Document:

Master Loan Sale and Contribution

 Exhibit 10.5 

EXECUTION VERSION 
  

 
 MASTER LOAN SALE AND
CONTRIBUTION AGREEMENT 
 by and between 

AB PRIVATE CREDIT INVESTORS CORPORATION, 

as the Seller 
 and 

ABPCIC FUNDING III LLC, 
 as
the Buyer 
 Dated as of March 24, 2021 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS 
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Terms	  	 	4	 
	 Section 1.03
	 	Computation of Time Periods	  	 	4	 
	 Section 1.04
	 	Interpretation	  	 	4	 
	 Section 1.05
	 	References	  	 	5	 
	 Section 1.06
	 	Calculations	  	 	5	 
		
	 ARTICLE II TRANSFER OF LOAN ASSETS 
	  	 	5	 
			
	 Section 2.01
	 	Sale, Transfer and Assignment	  	 	5	 
	 Section 2.02
	 	Purchase Price	  	 	8	 
	 Section 2.03
	 	Payment of Purchase Price	  	 	9	 
		
	 ARTICLE III CONDITIONS PRECEDENT 
	  	 	10	 
			
	 Section 3.01
	 	Conditions Precedent to Closing	  	 	10	 
	 Section 3.02
	 	Conditions Precedent to all Purchases	  	 	10	 
	 Section 3.03
	 	Release of Excluded Amounts	  	 	11	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES 
	  	 	12	 
			
	 Section 4.01
	 	Representations and Warranties Regarding the Seller	  	 	12	 
	 Section 4.02
	 	Representations and Warranties of the Seller Relating to the Agreement and the Collateral	  	 	17	 
	 Section 4.03
	 	Representations and Warranties Regarding the Buyer	  	 	17	 
	 Section 4.04
	 	Ordinary Course of Business	  	 	19	 
		
	 ARTICLE V COVENANTS 
	  	 	19	 
			
	 Section 5.01
	 	Affirmative Covenants of the Seller	  	 	19	 
	 Section 5.02
	 	Negative Covenants of the Seller	  	 	21	 
		
	 ARTICLE VI OPTION TO REPURCHASE AND SUBSTITUTE COLLATERAL LOANS

	  	 	22	 
			
	 Section 6.01
	 	Substitution of Collateral Loans	  	 	22	 
	 Section 6.02
	 	Seller’s Optional Right to Repurchase Collateral Loans	  	 	23	 
		
	 ARTICLE VII INDEMNIFICATION BY THE SELLER 
	  	 	24	 
			
	 Section 7.01
	 	Indemnification	  	 	24	 
	 Section 7.02
	 	Liabilities to Obligors	  	 	25	 
	 Section 7.03
	 	Operation of Indemnities	  	 	25	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VIII TERM AND TERMINATION 
	  	 	25	 
			
	 Section 8.01
	 	Termination	  	 	25	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	25	 
			
	 Section 9.01
	 	Amendments and Waivers	  	 	25	 
	 Section 9.02
	 	Notices, Etc.	  	 	25	 
	 Section 9.03
	 	Binding Effect; Benefit of Agreement	  	 	26	 
	 Section 9.04
	 	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS	  	 	26	 
	 Section 9.05
	 	WAIVER OF JURY TRIAL	  	 	26	 
	 Section 9.06
	 	Certain Taxes	  	 	27	 
	 Section 9.07
	 	Non-Petition	  	 	27	 
	 Section 9.08
	 	Recourse Against Certain Parties	  	 	27	 
	 Section 9.09
	 	Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Purchases	  	 	28	 
	 Section 9.10
	 	Execution in Counterparts; Severability; Integration	  	 	29	 
	 Section 9.11
	 	Headings, Exhibits and Schedules	  	 	29	 
	 Section 9.12
	 	Assignment	  	 	30	 
	 Section 9.13
	 	No Waiver; Cumulative Remedies	  	 	30	 

  

			
	Exhibit A	  	Form of Assignment
	Schedule I	  	Collateral Loans

  
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 MASTER LOAN SALE AND CONTRIBUTION AGREEMENT 

THIS MASTER LOAN SALE AND CONTRIBUTION AGREEMENT, dated as of March 24, 2021 (as amended, modified, supplemented or restated from
time to time, this “Agreement”), is between AB PRIVATE CREDIT INVESTORS CORPORATION, a Maryland corporation (in its capacity as seller hereunder, together with its successors and assigns, the “Seller”) and ABPCIC
FUNDING III LLC, a Delaware limited liability company (together with its successors and assigns, the “Buyer”). 

