to the Credit Agreement. Upon
satisfaction of the conditions precedent set forth in Section 5 hereof, the definition of “Permitted Loan Amendment” set forth in Section 1.1 the Credit Agreement is hereby deleted in its entirety and the following
substituted therefor: 
 “Permitted Loan Amendment” shall mean, as to an otherwise Eligible Loan, an amendment to the
applicable Loan Documents (a) the effect of which is to extend the time for payment of principal due solely to the scheduled maturity of such Loan or (b) that changes the interest rate, provides for interest only payments, changes the
principal payments or principal amortization period, and/or otherwise changes the maturity date for such Eligible Loan, in each case, other than as provided in clause (a) above (e.g., a shortening of the maturity date or an extension of the
maturity date coupled with a change in the principal amortization period); provided, that any such amendment described in this clause (b) must be (A) consistent with prudent lending practices and then current market conditions, as
reasonably determined by Borrower, and (B) consented to by the Administrative Agent (which consent, for avoidance of doubt, may be in the form of an electronic communication) in its reasonable discretion; provided, that, if notice
of any amendment described in this clause (b) shall have been given to the Administrative Agent and each Lender (which notice, for avoidance of doubt, may be in the form of an electronic communication), and no response shall have been received
from the Administrative Agent within five (5) Business Days, the Administrative Agent shall be deemed to have consented to such amendment. 

  
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 SECTION 3. Waiver. Upon satisfaction of the conditions precedent set forth in
Section 5 hereof, the Lenders and the Administrative Agent hereby agree to waive any Early Termination Event and any Unmatured Early Termination Event resulting from or arising out of (i) the failure by the Borrower to secure
consent for the Relevant Amendments prior to the date hereof and (ii) the Borrower reporting that any Modified Loan was an Eligible Loan at any time from the respective date such Modified Loan became subject to any Relevant Amendments up to the
date hereof. 
 SECTION 4. Representations and Warranties. The Borrower and the Servicer each hereby represents and warrants to each
of the other parties hereto, that: 
 (a) this Amendment and Consent constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms; and 
 (b) on the date hereof, before and after giving
effect to this Amendment and Consent, other than as waived pursuant to this Amendment and Consent, no Early Termination Event or Unmatured Termination Event has occurred and is continuing. 

SECTION 5. Conditions Precedent. This Amendment and Consent shall become effective on the first Business Day (the “Effective
Date”) on which the Administrative Agent or its counsel has received counterpart signature pages of this Amendment and Consent, executed by each of the Borrower, the Servicer, each Lender and Managing Agent, and the Administrative Agent.

 SECTION 6. Reference to and Effect on the Transaction Documents. 

(a) Upon the effectiveness of this Amendment and Consent, (i) each reference in the Credit Agreement to “this Credit
Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, and (ii) each
reference to the Credit Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or otherwise
modified hereby. 
 (b) Except as specifically amended, terminated or otherwise modified above, the terms and conditions of
the Credit Agreement, of all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby ratified and confirmed. 

(c) The execution, delivery and effectiveness of this Amendment and Consent shall not operate as a waiver of any right, power
or remedy of the Administrative Agent, any Managing Agent or any Lender under the Credit Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein, in each case except as specifically set forth herein. 

  
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 SECTION 7. Execution in Counterparts. This Amendment and Consent may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page to this Amendment and Consent by facsimile or by other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment and Consent. 

SECTION 8. Governing Law. This Amendment and Consent shall be governed by and construed in accordance with the laws of the State of New
York. 
 SECTION 9. Headings. Section headings in this Amendment and Consent are included herein for convenience of reference only
and shall not constitute a part of this Amendment and Consent for any other purpose. 
 SECTION 10. Fees and Expenses. The Borrower
hereby confirms its agreement to pay on demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in connection with the preparation, execution and delivery of this Amendment and Consent and any of the other
instruments, documents and agreements to be executed and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel to the Administrative Agent, Managing Agents or Lenders with respect thereto. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Consent to be duly
executed by their respective officers as of the date first above written. 
  

