Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Fourth
Amended and Restated Confirmation in respect of Repurchase Transactions 
 As of October 11, 2022 

 

			
	To:	  	BC Partners Lending Corporation
		  	Address: 650 Madison Avenue
		  	23rd Floor
		  	New York, NY 10022
		  	Attention: Joseph Barillaro
		  	Telephone: 212 796 1806
		  	Email: Notices@bcpartners.com
		
	From:	  	UBS AG, London Branch

 Dear Sirs, 
 The purpose of this
fourth amended and restated confirmation (this “Confirmation”) is to set forth the terms and conditions of the above-referenced repurchase transaction between BC Partners Lending Corporation (“Seller”) and UBS AG,
London Branch (“Buyer”, and “Party” shall mean either Seller or Buyer), on the Trade Date specified below (the “Transaction”). This Confirmation evidences the Transaction (replacing the form of
Confirmation required by Annex II to the Agreement which shall not apply to the Transaction) and forms a binding agreement between Seller and Buyer as to the terms of the Transaction. 

This Confirmation supplements, forms part of, and is subject to the SIFMA/ICMA Global Master Repurchase Agreement (2011 version), dated as of
December 12, 2019, between Seller and Buyer, together with the Annex(es) thereto (as supplemented, amended or otherwise modified from time to time, the “Agreement”). 

With effect from the Fourth Amendment Effective Date specified below, this Fourth Amended and Restated Confirmation in respect of Repurchase Transactions
amends and restates the Third Amended and Restated Confirmation in respect of Repurchase Transaction, dated as of April 8, 2022 (including any subsequent amendments thereto made prior to the date hereof) between the parties hereto, which Third
Amended and Restated Confirmation (with respect to the period from and after the Fourth Amendment Effective Date) is hereby superseded and shall be of no further force or effect. 

All provisions contained or incorporated by reference in the Agreement shall govern this Confirmation except as expressly modified below. In the event of any
inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail. In this Confirmation, defined words and expressions shall have the same meaning as in the Agreement unless otherwise defined in this
Confirmation, in which case terms used in this Confirmation shall take precedence over terms used in the Agreement. 
  

			
	 1   General Terms
	  	
		
	Seller:	  	BC Partners Lending Corporation
		
	Buyer:	  	UBS AG, London Branch
		
	Calculation Agent:	  	UBS AG, London Branch, unless an Event of Default has occurred and is continuing with respect to UBS AG, London Branch, in which case Seller shall be entitled to select an independent third party, which must be a leading non-affiliated dealer in the relevant market, to act as Calculation Agent (a “Substitute Calculation Agent”).

			
		  	The Calculation Agent shall perform all determinations and calculations hereunder in good faith and in a commercially reasonable manner. For the purpose of making any determination or calculation hereunder, the Calculation Agent may
rely on any information, notice or report delivered by a third party (including, without limitation, any such information, notice or report provided by a trustee, servicer or dealer with respect to any Portfolio Asset that is a Collateralized Loan
Obligation) to the extent such information, notice or report from a third party is contemplated by, or required to derive any of the determinations or calculations under, the Agreement.
		
	Trade Date:	  	December 16, 2019.
		
	Second Amendment Effective Date:	  	March 12, 2021.
		
	Third Amendment Effective Date:	  	April 8, 2022.
		
	Fourth Amendment Effective Date:	  	October 11, 2022.
		
	Purchase Date:	  	(a)     December 18, 2019 (the “Initial Purchase Date”);
		
		  	(b)     each date on which a Ramp-Up Period DWAC Increase occurred prior to the Second Amendment Effective Date (each such date, a
“Pre-March 2021 Ramp-Up Purchase Date”);
		
		  	(c)     March 12, 2021 (the “March 2021 Purchase Date”); and
		
		  	(d)     each date on which a Ramp-Up Period DWAC Increase occurs (each such date, a “Ramp-Up Purchase Date”);
provided that, unless otherwise agreed to by Buyer in its sole discretion, any Ramp-Up Purchase Date that occurs after the Second Amendment Effective Date must occur during the Ramp-Up Period.
		
	Repurchase Date:	  	December 19, 2023, subject to adjustment in accordance with the Business Day Convention, as such date may be accelerated as provided herein and in the Agreement.
		
	Ramp-Up Period:	  	 The period commencing on and including the Third Amendment Effective Date and ending on and excluding the Fourth Amendment Effective
Date.
  
 Notwithstanding the definition of
“Ramp-Up Period” or any other provisions to the contrary under the Indenture, the Seller may not cause the Issuer to request or propose, in its capacity as the Sole Shareholder or as Collateral
Manager, request or propose on behalf of the Issuer, a Ramp-Up Period DWAC Increase, without the prior written consent of Buyer.

		
	Purchased Securities:	  	(a)     On the Initial Purchase Date, Seller transferred to Buyer Purchased Securities comprising Class A Notes having a stated face amount of USD 76,923,077 and an initial funded outstanding principal
amount of USD 30,769,231 in exchange for the payment by Buyer of the Initial Purchase Price.
		
		  	(b)     On each Pre-March 2021 Ramp-Up Purchase Date, (i) the funded outstanding principal amount of the Purchased Securities
held by Buyer was increased by the amount of the applicable Ramp-Up Period DWAC Increase in exchange for the payment by Buyer of the applicable Agreed RUPD Purchase Price on such date and (ii) Buyer was deemed
to have purchased a funded principal amount of the Purchased

  
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		  	Securities already held by it as a result of the transfer on the Initial Purchase Date in the amount of such Ramp-Up Period DWAC Increase in exchange for the payment by Buyer of the applicable
Agreed RUPD Purchase Price on such Pre-March 2021 Ramp-Up Purchase Date.
		
		  	(c)     On the March 2021 Purchase Date, Seller shall transfer to Buyer Purchased Securities comprising additional Class A Notes such that, together with the Class A Notes that were transferred by
Seller to Buyer prior to the Second Amendment Effective Date, all of the Class A Notes transferred by Seller to Buyer as of the March 2021 Purchase Date shall have a total authorized principal amount of USD 1,000,000,000 and an initial funded
outstanding principal amount of USD 76,923,077 in exchange for the payment by Buyer of the March 2021 Purchase Price (which amount, if zero, shall be deemed to be paid by Buyer to Seller as of the Second Amendment Effective Date, with Buyer’s
agreement to enter into this Confirmation being deemed to constitute adequate and valuable consideration for such exchange).
		
		  	(d)     On each Ramp-Up Purchase Date after the Second Amendment Effective Date, (i) the funded outstanding principal amount of the Purchased Securities held by Buyer
shall be increased by the amount of the applicable Ramp-Up Period DWAC Increase in exchange for the payment by Buyer of the applicable Agreed RUPD Purchase Price on such date and (ii) Buyer shall be
deemed to have purchased a funded principal amount of the Purchased Securities already held by it (as represented by beneficial interests in the Class A Closing Date Regulation S Global Note, the Class A Closing Date Rule 144A Global Note,
the First Additional Class A Regulation S Global Note and/or the First Additional Class A Rule 144A Global Note) as a result of the transfers on and prior to the March 2021 Purchase Date in the amount of such
Ramp-Up Period DWAC Increase in exchange for the payment by Buyer of the applicable Agreed RUPD Purchase Price on such Ramp-Up Purchase Date.
		
	Purchase Price:	  	 For the purposes of the Agreement (including Paragraph 3(c) of the Agreement), “Purchase Price” means, on any date of
determination:
  
 (a)     with respect to the Purchased Securities
transferred to Buyer on or prior to the Second Amendment Effective Date, USD50,000,000;
  

(b)     with respect to the Purchased Securities transferred to Buyer on the Second Amendment Effective Date, USD 0 (the
“March 2021 Purchase Price”); and
  
 (c)
    with respect to each Ramp-Up Purchase Date, the amount requested by Seller no less than five Business Days in advance of such Ramp-Up Purchase
Date (with respect to such Ramp-Up Purchase Date, the “Agreed RUPD Purchase Price”)
  

provided that:
  

(i) the aggregate Purchase Price may from time to time be reduced pursuant to the operation of the
“Purchase Price Reduction” provisions herein;
  

(ii)  the Agreed RUPD Purchase Price requested by Seller for any
Ramp-Up Purchase Date:
  

(A)  must not result in a Borrowing Base Deficiency immediately after giving effect to the payment by
Buyer of such Agreed RUPD Purchase Price (as determined and confirmed in writing by Buyer, acting in a commercially reasonable manner, prior to such Ramp-Up Purchase
Date);

  
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		  	 (B)  [reserved];

 
 (C)  must not be less than USD
3,250,000, increments of USD 325,000 in excess thereof (or such lesser amounts as may be agreed by Buyer and Seller), provided that, in the case of the final Ramp-Up Period DWAC Increase, the
Agreed RUPD Purchase Price requested by Seller may be equal to such other amount as is necessary for the aggregate “Purchase Price” under (and as defined in) this Confirmation to be equal to the initial Maximum Aggregate Purchase Price on
the last day of the Ramp-Up Period (or if such day is not a Business Day, the last Business Day immediately preceding such day);
  

(iii)  any Agreed RUPD Purchase Price requested by Seller at any time following the Fourth Amendment
Effective Date shall be deemed to be zero (unless otherwise agreed in writing by Buyer, in its sole discretion, which agreement may be in the form of an email); and
  

(iv) the effectiveness of such request shall be subject to the condition precedent that (1) no Event of
Default with respect to Seller as the Defaulting Party, (2) Mandatory Prepayment Event, (3) Borrowing Base Deficiency (determined without giving effect to the payment by Buyer of such Agreed RUPD Purchase Price), or (4) Accelerated
Termination Event has occurred and is continuing, as of the relevant Ramp-Up Purchase Date.

		
	Maximum Aggregate Purchase Price:	  	Initially, USD 75,000,000; provided that the Maximum Aggregate Purchase Price shall (other than for the purposes of the definition of “Maximum UBS Funded Amount” as used in clause (b)(ii) of the definition of
“Minimum Equity Contribution” in the Indenture) 1be reduced by the amount of any Voluntary Partial Prepayment.
		
	Repurchase Price:	  	 With respect to each Purchased Security, the Purchase Price for such Purchased Security as of the relevant Repurchase Date, as such amount
may from time to time be reduced by a Voluntary Partial Prepayment pursuant to the operation of the “Purchase Price Reduction” provisions herein; in which case, for the avoidance of doubt, Purchase Price will be reduced by the Prepayment
Amount in respect of such Voluntary Partial Prepayment.
  
 For the avoidance of doubt,
there shall be no Price Differential incorporated into the Repurchase Price and all references to Price Differential and Pricing Rate are hereby deleted from the Agreement. In lieu of Price Differential, Seller shall be obligated to pay the
Transaction Fee Amounts to Buyer as set forth herein. For the avoidance of doubt, paragraphs 2(kk), 2(ll) and 2(rr) of the Agreement shall not apply to the Transaction.