WHEREAS, in the regular course of its business, the Seller originates and/or otherwise acquires Collateral Loans; and 

WHEREAS, pursuant to this Agreement, the Buyer desires to, on the date hereof and from time to time thereafter, purchase certain assets
from the Seller and the Seller desires to, on the date hereof and from time to time thereafter, sell to the Buyer certain assets originated or acquired by the Seller in its normal course of business, together with, among other things, certain
related security and rights of payment thereunder. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.01 Definitions. 

Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Credit Agreement, unless the context
otherwise requires. In addition, as used herein, the following defined terms shall have the following meanings: 

“Agreement” shall have the meaning provided in the first paragraph of this Agreement. 

“Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, public body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of government, including the FINRA, the SEC, the stock exchanges, any Federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department,
instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign. 

“Buyer” shall have the meaning provided in the first paragraph of this Agreement. 

“Buyer Originated Loan” shall have the meaning provided in Section 2.01(b). 

 “Collateral” shall have the meaning provided in
Section 2.01(a). 
 “Credit Agreement” means the credit agreement, dated as of the date hereof,
by and among the Buyer, as borrower, the lenders from time to time party thereto, Natixis, New York Branch, as administrative agent, and U.S. Bank National Association, as collateral agent, collateral administrator and custodian, as the same may be
amended, supplemented, restated or modified from time to time. 
 “Excluded Amounts” means (a) any amount received by,
on or with respect to any Collateral Loan in the Collateral, which amount is attributable to the payment of any tax, fee or other charge imposed by any Authority on such Collateral Loan, (b) any amount representing escrows relating to taxes,
insurance and other amounts in connection with any Collateral Loan which is held in an escrow account for the benefit of the related Obligor and the secured party (other than the Seller in its capacity as lender with respect to such Collateral Loan)
pursuant to escrow arrangements, (c) any amount with respect to any Collateral Loan repurchased or substituted by the Seller under Article VI hereof to the extent such amount is attributable to a time after the effective date of such
repurchase or substitution, (d) any Retained Fee retained by the Seller in connection with the origination of any Collateral Loan and (e) any Equity Security related to any Collateral Loan that the Seller determines will not be transferred
to the Buyer by the Seller in connection with the sale of any related Collateral Loan hereunder. 
 “Governmental
Authorizations” means all franchises, permits, licenses, approvals, consents, orders and other authorizations of all Authorities. 

“Governmental Filings” means all filings, including franchise and similar tax filings, and the payment of all fees,
assessments, interests and penalties associated with such fillings with all Authorities. 
 “Indemnified Party” shall have
the meaning provided in Section 7.01. 
 “Loan List” means the list of Collateral Loans attached
hereto as Schedule I, as supplemented by each list of Collateral Loans attached as Schedule I to the related assignment agreement provided by the Seller to the Buyer on each Purchase Date following the date hereof, as such list may be further
amended, supplemented or modified from time to time in accordance with this Agreement. 
 “Material Adverse Effect” means
any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business, assets, financial condition or operations of the Seller, (b) the ability of the Seller to perform its obligations under the Loan
Documents or (c) the rights, interests, remedies or benefits (taken as a whole) available to the Lenders or the Agents under the Loan Documents, each as determined in good faith and on a commercially reasonable basis by the Lenders. 

