Document:

Exhibit 10.1

 

 

FORM OF SECURITIES PURCHASE
AGREEMENT

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of January 2, 2018, between, Real Goods Solar, Inc., a Colorado corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, subject to the
terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”) as to the Shares (as defined below), the Series P Warrants (as defined
below) and the Series P Warrant Shares (as defined below), and (ii) an exemption from the registration requirements of Section
5 of the Securities Act (as defined below) contained in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Series
O Warrants (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly,
desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement the following terms have the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.6.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

    	 	1	 

     

    

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to
pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied
or waived, but in no event later than the second Trading Day following the date hereof. 

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the Class A common stock of the Company, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Brownstein Hyatt Farber Schreck, with offices located at 410 Seventeenth Street, Suite 2200, Denver, CO
80202.

 

“Disclosure
8-K” means a Current Report on Form 8-K containing the portions of the information set forth in the Prospectus Supplement
under the caption “PROSPECTUS SUPPLEMENT SUMMARY – Recent Developments” (and the same information if included
in the Disclosure Schedules) that constitute material non-public information; provided that the Company may elect to include in
the Disclosure 8-K any additional information it deems appropriate and desirable, including the information required to be disclosed
pursuant to clause (b) of the first sentence of Section 4.5.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disqualification Event”
shall have the meaning ascribed to such term in Section 3.1(oo).

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

“Escrow
Agent” means Signature Bank, a New York State chartered bank, with offices at 261 Madison Avenue, New York, New York
10016.

 

“Escrow
Agreement” means the escrow agreement entered into prior to the date hereof, by and among the Company, the Escrow Agent
and WestPark Capital, Inc. pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied
to the transactions contemplated hereunder.

 

    	 	2	 

     

    

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of: (i) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company; (ii) the Placement Agent Warrant; (iii) securities upon the exercise, exchange or conversion of the Securities, the Warrant
Shares, the Placement Agent Warrant and/or Common Stock Equivalents issued and outstanding on the date of this Agreement; provided
that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities or to extend the term of such securities (for the avoidance
of doubt, the Company’s voluntary reduction of the exercise price of warrants issued and outstanding on the date of this
Agreement as permitted pursuant to the terms of such warrants as of the date of this Agreement shall not constitute such a prohibited
amendment); (iv) up to 250,000 shares of Common Stock (subject to adjustment for reverse and forward stock splits, recapitalizations
and similar transactions following the date hereof) issued pursuant to an exemption from registration under the Securities Act
(which carry no registration rights that require or permit the filing of any registration statement in connection therewith during
the prohibition period in Section 4.12(a) herein) to a lender, or any successor thereto, who is a party to any revolving or other
credit facility that is outstanding prior to the date of this Agreement or to which the Company becomes a party following the date
of this Agreement; (v) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company; provided that such securities are issued as “restricted securities” (as defined in Rule 144)
and carry no registration rights that require or permit the filing of any registration statement in connection therewith during
the prohibition period in Section 4.12(a) herein; and provided further that any such issuance shall only be to a Person (or to
the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities; (vi) securities issued in a transaction in which the Company
is not issuing securities primarily for the purpose of raising capital from retail investors or one or more entities whose primary
business is investing in securities; provided that such securities are issued as “restricted securities” (as defined
in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith
during the prohibition period in Section 4.12(a) herein, including, without limitation, securities issued to vendors or consultants
for services rendered to the Company, or (vii) securities issued in connection with the settlement of any dispute or disagreement
with, or litigation claim against, the Company; provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the prohibition period in Section 4.12(a) herein.

 

    	 	3	 

     

    

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Issuer
Covered Person” shall have the meaning ascribed to such term in Section 3.1(oo).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“OFAC”
shall have the meaning ascribed to such term in Section 3.1(ii).

 

“Notice
Termination Time” shall have the meaning ascribed to such term in Section 4.11(c).

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Per
Share Purchase Price” means $1.15.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means WestPark Capital, Inc.

 

    	 	4	 

     

    

 

“Placement
Agent Warrant” means the warrant to purchase Common Stock to be issued by the Company to the Placement Agent in connection
with the transactions herein.

 

“Pro
Rata Portion” shall have the meaning ascribed to such term in Section 4.11(e).

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.9.

 

“Registration
Statement” means the effective registration statement with the Commission file No. 333-215985 which registers the sale
of the Shares, the Series P Warrants and the Series P Warrant Shares to the Purchasers.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares and the Warrants.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Series
O Warrant Shares” means the shares of Common Stock issuable upon exercise of the Series O Warrants.

 

    	 	5	 

     

    

 

“Series
O Warrants” means the Series O Warrants to Purchase Common delivered to the Purchasers at the Closing in accordance with
Section 2.2(a) hereof, which shall be exercisable six months following the date of issuance and have a term of exercise equal to
five years from the date of initial exercisability, in the form of Exhibit A attached hereto.

 

“Series
P Warrant Shares” means the shares of Common Stock issuable upon exercise of the Series P Warrants.

 

“Series
P Warrants” means the Prepaid Series P Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance
with Section 2.2(a) hereof, which shall be exercisable immediately and have a term of exercise equal to five years, in the form
of Exhibit A-2 attached hereto. The purchase price per Series P Warrant shall be the Per Share Purchase Price minus $0.01.

 

“Shares”
means the shares of Common Stock issued to each Purchaser pursuant to this Agreement at the Closing.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Shares and Warrants purchased hereunder
as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription
Amount,” in United States dollars and in immediately available funds.

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.11(b).

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTC Bulletin Board, the OTCQB or OTCQX (or any successors to any of the foregoing).

 

    	 	6	 

     

    

 

“Transaction
Documents” means this Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of
8742 Lucent Boulevard, Suite 225, Highlands Ranch, CO 80129 and a facsimile number of 303-226-0609, and any successor transfer
agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Shares then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

“Warrants”
means, collectively, the Series O Warrants and the Series P Warrants delivered to the Purchasers at the Closing in accordance with
Section 2.2(a) hereof.

 

“Warrant
Shares” means, collectively, the Series O Warrant Shares and the Series P Warrant Shares.

 

    	 	7	 

     

    

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers,
severally and not jointly, agree to purchase, up to an aggregate of $1,832,000 of (i) Shares for each Purchaser equal to such
Purchaser’s Subscription Amount for Shares as set forth on the signature page hereto executed by such Purchaser divided
by the Per Share Purchase Price, and (ii) Series O Warrants and Series P Warrants, if applicable, as determined pursuant to Section
2.2(a). Each Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall
be delivered to the Escrow Agent or as agreed by such Purchaser and either the Company or the Placement Agent. The Company shall
deliver to each Purchaser its respective Shares, and a Series O Warrant and, if applicable, a Series N Warrant as determined pursuant
to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the
Closing. Upon satisfaction of the covenants and conditions set forth in Section 2.3, the Closing shall occur at the offices of
EGS or such other location as the parties shall mutually agree. The Company covenants that, if the Purchaser delivers an Exercise
Notice (as defined in the Series P Warrants) to exercise Series P Warrants between the date hereof and the Closing Date, the Company
shall deliver Series P Warrant Shares to the Purchaser on the Closing Date in connection with such Exercise Notice, provided that
the Company shall be obligated to deliver Series P Warrant Shares on the Closing Date only in connection with Exercise Notice(s)
that are delivered to the Company at or prior to 4:00 p.m. (New York City time) on the Trading Day immediately prior to Closing
Date.

 

2.2           Deliveries.

 

(a)           On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         a
legal opinion of Company Counsel, substantially in the form delivered to the Placement Agent and reasonably acceptable to the Purchasers;

 

(iii)        a
copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via
The Depository Trust Company Deposit or Withdrawal at Custodian system Shares equal to such Purchaser’s Subscription Amount
divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

(iv)        a
Series O Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of
such Purchaser’s Shares plus the number of shares of Common Stock issuable upon exercise of such Purchaser’s Series
P Warrants, if applicable, with an exercise price equal to $1.47, subject to adjustment therein;

 

(v)         for
those Purchasers purchasing Series P Warrants, Series P Warrants to purchase the number of shares of Common Stock set forth on
the Purchaser’s signature page hereto, registered in the name of such Purchaser; and

 

(vi)        the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)           On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company or the Escrow Agent, as applicable,
the following:

 

    	 	8	 

     

    

 

(i)          to
the Company, this Agreement duly executed by such Purchaser; and

 

(ii)         to
the Escrow Agent, such Purchaser’s Subscription Amount to the account set forth in the Escrow Agreement (unless other payment
arrangements are made between such Purchaser and either the Company or the Placement Agent).

 

2.3           Closing
Conditions.

 

(a)           The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)        the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)           The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)        the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)        there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

    	 	9	 

     

    

 

(v)         from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the
Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation made herein to the extent of the disclosure contained in the corresponding section
of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)          Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). Except as set forth on Schedule
3.1(a), the Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free
and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and
are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company
has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)          Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect
on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 	10	 

     

    

 

(c)          Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(d)          No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the issuance and sale of the Warrant Shares in accordance with
the terms of the Warrants and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i)
conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, (ii) after obtaining the Required Approvals, conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    	 	11	 

     

    

 

(e)           Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.5 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the Warrant
Shares and the listing of the Shares and the Warrant Shares for trading thereon in the time and manner required thereby, (iv) any
such consent, waiver, authorization or order of, notice to, or filing or registration with the Financial Industry Regulatory Authority,
Inc., or under state securities or Blue Sky laws, and (v) the filing of a Form D with the Commission and such filings as are required
to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(f)            Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of
shares of Common Stock issuable pursuant to this Agreement and the maximum number of shares of Common Stock issuable upon exercise
of the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities
Act, which became effective on July 21, 2017, including the Prospectus, and such amendments and supplements thereto as may
have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop
order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus
has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company,
are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus
Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became
effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed
and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment
or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements
of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company is eligible to use
Form S-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market value of the Shares
and Series P Warrants being sold pursuant to this offering and during the 12 months prior to this offering, as set forth in General
Instruction I.B.6 of Form S-3.

 

    	 	12	 

     

    

 

(g)           Capitalization.
The capitalization of the Company is as set forth on Schedule 3.1(g). The Company has not issued any capital stock since
its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under
the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee
stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the
most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of
participation, or any similar right to participate in the transactions contemplated by the Transaction Documents that has not been
validly waived or satisfied. Except as set forth on Schedule 3.1(g) and as a result of the purchase and sale of the Securities,
there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to
subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common
Stock Equivalents or capital stock of any Subsidiary. Except as set forth on Schedule 3.1(g), the issuance and sale of the
Securities and the Warrant Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities
to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding
securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem
a security of the Company or such Subsidiary. Except as set forth on Schedule 3.1(g), the Company does not have any stock
appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding
shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance
with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights
or similar rights to subscribe for or purchase securities. Except for the Required Approvals, no further approval or authorization
of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities and the Warrant Shares.
Except as set forth on Schedule 3.1(g), there are no shareholders’ agreements, voting agreements or other similar
agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company’s shareholders.

 

    	 	13	 

     

    

 

(h)           SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)           Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as set forth on Schedule 3.1(i): (i) there has been no event, occurrence or development that
has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP
or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made
any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to
any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except with respect to the material terms and conditions
of the transactions contemplated by the Transaction Documents and as set forth on Schedule 3.1(i), no event, liability,
fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to
the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition,
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made
or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

    	 	14	 

     

    

 

(j)            Litigation.
Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity
or enforceability of any of the Transaction Documents, the Securities or the Warrant Shares or (ii) could, if there were an unfavorable
decision, have or reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule 3.1(j),
neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as set
forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.

 

(k)            Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

    	 	15	 

     

    

 

(l)            Compliance.
Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation
of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by
the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation
of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and
employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)           Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval other
than with respect to, in each case of clause (i), (ii) and (iii), the failure to so comply or receive permits, licenses or other
approvals could not have or reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n)           Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

    	 	16	 

     

    

 

(o)           Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP
and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance other than with respect to such non-compliance that could not be reasonably expected to have a Material
Adverse Effect.

 

(p)           Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights as necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two years
from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial
statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property
Rights violate or infringe upon the rights of any Person, except as could not have or could not reasonably be expected to have
a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is
no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken
reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except
where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(q)           Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without
a significant increase in cost.

 

    	 	17	 

     

    

 

(r)           Transactions
With Affiliates and Employees. None of the officers or directors of the Company or any Subsidiary and, to the knowledge of
the Company, none of the employees of the Company or any Subsidiary, is presently a party to any transaction with the Company or
any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for
the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest
or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000 other than for: (i) payment
of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii)
other employee benefits, including stock option agreements under any stock option plan of the Company.

 

(s)           Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of
the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated
by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The
Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of
the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers
about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the
Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal
control over financial reporting of the Company and its Subsidiaries.

 

(t)           Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation
with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in
this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

    	 	18	 

     

    

 

(u)           Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(v)          Registration
Rights. Except as set forth on Schedule 3.1(v), no Person has any right to cause the Company or any Subsidiary to effect
the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

(w)           Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof,
received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company
is not in compliance with the listing or maintenance requirements of such Trading Market. Except as set forth on Schedule 3.1(w),
the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all
such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust
Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(x)           Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Warrant Shares and the Purchasers’ ownership of the
Securities and the Warrant Shares.

 

    	 	19	 

     

    

 

(y)           Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which such
material terms and conditions will have been disclosed after the filing of the press release pursuant to Section 4.5, and the information
set forth in the Prospectus Supplement under the caption “PROSPECTUS SUPPLEMENT SUMMARY – Recent Developments”
(and the same information if included in the Disclosure Schedules), which information will have been disclosed after the filing
of the Disclosure 8-K pursuant to Section 4.5, the Company confirms that neither it nor any other Person acting on its behalf has
provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute
material, non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. The press releases disseminated by the Company during the 12 months preceding the date of this
Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(z)           No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require
the registration of the Series O Warrants or the Series O Warrant Shares under the Securities Act, or (ii) any applicable shareholder
approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

    	 	20	 

     

    

 

(aa)         Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder: (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry
on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(aa)
sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x)
any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether
or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties
by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;
and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance
with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(bb)         Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in
a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of
all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or
of any Subsidiary know of no basis for any such claim.

 

(cc)         Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision
of FCPA.

 

    	 	21	 

     

    

 

(dd)         Accountants.
The Company’s accounting firm is set forth on Schedule 3.1(dd). To the knowledge and belief of the Company, such accounting
firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect
to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2017.

 

(ee)         Acknowledgment
Regarding Purchasers’ Purchase of Securities and Warrant Shares. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the
transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities and the Warrant
Shares. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the
other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the
Company and its representatives.

 

(ff)         Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding,
it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has
any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative”
securities based on securities issued by the Company or to hold the Securities or Warrant Shares for any specified term, (ii) past
or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative”
transactions, before or after the closing of this or future securities offering transactions, may negatively impact the market
price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions
to which any such Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common
Stock and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers
may engage in hedging activities at various times during the period that the Securities and the Warrant Shares are outstanding,
and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Company at
and after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging
activities do not constitute a breach of any of the Transaction Documents.

 

    	 	22	 

     

    

 

(gg)         Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities and the Warrant Shares, (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Securities or Warrant Shares, or (iii) within the restricted period required by Regulation
M, paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company,
other than, in the case of clauses (ii) and, (iii) compensation paid to the Placement Agent in connection with the placement of
the Securities.

 

(hh)         Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance
with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value
of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted
under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has
been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock
options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their
financial results or prospects.

 

(ii)           Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(jj)           U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(kk)          Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, 5% or more of the outstanding shares of any class of voting securities or 25% or more of the total equity of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries
or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the
BHCA and to regulation by the Federal Reserve.

 

(ll)           Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

    	 	23	 

     

    

 

(mm)        Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the offer and sale of the Series O Warrants or the Series O Warrant Shares by the Company
to the Purchasers as contemplated hereby.

 

(nn)         No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Series
O Warrants or the Series O Warrant Shares by any form of general solicitation or general advertising. The Company has offered the
Series O Warrants and the Series O Warrant Shares for sale only to the Purchasers and certain other “accredited investors”
within the meaning of Rule 501 under the Securities Act.

 

(oo)         No
Disqualification Events. With respect to the Series O Warrants and the Series O Warrant Shares to be offered and sold hereunder
in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of
the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term
is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by
Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to
a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(pp)         Other
Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of the Securities.

 

(qq)         Notice
of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to
become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

    	 	24	 

     

    

 

3.2           Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a)           Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b)           Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder and the
Warrant Shares under the Warrants in the ordinary course of its business. Such Purchaser understands that the Series O Warrants
and the Series O Warrant Shares are “restricted securities” and have not been registered under the Securities Act or
any applicable state securities law and is acquiring such Series O Warrants and Series O Warrant Shares as principal for his, her
or its own account and not with a view to or for distributing or reselling such Series O Warrants or Series O Warrant Shares or
any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing
any of such Series O Warrants or Series O Warrant Shares in violation of the Securities Act or any applicable state securities
law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution
of such Series O Warrants and Series O Warrant Shares in violation of the Securities Act or any applicable state securities law
(this representation and warranty not limiting such Purchaser’s right to sell such Series O Warrants and Series O Warrant
Shares pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).

 

    	 	25	 

     

    

 

(c)           Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a)
under the Securities Act. Each Purchaser is a resident of the jurisdiction specified on such Purchaser’s signature page as
the Address for Notice to Purchaser.

 

(d)           Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities and the Warrant Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able
to bear the economic risk of an investment in the Securities and the Warrant Shares and, at the present time, is able to afford
a complete loss of such investment.

 

(e)           Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it
has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the
offering of the Securities and the Warrant Shares and the merits and risks of investing in the Securities and the Warrant Shares;
(ii) access to information about the Company and its financial condition, results of operations, business, properties, management
and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the investment.  Such Purchaser acknowledges and agrees that neither the Placement Agent nor any
Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities or the
Warrant Shares nor is such information or advice necessary or desired.  Neither the Placement Agent nor any Affiliate has
made or makes any representation as to the Company or the quality of the Securities or the Warrant Shares and the Placement Agent
and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be
provided to it.  In connection with the issuance of the Securities and the Warrant Shares to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f)           General
Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

    	 	26	 

     

    

 

(g)          Acknowledgement.
Such Purchaser understands that the Series O Warrants are being, and the Series O Warrant Shares will be, offered and sold to it
in reliance on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company
is relying in part upon the truth and accuracy of, and such Purchaser's compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Purchaser set forth in this Agreement in order to determine the availability of such
exemptions and the eligibility of such Purchaser to acquire the Series O Warrants and the Series O Warrant Shares.

 

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt,
nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Removal
of Legends.

 

(a)          The
Series O Warrants and Series O Warrant Shares may only be disposed of in compliance with state and federal securities laws. In
connection with any transfer of Series O Warrants or Series O Warrant Shares other than pursuant to an effective registration statement
or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b),
the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration of such transferred Series O Warrant or Series O Warrant Shares under the Securities
Act.

 

(b)          
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Series O Warrants
or Series O Warrant Shares in the following form:

 

    	 	27	 

     

    

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company acknowledges
and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer
or grant a security interest in some or all of the Series O Warrants or Series O Warrant Shares to a financial institution that
is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of
such arrangement, such Purchaser may transfer pledged or secured Series O Warrants or Series O Warrant Shares to the pledgees or
secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel
of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such
pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee
or secured party of Series O Warrants and Series O Warrant Shares may reasonably request in connection with a pledge or transfer
of the Series O Warrants or Series O Warrant Shares.

 

(c)          Certificates
evidencing the Series O Warrant Shares shall not contain any legend (including the legend
set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such Series O Warrant Shares is
effective under the Securities Act, or (ii) following any sale of such Series O Warrant Shares in compliance with Rule 144 (assuming
cashless exercise of the Series O Warrants), or (iii) if such Series O Warrant Shares are eligible for sale under Rule 144 (assuming
cashless exercise of the Series O Warrants) without restriction or limitation, including without the requirement to be in compliance
with Rule 144(c)(1), or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal
opinion to the Transfer Agent or the Purchaser promptly if required by the Transfer Agent to effect the removal of the legend hereunder,
or if requested by a Purchaser, respectively. The Company agrees that following such time as such legend is no longer required
under this Section 4.1(c), the Company will, no later than the earlier of (i) two Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer
Agent of a certificate representing Series O Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend
Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free
from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer
Agent that enlarge the restrictions on transfer set forth in this Section 4. Series O Warrant Shares subject to legend removal
hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker
with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the Common Stock as in effect on the date of delivery of a certificate representing Series O Warrant Shares issued with
a restrictive legend. Each Purchaser acknowledges and agrees that the Series O Warrant Shares remain “restricted securities”
as such term is defined in Rule 144 notwithstanding removal of the legend set forth above until such Series O Warrant Shares are
sold or transferred under an effective registration statement under the 1933 Act or under Rule 144.

 

    	 	28	 

     

    

 

(d)          In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Series O Warrant Shares (based on the VWAP of the Common Stock on the date such
Series O Warrant Shares are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section
4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five Trading Days after such damages have begun to accrue) for each
Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to
(a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Series
O Warrant Shares so delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after
the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by such Purchaser of all or any portion of the number of Warrant Shares, that such Purchaser anticipated
receiving from the Company without any restrictive legend in compliance with Section 4.1(c), then an amount equal to the excess
of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the
shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In
Price”) over the product of (A) such number of shares of Common Stock so purchased in lieu of Series O Warrant Shares
that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale
price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the
Company of the applicable Series O Warrant Shares (as the case may be) and ending on the date of such delivery and payment under
this Section 4.1(d) and the Company shall deliver to the Purchaser the number of Series O Warrant Shares delivered for removal
of the restrictive legend and subject to Section 4.1(c).

 

(e)          The
Shares, the Series P Warrants and the Series P Warrant Shares shall be issued free of legends.

 

    	 	29	 

     

    

 

4.2           Furnishing
of Information; Public Information.

 

(a)          Until
the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company covenants to maintain
the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date
hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

(b)          At
any time during the period commencing from the six month anniversary of the date hereof and ending at such time that all of the
Warrant Shares (assuming cashless exercise) may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1)
and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the
current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes
an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information
Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser,
in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell
the Warrant Shares, an amount in cash equal to 2.0% of the aggregate Exercise Price of such Purchaser’s Warrants on the day
of a Public Information Failure and on every 30th day (pro rated for periods totaling less than 30 days) thereafter until the earlier
of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for
the Purchasers to transfer the Warrant Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant
to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.” Public Information Failure
Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments
are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments
is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information
Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein
shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall
have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

4.3           
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a
manner that would require the registration under the Securities Act of the sale of the Series O Warrants or Series O Warrant Shares
or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market
such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained
before the closing of such subsequent transaction.

 

    	 	30	 

     

    

 

4.4           Exercise
Procedures. The Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants.
Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. No additional
legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. The Company shall
honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set
forth in the Transaction Documents.

 

4.5           Securities
Laws Disclosure; Publicity. The Company shall: (a) by 9:00 a.m. (New York City time) on the first Trading Day following the
date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby and file the Disclosure
8-K; and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within
the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers
that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or
any of its Subsidiaries, or any of their respective officers, directors, employees or agents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company
and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated
hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each
Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except
if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice
of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except: (a) as required by federal securities law in connection with the filing of
final Transaction Documents with the Commission; and (b) to the extent such disclosure is required by law or Trading Market regulations,
in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

 

4.6           Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
or Warrant Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

    	 	31	 

     

    

 

4.7           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents
and the information required to be included in the Disclosure 8-K, which shall be disclosed pursuant to Section 4.5, the Company
covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel
with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless
prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information
confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting
transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser
without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of
confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates,
or a duty to the Company, or any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates
not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable
law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public
information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.

 

4.8           Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder (a) in connection with the commercialization
of the POWERHOUSETM product, and (b) for working capital purposes, and shall not use such proceeds: (i) for the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices), (ii) for the redemption of any Common Stock or Common Stock Equivalents, (iii) for the settlement
of any outstanding litigation or (iv) in violation of FCPA or OFAC regulations.

 

    	 	32	 

     

    

 

4.9           Indemnification
of Purchasers. Subject to the provisions of this Section 4.9, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the
Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not
an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined
to constitute fraud, gross negligence, willful misconduct or malfeasance) or (c) in connection with any registration statement
of the Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants,
(i) any untrue or alleged untrue statement of a material fact contained in such registration statement, any prospectus or any form
of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except
to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such
Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation
thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may
be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any
Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment
thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict
on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall
be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to
any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company’s prior
written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss,
claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants
or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required
by this Section 4.9 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of
action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to
pursuant to law.

 

    	 	33	 

     

    

 

4.10         Reservation
and Listing of Securities.

 

(a)          The
Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents
in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

 

(b)          The
Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading
Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Shares and Warrant
Shares on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing
or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or
quotation and (iv) maintain the listing or quotation of such Common Stock on such Trading Market or another Trading Market. The
Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or
another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company
or such other established clearing corporation in connection with such electronic transfer.

 

4.11         Participation
in Future Financing.

 

(a)          From
the date hereof until the first anniversary of the Closing Date, upon any issuance by the Company or any of its Subsidiaries of
Common Stock or Common Stock Equivalents for cash consideration (a “Subsequent Financing”), each Purchaser shall
have the right to participate in such Subsequent Financing in an amount equal to up to 45% of the Subsequent Financing, provided
that the aggregate participation right of all Purchasers shall not exceed 45% of such Subsequent Financing (the “Participation
Maximum”), on the same terms, conditions and price provided for in the Subsequent Financing.

 

(b)          Between
the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the Trading
Day of the expected announcement of the Subsequent Financing (or, if the Trading Day of the expected announcement of the Subsequent
Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the time period of 4:00
pm (New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the
day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing), the Company shall deliver to
each Purchaser a written notice of the Company’s intention to effect a Subsequent Financing (a “Subsequent Financing
Notice”), which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount
of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed
to be effected and shall include a term sheet and transaction documents relating thereto as an attachment.

 

    	 	34	 

     

    

 

(c)          Any
Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by 6:30 am (New York
City time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to such Purchaser (the “Notice
Termination Time”) that such Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser’s
participation, and representing and warranting that such Purchaser has such funds ready, willing, and available for investment
on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a Purchaser as of such Notice
Termination Time, such Purchaser shall be deemed to have notified the Company that it does not elect to participate in such Subsequent
Financing.

 

(d)          If,
by the Notice Termination Time, notifications by the Purchasers of their willingness to participate in the Subsequent Financing
(or to cause their designees to participate) is, in the aggregate, less than the total amount of the Participation Maximum, then
the Company may effect the remaining portion of such Participation Maximum on the terms and with the Persons set forth in the Subsequent
Financing Notice.

 

(e)          If,
by the Notice Termination Time, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase
more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata
Portion (as defined below) of the Participation Maximum.  “Pro Rata Portion” means the ratio of (x) the
Subscription Amount of a Purchaser participating under this Section 4.11 and (y) the sum of the aggregate Subscription Amounts
of all Purchasers participating under this Section 4.11.

 

(f)          The
Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of
participation set forth above in this Section 4.11, if the definitive agreement related to the initial Subsequent Financing Notice
is not entered into for any reason on the terms set forth in such Subsequent Financing Notice by 9:30 am (New York City time) on
the second Trading Days following the date of delivery of the initial Subsequent Financing Notice.

 

(g)          The
Company and each Purchaser agree that, in connection with a Subsequent Financing, the transaction documents related to the Subsequent
Financing shall include a requirement for the Company to issue a widely disseminated press release by 9:30 am (New York City time)
on the Trading Day of execution of the transaction documents in such Subsequent Financing (or, if the date of execution is not
a Trading Day, on the immediately following Trading Day) that discloses the material terms of the transactions contemplated by
the transaction documents in such Subsequent Financing.

 

(h)          Notwithstanding
anything to the contrary in this Section 4.11 and unless otherwise agreed to by such Purchaser, the Company shall either confirm
in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly
disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser
will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the third Trading Day following
date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such third Trading Day, no public disclosure
regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such
transaction has been received by such Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall
not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries.

 

    	 	35	 

     

    

 

(i)          Notwithstanding
the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance.

 

4.12         Subsequent
Equity Sales.

 

(a)          From
the date hereof until 20 Trading Days following the Closing Date, neither the Company nor any Subsidiary shall issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents. 

 

(b)          From
the date hereof until 12 months following the Closing Date, the Company shall be prohibited from effecting or entering into an
agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination
of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in
which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for,
or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange
rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock
at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that
is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence
of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock
or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby
the Company may issue securities at a future determined price; provided, that, for the avoidance of doubt, the Company’s
voluntary reduction of the exercise price of warrants issued and outstanding on the date of this Agreement as permitted pursuant
to the terms of such warrants as of the date of this Agreement shall not constitute a Variable Rate Transaction. Any Purchaser
shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition
to any right to collect damages.

 

(c)          Notwithstanding
the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall
be an Exempt Issuance.

 

    	 	36	 

     

    

 

4.13         Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of the Securities or Warrant Shares or otherwise. For the avoidance of doubt, participation
in an offering of the Company’s securities alone shall not be considered “consideration” for purposes of this
Section 4.13 with respect to a Person who has agreed to amend or consent to a waiver or modification of any provision of the Transaction
Documents.

 

4.14         Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Series O Warrant and Series O Warrant Shares
as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such
action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Series O Warrant
and Series O Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws
of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

ARTICLE V.