		
	Termination of Transaction:	  	Subject to paragraphs 10 and 11 of the Agreement and the Parties’ rights with respect to a Regulatory Event and as otherwise set forth in this Confirmation, unless the Parties otherwise agree, the Transaction shall not be
terminable on demand by either Party.
		
	Purchase Price Reduction:	  	(a)     Seller may elect to prepay all or a portion of the Repurchase Price of the Purchased Securities upon at least three Business Days’ prior written notice to Buyer (any prepayment under this clause (a),
a “Voluntary Prepayment”, any prepayment of all of the then-outstanding Repurchase Price under this clause (a), a “Voluntary Full Prepayment” and any prepayment of a portion of the then-outstanding

  
 1 Note to BC Partners: This change is to clarify that the Maximum UBS Funded Amount does not reduce should there be a partial prepayment of the facility. 

  
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		  	 Repurchase Price under this clause (a), a “Voluntary Partial Prepayment”); provided that:

 
 (i) a Voluntary Partial Prepayment may only
be elected if a portion of the Purchased Securities have been redeemed by the Issuer for cash in the form of USD on or prior to the related Prepayment Date (as defined below) and the portion of the Purchased Securities to be repurchased shall be
those which have been redeemed and in an amount not in excess of the Current Redeemed Amount; and
  

(ii)  no prepayment election may be made by Seller unless, immediately after giving effect to the relevant
Voluntary Prepayment, (A) no Borrowing Base Deficiency will occur or be continuing and (B) all of the Borrowing Base Portfolio Criteria will be satisfied.
  

(b)     If a Mandatory Prepayment Event has occurred and is continuing with respect to the Purchased Securities, Buyer may upon at least
three Business Days’ prior written notice to Seller require Seller to prepay the entire Repurchase Price of the Purchased Securities (a “Mandatory Prepayment”).

 
 Each written notice delivered by Seller under clause (a) above or by Buyer under
clause (b) above shall designate the date on which such prepayment is to be effective (each a “Prepayment Date”). For purposes of any Prepayment Date relating to a Voluntary Partial Prepayment, the “Prepayment
Amount” shall be an amount equal to the product of (x) the Advance Percentage applicable to Cash (as specified in the Indenture) and (y) the Current Redeemed Amount and in the case of a Voluntary Full Prepayment, the
“Prepayment Amount” shall be an amount equal to the Repurchase Price.
  

Subject to the “Failure to Deliver Equivalent Securities” provisions below and the timing specified therein, on each Prepayment Date:

 
 (A)  Buyer shall transfer to Seller
or its agent Equivalent Securities, which, in the case of a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption of the Notes, shall be in the form of USD cash in an amount equal to the Current Redeemed Amount;

 
 (B)  Seller shall pay the related
Prepayment Amount to Buyer;
  

(C)  Seller shall pay the related Breakage Amount (if any) to Buyer; and

 
 (D)  with respect to a Voluntary
Partial Prepayment, for each Purchased Security that is the subject of such prepayment, the Repurchase Price for such Purchased Security immediately after giving effect to such prepayment shall be equal to (x) the Repurchase Price thereof
immediately prior to such prepayment minus (y) the related Prepayment Amount for such Purchased Security.
  

For purposes of the foregoing, amounts payable by Buyer and Seller under (A), (B) and (C) above shall be netted.

		
	Current Redeemed Amount:	  	With respect to any Prepayment Date relating to a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in full of the Notes, an amount in USD determined by the Calculation Agent equal to the
aggregate amount actually received by the holder of the Purchased Securities from the Issuer as a principal

  
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		  	redemption payment in respect of the Purchased Securities on or prior to such Prepayment Date that has not previously been delivered by Buyer to Seller as Equivalent Securities.
		
	Mandatory Prepayment Event:	  	It shall constitute a Mandatory Prepayment Event with respect to Seller if, after giving effect to all applicable notice requirements and grace periods, an Indenture Event of Default occurs and the maturity of the Purchased
Securities is accelerated pursuant to Section 5.2 of the Indenture.
		
	Accelerated Termination Event:	  	 Either Party may at any time following the occurrence of a Regulatory Event (an “Accelerated Termination Event”) terminate
the Transaction under this Confirmation (or, if the relevant Regulatory Event affects only a portion of the Transaction, only such portion of the Transaction may be terminated) by notifying the other Party of an early Repurchase Date for the
Transaction, which Repurchase Date shall not be earlier (unless so agreed by Buyer and Seller) than 10 calendar days after the date of such notice (or such lesser period as may be necessary for Buyer or Seller, as applicable, to comply with its
obligations under applicable laws and regulations arising as a result of such Regulatory Event).
  

Upon knowledge of any Regulatory Event that may occur, Buyer and Seller shall negotiate in good faith to enter into one or more financing transactions with
substantially the same terms as the Transaction under this Confirmation.

		
	Regulatory Event:	  	With respect to a Party, an event which shall occur if, at any time, (a) such Party determines, in its good faith commercially reasonable discretion, based on advice of counsel (which may be internal counsel), that as a result
of a change in law after the date hereof, including without limitation, a change in the relevant court’s or regulator’s interpretation of any law, rule or regulation, its entry into or performance of its obligations or exercise of its
rights under the transactions contemplated by this Confirmation and the Agreement (including, without limitation, its obligation to purchase the Purchased Securities ) violates any law, rule or regulation applicable to it or (b) any applicable
Governmental Authority informs such Party that its involvement in such transactions violates, or will within 30 calendar days (or, if Buyer is terminating similar transactions with similarly situated counterparties based on such future violation,
such longer period as will result in Buyer terminating the Transaction no earlier than any such similar transaction) result in a violation of, any law, rule or regulation applicable to it, in each case after taking commercially reasonable steps to
avoid such event based on prevailing circumstances applicable to it.
		
	Paragraph 6(h):	  	Paragraph 6(h) shall be amended by deleting the words “Subject to paragraph 10,” at the beginning thereof such that, for the avoidance of doubt, such paragraph applies with respect to all payment obligations arising out of
the occurrence of a Voluntary Partial Prepayment, Voluntary Full Prepayment or an early Repurchase Date (including, as a result of an Accelerated Termination Event, and including, without limitation, payment obligations in respect of Income that
have accrued on or prior to the relevant date), provided that the foregoing shall be without prejudice to the exercise of any set-off pursuant to paragraphs 10(d)(ii) or 10(n) of the
Agreement.
		
	Failure to Deliver Equivalent Securities:	  	In respect of the Transaction, this provision (Failure to Deliver Equivalent Securities) shall apply in lieu of paragraph 10(i) of the Agreement in relation solely to Buyer’s obligations to deliver Equivalent
Securities on any Prepayment Date relating to a Voluntary Full Prepayment that is not the result of a redemption in full of the Class A Notes, and any reference in the Agreement to paragraph 10(i) of the Agreement in respect of Buyer’s
obligations with respect to the Class A Notes on such a Prepayment Date shall be deemed to be a reference to this provision (Failure to Deliver Equivalent Securities).

  
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	  	 It is acknowledged by each of the Parties hereto that the Class A Notes are unique assets, and that accordingly no asset other than the
Purchased Securities will qualify as Equivalent Securities.
  
 Notwithstanding
anything to the contrary in paragraph 10 of the Agreement or otherwise in the Agreement or this Confirmation and without duplication of the Cure Period provisions below, if Buyer (the “Transferor”) fails to deliver to Seller (the
“Transferee”) any Purchased Security (an “Unavailable Asset”) by the time (the “Due Date”) required under the Transaction or within such other period as may be agreed in writing by the Transferor
and the Transferee (such failure, a “ Transfer Failure”):
  

(a)     the Transferor, acting in good faith and a commercially reasonable manner, shall try for a period of 30 calendar days (or such
lesser period as may remain until the scheduled Repurchase Date) from the day following the Due Date in respect of the Unavailable Asset (the last day of such period, the “Transfer Cut-Off
Date”; provided that the latest possible Transfer Cut-Off Date shall be the scheduled Repurchase Date) to obtain such Unavailable Asset;

 
 (b)     if the Transferor obtains any Unavailable Asset on or prior
to the Transfer Cut-Off Date, the Transferor shall promptly give notice to the Transferee of its ability to deliver such Unavailable Asset and shall (subject to the Transferee paying the Prepayment Amount to
the Transferor (which may be for a second time if the Prepayment Amount has previously been returned to the Transferee by the Transferor pursuant to clause (d) below)) transfer such Unavailable Asset to the Transferee on the third Business Day
following the day on which the Transferor delivers such notice in settlement of the relevant Transfer Failure;
  

(c)     if any Unavailable Asset is redeemed in full or in part by the relevant issuer prior to the Transfer
Cut-Off Date, then either Party may give notice to the other Party of such redemption after becoming aware of the same, and the Transferor shall transfer a sum of money equivalent to the proceeds of such
redemption to the Transferee no later than two Business Days following the day on which the Transferor delivers or receives such notice, in exchange for the payment by the Transferee of all or a ratable portion of any unpaid Prepayment Amount (as
applicable);
  
 (d)     (x) if the Transferee has paid the
Prepayment Amount or any Breakage Amount relating to the relevant Voluntary Prepayment to the Transferor, it may require the Transferor to immediately repay the sum so paid with interest which shall accrue at a rate per annum equal to the overnight
Federal Funds (Effective) Rate (for the period commencing on and including the third Business Day on which such amount is outstanding to but excluding such day when such amount is no longer outstanding) (as reported in Federal Reserve Publication H.15-519) plus 1% per annum, and (y) no Voluntary Prepayment shall be deemed to have occurred (including for the purposes of clause (b) of the definition of
“Ramp-Up Period”) until such time (if any) (i) the Unavailable Asset is delivered by Buyer to Seller pursuant to clause (b) above or (ii) if the Unavailable Asset is redeemed in full prior
to the Transfer Cut-Off Date, such amount pursuant to clause (c) above is paid to Seller by Buyer (such time in clause (i) or (ii), if any, the “Delayed Prepayment Date”), whereupon the relevant Voluntary Prepayment and Breakage
Amount shall become payable in exchange therefor, provided that any Breakage Amount that becomes payable by Seller shall be calculated based on such Delayed Prepayment Date as the Prepayment Date;
and

  
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		  	(e)     the Parties’ obligations under the Agreement other than as set forth in this provision (Failure to Deliver Equivalent Securities) shall continue until the scheduled Repurchase Date;
provided, that if any such Transfer Failure continues to subsist after the Due Date and the Transfer Cut-Off Date for the Transaction, the Transaction Fee Amounts in respect of such Unavailable Asset shall
continue to accrue only from and including the applicable Due Date up to and including the Transfer Cut-Off Date (and, for the avoidance of doubt, no Transaction Fee Amount shall accrue from and excluding the
Transfer Cut-Off Date until the scheduled Repurchase Date).
		