“Payment in Full” means payment in full in cash of all Obligations (other than any unasserted contingent obligations),
including without limitation all principal, interest, Commitment Fees, Administrative Expenses and fees, if any, payable under the Credit Agreement or any fee letter entered into in connection with the Loan Documents. 

  
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 “Payment in Full Date” means the date on which a Payment in Full occurs and the
Commitments are terminated. 
 “Purchase” means a purchase or other acquisition by the Buyer of Collateral from or as
directed or referred by the Seller pursuant to Section 2.01. 
 “Purchase Date” means any day
(including the date hereof) on which any Collateral Loan is acquired by the Buyer from the Seller pursuant to the terms of this Agreement (including any Substitution Date). 

“Purchase Price” shall have the meaning provided in Section 2.02. 

“Related Contracts” means all credit agreements, indentures, notes, security agreements, leases, financing statements,
guaranties, and other contracts, agreements, instruments and other papers evidencing, securing, guaranteeing or otherwise relating to any Collateral Loan or Eligible Investment or other investment with respect to any Collateral or proceeds thereof
(including the related underlying instruments), together with all of the Seller’s right, title and interest in, to and under all property or assets securing or otherwise relating to any Collateral Loan or other loan or security of the Seller or
Eligible Investment or other investment with respect to any Collateral or proceeds thereof or any Related Contract. 
 “Replaced
Loan” shall have the meaning provided in Section 6.01. 
 “Repurchase Price” means, on
any date of determination with respect to any Credit Risk Loan or Defaulted Loan with respect to which the Seller elects to exercise its option to purchase or repurchase pursuant to Section 6.02 of this Agreement, an amount
at least equal to the highest of (a) the highest actionable bid obtained from at least two unaffiliated loan market participants for such Credit Risk Loan or Defaulted Loan, if any, (b) the Principal Balance of such Credit Risk Loan or
Defaulted Loan multiplied by the applicable DBRS Recovery Rate for such Credit Risk Loan or Defaulted Loan and (c) the Market Value of such Credit Risk Loan or Defaulted Loan (provided that the Market Value shall not be determined
pursuant to clause (d) or (e) of the definition thereof). 
 “Retained Fee” means any reasonable origination,
structuring or similar closing fee charged by the Person originating a loan on behalf of its lenders for services it has performed in connection with such origination, which is not customarily made available to the lenders as part of their return
with respect to such loan, and provided such Person is entitled to retain the same in accordance with applicable law. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory
provisions shall be deemed to be a reference to any successor statutory or regulatory provision. 
 “Seller” shall have the
meaning provided in the first paragraph of this Agreement. 
 “Substitute Loan” shall have the meaning provided in
Section 6.01. 

  
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 “Substitution Date” means any date on which the Seller transfers a Substitute
Loan to the Buyer. 
 “Warehouse Closing Date” means the date on which the Buyer enters into the Credit Agreement. 

“Warehouse Facility” means any collateralized loan financing facility or collateralized loan obligation transaction that the
Seller or any Affiliate thereof may be party to in any capacity. 
 Section 1.02 Other Terms. 

All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles in
the United States. The symbol “$” shall mean the lawful currency of the United States of America. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such
Article 9. 
 Section 1.03 Computation of Time Periods. 

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including,” the words “to” and “until” each mean “to but excluding”. 

Section 1.04 Interpretation. 

In this Agreement, unless a contrary intention appears: 

(i) the singular number includes the plural number and vice versa; 

(ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and
assigns are permitted by the Loan Documents; 
 (iii) references to “including” means “including, without
limitation”; 
 (iv) reference to day or days without further qualification means calendar days; 

(v) unless otherwise stated, reference to any time means New York, New York time; 

(vi) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in
a visible form; 
 (vii) reference to any agreement (including any Loan Document), document or instrument means such
agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Loan Documents, and
reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefore; and 

  
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 (viii) reference to any applicable law means such applicable law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any applicable law means that provision of
such applicable law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision. 

Section 1.05 References. 

All section references (including references to the preamble), unless otherwise indicated, shall be to Sections (and the preamble) in this
Agreement. 
 Section 1.06 Calculations. 

Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360-day year and the actual days elapsed in the relevant period and will be carried out to at least three decimal places. 

ARTICLE II 
 TRANSFER OF
LOAN ASSETS 
 Section 2.01 Sale, Transfer and Assignment. 

(a) On the terms and subject to the conditions set forth in this Agreement (including the conditions to purchase set forth in Article
III), on each Purchase Date, with respect to items of Collateral conveyed by the Seller hereunder, the Seller hereby sells, transfers, assigns, sets over and otherwise conveys to the Buyer, and the Buyer hereby Purchases and takes from the
Seller all right, title and interest (whether now owned or hereafter acquired or arising and wherever located) of the Seller (including all obligations of the Seller as lender to fund any Revolving Collateral Loan or Delayed Funding Loan conveyed by
the Seller to Buyer hereunder which obligations Buyer hereby assumes) in the property identified in clauses (i)-(v) below and all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights,
copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property, letter-of-credit
rights, accessions, proceeds and other property consisting of, arising out of, or related to any of the following (in each case excluding the Excluded Amounts) (collectively, the “Collateral”): 

(i) the Collateral Loans listed on the Loan List on the date hereof and any additional Collateral Loans included on the Loan
List from time to time following the date hereof pursuant to this Agreement, in each case, including all monies due, to become due or paid in respect of such Collateral Loans on and after the related Purchase Date, including but not limited to all
Collections and other recoveries thereon, in each case as they arise after the related Purchase Date; 
 (ii) all Liens with
respect to the Collateral Loans referred to in clause (i) above; 

  
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 (iii) all Related Contracts with respect to the Collateral Loans referred to in
clause (i) above; 
 (iv) all collateral security granted under any Related Contracts; and 

(v) all income and proceeds of the foregoing. 

(b) In addition to the rights of the Buyer to acquire Collateral Loans from the Seller, the Buyer may fund directly any Collateral Loan
directly as a primary lender at the origination thereof (each such Collateral Loan, a “Buyer Originated Loan”). 
 (c) From
and after each Purchase Date following the date hereof, the additional Collateral Loans included in the supplemented Loan List shall be deemed to be Collateral hereunder. 

(d) On any Purchase Date, with respect to the Collateral to be acquired by the Buyer on that date, the Seller shall be deemed to, and hereby
does, reaffirm and certify to the Buyer (and on any Purchase Date on and after the Warehouse Closing Date, the Collateral Agent, on behalf of the Secured Parties, and the Administrative Agent), as of such Purchase Date that each of the
representations and warranties in Section 4.02 is true and correct in all material respects as of such Purchase Date. 

(e) Except as specifically provided in this Agreement, the sale and purchase of Collateral under this Agreement shall be without recourse to
the Seller; it being understood that the Seller shall be liable to the Buyer for all representations, warranties, covenants and indemnities made by the Seller pursuant to the terms of this Agreement, all of which obligations are limited so as not to
constitute recourse to the Seller for the credit risk of the Obligors. 
 (f) In connection with each Purchase of Collateral that occurs on
or after the Warehouse Closing Date as contemplated by this Agreement, the Buyer hereby directs the Seller to, and the Seller agrees that it will deliver in accordance with the Credit Agreement, or cause to be delivered in accordance with the Credit
Agreement (on behalf of the Borrower), to the Custodian, as agent and custodian for the Collateral Agent, each Collateral Loan being transferred to the Buyer on such Purchase Date in accordance with the applicable provisions of the Credit Agreement.
On the Warehouse Closing Date and each Purchase Date thereafter, each item of Collateral (including, on the Warehouse Closing Date, each item of Collateral Purchased prior to the Closing Date) shall be delivered to the Custodian by: 