MISCELLANEOUS

 

5.1           Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before January 8, 2018; provided, however, that such termination will not affect
the right of any party to sue for any breach by any other party (or parties).

 

5.2           Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with
the delivery of any Securities or Warrant Shares to the Purchasers.

 

5.3           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

    	 	37	 

     

    

 

5.4           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile or email attachment at the facsimile number or email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile or email attachment at the facsimile number or email address as set forth on
the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address, facsimile number and email address
for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice
provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company
or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K.

 

5.5           Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of any amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and the Series
P Warrant Shares based on the initial Subscription Amounts hereunder, or, in the case of a waiver, by the party against which enforcement
of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any
manner impair the exercise of any such right. Any proposed waiver, modification, supplement or amendment that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations
of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any waiver, modification,
supplement or amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and subsequent holder
of Securities or Warrant Shares and the Company.

 

5.6           Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities or Warrant Shares, provided that such transferee agrees in writing to be
bound, with respect to the transferred Securities or Warrant Shares, by the provisions of the Transaction Documents that apply
to the “Purchasers.”

 

5.8           No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.9 and this Section 5.8.

 

    	 	38	 

     

    

 

5.9           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.9, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

5.10         Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

    	 	39	 

     

    

 

5.12         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the
case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock
subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid
to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s
Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.14         Replacement
of Securities and Warrant Shares. If any certificate or instrument evidencing any Securities or Warrant Shares is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation
thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt
of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance
of such replacement Securities or Warrant Shares.

 

5.15         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

    	 	40	 

     

    

 

5.17         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the
Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

5.18         Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

5.19         Saturdays,
Sundays, Holidays, etc.         If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken
or such right may be exercised on the next succeeding Business Day.

 

5.20         Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

    	 	41	 

     

    

 

5.21         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    	 	42	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

	real goods solar, inc.	 	Address for Notice:
	 	 	 	 
	 	 	 	RGS Energy
	 	 	 	110 16th Street, Suite 300
	 	 	 	Denver, CO 80202
	 	 	 	Attn:  Tyler Clarke
	By:	/s/ Dennis Lacey	 	Fax:  (303) 223-9206
	 	Name:  Dennis Lacey	 	Email:  investorrelations@rgsenergy.com
	 	Title: Chief Executive Officer	 	 
	 	 	 	 
	With a copy to (which shall not constitute notice):	 	 
	 	 	 	 
	Rikard Lundberg	 	 
	Brownstein Hyatt Farber Schreck, LLP	 	 
	410 Seventeenth Street, Suite 2200	 	 
	Denver, CO 80202	 	 
	Fax:  (303) 223-8032	 	 
	Email:  RLundberg@BHFS.com	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	 	43	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO rgse SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the
undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser:
__________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory: _____________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Warrants to Purchaser (if not same as address
for notice):

 

DWAC for Shares: _____________________________________________

 

Subscription Amount for Shares: $_________ Number of Shares: ________________

 

Subscription Amount for Series P Warrants: $___________ Number of
Series P Warrants: _________

 

Series O Warrant Shares: _________________

 

I elect for my Warrants to have a ____4.99% or _____9.99% initial
beneficial ownership blocker (if you do not make an election your Warrants will have a 9.99% blocker)

 

EIN Number: _______________________

 

 ̈
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the
obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the
above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions
to Closing shall be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement
and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required
delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable)
shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable)
to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing
Date.

 

[SIGNATURE PAGES CONTINUE]

 

    	 	44	 

     

    

 

Disclosure Schedule to Securities Purchase
Agreement

Dated January 2, 2018

 

Schedule 3.1(a) Subsidiaries

 

	Entity Name	 	State or country of

Incorporation or

Registration	 	 
	 	 	 	 	 
	Alteris Renewables, Inc.	 	Delaware	 	1
	Elemental Energy LLC	 	Hawaii	 	1
	Real Goods Energy Tech, Inc.	 	Colorado	 	1
	Real Goods Solar, Inc.	 	Colorado	 	 
	RGS Financing, Inc.	 	Colorado	 	1
	Mercury Energy, Inc.	 	Delaware	 	1
	Real Goods Solar, Inc. – Mercury Solar	 	New York	 	2
	 	 	 	 	 
	Other entities without material assets	 	 	 	 
	 	 	 	 	 
	Alteris RPS, LLC	 	Delaware	 	3
	Real Goods Syndicated, Inc.	 	Delaware	 	1
	Richmond Peck Solar Farm, LLC	 	Delaware	 	3
	Sunetric Management LLC	 	Delaware	 	4
	Mercury Commercial Solar Fund I, LLC	 	New York	 	2
	Mercury Solar Birch, LLC	 	Delaware	 	2
	Mercury Solar Cedar, LLC	 	Delaware	 	2
	Mercury Solar Pine, LLC	 	Delaware	 	2
	Mercury Residential Solar Fund I, LLC	 	New York	 	2
	RGS Energy, LLC	 	Puerto Rico	 	2
	RGS Energy Asset Management, LLC	 	Delaware	 	1
	RGS Capital, Inc.	 	Delaware	 	1
	 	 	 	 	 
	1. Subsidiary of Real Goods Solar, Inc.	 	 	 	 
	2. Subsidiary of Mercury Energy, Inc.	 	 	 	 
	3. Subsidiary of Alteris Renewables, Inc.	 	 	 	 
	4. Subsidiary of Elemental Energy, LLC	 	 	 	 

 

    	 	45	 

     

    

 

Schedule 3.1(g) Capitalization

 

Capitalization schedule – Authorized and outstanding as
of December 22, 2017

 

	Class/Category	 	Authorized/ Reserved	 	 	Outstanding	 
	Total authorized shares	 	 	250,000,000	 	 	 	-	 
	Preferred Stock	 	 	50,000,000	 	 	 	-	 
	Class A Common Stock	 	 	150,000,000	 	 	 	8,151,845	 
	Warrants (for Class A Common Stock)	 	 	-	 	 	 	5,857,953	 
	Stock Options	 	 	52,536	 	 	 	200	 
	 	 	 	 	 	 	 	14,009,998	 

 

Outstanding options, warrants 

 

	Outstanding Options, Warrants	 	Current Exercise Price	 	 	Outstanding	 	 	
	Stock options	 	 	$ 1,428 - $ 46,560	 	 	 	176	 	 	Options outstanding under the Company's 2008 Long-Term Incentive Plan
	June 2013 Warrants	 	$	274.50	 	 	 	42,465	 	 	Formula anti-dilution (shares and exercise price); purchase rights for pro-rata issuances; redemption for fundamental transactions and going private
	November 2013 warrants	 	$	40,920.00	 	 	 	418	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata
	 	 	 	 	 	 	 	 	 	 	issuances; redemption for fundamental transactions and going private
	June, 2014 Warrants	 	$	38,280	 	 	 	76	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances; redemption for fundamental transactions and going private
	Feb 2015 A & C Warrants	 	$	6,000	 	 	 	9	 	 	Full ratchet anti-dilution (exercise price); purchase rights for pro-rata issuances; adjustment of shares and exercise price for splits; redemption in certain circumstances in fundamental transactions
	Feb 2015 Westpark warrants	 	$	6,000	 	 	 	47	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances; redemption in certain circumstances in fundamental transactions.
	SVB Warrants	 	 	$ 9,720 -$ 28,320	 	 	 	42	 	 	Ratchet for 12 months (expired); adjustment of shares and exercise price for splits
	June 2015 Series F warrants	 	$	744.00	 	 	 	868	 	 	One time adjustment of exercise price on July 9, 2015; adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	June 2015 Westpark warrants	 	$	744.00	 	 	 	183	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances; adjustment of exercise price for splits; purchase rights for pro-rata issuances
	April 2016 Series G Warrants	 	$	1.36	 	 	 	3,323	 	 	One time adjustment of exercise price on April 1, 2017; adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	April 2016 Roth Warrants	 	$	496.80	 	 	 	1,411	 	 	One time adjustment of exercise price on April 1, 2017; adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	September 2016 Series H Warrants	 	$	165.00	 	 	 	7,455	 	 	One time adjustment of exercise price on date all Convertible Notes (as defined below) are paid-off; adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	September 2016 Underwriter Warrants	 	$	30,000	 	 	 	5	 	 	Includes 90,177 Class A Common shares, and 25,454 Series H Warrants (see Series H Warrants above)
	December 2016 Series I Warrants	 	$	1.27	 	 	 	141,676	 	 	One time adjustment of exercise price on April 1, 2017; adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	December 2016 Roth Warrants	 	$	10.50	 	 	 	30,834	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	February 6, 2017 Series K Warrants	 	$	3.10	 	 	 	3,710,000	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	February 6, 2017 Roth Warrants	 	$	3.88	 	 	 	185,500	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	February 9, 2017 Series M Warrants	 	$	2.40	 	 	 	1,609,974	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances
	February 9, Roth Warrants	 	$	3.13	 	 	 	120,000	 	 	Adjustment of shares and exercise price for splits; purchase rights for pro-rata issuances

 

In June 2013, the Company issued warrants originally exercisable
to purchase 1,683,488 shares (pre-reverse stock splits) of Common Stock (the “June 2013 Warrants), which contain a “formula”
anti-dilution provision as well as a provision adjusting the shares and conversion price for stock splits, reverse stock splits
and the like. There is currently a total of 17,300 shares of Common Stock issuable upon the exercise of the June 2013 Warrants
at an exercise price of $215.00 per share, after adjusting for the applicable reverse stock splits and subsequent issuances of
securities but prior to giving effect to the securities issuable under this Agreement.

 

    	 	46	 

     

    

 

In addition, there are warrants to purchase 9 shares of Common Stock
issued in February 2015 currently outstanding with the right to have their exercise price adjusted to the price of the securities
issued under this Agreement.

 

As disclosed in the Prospectus Supplement, which disclosure is incorporated
herein by reference, the Company has agreed in principle to issue and deliver an aggregate of 600,000 unregistered and restricted
shares of Common Stock to a group of shareholders (or beneficial owners) who filed a definitive proxy statement with the SEC relating
to the solicitation of proxies and seeking, among other things, to withhold all votes for director candidates nominated for election
to the Board of Directors at the Company’s 2017 annual meeting of shareholders, as reimbursement for expenses incurred in
connection with the 2017 annual meeting of shareholders and the negotiation, execution and effectuation of an agreement to end
the withhold proxy solicitation. The Company has not yet executed a binding agreement to do so and is not currently obligated or
bound to issue such shares.

 

Convertible Notes

 

	Outstanding Convertible Notes	 	Current 

Conversion Price	 	Convertible

 Notes Payable	 	 	 
	April 2016 Senior Secured Convertible Notes	 	 see below	 	$	1,000.00	 	 	Redemption features

 

As previously disclosed, on April 1, 2016, the Company issued an
aggregate of $10,000,000 principal amount of Senior Secured Convertible Notes due April 1, 2019 (the “Convertible Notes”).
The Convertible Notes are convertible at any time, at the option of the holders, into shares of Common Stock at the lower of a
fixed and floating conversion price. The fixed conversion price is currently $482.10 per share, subject to adjustment for stock
splits and similar events. The floating conversion price is equal to the lowest of (i) 85% of the arithmetic average of the five
lowest volume-weighted average prices of the Common Stock during the 20 consecutive trading day period ending on the trading day
immediately preceding the delivery of the applicable conversion notice by such holder of Convertible Notes, (ii) 85% of the volume-weighted
average price of the Common Stock on the trading day immediately preceding the delivery of the applicable conversion notice by
such holder of Notes, and (iii) 85% of the volume-weighted average price of the Common Stock on the trading day of the delivery
of the applicable conversion notice by such holder of Convertible Notes. The terms of the Convertible Notes permit the Company’s
board of directors, with the prior consent of the “required holders” (as defined in the Convertible Notes), to reduce
the then current conversion price to any amount and for any period of time deemed appropriate by the Company’s board of directors.
In no event may the conversion price be less than $0.25 per share.

 

In accordance with the terms of the Convertible Notes, the Company
has reduced the conversion price under the Convertible Notes for certain time periods at different prices. Most recently, the Company
reduced the conversion price to $7.50 for November 22, 2016, November 25, 2016, and November 28 through November 30, 2016.

 

    	 	47	 

     

    

 

As of December 22, 2017, the holders of the Convertible Notes have
converted an aggregate of $10.5 million of principal and interest under the Convertible Notes, and the Company has issued 659,095
shares of Common Stock at conversion prices between $2.82 and $52.21 per share. As of December 22, 2017, there remains outstanding
Convertible Notes with an aggregate principal amount of $1,000.

 

The Convertible Notes contain certain redemption rights upon, among
other things, the occurrence of an event or default or a “fundamental transaction” (as defined in the Convertible Notes).

 

Stock Appreciation Rights

 

Under the 2008 Long-Term Incentive Plan (amended and restated November
16, 2016) the Company may grant Stock Appreciation Rights either alone, or in conjunction with other awards, either at the time
of grant or by amendment thereafter.

 

Shareholder Agreement

 

Shareholders Agreement, dated as of December 19, 2011, between the
Company and Riverside Renewable Energy Investments, LLC.

 

Schedule 3.1(i) Material Changes; Undisclosed
Events, Liabilities or Developments

 

The disclosure about the Regrid Power, Inc. warranty claim and Final
Acceptance Payment and Performance Bond, and the potential claim for reimbursement from an insurance carrier related to the July
2014 PIPE Offering (as defined in Schedule 3.1(j) set forth under Schedule 3.1(j) below is incorporated by reference herein.

 

The disclosure about the Company’s 2017 annual meeting of
shareholders and Nasdaq Listing Rule 5620(a) set forth under Schedule 3.1(w) below is incorporated by reference herein.

 

The disclosure under the heading “PROSPECTUS SUPPLEMENT SUMMARY
- Recent Developments” in the Prospectus Supplement is incorporated by reference herein.”

 

Schedule 3.1(j) Litigation

 

On July 9, 2014, the Company completed a private offering of approximately
$7.0 million of its Common Stock and warrants (the “July 2014 PIPE Offering”). Five of the investors that participated
in the offering (out of approximately 20 total investors that participated in the offering) asserted claims against the Company
in three separate lawsuits alleging certain misrepresentations and omissions in the offering. The Company subsequently reached
settlements with all five investors. The Company recorded a charge to operations of $0.5 million as of June 30, 2015, in recognition
of the loss contingency for the July 2014 PIPE offering. That charge was equal to the retention under the Company’s 2014-15
Officers and Directors liability insurance policy as the Company expects the insurance policy will cover any future claims in excess
of the retention limit.

 

    	 	48	 

     

    

 

The Company received a subpoena from the U.S. Securities and Exchange
Commission (“SEC”) requesting certain information pertaining to the Company’s 2014 PIPE Offering. The Company
established a special committee of the board of directors to review the facts and circumstances surrounding the PIPE offering and
engaged outside counsel to assist it with its review. On May 11, 2016, the Company was advised by the staff of SEC (the “Staff”)
that the Staff did not intend to recommend any enforcement action against the Company with respect to the investigation commenced
by the Staff in June 2015.

 

The Company incurred $1.5 million of associated legal expenses related
to the subpoena and the July 2014 PIPE Offering. In March 2016, the insurance carrier agreed to pay amounts it believed to constitute
defense costs, while reserving all rights, including the right to recoup all amounts paid. The Company has recorded a long-term
liability for amounts advanced by the insurance carrier of $1.5 million as of December 31, 2016. The related disclosure under Schedule
3.1(aa) below is incorporated by reference herein.

 

On November 22, 2016, the Company provided the remaining cash collateral
to Argonaut Insurance Company to fully secure the full amount of the $624,000 Final Acceptance Payment and Performance Bond for
a large commercial photovoltaic project the Company’s subsidiary Regrid Power, Inc. completed in 2012. As previously disclosed,
the customer has raised warranty claims pertaining to the project and the Company currently maintains a specific warranty liability
for the project of approximately $200,000. On November 30, 2016, the Company received a letter from the customer in which the customer
alleged that the Company has not completed agreed-upon remedial work to remedy alleged deficiencies and notified the Company that
the customer intends to perform such remedial work at the Company’s expense using a third-party contractor. The customer
also requested that the owner of the project demand the full amount of the performance bond. In addition, the customer demanded
an aggregate of approximately $400,000 as liquidated damages under the terms of the project contract. The Company denies these
assertions and disputes that the customer is entitled to liquidate damages. The Company plans to avail itself of all defenses and
remedies available. The Company estimates that the range of loss related to this warranty claim is from approximately $200,000
to a maximum of approximately $1 million. The Company has recorded a liability for the minimum amount of the range of loss.

 

On February 16, 2017, Alpha Capital Anstalt (“Alpha”),
an investor in the Company’s February 6, 2017 public offering of common stock and warrants, filed a lawsuit against Roth
Capital Partners, LLC, the Company’s investment banking firm in the offering, and the Company in U.S. District Court for
the Southern District of New York. Alpha’s lawsuit alleges that the registration statement for the February 7, 2017 offering
contained material misstatements or omissions and that the Company had breached contractual obligations owed to Alpha. Alpha seeks
unspecified monetary damages, rescission and other unspecified relief in the lawsuit. The Company disputes Alpha’s allegations
and intends to vigorously defend itself in the lawsuit.  Under local court rules, the Company filed a letter motion seeking
permission to file a motion to dismiss the claims related to the alleged misstatements and omissions in the complaint. On May 12,
2017, Alpha filed an amended complaint removing the fraud-related claims and leaving only breach of contract claims against the
Company.

 

    	 	49	 

     

    

 

Schedule 3.1(l) Compliance

 

The disclosure about the Regrid Power, Inc. warranty claim and Final
Acceptance Payment and Performance Bond set forth under Schedule 3.1(j) above is incorporated by reference herein.

 

The disclosure about the Company’s 2017 annual meeting of
shareholders and Nasdaq Listing Rule 5620(a) set forth under Schedule 3.1(w) below is incorporated by reference herein.

 

Schedule 3.1(v) Registration Rights

 

The Company has granted registration rights under the following:

 

The Amended and Restated Registration Rights Agreement, dated as
of December 19, 2011, by and among the Company, Gaiam, Inc., and Riverside Renewable Energy Investments, LLC. [Note: On November
5, 2013, Gaiam ceased to be a party to the Amended and Restated Registration Rights Agreement pursuant to the terms of an Agreement,
dated November 5, 2013, among the parties.]

 

The Registration Rights Agreement, dated as of June 3, 2013, by
and among the Company and the investors party thereto.

 

The Warrants to purchase the Company’s Common Stock, issued
November 20, 2013.

 

The Registration Rights Agreement, dated as of July 9, 2014, by
and among the Company and the investors party thereto.

 

The Conversion Agreement dated as of June 24, 2015 by and between
the Company and Riverside Fund III, L.P.

 

Registration right granted to the Roth Capital Partners, LLC.

 

Pursuant to Section 4.1 of the Securities Purchase Agreement, dated
as of December 8, 2016, by and among the Company and the investors party thereto, the Company has agreed to use its best efforts
to keep a registration statement effective registering the issuance or resale of the shares of Common Stock issuable upon exercise
of the Company’s Series I Warrants, during the term of the Series I Warrants.

 

Pursuant to Section 4.1 of the Securities Purchase Agreement, dated
as of February 1, 2017, by and among the Company and the investors party thereto, the Company has agreed to use its best efforts
to keep a registration statement effective registering the issuance or resale of the shares of Common Stock issuable upon exercise
of the Company’s Series K Warrants, during the term of the Series K Warrants.

 

Pursuant to Section 4.1 of the Securities Purchase Agreement, dated
as of February 7, 2017, by and among the Company and the investors party thereto, the Company has agreed to use its best efforts
to keep a registration statement effective registering the issuance or resale of the shares of Common Stock issuable upon exercise
of the Company’s Series M Warrants, during the term of the Series M Warrants.

 

    	 	50	 

     

    

 

Schedule 3.1(w) Listing and Maintenance Requirements

 

The Company received written notice from Nasdaq on April 14, 2016,
indicating that, based on the stockholders’ equity reported in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2015, as filed with the SEC on April 1, 2016, the Company was not in compliance with the minimum stockholders’
equity requirement for continued listing on the Nasdaq Capital Market. As set forth in Nasdaq Listing Rule 5550(b)(1) (the “Minimum
Stockholders’ Equity Requirement”), listed companies are required to maintain stockholders’ equity of at least
$2,500,000.

 

On December 15, 2016, members of the Company’s management
attended a hearing before the NASDAQ Listing Qualifications Panel (the “Panel”). On January 26, 2017, the Company received
a determination letter from the Panel, dated January 25, 2017, providing notice that it had regained compliance with Nasdaq’s
minimum shareholders’ equity requirement and as such are eligible for continued listing on Nasdaq.

 

The Company will remain subject to a “Panel Monitor”
as that term is defined under Nasdaq Listing Rule 5815(d)(4)(A), through January 15, 2018. Under the terms of the Panel Monitor,
in the event the Company’s shareholders’ equity falls below the $2,500,000 threshold (or any other requirement that
would ordinarily require the Company to submit a compliance plan to the Nasdaq Staff) during the monitor period and the Company
does not qualify for continued listing under an alternative to the shareholders’ equity requirement, the Panel will promptly
conduct a hearing with respect to the shareholders’ equity deficiency.

 

On December 20, 2016, the Company received a letter from Nasdaq
notifying it that for the prior 30 consecutive business days, the bid price of the Company’s Common Stock had closed below
the minimum $1.00 per-share requirement for continued inclusion on Nasdaq based on Listing Rule 5550(a)(2), and describing a timetable
for bringing the Company into compliance with that rule. On February 9, 2017, the Company received a letter from Nasdaq notifying
the Company that Nasdaq Staff has determined that for the last 10 consecutive business days, from January 26, 2017 through February
8, 2017, the closing bid price of the Company’s Class A common stock has been at $1.00 per share or greater. Accordingly,
the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2).

 

On August 18, 2017, the Company received a letter from Nasdaq notifying
the Company that for the last 30 consecutive business days, the bid price of the Company’s Class A common stock had closed
below the minimum $1.00 per share requirement for continued inclusion on Nasdaq based on Listing Rule 5550(a)(2), and describing
a timetable for bringing the Company into compliance with that rule. On October 18, 2017, the Company received a letter from Nasdaq
notifying the Company that Nasdaq Staff has determined that for the last 10 consecutive business days, from October 4 through October
17, 2017, the closing bid price of the Company’s Class A common stock has been at $1.00 per share or greater. Accordingly,
the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2).

 

As of the date of the Agreement, the Company has not yet held
its 2017 annual meeting of shareholders.  As previously disclosed, the Company convened and subsequently adjourned the
2017 annual meeting of shareholders on each of August 23, 2017, October 5, 2017 and December 14, 2017 due to a quorum not
being present.  The Company adjourned the 2017 annual meeting of shareholders until January 18, 2018.  Nasdaq
Listing Rule 5620(a) requires the Company to hold its 2017 annual meeting of shareholders no later than December 31,
2017.  The Company is in violation of Nasdaq Listing Rule 5620(a) as of January 1, 2018.

 

    	 	51	 

     

    

 

Schedule 3.1(aa) Solvency

 

Outstanding secured and unsecured Indebtedness owed in excess of
$50,000 (other than trade accounts payable incurred in the ordinary course of business) as of December 22, 2017.

 

	Vendor	 	Type	 	Indebtedness	 	 	 
	CNA Insurance	 	Legal fees paid	 	$	1,503,609	 	 	Unsecured

 

Schedule 3.1(dd) Accountants

 

The Company’s accounting firm for its 2017 financial statements
is Moss Adams LLP.

 

    	 	52EX-10.1

 Exhibit 10.1 

Execution Version 
 AMENDMENT
NO. 2 TO SENIOR 
 SECURED REVOLVING CREDIT AGREEMENT 

This AMENDMENT NO. 2 (this “Amendment”), dated as of December 29, 2017, is made with respect to the Senior Secured
Revolving Credit Agreement, dated as of June 16, 2014 (as amended pursuant to Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of December 19, 2014, and as may be further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among FIDUS INVESTMENT CORPORATION, a Maryland corporation (the “Borrower”), the several banks and other financial institutions or entities from time to
time party to the Credit Agreement as lenders (the “Lenders”), ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the
“Administrative Agent”), and, solely with respect to Section 2.8, FIDUS INVESTMENT HOLDINGS, INC., a Delaware corporation (“FIH”), FCIHA, Inc., a Delaware corporation (“FCIHA”), and FCMGI,
INC., a Delaware corporation (“FCMGI” and together with FIH and FCIHA, the “Subsidiary Guarantors”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement
(as amended hereby). 
 W I T N E S S E T H: 

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

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

NOW THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION I AMENDMENT TO CREDIT
AGREEMENT 
 Effective as of the Amendment No. 2 Effective Date (as defined below), and subject to the terms and conditions set forth
below, the Credit Agreement is hereby amended as described in the marked version attached hereto as Exhibit A. 
 SECTION II
MISCELLANEOUS 
 2.1.      Conditions to Effectiveness of Amendment. This Amendment shall become effective as of the date (the
“Amendment No. 2 Effective Date”) on which the Borrower and the Subsidiary Guarantor have satisfied each of the following conditions precedent (unless a condition shall have been waived in accordance with
Section 9.02 of the Credit Agreement): 
 (a)    Documents. The Administrative Agent shall have received each
of the following documents, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance: 

 (1)    Executed Counterparts: From each of the Lenders, the
Administrative Agent and the Obligors: either (1) a counterpart of this Amendment signed on behalf of such party; or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission or electronic mail
of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment. 

(2)    Opinion of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and
the Lenders and dated the Amendment No. 2 Effective Date) of Eversheds Sutherland (US) LLP, counsel for the Obligors, in form and substance reasonably satisfactory to the Administrative Agent and covering this Amendment and other such matters
as the Administrative Agent may reasonably request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent). 

(3)    Corporate Documents. (1) True and complete copies of the organizational documents of each Obligor
certified as of a recent date by the appropriate governmental official, (2) signature and incumbency certificates of the officers of such Person executing this Amendment and the other Loan Documents to which it is a party, (3) true and
complete resolutions of the Board of Directors of each Obligor approving and authorizing the execution, delivery and performance of this Amendment and the other Loan Documents to which it is a party or by which it or its assets may be bound as of
the Amendment No. 2 Effective Date, and that such resolutions are in full force and effect without modification or amendment, (4) a good standing certificate from the applicable Governmental Authority of each Obligor’s jurisdiction of
incorporation, organization or formation and, except where the failure to qualify, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, in each jurisdiction in which it is required to be
qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Amendment No. 2 Effective Date, and (5) such other documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of the Obligors, and the authorization of this Amendment, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(4)    Officer’s Certificate. A certificate, dated the Amendment No. 2 Effective Date and signed by a
Financial Officer of the Borrower, confirming compliance with the conditions set forth in Sections 2.1(c), (d) and (g) of this Amendment. 

(b)    Liens. The Administrative Agent shall have received results of a recent lien search in each relevant
jurisdiction with respect to the Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and revealing no liens on any of the assets of the Borrower or its Subsidiaries except for
Liens permitted under Section 6.02 of the Credit Agreement or Liens to be discharged on or prior to the Amendment No. 2 Effective Date pursuant to documentation satisfactory to the Administrative Agent. All UCC financing statements,
control agreements, stock certificates and other documents or instruments required to be filed or executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a
first-priority 

  
 2 

 
perfected (subject to Eligible Liens) security interest in the Collateral (to the extent that such a security interest may be perfected by filing, possession or control under the Uniform
Commercial Code) shall have been properly filed (or provided to the Administrative Agent) or executed and delivered in each jurisdiction required 

(c)    Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all
consents, approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder, including any filing required on Form
8-K) required to be made or obtained by the Borrower and all guarantors in connection with this Amendment and any other evidence reasonably requested by, and reasonably satisfactory to, the Administrative
Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting
periods shall have expired and no investigation or inquiry by any Governmental Authority regarding this Amendment or any transaction being financed with the proceeds of the Loans shall be ongoing. 

(d)    No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal
or regulatory developments pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator or Governmental Authority that relates to this Amendment or that could reasonably be expected to have a Material Adverse
Effect. 
 (e)    Solvency Certificate. On the Amendment No. 2 Effective Date, the Administrative Agent shall
have received a solvency certificate of a Financial Officer of the Borrower dated as of the Amendment No. 2 Effective Date and addressed to the Administrative Agent and the Lenders, and in form, scope and substance reasonably satisfactory to
the Administrative Agent, with appropriate attachments and demonstrating that both before and after giving effect to this Amendment, (a) the Borrower will be Solvent on an unconsolidated basis and (b) each Obligor will be Solvent on a
consolidated basis with the other Obligors. 
 (f)    Due Diligence. All customary confirmatory due diligence on
the Borrower and its Subsidiaries shall have been completed by the Administrative Agent and the Lenders and the results of such due diligence shall be satisfactory to the Administrative Agent and the Lenders. No information shall have become
available which the Administrative Agent reasonably believes has had, or could reasonably be expected to have, a Material Adverse Effect. 

(g)    Default. No Default or Event of Default shall have occurred and be continuing under the Credit Agreement,
immediately before and after giving effect to this Amendment. 
 (h)    USA PATRIOT Act. The Administrative Agent
shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, as reasonably
requested by the Administrative Agent. 
 (i)    Insurance Certificates and Endorsements. The Administrative Agent
shall have received certificates from the Borrower’s insurance broker or other evidence satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents is in full force and

  
 3 

 
effect, together with endorsements naming the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as additional insured and lender’s loss payee, as applicable,
thereunder , or confirmation that there have been no changes to the underlying insurance policies since the Effective Date and that the insurance certificates and endorsements delivered in connection therewith are in full force and effect. 