	Determination of Default Valuation Time:	  	 The “Default Valuation Time” means, in relation to an Event of Default, the close of business in the applicable market on
the 40th dealing day after the day on which the non-Defaulting Party delivers notice designating an Early Termination Date pursuant to paragraph 10(b) of
the Agreement or, where that Event of Default is the occurrence of an Act of Insolvency in respect of which Automatic Early Termination is specified in Annex I, the close of business on the 40th
dealing day after the day on which the non-Defaulting Party first became aware of the occurrence of such Event of Default.
  

Paragraph 10(f)(i) of the Agreement shall be amended by adding the words “(but in no event later than the Default Valuation Time)” immediately
following the words “on or about the early Termination Date”.
  
 Paragraph
10(f)(ii) of the Agreement shall be amended by adding the words “(but in no event later than the Default Valuation Time)” immediately following the words “on or about the early Termination Date”.

 
 For the avoidance of doubt, the amount payable pursuant to paragraph 10(d) of the
Agreement cannot be calculated until the Default Market Values of all of the Equivalent Securities and any Equivalent Margin Securities under each Transaction can be calculated. As such, the payment under paragraph 10(d)(ii) will be delayed until
the latest date on which the Default Market Value has been determined with respect to any such Equivalent Securities and any Equivalent Margin Securities.
  

The Parties acknowledge that (a) the Purchased Securities under the Transaction are expected to be illiquid and unique and that there may be no other
commercially reasonable determinant of value with respect to such Purchased Securities other than the price at which willing buyers agree to purchase such Purchased Securities or the relevant Portfolio Assets, (b) if Buyer were forced to
liquidate such Purchased Securities or the relevant Portfolio Assets on the date an Event of Default occurs (or shortly thereafter), such liquidation would likely result in a commercially unreasonable price, and (c) giving Buyer an extended
period of time to liquidate such Purchased Securities or the relevant Portfolio Assets is more likely to produce a commercially reasonable result. For avoidance of doubt, Buyer may, at any time, use any commercially reasonable determinant of value
(whether the price at which willing buyers agree to purchase such Purchased Securities or the relevant Portfolio Assets or otherwise).

		
	 Income Payments:
	  	Notwithstanding anything to the contrary in paragraph 5 (Income Payments) of the Agreement, “Income” means, any interest or dividend payment or any other payment or distribution (other than any principal payment or
repayment, which, for the avoidance of doubt, includes any redemption payment) paid with respect to any Purchased Securities and not otherwise received by Seller and references to the amount of any Income paid shall be to an amount paid net of any
withholding or deduction for or on account of taxes or duties (other than taxes or duties imposed as a result of a subsequent sale, transfer, pledge, or hypothecation of the Purchased Securities (including by way of a repurchase transaction) by
Buyer).

  
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		  	 Buyer shall transfer to Seller an amount equal to (and in the same currency as) the amount of all Income paid or distributed on or in respect
of the Purchased Securities within one Business Day after the date on which such Income is paid or distributed to holders of the Purchased Securities, and paragraph 5(a) of the Agreement shall be amended accordingly. For avoidance of doubt,
(i) Buyer shall not (except in connection with a termination of the Transaction resulting from an Event of Default) net or set-off against or otherwise apply the Income payment or payments to reduce the
amount, if any, to be transferred to Buyer by Seller upon termination of the Transaction and (ii) all payment obligations of Buyer in respect of Income that have accrued but remain outstanding on any Repurchase Date shall be paid on such
Repurchase Date and shall be subject to the provisions of paragraph 5(a) (as amended hereby).
  

Paragraph 2(u) of the Agreement shall be amended by deleting the words “(other than Distributions)”.

 
 Paragraph 2(v) of the Agreement shall be amended by deleting the words “other than
a Distribution”.

		
	Clawback:	  	If (a) any distribution (whether as an Income payment or otherwise) on a Purchased Security, an Equivalent Security or, if the Equivalent Security is cash, such cash, is received by Buyer and subsequently paid by Buyer to
Seller hereunder, and (b) Buyer is subsequently required to transfer all or a portion of such payment to the issuer of such Security (or trustee, paying agent or similar party) (the amount transferred, the “Clawback Amount”),
then promptly after receiving notice of such Clawback Amount from Buyer, Seller shall transfer an amount equal to the Clawback Amount to Buyer. Buyer agrees to pay over to Seller within one Business Day after receipt any amounts subsequently
recovered (but only to the extent such amounts are actually received by Buyer and Buyer is not otherwise obligated to pay such amounts to Seller pursuant to any other provision hereunder such that payment would result in duplicative payments by
Buyer or any other party), and to make reasonable efforts to claim and collect such recoveries. No interest shall be payable by Buyer or Seller in relation to Clawback Amounts or amounts recovered in respect thereof for the period prior to such
amounts becoming payable under this provision. This provision shall survive the termination of the Transaction.
		
	Cure Period:	  	Notwithstanding paragraph 10(a) of the Agreement as amended by any Annex, the failure of a Party (“X”) to make any payment or delivery referred to in such paragraph (other than (a) a payment or delivery
referred to in paragraph 10(a)(iv) of the Agreement or (b) an additional Event of Default described in clause (g) or clause (i) in the “Events of Default” section below, but including the other additional Events of Defaults in
the “Events of Default” section below) in respect of the Transaction will not give rise to the right of the other Party to deliver a Default Notice to X (and accordingly will not result in an “Event of Default” under the
Agreement), unless such failure is not remedied on or before the first Business Day after notice of such failure is given to X (whereupon the right of the other Party to deliver a Default Notice to X shall become exercisable).
		
	Events of Default:	  	Paragraph 10(m) of the Agreement shall be amended by deleting the word “immediately” and replacing it with “promptly upon becoming aware thereof”.

  
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	  	 In addition to the Events of Default set forth in the Agreement, if any of the following events occurs, it shall constitute an Event of
Default with respect to the relevant Party specified below which shall be the Defaulting Party:
  

(a)     with respect to Seller, if Seller fails to pay any Transaction Fee Amount due on a Transaction Fee Payment Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; provided that if: (x) such failure results solely from an administrative error or omission by Seller, (y) funds
were available to enable Seller to make the payment when due and (z) Seller provides written evidence sufficiently satisfactory to Buyer that such funds were available, then such failure shall not constitute an Event of Default under this
clause (a) unless such failure continues for more than one Business Day after Buyer receives written notice or Buyer has actual knowledge of such administrative error or omission;

 
 (b)     with respect to Seller, if Seller breaches any of the
covenants set forth in the section “Certain Covenants of Seller” below (other than the BC Partners Financials Requirement) and, in the case of the covenant specified in clause (viii) of such section, such breach is not remedied within
two Business Days of notice thereof and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(c)     with respect to Seller, if Seller breaches the BC Partners Financials Requirement and such failure is not cured within three
Business Days following notice from Buyer to Seller of such failure, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(d)     with respect to Seller, if Seller fails to pay the applicable Breakage Amount (if any) on any Prepayment Date or early Repurchase
Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; provided that if: (x) such failure results solely from an administrative error or omission by Seller, (y) funds were available to
enable Seller to make the payment when due and (z) Seller provides written evidence sufficiently satisfactory to Buyer that such funds were available, then such failure shall not constitute an Event of Default under this clause (d) unless such
failure continues for more than one Business Day after Buyer receives written notice or Buyer has actual knowledge of such administrative error or omission;
  

(e)     with respect to Seller, Seller fails to pay any Clawback Amount in accordance with the “Clawback” provisions herein and
Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(f)     with respect to Seller, if (i) Seller’s Investment Manager (the “Original Investment Manager”)
ceases to be responsible for the asset management, loan servicing, special servicing or underwriting services of Seller and its subsidiaries, (ii) a replacement investment manager acceptable to Buyer has not been appointed by Seller within 10
Business Days after the date of such cessation (provided that Buyer shall not unreasonably withhold its consent to any request by Seller for approval of any such replacement if the key personnel of such proposed replacement investment manager who
will be responsible for the asset management, loan servicing, special servicing or underwriting services of Seller and its subsidiaries are substantially the same individuals as the key personnel of the Original Investment Manager) and (iii) Buyer,
as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(g)     with respect to Seller, notwithstanding anything to the contrary in the Agreement, if Seller fails to (x) deliver the required
Purchased Securities on the March 2021 Purchase Date as set forth in clause (c) of the “Purchased Securities” provision above (including without limitation, as a result of a failure by the Issuer to issue the related Purchased
Securities on or prior to the March 2021 Purchase Date or any other failure by the Issuer to execute, deliver or perform any of its obligations under the

  
 10 

			
		  	 Supplemental Indenture to be dated on or about the Second Amendment Effective Date between, among others, the Issuer and U.S. Bank Trust
Company, National Association (as successor in interest to U.S. Bank National Association)) or (y) cause a Ramp-Up Period DWAC Increase on any Ramp-Up Purchase Date
(other than as a result of any action or inaction of Buyer or U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association)), and in each case Buyer, as
non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
  

(h)     with respect to Seller, the occurrence of any of the events set forth in Section 10(b)(i), 10(b)(ii), 10(b)(iii), 10(b)(ix) or
10(b)(xi) of the Collateral Management Agreement (other than any “cause” event thereunder that also constitutes a Mandatory Prepayment Event or an Accelerated Termination Event), and Buyer, as non-Defaulting Party, serves a Default Notice
on Seller as Defaulting Party;
  
 (i)     with respect to Seller,
(A) the occurrence of any breach by Seller, as Sole Shareholder, of any of its obligations under the Issuer Sale and Contribution Agreement to make any equity contribution or other amount owing to the Issuer in each case pursuant to the Issuer
Sale and Contribution Agreement in accordance with the timing and manner set out in the Issuer Sale and Contribution Agreement, (B) such breach is not remedied within two Business Days after the date by such obligation is required to be
performed under the Issuer Sale and Contribution Agreement, and (C) Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;

 
 (j)     [reserved]; and

 
 (k)     with respect to Seller, (i) Seller enters into a
binding commitment to make a Voluntary Contribution under the Issuer Sale and Contribution Agreement in the form of any Portfolio Asset pursuant to clause (b) of the “Timing and Manner of Transfer of Margin” provisions below (and. for
the avoidance of doubt, such Voluntary Contribution is to be made solely to satisfy Seller’s obligation under “Margin Maintenance” provisions as a result of a Borrowing Base Deficiency), (ii) the settlement date for such Voluntary
Contribution does not occur on or prior to the 20th calendar day following the date of such binding commitment, and (iii) Seller, in its capacity as Sole Shareholder under the Issuer Sale and Contribution Agreement, fails to make a Voluntary
Contribution of Cash to the Issuer within one Business Day of the expiration of such 20 calendar day period with an Advance Value greater than or equal to the Advance Value of such Portfolio Asset, and Buyer, as non-Defaulting Party, serves a
Default Notice on Seller as Defaulting Party, 
  

provided, in each case, that each Default Notice delivered under this “Events of Default” section shall constitute a “Default
Notice” designating an Early Termination Date under the Agreement.