			
	GLADSTONE BUSINESS LOAN, LLC
		
	By:	 	/s/ Robert L. Marcotte
		 	Name: Robert L. Marcotte
		 	Title: President

  

			
	GLADSTONE MANAGEMENT CORPORATION
		
	By:	 	/s/ David Gladstone
		 	Name: David Gladstone
		 	Title: CEO

  

  
 Signature Page to Consent
and Waiver 

 
			
	 KEYBANK NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	/s/ Richard Andersen
		 	Name: Richard Andersen
		 	Title: Senior Vice President
	
	KEYBANK NATIONAL ASSOCIATION, as a Lender and a Managing Agent
		
	By:	 	/s/ Richard Andersen
		 	Name: Richard Andersen
		 	Title: Senior Vice President

  
 Signature Page to Consent
and Waiver 

			
	ING CAPITAL LLC, as a Lender and a Managing Agent
		
	By:	 	/s/ Patrick Frisch
		 	Name: Patrick Frisch
		 	Title: Managing Director

  

			
		
	By:	 	/s/ Grace Fu
		 	Name: Grace Fu
		 	Title: Director

  
 Signature Page to Consent
and Waiver 

 
			
	FIRST NATIONAL BANK OF PENNSYLVANIA, as a Lender and a Managing Agent
		
	By:	 	/s/ Charles W. Jones
		 	Name: Charles W. Jones
		 	Title: Senior Vice President

  
 Signature Page to Consent
and Waiver 

			
	TCF National Bank - as a Lender and a Managing Agent
		
	By:	 	/s/ Robert Rosati
		 	Name: Robert Rosati
		 	Title: Senior Vice President

  
 Signature Page to Consent
and Waiver 

 
			
	STERLING BANK, as a Lender and a Managing Agent
		
	By:	 	/s/ James Gelwicks
		 	Name: James Gelwicks
		 	Title: SR. Managing Director

  
 Signature Page to Consent
and WaiverEX-10.2

 Exhibit 10.2 

EXECUTION COPY 

AMENDMENT NO. 8 
 THIS AMENDMENT
NO. 8, (this “Amendment”) dated as of December 9, 2020, is entered into among GLADSTONE BUSINESS LOAN, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the
“Servicer”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as Swingline Lender (in such capacity, the “Swingline Lender”), KeyBank, as Administrative Agent (in such capacity, the “Administrative
Agent”) and CUSTOMERS BANK, as a new Managing Agent (in such capacity, the “New Managing Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the “Credit
Agreement” referred to below. 
 RECITALS 

WHEREAS, the Borrower, the Servicer, the Lenders party thereto, the Managing Agents party thereto and the Administrative Agent are party to
that certain Fifth Amended and Restated Credit Agreement dated as of May 1, 2015 by and among the Borrower, the Servicer, the Lenders, the Managing Agents and the Administrative Agent (as amended, modified, supplemented or otherwise modified
prior to the date hereof, the “Credit Agreement”). 
 WHEREAS, the Borrower has requested that Customers Bank be permitted
to become a “Lender”, a “Lender Group” and a “Managing Agent” under and for purposes of the Credit Agreement, as set forth herein subject to the terms and conditions set forth herein 

WHEREAS, pursuant to Section 12.1(i) of the Credit Agreement, the Administrative Agent, the Swingline Lender and the applicable Managing
Agent may, without the consent of the Lenders in any Lender Group (other than a Lender Group to which such Lenders are being added), amend the Credit Agreement solely to add additional Persons as Lenders under the Credit Agreement. 

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to the Credit Agreement. Upon
satisfaction of the conditions precedent set forth in Section 3 hereof: 
 (a) the definition of “Commitments”
set forth in Section 1.1 the Credit Agreement is hereby deleted in its entirety and the following substituted therefor: 
 “
“Commitment” means (a) for KeyBank, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $65,000,000, (b) for ING, the commitment of such Lender to fund Advances to the Borrower in an amount
not to exceed $45,000,000, (c) for Chemical Bank, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $25,000,000, in each case as such amount may be modified in accordance with the terms hereof; (d) for
FNBP, the commitment of such Lender to fund Advances to the Borrower in an amount not 

 to exceed $10,000,000, in each case as such amount may be modified in accordance with the
terms hereof, (e) for Sterling, the commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $35,000,000, in each case as such amount may be modified in accordance with the terms hereof, (f) for Customers, the
commitment of such Lender to fund Advances to the Borrower in an amount not to exceed $25,000,000 and (g) with respect to any Person who becomes a Lender pursuant to an Assignment and Acceptance or a Joinder Agreement, the commitment of such
Person to fund Advances to the Borrower in an amount not to exceed the amount set forth in such Assignment and Acceptance or Joinder Agreement, as such amount may be modified in accordance with the terms hereof.” 