(i) with respect to such of the Collateral as constitutes an instrument, tangible chattel paper, a negotiable document, or
money, causing the Custodian to take possession of such instrument indorsed to the Custodian or in blank, or such money, negotiable document, or tangible chattel paper, in the State of Wisconsin separate and apart from all other property held by the
Custodian; 
 (ii) with respect to such of the Collateral as constitutes a certificated security in bearer form, causing the
Custodian to take possession of the related security certificate in the State of Wisconsin; 

  
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 (iii) with respect to such of the Collateral as constitutes a certificated
security in registered form, causing the Custodian to take possession of the related security certificate in the State of Wisconsin, indorsed to the Custodian or in blank by an effective indorsement, or registered in the name of the Custodian, upon
original issue or registration of transfer by the issuer of such certificated security; 
 (iv) with respect to such of the
Collateral as constitutes an uncertificated security, causing the issuer of such uncertificated security to register the Custodian or its nominee for the account of the Custodian as the registered owner of such uncertificated security; 

(v) with respect to such of the Collateral as constitutes a security entitlement, causing the Securities Intermediary to
indicate by book entry that the financial asset relating to such security entitlement has been credited to the Custodial Account; 

(vi) with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be established
and maintained in the name of the Collateral Agent or the Custodian, as applicable, by a bank the jurisdiction of which for purposes of the UCC is the State of New York; and 

(vii) taking such additional or alternative procedures as may hereafter become appropriate to grant a first priority, perfected
security interest in such items of the Collateral to the Collateral Agent, consistent with applicable law or regulations. 
 If any item of
Collateral is a financial asset issued by an issuer that is not the United States of America, an agency or instrumentality thereof, or some other United States person or entity, and if such item cannot be delivered as set forth above, such item may
be delivered by the Collateral Agent holding such item in an account created and maintained in the name of the Collateral Agent with a banking or securities institution or a clearing agency or system located outside the United States such that the
Collateral Agent holds a first priority, perfected security interest in such item of Collateral. 
 (g) The Seller shall take such action
requested by the Buyer or, on and after the Warehouse Closing date, the Administrative Agent, from time to time hereafter, that may be necessary or appropriate to ensure that the Buyer has an enforceable ownership interest and on and after the
Warehouse Closing Date, its assigns under the Credit Agreement have an enforceable and perfected security interest in the Collateral Purchased by the Buyer as contemplated by this Agreement. 

(h) In connection with the Purchase by the Buyer of the Collateral as contemplated by this Agreement, the Seller further agrees that it will,
at its own expense, indicate clearly and unambiguously in its computer files and its financial statements, on or prior to each Purchase Date, that such Collateral has been Purchased by the Buyer in accordance with this Agreement. 

(i) The Seller further agrees to deliver to the Buyer on or before each Purchase Date a computer file containing a true, complete and correct
Loan List (which shall contain the related Principal Balance, outstanding principal balance and Obligor name for each Collateral Loan) as of the related Purchase Date. Such file or list shall be marked as Schedule I to this Agreement, shall
be delivered to the Buyer as confidential and proprietary, and is hereby incorporated into and made a part of this Agreement as such Schedule I may be supplemented and amended from time to time. 

  
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 (j) It is the intention of the parties hereto that the conveyance of all right, title and
interest in and to the Collateral to the Buyer as provided in this Section 2.01 shall constitute an absolute sale, conveyance and transfer conveying good title, free and clear of any Lien (other than Permitted Liens) and
that the Collateral shall not be part of the Seller’s bankruptcy estate in the event of any bankruptcy or insolvency proceedings with respect to the Seller. Furthermore, it is not intended that such conveyance be deemed a pledge of the
Collateral Loans and the other Collateral to the Buyer to secure a debt or other obligation of the Seller. If, however, notwithstanding the intention of the parties, the conveyance provided for in this Section 2.01 is
determined to be a transfer for security, then this Agreement shall also be deemed to be, and hereby is, a “security agreement” within the meaning of Article 9 of the UCC and the Seller hereby grants to the Buyer a duly perfected, first
priority “security interest” within the meaning of Article 9 of the UCC in all right, title and interest in and to the Collateral, now existing and hereafter created, to secure the prompt and complete payment of a loan deemed to have been
made in an amount equal to the aggregate Purchase Price of the Collateral together with all of the other obligations of the Seller hereunder. The Buyer shall have, in addition to the rights and remedies which it may have under this Agreement, all
other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative. The Seller authorizes Buyer, the Administrative Agent and the Collateral Agent on behalf of the Secured
Parties to file UCC financing statements naming the Seller as “debtor”, the Buyer as “secured party” and on or after the Warehouse Closing Date the Collateral Agent as “assignee secured party”, or similar applicable
designations, and describing the Collateral, in each jurisdiction that the Buyer deems necessary in order to protect the security interests in the Collateral granted under this Section 2.01. 