		
	 Breakage Amounts:
	  	If (a) the Repurchase Date for the Transaction occurs prior to the scheduled Repurchase Date by reason of the occurrence of an Event of Default (where Seller is the Defaulting Party), a Mandatory Prepayment, a Voluntary Full
Prepayment (subject to the “Failure to Deliver Equivalent Securities” provision hereof) or an event described in paragraph 11(a) of the Agreement in respect of which Seller is the notifying party or (b) a Prepayment Date occurs in
connection with a Voluntary Partial Prepayment, then, without limitation of any other payments or deliveries that become due as a result of such event but without duplication, on such Repurchase Date, Seller shall pay to Buyer an amount equal to the
Breakage Amount for the Transaction or the applicable portion thereof. For the avoidance of doubt, no Breakage Amount shall be payable by Seller in respect of any Repurchase Date occurring as a result of a Regulatory
Event.

  
 11 

			
		  	 For purposes of the foregoing:
  

“Applicable Portion” means (a) in the case of the first Voluntary Partial Prepayment, the sum of (i) the portion of the Transaction
that is the subject of such Voluntary Partial Prepayment plus (ii) if the aggregate Purchase Price immediately prior to giving effect to such first Voluntary Partial Prepayment is less than the initial Maximum Aggregate Purchase Price, the
portion of a hypothetical Transaction (the “Hypothetical Maximum Transaction”) determined based on the assumption in clause (iii) of the definition of “Breakage Amount” that is represented by the deficiency (if any)
between the Hypothetical Maximum Transaction and the Transaction (prior to giving effect to such first Voluntary Partial Prepayment) and (b) in the case of any subsequent Voluntary Partial Prepayment, the portion of the Transaction that is the
subject of such Voluntary Partial Prepayment
  
 “Breakage Amount”
means, with respect to the Transaction evidenced hereby (or, in the case of a Voluntary Partial Prepayment the Applicable Portion thereof that is the subject of such Voluntary Partial Prepayment), the present value (using a discount factor implied
by the mid-point between the forward bid and offered side LIBOR curves for fixed-for-floating LIBOR swaps of the relevant tenors)
of the Spread portion of the Transaction Fee Amounts that would have been payable to Buyer under such Transaction (or the Applicable Portion thereof) from (and including) the early Repurchase Date or applicable Prepayment Date (as applicable) to
(but excluding) the scheduled Repurchase Date, as determined by the Calculation Agent assuming, solely for purposes of determining such amount, that (i) the Spread is equal to (x) if the early Repurchase Date or applicable Prepayment Date
(as applicable) occurs on or before the date that occurs one calendar year prior to the scheduled Repurchase Date (the “Breakage Step-Down Date”),2 the Spread specified in this
Confirmation or (y) if the early Repurchase Date or applicable Prepayment Date (as applicable) occurs after the Breakage Step-Down Date, the Step-Down Breakage Rate, (ii) the Repurchase Price payable upon such termination were to remain
outstanding until the originally scheduled Repurchase Date, and (iii) Seller has transferred to Buyer Securities with an aggregate Purchase Price equal to the then-current Maximum Aggregate Purchase Price (determined, in the case of any
Voluntary Prepayment, prior to giving effect to such Voluntary Partial Prepayment).
  

“Step-Down Breakage Rate” means 0.75%.

	
	 2   Purchased Securities, Margining and
Substitutions

		
	 Marking to Market:
	  	The Parties agree that, with respect to the Transaction, the provisions of paragraphs 4(a) to (l) (inclusive) of the Agreement shall not apply and instead margin shall be provided separately in respect of the Transaction in
accordance with the terms of this Confirmation. For the avoidance of doubt, the provisions of paragraph 8(d) of the Agreement shall not apply to the Transaction.
		
	 Margin Maintenance:
	  	If at any time a Borrowing Base Deficiency exists, Buyer may, by notice to Seller, require Seller to, and Seller shall following such notice in its capacity as Sole Shareholder under the Issuer Sale and Contribution Agreement, make
or enter into a binding commitment to make Voluntary Contributions to the Issuer in accordance

  

	2 	 Note to draft: This a clarification point so that if or when we extend the trade in the future, we do not
forget to change this. This change does not change the step down date for the current amendment. 

  
 12 

			
		  	 with and subject to the “Timing and Manner of Transfer of Margin” provisions of this Confirmation such that such Borrowing Base
Deficiency is or will be eliminated in accordance with such provisions.
  
 Seller
acknowledges that failure to timely make such Voluntary Contributions may have ramifications under the Indenture, Collateral Management Agreement and Issuer Sale and Contribution Agreement pursuant to the terms thereof.

		
	Timing and Manner of Transfer of Margin:	  	 If the Calculation Agent notifies Seller of a Borrowing Base Deficiency, and Buyer provides notice to Seller pursuant to the “Margin
Maintenance” section hereof, Seller shall, within five Business Days of the date of such notice and in its capacity as Sole Shareholder:
  

(a)     make a Voluntary Contribution to the Issuer under the Issuer Sale and Contribution Agreement in the form of Cash; and/or

 
 (b)     enter into a binding commitment to make a Voluntary
Contribution under the Issuer Sale and Contribution Agreement in the form of one or more Portfolio Assets that (i) satisfy the Asset Eligibility Criteria and Borrowing Base Asset Criteria and (ii) are not Zero Value Portfolio Assets, for
settlement no more than 20 calendar days after the date on which such binding commitment is entered into,
  

with an aggregate Advance Value sufficient to eliminate such Borrowing Base Deficiency.

		
	Net Margin:	  	The definition of Net Margin in paragraph 2(gg) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
		
	Market Value:	  	The definition of Market Value in paragraph 2(ee) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
		
	Transaction Exposure:	  	The definition of Transaction Exposure in paragraph 2(xx) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
		
	Current Price and related Dispute Rights:	  	 For purposes of the margin maintenance provisions herein, the Current Price of any Portfolio Asset on any date of determination (including as
of the related Inclusion Date of such Portfolio Asset) shall be determined by the Calculation Agent in accordance with the definition thereof in the Indenture.
  

Provided that no Event of Default has occurred and is continuing with respect to Seller, if Seller in good faith has a commercially reasonable basis for
disagreement with the Calculation Agent’s determination of the Current Price of any Portfolio Asset, then Seller may dispute such determination by giving notice of such dispute (a “Dispute Notice”) to Buyer and the Calculation
Agent no later than (a) if Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute at or prior to noon (New York time) on any Business Day, by the close of business on such Business Day and (b) if
Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute after noon (New York time) on any Business Day, by noon (New York time) on the following Business Day. Any such Dispute Notice shall specify, in
reasonable detail, the bid-side market price Seller believes should be attributed to any such Portfolio Asset, along with reasonable evidence supporting such
value.

  
 13 

			
	                    	  	 Promptly following delivery of a Dispute Notice in relation to any Portfolio Asset, the Calculation Agent and Seller shall negotiate in good
faith to try to agree to the disputed Current Price. If by 10:00 a.m. (New York time) on the Business Day following the day on which the Dispute Notice is delivered, the Calculation Agent and Seller are unable to agree, then:

 
 (i) Seller shall request that the Initial
Valuation Company or one of the Fallback Valuation Companies (in either case, the “Alternate Valuation Company”) provide an Eligible Valuation to the Calculation Agent;

 
 (ii)  if (A) no such Eligible
Valuation is received by the Calculation Agent from the Alternate Valuation Company by 2:00 p.m. (New York time) on the fifth Business Day following such request (a “Valuation Non-Delivery”)
or (B) Buyer in good faith has a commercially reasonable basis to disagree with the Alternate Valuation Company’s Eligible Valuation (a “Valuation Disagreement”) and the Calculation Agent notifies Seller of such
disagreement on the day such Eligible Valuation is received by the Calculation Agent (the earlier of such fifth Business Day and the day of such notification, the “Notification Day”), then no later than 10:00 a.m. (New York time) on the
Business Day next following the Notification Day, the Calculation Agent shall deliver a request (a “Back-Up Request”) to any of the Initial Valuation Company or Fallback Valuation Companies
(in any case, which was not the Alternate Valuation Company) (in any case, a “Back-Up Valuation Company”) to provide an Eligible Valuation for such disputed Portfolio Asset; and

 
 (iii)  the Current Price in relation
to such disputed Portfolio Asset shall be:
  

(A)  if the Alternate Valuation Company provides an Eligible Valuation and the Calculation Agent does not
provide a Back-Up Request, the Resolved Current Price in relation to the Eligible Valuation provided by the Alternate Valuation Company;
  

(B)  if the Calculation Agent provides a Back-Up Request and the
Back-Up Valuation Company provides an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Resolved Current Price in relation to the Eligible Valuation
provided by the Back-Up Valuation Company;
  

(C)  if the Calculation Agent provides a Back-Up Request as a
result of a Valuation Non-Delivery and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m.
(New York time) on the fifth Business Day following such request, the Current Price originally determined by the Calculation Agent; and
  

(D)  if the Calculation Agent provides a Back-Up Request as a
result of a Valuation Disagreement and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business
Day following such request, the Eligible Valuation provided by the Alternate Valuation Company.
  

If Seller has delivered a Dispute Notice, during the pendency of such dispute, the Parties shall be required to deliver or return (as applicable) margin based
on the Calculation Agent’s determination in accordance with this Confirmation; provided 

  
 14 

			
		  	 that, following resolution of the dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Current
Price so determined. For the avoidance of doubt, with respect to the dispute of the Current Price of any Portfolio Asset, upon the determination of such Current Price in accordance with the foregoing, the Calculation Agent shall recalculate the
Borrowing Base using such Current Price for such Portfolio Asset and determine whether or not a Borrowing Base Deficiency exists.
  

“Eligible Valuation” shall mean, with respect to any disputed Portfolio Asset, a valuation (which may be quoted in a range of values) for the
outstanding principal amount of such Portfolio Asset (expressed as a percentage of par) that would be received from the sale of such Portfolio Asset on the date such valuation is provided, exclusive of accrued interest and capitalized interest;
and
  
 “Resolved Current Price” shall be, with respect to any
Eligible Valuation that is:
  

(I)   quoted as a range of values where the difference between the lowest and highest values in such
range (each expressed as a percentage of par) is an amount greater than 5% of par, as determined by the Calculation Agent, the lowest value in such range;
  

(II)  quoted as a range of values where the difference between the lowest and highest values in such range
(each expressed as a percentage of par) is an amount less than or equal to 5% of par, as determined by the Calculation Agent, the mid-point between the lowest and highest value in such range, as determined by
the Calculation Agent; and
  

(III)  not quoted as a range of values, such Eligible Valuation.

		
	Interest on Cash Margin:	  	Not applicable.
		
	Substitutions:	  	No substitutions of Purchased Securities shall be permitted.
	
	 3   Fees

		
	Transaction Fees:	  	On each Transaction Fee Payment Date, for each Purchased Security, Seller shall pay to Buyer an amount equal to the applicable Transaction Fee Amount for the Purchased Securities for the related Transaction Fee Period.
		