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

(k)    Fees and Expenses. The Borrower shall have paid in full, (x) to the extent not paid pursuant to
Section 2.09 of the Credit Agreement, to the Administrative Agent and the Lenders all fees and expenses (including reasonable legal fees to the extent invoiced) related to this Agreement owing on or prior to the Amendment No. 2 Effective
Date, and (y) an up-front fee in an amount equal to 0.25% of each Lender’s respective Commitment under the Credit Agreement as in effect immediately after the Amendment No. 2 Effective Date,
which shall be fully earned, due and payable to the Administrative Agent, for the account of each Lender, on the Amendment No. 2 Effective Date. 

2.2.     Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents
and warrants to the Administrative Agent and each of the Lenders that, as of the Amendment No. 2 Effective Date and after giving effect to this Amendment: 

(a)     This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and
constitutes a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms. The Credit Agreement, as amended by the Amendment, constitutes the legal, valid and binding obligation of the
Borrower enforceable in accordance with its terms. 
 (b)    The representations and warranties set forth in the Credit
Agreement as amended by this Amendment and the representations and warranties in each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse
Effect, which shall be true and correct in all respects) on and as of the Amendment No. 2 Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as though
made on and as of the Amendment No. 2 Effective Date. 
 (c)    No Default or Event of Default has occurred or is
continuing under the Credit Agreement. 
 2.3.     Counterparts. This Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the entire contract between and among the parties relating to
the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment by telecopy or electronic mail shall be
effective as delivery of a manually executed counterpart of this Amendment. 

  
 4 

 2.4.     Payment of Expenses. The Borrower agrees to pay and reimburse the
Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment, including, without limitation,
the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent, (but excluding, for the avoidance of doubt, the allocated costs of internal counsel). 

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

2.6.     Incorporation of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement
are hereby incorporated by reference mutatis mutandis as if fully set forth herein. 
 2.7.     Effect of Amendment.
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the
Borrower or the Subsidiary Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a
waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and
be effective only with respect to the provisions amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document shall mean the Credit Agreement as amended hereby. This Amendment shall
constitute a Loan Document. 
 2.8.     Consent and Affirmation. Without limiting the generality of the foregoing, by its
execution hereof, each of the Borrower and the Subsidiary Guarantors hereby, to the extent applicable, as of the Amendment No. 2 Effective Date, (a) consents to this Amendment and the transactions contemplated hereby, (b) agrees that
the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (c) confirms its guarantee (solely in the case of the Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security
Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement), and (d) acknowledges and affirms that such guarantee and/or grant, as
applicable, is in full force and effect in respect of, and to secure, the Secured Obligations. 
 [Signature pages follow] 

  
 5 

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

					
	FIDUS INVESTMENT CORPORATION, as Borrower
		
	By:	 	/s/ Shelby Sherard
		 	Name:	 	Shelby Sherard
		 	Title:	 	CFO
	
	FIDUS INVESTMENT HOLDINGS, INC., as a Subsidiary Guarantor
		
	By:	 	/s/ Shelby Sherard
		 	Name:	 	Shelby Sherard
		 	Title:	 	Secretary
	
	FCIHA, INC., as a Subsidiary Guarantor
		
	By:	 	/s/ Shelby Sherard
		 	Name:	 	Shelby Sherard
		 	Title:	 	Secretary
	
	FCMGI, INC., as a Subsidiary Guarantor
		
	By:	 	/s/ Shelby Sherard
		 	Name:	 	Shelby Sherard
		 	Title:	 	Secretary

  
 1 

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

  
 2 

 
					
	EVERBANK COMMERCIAL FINANCE, INC., as a Lender
		
	    By:	 	/s/ Ed McGugan
		 	Name:	 	Ed McGugan
		 	Title:	 	Managing Director

  
 3 

 EXHIBIT A 

Conformed through Amendment No. 1Execution Version 

 
  

 
 SENIOR SECURED 

REVOLVING CREDIT AGREEMENT 
 dated
as of 
 June 16, 2014 
 as
amended by Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of December 19, 2014, and Amendment
No. 2
 to Senior Secured Revolving Credit Agreement, dated as of December 29, 2017 

among 
 FIDUS INVESTMENT
CORPORATION, 
 as Borrower, 

The Lenders Party Hereto 
 and

 ING CAPITAL LLC 
 as
Administrative Agent, 
 Arranger and Bookrunner 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I	 
	
	DEFINITIONS	 
			
	 SECTION 1.01.
	  	Defined Terms	  	 	1	 
	 SECTION 1.02.
	  	Classification of Loans and Borrowings	  	 	2928	 
	 SECTION 1.03.
	  	Terms Generally	  	 	2928	 
	 SECTION 1.04.
	  	Accounting Terms; GAAP	  	 	3028	 
	
	ARTICLE II	 
	
	THE CREDITS	 
			
	 SECTION 2.01.
	  	The Commitments	  	 	3029	 
	 SECTION 2.02.
	  	Loans and Borrowings	  	 	3129	 
	 SECTION 2.03.
	  	Requests for Borrowings	  	 	3130	 
	 SECTION 2.04.
	  	Funding of Borrowings	  	 	3231	 
	 SECTION 2.05.
	  	Interest Elections	  	 	3331	 
	 SECTION 2.06.
	  	Termination, Reduction or Increase of the Commitments	  	 	3432	 
	 SECTION 2.07.
	  	Repayment of Loans; Evidence of Debt	  	 	3735	 
	 SECTION 2.08.
	  	Prepayment of Loans	  	 	3836	 
	 SECTION 2.09.
	  	Fees	  	 	4038	 
	 SECTION 2.10.
	  	Interest	  	 	4138	 
	 SECTION 2.11.
	  	Eurocurrency Borrowing Provisions	  	 	4239	 
	 SECTION 2.12.
	  	Increased Costs	  	 	4340	 
	 SECTION 2.13.
	  	Break Funding Payments	  	 	4441	 
	 SECTION 2.14.
	  	Taxes	  	 	4542	 
	 SECTION 2.15.
	  	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	  	 	4846	 
	 SECTION 2.16.
	  	Defaulting Lenders	  	 	5048	 
	 SECTION 2.17.
	  	Mitigation Obligations; Replacement of Lenders	  	 	5148	 
	
	ARTICLE III	 
	
	REPRESENTATIONS AND WARRANTIES	 
			
	 SECTION 3.01.
	  	Organization; Powers	  	 	5250	 
	 SECTION 3.02.
	  	Authorization; Enforceability	  	 	5250	 
	 SECTION 3.03.
	  	Governmental Approvals; No Conflicts	  	 	5250	 
	 SECTION 3.04.
	  	Financial Condition; No Material Adverse Effect	  	 	5350	 
	 SECTION 3.05.
	  	Litigation	  	 	5351	 
	 SECTION 3.06.
	  	Compliance with Laws and Agreements	  	 	5451	 
	 SECTION 3.07.
	  	Taxes	  	 	5451	 

  
 (i) 

							
	 SECTION 3.08.
	  	ERISA	  	 	5452	 
	 SECTION 3.09.
	  	Disclosure	  	 	5452	 
	 SECTION 3.10.
	  	Investment Company Act; Margin Regulations	  	 	5552	 
	 SECTION 3.11.
	  	Material Agreements and Liens	  	 	5653	 
	 SECTION 3.12.
	  	Subsidiaries and Investments	  	 	5653	 
	 SECTION 3.13.
	  	Properties	  	 	5654	 
	 SECTION 3.14.
	  	Solvency	  	 	5754	 
	 SECTION 3.15.
	  	Affiliate Agreements	  	 	5754	 
	 SECTION 3.16.
	  	No Default	  	 	5754	 
	 SECTION 3.17.
	  	Use of Proceeds	  	 	5754	 
	 SECTION 3.18.
	  	Security Documents	  	 	5755	 
	 SECTION 3.19.
	  	Compliance with Sanctions	  	 	5755	 
	 SECTION 3.20.
	  	Anti-Money Laundering Program	  	 	5855	 
	 SECTION 3.21.
	  	Capitalization	  	 	5855	 
	 SECTION 3.22.
	  	[Intentionally Omitted]	  	 	5956	 
	 SECTION 3.23.
	  	[Intentionally Omitted]	  	 	5956	 
	 SECTION 3.24.
	  	Foreign Corrupt Practices Act	  	 	5956	 
	
	ARTICLE IV	 
	
	CONDITIONS	 
			
	 SECTION 4.01.
	  	Effective Date	  	 	5956	 
	 SECTION 4.02.
	  	Each Credit Event	  	 	63 59	 
	
	ARTICLE V	 
	
	AFFIRMATIVE COVENANTS	 
			
	 SECTION 5.01.
	  	Financial Statements and Other Information	  	 	6460	 
	 SECTION 5.02.
	  	Notices of Material Events	  	 	6763	 
	 SECTION 5.03.
	  	Existence; Conduct of Business	  	 	6863	 
	 SECTION 5.04.
	  	Payment of Obligations	  	 	6863	 
	 SECTION 5.05.
	  	Maintenance of Properties; Insurance	  	 	6864	 
	 SECTION 5.06.
	  	Books and Records; Inspection and Audit Rights	  	 	6864	 
	 SECTION 5.07.
	  	Compliance with Laws and Agreements	  	 	6965	 
	 SECTION 5.08.
	  	Certain Obligations Respecting Subsidiaries; Further Assurances	  	 	6965	 
	 SECTION 5.09.
	  	Use of Proceeds	  	 	7267	 
	 SECTION 5.10.
	  	Status of RIC and BDC	  	 	7268	 
	 SECTION 5.11.
	  	Investment Policies	  	 	7268	 
	 SECTION 5.12.
	  	Portfolio Valuation and Diversification Etc.	  	 	7368	 
	 SECTION 5.13.
	  	Calculation of Borrowing Base	  	 	7974	 
	 SECTION 5.14
	  	Taxes	  	 	9184	 

  
 (ii) 

							
	ARTICLE VI	 
	
	NEGATIVE COVENANTS	 
			
	 SECTION 6.01.
	  	Indebtedness	  	 	9285	 
	 SECTION 6.02.
	  	LiensLien	  	 	9386	 
	 SECTION 6.03.
	  	Fundamental Changes	  	 	9486	 
	 SECTION 6.04.
	  	Investments	  	 	9588	 
	 SECTION 6.05.
	  	Restricted Payments	  	 	9689	 
	 SECTION 6.06.
	  	Certain Restrictions on Subsidiaries	  	 	9790	 
	 SECTION 6.07.
	  	Certain Financial Covenants	  	 	9790	 
	 SECTION 6.08.
	  	Transactions with Affiliates	  	 	9891	 
	 SECTION 6.09.
	  	Lines of Business	  	 	9991	 
	 SECTION 6.10.
	  	No Further Negative Pledge	  	 	9991	 
	 SECTION 6.11.
	  	Modifications of Indebtedness and Affiliate Agreements	  	 	9992	 
	 SECTION 6.12.
	  	Payments of Longer-Term Indebtedness	  	 	10092	 
	 SECTION 6.13.
	  	Modification of Investment Policies	  	 	10092	 
	 SECTION 6.14.
	  	SBIC Guarantee	  	 	10093	 
	 SECTION 6.15.
	  	Derivative Transactions.	  	 	100 93	 
	
	ARTICLE VII	 
	
	EVENTS OF DEFAULT	 
	
	ARTICLE VIII	 
	
	THE ADMINISTRATIVE AGENT	 
			
	 SECTION 8.01.
	  	Appointment of the Administrative Agent	  	 
	10496
	 
	 SECTION 8.02.
	  	Capacity as Lender	  	 	10496	 
	 SECTION 8.03.
	  	Limitation of Duties; Exculpation	  	 	10497	 
	 SECTION 8.04.
	  	Reliance	  	 	10497	 
	 SECTION 8.05.
	  	Sub-Agents	  	 	10598	 
	 SECTION 8.06.
	  	Resignation; Successor Administrative Agent	  	 	10598	 
	 SECTION 8.07.
	  	Reliance by Lenders	  	 	10598	 
	 SECTION 8.08.
	  	Modifications to Loan Documents	  	 	10698	 

  

							
	ARTICLE IX	 
	
	MISCELLANEOUS	 
			
	 SECTION 9.01.
	  	Notices; Electronic Communications	  	 	10699	 
	 SECTION 9.02.
	  	Waivers; Amendments	  	 	108101	 
	 SECTION 9.03.
	  	Expenses; Indemnity; Damage Waiver	  	 	110103	 
	 SECTION 9.04.
	  	Successors and Assigns	  	 	112105	 

  
 (iii) 

							
	 SECTION 9.05.
	  	Survival	  	 	116109	 
	 SECTION 9.06.
	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	117109	 
	 SECTION 9.07.
	  	Severability	  	 	117110	 
	 SECTION 9.08.
	  	Right of Setoff	  	 	117110	 
	 SECTION 9.09.
	  	Governing Law; Jurisdiction; Etc.	  	 	117110	 
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	 	118111	 
	 SECTION 9.11.
	  	Judgment Currency	  	 	118111	 
	 SECTION 9.12.
	  	Headings	  	 	119112	 
	 SECTION 9.13.
	  	Treatment of Certain Information; Confidentiality	  	 	119112	 
	 SECTION 9.14.
	  	USA PATRIOT Act	  	 	121113	 
	 SECTION 9.15.
	  	Termination	  	 	121114	 
	 SECTION
9.16.
	  	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	 	114	 

  

			
	SCHEDULE 1.01(a)  -	  	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)  -	  	Commitments
	SCHEDULE 1.01(c)  -	  	Industry Classification Groups
	SCHEDULE 1.01(d)  -	  	Eligibility Criteria
	SCHEDULE 3.11(a)  -	  	Material Agreements
	SCHEDULE 3.11(b)  -	  	Liens
	SCHEDULE 3.12(a)  -	  	Subsidiaries
	SCHEDULE 3.12(b)  -	  	Investments
	SCHEDULE 3.21       -	  	Capitalization
	SCHEDULE 6.08       -	  	Certain Affiliate Transactions

  

			
	EXHIBIT A  -	  	Form of Assignment and Assumption
	EXHIBIT B  -	  	Form of Borrowing Base Certificate
	EXHIBIT C  -	  	Form of Promissory Note
	EXHIBIT D  -	  	Form of Borrowing Request

  
 (iv) 

 SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of June 16, 2014 (this
“Agreement”), among FIDUS INVESTMENT CORPORATION, a Maryland corporation (the “Borrower”), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent. 

WHEREAS, the Borrower has requested that the Lenders (as defined herein) extend credit to the Borrower from time to time pursuant to the
commitments as set forth herein and the Lenders have agreed to extend such credit upon the terms and conditions hereof. 
 NOW,
THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below and the terms
defined in Section 5.13 have the meanings assigned thereto in such section: 
 “ABR”, when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

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

“Adjusted Borrowing Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in
the Borrowing Base. 
 “Adjusted Covered Debt Balance” means, on any date, the aggregate Covered Debt Amount on such date
minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base. 
 “Adjusted LIBO Rate”
means, for the Interest Period for any Eurocurrency Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (i) (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate for such Interest Period and (ii) zero. 
 “Administrative Agent” means ING, in
its capacity as administrative agent for the Lenders hereunder. 

 “Administrative Agent’s Account” means an account designated
by the Administrative Agent in a notice to the Borrower and the Lenders. 
 “Administrative Questionnaire” means an
Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Advance Rate” has the meaning assigned to
such term in Section 5.13. 
 “Affiliate” means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate” of an Obligor
shall not include any Person that constitutes ana
Portfolio Investment held by any Obligor in the ordinary course of
business. In no event shall the Administrative Agent or any Lender be deemed an Affiliate of the Borrower or any of its
Subsidiaries as a result of their relationship under this Agreement. 

“Affiliate Agreements” means, collectively, (a) the Investment Advisory and Management Agreement, dated on or about
April 29, 2011, by and between the Borrower and the Investment Advisor, and (b) the Administrative Agreement, dated on or about April 29, 2011, by and between the Borrower and the Investment Advisor. 

“Affiliate Investment” means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls
more than 25% of the Equity Interests. 
 “Agency Account” has the meaning assigned to such term in
Section 5.08(c)(v). 

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

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

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate for such day plus 1/2 of 1%
and, (c) the LIBO Rate for deposits in U.S. dollars for a
period of three (3) months plus 1% and
(d) zero
. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such LIBO Rate shall be effective from and including the effective date of such
change in the Prime Rate, the Federal Funds Effective Rate, or such LIBO Rate, as the case may be. 
 “Applicable Commitment
Fee Rate” means, with respect to any day during the period commencing on the Effective Date and ending on the date the Commitments are terminated, a rate per annum equal to (x) 1.00%, if the utilized portion of the aggregate Commitments as
of the close of business on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is less than or equal to an amount equal to thirty-five percent (35%) of such aggregate Commitments and (y) 0.50% if the
utilized portion of the aggregate Commitments as of the close of business on such day (after giving effect to Borrowings, prepayments and Commitment reductions on such day) is greater than an amount equal to thirty-five percent (35%) of such
aggregate Commitments. 

  
 2 

 For purposes of determining the Applicable Commitment Fee Rate, the Commitments shall be deemed
to be utilized to the extent of the outstanding Loans of all Lenders. 
 “Applicable External Value” shall mean with
respect to any Unquoted Investment, the most recent Borrower External Unquoted Value determined with respect to such Unquoted Investment; provided, however, if an IVP External Unquoted Value with respect to such Unquoted Investment is more recent
than such Borrower External Unquoted Value, then the term “Applicable External Value” shall mean the most recent IVP External Unquoted Value obtained with respect to such Unquoted Investment. 

“Applicable Margin” means, (a) with respect to any ABR Loan, 2.50% per annum; and (b) with respect to any
Eurocurrency Loan, 3.50% per annum. 
 “Applicable Percentage” means, with respect to any Lender, the percentage of the
total Commitments represented by such Lender’s Commitments. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments
pursuant to Section 9.04(b). 
 “Approved Dealer” means (a) in the case of any Eligible
Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof as set forth on Schedule 1.01(a), (b) in the
case of a U.S. Government Security, any primary dealer in U.S. Government Securities as set forth on Schedule 1.01(a), or (c) any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination. 

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

“Approved Third-Party Appraiser” means any Independent nationally recognized third-party appraisal firm (a) designated
by the Borrower in writing to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm has been approved by the Borrower for purposes of assisting the Board
of Directors of the Borrower in making valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of the Investment Company Act) and (b) reasonably acceptable to the Administrative Agent,
provided that, in each case to the extent such Approved Third-Party Appraiser requests or requires a non-reliance letter, confidentiality agreement or similar agreement prior to allowing the
Administrative Agent to review the written valuation report of the Approved Third-Party Appraiser referred to in the first sentence of Section

  
 3 

 
5.12(b)(ii)(B)(y), such Administrative Agent and such Approved Third-Party Appraiser shall have entered into a letter or agreement on customary and reasonable terms. Subject to the
foregoing, it is understood and agreed that Houlihan Lokey, Duff & Phelps LLC, Murray, Devine and Company, Lincoln Partners Advisors, LLC, Valuation Research Corporation and their respective Affiliates that provide valuation services are
acceptable to the Administrative Agent solely to the extent they are not serving as the Independent Valuation Provider. 
 “Asset
Coverage Ratio” means, on a consolidated basis (and without duplication) for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the
aggregate amount of Senior Securities representing indebtedness of the Borrower and its Subsidiaries plus the aggregate of the involuntary liquidation preference of any Equity Interests of the Borrower or any if its Subsidiaries that are Senior
Securities (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued
by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in
effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee. 
 “Asset
Sale” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any exchange of property with, any Person, in one transaction or a series of transactions, of
all or any part of any Obligor’s assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired; provided, however, the term “Asset Sale” as used in this
Agreement shall not include the disposition of Portfolio Investments originated by the Borrower and promptly transferred to an SBIC Subsidiary pursuant to the terms of Section 6.03(e) hereof. 

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

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

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

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

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

  
 4 

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

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

“Borrower Internal Policy Unquoted Value” shall mean, with respect to any Unquoted Investment that is not a Borrower Tested
Asset that the Borrower has requested an Approved Third-Party Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investment as of the applicable Valuation Testing Date, the value
determined by such Approved Third Party Appraiser. 
 “Borrowing” means Loans of the same Type made, converted or continued
on the same date and, in the case of Eurocurrency Loans, that have the same Interest Period. 
 “Borrowing Base” has the
meaning assigned to such term in Section 5.13. 
 “Borrowing Base Certificate” means a
certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit B and appropriately completed. 

“Borrowing Base Deficiency” means, at any date on which the same is determined, the amount, if any, that (a) the
aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date. 
 “Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the form of Exhibit D hereto or such other form as is reasonably acceptable to the Administrative Agent. 

“Business Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurocurrency
Borrowing, or to a notice by the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in deposits denominated in Dollars are carried out in the London
interbank market. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other
amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person
under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 5 

 “Cash” means any immediately available funds in Dollars or in any currency other
than Dollars (measured in terms of the Dollar Equivalent thereof) which is a freely convertible currency. 
 “Cash
Equivalents” means investments (other than Cash) that are one or more of the following obligations: 
 (a)
Short-Term U.S. Government Securities (as defined in Section 5.13); 
 (b) investments in
commercial paper maturing within 180 days from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least
P-1 from Moody’s; 
 (c) investments in certificates of deposit, banker’s
acceptances and time deposits maturing within 180 days from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized
under the laws of the United States of America or any State thereof, provided that such certificates of deposit, banker’s acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through
which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least
P-1 from Moody’s; 
 (d) fully collateralized repurchase agreements with a term
of not more than 30 days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or (ii) an Approved
Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from
Moody’s; and 
 (e) investments in money market funds and mutual funds which invest substantially all of their assets in
Cash or assets of the types described in clauses (a) through (d) above; 
 provided, that (i) in no event shall Cash Equivalents include
any obligation that provides for the payment of interest alone (for example, interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any ratings included in this definition shall be deemed
to be an equivalent rating in a successor rating category of Moody’s or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit or repurchase agreements) shall not include any
such investment representing more than 25% of total assets of the Obligors in any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars. 

  
 6 

 “Change in Control” means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of shares representing more than 35% of the aggregate
ordinary voting power represented by the issued and outstanding capital stock of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the Board of Directors of the Borrower by Persons who were neither
(i) nominated by the requisite members of the Board of Directors of the Borrower nor (ii) appointed by a majority of the directors so nominated; (c) the acquisition of direct or indirect Control of the Borrower by any Person or group
other than the Investment Advisor; or (d) Edward Ross shall cease to be the Chief Executive Officer of the Borrower (or, if he retains such title, his role is diminished in any material respect) and he is not replaced by a person reasonably
satisfactory to the Required Lenders within 90 days. 
 “Change in Law” means (a) the adoption of any law, rule or
regulation or treaty after the Effective Date affecting any Lender, (b) any change in any law, rule or regulation or treaty binding upon any Lender or in the interpretation, implementation or application thereof by any Governmental Authority,
after the Effective Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b) and Section 2.17(b), by such Lender’s holding company, if any, or by any lending office of such Lender) with any
request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Effective Date and affecting any Lender, provided that, notwithstanding anything herein to the contrary,
(I) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives in connection therewith and (II) all requests, rules, guidelines or directives promulgated by the Bank For International
Settlements, the Basel Committee on Banking Regulation and Supervisory
PracticesSupervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued, promulgated or implemented. 

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

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

“Collateral Agent” means ING in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any
successor Collateral Agent thereunder. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to
make Loans, as such commitment may be (a) reduced or increased from time to time pursuant to Sections 2.06 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The aggregate amount of each Lender’s Commitment as of the Effective Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. The aggregate amount of the Lenders’ Commitments as of the Effective Date is $30,000,000. 

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

  
 7 

 “Commitment Increase Date” has the meaning assigned to such term in
Section 2.06(f). 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Adjusted Interest
Expense” means, for any period with respect to the Borrower and its Subsidiaries on a consolidated basis, the sum of (x) cash interest paid in respect of the stated rate of interest (including any default rate of interest, if
applicable) applicable to any Indebtedness plus (y) the net amount (after giving effect to any netting agreements) paid in cash (or minus the net amount received in cash) under Hedging Agreements permitted under
Section 6.04 relating to interest during such period and to the extent not already taken into account under clause (x) plus (z) cash dividends or distributions payable pursuant to
Section 6.05(e). 
 “Consolidated EBIT” means, for any period with respect to the Borrower and
its Subsidiaries on a consolidated basis, income after deduction of all expenses (including, without limitation, fees and other amounts actually paid to the Investment Advisor) and other proper charges other than Taxes, Consolidated Interest Expense
and non-cash employee stock options expense and excluding (a) net realized gains or losses, (b) net change in unrealized appreciation or depreciation, (c) gains on
re-purchases of Indebtedness, (d) the amount of interest paid-in-kind to the Borrower or any of its Subsidiaries
(“PIK”) to the extent such amount exceeds the sum of (i) PIK interest collected in cash (including any amortization payments on such applicable debt instrument up to the amount of PIK interest previously capitalized thereon)
and (ii) realized gains collected in cash (net of realized losses); provided that the amount determined pursuant to this clause (d)(ii) shall not be less than zero, all as determined in accordance with GAAP, and (e) other non-cash charges and gains (including non-cash capital gains incentive fee charges but net of capital gains incentive fees actually paid) to the extent included to calculate
income. 
 “Consolidated Interest Coverage Ratio” means the ratio as of the last day of any fiscal quarter of the Borrower
of (a) Consolidated EBIT for the four fiscal quarter period then ending, taken as a single accounting period, to (b) Consolidated Adjusted Interest Expense for such four fiscal quarter period. 

“Consolidated Interest Expense” means, with respect to a Person and for any period, the sum of (x) the total
consolidated interest expense (including capitalized interest expense and interest expense attributable to Capital Lease Obligations) of such Person and in any event shall include all interest expense with respect to any Indebtedness in respect of
which such Person is wholly or partially liable plus (y) the net amount (after giving effect to any netting agreements) payable (or minus the net amount receivable) under Hedging Agreements permitted under Section 6.04 relating to
interest during such period (whether or not actually paid or received during such period) and to the extent not already taken into account under clause (x) plus (z) cash dividends or distributions payable pursuant to
Section 6.05(e). 
 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 

  
 8 

 “Control Account” has the meaning assigned to such term in
Section 5.08(c)(ii). 
 “Covered Debt Amount” means, on any date, the sum of all of the Revolving
Credit Exposures of all Lenders on such date plus any Indebtedness for borrowed money of the Borrower or any Subsidiary (other than an SBIC Subsidiary) that is not secured by any asset of any Obligor and that does not constitute Unsecured
Longer-Term Indebtedness. 
 “Covered Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to
any payment made by or on account of any obligation of the Borrower under any Loan Document and (ii) to the extent not otherwise described in (i), Other Taxes. 

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

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

“Custodian Agreement” means a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian,
in form and substance reasonably acceptable to the Collateral Agent. 
 “Default” means any event or condition which
constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Lender that has (a) failed to fund any portion of its Loans within three (3) Business
Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender’s failure is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this Agreement have
not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied)
prior to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has
made a public statement that it does not intend to comply with its funding obligations under this Agreement (unless such writing or public statement states that such position is based on such Lender’s determination that one or more conditions
precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) cannot be satisfied), (c) failed, within three (3) Business Days after request by the
Administrative Agent to confirm in writing that it will comply with the terms of this Agreement 

  
 9 

 
relating to its obligations to fund prospective Loans (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent), (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount (other than a de minimis amount) required to be paid by it hereunder within three (3) Business
Days of the date when due, unless the subject of a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any Governmental Authority having regulatory authority over
such Person or its assets to be, insolvent or has a parent company that has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or,
(ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
custodian, appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or custodian appointed for it (unless in the case of any Lender referred to in this clause (e) the Borrower and the Administrative Agent shall be satisfied in the exercise of their respective
reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender
hereunder) or
(iii) become
 the subject of a Bail-In Action; provided that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or
maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely as a result of an
Undisclosed Administration, so long as such ownership interest or Undisclosed Administration does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or
writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

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

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

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

  
 10 

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

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

“EEA Resolution
Authority” means
 any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.  
 “Effective Date” means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 9.02). 

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

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

  
 11 

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

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower or any of its
Subsidiaries, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the
Code. 
 “ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan that is intended to qualify under Section 401(a) of
the Code, the notification by the Internal Revenue Service of its intent to disqualify the Plan; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard (as defined in Sections 412 and 430 of the Code or
Sections 302 and 303 of ERISA), whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(e) the incurrence by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower, any of its
Subsidiaries or any of their respective ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the
Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any Withdrawal Liability; (h) the occurrence of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of
ERISA with respect to any Plan which could result in liability to the Borrower, any of its Subsidiaries or a Lender; (i) the failure to make any required contribution to a Multiemployer Plan or failure to make by its due date any required
contribution to any Plan; (j) the receipt by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower, any of its Subsidiaries or any of their
respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or
(k) the incurrence, with respect to any “employee benefit plan” as defined in Section 3(3) of ERISA that is sponsored, or maintained or contributed to by the Borrower or any of its Subsidiaries or with respect to which the
Borrower or any of its Subsidiaries has any liability, of any material liability for post-retirement health or welfare benefits, except as may be required by 4980B of the Code or similar laws; (l) a determination that any Plan is, or is
expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (m) a determination that any Multiemployer Plan is, or is expected to be, in “critical” or “endangered”
status under Section 432 of the Code or Section 305 of ERISA; (n) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation of Section 436 of the Code with respect to any
Plan; or (o) any other event or condition with respect to a Plan or Multiemployer Plan that could result in liability of the Borrower or any of its Subsidiaries (other than any required premium payments to the PBGC). 