(k) The Seller and the Buyer agree and acknowledge that, in accordance with the terms of the Retention Letter to be entered into on the
Warehouse Closing Date and the Credit Agreement, in relation to every Collateral Loan that the Seller sells or transfers to the Buyer and in connection with each Buyer Originated Loan (excluding any asset acquired pursuant to an offer, exchange or
exercise of rights or remedies pursuant to a Collateral Loan owned by the Buyer), the Seller, either itself or through related entities (including the Buyer), directly or indirectly, was involved or will be involved in negotiating the original
agreements which created or will create over 50% (measured by total nominal amount) of all the Collateral Loans acquired (or committed to be acquired) by the Buyer, such percentage being calculated in accordance with clauses (f) and (g) of the
definition of “Eligibility Criteria” in the Credit Agreement. 
 Section 2.02 Purchase Price. 

The purchase price for each item of Collateral sold to the Buyer under and for purposes of this Agreement shall be a dollar amount equal to the
fair market value thereof as determined from time to time by the Seller and the Buyer and each such transaction shall be on terms no less favorable to the Buyer than it would obtain in a comparable arm’s length transaction with a Person that is
not an Affiliate (in each case, the “Purchase Price”). 

  
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 Section 2.03 Payment of Purchase Price. 

(a) The Purchase Price for any Collateral acquired by the Buyer on any Purchase Date pursuant to this Agreement shall be paid in a combination
of (i) immediately available funds in cash and (ii) if the Buyer does not have sufficient funds in cash to pay the full amount of the Purchase Price (after taking into account any Borrowing the Buyer expects to receive pursuant to the
Credit Agreement), by means of a capital contribution by the Seller to the Buyer, provided that the cash portion of the Purchase Price of any Collateral acquired by the Buyer prior to the Warehouse Closing Date shall be paid on the Warehouse Closing
Date in connection with the initial Borrowing under the Credit Agreement. 
 (b) The Purchase Price for any Collateral Purchased by the Buyer
to be settled directly with a third party on any Purchase Date shall be paid in immediately available funds, which may comprise, if the Buyer does not have sufficient funds in cash to pay the full amount of the Purchase Price (after taking into
account any Loan the Buyer expects to receive pursuant to the Credit Agreement), amounts contributed by the Seller to the Buyer. 
 (c)
Notwithstanding any provision herein to the contrary, the Seller may on any Purchase Date elect to designate all or a portion of the Collateral proposed to be transferred to the Buyer on such date as a capital contribution to the Buyer. In such
event, the cash portion of the Purchase Price payable with respect to such transfer shall be reduced by that portion of the Purchase Price of the Collateral that was so contributed; provided that Collateral contributed to the Buyer as capital
shall constitute Collateral for all purposes of this Agreement. To the extent the fair market value of any Collateral purchased or acquired by replacement and substitution by Buyer pursuant to this Agreement exceeds the amount of cash paid or other
consideration exchanged therefore, such excess shall be deemed to be a capital contribution from the Seller to the Buyer. In addition, the Seller may also elect to contribute capital to the Buyer to permit the Buyer to fund any Buyer Originated
Loan. 
 (d) The Seller, in connection with each Purchase hereunder relating to any Collateral, shall be deemed to have certified, and hereby
does certify, with respect to the Collateral to be Purchased by the Buyer on such day, that its representations and warranties contained in Article IV are true and correct in all material respects on and as of such day, with the same effect
as though made on and as of such day. 
 (e) Upon the payment of the Purchase Price for any Purchase, title to the Collateral included in
such Purchase shall vest in Buyer, whether or not the conditions precedent to such Purchase and the other covenants and agreements contained herein were in fact satisfied; provided that Buyer shall not be deemed to have waived any claim it
may have under this Agreement for the failure by the Seller in fact to satisfy any such condition precedent, covenant or agreement. 
 (f)
The Seller and the Buyer acknowledge and agree that, solely for administrative convenience, any transfer document or assignment agreement (or, in the case of any underlying promissory note, any chain of endorsement) required to be executed and
delivered in connection with the transfer of a Collateral Loan in accordance with the terms of any Related Contracts may reflect that the seller is assigning such Collateral Loan directly to the Buyer. Nothing in such assignment agreements shall be
deemed to impair the transfers of the Collateral Loans by the Seller 