(b) the defined term “Customers” is inserted in alphabetical order in Section 1.1 of the Credit Agreement as
follows: 
 “ “Customers” means Customers Bank, in its capacity either as a Lender or in its individual capacity, as
applicable, and its successors or assigns.” 
 (c) each reference to the terms “Lender”, “Lender
Group”, “Lenders” and “Managing Agent” shall include Customers Bank, as the case may be, in its respective capacities as a Lender, as a Managing Agent and as a Lender Group. 

SECTION 2. Representations and Warranties. The Borrower and the Servicer each hereby represents and warrants to each of the other
parties hereto, that: 
 (a) this Amendment constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms; and 
 (b) on the date hereof, before and after giving effect to this Amendment, other than as
waived pursuant to this Amendment, no Early Termination Event or Unmatured Termination Event has occurred and is continuing. 
 SECTION 3.
Conditions Precedent. This Amendment shall become effective on the first Business Day (the “Effective Date”) on which: 

(a) the Administrative Agent or its counsel has received: 

(i) counterpart signature pages of this Amendment, executed by each of the Borrower, the Servicer, the New Managing Agent, the
Swingline Lender, and the Administrative Agent; 
 (ii) a Joinder Agreement, executed by each of Customers Bank as the
“New Lender” named therein, the New Managing Agent, the Borrower, the Servicer and the Administrative Agent; 

  
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 (iii) a new Note, executed by the Borrower in favor of Customers Bank, in an
aggregate amount equal to the “Commitment” of the “New Lender” set forth in the Joinder Agreement described in clause (b) above; 

(b) New Managing Agent shall have received any fees payable under and pursuant to the Fee Letter executed on even date
herewith; and 
 (c) KeyBank shall have received payment of the fees set forth in the settlement statement provided to the
Borrower in connection with this Amendment. 
 SECTION 4. Reference to and Effect on the Transaction Documents. 

(a) Upon the effectiveness of this Amendment, (i) each reference in the Credit Agreement to “this Credit
Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, and (ii) each
reference to the Credit Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or otherwise
modified hereby. 
 (b) Except as specifically amended, terminated or otherwise modified above, the terms and conditions of
the Credit Agreement, of all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby ratified and confirmed. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of
the Administrative Agent, any Managing Agent or any Lender under the Credit Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision
contained therein, in each case except as specifically set forth herein. 
 SECTION 5. Execution in Counterparts. This Amendment may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute
a part of this Amendment for any other purpose. 

  
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 SECTION 8. Fees and Expenses. The Borrower hereby confirms its agreement to pay on
demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in connection with the preparation, execution and delivery of this Amendment and any of the other instruments, documents and agreements to be executed
and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent, Managing
Agents or Lenders with respect thereto. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective officers as of the date first above written. 
  

			
	GLADSTONE BUSINESS LOAN, LLC
		
	By:	 	/s/ Robert L. Marcotte
		 	Name: Robert L. Marcotte
		 	Title: President

  

			
	GLADSTONE MANAGEMENT CORPORATION
		
	By:	 	/s/ David Gladstone
		 	Name: David Gladstone
		 	Title: CEO

  
 Signature page to
Amendment No. 8 

 
			
	KEYBANK NATIONAL ASSOCIATION, as
	Administrative Agent
		
	By:	 	 /s/ Richard Andersen

		 	Name: Richard Andersen
		 	Title: Senior Vice President

  

			
	KEYBANK NATIONAL ASSOCIATION, as the
	Swingline Lender
		
	By:	 	/s/ Richard Andersen
		 	Name: Richard Andersen
		 	Title: Senior Vice President

  
 Signature page to
Amendment No. 8 

 
			
	CUSTOMERS BANK, as New Managing Agent
		
	By:	 	/s/ Lyle P. Cunningham
		 	Name: Lyle P. Cunningham
		 	Title: Executive Vice President

  
 Signature page to
Amendment No. 8

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