  
 12 

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

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

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

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income (however denominated) (i) by the jurisdiction (or any political subdivision thereof) under the laws
of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii) Other Connection Taxes, (b) any branch profits taxes imposed by the
United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any
United States federal withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s
failure or inability (other than as a result of a Change in Law) to comply with Section 2.14(e), except to the extent, other than in a case of failure to comply with Section 2.14(e), that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a) and (d) any United States federal withholding
taxes imposed on amounts payable to such Foreign Lender as a result of such Foreign Lender’s failure to comply with FATCA to establish a complete exemption from withholding thereunder. 

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

“External Unquoted Value” means (i) with respect to Borrower Tested Assets, the Borrower External Unquoted Value and
(ii) with respect to IVP Tested Assets, the IVP External Unquoted Value. 
 “FATCA” means sections 1471 through
1474 of the Code, as of the Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof or any law
implementing an intergovernmental agreement with respect thereto whether currently in effect or as published and amended from time to time. 

  
 13 

 “FCPA” has the meaning assigned to such term in
Section 3.24. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that if the Federal Funds Effective Rate is less than zero, such rate shall be zero for purposes of this Agreement. 
 “Financial Officer” means the chief executive officer, president, chief
financial officer, principal accounting officer or treasurer of the Borrower. 
 “Foreign Lender” means any Lender that is
not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created or organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject
to U.S. federal income taxation regardless of the source of its income. 
 “GAAP” means generally accepted accounting
principles in the United States of America. 
 “Governmental Authority” means the government of the United States of
America, or of any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national body exercising such
powers or functions, such as the European Union or the European Central Bank). 

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

  
 14 

 
endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered into in the ordinary course of business in connection with obligations
that do not constitute Indebtedness. The amount of any Guarantee at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which such Guarantee is incurred, unless the
terms of such Guarantee expressly provide that the maximum amount for which such Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to such lesser amount). 

“Guarantee and Security Agreement” means that certain Guarantee, Pledge and Security Agreement, dated as of the Effective
Date, among the Borrower, the Subsidiary Guarantors from time to time party thereto, the Administrative Agent and the Collateral Agent, as the same shall be amended, restated, modified and supplemented from time to time. 

“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the
Guarantee and Security Agreement among the Collateral Agent and an entity that pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under the Guarantee and Security Agreement (with such changes
as the Administrative Agent shall request consistent with the requirements of Section 5.08). 
 “Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange protection agreement or other interest or currency exchange rate hedging arrangement entered into in the ordinary course of business and not for speculative
purposes. For the avoidance of doubt, in no event shall a Hedging Agreement include a total return swap. 
 “Increasing
Lender” has the meaning assigned to such term in Section 2.06(f). 
 “Indebtedness” of
any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits, loans or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar
debt instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of
property or services (other than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than 90 days after the date on which such trade account payable was due), (e) all Indebtedness of others secured by
any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such debt being the lower of the outstanding amount of such debt and the fair market value of the property
subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty, (i) the amount (after giving effect to any netting agreements) such Person would be obligated for under any Hedging Agreement if such Hedging Agreement was terminated at the time of determination, (j) all
obligations, contingent or otherwise, with respect to Disqualified Equity Interests and (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such 

  
 15 

 
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such
Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing, “Indebtedness” shall not include (x) purchase price holdbacks arising in the ordinary course of business in
respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment or (y) a commitment arising in the ordinary course of business to make a future Portfolio
Investment. 
 “Independent” when used with respect to any specified Person means the more restrictive of the following:
(a) that such Person (i) does not have any direct financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment adviser or any Affiliate thereof) other
than ownership of publicly traded stock of the Borrower or any such Subsidiary or Affiliate with a market value not to exceed $1,000,000 and (ii) is not an officer, employee, promoter, underwriter, trustee, partner, director or a Person
performing similar functions of the Borrower or of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof) or (b) that such person is not an “interested person” as defined in section 2(a)(19) of the
Investment Company Act. 
 “Independent Valuation Provider” means any of Duff & Phelps LLC, Murray, Devine and
Company, Lincoln Advisors, Houlihan Lokey and Valuation Research Corporation, or any other Independent nationally recognized third-party appraisal firm selected by the Administrative Agent. 

“Industry Classification Group” means any industry groups mutually agreeable to the Required Lenders and the Borrower
specified on Schedule 1.01(c) (as the same may be amended from time to time). 
 “ING” means ING Capital LLC. 

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with
Section 2.05. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, each
Quarterly Date and (b) with respect to any Eurocurrency Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period
that occurs at three-month intervals after the first day of such Interest Period. 
 “Interest Period” means, for any
Eurocurrency Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter; provided, that (a) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month

  
 16 

 
of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such
Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent
conversion or continuation of such Loans. 
 “Internal Value” has the meaning set forth in
Section 5.12(b)(ii)(C). 
 “Investment” means, for any Person: (a) Equity Interests, bonds,
notes, debentures or other securities of any other Person (including convertible securities) or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short sale” or
any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person
subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements. 

“Investment Advisor” means Fidus Investment Advisors, LLC, a Delaware limited liability company, or, except as such term is
used in Section 3.21, an Affiliate thereof. 
 “Investment Advisor Departure Event” means any of
the following events: 
 (a) the Investment Advisor shall cease to be the investment advisor of the Borrower; 

(b) (i) if any three of Edward Ross, John Ross, Thomas Lauer, Andrew Worth or Cary Schaefer are no longer actively engaged in the business
of the Investment Advisor in their current capacities, or (ii) Edward Ross and John Ross are no longer actively engaged in the business of the Investment Advisor in their current capacities; or 

(c) Edward Ross is no longer actively engaged in his current capacity as chairman of the Investment Advisor’s investment committee and he
is not replaced by a person reasonably satisfactory to the Required Lenders within 90 days; 
 (d) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of shares representing more than 35% of the aggregate
ordinary voting power represented by the issued and outstanding capital stock of the Investment Advisor, other than by Edward Ross, John Ross, Thomas Lauer, Andrew Worth or Cary Schaefer; and 

(e) a majority of the Board of Directors of the Investment Advisor does not consist of any of the following persons: Edward Ross, John Ross,
Thomas Lauer, Andrew Worth or Cary Schaefer. 

  
 17 

 “Investment Company Act” means the Investment Company Act of 1940, as amended
from time to time. 
 “Investment Policies” means the Borrower’s investment objectives, policies, restrictions and
limitations and the Borrower’s investment allocation policy between affiliated investment vehicles managed directly or indirectly by the Investment Advisor, as in existence on the Effective Date and delivered to the Administrative Agent
pursuant to Section 4.1(i) hereof, and as amended from time to time by a Permitted Policy Amendment. 
 “IVP External Unquoted
Value” means the IVP Unquoted Value; provided, however, that if for any reason as of any Valuation Testing Date both a Borrower Internal Policy Unquoted Value and an IVP Unquoted Value are obtained with respect to any Unquoted Investment as
of such date, then the “IVP External Unquoted Value” of such Unquoted Investment shall be such value as of such date that has the range with the lowest midpoint. 

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

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

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

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

 “LIBO Rate” means, for any Interest Period, the Intercontinental Exchange Benchmark Administration Ltd. LIBO Rate (or
the successor thereto if the Intercontinental Exchange Benchmark Administration Ltd. is no longer making such rates available) per annum for deposits in U.S. dollars for a period equal to the Interest Period appearing on the display designated as
Reuters Screen LIBO01 Page (or such other page on that service or such other service designated by the Intercontinental Exchange Benchmark Administration Ltd. LIBO Rate (or the successor thereto if the Intercontinental Exchange Benchmark
Administration Ltd. is no longer making such rates available) for the display of such Administration’s Interest Settlement Rates for deposits in U.S. dollars) as of 11:00 a.m., London time on the day that is two Business Days prior to the first
day of the Interest Period (or if such Reuters Screen LIBO01 Page is unavailable for any reason at such time, the rate which appears on the Reuters Screen ISDA Page as of such date and such time); provided, that if the Administrative Agent
determines that the relevant foregoing sources are unavailable for the relevant Interest Period, LIBO Rate for purposes of this definition shall mean the rate of interest determined by the Administrative Agent to be the average (rounded upward, if
necessary, to the nearest 1/100th of 1%) of the rates per annum at 

  
 18 

 
which deposits in U.S. dollars are offered to the Administrative Agent two (2) business days preceding the first day of such Interest Period by leading banks in the London interbank market
as of 11:00 a.m. for delivery on the first day of such Interest Period, for the number of days comprised therein and in an amount comparable to the amount of the Administrative Agent’s portion of the relevant Eurocurrency Borrowing; provided, further, that if the LIBO Rate is less than zero for the relevant Interest Period, such rate shall be deemed to be zero for such
Interest Period. 
 “Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities, except in favor of the issuer thereof (and, in the case of Portfolio Investments that are equity securities, excluding customary drag-along, tag-along, right of first refusal and other similar
rights in favor of other equity holders of the same issuer). 
 “Liquidation Preference” shall mean, with respect to
Preferred Stock, the dollar amount required to be paid to the holder thereof upon any voluntary or involuntary liquidation, dissolution or winding up of the issuer of such Preferred Stock or the distribution of assets of such issuer that represents
a return of capital or the purchase price paid for such Preferred Stock at the time of issuance of such Preferred Stock by such issuer. 

“Loan Documents” means, collectively, this Agreement, any promissory notes delivered pursuant to
Section 2.07(f) and the Security Documents. 
 “Loans” means the loans made by the Lenders to the
Borrower pursuant to this Agreement. 
 “Margin Stock” means “margin stock” within the meaning of Regulations D, T, U and X. 

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

“Material Indebtedness” means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the
Borrower and its Subsidiaries (including any SBIC Subsidiary) in an aggregate principal amount exceeding $2,000,000 and (b) obligations in respect of one or more Hedging Agreements under which the maximum aggregate amount (after giving effect
to any netting agreements) that the Borrower and its Subsidiaries would be required to pay if such Hedging Agreement(s) or other swap or derivative transactions were terminated at such time would exceed $2,000,000. 

  
 19 

 “Maturity Date” means the date that is the fourfive (
45) year anniversary of the Effective Date, unless extended with the consent of each Lender in its sole and absolute discretion. 

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

“Multiemployer Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 

“Non-Consenting Lender” has the meaning assigned to such term in
Section 9.02(d). 
 “Non-Pledged SBIC Subsidiary” means,
with respect to any SBIC Subsidiary, the Equity Interest of such SBIC Subsidiary is not subject to a first priority perfected security interest in favor of the Collateral Agent securing the Secured Obligations under and as defined in the Guarantee
and Security Agreement. 
 “Obligors” means, collectively, the Borrower and the Subsidiary Guarantors. 

“Obligors’ Net Worth” means, at any date, the Stockholders’ Equity at such date, minus the
stockholders’ equity of any non-Obligor Subsidiary held by an Obligor. 

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

“Other Connection Taxes” means, with respect to any recipient, Taxes imposed as a result of a present or former connection
between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Permitted Indebtedness” means (a) accrued expenses and current trade accounts payable incurred in the ordinary
course of any Obligor’s business that are overdue for a period of more than 90 days and which are not being contested in good faith by appropriate proceedings, (b) Indebtedness in respect of judgments or awards that have been in force for
less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default under clause (k) of Article VII and (c) other Indebtedness not to exceed $12,500,000 in the aggregate. 

“Other Taxes” means all present or future stamp, court, documentary, intangible, recording or filing Taxes or any
other excise or property taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to a request by the Borrower under Section 2.17(b)). 

  
 20 

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

“Permitted Policy Amendment” means an amendment, modification, termination or restatement of the Investment Policies, that
either is (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental Authority, or (c) not material and adverse (individually or in the aggregate with all
other amendments, modifications, terminations or restatements following the Effective Date) to the Administrative Agent or any of the Lenders. 

  
 21 

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

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan within the meaning
of Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA, and in respect of which the Borrower, any of its Subsidiaries or any
of their respective ERISA Affiliates is (or would under Section 4069 of ERISA be deemed to be), or, within the preceding six years, was, an “employer” as defined in Section 3(5) of ERISA. 

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

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

“Prime Rate” means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S.
Prime Rate” (or its successor), as in effect from time to time. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any Lender may make
commercial loans or other loans at rates of interest at, above, or below the Prime Rate. 
 “Quarterly Dates” means the
last Business Day of March, June, September and December in each year, commencing on June 30, 2014. 
 “Quoted
Investments” has the meaning set forth in Section 5.12(b)(ii)(A). 
 “Register” has the
meaning set forth in Section 9.04(c). 
 “Regulations D, T, U and X” means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System (or any
successor), as the same may be modified and supplemented and in effect from time to time. 
 “Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, partners, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

  
 22 

 “Required Lenders” means, at any time, subject to
Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that,
(a) if there are only three (3) Lenders at such time, “Required Lenders” shall mean Lenders having Revolving Credit Exposures and unused Commitments representing two-thirds of the
sum of the total Revolving Credit Exposures and unused Commitments at such time and (b) if there are only two (2) Lenders at such time, “Required Lenders” shall mean all Lenders; provided, further, that with respect to
(A) any change adverse to the Lenders affecting the provisions of this Agreement relating to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii), and (B) any
release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents, “Required Lenders” means, at any time, subject to
Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than two-thirds of the sum of the total Revolving Credit Exposures and unused
Commitments at such time; provided that, with respect to any such change or release, if there are only two (2) Lenders at such time, “Required Lenders” shall mean all Lenders. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any shares of any class of capital stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Borrower, provided, for clarity, neither the conversion of
convertible debt into capital stock, nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital stock nor the issuance of capital stock upon the exercise of warrants, options or
similar rights shall be a Restricted Payment hereunder. 
 “Revalue Percent” means 10%. 

“Revalue Right” has the meaning set forth in Section 5.12(b)(ii)(H). 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Loans at such time. 
 “Revolving Percentage” means, as of any date of determination, the result,
expressed as a percentage, of the aggregate Revolving Credit Exposure on such date divided by the aggregate outstanding Covered Debt Amount on such date. 

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

 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., a New
York corporation, or any successor thereto. 
 “SBA” means the United States Small Business Administration or any
Governmental Authority succeeding to any or all of the functions thereof. 

  
 23 

 “SBIC Subsidiary” means any Subsidiary of the Borrower (or such
Subsidiary’s general partner or manager entity) that is (x) either (i) a “small business investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate
proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended, or (ii) any wholly-owned, direct or indirect, Subsidiary of an entity referred to in clause (x)(i) of this definition, and
(y) designated in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as: 
 (a) other than
pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is
permitted by Section 6.03(e) and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the
Borrower or any of its Subsidiaries (other than any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects any property of the Borrower or any of
its Subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof; 
 (b) other than pursuant to a Permitted SBIC
Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those that might be
obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary; 
 (c) neither the Borrower nor
any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve its financial condition or cause it to achieve certain levels of operating results; and 

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

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

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

  
 24 

 “Senior Securities” means senior securities (as such term is defined and
determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder). 
 “Significant
Unsecured Indebtedness Event” means that the aggregate principal amount of Unsecured Longer-Term Indebtedness plus the aggregate amount of Other Permitted Indebtedness exceeds, at any time of determination, the sum of (A) the
excess of the Borrowing Base over the Covered Debt Amount plus (B) 30% of Stockholders’ Equity over Obligors’ Net Worth. 

“Solvent” means, with respect to any Obligor, that as of the date of determination, both (a) (i) the sum of such
Obligor’s debt and liabilities (including contingent liabilities) does not exceed the present fair saleable value of such Person’s present assets, (ii) such Obligor’s capital is not unreasonably small in relation to its business
as contemplated on the Effective Date and reflected in any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken after the Effective Date, and (iii) such Obligor has not incurred and does not intend
to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Obligor is “solvent” within the meaning given
to such term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of
Financial Accounting Standard No. 5). 
 “Special Equity Interest” means any Equity Interest that is subject to a Lien
in favor of creditors of the issuer or issuer’s affiliates of such Equity Interest, provided that (a) such Lien was created to secure Indebtedness owing by such issuer to such creditors, (b) such Indebtedness was (i) in
existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors and
(c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest in the Collateral. 

“Statutory Reserve Rate” means, for the Interest Period for any Eurocurrency Borrowing, a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period, of the aggregate of the maximum reserve percentages (including any marginal,
special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such
reserve percentages shall include those imposed 

  
 25 

 
pursuant to Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Stockholders’ Equity” means, at any date, the amount determined on a consolidated basis,
without duplication, in accordance with GAAP, of stockholders’ equity (including preferred equity that is not Disqualified Equity Interests) for the Borrower and its Subsidiaries at such date. 

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

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

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

“Termination Date” means the date on which the Commitments have expired or been terminated and the principal of and accrued
interest on each Loan and all fees and other amounts payable hereunder shall have been paid in full (excluding, for the avoidance of doubt, any amount in connection with any contingent, unasserted indemnification obligations). 

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

  
 26 

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

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

 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as in effect from time to time in
the State of New York. 
 “Unquoted Investments” has the meaning set forth in
Section 5.12(b)(ii)(B). 
 “Unsecured Longer-Term Indebtedness” means any Indebtedness for
borrowed money of the Borrower that (a) has no amortization, or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date, (b) is incurred pursuant to terms that
are substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower and which shall be no more restrictive upon the Borrower and the other Obligors,
while any commitments or Loans are outstanding, than those set forth in this Agreement and (c) is not secured by any assets of any Obligor. 

“U.S. Government Securities” means securities that are direct obligations of, and obligations the timely payment of principal
and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds,
and notes. 
 “U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code. 
 “USA PATRIOT Act” has the meaning assigned to such term in
Section 3.20. 
 “Value” has the meaning assigned to such term in
Section 5.13. 
 “wholly owned Subsidiary” of any person shall mean a Subsidiary of such person,
all of the Equity Interests of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or more wholly owned Subsidiaries of such person. Unless
the context otherwise requires, “wholly owned Subsidiary Guarantor” shall mean a wholly owned Subsidiary that is a Subsidiary Guarantor. 

  
 27 

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down
and Conversion
Powers” means,
 with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

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

SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof’ and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting Terms; GAAP. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose), then Borrower, Administrative Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of the Agreement so as to
equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such change to comply with GAAP as if such change had not been made;
provided, however, until such amendments to equitably reflect such changes are effective and agreed to by Borrower, Administrative Agent and the Required Lenders, the Borrower’s compliance with such financial covenants shall be
determined on the basis of GAAP as in effect 

  
 28 

 
and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything herein to the contrary, the Borrower covenants and agrees with the Lenders that
whether or not the Borrower may at any time adopt Financial Accounting Standard No. 159 or Accounting Standard Codification 825, all determinations relating to fair value accounting for liabilities or compliance with the terms and conditions of
this Agreement shall be made on the basis that the Borrower has not adopted Financial Accounting Standard No. 159 or Accounting Standard Codification 825. 

ARTICLE II 
 THE
CREDITS 
 SECTION 2.01. The Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make
Loans to the Borrower from time to time prior to the Maturity Date in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (b) the aggregate
Revolving Credit Exposure of all of the Lenders exceeding the aggregate Commitments or (c) the total Covered Debt Amount exceeding the Borrowing Base then in effect. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Borrower may borrow, prepay and reborrow Loans. 
 SECTION 2.02. Loans and Borrowings. 

(a) Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders
ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Type of Loans.
Subject to Section 2.11, each Borrowing shall be constituted entirely of ABR Loans or of Eurocurrency Loans as the Borrower may request in accordance herewith. Each Loan shall be denominated in Dollars. Each Lender at its
option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such
Loan in accordance with the terms of this Agreement and (ii) in exercising such option, such Lender shall use reasonable efforts to minimize any increased costs to the Borrower resulting therefrom (which obligation of the Lender shall not
require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it determines would be otherwise disadvantageous to it and in the event of such request for
costs for which compensation is provided under this Agreement, the provisions of Section 2.12 shall apply). 
 (c) Minimum
Amounts. Each Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000 in excess thereof; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total
Commitments. Borrowings of more than one Type may be outstanding at the same time. 

  
 29 

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

SECTION 2.03. Requests for Borrowings. 

(a) Notice by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of a
signed Borrowing Request or by telephone or e-mail (followed promptly by delivery of a signed Borrowing Request) (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time,
three (3) Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing. Each such request for a
Borrowing shall be irrevocable. 
 (b) Content of Borrowing Requests. Each request for a Borrowing (whether a written Borrowing
Request, a telephonic request or e-mail request) shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

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

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

(iv) in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the
definition of the term “Interest Period” and permitted under Section 2.02(d); and 
 (v)
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04. 

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

(d) Failure to Elect. If no election as to the Type of a Borrowing is specified in a request for a Borrowing, then the requested
Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one (1) month. If a Eurocurrency Borrowing is requested but no Interest Period is specified, the Borrower shall be deemed to have selected an Interest Period of one
(1) month’s duration. 

  
 30 

 SECTION 2.04. Funding of Borrowings. 

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

(b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. In such event,
if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds
Effective Rate and (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
Nothing in this paragraph shall relieve any Lender of its obligation to fulfill its commitments hereunder, and shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the
Administrative Agent. 
 SECTION 2.05. Interest Elections. 

(a) Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, subject to
Section 2.05(e), the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the
Interest Period therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders (except as
provided under Section 2.11(b)), and the Loans constituting each such portion shall be considered a separate Borrowing. 

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

  
 31 

 (c) Content of Interest Election Requests. Each telephonic and written notice of election
pursuant to Section 2.05(b) shall specify the following information in compliance with Section 2.02: 

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

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

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

(iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d), provided that there shall be no more than ten (10) separate Borrowings outstanding at
any one time. 
 (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request,
the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect
to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Eurocurrency Borrowing having an
Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, (i) any
Eurocurrency Borrowing shall, at the end of the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing and (ii) the Borrower shall not be entitled to elect to convert or continue any Borrowing
into or as a Eurocurrency Borrowing. 
 SECTION 2.06. Termination, Reduction or Increase of the Commitments. 

(a) Scheduled Termination. Unless previously terminated in accordance with the terms of this Agreement, on the Maturity Date the
Commitments shall automatically terminate and be reduced to zero and all outstanding Loans shall become due and payable in accordance with Section 2.07(a). 

  
 32 

 (b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or from
time to time reduce, the Commitments; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount that is $5,000,000 or a larger multiple of $1,000,000 in excess
thereof (or an amount less than $5,000,000 if the Commitments are being reduced to zero), and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with
Section 2.08, the total Revolving Credit Exposures would exceed the total Commitments. 
 (c) Notice of
Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of
such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which
case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 

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

(f) Increase of the Commitments. 

(i) Requests for Increase by Borrower. The Borrower may, at any time prior to the Maturity Date, and subject to the
conditions set forth below in this clause (i), elect to increase the Commitments hereunder (each such election being a “Commitment Increase”) by notice to the Administrative Agent specifying each existing Lender (each an
“Increasing Lender”) and/or each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment and the date on which such increase is to be effective (the “Commitment
Increase Date”), which date shall be a Business Day at least three Business Days (or such lesser period as the Administrative Agent may reasonably agree) after delivery of such notice and at least 30 days prior to the Maturity Date;
provided that each Lender may determine in its sole discretion whether or not it chooses to participate in a Commitment Increase; and provided, further that, subject to the foregoing, each Commitment Increase shall become
effective only upon satisfaction of each of the following conditions: 
 (A) the minimum amount of the Commitment of any
Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender, as part of such commitment Increase shall be $3,000,000 or a larger multiple of $1,000,000 in excess thereof (or, in each case, in such other amounts
as agreed to by Administrative Agent), 

  
 33 

 (B) immediately after giving effect to such Commitment Increase, the total
Commitments of all of the Lenders hereunder shall not exceed the lesser of (x) $75,000,000 and (y) the Obligors’ Net Worth; 

(C) each Assuming Lender shall be consented to by the Administrative Agent (which consent shall not be unreasonably withheld,
delayed or conditioned); 
 (D) no Default shall have occurred and be continuing on such Commitment Increase Date or shall
result from the proposed Commitment Increase; and 
 (E) the representations and warranties contained in this Agreement and
the other Loan Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the
Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

(ii) Effectiveness of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each
Assuming Lender part of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with Commitment in the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y)
and the Commitment of any Increasing Lender part of such Commitment Increase shall be increased as of such Commitment Increase Date to the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y);
provided that: 
 (x) the Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on
such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating that each of the applicable conditions to such Commitment Increase
set forth in the foregoing paragraph (i) has been satisfied; and 
 (y) each Assuming Lender or Increasing Lender shall
have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement, in form and substance
satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, as applicable, duly executed by such Assuming Lender
or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent. 

  
 34 

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

(iii) Recordation into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an
Assuming Lender or any Increasing Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement has been completed, (x) accept such agreement, (y) record the information
contained therein in the Register and (z) give prompt notice thereof to the Borrower. 
 (iv) Adjustments of
Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding Loans (if any) in full, (B) simultaneously borrow new Loans hereunder in an amount equal to such prepayment;
provided that with respect to subclauses (A) and (B), (x) the prepayment to, and Borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently
borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto,
the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the amounts, if any, payable under
Section 2.13 as a result of any such prepayment. Notwithstanding the foregoing, unless otherwise consented in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an
Interest Period. The Administrative Agent shall amend Schedule 1.01(b) to reflect the aggregate amount of each Lender’s Commitments (including Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in this
Agreement shall be to Schedule 1.01(b) as amended pursuant to this Section. 
 (v) Terms of Loans issued on the
Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be identical to
the Loans issued by, and the Commitments of, the Lenders immediately prior to the applicable Commitment Increase Date. 
 SECTION 2.07.
Repayment of Loans; Evidence of Debt. 
 (a) Repayment. Subject to, and in accordance with, the terms of this Agreement, the
Borrower hereby unconditionally promises to pay to the Administrative Agent for account of the Lenders the outstanding principal amount of the Loans on the Maturity Date. 

(b) Manner of Payment. Prior to any repayment or prepayment of any Borrowings hereunder, the Borrower shall select the Borrowing or
Borrowings to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy or e-mail) of such selection not later than the time set forth in Section 2.08(e)
prior to the scheduled date of such repayment; provided that each repayment of Borrowings shall be applied to repay any outstanding ABR 

  
 35 

 
Borrowings before any other Borrowings. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any
outstanding ABR Borrowings and, second, to other Borrowings in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall
be applied ratably to the Loans included in such Borrowing (except as otherwise provided in Section 2.11(b)). 

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

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

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

(f) Promissory Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans
evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein
(or, if such promissory note is a registered note, to such payee and its permitted registered assigns). 
 SECTION 2.08. Prepayment
of Loans. 
 (a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing
in whole or in part, without premium or fee (but subject to Section 2.13), subject to the requirements of this Section. Each prepayment in part under this Section 2.08(a) shall be in a minimum
amount of $1,000,000 or a larger multiple of $100,000 (or an amount less than $1,000,000 if the aggregate amount of any Borrowing is being paid in full). 

  
 36 

 (b) Mandatory Prepayments due to Borrowing Base Deficiency. In the event that the amount
of total Revolving Credit Exposure exceeds the total Commitments, the Borrower shall prepay Loans in such amounts as shall be necessary so that the amount of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at
any time any Borrowing Base Deficiency shall exist, promptly (but in no event later than 5 Business Days), the Borrower shall prepay and reduce (or cause to be prepaid and reduced) the Covered Debt Amount so that the Borrowing Base Deficiency is
promptly cured; provided, that if within such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably feasible plan which plan is reasonably satisfactory to the Administrative Agent that will enable any such
Borrowing Base Deficiency to be cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include the 5 Business Days permitted for delivery of such
plan), then such prepayment or reduction shall be effected in accordance with such plan (subject, for the avoidance of doubt, to the limitations as to the allocation of such prepayments set forth above in this
Section 2.08(b)). Notwithstanding the foregoing, the Borrower shall pay interest in accordance with Section 2.10(c) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day Period. For clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5 Business Day period (or, if applicable, such 30-
Business Day period), it shall constitute an Event of Default under clause (a) of Article VIII. 
 (c) [Intentionally Omitted]

 (d) [Intentionally Omitted] 

(e) Notices, Etc. The Borrower shall notify the Administrative Agent in writing or by telephone (followed promptly by written
confirmation) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing under Section 2.08(a), not later than 11:00 a.m., New York City time, three Business Days before the date of
prepayment or (ii) in the case of prepayment of an ABR Borrowing under Section 2.08(a), or any prepayment under Section 2.08(b), not later than 11:00 a.m., New York City time, one Business Day
before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed
calculation of the amount of such prepayment; provided, that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.06(c), then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06(c). Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise
the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.10 and shall be made in the manner specified in Section 2.07(b). 

  
 37 

 SECTION 2.09. Fees. 

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

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

SECTION 2.10. Interest. 