  
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to the Buyer in accordance with the terms of this Agreement. Any such Collateral Loan so assigned for administrative convenience shall be deemed sold and transferred by the related seller to the
Seller and, pursuant to this Agreement, shall be sold and transferred by the Seller to the Buyer. For the avoidance of doubt, all of the provisions of this Agreement, including without limitation the conditions precedent to all purchases, the
representations and warranties of the Seller, the covenants of the Seller and the indemnity of the Seller, contained in Section 3.02, Article IV, Article V and Article VII hereof, respectively, shall
apply to the Seller with equal force with respect to any such sales and assignments for administrative convenience by any related seller to the Buyer as if such sale and assignment was directly from the Seller to the Buyer. 

(g) Collateral Loans may be purchased or acquired from time to time by the Buyer from the Seller or any of its Affiliates hereunder only if
(i) the terms and conditions thereof are no less favorable to the Buyer than the terms it would obtain in a comparable, timely purchase or acquisition with a non-Affiliate and (ii) the transactions
are effected in accordance with all applicable laws. 
 ARTICLE III 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent to Closing. 

The closing hereunder of this Agreement is subject to the conditions precedent that on or prior to the date hereof, the Seller shall have
delivered to the Buyer each of the items specified below in form and substance satisfactory to the Buyer: 
 (a) Counterparts of this
Agreement executed on behalf of the Seller. 
 (b) All corporate and legal proceedings and all instruments in connection with the
transactions contemplated by this Agreement shall be satisfactory in form and substance to the Buyer. 
 (c) A good standing certificate for
the Seller issued by the Secretary of State of Maryland dated as of a date no more than ten (10) days prior to the Warehouse Closing Date. 

(d) Draft UCC-1 financing statement to be filed on the date hereof naming the Seller, as debtor, and
the Buyer, as secured party, describing the Collateral and meeting the requirements of the laws of each jurisdiction in which it is necessary or reasonably desirable, or in which the Seller is required by applicable law, and in such manner as is
necessary or reasonably desirable, to perfect the back-up security interest granted under Section 2.01(j). 

Section 3.02 Conditions Precedent to all Purchases. 

The obligations of the Buyer to Purchase the Collateral from the Seller on any Purchase Date shall be subject to the satisfaction of the
following conditions precedent that: 
 (a) all representations and warranties of the Seller contained in Sections 4.01 and
4.02 shall be true and correct in all material respects on and as of such date as though made on and as of such date and shall be deemed to have been made on and as of such date (unless stated to relate solely to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

  
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 (b) the Seller shall have delivered to the Buyer a duly completed Loan List that is true,
accurate and complete in all respects as of the related Purchase Date, which list shall be as of such date incorporated into and made a part of this Agreement and an assignment substantially in the form of Exhibit A hereto; 