	Transaction Fee Payment Dates:	  	 The 10th calendar day of January, April, July and October of each calendar year,
provided that:
  
 (a)     the first Transaction Fee
Payment Date shall be April 10, 2020; and
  
 (b)     the final
Transaction Fee Payment Date with respect to any Purchased Security shall be the Repurchase Date for such Purchased Security, and, in each case, subject to adjustment in accordance with the Business Day Convention.

		
	Transaction Fee Periods:	  	With respect to any Transaction Fee Payment Date (the “Relevant Transaction Fee Payment Date”), the period commencing on (and including) the immediately preceding Transaction Fee Payment Date (or on the
Initial Purchase Date, in the case of the Transaction Fee Period relating to the first Transaction Fee Payment Date) and ending on (but excluding) the Relevant Transaction Fee Payment Date (without giving effect to any Business Day adjustment
thereto), except that the final Transaction Fee Period shall end on (and exclude) the Repurchase Date for the Purchased Securities.

  
 15 

			
	Transaction Fee Amounts:	  	With respect to a Purchased Security, Seller shall pay to Buyer a Transaction Fee Amount on each Transaction Fee Payment Date in an amount equal to the sum of the products, for each day that occurs during the related Transaction Fee
Period, of (i) the Applicable Repurchase Price of such Purchased Security multiplied by (ii) the Applicable Transaction Fee Rate on such day multiplied by (iii) 1/360. For the avoidance of doubt, for the purposes of clause
(i), the reference to “Purchase Price” as used in the definition of “Repurchase Price” is to the amount actually paid by Buyer to Seller as the Purchase Price of the relevant Purchased Security pursuant to Paragraph 3(c) of the
Agreement.
		
	Applicable Repurchase Price:	  	 (a)     As of any date of determination on or after the March 12, 2022 but prior September 12, 2022, the
then-current Repurchase Price;
  
 (b)     as of any date of
determination on or after September 12, 2022 but prior to the Fourth Amendment Effective Date, the then-current Maximum Aggregate Purchase Price; and
  

(c)     as of any date of determination on or after the Fourth Amendment Effective Date, the greater of (a) the then-current
Repurchase Price and (b) USD55,000,000;

		
	Applicable Transaction Fee Rate:	  	 For each Transaction Fee Period, a rate per annum equal to:
  

(i)     with respect to each Transaction Fee Period that ends on (but excluding) the Transaction Fee Payment Date occurring in April 2022,
the sum of (a) LIBOR determined on the Reset Date for such Transaction Fee Period plus (b) the excess of (x) the Spread over (y) 0.26161%; and
  

(ii)     otherwise, the sum of (a) Term SOFR with respect to such Transaction Fee Period plus (b) the Spread.

 
 Where:
  

“LIBOR”, for any Reset Date, means the London Interbank Offered Rate for the Relevant Period in respect of USD as quoted on the Bloomberg
Screen BTMM Page (or such other page as may replace the Bloomberg Screen BTMM Page) under the heading “LIBOR-FIX-BBAM<GO>” (or any replacement heading)
as of 11:00 a.m., London time, on the day (the “Determination Date”) that is two London banking days preceding such date. If (i) such rate does not appear on the Bloomberg Screen BTMM Page (or any replacement page) under such
heading (or any replacement heading), as of such time on a Determination Date, (ii) a public statement or publication of information has been made by or on behalf of the administrator of LIBOR or a governmental authority or regulatory
supervisor having jurisdiction or regulatory authority over Buyer, identifying a date after which LIBOR shall no longer be used or shall no longer be representative for determining interest rates for loans, or (iii) Buyer provides notice to Seller
of a replacement rate that is appropriate for transactions that are similar to those contemplated under this Confirmation with similarly situated counterparties, LIBOR shall be deemed to be such rate as determined by the Calculation Agent, giving
due consideration to the rate and any relevant spread adjustment that is similar to that used in other similar transactions (including, for these purposes, traditional borrowing base credit facilities) with other similarly situated counterparties
and any selection or recommendation of a replacement rate or the mechanism for determining such rate by the relevant

  
 16 

			
	                    	  	 governmental or regulatory body or the relevant committee endorsed, appointed or convened by such body. For any Transaction Fee Period that
shorter than or longer than the Relevant Period, LIBOR shall be determined through the use of straight line interpolation by reference to two rates based on LIBOR, one of which shall be determined as if the Relevant Period were the period of time
for which rates are available next shorter than the length of the Transaction Fee Period and the other of which shall be determined as if the Relevant Period were the period of time for which rates are available next longer than the length of the
Transaction Fee Period.
  
 “Periodic Term SOFR Determination Date”
means, with respect to a Transaction Fee Period, the date that is two (2) U.S. Government Securities Business Days prior to the first day of such Transaction Fee Period.

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

 
 “Relevant Period” means three months.

 
 “Reset Date” with respect to any Transaction Fee Period, means the
first day of such Transaction Fee Period.
  
 “SOFR” means a rate
equal to the Secured Overnight Financing Rate (SOFR) as administered by the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate (SOFR)).

 
 “Spread” means 2.91161% per annum.

 
 “Term SOFR” means, with respect to the Relevant Period and a
Transaction Fee Period, the Term SOFR Reference Rate that is published by the Term SOFR Administrator as of the applicable Periodic Term SOFR Determination Date, provided, however, that if, as of 5:00 p.m. (New York City time) on such
Periodic Term SOFR Determination Day, the Term SOFR Reference Rate for the Relevant Period has not been published by the Term SOFR Administrator, then Term SOFR shall be a Term SOFR Reference Rate (or a combination of Term SOFR Reference Rates) as
determined by Buyer, acting in a commercially reasonable manner and taking into consideration the rate(s) that is or are selected or recommended by the Relevant Governmental Body for determining “Term SOFR” for business loans.

 
 “Term SOFR Administrator” means CME Group Benchmark Administration
Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Buyer in its reasonable discretion).
  

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.

 
 “U.S. Government Securities Business Day” means any day except for
(i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.

  
 17 

			
	 4   Miscellmaneous

		
	Voting Rights:	  	Where any voting or consent rights fail to be exercised in relation to any Purchased Securities, Buyer shall be entitled to exercise such voting or consent rights in its sole discretion and shall not have any obligation to arrange
for voting or consent rights to be exercised in accordance with the instructions of Seller.
		
	Business Day:	  	Notwithstanding paragraph 2(f) of the Agreement, “Business Day” means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York,
Houston and London and that is a TARGET Settlement Day, other than a Saturday, Sunday or other day which the New York Stock Exchange or banks are authorized or obligated by law or executive order to close in New York, New York.
		
	Business Day Convention:	  	The convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day so that such date will be the first following day that is a Business Day.
		
	Unpaid Amounts:	  	For the avoidance of doubt, on the final Repurchase Date (whether occurring prior to, on, or after, the scheduled Repurchase Date, and whether occurring as a result of an Event of Default, a Prepayment Date, or otherwise), if there
are amounts that became payable by one Party to the other Party on or prior to such Repurchase Date and which remain unpaid as at such Repurchase Date, such amounts shall remain an outstanding obligation of such Party and shall be netted with and
set off against the amounts otherwise payable by the Parties on such Repurchase Date.
		
	Interest on Amounts Payable:	  	Any amount due from one Party to the other following the occurrence of an Event of Default shall be paid together with (to the extent permitted under applicable law) interest thereon (both before and after judgment) in USD, from
(and including) the date on which such amount was originally due to (but excluding) the date such amount is paid, at a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day such amount remains outstanding (as reported in
Federal Reserve Publication H.15-519) plus 1% per annum. Such interest will accrue daily without compounding based on the actual number of days elapsed. The provisions of this paragraph shall supersede
any conflicting provisions in paragraph 12 of the Agreement.
		
	Tax Matters:	  	 (a)     For (and only for) U.S. Federal income tax purposes, each Party agrees: (i) to treat the purchase hereunder of
Purchased Securities as if Buyer had made a loan to Seller secured by such Purchased Securities, (ii) to treat Seller as beneficial owner of such Purchased Securities, and (iii) not to take any inconsistent position on any related tax
return, unless otherwise required by applicable law.
  
 (b)
    Notwithstanding anything else in the Agreement, if the defaulting Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement following an Event of Default, if any withholding or other taxes
are imposed on payments to any assignee, the payor’s obligation to gross-up any such payment in respect of such tax to such assignee shall be limited to the amount of any
gross-up it would have been obligated to pay immediately before any such assignment occurred.
  

(c)     Each Party shall provide the other Party with a properly executed IRS Form W-8 or W-9, as applicable. If either Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement, prior to being entitled to receive any gross-up payments in respect of any taxes withheld,
any assignee will be required to submit to the payor an executed, complete IRS Form W-8 or W-9 (as applicable) establishing any available exemption or reduction from any
US withholding taxes that may be imposed on the payment assigned.

  
 18 

			
		  	(d)     Seller represents and warrants that it would be entitled to receive all payments on the Purchased Security and the Portfolio Assets free of U.S. federal or foreign withholding tax if it held the Purchased
Security or the Portfolio Securities directly.
		
	Certain Covenants of Seller:	  	 Seller undertakes and agrees as follows:
  

(i)       at all times prior to the Repurchase Date, Seller shall not permit any securities to be issued under the Indenture to
any person or entity other than Seller and shall not direct or permit the Issuer to issue any securities other than in conjunction with a Purchase Date or otherwise as required under the Indenture or other Transaction Documents;

 
 (ii)      at all times prior to the Repurchase Date, Seller
shall not sell, transfer or otherwise dispose of any securities issued under the Indenture (or any interest therein) other than pursuant to the Transaction;
  

(iii)     at all times prior to the Repurchase Date, Seller shall maintain a Senior Asset Coverage Ratio of at least 167%; provided
that if (x) Buyer, in its sole and absolute discretion, consents to a grace period for compliance with this clause (iii) and to receipt of a Capital Call Certification in form and substance satisfactory to Buyer, and (y) Buyer has
received a Capital Call Certification in an amount equal to at least the Senior ACR Capital Call Restoration Amount, then this clause (iii) shall be deemed to be satisfied for a period commencing on and including the day on which the Senior
Asset Coverage Ratio falls below 167% and ending on and including the earlier of (x) the date on which the Senior ACR Capital Call Restoration Amount is received by Seller in immediately available funds and satisfactory evidence of the receipt by
Seller of the Senior ACR Capital Call Restoration Amount has been delivered to Buyer and (y) the close of business (New York City time) on the tenth (10th) Business Day after the date of such
Capital Call;
  