(a) ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus
the Applicable Margin. 
 (b) Eurocurrency Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per
annum equal to the Adjusted LIBO Rate for the related Interest Period for such Borrowing plus the Applicable Margin. 
 (c) Default
Interest. Notwithstanding the foregoing, (A) if any Event of Default resulting from a breach of Section 6.07 or any Event of Default described in clause (a), (b), (h), (i) or (j) of Article VII of this
Agreement has occurred and is continuing, (B) upon demand of the Administrative Agent or the Required Lenders if an Event of Default described in any other clause of Article VII has occurred and is continuing, or (C) if the Covered Debt
Amount exceeds the Borrowing Base during the 30-Business Day period referred to in Section 2.08(b), in each case the interest applicable to Loans shall accrue, and any fee or other
amount payable by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above,
or (ii) in the case of any fee or other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 

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

  
 38 

 (e) Computation. All interest hereunder shall be computed on the basis of a year of 360
days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent and such determination shall be conclusive
absent manifest error. 
 SECTION 2.11. Eurocurrency Borrowing Provisions. 

(a) Alternate Rate of Interest. If prior to the commencement of the Interest Period for any Eurocurrency Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
 (ii) the Administrative
Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans included in such Borrowing for such
Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or e-mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurocurrency Borrowing and such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR Borrowing and (ii) if any
Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 (b) Illegality. Without
duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose
interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower and the Administrative Agent, (i) any obligation of such Lender to make or continue Eurocurrency Borrowings or to convert ABR Borrowings
to Eurocurrency Borrowings shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Eurocurrency Borrowings the interest rate on which is determined by reference to the LIBO Rate component of the
Alternate Base Rate, the 

  
 39 

 
interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the
Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) all Eurocurrency Borrowings of
such Lender shall automatically convert to ABR Borrowings (the interest rate which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of
the Alternate Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurocurrency Borrowings and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base
Rate applicable to such Lender without reference to the LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the
LIBO Rate. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. 
 SECTION 2.12.
Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 

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

(ii) subject any Lender to any Taxes (other than (A) Covered Taxes, (B) Connection Income Taxes and (C) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Eurocurrency Loans made by such Lender or participation therein; 
 and the result of any of the foregoing shall be to increase the cost
to such Lenders of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise),
then the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

  
 40 

 (b) Capital Requirements. If any Lender determines that any Change in Law regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such
Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with
respect to capital adequacy or liquidity position), by an amount deemed to be material by such Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such
Lender’s holding company for any such reduction suffered. 
 (c) Certificates from Lenders. A certificate of a Lender setting
forth (i) the amount or amounts, in Dollars, necessary to compensate such Lender or its holding company, as the case may be, and (ii) an explanation, prepared in reasonable detail, of the facts, events or circumstances giving rise to such
increased costs, as specified in paragraph (a) or (b) of this Section (except that in no event shall any Lender be required to provide any information or detail that it believes in good faith is confidential) shall be promptly delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s right to demand such compensation; provided that no Obligor shall be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered
more than six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise to such increased costs or reductions. 

SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on
the last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or
prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.08(e) and is revoked in accordance herewith), or (d) the
assignment as a result of a request by the Borrower pursuant to Section 2.17(b) of any Eurocurrency Loan other than on the last day of an Interest Period therefor, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if
any, of 
 (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan
referred to in clauses (a), (b), (c) or (d) of this Section 2.13 denominated in Dollars for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal
to the Adjusted LIBO Rate for Dollars for such Interest Period, over 

  
 41 

 (ii) the amount of interest that such Lender would earn on such principal amount
for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated in Dollars from other banks in the Eurocurrency
market at the commencement of such period. 
 Payments under this Section shall be made upon written request of a Lender delivered not later than five
Business Days following the payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this Section accompanied by a written certificate of such Lender setting forth in reasonable detail the amount or
amounts that such Lender is entitled to receive pursuant to this Section (provided that such Lender shall not be required to disclose
any confidential or pricing information or any other information prohibited to be disclosed by applicable law), which certificate shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.14. Taxes.

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

(b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law. 
 (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and
each Lender for and, within 10 Business Days after written demand therefor, pay the full amount of any Covered Taxes or Other Taxes (including Covered Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.14) payable or paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Covered Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of
a Lender, shall be conclusive absent manifest error. 

  
 42 

 (d) Indemnification of the Administrative Agent. To the extent required by any applicable
law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. Without limiting the provisions of Section 2.14(a) or (c), each Lender shall, and does
hereby, agree to indemnify the Administrative Agent, and shall make payable in respect thereof within 30 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges
and disbursements of any counsel for the Administrative Agent) (i) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative
Agent to properly withhold tax from amounts paid to or for the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not property executed, or because such Lender failed to notify the
Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective) and (ii) attributable to such Lender’s failure to comply with the provisions of
Section 9.04 relating to the maintenance of a Participant Register. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this paragraph.
The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all other obligations. 
 (e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to
a Governmental Authority pursuant to this Section 2.14, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the
Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and each Lender for any incremental taxes, interest or penalties that may become payable by the Administrative
Agent or such Lender as a result of such failure. 
 (f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate. In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information 

  
 43 

 
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 2.14(f)(ii)(A) and (B) or Section 2.14(f) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, if the Borrower is a resident for U.S. federal income tax purposes in
the United States, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or
prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax; 
 (B) each Foreign Lender shall (to the extent it is
legally entitled to do so) deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent,) whichever of the following is applicable: 
  

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

 

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

  

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

  
 44 

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

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

In addition, the Administrative Agent shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, with respect to any payments
received by the Administrative Agent, such documentation as a Lender would be required to deliver hereunder, and each Lender and the Administrative Agent, as applicable, agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. 

(g) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Borrower such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at
such time or times reasonably requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with
such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (h) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion exercised
in good faith, that it has received a refund of any Covered Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.14, it shall pay to the 

  
 45 

 
Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Covered Taxes or
Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or any Lender, as the case may be, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or any Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the Administrative Agent or any Lender is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (h), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this paragraph (h) the payment of which would place
the Administrative Agent or such Lender in a less favorable net position after-Taxes than the Administrative Agent or such Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been
paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns or its books or records (or any other information relating to its taxes that it deems confidential) to the Borrower or
any other Person. 
 (i) Defined Term. For purposes of this Section 2.14, the term “applicable law” includes FATCA. 

SECTION 2.15. Payments Generally; Pro Rata Treatment: Sharing of Set-offs. 

(a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees, or under Sections 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available
funds, without set-off, deduction or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s Account, except as otherwise expressly provided in the relevant Loan Document and except
payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. 
 All amounts owing under this Agreement
(including commitment fees, payments required under Sections 2.12 and 2.13 or under any other Loan Document (except to the extent otherwise provided therein)) are payable in Dollars. 

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

  
 46 

 (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each
Borrowing shall be made from the Lenders, each payment of commitment fee under Section 2.09 shall be made for account of the Lenders, and each termination or reduction of the amount of the Commitments under
Section 2.06, Section 2.08 or otherwise shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing
shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and
continuations of Loans); (iii) each payment or prepayment of principal of Loans by the Borrower shall be made for account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and
(iv) each payment of interest on Loans by the Borrower shall be made for account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders. 

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

  
 47 

 
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent at the Federal Funds Effective Rate. 

(f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(a) or (b) or 2.15(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent
for account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 2.16. Defaulting Lenders. 

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall
apply for so long as such Lender is a Defaulting Lender: 
 (a) commitment fees pursuant to Section 2.09(a) shall
cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender to the extent, and during the period, such Lender is a Defaulting Lender and the Borrower shall not be required to pay any such fee that would have accrued but for
the foregoing; 
 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all
Lenders, two-thirds of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment or waiver pursuant to
Section 9.02, except for any amendment or waiver described in Section 9.02(b)(i), (ii) or (iii)), provided that any waiver, amendment or modification requiring the consent of all
Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently than other Lenders or affected Lenders (as applicable) shall require the consent of such Defaulting
Lender. 
 In the event that the Administrative Agent and the Borrower each agrees that a Defaulting Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then, on such date such Lender shall purchase at par the portion of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to
hold such Loans in accordance with its Applicable Percentage. 
 SECTION 2.17. Mitigation Obligations; Replacement of Lenders.

 (a) Designation of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b)
or requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to
Section 2.14, then such Lender shall use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its 

  
 48 

 
offices, branches or affiliates, if in the sole judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.12 or 2.14, as the case may be, in the future, or eliminate the circumstance giving rise to such Lender exercising its rights under Section 2.11(b) and (ii) would not subject
such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with
any such designation or assignment. 
 (b) Replacement of Lenders. If any Lender exercises its rights under
Section 2.11(b) or requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender
pursuant to Section 2.14, or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and
obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent
of the Administrative Agent which consent shall not be unreasonably withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all
other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from
a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make
any such assignment and delegation if prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

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

  
 49 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries, as applicable, is duly organized or incorporated,
validly existing and in good standing under the laws of the jurisdiction of its organization or incorporation, has all requisite power and authority to carry on its business as now conducted and is qualified to do business in, and is in good
standing in, every jurisdiction where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There is no existing default under any charter, by-laws or other
organizational documents of Borrower or its Subsidiaries or any event which, with the giving of notice or passage of time or both, would constitute a material default by any party thereunder. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly
authorized by all necessary corporate and, if required, by all necessary stockholder action. The Board of Directors of the Borrower and its Subsidiaries have approved the Transactions. This Agreement has been duly executed and delivered by the
Borrower and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such
enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, or registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made
and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority (including the Investment Company Act and the rules, regulations and orders
issued by the SEC thereunder), (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder
to require any material payment to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its
Subsidiaries. 
 SECTION 3.04. Financial Condition; No Material Adverse Effect. 

(a) Financial Statements. The financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to
Section 4.01(c) present fairly, in all material respects, the consolidated financial position, assets and liabilities, results of operations, changes in net assets, cash flows and investments of the Borrower and its consolidated Subsidiaries as
of such date and for such period in accordance with GAAP, subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes. As of the Effective Date, the
Borrower and its Subsidiaries, taken as a whole, do not have any material contingent liabilities, material liabilities for taxes, material unusual forward or material long-term commitments or material unrealized or anticipated losses from any
unfavorable commitments not reflected in the financial statements referred to above. 

  
 50 

 (b) The financial statements delivered to the Administrative Agent and the Lenders by the
Borrower pursuant to Sections 5.01(a) and (b) present fairly, in all material respects, the consolidated financial position, assets and liabilities, results of operations, changes in net assets, cash flows and investments of the Borrower and
its consolidated Subsidiaries in accordance with GAAP, in each case, as of the end of the period covered by such financial statements and subject, in the case of unaudited financial statements, to year-end
audit adjustments and the absence of footnotes. As of the end of the period covered by the most recent financial statements referred to in this clause (b), the Borrower and its Subsidiaries, taken as a whole, do not have any material contingent
liabilities, material liabilities for taxes, material unusual forward or material long-term commitments which are not reflected in such financial statements. 

(c) No Material Adverse Effect. Since December 31, 2013, there has not been any event, development or circumstance that has had or
could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.05. Litigation.There are no actions, suits,
investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (a) as to which there is a
reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (b) that involve this Agreement or the Transactions.

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

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

  
 51 

 
case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges are adequate in accordance with GAAP.
Neither the Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations relating to the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien has been filed
with respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the Borrower or any of its Subsidiaries, and there is no basis for such assessment. The period within which U.S. federal income Taxes may be
assessed against any of the Borrower or any of its Subsidiaries has expired for all taxable years ending on or before December 31, 2006. 

SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, alone or together with any other ERISA
Events that have occurred or are reasonably expected to occur, could reasonably be expected to result in liability of the Borrower or any of its Subsidiaries in an aggregate amount exceeding $2,500,000. 

SECTION 3.09. Disclosure. 

(a) None of the written reports, financial statements, certificates or other written information (exclusive of all projected financial
information, other forward looking information relating to third parties and information of a general economic or general industry nature, all of which are covered in clause (b) below) that have been delivered to the Administrative Agent or any
Lender by or on behalf of the Borrower in connection with the Transactions or delivered under any Loan Document (after giving effect to all written updates provided by the Borrower to the Administrative Agent or all Lenders from time to time),
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein at the time made and taken as a whole not misleading in light of the circumstances under which such
statements were made; and 
 (b) All financial projections, pro forma financial information and other forward-looking information which has
been delivered to the Administrative Agent or any Lender by or on behalf of Borrower in connection with the transactions contemplated by this Agreement or delivered under any Loan Document are based upon good faith assumptions and, in the case of
financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to
significant uncertainty and contingencies (many of which are beyond the control of the Borrower) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may differ
materially and adversely from the results set forth therein. 
 SECTION 3.10. Investment Company Act; Margin Regulations. 

(a) Status as Business Development Company. The Borrower is an “investment company” that has elected to be regulated as a
“business development company” within the meaning of the Investment Company Act and has elected to be treated as a RIC (and has qualified as a RIC in each taxable year since the taxable year ended December 31, 2011). 

  
 52 

 (b) Compliance with Investment Company Act. The business and other activities of the
Borrower and its Subsidiaries do not result in a violation or breach of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, except where such breaches or violations, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (c) Investment Policies. The Borrower is in
compliance in all material respects with the Investment Policies. 
 (d) Use of Credit. Neither the Borrower nor any of its
Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any
extension of credit hereunder will be used to buy or carry any Margin Stock. On the Effective Date, neither the Borrower nor any of its Subsidiaries own any Margin Stock. 

SECTION 3.11. Material Agreements and Liens. 

(a) Material Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture,
note purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its
Subsidiaries outstanding on the Effective Date, other than such Indebtedness, extensions of credit or guarantees which, in the aggregate, do not exceed $50,000, and the aggregate principal or face
amount outstanding or that is, or may become, outstanding under each such arrangement is correctly described in Schedule 3.11(a). 

(b) Liens. Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the
Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate principal amount of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the
Effective Date is correctly described in Schedule 3.11(b). 
 SECTION 3.12. Subsidiaries and Investments. 

(a) Subsidiaries. Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of
the Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests held
by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests. Except as disclosed in Schedule 3.12(a), as of the Effective Date, (x) the Borrower owns, free and clear of Liens, and has
the unencumbered right to vote, all outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a), and (y) all of the issued and outstanding capital stock of each such Subsidiary organized as a corporation
is validly issued, fully paid and nonassessable. 

  
 53 

 (b) Investments. Set forth in Schedule 3.12(b) is a complete and correct list of
all Investments (other than Investments of the types referred to in clauses (b), (c), (d) and (e) of Section 6.04) held by the Borrower or any of its Subsidiaries in any Person on the Effective Date and, for each such
Investment, (i) the identity of the Person or Persons holding such Investment, (ii) the nature of such Investment, (iii) the amount of such Investment, as of the date made, and (iv) the rate of interest charged for such
Investment. Except as disclosed in Schedule 3.12(b), as of the Effective Date each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant to Section 6.02), all such Investments. 

SECTION 3.13. Properties. 

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

(b) Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.14. Solvency. On the
Effective Date, and upon the incurrence of any extension of credit hereunder, on any date on which this representation and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor will be Solvent
on a consolidated basis with the other Obligors. 
 SECTION 3.15. Affiliate Agreements.As of the Effective Date, the Borrower
has heretofore delivered to the Administrative Agent and each of the Lenders true and complete copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and any amendments, supplements or waivers executed and
delivered thereunder). As of the Effective Date, other than the Affiliate Agreements, there is no contract, agreement or understanding between the Borrower or any of its Subsidiaries on one hand, and any Affiliate of the Borrower or any of its
Subsidiaries on the other hand. As of the Effective Date, the Affiliate Agreements are in full force and effect. 
 SECTION 3.16. No
Default.No Default or Event of Default has occurred and is continuing under this Agreement. 
 SECTION 3.17. Use of
Proceeds.The proceeds of the Loans shall be used for the general corporate purposes of the Borrower and its Subsidiaries (other than SBIC Subsidiaries except as expressly permitted under Section 6.03(e)), in the
ordinary course of its business, making of distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one or more wholly-owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high yield
securities, and other Portfolio Investments, but excluding, for clarity, the buying or carrying of Margin Stock. 

  
 54 

 SECTION 3.18. Security Documents.The Guarantee and Security Agreement is effective to
create in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guarantee and Security Agreement), legal, valid and enforceable Liens on, and security interests in, the Collateral and, when (i) all appropriate
filings or recordings are made in the appropriate offices as may be required under applicable law and, as applicable, (ii) upon the taking of possession or control by the Collateral Agent of the Collateral with respect to which a security
interest may be perfected by possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by the Guarantee and Security Agreement), the Liens
created by the Guarantee and Security Agreement shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be
perfected under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens other than Liens permitted by Section 6.02. 

SECTION 3.19. Compliance with Sanctions.Neither the Borrower nor any Affiliate of the Borrower is subject to sanctions
administered by the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the European Union, Her Majesty’s Treasury, the United Nations Security Council, or any other relevant sanctions
authority. Furthermore, no part of the proceeds of a loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower to finance or facilitate a transaction with a person subject to sanctions administered by OFAC, the
European Union, Her Majesty’s Treasury, the United Nations Security Council, or any other relevant sanctions authority. 

SECTION 3.20. Anti-Money Laundering Program. The Borrower has implemented an anti-money laundering program to the extent required
by the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism, as amended (the “USA PATRIOT Act”), and the rules and regulations thereunder. 

SECTION 3.21. Capitalization. 

(a) As of the Effective Date, the authorized and outstanding Equity Interests of the Borrower are set forth on Schedule 3.21. All of the
outstanding Equity Interests of the Borrower are validly issued, fully paid and non-assessable and are owned as of the Effective Date by the equity holders and in the amounts set forth on Schedule 3.21.
As of the Effective Date, none of the outstanding Equity Interests of the Borrower was issued in violation of any law (including, without limitation, state and federal securities laws) and there are no Liens on or with respect to any such Equity
Interests. 
 (b) As of the Effective Date, except as set forth on Schedule 3.21, there are no outstanding (i) securities
convertible into or exchangeable for Equity Interests of the Borrower; (ii) options, warrants or other rights to purchase or subscribe for Equity Interests of the Borrower or (iii) contracts, commitments, agreements, understandings or
arrangements of any kind relating to the issuance of any Equity Interests of the Borrower. As of the Effective Date, except as set forth on Schedule 3.21, there is no outstanding right, option or other agreement of any kind to purchase or
otherwise to receive from the Borrower or any equity holder of the Borrower, any ownership interest in the Borrower, and there is no outstanding right or security of any kind convertible into such ownership interest. As of the Effective Date, there
are no voting trusts, proxies or other similar agreements or understandings with respect to the Equity Interests of the Borrower. 

  
 55 

 SECTION 3.22. [Intentionally Omitted] 

SECTION 3.23. [Intentionally Omitted] 

SECTION 3.24. Foreign Corrupt Practices Act.Neither the Borrower nor any Affiliate of the Borrower and, to the Borrower’s
knowledge, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the Borrower or any Affiliate the Borrower has: (i) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity or to influence official action; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
“FCPA”); and each of the Borrower and any Affiliate of the Borrower have conducted their businesses in compliance with the FCPA and have instituted and maintained policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, compliance therewith. 
 ARTICLE IV 

CONDITIONS 

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

(a) Documents. Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory
to the Administrative Agent (and to the extent specified below to each Lender) in form and substance: 
 (i) Executed
Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. 

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

  
 56 

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

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

(v) Officer’s Certificate. A certificate, dated the Effective Date and signed by a Financial Officer
of the Borrower, confirming compliance with the conditions set forth in Sections 4.02(i), (ii), (iii) and (iv). 

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

  
 57 

 (c) Financial Statements. The Administrative Agent and the Lenders shall have received
prior to the execution of this Agreement the final version of the statement of assets and liabilities and the related statement of operations, statement of changes in net assets, statement of cash flows and schedule of investments of the Borrower as
of and for the fiscal periods ended December 31, 2013 and March 31, 2014, all certified in writing by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of
the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. The Administrative Agent and
the Lenders shall have received any other financial statements of the Borrower and its Subsidiaries as they shall reasonably request. 
 (d)
Consents. The Borrower shall have obtained and delivered to the Administrative Agent copies of all consents, approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or
regulations promulgated thereunder, including, without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all guarantors in connection with the Transactions, and
such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority regarding the
Transactions or any transaction being financed with the proceeds of the Loans shall be ongoing. 
 (e) No Litigation. There shall not
exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the Transactions or that could reasonably
be expected to have a Material Adverse Effect. 
 (f) Solvency Certificate. On the Effective Date, the Administrative Agent shall have
received a solvency certificate of a Financial Officer of the Borrower dated as of the Effective Date and addressed to the Administrative Agent and the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with
appropriate attachments and demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated basis and (b) each Obligor will be Solvent on a consolidated basis with the other
Obligors. 
 (g) Default. No Default shall have occurred and be continuing under this Agreement. 

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

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

  
 58 

 (j) [Intentionally Omitted]. 

(k) Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions and
information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent. 
 (l) Fees
and Expenses. The Borrower shall have paid in full, to the extent not paid pursuant to Section 2.09 hereof, to the Administrative Agent and the Lenders all fees and expenses related to this Agreement owing on the
Effective Date, including any up-front fee due to any Lender on the Effective Date. 

SECTION 4.02. Each Credit Event. The obligation of each Lender to make any Loan, including any Loans on the Effective Date is
additionally subject to the satisfaction of the following conditions: 
 (i) the representations and warranties of the
Borrower set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and
correct in all respects) on and as of the date of such Loan, or, as to any such representation or warranty that refers to a specific date, as of such specific date; 

(ii) at the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing; 

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

(iv) after giving effect to such Loan, the Borrower shall be in pro forma compliance with each of the covenants set forth in
Sections 6.07(a), (b), (d), (e) and (f); 
 (v) the Custodian Agreement shall have been
duly executed and delivered by the Borrower, the Collateral Agent and the Custodian and all other control arrangements required at the time by Section 5.08(c)(ii) with respect to the Obligors’ other deposit accounts
and securities accounts shall have been entered into; and 
 (vi) in the case of the first Borrowing, the Administrative
Agent shall have received (i) a Borrowing Base Certificate dated as of the date of the Borrowing Request, showing a calculation of the Borrowing Base as of the date thereof in form and substance reasonably satisfactory to the Administrative
Agent and (ii) a certificate from the Borrower’s insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to the Loan Documents is in full force and effect. 

  
 59 

 Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the
date thereof as to the matters specified in the preceding sentence. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

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

SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for
distribution to each Lender: 
 (a) within 90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending
December 31, 2014), the audited consolidated statement of assets and liabilities and the related statement of operations, statement of changes in net assets, statement of cash flows and schedule of investments of the Borrower and its
Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year (to the extent full fiscal year information is available), all reported on by McGladrey LLP or other independent
public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and shall not contain any explanatory paragraph or paragraph of emphasis with respect to going concern);
provided that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower with the SEC on Form
10-K for the applicable fiscal year; 
 (b) within 45 days after the end of each of the first three
fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ending June 30, 2014), the consolidated statement of assets and liabilities and the related statements of operations, statement of changes in net assets,
statement of cash flows and schedule of investments of the Borrower and its Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for
(or, in the case of the statement of assets and liabilities, as of the end of) the corresponding period or periods of the previous fiscal year (to the extent such information is available for the previous fiscal year), all certified by a Financial
Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (b) may be fulfilled by providing to the Administrative Agent for distribution to each
Lender the report filed by the Borrower with the SEC on Form 10-Q for the applicable quarterly period; 

  
 60 

 (c) concurrently with any delivery of financial statements under clause (a) or (b) of this
Section, a certificate of a Financial Officer of the Borrower (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering the applicable report delivered to (or filed with) the SEC, certifying that
such statements are consistent with the financial statements filed by the Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has occurred, specifying the details thereof
and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01, (c), (d), and (e), 6.02(f), 6.04(c)
and (i), 6.05(b) and 6.07 during the period reported on, (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Effective Date (but only if the Borrower
has not previously reported such change to the Administrative Agent) and, if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying the effect of such change on the financial statements
accompanying such certificate, (v) attaching a list of Subsidiaries as of the date of delivery of such certificate or a confirmation that there is no change in such information since the date of the last such list and (vi) providing a
reconciliation of any difference between the assets and liabilities of the Borrower and its consolidated Subsidiaries presented in such financing statements and the assets and liabilities of the Borrower and its Subsidiaries for purposes of
calculating the financial covenants in Section 6.07; 
 (d) as soon as available and in any event not later than
twenty (20) calendar days after the end of each monthly accounting period (ending on the last day of each calendar month) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as of the last day of such accounting period; 

(e) promptly but no later than two Business Days after any Financial Officer of the Borrower shall at any time have knowledge that there is a
Borrowing Base Deficiency or knowledge that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate last delivered by the Borrower to the Administrative Agent, a Borrowing Base Certificate as
at the date such Financial Officer has knowledge of such Borrowing Base Deficiency or decline indicating the amount of the Borrowing Base Deficiency or decline as at the date such Financial
Officer obtained knowledge of such deficiency and the amount of the Borrowing Base Deficiency or decline as of the date not earlier than two Business Days prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph; 

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

  
 61 

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

(h) within 45 days after the end of each fiscal quarter of the Borrower, all internal and external valuation reports relating to the Eligible
Portfolio Investments (including all valuation reports delivered by the Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted Investments in accordance with Section 5.12(b)(ii)(B)) and all
underwriting memoranda (or, if no underwriting memorandum has been prepared, all materials similar to underwriting memorandum that are in a form reasonably satisfactory to the Administrative Agent) for all Eligible Portfolio Investments included in
such valuation reports, and any other information relating to the Eligible Portfolio Investments as reasonably requested by the Administrative Agent or any Lender; provided that the underwriting memoranda or such other materials for a
particular Eligible Portfolio Investment of an Obligor shall only be required to be delivered within 30 days of the initial closing of such Eligible Portfolio Investment and at no other time; 

(i) to the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, updated copies of custody
reports (including (i) activity reports with respect to cash and Cash Equivalents included in the calculation of the Borrowing Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in any Custodian
Account owned by the Borrower or any Subsidiary) with respect to any Custodian Account owned by the Borrower or any of its Subsidiaries; 

(j) within 45 days after the end of each fiscal quarter of the Borrower, a certificate of a Financial Officer of the Borrower certifying that
attached thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with respect to each such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the
name of the issuer of such Portfolio Investment; 
 (k) to the extent such information is not otherwise available in the financial statements
delivered pursuant to clause (a) or (b) of this Section 5.01, within 5 Business Days of the due date set forth in clauses (a) or (b) of this Section for any quarterly or annual financial statements, as the case
may be, a schedule prepared in accordance with GAAP setting forth in reasonable detail with respect to each Portfolio Investment where there has been a realized gain or loss in the most recently completed fiscal quarter, (i) the cost basis of
such Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment, (iii) the associated reversal of any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the
proceeds received with respect to such Portfolio Investment representing repayments of principal, and (v) any other amounts received with respect to such Portfolio Investment representing exit fees or prepayment penalties; and 

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

  
 62 

 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default (provided that if such
Default is subsequently cured within the time periods set forth herein, the failure to provide notice of such Default shall not itself result in an Event of Default hereunder); 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the
Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
 (c)
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower or any of its Subsidiaries in an aggregate amount exceeding $2,500,000 with
such notice to include a statement of the Borrower setting forth details as to such ERISA Event and the action, if any, that the Borrower proposes to take with respect thereto; and 

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

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

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be
done all things necessary to preserve, renew and keep in full force and effect (x) its legal existence or (y) its rights, licenses, permits, privileges and franchises, except in the case of clause (y), as would not reasonably be expected
to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution not prohibited under Section 6.03. 

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

  
 63 

 SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause
each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar business, operating in the same or similar locations and (c) after the request of the Administrative Agent,
promptly deliver to the Administrative Agent any certificate or certificates from the Borrower’s insurance broker or other documentary evidence, in each case demonstrating the effectiveness of, or any changes to, such insurance. 

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

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

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

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

  
 64 

 SECTION 5.07. Compliance with Laws and Agreements. The Borrower will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it (including orders issued by the SEC) or its
property and all indentures, agreements and other instruments, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.08. Certain Obligations Respecting Subsidiaries; Further Assurances. 

(a) Subsidiary Guarantors. 

(i) In the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than an
SBIC Subsidiary), or that any other Person shall become a “Subsidiary” within the meaning of the definition thereof or (2) any SBIC Subsidiary shall no longer constitute a “SBIC Subsidiary” pursuant to the definition thereof
(in which case such Person shall be deemed to be a “new” Subsidiary for purposes of this Section 5.08), the Borrower will, in each case, on or before thirty (30) days following such Person becoming a
Subsidiary or such SBIC Subsidiary no longer qualifying as such, cause such new Subsidiary or former SBIC Subsidiary to become a “Subsidiary Guarantor” (and, thereby, an “Obligor”) under the Guarantee and Security Agreement
pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents as the Administrative Agent shall have reasonably requested. 

(ii) [Intentionally Omitted] 

(iii) The Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each SBIC Subsidiary as an
Obligor only for so long as such Person qualifies as an “SBIC Subsidiary” pursuant to the definition thereof, and thereafter such Person shall no longer constitute an “SBIC Subsidiary” for any purpose of this Agreement or any
other Loan Document. 
 (b) Ownership of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action
from time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary; provided that the foregoing shall not prohibit any transaction permitted under Sections 6.03(a), (b), (c), (f)
or (i), so long as after giving effect to such permitted transaction each of the remaining Subsidiaries is a wholly owned Subsidiary. 

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

(i) take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing
and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the 

  
 65 

 
Administrative Agent to create, in favor of the Collateral Agent for the benefit of the Lenders (and any Affiliate thereof that is a party to any Hedging Agreement entered into with the Borrower)
perfected first-priority security interests and Liens in the Collateral; provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; 

(ii) with respect to each deposit account or securities account of the Obligors (other than (A) any such accounts which
hold solely money or financial assets of a SBIC Subsidiary, (B) any payroll account so long as such payroll account is coded as such, (C) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a
Portfolio Investment, and (D) any account in which the aggregate value of deposits therein, together with all other such accounts under this clause (D), does not at any time exceed $75,000, provided that in the case of each of the foregoing
clauses (A) through (D), no other Person (other than the depository institution at which such account is maintained) shall have “control” over such account (within the meaning of the Uniform Commercial Code)), cause each bank or
securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that the Collateral Agent has “control” (within the meaning of the
Uniform Commercial Code) over each such deposit account or securities account (each, a “Control Account”) and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv) and (v) below, to cause all
cash and other proceeds of Portfolio Investments received by any Obligor to be immediately deposited into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, both prior to and following such
deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for the benefit and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor or any
other Person; 
 (iii) cause the SBIC Subsidiaries to execute and deliver to the Administrative Agent such certificates and
agreements, in form and substance reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such SBIC Subsidiary qualifies or continues to qualify as an “SBIC Subsidiary”, as applicable,
pursuant to the definitions thereof; 
 (iv) in the case of any Portfolio Investment consisting of a Bank Loan (as defined in
Section 5.13) that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents and an SBIC Subsidiary holds any interest in the loans or other extensions of credit
under such loan documents, (x)(1) cause the interest owned by such SBIC Subsidiary to be evidenced by a separate note or notes which note or notes are either (A) in the name of such SBIC Subsidiary or (B) in the name of the Borrower,
endorsed in blank and delivered to the applicable SBIC Subsidiary and beneficially owned by the SBIC Subsidiary and (2) not permit such SBIC Subsidiary to have a participation acquired from an Obligor in such underlying loan documents and the
extensions of credit thereunder or any other indirect interest therein acquired from an Obligor; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower or
other obligated party are remitted by such borrower or obligated party (or the applicable administrative agents, collateral agents or equivalent Person) directly to the Custodian Account and no other amounts owing by such underlying borrower or
obligated party are remitted to the Custodian Account; 

  
 66 

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

(vi) cause the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to
be delivered to the Custodian as provided therein; and 
 (vii) in the case of any Portfolio Investment held by any SBIC
Subsidiary, including any cash collection related thereto, ensure that such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor. 

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

  
 67 

 SECTION 5.10. Status of RIC and BDC. The Borrower shall maintain its status as a RIC
under the Code, and as a “business development company” under the Investment Company Act. 
 SECTION 5.11. Investment
Policies. The Borrower shall at all times be in compliance in all material respects with its Investment Policies. 
 SECTION 5.12.
Portfolio Valuation and Diversification Etc.  
 (a) Industry Classification Groups. For purposes of this Agreement, the
Borrower shall assign each Eligible Portfolio Investment to an Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines any Eligible Portfolio Investment is not correlated with the
risks of other Eligible Portfolio Investments in an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Eligible Portfolio
Investment. 
 (b) Portfolio Valuation Etc. 

(i) Settlement Date Basis. For purposes of this Agreement, all determinations of whether a Portfolio Investment is an
Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any Portfolio Investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible
Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid
for in full. 
 (ii) Determination of Values. The Borrower will conduct reviews of the value to be assigned to each of
its Eligible Portfolio Investments as follows: 
 (A) Quoted Investments External Review. With respect to Eligible
Portfolio Investments (including Cash Equivalents) for which market quotations are readily available and are reflective of an actual trade executed within a reasonable period of such quotation (“Quoted Investments”), the Borrower
shall, not less frequently than once each calendar week, determine the market value of such Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by the Borrower (each such
value, an “External Quoted Value”): 
 (w) in the case of public and 144A securities, the average of the
bid prices as determined by two Approved Dealers selected by the Borrower, 

  
 68 

 (x) in the case of Bank Loans, the average of the bid prices as determined by
two Approved Dealers selected by the Borrower, 
 (y) in the case of any Quoted Investment traded on an exchange, the
closing price for such Eligible Portfolio Investment most recently posted on such exchange, and 
 (z) in the case of any
other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service; and 
 (B) Unquoted
Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available (“Unquoted Investments”): 

(x) Commencing with the quarter ending September 30, 2014, and for each fiscal quarter thereafter (or such other dates as
are reasonably agreed by the Borrower and the Administrative Agent (provided that such testing dates shall occur not less than quarterly), each a “Valuation Testing Date”), the Administrative Agent through an Independent Valuation
Provider will test the values as of such Valuation Testing Date of those Unquoted Investments that are Portfolio Investments included in the Borrowing Base selected by the Administrative Agent (such selected assets, the “IVP Tested
Assets” and such value, the “IVP Unquoted Value”); provided that the fair value of such Portfolio Investments tested by the Independent Valuation Provider as of any Valuation Testing Date shall be approximately 25%
(but in no event shall exceed 30%) of the aggregate value of the Eligible Portfolio Investments owned by the Obligors (the determination of fair value for such percentage thresholds shall be based off of the last determination of value of the
Portfolio Investments pursuant to this Section 5.12 and, for the avoidance of doubt, in the case of any Unquoted Investments acquired during the calendar quarter, the value shall be as determined pursuant to clause (E)(2)
below); provided, further that the Administrative Agent shall provide written notice to the Borrower, setting forth a description of which Unquoted Investments shall be IVP Tested Assets as of such Valuation Testing Date, not later
than 45 days prior to the Valuation Testing Date. Each such valuation report shall also include the information required to comply with clause (ii) of paragraph 7 of Schedule 1.01(d) and to the extent any such report includes a Portfolio
Investment that is a Bank Loan and the Portfolio Company has issued a Permitted Prior Working Capital Lien, paragraph 21 of Schedule 1.01(d) for an IVP Tested Asset (to the extent such provisions are applicable). 

  
 69 

 (y) The Borrower shall request an Approved Third-Party Appraiser to assist the
Board of Directors of the Borrower in determining the fair market value of certain of the Unquoted Investments in the Borrowing Base that are not IVP Tested Assets as of each Valuation Testing Date selected by the Borrower (such assets, the
“Borrower Tested Assets” and such value, the “Borrower External Unquoted Value”); provided that the fair value of such Portfolio Investments tested by the Approved Third-Party Appraiser as of any Valuation
Testing Date shall be not less than 10% of the aggregate value of the Eligible Portfolio Investments owned by the Obligors (the determination of fair value for such 10% threshold shall be based off of the last determination of value of the Portfolio
Investments pursuant to this Section 5.12 and, for the avoidance of doubt, in the case of any Unquoted Investments acquired during the calendar quarter, the value shall be as determined pursuant to clause (E)(2) below), as
of each Valuation Testing Date, and shall provide the Board of Directors (with a copy to the Administrative Agent) with a written independent valuation report as part of that assistance each quarter; provided, further that the Borrower
shall provide written notice to the Administrative Agent, setting forth a description of which Unquoted Investments shall be Borrower Tested Assets as of such Valuation Testing Date, not later than 15 days prior to the Valuation Testing Date. Each
such valuation report shall also include the information required to comply with clause (ii) of paragraph 7 of Schedule 1.01(d) and to the extent any such report includes a Portfolio Investment that is a Bank Loan and the Portfolio
Company has issued a Permitted Prior Working Capital Lien, paragraph 21 of Schedule 1.01(d) for a Borrower Tested Asset (to the extent such provisions are applicable). The Borrower shall also provide the Administrative Agent, promptly, but in
no event later than two Business Days of receipt thereof, a copy of each such valuation report it receives in connection obtaining any Borrower Internal Policy Unquoted Value. 

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

 (D) Value of Quoted Investments. Subject to clauses (G) and (H) of this
Section 5.12(b)(ii), the “Value” of each Quoted Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment as most recently determined by the
Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such Quoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) if such Quoted
Investment is a debt Investment, the par or face value of such Quoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value). 

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

  
 70 

 (x) if the Internal Value of any Unquoted Investment as most recently determined
by the Borrower pursuant to Section 5.12(b)(ii)(C) falls below the range of the Applicable External Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B),
then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the Internal Value and (ii) if such Unquoted Investment is a debt Investment, the par or face value of such
Unquoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); 

(y) (i) if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to
Section 5.12(b)(ii)(C) falls above the range of the Borrower External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B) (and the Applicable
External Value of such Unquoted Investment is such Borrower External Unquoted Value), then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the midpoint of the range of
the Borrower External Unquoted Value and (ii) if such Unquoted Investment is a debt Investment, the par or face value of such Unquoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account
any Accretive Value); 
 (ii) if the Internal Value of any Unquoted Investment as most recently determined by the Borrower
pursuant to Section 5.12(b)(ii)(C) falls more than 5% above the midpoint of the range of the IVP External Unquoted Value of such Unquoted Investment as most recently determined pursuant to
Section 5.12(b)(ii)(B) (and the Applicable External Value of such Unquoted Investment is such IVP External Unquoted Value), then the “Value” of such Unquoted Investment for all purposes of this Agreement shall be
deemed to be the lower of (i) the midpoint of the range of the IVP External Unquoted Value and (ii) if such Unquoted Investment is a debt Investment, the par or face value of such Unquoted Investment (or in the case of Preferred Stock, the
Liquidation Preference thereof without taking into account any Accretive Value); and 
 (z) if the Internal Value of any
Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) is within the range of the Borrower External Unquoted Value of such Unquoted Investment (and the Applicable External Value
of such Unquoted Investment is such Borrower External Unquoted Value), or within or not more than 5% above the midpoint of the range of the IVP External Unquoted Value of such Unquoted Investment (and the Applicable External Value of such Unquoted
Investment is such IVP External Unquoted Value), in each case as most recently determined pursuant to Section 5.12(b)(ii)(B), then the “Value” of such Unquoted Investment for all purposes of this Agreement shall
be deemed to be the lower of (i) the Internal Value and (ii) if such Unquoted Investment is a debt Investment, the par or face value of such Unquoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without
taking into account any Accretive Value); 

  
 71 

 except that: 

(1) with respect to an Unquoted Investment that the most recent Borrower External Unquoted Value is the Applicable External
Value, if the difference between the highest and lowest Borrower External Unquoted Value in such range exceeds an amount equal to 6% (or, if such Unquoted Investment is Performing Common Equity or Preferred Stock, 15%) of the midpoint of such range,
the “Value” of such Unquoted Investment shall instead be deemed to be the lowest of (i) the lowest Borrower External Unquoted Value in such range, (ii) the Internal Value determined pursuant to
Section 5.12(b)(ii)(C), and (iii) if such Unquoted Investment is a debt Investment, the par or face value of such Unquoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without
taking into account any Accretive Value); and 
 (2) if an Unquoted Investment is acquired during a fiscal quarter, the
“Value” of such Unquoted Investment shall be deemed to be equal to the lowest of (i) the Internal Value of such Unquoted Investment as determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (ii) the
cost of such Unquoted Investment, until such time as the External Unquoted Value of such Unquoted Investment is determined in accordance with Section 5.12(b)(ii)(B) as at the Valuation Testing Date; and (iii) if such
Unquoted Investment is a debt Investment, the par or face value of such Unquoted Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value). 

(F) Actions Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a
Borrowing Base Deficiency exists or that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate last delivered by the Borrower to the Administrative Agent, then the Borrower shall, promptly
and in any event within two Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the payments and
prepayments (if any), all as more specifically set forth in Section 2.08(b). 
 (G) Failure to
Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing
sub-clauses (A), (B), (C), (D) or (E), then the “Value” of such Eligible Portfolio Investment as at such date shall be deemed to be zero. If the Borrower shall fail to provide timely notice of the
Unquoted Investments that it has selected to be Borrower Tested Assets for 

  
 72 

 
any period pursuant to Section 5.12(b)(ii)(B)(y), then until the Borrower has complied with such Section, for the next Valuation Date, the Borrowing Base shall automatically be reduced by
10%. If the Administrative Agent shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to clause (B)(x), then the “Value” of such Eligible Portfolio Investment as at such date (subject to clause
(H) below) shall be the lower of (w) the midpoint of the range of the Borrower Internal Policy Unquoted Value with respect to each such Eligible Portfolio Investment (to the extent such Eligible Portfolio Investment was identified in the
notice the Administrative Agent is required to deliver pursuant to Section 5.12(b)(ii)(B)(x)), (x) the Internal Value with respect to such Eligible Portfolio Investment and (y) if such Eligible Portfolio Investment is
a debt Investment, the par or face value of such Eligible Portfolio Investment (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); provided, however, that if an
Applicable External Value has been obtained with respect to such asset for any quarterly period preceding the current quarterly testing period, then the “Value” of such Eligible Portfolio Investment will be determined as provided in clause
(E) above. 
 (H) Adjustment of Values. Notwithstanding anything herein to the contrary, the Administrative
Agent, in its sole and absolute discretion exercised in good faith, may, and upon the request of Required Lenders, shall, reduce the Value of any Eligible Portfolio Investment (in which case the “Value” of such Eligible Portfolio
Investment shall for all purposes hereof be deemed to be the Value assigned by the Administrative Agent) and/or exclude any Eligible Portfolio Investment from the Borrowing Base entirely (the “Revalue Right”); provided that the exercise of
the Administrative Agent’s Revalue Right shall not result in more than a Revalue Percent aggregate reduction in the Borrowing Base in any fiscal quarter. 

(I) The documented out-of-pocket costs of any
valuation reasonably incurred by the Administrative Agent under this Section 5.12 (including, without limitation, under clause (b)(ii)(B)(x)) shall be at the expense of the Borrower. 

(J) Notwithstanding anything to the contrary contained herein but subject to clause (H), from the Effective Date until
December 31, 2014, if an Unquoted Investment has not been valued on or after December 31, 2013 (any such asset that had not been valued on or after December 31, 2013, a “Stale Asset”), (x) prior to the Effective Date, by an
independent unaffiliated third-party appraiser selected by the Borrower for purposes of its internal reporting and valuation requirements, or (y) on or after the Effective date, an Approved Third Party Appraiser or an Independent Valuation
Provider, the Value of such Stale Asset shall be the lower of (i) the Internal Value of such Stale Asset as determined by the Borrower pursuant to Section 5.12(b)(ii)(C) and (ii) if such Stale Asset is a debt
Investment, the par or face value of such Stale Asset (or in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value). The Value of any Stale Asset that is not valued by December 31, 2014
shall be zero until such asset becomes an IVP Tested Asset or a Borrower Tested Asset. 

  
 73 

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

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

(a) (i) the Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall
be 0% at any time when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 12 different issuers of which at least 8 such Eligible Portfolio Investments are Debt/Preferred Eligible Portfolio Investments; and
(ii) the Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at any time when the Borrowing Base is composed of less than 8 Eligible Portfolio Investments that are Debt/Preferred
Eligible Portfolio Investments provided that in the case of each of the foregoing clauses (i) and (ii), issuers that are affiliates of each other will be treated as one issuer (unless the affiliation is solely as a result of direct or
indirect control by a common private equity or similar sponsor); 
 (b) with respect to all Eligible Portfolio Investments
issued by a single issuer, the Advance Rate applicable to that portion of such Eligible Portfolio Investments that exceeds 10% of the Obligors’ Net Worth shall be 0%; 

(c) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents,
Long-Term U.S. Government Securities, Performing First Lien Bank Loans, Performing Second Lien Bank Loans or Performing Last Out Loans shall not exceed 80% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio
Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 80% of the Borrowing Base; 

(d) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are common equity, warrants and
Preferred Stock shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced to the extent such portion would otherwise exceed 25% of the Borrowing Base; provided, however, that the portion of the Borrowing Base
attributable to Eligible Portfolio Investments that are common equity or warrants shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral)
to the extent such portion would otherwise exceed 20% of the Borrowing Base; 

  
 74 

 (e) the portion of the Borrowing Base attributable to Eligible Portfolio
Investments in the Industry Classification Group that is the Largest Industry Classification Group shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from
the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base; 
 (f) the portion of the
Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other than the Industry Classification Group that is the Largest Industry Classification Group) shall not exceed 15% of the Borrowing Base and
the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base; 

(g) if at any time the weighted average maturity of all Debt/Preferred Eligible Portfolio Investments (based on the fair value
of such Eligible Portfolio Investments to the extent included in the Borrowing Base) exceeds 5.5 years, the Borrowing Base shall be reduced by removing Debt/Preferred Eligible Portfolio Investments therefrom (but not from the Collateral) to the
extent necessary to cause the weighted average maturity of all Debt/Preferred Eligible Portfolio Investments included in the Borrowing Base to be no greater than 5.5 years (subject to all other constraints, limitations and restrictions set forth
herein); 
 (h) the portion of the Borrowing Base attributable to Debt/Preferred Eligible Portfolio Investments with a
maturity greater than 7 years shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Debt/Preferred Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 15% of the Borrowing Base; 
 (i) if at any time the Weighted Average Leverage Ratio is greater than 4.5,
the Borrowing Base shall be reduced by removing Debt/Preferred Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Leverage Ratio to be no greater than 4.5 (subject to all
other constraints, limitations and restrictions set forth herein); 
 (j) the portion of the Borrowing Base attributable to
PIK Obligations, DIP Loans and Covenant-Lite Loans shall not exceed 10% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would
otherwise exceed 10% of the Borrowing Base; 

  
 75 

 (k) if at any time the Weighted Average Fixed Coupon (after giving effect to any
Hedging Agreement) is less than the greater of (i) 8% and (ii) the one-month LIBO Rate plus 4.5%, the Borrowing Base shall be reduced by removing Debt/Preferred Eligible Portfolio Investments therefrom
(but not from the Collateral) to the extent necessary to cause the Weighted Average Fixed Coupon to be at least equal to the greater of (x) 8% and (y) the one-month LIBO Rate plus 4.5% (subject to all other
constraints, limitations and restrictions set forth herein); 
 (l) if at any time the Weighted Average Floating Spread
(after giving effect to any Hedging Agreement) is less than 4.5%, the Borrowing Base shall be reduced by removing Debt/Preferred Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted
Average Floating Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions set forth herein); and 

(m) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Affiliate Investments shall not
exceed 20% of the Borrowing Base, and the Borrowing Base shall be reduced by removing Affiliate Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base. 

For all purposes of this Section 5.13, all issuers of Eligible Portfolio Investments that are Affiliates of one
another shall be treated as a single issuer (unless such issuers are Affiliates of one another solely because they are under the common Control of the same private equity sponsor or similar sponsor). For the avoidance of doubt, no Portfolio
Investment shall be an Eligible Portfolio Investment unless, among the other requirements set forth in this Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable. In addition, as used
herein, the following terms have the following meanings: 
 “Advance Rate” means, as to any Eligible Portfolio Investment
and subject to adjustment as provided above, the following percentages with respect to such Eligible Portfolio Investment: 
  

									
	 Eligible Portfolio Investment
	  	Unquoted	 	 	Quoted	 
	 Cash and Cash Equivalents (including Short-Term U.S. Government Securities)
	  	 	n/a	 	 	 	100	% 
	 Long-Term U.S. Government Securities
	  	 	n/a	 	 	 	85	% 
	 Performing First Lien Bank Loans
	  	 	60	% 	 	 	70	% 
	 Performing Last Out Loans
	  	 	55	% 	 	 	65	% 
	 Performing Second Lien Bank Loans
	  	 	50	% 	 	 	60	% 
	 Performing High Yield Securities and Performing Covenant-Lite Loans
	  	 	45	% 	 	 	55	% 
	 Performing Mezzanine Investments
	  	 	40	% 	 	 	50	% 
	 Performing PIK Obligations and Performing DIP Loans
	  	 	35	% 	 	 	40	% 
	 Performing Common Equity
	  	 	25	% 	 	 	30	% 

 “Bank Loans” means debt obligations (including, without limitation, term loans, revolving
loans, debtor-in-possession financings, the funded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including
interim loans, bridge loans and senior subordinated loans) that are generally provided under a syndicated loan or credit facility or pursuant to any loan agreement or other similar credit facility, whether or not syndicated. 

  
 76 

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

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

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

“Covenant-Lite Loan” means a Bank Loan that does not contain at least one financial maintenance covenant that is either
(a) a total debt to EBITDA ratio of no more than 5.5 to 1.0 or (b) a fixed charge coverage ratio of at least 1.0 to 1.0. 

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

“Debt/Preferred Eligible Portfolio Investment” means an Eligible Portfolio Investment which is either a Debt Eligible
Portfolio Investment or Preferred Stock. 
 “Defaulted Obligation” means (i) any Investment in Indebtedness
(a) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period
applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default;
(b) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the obligor under such Indebtedness which is senior or pari passu in right of payment to such
Indebtedness; (c) as to which the obligor under such Indebtedness or others have instituted proceedings to have such obligor adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or
such obligor has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (b) or (c), such Indebtedness is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such
clause); (d) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such Indebtedness has been commenced and is being pursued by or on behalf of the holders
thereof; or (e) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default and
(ii) Preferred Stock in respect of which (A) the issuer has failed to (w) meet any scheduled redemption obligations, (x) pay its latest declared cash dividend or (y) pay any other amount owing in connection with such
Preferred Stock, in each case after the expiration of any applicable grace period or (B) the default rate of interest has been and continues to be charged for more than 120 consecutive days. 

  
 77 

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

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

  
 78 

 “Eligible Liens” has the meaning assigned to such term in
Section 1.01 of this Agreement. 
 “Eligible Portfolio Investment” means any Portfolio Investment
meeting the criteria outlined in Schedule 1.01(d). All determinations of whether an investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been
purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled);
provided that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full. 

“First Lien Bank Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected
security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in any bankruptcy,
reorganization, arrangement, insolvency, or liquidation proceedings, provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority to a Permitted Prior
Working Capital Lien; and further provided and further provided that any portion of such a Bank Loan which has a total debt to EBITDA ratio above 4.00x will have the advance rates of a Second Lien Bank Loan applied to such portion. For the avoidance
of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan. 
 “Fixed Rate Portfolio Investment” means a
Debt/Preferred Eligible Portfolio Investment that bears interest at a Fixed Rate. For the avoidance of doubt, an OID-Only Investment shall not be a Fixed Rate Portfolio Investment. 

“Floating Rate Portfolio Investment” means a Debt/Preferred Eligible Portfolio Investment that bears interest at a Floating
Rate. For the avoidance of doubt, an OID-Only Investment shall not be a Floating Rate Portfolio Investment. 

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

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

  
 79 

 (a) such last out tranche is entitled (along with the first out tranche) to the benefit of a first lien and first
priority perfected security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in any
bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings; 
 (b) the ratio of (x) the amount of the first out tranche to
(y) EBITDA of the underlying obligor does not at any time exceed 2.00x; 
 (c) such last out tranche (i) gives the holders of such last out tranche
full enforcement rights during the existence of an event of default (subject to customary exceptions if the holders of the first out tranche have previously exercised enforcement rights), (ii) shall have the same maturity date as the first out
tranche, (iii) is entitled to the same representations, covenants and events of default as the holders of the first out tranche (subject to customary exceptions), and (iv) provides the holders of such last out tranche with customary
protections (including, without limitation, consent rights with respect to (1) any increase of the principal balance of the first out tranche by more than 15%, (2) any increase of the margins (other than as a result of the imposition of default
interest) applicable to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out tranche by additional 2.5%, and (4) amending or waiving any provision in the underlying loan
documents that is specific to the holders of such last out tranche); and 
 (d) such first out tranche is not subject to multiple drawings (unless, at the
time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above is not exceeded). 
 “Long-Term
U.S. Government Securities” means U.S. Government Securities maturing more than three months from the applicable date of determination. 

“Mezzanine Investments” means debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)) and Preferred Stock, in each case (a) issued by public or private issuers, (b) issued without registration under
the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same
issuer. 
 “OID-Only Investment” means an Eligible Portfolio Investment that was
issued at a discount to par resulting in “original issue discount” and that does not pay or accrue interest. 

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

“Performing Common Equity” means Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose
outstanding debt is Performing. 
 “Performing Covenant-Lite Loans” means funded Covenant-Lite Loans that (a) are not
PIK Obligations and (b) are Performing. 

  
 80 

 “Performing DIP Loans” means funded DIP Loans that (a) are not PIK
Obligations and (b) are not Defaulted Obligations. 
 “Performing First Lien Bank Loans” means funded First Lien Bank
Loans that (a) are not PIK Obligations, DIP Loans or Covenant-Lite Loans and (b) are Performing. 
 “Performing High Yield
Securities” means funded High Yield Securities that (a) are not PIK Obligations and (b) are Performing. 

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

“Permitted Prior Working Capital Lien” means, with respect to an issuer that is a borrower under a Bank Loan, a security
interest to secure a working capital facility for such issuer in the accounts receivable and inventory (and the proceeds thereof) of such issuer and any of its subsidiaries that are guarantors of such working capital facility; provided that
(i) such Bank Loan has a second priority lien on such accounts receivable and inventory, (ii) such working capital facility is not secured by any other assets (other than a second priority lien, subject to the first priority lien of the
Bank Loan, on any other assets) and does not benefit from any standstill rights or other agreements with respect to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater than 15% of
the aggregate enterprise value of the issuer (as determined in accordance with the valuation methodology for determining the enterprise value of the applicable Portfolio Company as specified in Paragraph 21 of Schedule 1.01(d). 

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

“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes
(however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Capital
Stock of such Person, and shall include, without limitation, cumulative preferred, 

  
 81 

 
non-cumulative preferred, participating preferred and convertible preferred Capital Stock; provided that such Preferred Stock (i) pays a cash dividend
on a monthly or quarterly basis, (ii) has a maturity date or is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock and (iii) has a Liquidation
Preference. 
 “Restructured Investment” means, as of any date of determination, (a) any Portfolio Investment that has
been a Defaulted Obligation within the past six months, or (b) any Portfolio Investment that has in the past six months been (x) on cash non-accrual, or (y) amended or subject to a deferral or
waiver, if both (1) the effect of which is to (i) change the amount of previously required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock) (other than by reason of repayment
thereof) or (ii) extend the tenor of previously required scheduled debt amortization, in each case such that the remaining weighted average life of such Portfolio Investment is extended by more than 20% and (2) the reason for such
amendment, deferral or waiver is related to the deterioration of the credit profile of the underlying borrower such that, in the absence of such amendment, deferral or waiver, it is reasonably expected by the Borrower that such underlying borrower
either (x) will not be able to make any such previously required scheduled debt amortization payment (or, in the case of Preferred Stock, required payments on such Preferred Stock) or (y) is anticipated to incur a breach of a material
financial covenant. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition of Restructured Investment. 

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

“Securities” means common and preferred stock, units and participations, member interests in limited liability companies,
partnership interests in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments of public and private issuers and
tax-exempt securities (including warrants, rights, put and call options and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as
securities or any form of interest or participation therein, but not including Bank Loans. 
 “Securities Act” means the
United States Securities Act of 1933, as amended. 
 “Short-Term U.S. Government Securities” means U.S. Government
Securities maturing within three (3) months of the applicable date of determination. 
 “Spread” means, with respect
to Floating Rate Portfolio Investments, the cash interest spread of such Floating Rate Portfolio Investment over the applicable LIBO Rate; provided, that, in the case of any Floating Rate Portfolio Investment that does not bear interest by
reference to the LIBO Rate, “Spread” shall mean the cash interest spread of such Floating Rate Portfolio Investment over the LIBO Rate in effect as of the date of determination for deposits in U.S. dollars for a period of three
(3) months. 

  
 82 

 “Structured Finance Obligation” means any obligation issued by a special purpose
vehicle and secured directly by, referenced to, or representing ownership of or investment in, a pool of receivables or other financial assets of any Obligor, including collateralized loan obligations, collateralized debt obligations and
mortgaged-backed securities. For the avoidance of doubt, if an obligation satisfies the definition of “Structured Finance Obligation”, such obligation shall not (a) qualify as any other category of Portfolio Investment and (b) be
included in the Borrowing Base. 
 “U.S. Government Securities” has the meaning assigned to such term in Section 1.01
of this Agreement. 
 “Value” means, with respect to any Eligible Portfolio Investment, the value thereof determined for
purposes of this Agreement in accordance with Section 5.12(b)(ii). 
 “Weighted Average Fixed
Coupon” means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base
as of such date by the outstanding principal balance (or, in the case of Preferred Stock, the liquidation preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Fixed Rate Portfolio Investment as of
such date, dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the liquidation preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Fixed Rate
Portfolio Investments and rounding up to the nearest 0.01%. For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments that are not currently paying cash interest shall have an interest rate of 0%. 