 (iv)     at all times prior to the Repurchase
Date, Seller shall maintain an asset coverage ratio (the “ACR Asset Coverage Ratio”) of at least 150% as determined under the Investment Company Act of 1940, as amended (the “Investment Company Act”), for
purposes of “business development companies” (as defined in Section 2(a)(48) of such Act) and any orders of the U.S. Securities and Exchange Commission (the “SEC”), including any exemptive order issued by the SEC 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 for only so long as (a) such order is in effect, and (b) no obligations are then
due and owing pursuant to the terms of any guarantee by one or more obligors of Indebtedness of an SBIC Subsidiary on the SBA’s then applicable form; provided that if (x) Buyer, in its sole and absolute discretion, consents
to a grace period for compliance with this clause (iv) and to receipt of a Capital Call Certification in form and substance satisfactory to Buyer, and (y) Buyer has received a Capital Call Certification in an amount equal to at least the ACR
Capital Call Restoration Amount, then this clause (iv) shall be deemed to be satisfied for a period commencing on and including the day on which the ACR Asset Coverage Ratio falls below 150% and ending on and including the earlier of
(x) the date on which the ACR Capital Call Restoration Amount is received by Seller in immediately available funds and satisfactory evidence of the receipt by Seller of the ACR Capital Call Restoration Amount has been delivered to Buyer and
(y) the close of business (New York City time) on the tenth (10th) Business Day after the date of such Capital Call;

  
 19 

			
		  	 (v)      at all times prior to the Repurchase Date, Seller shall ensure that the aggregate face value of the
Unencumbered Cash shall be greater than 5% of the Purchase Price;
  
 (vi)
    Seller shall provide, or cause to be provided, to Buyer quarterly unaudited financial statements within 60 days of each quarter-end and annual audited financial statements within 90
days of the year-end, prepared in accordance with generally accepted accounting principles (as in effect in the United States) (such statements to include Seller’s Net Asset Value) (such covenant in
clause (vi), the “ BC Partners Financials Requirement”), provided that (A) with the delivery of each quarter-end statement and each
year-end statement shall be a calculation of Seller’s Net Asset Value for purposes of the determinations under clause
  

(vii)     below, and (B) the BC Partners Financials Requirement shall be deemed to be satisfied if Seller makes such report available
to the general public by publication thereof on its website or on the SEC EDGAR information retrieval system; (vii) at all times prior to the Repurchase Date, Seller shall maintain a Net Asset Value that is greater than or equal to the Minimum NAV;
provided that if (x) Buyer, in its sole and absolute discretion, consents to a grace period for compliance with this clause (vii) and to receipt of a Capital Call Certification in form and substance satisfactory to Buyer, and
(y) Buyer has received a Capital Call Certification in an amount equal to at least the Minimum NAV Capital Call Restoration Amount, then this clause (vii) shall be deemed to be satisfied for a period commencing on and including the day on
which the Net Asset Value falls below the Minimum NAV and ending on and including the earlier of (x) the date on which the Minimum NAV Capital Call Restoration Amount is received by Seller in immediately available funds and satisfactory
evidence of the receipt by Seller of the Minimum NAV Capital Call Restoration Amount has been delivered to Buyer and (y) the close of business (New York City time) on the tenth (10th)
Business Day after the date of such Capital Call; and
  
 (viii)
    Seller shall deliver, on or prior to the 5th Business Day after the last day of each calendar month a certificate executed by the chief financial officer of Seller (or a certificated delivered by email in the name of the
chief financial officer of Seller) (a) certifying as to whether or not Seller has knowledge that an Event of Default with respect to Seller as Defaulting Party, a Mandatory Prepayment Event or a Regulatory Event with respect to Seller has occurred
and identifying in reasonable detail the nature thereof, and (b) setting forth reasonably detailed calculations demonstrating compliance with the financial covenants set out in clauses (iii), (iv), (v), and (vii) in this “Certain
Covenants of Seller” section.

		
	Representations and acknowledgements:	  	 Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its
Affiliates) may have had with the other Party or any of its Affiliates, in respect of the Transaction subject to this Confirmation, each Party will be deemed to represent to the other Party on the Trade Date and each Purchase Date of the Transaction
and on each date on which the Transaction is terminated (in whole or in part) that:
  

(i)      it is entering into or terminating (in whole or in part) the Transaction for its own account;

 
 (ii)     none of the other Party or any of its Affiliates or agents
are acting as a fiduciary or financial adviser for it;

  
 20 

			
	                    	  	 (iii)     it is a sophisticated investor that has made its own independent decisions to enter into the Transaction, as to
whether the Transaction is appropriate or proper for it and as to any related investment, hedging and/or trading based upon its own judgment and upon advice from such legal, regulatory, tax, financial, accounting and other advisers as it has deemed
necessary, and not upon any view expressed by the other Party or any of its Affiliates or agents;
  

(iv)     it is not relying on any communication (written or oral) of the other Party or any Affiliate or agent thereof except those
expressly set forth in the Agreement, except that nothing in the Agreement will limit or exclude any liability of a party for fraud;
  

(v)     it is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of the Transaction, and is also capable of assuming, and assumes, the risks of the Transaction;
  

(vi)     having made all necessary enquiries with relevant authorities, its entry into or termination (in whole or in part) of the
Transaction will not contravene any applicable law, decree, regulation, regulatory guidance, regulatory request, regulatory briefing or order of any government or governmental body (including any court or tribunal); and

 
 (vii)     to the extent required to do so, it has notified relevant
authorities, in a manner acceptable to such authorities, of its entry into the Transaction.
  

Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may
have had with the other Party, in respect of the Transaction subject to this Confirmation, each Party will be deemed to acknowledge on the date on which it enters into the Transaction that:

 
 (a)     none of the other Party or its Affiliates provides
investment, tax, accounting, legal or other advice in respect of the Transaction;
  

(b)     it has been given the opportunity to obtain information from the other Party concerning the terms and conditions of the Transaction
necessary in order for it to evaluate the merits and risks of the Transaction; provided that, notwithstanding the foregoing, (i) it and its advisors are not relying on any communication (written or oral and including, without limitation,
opinions of third party advisors) of the other Party or its Affiliates as (A) legal, regulatory, tax, business, investments, financial, accounting or other advice, (B) a recommendation to enter into the Transaction or (C) an assurance or
guarantee as to the expected results of the Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction are made incidental to the other Party’s business and shall not be considered
(x) legal, regulatory, tax, business, investments, financial, accounting or other advice, (y) a recommendation to enter into the Transaction or (z) an assurance or guarantee as to the expected results of the Transaction and
(ii) any such communication should not be the basis on which such Party has entered into the Transaction, and should be independently confirmed by such Party and its advisors prior to entering into the Transaction;

 

  
 21 

			
		  	 (c)     none of the Parties or any Affiliate thereof has any obligation to, and it will not, select securities or
transfers of currency, with regard to the needs or interests of any person other than itself, and each Party and its Affiliates may accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or
investment banking business with the issuer of any Purchased Security or its affiliates or any other person or entity having obligations relating to the Purchased Securities and may act with respect to such business in the same manner as if the
Transaction did not exist, regardless of whether any such action may have an adverse effect on either Party’s position under the Transaction;
  

(d)     each Party and its Affiliates may, whether by virtue of the types of relationships described above or otherwise, at the date hereof
or at times hereafter be in possession of information in relation to the Issuer which is or may be material in the context of the Transaction and which is or may not be known to the general public or to one or both of the Parties, and the
Transaction does not create any obligation on the part of any of the Parties and their respective Affiliates to disclose to either Party any such relationship or information (whether or not confidential);

 
 (e)     neither Party makes any representations or warranties to the
other in connection with, and shall have no responsibility with respect to, the accuracy of any statements, warranties or representations made in or in connection with the Purchased Securities, any information contained in any document filed by the
issuer of the Purchased Securities (the “Issuer”) with any exchange or with any governmental entity regulating the purchase and sale of securities, the solvency or financial condition of the Issuer, or the legality, validity,
binding effect or enforceability of the obligations of the Issuer in respect of the Purchased Securities. Each Party acknowledges that it has, independently and without reliance on the other and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into the Transaction and will continue to be responsible for making its own independent appraisal of the business, affairs and financial condition of the Issuer; and

 
 (f)     the Transaction does not create either a direct or indirect
obligation of the Issuer owing to Seller or a direct or indirect participation in any obligation of the Issuer owing to Buyer. Seller acknowledges that Seller shall not have any voting rights with respect to the Purchased Securities or any other
rights under or with respect to the Purchased Securities, other than as expressly set forth herein.
  

Each Party acknowledges and agrees that (i) the Transaction to which this Confirmation relates is (x) a “securities contract”, as defined
in Section 741 of the federal Bankruptcy Code, Title 11 of the United States Code, as amended (the “Bankruptcy Code”) and (y) a “repurchase agreement” as that term is defined in Section 101 of Title 11 of
the Bankruptcy Code (except insofar as the type of Securities subject to the Transaction or the term of the Transaction would render such definition inapplicable) and (ii) the exercise by either Party of any right under the Agreement to cause
the liquidation, termination or acceleration of the Transaction, because of a condition of the kind specified in Section 365(e)(1) of the Bankruptcy Code shall not be stayed, avoided, or otherwise limited by operation of any provision of the
Bankruptcy Code or by order of a court or administrative agency in any proceeding under the Bankruptcy Code.

		
	Additional Seller Representations:	  	 The following additional paragraph 9(A), subsections (i), (ii) and (iii) shall be inserted into the Agreement:

 
 “9(A). Additional Representations and Notice.

 

  
 22 

			
		  	 (i)     Seller Representations. Seller represents and warrants on and as of the date hereof and on
and as of each date the Agreement or any Transaction remains outstanding:
  

(A)   No Prohibited Transactions. Seller represents and warrants that Seller is not an “employee benefit plan” subject
to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
and its underlying assets do not include “plan assets” within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. Any subsequent permitted assignee of Seller
will be deemed to have represented and warranted, that (i) no portion of the assets used by such assignee to either (x) acquire and hold the Purchased Securities or (y) enter into or assume the obligations under the Transaction evidenced
hereby constitutes the assets of any employee benefit plan subject to Title I of ERISA, a “plan” within the meaning of Section 4975(e)(1) of the Code or any entity whose underlying assets include “plan assets” within the
meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA.
  

(B)   Notice Requirement. Seller agrees to notify Buyer promptly if any time it learns or discovers facts at variance with the
foregoing representations and warranties.
  
 (ii)
   Seller represents and warrants as of the Initial Purchase Date, each Pre-March 2021 Ramp-Up Purchase Date, the March 2021 Purchase Date and each Ramp-Up Purchase Date after the Second Amendment Effective Date that its acquisition of the Purchased Securities complied with the terms of the Indenture.

 
 (iii)   Seller represents and warrants that either
(i) the Purchased Securities are not required to be retained by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to Section 15G of the Securities Exchange Act of 1934 and the rules
promulgated thereunder (the “Risk Retention Rules”) or (ii) the Purchased Securities are required to be retained by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to the
Risk Retention Rules and the entry by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) into the transactions contemplated by the Collateral Management Agreement will not violate or conflict with the Risk
Retention Rules.”

		
	Transfer; Assignment; Amendment;	  	Unless otherwise provided under this Confirmation or under the Agreement, neither Buyer nor Seller will have the right to transfer, assign, amend, modify or supplement the Agreement or this Confirmation or any interest or obligation
or right or benefit received in or under the Agreement or this Confirmation without the prior written consent of each Party.
		