“Weighted Average Floating Spread” means, as of any date of determination, the number, expressed as a percentage, obtained by
summing the products obtained by multiplying, in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such Floating Rate Portfolio Investments, by the outstanding principal balance
(or, in the case of Preferred Stock, the liquidation preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Floating Rate Portfolio Investments as of such date and dividing such sum by the aggregate
outstanding principal balance (or, in the case of Preferred Stock, the liquidation preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Floating Rate Portfolio Investments and rounding the
result up to the nearest 0.01%. 
 “Weighted Average Leverage Ratio” means, as of any date of determination, the number
obtained by summing the products obtained by multiplying, in the case of each Debt/Preferred Eligible Portfolio Investment included in the Borrowing Base, the leverage ratio (expressed as a number) for the Portfolio Company of such Debt/Preferred
Eligible Portfolio Investment of all Indebtedness or, as applicable, Preferred Stock that has a ranking of payment or lien priority senior to or pari passu with and including the tranche that includes such Borrower’s Debt/Preferred Eligible
Portfolio Investment, by the fair value of such Debt/Preferred Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values of all such Debt/Preferred Eligible Portfolio Investments and rounding the result
up to the nearest 0.01. 

  
 83 

 SECTION 5.14 Taxes. Each of the Borrower and its Subsidiaries will timely file or cause to
be timely filed all material U.S. federal, state and local Tax returns that are required to be filed by it and all other material Tax returns that are required to be filed by it and will pay all Taxes which are shown as due and owing on such Tax
returns and for which it is directly or indirectly liable and any assessments made against it or any of its property and all other material Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except Taxes
that are being contested in good faith by appropriate proceedings, and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves on
the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges will be adequate in accordance with GAAP. 

SECTION 5.15 Anti-Hoarding of Assets at Non-Pledged SBIC Subsidiaries. If any Non-Pledged SBIC Subsidiary is not prohibited by any law, rule or regulation or by any contract or agreement relating to indebtedness from distributing all or any portion of its assets to an Obligor, then such Non-Pledged SBIC Subsidiary shall, if a Significant Unsecured Indebtedness Event has occurred and is continuing, distribute to an Obligor the amount of assets held by such
Non-Pledged SBIC Subsidiary that such Non-Pledged SBIC Subsidiary is permitted to distribute and that, in the good faith judgment of the Borrower, such Non-Pledged SBIC Subsidiary does not reasonably expect to utilize, in the ordinary course of business, to obtain or maintain a financing from an unaffiliated third party; provided, further, however, that if a
Significant Unsecured Indebtedness Event has occurred and is continuing and the value of the assets owned by such Non-Pledged SBIC Subsidiary significantly exceeds the amount of indebtedness of such Non-Pledged SBIC Subsidiary, even if such Non-Pledged SBIC Subsidiary is prohibited by any contract or agreement relating to indebtedness from distributing all or any portion
of its assets to an Obligor, the Borrower shall use its commercially reasonable efforts to take such action as is necessary to cause such SBIC Subsidiary to become an Obligor or distribute assets to an Obligor in an amount equal to the amount of
assets held by such Non-Pledged SBIC Subsidiary that, in the good faith judgment of the Borrower, such Non-Pledged SBIC Subsidiary does not reasonably expect to utilize,
in the ordinary course of business, to obtain or maintain a financing from an unaffiliated third party that includes advance rates that are substantially comparable to market terms for substantially similar debt financings at such time of
determination. 

  
 84 

 ARTICLE VI 

NEGATIVE COVENANTS 
 Until
the Termination Date, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The Borrower will
not nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness
created hereunder or under any other Loan Document; 
 (b) Indebtedness owing by the Borrower to any wholly-owned Obligor or Indebtedness
owed by any wholly-owned Obligor to the Borrower or another wholly-owned Obligor; 
 (c) Unsecured Longer-Term Indebtedness, so long as
(x) no Default exists at the time of the incurrence thereof (or immediately after the incurrence thereof) and (y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of
the covenants set forth in Sections 6.07(a), (b), (d), (e) and (f) and within five Business Days after the date of such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial
Officer to such effect; 
 (d) Indebtedness of SBIC Subsidiaries, provided that (i) on the date that such Indebtedness is
incurred (for clarity, with respect to any and all revolving loan facilities, term loan facilities, staged advance loan facilities or any other credit facilities, “incurrence” shall be deemed to take place at the time the definitive
documentation for such facility is entered into and at the time any amendment, modification, supplement, document or other agreement is entered into that increases the amount that may be borrowed thereunder, and not upon each (or any) borrowing
thereunder), prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (d), (e) and (f) and
within five Business Days after the date of such incurrence Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) in the case of revolving loan facilities or staged advance loan facilities,
upon each borrowing thereunder, the Borrower is in pro forma compliance with each of the covenants set forth in Sections 6.07(a), (b), (d), (e) and (f). 

(e) Other Permitted Indebtedness and Indebtedness of any Obligor under any Hedging Agreement entered into in the ordinary course of such
Obligor’s financial planning and not for speculative purposes; provided that such Other Permitted Indebtedness and Indebtedness under all outstanding Hedge Agreements collectively do not exceed an aggregate principal amount equal to $12,500,000
(for clarity, the amount of any Indebtedness under any Hedge Agreement shall be the amount (after giving effect to any netting agreements) such Obligor would be obligated for under such Hedge Agreement if such Hedge Agreement was terminated at the
time of determination); 
 (f) repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 (g) Indebtedness consisting of Disqualified Equity Interests, which by its terms, or upon the happening of an event, does not mature and
is not mandatorily redeemable (pursuant to a sinking fund obligation or otherwise) and is not redeemable at the option of the holder thereof, in whole or in part, prior to a date that is six months after the Maturity Date; 

  
 85 

 (h) obligations payable to clearing agencies, brokers or dealers in connection with the purchase
or sale of securities in the ordinary course of business; and 
 (i) obligations of the Borrower under a Permitted SBIC Guarantee. 

SECTION 6.02. Lien. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist
any Lien on any property or asset (including Equity Interests in any SBIC Subsidiary or any other Subsidiary) now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any
thereof except: 
 (a) any Lien on any property or asset of the Borrower or any of its Subsidiaries existing on the Effective Date and set
forth in Schedule 3.11(b), provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries, and (ii) any such Lien shall secure only those obligations which it secures on
the Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (b)
Liens created pursuant to the Security Documents; 
 (c) Liens on assets owned by SBIC Subsidiaries; 

(d) Liens on Special Equity Interests included in the Portfolio Investments but only to the extent securing obligations in the manner provided
in the definition of “Special Equity Interests” in Section 1.01; 
 (e) Permitted Liens; 

(f) additional Liens securing Indebtedness not to exceed $5,000,000 in the aggregate provided such Indebtedness is not otherwise prohibited
under Section 6.01(e) of this Agreement; and 
 (g) Liens on Equity Interests in any SBIC Subsidiary created in
favor of the SBA. 
 SECTION 6.03. Fundamental Changes. The Borrower will not, nor will it permit any of its Subsidiaries to,
enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries to, acquire any business or
property from, or capital stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any
of its Subsidiaries (other than SBIC Subsidiaries) to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its assets (including, without limitation, Cash, Cash Equivalents and Equity
Interests), whether now owned or hereafter acquired, but excluding (x) assets (including Cash and Cash Equivalents but 

  
 86 

 
excluding Portfolio Investments) sold or disposed of in the ordinary course of business of the Borrower and its Subsidiaries (including to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries) and (y) subject to the provisions of clauses (d) and (e) below, Portfolio Investments. 

Notwithstanding the foregoing provisions of this Section: 

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

(b) any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; 
 (c) the capital stock of any Subsidiary of the
Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; 
 (d)
the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a SBIC Subsidiary) so long as prior to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio
Investments or payment of outstanding Loans) the Covered Debt Amount does not exceed the Borrowing Base; 
 (e) the Obligors may sell,
transfer or otherwise dispose of Portfolio Investments (other than ownership interests in SBIC Subsidiaries), Cash and Cash Equivalents to a SBIC Subsidiary so long as (i) prior to and after giving effect to such sale, transfer or other
disposition (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans) the Covered Debt Amount does not exceed the Borrowing Base and no Default or Event of Default exists, and the Borrower delivers to the
Administrative Agent a certificate of a Financial Officer to such effect, and (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result of such release
or (y) the Borrowing Base immediately after giving effect to such release is at least 120% of the Covered Debt Amount; 
 (f) any
Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation or dissolution, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any
wholly owned Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; 

  
 87 

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

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

(i) any non-Obligor Subsidiary may be merged or consolidated with or into any other non-Obligor Subsidiary. 
 SECTION 6.04. Investments. The Borrower will not, nor will it
permit any of its Subsidiaries to, acquire, make or enter into, or hold, any Investments except: 
 (a) operating deposit accounts with
banks; 
 (b) Investments by the Borrower and the Subsidiary Guarantors in the Borrower and Subsidiary Guarantors; 

(c) Hedging Agreements entered into in the ordinary course of the Borrower’s business for financial planning and not for speculative
purposes; 
 (d) Portfolio Investments by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the
Investment Company Act (to the extent such applicable Person is subject to the Investment Company Act) and the Investment Policies; 
 (e)
Equity Interests in (or capital contribution to) SBIC Subsidiaries to the extent not prohibited by Section 6.03(e); 

(f) Investments by any SBIC Subsidiary; 

(g) Investments in Cash and Cash Equivalents; 

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

(i) additional Investments up to but not exceeding $2,500,000 in the aggregate (for purposes of this clause (i), the aggregate amount of an
Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property loaned, advanced, contributed, transferred or otherwise invested that gives rise to such
Investment (calculated at the time such Investment is made), minus (B) the aggregate amount of dividends, distributions or other payments received in cash in respect of such Investment, provided that in no event shall the
aggregate amount of any Investment be less than zero, and provided further that the amount of any Investment shall not be reduced by reason of any write-off of such Investment, nor increased by
way of any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out). 

  
 88 

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

(a) the Borrower may declare and pay dividends on its Equity Interests payable solely in additional shares of the Borrower’s common stock;

 (b) the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose the
Borrower’s common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant) in amounts not to exceed 110% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy the
minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year its liability for
federal income taxes imposed on (y) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (z) its net capital gain pursuant to Section 852(b)(3) of the Code (or any
successor thereto), and (iii) reduce to zero its liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto); 

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

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

(e) The Borrower may declare and pay dividends in respect of Equity Interests consisting of shares of preferred stock issued by the Borrower
that are Disqualified Equity Interests, provided that (i) such dividend is not a “special dividend” but is a customary dividend that, pursuant to the terms of such preferred stock, accrues and accumulates on the unpaid liquidation
preference of such preferred stock at a market rate, (ii) no Default or Event of Default shall have occurred and be continuing or result from the making such payment and (iii) the Borrower shall be in pro forma compliance with the
financial covenants set forth in Section 6.07 after giving effect to such dividend; and 
 (f) the Borrower may make Restricted Payments
to repurchase or redeem Equity Interests of the Borrower up to an aggregate amount equal to $10,000,000 during such period, so long as on the date of such Restricted Payment and after giving effect thereto: 

(1) no Default shall have occurred and be continuing; 

  
 89 

 (2) (x) the Covered Debt Amount does not exceed 80% of the Borrowing Base on the
date of such Restricted Payment and after giving effect thereto, and (y) the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as of such date demonstrating compliance with the foregoing; and 

(3) prior to and immediately after giving effect to such Restricted Payment, the Borrower is in pro forma compliance with each
of the covenants set forth in Sections 6.07(a), (b), (d), (e) and (f) after giving effect to such Restricted Payment and on the date of such Restricted Payment, the Borrower delivers to the Administrative Agent a certificate of a Financial
Officer to such effect; 
 provided; that such Equity Interests of the Borrower must be repurchased or redeemed at a price less than such Equity
Interests’ net asset value as of the date of such Restricted Payment. 
 For the avoidance of doubt, the Borrower shall not declare any
dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it. 
 SECTION 6.06.
Certain Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than SBIC Subsidiaries) to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan
Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of
loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i) any Indebtedness permitted under Section 6.01(c), (ii) any
Indebtedness permitted under Section 6.01(e) secured by a Lien permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by their terms only to the assets that
are subject to such Lien, (iii) any Indebtedness permitted under Section 6.01(f) or (g) secured by a Permitted Lien provided that such prohibitions and restraints are applicable by their terms only to the assets that are
subject to such Lien and (iv) any agreement, instrument or other arrangement pertaining to any sale or other disposition of any asset permitted by this Agreement so long as the applicable restrictions (i) only apply to such assets and
(ii) do not restrict prior to the consummation of such sale or disposition the creation or existence of the Liens in favor of the Collateral Agent pursuant to the Security Documents or otherwise required by this Agreement, or the incurrence or
payment of the obligations under this Agreement or the ability of the Borrower and its Subsidiaries to perform any other obligation under any of the Loan Documents. 

SECTION 6.07. Certain Financial Covenants. 

(a) Minimum Stockholder’s Equity. After the Effective Date, the Borrower will not permit Stockholders’ Equity as
of the last day of any fiscal quarter of the Borrower to be less than $160,000,000, plus (y) 70% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the Effective Date (other than the
proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries). 

  
 90 

 (b) Asset Coverage Ratio. After the Effective Date, the Borrower will not permit the Asset
Coverage Ratio to be less than 2.25 to 1 at any time. 
 (c) Consolidated Interest Coverage Ratio. After the Effective Date, the
Borrower will not permit the Consolidated Interest Coverage Ratio to be less than 2.50 to 1 as of the last day of any fiscal quarter of the Borrower. 

(d) Liquidity Test. After the Effective Date, the Borrower will not permit the aggregate Value of the Eligible Portfolio Investments
that can be converted to Cash in fewer than 10 Business Days without more than a 5% change in price to be less than 10% of the Covered Debt Amount for more than 30 Business Days during any period when the Adjusted Covered Debt Balance is greater
than 90% of the Adjusted Borrowing Base. 
 (e) Obligors’ Net Worth Test. After Effective Date, the Borrower will
not permit the Obligors’ Net Worth to be less than an amount equal to (i) $50,000,000 plus (ii) 50% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the Effective Date. 

(f) Unsecured Indebtedness Test. After the Effective Date, at any time when Obligor’s Net Worth is less than $175,000,000,
unsecured Indebtedness of the Borrower and its Subsidiaries (other than SBIC Subsidiaries) shall not exceed $50,000,000. 

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

SECTION 6.09. Lines of Business. The Borrower will not, nor will it permit any of its Subsidiaries to, engage to any material
extent in any business other than in accordance with its Investment Policies. 
 SECTION 6.10. No Further Negative Pledge. The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its
properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security is granted for another obligation, 

  
 91 

 
except the following: (a) this Agreement and the other Loan Documents; (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further
Liens on the assets encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; (d) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents
on any Collateral securing the “Secured Obligations” under and as defined in the Guarantee and Security Agreement and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of
the granting of Liens on or pledge of property of any Obligor to secure the Loans or any Hedging Agreement and (e) restrictions imposed by the SBA on the pledge of the equity of any SBIC Subsidiary. 

SECTION 6.11. Modifications of Indebtedness and Affiliate Agreements. The Borrower will not, and will not permit any of its
Subsidiaries to, consent to any modification, supplement or waiver of: 
 (a) any of the provisions of any agreement, instrument or other
document evidencing or relating to any Unsecured Longer-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of “Unsecured Longer-Term Indebtedness”; or 

(b) any of the Affiliate Agreements, unless such modification, supplement or waiver is not materially less favorable to the Borrower than could
be obtained on an arm’s-length basis from unrelated third parties. 
 The Administrative Agent hereby
acknowledges and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative Agent, freely amend, restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing
or relating to Indebtedness permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount thereof, modifications to the advance rates and/or modifications to the interest rate, fees or
other pricing terms, provided that no such amendment, restatement or modification shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof, cause an SBIC Subsidiary to fail to be an “SBIC
Subsidiary” in accordance with the definition thereof. 
 SECTION 6.12. Payments of Longer-Term Indebtedness. The Borrower
will not, nor will it permit any of its Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition
of or make any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Unsecured Longer-Term Indebtedness (other than (i) the refinancing of Unsecured Longer-Term Indebtedness with
Indebtedness permitted under Section 6.01(c) and (ii) regularly scheduled payments or prepayments of interest in respect thereof required pursuant to the instruments evidencing such Indebtedness and the payment when
due of the types of fees and expenses that are customarily paid in connection with such Indebtedness). 
 SECTION 6.13. Modification
of Investment Policies. Other than with respect to Permitted Policy Amendments, the Borrower will not amend, supplement, waive or otherwise modify in any material respect the Investment Policies as in effect on the Effective Date. 

  
 92 

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

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

ARTICLE VII 

EVENTS OF DEFAULT 
 If any
of the following events (“Events of Default”) shall occur and be continuing: 
 (a) the Borrower shall fail to pay any
principal of any Loan (including, without limitation, any principal payable under Section 2.08(b)) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise; 
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to
in clause (a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five or more Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or
any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified
by materiality or Material Adverse Effect); 
 (d) the Borrower
or any of its Subsidiaries shall fail to observe or perform any covenant,
condition or agreement contained in (i) Section 5.01(e), Section 5.02(a), Section 5.03 (with respect to the Borrower’s and its Subsidiaries’ existence only,
and not with respect to the Borrower’s and its Subsidiaries’ rights, licenses, permits, privileges or franchises), Sections 5.08(a) or (b), Section 5.10, Section 5.12(c) or
in Article VI or any Obligor shall default in the performance of any of its obligations contained in Section 7 of the Guarantee and Security Agreement or (ii) Section 5.01(f) or Sections 5.02(b),
(c) or (d) and, in the case of this clause (ii), such failure shall continue unremedied for a period of five or more days after the Borrower has knowledge of such failure; 

  
 93 

 (e) the Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such failure shall continue unremedied for a period of 30 or more days after notice thereof
from the Administrative Agent (given at the request of any Lender) to the Borrower; 
 (f) the Borrower or any of its Subsidiaries shall fail
to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account any applicable grace period; 

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

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

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

  
 94 

 (j) the Borrower or any of its Subsidiaries shall become unable, admit in writing its inability
or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess
of $2,000,000 shall be rendered against the Borrower or any of its Subsidiaries or any combination thereof and (i) the same shall remain undischarged for a period of 30 consecutive days following the entry of such judgment or (ii) any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries to enforce any such judgment; 

(l) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; 
 (m) a Change in Control shall
occur; 
 (n) any SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the SBA;

 (o) the Liens created by the Security Documents shall, at any time with respect to Portfolio Investments held by Obligors having an
aggregate Value in excess of 5% of the aggregate Value of all Portfolio Investments held by Obligors, not be, valid and perfected (to the extent perfection by filing, registration, recordation, possession or control is required herein or therein) in
favor of the Collateral Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens (other than Liens permitted under Section 6.02 or under the respective Security Documents), except to
the extent that any such loss of perfection results from the failure of the Collateral Agent to maintain possession of certificates representing securities pledged under the Guarantee and Collateral Agreement; provided that if such default is
as a result of any action of the Administrative Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action within its control, then there shall be no Default or Event of Default hereunder unless such
default shall continue unremedied for a period of ten (10) consecutive Business Days after the earlier of (i) the Borrower becoming aware of such default and (ii) the Borrower’s receipt of written notice of such default thereof
from the Administrative Agent, unless, in each case, the continuance thereof is a result of a failure of the Collateral Agent or Administrative Agent to take an action within their control (and the Borrower has requested that the Collateral Agent or
Administrative Agent to take such action); 
 (p) except for expiration in accordance with its terms, any of the Security Documents shall for
whatever reason be terminated or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by any Obligor, or there shall be any actual invalidity of any guaranty thereunder or any Obligor or any
Affiliate of an Obligor shall so assert in writing; 
 (q) the Borrower or any of its Subsidiaries shall cause or permit the occurrence of
any condition or event that would result in any recourse to any Obligor under any Permitted SBIC Guarantee; or 

  
 95 

 (r) an Investment Advisor Departure Event shall occur. 

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

ARTICLE VIII 
 THE
ADMINISTRATIVE AGENT 

SECTION 
8.01.
Appointment.
 

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

(b) Appointment of the Collateral Agent. Each of the Lenders hereby irrevocably appoints the
Collateral Agent as its collateral agent hereunder and under the other Loan Documents and authorizes the Collateral Agent to have all the rights and benefits hereunder and thereunder (including Section 9 of the
Guarantee and Security Agreement), and to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. 
 SECTION 8.02. Capacity as Lender. The Person serving as
the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits
from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

  
 96 

 SECTION 8.03. Limitation of Duties; Exculpation. The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent
shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of
its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. Notwithstanding anything to the contrary contained herein, in no event shall the Administrative Agent be liable or responsible in any way or manner for the failure to obtain or receive
an IVP External Unquoted Value for any asset or for the failure to send any notice required under Section 5.12(b)(ii)(B)(x). 

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

  
 97 

 SECTION 8.05. Sub-Agents. The Administrative
Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Administrative Agent. 
 SECTION 8.06. Resignation; Successor Administrative Agent. The Administrative Agent
may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent of the Borrower not to be unreasonably withheld (provided that no such consent shall be required
if an Event of Default has occurred and is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent’s resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and
(2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such
time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in
this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article VIII and Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative
Agent. 
 SECTION 8.07. Reliance by Lenders. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.08.
Modifications to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not
otherwise), consent to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security
Documents) release all or substantially all of the Collateral or otherwise terminate all 

  
 98 

 
or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such collateral
security, or alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and
the Administrative Agent is hereby authorized, to release any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented. 

ARTICLE IX 

MISCELLANEOUS 

SECTION 9.01. Notices; Electronic Communications. 

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

1603 Orrington Avenue, Suite 1005 

Evanston, Illinois 60201 

Attention: Edward H. Ross 

Telephone: (847) 859-3940 

Fax: (847) 859-3953 

With a copy to: 
 Morrison &
Foerster LLPEversheds Sutherland
(US) LLP 

250 West 55th Street999 Peachtree Street, NE, Suite 2300 

New York, New York 10019 

Atlanta, GA
30309-3996 
 Attention:
Mark WojciechowskiEric R. Fenichel, Esq. 
 Telephone: Number: (212)
468-8079404
) 853-8483 

Fax: (212404) 468-7900853-8806 

  
 99 

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

ING Capital LLC 
 13251133 Avenue
 of the Americas 
 New York, New York 1001910036 

Attention: Patrick Frisch 

Telephone Number: (646) 424-6912 

Telecopy Number: (646) 424-6919 

with a copy to: 
 Dechert LLP

 1095 Avenue of the Americas 

New York, New York 10036 

Attention: Jay R. Alicandri, Esq. 

Telephone Number: (212) 698-35003800 

Telecopy Number: (212) 698-3599 

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

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

(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender
pursuant to Section 2.04 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

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

  
 100 

 (c) Documents to be Delivered under Sections 5.01. For so long as a DebtdomainTM or
equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under Sections 5.01 by delivering one hard copy thereof to the
Administrative Agent and either an electronic copy or a notice identifying the website where such information is located for posting by the Administrative Agent on DebtdomainTM or such equivalent website, provided that the Administrative
Agent shall have no responsibility to maintain access to DebtdomainTM or an equivalent website. 
 SECTION 9.02. Waivers;
Amendments. 
 (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in
exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or
any Lender may have had notice or knowledge of such Default at the time. 
 (b) Amendments to this Agreement. Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the
Required Lenders; provided that, subject to Section 2.16(b), no such agreement shall 
 (i)
increase the Commitment of any Lender without the written consent of such Lender, 
 (ii) reduce the principal amount of any
Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, 

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

  
 101 

 (iv) change Section 2.15(b), (c) or
(d) in a manner that would alter the pro rata sharing of payments, or making of disbursements, required thereby without the written consent of each Lender directly affected thereby, 

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

(vi) permit the assignment or transfer by any Obligor of any of its rights or obligations under any Loan Document without the
consent of each Lender; 
 provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent hereunder without the prior written consent of the Administrative Agent. 
 (c) Amendments to Security Documents. No Security
Document nor any provision thereof may be waived, amended or modified, except to the extent otherwise expressly contemplated by the Guarantee and Security
Agreement or the Custodian Agreement, as applicable, and the Liens granted under
the Guarantee and Security Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder, but excluding any such increase pursuant to a Commitment Increase under
Section 2.06(f)) except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement and except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral
Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), (i) without the written consent of the holders of not less than two-thirds of the
total Revolving Credit Exposures and unused Commitments, no such waiver, amendment or modification to the Guarantee and Security Agreement shall (A) release any Obligor representing more than 10% of the Stockholder’s Equity of the Borrower
from its obligations under the Security Documents, (B) release any guarantor representing more than 10% of the Stockholder’s Equity of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder, or
(C) amend the definition of “Collateral” under the Security Documents (except to add additional collateral) and (ii) without the written consent of each Lender, no such agreement shall (W) release all or substantially all of
the Obligors from their respective obligations under the Security Documents, (X) release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under the Security Documents,
(Y) release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) alter the relative priorities of the obligations entitled to the Liens created under the
Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder) with respect to the collateral security provided thereby; except that no such consent described in
clause (i) or (ii) above shall be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, to release any Lien covering property
(and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders or the required number or percentage of Lenders have consented, or otherwise in accordance
with Section 9.15. 

  
 102 

 (d) Replacement of Non-Consenting Lender. If, in
connection with any proposed amendment, waiver or consent, such proposed amendment, waiver or consent requires the consent of “each Lender” or “each Lender affected thereby”, and the consent of the Required Lenders is obtained
(provided, that if the definition of “Required Lenders” provides that the threshold for consent of the Required Lenders is higher than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time, and in such
case the consent of the Lenders having Revolving Credit Exposures and unused Commitments representing more than two-thirds of the sum of the total Revolving Credit Exposures and unused Commitments at such time
is obtained, then the consent of the Required Lenders shall be deemed to have been obtained for purposes of this Section 9.02(d)), but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then, provided that no Default or Event of Default shall have occurred and be continuing, the Borrower shall
have the right, at its sole cost and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.17(b) so long as at the
time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of up to one counsel for the
Administrative Agent and the Collateral Agent collectively (other than the allocated costs of internal counsel), in connection with the syndication of the credit facilities provided for herein, the preparation and administration (other than internal
overhead charges) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent or any Lender, including reasonable fees, charges and disbursements of any
counsel for the Administrative Agent, the Collateral Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in
connection with the Loans made, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and
(iii) and all reasonable and documented out-of-pocket costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein. 
 (b)
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (without duplication of an Indemnitee’s rights to indemnification under Section 2.14(c) hereof), including the fees,
charges 

  
 103 

 
and disbursements of any counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred by or asserted against any Indemnitee arising out of, in connection with, or as
a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby (including, without limitation, any arrangement entered into with an Independent Valuation Provider), (ii) any Loan or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether brought by the Borrower, any Indemnitee or a third party and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the willful misconduct or gross negligence of such Indemnitee. 
 The Borrower shall not be liable to any Indemnitee
for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor, provided that the foregoing limitation shall not
be deemed to impair or affect the Obligations of the Borrower under the preceding provisions of this subsection. 
 (c) Reimbursement by
Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally agrees
to pay to the Administrative Agent, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 

(d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of; this Agreement or any agreement or
instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use of unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused by the willful misconduct
or gross negligence of such Indemnitee, as determined by a final, non-appealable judgment of a court of competent jurisdiction. 

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

  
 104 

 SECTION 9.04. Successors and Assigns. 

(a) Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)
Assignments by Lenders. 
 (i) Assignments Generally. Subject to the conditions set forth in clause
(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld, conditioned or delayed) of: 
 (A) the Borrower, provided that (i) no
consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) to the extent the Borrower is notified in writing of a
proposed assignment, the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days; and 

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment by a
Lender to an Affiliate of a Lender with prior written notice by such Lender to the Administrative Agent. 
 (ii) Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions: 
 (A) except in the case
of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $1,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

  
 105 

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

(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in
substantially the form of Exhibit A hereto, together with a processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the
Guarantors shall not be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and 
 (D) the assignee,
if it shall not already be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (iii)
Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (e) of this Section. 
 (c) Maintenance of Registers by Administrative Agent. The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amount and stated interest of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each individually, a
“Register”). The entries in the Registers shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

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

  
 106 

 (e) Special Purposes Vehicles. Notwithstanding anything to the contrary contained herein,
any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified as such in writing from time to time by the Granting Lender to the
Administrative Agent and the Borrower, the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein shall constitute a commitment to make any Loan by
any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the terms hereof,
(iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the
benefits of Sections 2.12 (or any other increased costs protection provision), 2.13 or 2.14. Each SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights
hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender
with respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender. 

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

  
 107 

 (f) Participations. Any Lender may sell participations to one or more banks or other
entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans owing to it); provided
that (i) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of
any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in
the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13
and 2.14 (subject to the requirements and limitations therein, including Sections 2.14(e), (f) and (g) (it being understood that the documentation required under Sections 2.14(e), (f) and
(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant agrees to be
subject to the provisions of Section 2.17 as if it were an assignee under paragraph (b) of this Section. Each Lender that sells a participation agrees to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 2.17 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts and stated interest of each Participant’s interest in the Loans or other obligations under the Loan Documents (each a “Participant
Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in each Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as the
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (g) Limitations on Rights of
Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the entitlement to a greater payment results from a Change in Law occurring after the sale of the participation. 

  
 108 

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

(i) No Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to the contrary
notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any
interest in any Commitment or Loan held by it hereunder to a natural person or to any Person known by such Lender at the time of such assignment to be a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of
such assignment would be a Defaulting Lender. 
 SECTION 9.05. Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

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

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

  
 109 

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

SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Obligor against any of and all the obligations of any
Obligor now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under
this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09. Governing Law; Jurisdiction; Etc. 

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

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

  
 110 

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

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

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

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

  
 111 

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

SECTION 9.13. Treatment of Certain Information; Confidentiality. 

(a) Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by
any Agent or Lender or by one or more subsidiaries or affiliates of such Agent or Lender and the Borrower hereby authorizes each Agent and Lender to share any information delivered to such Agent or Lender by the Borrower andor
its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Agent or Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph
(b) of this Section as if it were aan
Agent or Lender (as applicable) hereunder. Such authorization shall survive the repayment of the Loan or the termination of this Agreement or any provision hereof. The Administrative Agent, each Lender and their Affiliates (collectively, solely
for purposes of this paragraph, the “Lender”), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries and/or their Affiliates. The Borrower, on behalf of itself and each of its
Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lender, on the one hand, and the Borrower or any of its
Subsidiaries, its stockholders or its Affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies
hereunder and thereunder) are arm’s-length commercial transactions between the Lender, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and with
the process leading thereto, (x) the Lender has not assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their stockholders or Affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether the Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their stockholders or
their Affiliates on other matters) or any other obligation to the Borrower or any of its Subsidiaries except the obligations expressly set forth in the Loan Documents and (y) the Lender is acting solely as principal and not as the agent or
fiduciary of the Borrower or any of its Subsidiaries, their management, stockholders, creditors or any other Person. The Borrower and each of its Subsidiaries each acknowledge and agree that it has consulted its own legal and financial advisors to
the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower and each of its Subsidiaries each agree that it will not claim that
the Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any of its Subsidiaries, in connection with such transaction or the process leading thereto. 

  
 112 

 (b) Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any
regulatory authority purporting to have jurisdiction over it or its Affiliates
(including any self-regulatory authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its
Subsidiaries or the Loans and (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, (i) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (j) in
connection with the Lenders’ right to grant a security interest pursuant to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject to an agreement containing provisions substantially the same as those of this
Section, to any other pledgee or assignee pursuant to Section 9.04(h). 
 For purposes of this Section, “Information” means all
information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses (including, without limitation, any Portfolio Investments), other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries, provided that, in the case of information received from the Borrower or any of its
Subsidiaries after the Effective Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

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

  
 113 

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

SECTION 9.16.
Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

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

(b) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i)
a reduction in full or in part or cancellation of any such liability;

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

(iii)
 the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority. 
 [Remainder
 of Page Intentionally Left Blank] 

  
 114 

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

			
	FIDUS INVESTMENT CORPORATION
		
	By:	 	  

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

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Schedule 1.01(a) 

APPROVED DEALERS AND APPROVED PRICING SERVICES

 APPROVED DEALERS 
 BNP Paribas Securities
Corp. 
 Banc of America Securities LLC 
 Barclays Capital Inc.

 BMO Capital Markets 
 BofA Distributors, Inc. 

BTIG LLC 
 Cantor Fitzgerald & Co. 

Citigroup Global Markets Inc. 
 Citicorp Securities Services, Inc.

 Courtview Capital 
 Credit Agricole 

Credit Suisse Securities (USA) LLC 
 Daiwa Capital Markets America
Inc. 
 Deutsche Bank Securities Inc. 
 FBR Capital
Markets & Co. 
 Fidelity Brokerage Services LLC 

Global Hunter Securities LLC 
 Goldman, Sachs & Co. 

Guggenheim Securities LLC 
 HSBC Securities (USA) Inc. 

Imperial Capital LLC 
 ING Financial Markets LLC 

Jeffries & Company, Inc. 
 J.P. Morgan Securities Inc.

 Knight Capital Americas LP 
 Lazard Freres & Co. LLC

 Macquarie Capital USA Inc. 
 Merrill Lynch Government
Securities Inc. 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Mitsubishi UFJ Securities USA Inc. 
 Mizuho Securities USA Inc.

 Morgan Stanley & Co. Incorporated 
 Morgan Stanley
Smith Barney 
 Nomura Securities International, Inc. 
 RBC
Capital Markets 
 RBS Securities Inc. 
 RW Baird 

Scotia Bank 
 Sterne Agee 

UBS Financial Services Inc. 
 UBS Securities LLC 

Wells Fargo Advisors, LLC 

 Wells Fargo Securities, LLC 

Wells Fargo Investments, LLC 
 APPROVED PRICING SERVICES

 Bloomberg 
 FT Interactive Data Corporation 

International Data Corporation 
 Loan Pricing Corporation 

Markit 

 SCHEDULE 1.01(B) 

COMMITMENTS 
  

					
	 Lender
	  	Commitment Amount	 
	 ING Capital LLC
	  	$	30,000,000	 
	 Everbank Commercial
Finance, Inc.
	  	$	20,000,000	 

 SCHEDULE 1.01(C) 

INDUSTRY CLASSIFICATION GROUPS 

 

			
	 1
	  	 Aerospace & Defense

	 2
	  	 Automotive

	 3
	  	 Banking

	 4
	  	 Beverage, Food & Tobacco

	 5
	  	 Capital Equipment

	 6
	  	 Chemicals, Plastics, & Rubber

	 7
	  	 Construction & Building

	 8
	  	 Consumer goods: Durable

	 9
	  	 Consumer goods: Non-durable

	 10
	  	 Containers, Packaging & Glass

	 11
	  	 Energy: Electricity

	 12
	  	 Energy: Oil & Gas

	 13
	  	 Environmental Industries

	 14
	  	 FIRE: Finance

	 15
	  	 FIRE: Insurance

	 16
	  	 Forest Products & Paper

	 17
	  	 Healthcare Products & Pharmaceuticals

	 18
	  	 Healthcare Services

	 19
	  	 High Tech Industries

	 20
	  	 Hotel, Gaming & Leisure

	 21
	  	 Media: Advertising, Printing & Publishing

	 22
	  	 Media: Broadcasting & Subscription

	 23
	  	 Media: Diversified & Production

	 24
	  	 Metals & Mining

	 25
	  	 Retail

	 26
	  	 Services: Business

	 27
	  	 Services: Consumer

	 28
	  	 Sovereign & Public Finance

	 29
	  	 Telecommunications

	 30
	  	 Transportation: Cargo

	 31
	  	 Transportation: Consumer

	 32
	  	 Utilities: Electric

	 33
	  	 Utilities: Oil & Gas

	 34
	  	 Utilities: Water

	 35
	  	 Wholesale

 SCHEDULE 1.01(d) 

ELIGIBILITY CRITERIA 

A Portfolio Investment shall not be an Eligible Portfolio Investment on any date of determination unless it meets all of the following criteria, unless
otherwise consented to by the Required Lenders: 
  

	 	1)	(x) If a debt investment, such Portfolio Investment is evidenced by a promissory note registered in the name of an Obligor and (y) all documentation evidencing or otherwise relating to such Portfolio Investment has
been duly authorized and executed, is in full force and effect and is the legal, binding and enforceable obligation of the parties thereto; 

  

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

 

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

  

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

  

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

  

	 	6)	The underlying issuer of such Portfolio Investment does not at any time have total leverage in excess of 6.0x, as calculated by the Borrower in a commercially reasonable manner; 

 

	 	7)	The underlying issuer of such Portfolio Investment satisfies at least one of the following two conditions at all times: (i) a trailing 24-month EBITDA of at least $8,000,000
as calculated by the Borrower in a commercially reasonable manner or (ii) a loan (through and including (x) in the case of any Debt/Preferred Eligible Portfolio Investment, the Borrower’s or an Obligor’s exposure (including
Preferred Stock) to the applicable Debt/Preferred Eligible Portfolio Investment or (y) if the applicable Portfolio Investment is Performing Common Equity, all debt and preferred equity of the underlying issuer) to enterprise value ratio of not
more than 60%, where enterprise value shall be the midpoint of the range of the Applicable External Value for such Portfolio Investment, or, if no such value has been provided in connection with such Portfolio Investment (or if the Administrative
Agent or the Borrower believes that the enterprise value for such Portfolio Company is less than the midpoint of the range of such Applicable External Value), then such enterprise value shall be determined by the Borrower in a commercially
reasonable manner and shall be reasonably acceptable to the Administrative Agent;  

  

	 	8)	Such Portfolio Investment does not represent the investment in any SBIC Subsidiary, investment fund, finance lease or finance company (other than a company that is in the primary business of providing administrative
services for financial institutions and which is not in the lending or financing business), Structured Finance Obligation or similar off balance sheet financing vehicle or any joint venture or other Person that primarily owns or makes investments in
unaffiliated financial assets (including consumer obligations as contemplated pursuant to paragraph 15); 

  

	 	9)	 (w) Such Portfolio Investment is owned by the Borrower or any Obligor, free and clear of any liens and Collateral
Agent holds a first priority, perfected security interest in the Portfolio Investment (subject to no other Lien other than Eligible Liens), (x) the Collateral Agent or the Custodian as bailee on behalf of the Collateral Agent is holding all
documents evidencing or otherwise relating to such Portfolio Investment (which may be copies, except as required in 

	 	
paragraph (1)(x) above), (y) the other steps to ensure that the Collateral Agent has “control” or other customary protection of the relevant Portfolio Investment set forth in
Section 5.08 and in the Guarantee and Security Agreement have been taken and (z) such Portfolio Investment is not a Special Equity Interest; 

 

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

  

	 	11)	Such Portfolio Investment is denominated and payable only in US dollars and the issuer of such Portfolio Investment is organized under the laws of the United States or any state or commonwealth thereof and is domiciled
in the United States, and its principal operations and any property or other assets of the issuer thereunder pledged as collateral are primarily located in the United States and the only place of payment of such loans is the United States;

  

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

  

	 	13)	Such Portfolio Investment includes a contractual provision requiring all payments to be made without set-off, defense or counterclaim, and does not include a contractual provision
granting rights of rescission, set off, counterclaim or defense in favor of the obligor in respect of such Portfolio Investment, and no material dispute has been asserted with respect to such Portfolio Investment; 

 

	 	14)	Such Portfolio Investment is not (x) secured primarily by a mortgage, deed of trust or similar lien on real estate, or (y) issued by a Person whose primary asset is real estate, or whose value is otherwise
primarily derived from real estate; 

  

	 	15)	Such Portfolio Investment does not represent a consumer obligation (including, without limitation, a mortgage loan, auto loan, credit card loan or personal loan); it being understood that an interest in a fund or
finance company that invests in consumer obligations will not be deemed to represent a consumer obligation for purposes of this paragraph (15); 

  

	 	16)	No payment in respect of such Portfolio Investment, if a debt investment, is subject to withholding in respect to taxes of any nature, unless the issuer is required to make customary and market-based gross-up payments on an after tax basis for the full amount of such tax; 

  

	 	17)	Such Portfolio Investment is not a derivative instrument; 

  

	 	18)	The issuer of such Portfolio Investment (or an agent on its behalf) is required to make payments directly into an account of the Borrower or any Obligor over which the Collateral Agent has “control” and no
other person’s assets are commingled in such account; 

  

	 	19)	If a debt investment, no Person acting as administrative agent, collateral agent or in a similar capacity shall be an Affiliate of the Borrower unless (i) such person is an Obligor or an SBIC Subsidiary and
(ii) such transaction is permitted under the Investment Company Act; 

  

	 	20)	Such Portfolio Investment does not represent an investment in any issuer in which the Investment Advisor or any of its affiliates (other than the Borrower and any of its Subsidiaries), or any entities advised by any of
the foregoing (other than the Borrower and any of its Subsidiaries), holds any investment other than an investment that is in the same class as such Portfolio Investment (and, in the case of multiple classes, such Investment shall represent a
ratable strip of each class) and is (a) made in accordance with the requirements of an effective SEC exemptive order allowing such co-investment or joint follow-on
investment or (b) made in compliance with the Massachusetts Mutual Life Insurance Co., SEC No Action Letter (pub. Avail. June 7, 2000) or the Investment Company Act; and 

	 	21)	If such Portfolio Investment is a Bank Loan and the issuer of such Portfolio Investment has issued a Permitted Prior Working Capital Lien, for purposes of the conditions outlined in clause (iii) of the definition
of Permitted Prior Working Capital Lien the enterprise value of such Portfolio Company shall be the midpoint of the range of Applicable External Value for such Portfolio Investment, or, if no such value has been provided in connection with such
Portfolio Investment (or if the Administrative Agent or the Borrower believes that the enterprise value for such Portfolio Company is less than the midpoint of the range of such Applicable External Value), then such enterprise value shall be
determined by the Borrower in a commercially reasonable manner and shall be reasonably acceptable to the Administrative Agent. 

For purposes of paragraph (4) above, “Transferable” means, in the case of any Portfolio Investment, both that: 

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

(ii) such Portfolio Investment (and all documents related thereto) contains no provision that directly or indirectly restricts
the assignment of such Obligor’s, or any assignee of such Obligor’s, rights under such Portfolio Investment (including any requirement that any Obligor maintain a minimum ownership percentage of such Portfolio Investment); provided
that, such Portfolio Investment may contain the following restrictions on customary and market based terms: (a) restrictions pursuant to which assignments may be subject to the consent of the obligor or issuer or agent under the Portfolio
Investment so long as the applicable provision also provides that such consent may not be unreasonably withheld, (b) restrictions on transfer to parties that are not ‘eligible assignees’ within the customary and market based meaning
of the term, and (c) restrictions on transfer to the applicable obligor or issuer under the Portfolio Investment or its equity holders or financial sponsor entities. 

 SCHEDULE 3.11(a) 

Material Agreements 
  

									
	Fidus Mezzanine Capital, L.P.	  	 	 	  	 	 
	 SBA Debenture Control #
	  	Date	 	  	Amount	 
	 08000024
	  	 	1/11/08	 	  	$	15,250,000	 
	 08000027
	  	 	1/11/08	 	  	$	1,000,000	 
	 08000025
	  	 	3/4/08	 	  	$	7,000,000	 
	 08000026
	  	 	3/4/08	 	  	$	1,500,000	 
	 08000203
	  	 	3/14/08	 	  	$	1,000,000	 
	 08000200
	  	 	3/14/08	 	  	$	3,500,000	 
	 08000202
	  	 	3/14/08	 	  	$	1,200,000	 
	 08000688
	  	 	9/8/08	 	  	$	6,250,000	 
	 08000875
	  	 	11/24/08	 	  	$	5,000,000	 
	 08000876
	  	 	11/24/08	 	  	$	3,250,000	 
	 08000878
	  	 	11/24/08	 	  	$	1,500,000	 
	 09000006
	  	 	2/24/09	 	  	$	2,000,000	 
	 09000009
	  	 	2/24/09	 	  	$	2,000,000	 
	 09000010
	  	 	2/24/09	 	  	$	4,000,000	 
	 09000008
	  	 	3/6/09	 	  	$	2,000,000	 
	 09000303
	  	 	7/23/09	 	  	$	5,000,000	 
	 09000304
	  	 	7/23/09	 	  	$	5,000,000	 
	 09000460
	  	 	11/9/09	 	  	$	1,250,000	 
	 09000461
	  	 	11/9/09	 	  	$	2,500,000	 
	 09000464
	  	 	11/9/09	 	  	$	6,500,000	 
	 09000462
	  	 	12/8/09	 	  	$	2,750,000	 
	 10000068
	  	 	3/30/10	 	  	$	3,500,000	 
	 10000069
	  	 	3/30/10	 	  	$	2,000,000	 
	 10000070
	  	 	3/30/10	 	  	$	3,000,000	 
	 10000071
	  	 	3/30/10	 	  	$	2,000,000	 
	 10000072
	  	 	3/30/10	 	  	$	2,000,000	 
	 09000532
	  	 	12/29/10	 	  	$	750,000	 
	 09000533
	  	 	12/29/10	 	  	$	800,000	 
	 11000022
	  	 	4/8/11	 	  	$	1,000,000	 
	 11000023
	  	 	4/8/11	 	  	$	750,000	 
	 11000024
	  	 	4/8/11	 	  	$	500,000	 
	 11000025
	  	 	4/8/11	 	  	$	500,000	 
	 11000026
	  	 	4/8/11	 	  	$	500,000	 
	 11000591
	  	 	12/28/11	 	  	$	3,250,000	 
	 11000590
	  	 	12/28/11	 	  	$	4,000,000	 
	 11000587
	  	 	1/6/12	 	  	$	3,500,000	 

									
	 12000092
	  	 	3/5/12	 	  	$	7,500,000	 
	 12000093
	  	 	3/5/12	 	  	$	4,000,000	 
	 12000317
	  	 	6/26/12	 	  	$	2,250,000	 
	 12000314
	  	 	7/6/12	 	  	$	5,500,000	 
	 12000457
	  	 	8/7/12	 	  	$	3,250,000	 
	 12000456
	  	 	8/7/12	 	  	$	2,500,000	 
	 12000453
	  	 	8/16/12	 	  	$	5,000,000	 
	 12000454
	  	 	8/16/12	 	  	$	4,000,000	 
	 12000783
	  	 	12/21/12	 	  	$	2,000,000	 
	 12000786
	  	 	12/21/12	 	  	$	1,000,000	 
		  				  	  
	  
	 
	 Total Debentures
	  				  	$	144,500,000	 
	 SBA Unfunded Commitment
	  				  	$	5,500,000	 
		  				  	  
	  
	 
	 Total Commitment
	  				  	$	150,000,000	 
		  				  	  
	  
	 
	 Fidus Mezzanine Capital II, L.P.
	  				  			
	 Interim Borrowing
	  	 	6/5/14	 	  	$	1,000,000	 
	 SBA Unfunded Commitment
	  				  	$	24,000,000	 
		  				  	  
	  
	 
	 Total Commitment
	  				  	$	25,000,000	 
		  				  	  
	  
	 

 SCHEDULE 3.11(b) 

Liens 
 None. 

 SCHEDULE 3.12(a) 

Subsidiaries 
  

							
	 Subsidiary
	  	 Jurisdiction
of
Organization
	  	 Person(s) Holding Ownership Interest
	  	 Nature of Ownership Interest and
Percentage of Ownership
Held

	FCAT Equity Corp.*	  	Delaware	  	Fidus Mezzanine Capital, L.P.	  	100% Stock Ownership
				
	FCCG Equity Corp.*	  	Delaware	  	Fidus Mezzanine Capital, L.P.	  	100% Stock Ownership
				
	FCMH Equity Corp.*	  	Delaware	  	Fidus Mezzanine Capital, L.P.	  	100% Stock Ownership
				
	FCPBS Equity Corp.*	  	Delaware	  	Fidus Mezzanine Capital, L.P.	  	100% Stock Ownership
				
	Fidus Investment GP, LLC	  	Delaware	  	Fidus Investment Corporation	  	100% Membership Interest
				
	Fidus Mezzanine Capital, L.P.*	  	Delaware	  	Fidus Investment GP, LLC	  	0.01% Partnership Interest
				
		  		  	Fidus Investment Corporation	  	99.99% Partnership Interest
				
	Fidus Mezzanine Capital II, L.P.*	  	Delaware	  	Fidus Investment GP, LLC	  	0.01% Partnership Interest
				
		  		  	Fidus Investment Corporation	  	99.99% Partnership Interest
				
	Fidus Investment Holdings, Inc.	  	Delaware	  	Fidus Investment Corporation	  	100% Stock Ownership

  

	*	SBIC Subsidiary (as defined in the Senior Secured Revolving Credit Agreement dated as of June 16, 2014 (the “Credit Agreement”), among Fidus Investment Corporation, the lenders party thereto, and ING
Capital LLC, as Administrative Agent) 

 SCHEDULE 3.12(b) 

Investments 
  

					
	Accounts:	  		  	
	U.S. Bank N.A.	  		  	
	Minneapolis, MN	  		  	
	ABA# xxxxxxxxx	  		  	
	Main Account #:xxxxxxxxxxxx	  		  	
	Sub Accounts:	  		  	
	FIC Principal	  	xxxxxx-xxx	  	
	FIC Interest	  	xxxxxx-xxx	  	
	FIC Custody	  	xxxxxx-xxx	  	
	FMC Principal	  	xxxxxx-xxx	  	
	FMC Securities	  	xxxxxx-xxx	  	
	FMC II Cash Proceeds	  	xxxxxx-xxx	  	
	FMC II Securities	  	xxxxxx-xxx	  	
			
	Other Investments:	  		  	
	None	  		  	

 SCHEDULE 3.21 

Capitalization 
  

									
	 Equity Interests of the Borrower
	  	Shares Authorized	 	  	Shares Outstanding	 
	 Common Stock, $0.001 par value
	  	 	100,000,000	 	  	 	13,765,642	 

 SCHEDULE 6.08 

Certain Affiliate Transactions 

Transactions described in the following agreements, as such agreements are amended, restated, supplemented or modified from time to time: 

 

	 	1.	Agreement of Limited Partnership between Fidus Investment Corporation, Fidus Investment GP, LLC and Fidus Mezzanine Capital, L.P. 

  

	 	2.	Agreement of Limited Partnership between Fidus Investment Corporation, Fidus Investment GP, LLC and Fidus Mezzanine Capital II, L.P. 

 

	 	3.	Limited Liability Company Agreement of Fidus Investment GP, LLC, by and among Fidus Investment Corporation, the members of the Investment Committee party thereto and Fidus Investment Advisors, LLC 

  
 A-12 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below: (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

					
	 1.      Assignor:
	  	  
	  	
			
	 2.      Assignee:
	  	  
	  	
		  	[and is an Affiliate of [identify Lender]1]	  	
			
	 3.      Borrower:
	  	Fidus Investment Corporation	  	
			
	 4.      Administrative Agent:
	  	ING Capital LLC, as the administrative agent under the Credit Agreement.	  	

  

	1 	Select as applicable. 

  
 A-13 

	5.	Credit Agreement: The Senior Secured Revolving Credit Agreement, dated as of June 16, 2014, among Fidus Investment Corporation, the Lenders from time to time party thereto and ING Capital LLC, as Administrative
Agent. 

  

	6.	Assigned Interest: 

  

					
	 Aggregate Amount of

Commitment/Loans for all

Lenders
	  	 Amount of

Commitment/Loans
 Assigned
	  	 Percentage Assigned of

Aggregate Commitment/Loans2

	$	  	$	  	%

 Effective
Date:                     , 20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	2 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

  
 A-14 

			
	Consented to and Accepted:
	
	ING CAPITAL LLC, as
	Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Consented to:]3
	
	FIDUS INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	3 	To be added only when the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 A-15 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representative and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any,
specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a
Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered
pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 A-1-1 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued
from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by telecopy, email or other electronic method of transmission shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall
be governed by, and construed in accordance with, the law of the State of New York. 

  
 A-1-2 

 EXHIBIT B 

FORM OF BORROWING BASE CERTIFICATE 

[Monthly accounting period ended
                    , 20        ] 

Reference is made to that certain Senior Secured Revolving Credit Agreement, dated as of June 16, 2014 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among FIDUS INVESTMENT CORPORATION, a Maryland corporation (the “Borrower”), the financial institutions party thereto as Lenders,
and ING CAPITAL LLC, as the Administrative Agent. Capitalized terms used herein without definition are so used as defined in the Credit Agreement. 

[Pursuant to Section 5.01(d) of the Credit Agreement, the undersigned,
the                         of the Borrower, and as such a Financial Officer of the Borrower, hereby certifies, represents and
warrants on behalf of the Borrower that]4 (a) attached hereto is (i) a complete and correct list as at the end of the monthly accounting period ended
                        , 20        , of all Portfolio Investments included in the
Collateral as well as a summary of Portfolio Investment changes from the previous month (including changes in value, new and liquidated investments from the previously delivered Borrowing Base Certificate), and (ii) a true and correct
calculation of the Borrowing Base as at the end of such monthly accounting period determined in accordance with the requirements of the Credit Agreement, (b) without limiting the generality of the foregoing, all Portfolio Investments included
in the calculation of the Borrowing Base herein are Eligible Portfolio Investments and (c) without limiting the generality of the foregoing, all Eligible Portfolio Investments included in the calculation of the Borrowing Base herein have been
Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent [and (d) a true and correct calculation (with reasonable detail) of the amount of the [Borrowing Base Deficiency][Borrowing Base decline] for such period5. 
  

	4 	When there is a Borrowing Base Deficiency or knowledge that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate last delivered to the Administrative Agent,
replace the bracketed language with the following: [Pursuant to Section 5.01(e) of the Credit Agreement, the undersigned, the
                     of the Borrower, hereby certifies, represents and warrants on behalf of the Borrower that as of the date hereof [there is a
Borrowing Base Deficiency][the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate last delivered to the Administrative Agent] and] 

	5 	To be included when a Borrowing Base Certificate is required to be delivered under Section 5.01(e) of the Credit Agreement. 

 IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed as of the
                     day of             , 20    . 

 

			
	FIDUS INVESTMENT CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT C 

FORM OF PROMISSORY NOTE 

$[___,___,___] 

					
	[mm/dd/yy]	  		  	New York, New York

 For value received, FIDUS INVESTMENT CORPORATION, a Maryland corporation, (the “Borrower”),
promises to pay [LENDER] (the “Payee”) or its registered assigns, on or before [            ,     ], the lesser of (a) [DOLLARS]
($[    ,    ,    ]) and (b) the aggregate unpaid principal amount of all Loans of the Payee to the Borrower outstanding under the Credit Agreement referred to below. 

The Borrower also promises to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at
the times which shall be determined in accordance with the provisions of that certain Senior Secured Revolving Credit Agreement, dated as of June 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Borrower, the financial institutions party thereto as Lenders, and ING CAPITAL LLC, as the Administrative Agent. Capitalized terms used herein without definition are so used as defined in the
Credit Agreement. 
 This Promissory Note (this “Note”) is one of the promissory notes referred to in Section 2.07(f)
of the Credit Agreement and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under which the Loans evidenced hereby were made and
are to be repaid. 
 All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of
America in immediately available funds to the Administrative Agent’s Account or as otherwise required by the terms of the Credit Agreement. Unless and until an Assignment and Assumption effecting the assignment or transfer of the obligations
evidenced hereby shall have been accepted by Administrative Agent and recorded in the Register, the Borrower, the Lenders and the Administrative Agent shall be entitled to deem and treat the Payee as the owner and holder of this Note and the
obligations evidenced hereby. The Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which
interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligations of the Borrower hereunder with respect to payments of principal of or interest on this Note.

 This Note is subject to mandatory prepayment and to prepayment at the option of the Borrower, each as provided in the Credit Agreement.

 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND PAYEE HEREUNDER SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 Upon the occurrence and continuation of an Event of Default that has
not been waived or cured, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect
provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement.

 No reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations
of the Borrower, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, and in the currency herein prescribed. 

The Borrower promises to pay all out-of-pocket costs and
expenses, including attorneys’ fees, all as provided in (and subject to the limitations in) the Credit Agreement, incurred in connection with the collection and enforcement of this Note. The Borrower and any endorsers of this Note hereby
consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of
limitations as a defense to any demand hereunder. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and delivered by
its officer thereunto duly authorized as of the date and at the place first written above. 
  

			
	FIDUS INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT D 

FORM OF BORROWING REQUEST 

                        
, 20     
  

	To:	Patrick Frisch / Dominik Breuer 

 ING Capital LLC, 

as Administrative Agent for the Lenders party to 

the Credit Agreement referred to below 

1325 Avenue of the Americas 
 New
York, NY 10019 
  

	 	Re:	Senior Secured Revolving Credit Agreement, dated as of June 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Fidus Investment
Corporation (the “Borrower”), the financial institutions or entities from time to time parties thereto as lenders, and ING Capital LLC (“ING”), as administrative agent (in such capacity, the “Administrative
Agent”). 

 Ladies and Gentlemen: 

Unless otherwise defined herein, capitalized terms used herein shall have the meanings attributable thereto in the Credit Agreement. This Borrowing Request is
subject to the terms of the Credit Agreement. 
 The Borrower hereby gives you irrevocable notice, pursuant to Section 2.03 of the
Credit Agreement, that the Borrower hereby requests that Loans, as specified below, under the Credit Agreement be made, and in that connection set forth below is the information related to the proposed borrowing (the “Proposed
Borrowing”) as required by Section 2.03 of the Credit Agreement: 
  

	 	1.	The aggregate principal amount of the Proposed Borrowing under the Credit Agreement shall be $                    .

  

	 	2.	The date of the Proposed Borrowing under the Credit Agreement shall be [•], 20    . 

  

	 	3.	The Proposed Borrowing under the Credit Agreement shall be a: 

  

	 	☐	Eurocurrency Borrowing 

  

	 	☐	ABR Borrowing 

  

	 	4.	If the Borrower has elected to obtain a Eurocurrency Borrowing, the duration of the Interest Period with respect thereto shall be: 

  

	 	☐	1 month 

  

	 	    	2 months 

	 	☐	3 months 

  

	 	☐	6 months 

  

	 	5.	The Borrower hereby instructs you to wire the Proposed Borrowing amount to the following account: 

Bank Name: 
 ABA Routing Number:

 Account Number: 
 Account
Name: 
 Reference: 
  

	 	6.	The Borrower hereby certifies that, as of the date hereof and the date of the Proposed Borrowing, each of the conditions set forth in Section 4.02 of the Credit Agreement for the making of such
Loans has been met. 

 [Remainder of page intentionally left blank] 

 The Borrower has caused this Borrowing Request to be executed and delivered by its duly
authorized officer as of the date first written above. 
  

			
	FIDUS INVESTMENT CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]