	Designation; Delegation	  	Notwithstanding any other provision herein to the contrary, Seller may request in writing to Buyer at least 5 Business Days prior to any proposed delegation or designation to consent to Seller designating, at Seller’s own
expense, any of its Affiliates to (a) perform Seller’s obligations in respect of this Confirmation or (b) receive any payment or delivery under this Confirmation, provided that (i) Seller may delegate its payment
obligations under the Agreement to the Issuer such that any such payment by Seller to Buyer shall be made by the Issuer on Seller’s behalf, without any prior request to, or any prior consent from, Buyer and (ii) no such delegation
(including, without limitation, pursuant to the foregoing sub-clause (i)) shall affect Seller’s primary liability as principal for the payment or performance of the relevant
obligation.

  
 23 

			
		  	 Buyer may not unreasonably withhold, delay or condition its consent to Seller’s request, provided that if (i) such
designation or delegation, as the case may be, is or will not be in accordance with applicable laws, rules or regulations, (ii) Buyer is or will be required to contract, subcontract or otherwise engage with any such designee or delegee or pay
any fees, costs or expenses in relation to any such designee or delegee, or (iii) the proposed designee or delegee fails to meet the “know-your- customer” or anti-money laundering requirements of Buyer that are required by
Buyer’s then-applicable internal policies in order for Buyer to onboard such proposed designee or delegee, then any withholding, delay or conditioning of Buyer’s consent shall not be deemed to be unreasonable.

 
 Seller shall remain liable to Buyer under the Transaction for the performance of any
obligation of Seller designated to be performed by a designee or delegated by Seller, provided that if such designee or delegee of Seller has performed in full the obligations of Seller under this Confirmation, Seller’s
obligations to Buyer under this Confirmation shall be discharged to the extent of such performance.

		
	Act of Insolvency:	  	 Paragraph 2(a) shall be deleted in its entirety and be replaced by:

 
 “Act of Insolvency” shall occur with respect to any Person when such
Person shall (1) be dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) make a general assignment, arrangement or composition with or for the benefit of its creditors; (3) institute or have instituted against it a
proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition shall be presented for its
winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the
entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 60 days of the institution or
presentation thereof; (4) have a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (5) seek or become subject to the
appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets, in each case in connection with its bankruptcy insolvency, winding-up or liquidation; (6) have a secured party take possession of all or substantially all its assets or have a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on
or against all or substantially all its assets and such secured party shall maintain possession, or any such process shall not be dismissed, discharged, stayed or restrained, in each case within 60 days thereafter; (7) cause or become subject
to any event which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (6) (inclusive); or (8) take any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any of the foregoing acts.

		
	Disapplication and Modification of Provisions of the Annex I:	  	 The following provisions of Annex I to the Agreement shall not apply to the Transaction evidenced by this Confirmation:

 
 Parts 1(a), 1(b), 1(d)(i), 1(d)(iii), 1(d)(iv), 1(n), 2(b), and 2(c) of Annex
I.

		
	Counterparts Clause:	  	This Confirmation may be signed or executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original but shall not be effective until each Party has executed and delivered at least
one counterpart. All

  
 24 

			
		  	counterparts together shall constitute one and the same instrument. This has the same effect as if the signatures on the counterparts were on a single original of this Confirmation. Delivery of an executed counterpart signature page
of this Confirmation by email (portable document format (“pdf”)) or facsimile copy shall be as effective as delivery of a manually executed counterpart of this Confirmation.
		
	No effect, Inconsistency:	  	The terms set forth in this Confirmation for this trade shall apply only to the Transaction.
		
	Buyer’s Bank Account Details:	  	 Account Name: UBS AG, Stamford Branch
 SWIFT BIC
Code: UBSWUS33
  
 For the benefit of:

 
 UBS AG, London Branch

SWIFT BIC Code: UBSWGB2L
  

Account No.: /101-WA41275-000

		
	Seller’s Bank Account Details:	  	As specified separately to Buyer from Seller.
		
	Notices:	  	 If to Seller:
  

As specified in the Annex to the Agreement
  

If to Buyer:
  

As specified in the Annex to the Agreement.

	
	 5   Additional Defined
Terms

 Capitalized terms used but not defined herein shall have the respective meanings
given to such terms in the Indenture; provided that all references therein to the Valuation Agent shall be deemed to be references to the Calculation Agent hereunder. In addition, the following terms shall have the respective meanings
specified below: 
 “ACR Capital Call Restoration Amount” means an amount in Cash equal to such amount that will, immediately following the
payment of such amount to Seller, restore the ACR Asset Coverage Ratio to at least 150%. 
 “Capital Call” means a call that has been made
to the funding providers of Seller which are required, under the terms of the relevant funding documentation to which Seller is party, to contribute capital in Cash to Seller. 

“Capital Call Certification” means a certification in writing by, and duly executed by, Seller that it has made irrevocable Capital Call(s)
to its funding providers to pay the relevant Capital Call Restoration Amount to Seller in immediately available funds no later than ten (10) calendar days after the Capital Call(s) have been delivered. 

“Capital Call Restoration Amount” means: (a) with respect to a Capital Call made by Seller in connection with clause (iii) of the
“Certain Covenants of Seller” provisions, the Senior ACR Capital Call Restoration Amount, (b) with respect to a Capital Call made by Seller in connection with clause (iv) of the “Certain Covenants of Seller” provisions, the
ACR Capital Call Restoration Amount, and (c) with respect to a Capital Call made by Seller in connection with clause (vii) of the “Certain Covenants of Seller” provisions, the Minimum NAV Capital Call Restoration Amount. 

	
	

  
 25 

 “Class A Notes” means the Class A Notes issued under the Indenture. 

“Equity Value” means, with respect to a Person, its assets minus its liabilities, in each case, determined in accordance with United States
generally accepted accounting principles. 
 “Indenture” means the Indenture dated as of December 16, 2019, as amended and restated as
of August 14, 2020 and as further amended and restated as of March 12, 2021, between Great Lakes BCPL Funding Ltd. and U.S. Bank National Association (now known as U.S. Bank Trust Company, National Association), as trustee, as the same may
be further amended, supplemented or otherwise modified from time to time. 
 “Indenture Event of Default” means an “Event of
Default” (as defined in the Indenture) occurs with respect to the Issuer under the Indenture. 
 “Minimum NAV” means (a) at all
times, USD25,000,000 and (b) as of the last day of each fiscal quarter, 50% of the Net Asset Value as of the last day of the same fiscal quarter in the immediately preceding fiscal year; provided that, for the purposes of clause
(vii) of the “Certain Covenants of Seller” provision and the Minimum NAV Capital Call Restoration Amount, “Net Asset Value” shall be determined based on the aggregate net asset value amount included in the most recently
delivered BC Partners Financial Requirements and adjusted for any redemptions and/or withdrawals from such aggregate net asset value amount. 

“Minimum NAV Capital Call Restoration Amount” means an amount in Cash equal to such amount that will, immediately following the payment of
such amount to Seller, restore the Net Asset Value of Seller to at least the Minimum NAV. 
 “Net Asset Value” means, with respect to
Seller and any date of determination, the aggregate net asset value of Seller (calculated in accordance with United States generally accepted accounting principles). 

“Other Senior Secured Liabilities” means Indebtedness of Seller determined on a consolidated basis in accordance with United States generally
accepted accounting principles (but excluding (1) the Indebtedness of Seller’s SBIC Subsidiaries which are subject to any order(s) of the SEC, including any exemptive order issued by the SEC 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 but for only so long as (a) such order is in effect, (b) no obligations are then due and owing pursuant to the terms
of any guarantee by one or more obligors of Indebtedness of an SBIC Subsidiary on the SBA’s then applicable form, and (c) any obligations then due and owing with respect to the Indebtedness of an SBIC Subsidiary are to the SBA only, and
(2) Indebtedness evidenced hereby) that: (i) is not (and by its terms is not permitted to become) subordinate in right of payment to any other debt for borrowed money incurred by Seller; and (ii) is secured by a valid first priority
perfected security interest or lien on specified collateral (such collateral, together with any other pledged assets, having a value equal to or greater than the outstanding principal amount of such Indebtedness) securing Seller’s obligations
under such Indebtedness, which security interest or lien is subject to customary liens. 
 “Overnight Receipt Rights” means, in reference
to a particular investment, deposit or other instrument, an enforceable right of fund against the bank, prime broker, custodian or other holder thereof, as applicable, to demand and receive transfer of such investment, deposit or instrument (or
proceeds thereof) on the same day of, or the next day after, fund’s request for such transfer. 
 “SBIC Subsidiary” means any direct
or indirect wholly-owned (except for directors, managers or other similar qualifying shares) subsidiary (including such subsidiary’s general partner or managing entity to the extent that the only material asset of such general partner or
managing entity is its equity interest in the SBIC Subsidiary) of Seller licensed as a small business investment company under the Small Business Investment Act of 1958, as amended, and which is designated by Seller (as provided below) as an
“SBIC Subsidiary”, so long as (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such subsidiary: (i) is guaranteed by Seller or any of its subsidiaries (other than any SBIC Subsidiary), (ii)
is recourse to or obligates Seller or any of its subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects any property of Seller or any of its subsidiaries (other than any SBIC Subsidiary), directly or indirectly,
contingently or otherwise, to the satisfaction thereof, and (b) 

  
 26 

 neither Seller nor any of its subsidiaries has any obligation to maintain or preserve such Person’s
financial condition or cause such entity to achieve certain levels of operating results. Any such designation by Seller shall be effected pursuant to a certificate of its chief financial officer delivered to Buyer, which certificate shall include a
statement to the effect that, to the best of such officer’s knowledge, such designation complied with the foregoing conditions. 
 “Senior ACR
Capital Call Restoration Amount” means an amount in Cash equal to such amount that will, immediately following the payment of such amount to Seller, restore the Senior Asset Coverage Ratio to at least 167%. 

“Senior Asset Coverage Ratio” means, with respect to Seller and any date of determination, the ratio (expressed as a percentage) of: 

(a)     the sum of (i) the total assets of Seller determined on a consolidated basis (calculated in accordance with United States
generally accepted accounting principles but excluding the assets of any of Seller’s SBIC Subsidiaries identified in the immediately following sub-clause (ii)), plus (ii) the Equity Value of
each Seller SBIC Subsidiary (A) that is subject to any order(s) of the SEC (including any exemptive order issued by the SEC under Section 6(c) of the Investment Company Act) that remain in effect on the relevant date of determination and relate
to the exclusion of any indebtedness of such SBIC Subsidiary from the definition of Senior Securities under such Act and (B) with respect to which there are no obligations then due and owing pursuant to the terms of any guarantee by one or more
obligors of Indebtedness of such SBIC Subsidiary on the SBA’s then applicable form, to 
 (b)     the aggregate of (i) the
then-current Purchase Price plus (ii) the Other Senior Secured Liabilities. 
 “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 Seller or any of its SBIC Subsidiaries thereunder. 

“SBA” means the U.S. Small Business Administration. 

“Unencumbered Cash” means, without double counting, the aggregate amount of: 

(a)     Seller’s (i) overnight repo investments, overnight bank deposits, money market investments or other similar instruments
(including obligations issued by the US Department of Treasury and mortgage-backed securities issued by either the Government National Mortgage Association or by a Government sponsored enterprise) (collectively, “Cash Equivalents”) and
(ii) Seller’s cash on deposit that, in each case, (A) are not encumbered, (B) are available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular
purposes, and (C) have Overnight Receipt Rights; and 
 (b)     cash or Cash Equivalents that (i) are credited to the Accounts
and are expressly permitted or required to be distributed to Seller pursuant to, and in accordance with, the Indenture but which have not actually been withdrawn or (ii) have been withdrawn from the Accounts for distribution to Seller pursuant
to, and in accordance with, the Indenture but are pending settlement and do not yet satisfy the requirements of clause (a) above;  

provided that (x) the fact that assets might become unavailable upon the occurrence of an insolvency of the financial institution that has
custody of such assets shall not prevent such assets from being included in the “Unencumbered Cash” calculation so long as such assets have not, in fact, become unavailable and (y) in the case of clause (a), any cash posted as
collateral to any third party shall not constitute “Unencumbered Cash” for purposes of this definition. 
 “Zero Value Portfolio
Asset” means a “Zero Value Portfolio Asset”, as defined in the Indenture. 
 [signatures follow on the next page]

 By executing this Confirmation and returning it to us, Seller confirms that the foregoing correctly sets out
the terms of the agreement of the Parties. 
 Yours faithfully, 
  

			
	UBS AG, LONDON BRANCH,
	In its individual capacity and as Calculation Agent
	
	By:                                   
                                         
      
	Name:	 	
	Title:	 	
	
	By:                                  
                                         
       
	Name:	 	
	Title:	 	

  
 UBS – Signature Page
to Confirmation 

 Confirmed as of the date first above written: 

 

			
	BC PARTNERS LENDING CORPORATION
	
	By:                                  
                                        

	Name:	 	
	Title:	 	

  
 BC Partners –
Signature Page to ConfirmationExhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of October 11, 2022, between Jowell Global Ltd., a Cayman
Islands company (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 an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”), 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, for all purposes of this Agreement, the following terms
have the meanings set forth in this Section 1.1:

 

“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 other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

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

 

“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 (2nd)
Trading Day following the date hereof.

 

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

 

“Ordinary
Shares” means the ordinary shares 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.

 

“Company
Counsel” means Fisher Broyles, LLP, with offices located at 1200 G Street NW, Suite 800, Washington, DC 20005.

 

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

 

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

 

“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(a).

 

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

 

“Per
Share Purchase Price” equals $1.40, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Ordinary Share that occur after the date of this Agreement.

 

“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.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition) pending or, to the Company’s knowledge, threatened in writing 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).

 

“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.

 

“Registration
Statement” means the effective registration statement with Commission File No. 333-264109 which registers the sale of the Shares.

 

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

 

“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” means all reports, schedules, forms, statements and other documents required to be filed by the Company under the
Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 12 months preceding the date hereof, including
the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement.

 

“Securities”
means the Shares.

 

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

 

“Shares”
means the ordinary shares of issued or issuable to each Purchaser pursuant to this Agreement.

 

“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 Shares 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.

 

“Subsidiary”,
for purpose of this Agreement, means any subsidiary and VIE of the Company, and shall, where applicable, also include any direct or indirect
subsidiary and VIE of the Company formed or acquired after the date hereof.

 

    2

     

    

 

“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 Ordinary Shares are 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 (or any successors to any of the foregoing).

 

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

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, New York 11598, and any successor transfer agent of the Company.

 

“Variable
Interest Entity” or “VIE” shall have the meaning set forth in Statement of Financial Accounting Standards Board
Accounting Standards Codification 810 “Consolidation.”

 

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 $3,607,240 of Shares. Each Purchaser’s Subscription
Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
settlement with the Company or its designees. The Company shall deliver to each Purchaser its respective Shares 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 Sections 2.2 and 2.3, the Closing shall occur at the offices of the Company
Counsel or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the
Shares shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall
issue the Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s)
or in the name of each Purchaser; and payment therefor shall be made by each of the Purchasers by wire transfer to the Company).

 

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)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed by the
Chief Executive Officer or Chief Financial Officer;

 

(iii)
subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name
of such Purchaser;

 

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

 

    3

     

    

 

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

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with the
Company or its designees.

 

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) when made and 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.

 

    4

     

    

 

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 or otherwise 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:

 

(b)
Organization and Qualification. The Company and each of the Subsidiaries, if any, is an entity duly incorporated or otherwise
organized and validly existing under the laws of each jurisdiction in which it owns or leases properties or conducts any business so
as to require such qualification, 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”); provided, however, that “Material Adverse Effect”
shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general
economic or political conditions; (ii) conditions generally affecting the industries in which the Company operates; (iii) any changes
in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security
or any market index or any change in prevailing interest rates; (iv) acts of war (whether or not declared), armed hostilities or terrorism,
or the escalation or worsening thereof; (v) any action required or permitted by this Agreement or any action taken (or omitted
to be taken) with the written consent of or at the written request of Purchaser; (vi) any matter of which Purchaser is aware on the date
hereof; (vii) any changes in applicable laws or accounting rules; (viii) the announcement, pendency or completion of the transactions
contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others
having relationships with the Company; (ix) any natural or man-made disaster or acts of God; (x) any epidemics, pandemics, disease outbreaks,
or other public health emergencies; or (xi) any failure by the Company to meet any internal or published projections, forecasts or revenue
or earnings predictions. To the Company’s knowledge, 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.

 

(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 stockholders in connection herewith or therewith
other than in connection with the Required Approvals (as defined below).

 

(d)
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 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, and (iii) application(s)
to each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner required thereby (collectively,
the “Required Approvals”).

 

    5

     

    

 

(e)
Issuance of the Securities; Registration. The Securities have been 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 Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock
issuable pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements
of the Securities Act, which became effective on August 31, 2022 (the “Effective Date”), 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).

 

(f)
Capitalization. Except as may be described in the SEC Reports, all of the issued share capital of the Company has been duly and
validly authorized and issued, is fully paid and non-assessable.

 

(g)
SEC Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company
under the Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 12 months preceding the date
hereof (or such shorter period as the Company was required by law or regulation to file such material) 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.

 

(h)
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.

 

(i)
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any
broker, financial advisor, 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.

 

(j)
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.

 

    6

     

    

 

(k)
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.

 

(l)
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”).

 

(m)
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.

 

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. The 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 the 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 the Purchaser. Each Transaction Document to which
it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will
constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms.

 

(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).

 

    7

     

    

 

(c)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such
Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the
material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Such Purchaser has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

(d)
Investment Experience. Such Purchaser understands that the purchase of the Securities involves a substantial risk and acknowledges
that it can bear the economic risk and complete loss of its investment in the Securities and has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby.

 

(e)
Informed Investment Decision. Based on the information such Purchaser has deemed appropriate, it has independently made its own
analysis and decision to enter into the Transaction Documents. Such Purchaser has sought its own accounting, legal and tax advice as
it has considered necessary to make an informed decision with respect to its acquisition of the Securities.

 

(f)
Consultation With Own Advisors. Such Purchaser has been advised to consult with its own attorney and other financial and tax advisers
regarding all legal matters concerning an investment in the Company and the tax consequences of purchasing the Securities, and has done
so, to the extent such Purchaser considers necessary.

 

(g)
Government Recommendation or Approval. Such Purchaser understands that no United States federal or state agency, or similar agency
of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the offering of
the Securities. Such Purchaser hereby represents that it has satisfied itself as to the full observance by the Purchaser of the laws
of its jurisdiction applicable to the Purchaser in connection with the purchase of the Securities or the execution and delivery by the
Purchaser of this Agreement and the Transaction Documents, including (i) the legal requirements within its jurisdiction for the
purchase of the Securities, (ii) any foreign exchange restrictions applicable to the purchase, (iii) any governmental or other
consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the Purchaser’s
purchase, holding, redemption, sale, or transfer of the Securities. The Purchaser’s subscription and payment for, and continued
beneficial ownership of, the Securities will not violate any securities or other laws of the Purchaser’s jurisdiction applicable
to the Purchaser.

 

(h)
No Intent to Effect a Change of Control; Ownership. Such Purchaser has no present intent to effect a “change of control”
of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the Exchange Act and under the
rules of the Nasdaq Capital Market.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Use of Proceeds. Except as set forth in the Prospectus Supplement, the Company shall use the net proceeds from the sale of the
Securities hereunder for working capital or mergers and acquisitions purposes and shall not use such proceeds: (a) 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), (b) for the redemption of any Ordinary Share or Ordinary Share Equivalents, (c) for the settlement of any outstanding
litigation or (d) in violation of FCPA or OFAC regulations.

 

    8

     

    

 

4.2
Reservation of Ordinary Share. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep
available at all times, free of preemptive rights, a sufficient number of ordinary shares for the purpose of enabling the Company to
issue Shares pursuant to this Agreement.

 

4.3
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at
such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release or
Form 6-K.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions
contemplated by this Agreement are publicly disclosed by the Company, such Purchaser will maintain the confidentiality of the existence
and terms of this transaction and the related information. 

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination.  This Agreement may be terminated by the Company or 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 the 30th Trading Day following the date hereof; provided,
however, that no such termination will 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 exercise notice
delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities 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.

 

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 time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the 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 time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the 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 (2nd)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 for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

    9

     

    

 

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 an amendment, by the Company and the Purchaser as to such Purchaser’s obligations hereunder only and without
any effect whatsoever on the obligations between the Company and the other Purchasers, or, in the case of a waiver, by the party against
whom 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 amendment or waiver 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 amendment effected in accordance with this Section 5.5 shall be binding upon
such Purchaser and the Company that are the parties to the amendment agreement.

 

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. No party hereto may assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Company and the Purchaser.

 

5.8
No Third-Party Beneficiaries. 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.

 

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, 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.

 

    10

     

    

 

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.

 

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
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.

 

5.14
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. 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.

 

5.15 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.

 

5.16
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 ordinary shares 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 ordinary shares of the Company that occur after
the date of this Agreement.

 

5.17
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)

 

    11

     

    

 

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.

 

	jowell globl
    ltd.	 	Address for Notice:
	 	 	
	By:	/s/Zhiwei
    Xu	 	Fax:
	Name: 	Zhiwei Xu	 	E-mail:
	Title: 	Chief Executive Officer	 	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    12

     

    

 

[PURCHASER
SIGNATURE PAGES TO 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:

Email
Address of Authorized Signatory:

Address
for Notice to Purchaser:

DWAC
for Shares:

 

Subscription
Amount:

Shares:

 

 

13

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