(c) on and as of such Purchase Date, the Seller shall have performed all of the obligations, covenants and agreements required to be performed
by it on or prior to such date pursuant to the provisions of this Agreement, including ensuring that all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions
to perfect Buyer’s ownership interest in the Collateral Loans have been duly filed; 
 (d) no event has occurred and is continuing, or
would result from such Purchase, that constitutes an Event of Default (unless such purchase would cure such Event of Default) and the Buyer makes such Purchase in accordance with the applicable provisions hereof and of the Credit Agreement; 

(e) except in connection with the transfer of a Substitute Loan in accordance with the provisions of this Agreement and of the Credit
Agreement, the final day of the Reinvestment Period shall not have occurred; 
 (f) no applicable law shall prohibit or enjoin, and no order,
judgment or decree of any federal, state or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of any such Purchase by the Buyer in accordance with the provisions hereof; and 

(g) all corporate and legal proceedings and all instruments in connection with the transactions contemplated by this Agreement shall be
reasonably satisfactory in form and substance to the Buyer and its assignees, and the Buyer shall have received from the Seller copies of all documents (including, without limitation, records of corporate proceedings, approvals and opinions)
relevant to the transactions herein contemplated as the Buyer may reasonably have requested. 
 Section 3.03 Release of Excluded
Amounts. 
 The parties acknowledge and agree that the Buyer has no interest in the Excluded Amounts. Promptly upon the receipt by or
release to the Buyer of any Excluded Amounts, the Buyer hereby irrevocably agrees to deliver and release to the Seller such Excluded Amounts, which release shall be automatic and shall require no further act by the Buyer; provided that the
Buyer shall execute and deliver such instruments of release and assignment or other documents, or otherwise confirm the foregoing release of such Excluded Amounts, as may be reasonably requested by the Seller in writing. 

  
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 Section 3.04 Condition Precedent to Warehouse Closing Date. 

Each of the conditions precedent to the execution, delivery and effectiveness of each other Loan Document (other than a condition precedent in
any such other Loan Document relating to the effectiveness of this Agreement) shall have been fulfilled and: 
 (a) Officer’s
certificate as to solvency duly executed by an Authorized Officer of the Seller. 
 (b) Certificate from an Authorized Officer of the Seller,
dated as of the Warehouse Closing Date, certifying as to and attaching (i) its Constituent Documents, (ii) its resolutions or other action of its general partner approving, among other things, this Agreement and the transactions
contemplated hereby, (iii) the incumbency and specimen signature of each of its Authorized Officers authorized to execute this Agreement and the other documents to be delivered by it hereunder (on which certificate the Buyer may conclusively
rely) and (iv) a good standing certificate from its state or jurisdiction of incorporation or organization and any other state or jurisdiction in which it is qualified to do business in which the failure to be so qualified would reasonably be
expected to have a Material Adverse Effect. 
 (c) All corporate and legal proceedings and all instruments in connection with the
transactions contemplated by this Agreement shall be satisfactory in form and substance to the Administrative Agent. 
 (d) Opinions of
Dechert LLP, counsel to the Seller, in form and substance satisfactory to the Buyer and the Administrative Agent. 
 (e) Draft UCC-3 financing statement to be filed on the Warehouse Closing Date naming the Seller as debtor, the Buyer, as assignor secured party, and the Collateral Agent, as assignee secured party, for the benefit of the
Secured Parties, describing the Collateral and meeting the requirements of the laws of each jurisdiction in which it is necessary or reasonably desirable, or in which the Seller is required by applicable law, and in such manner as is necessary or
reasonably desirable, to perfect the back-up security interest granted under Section 2.01(j). 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01 Representations and Warranties Regarding the Seller. 

As of the date hereof and as of each Purchase Date, as applicable, the Seller represents and warrants to the Buyer for the benefit of the Buyer
and each of its successors and assigns that: 
 (a) Due Organization. The Seller is a corporation duly formed and validly existing
under the laws of the State of Maryland, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the
other Loan Documents to which it is a party. 
 (b) Due Qualification and Good Standing. The Seller is in good standing in the State
of Maryland. The Seller is duly qualified to do business and, to the extent applicable, is in good standing and has obtained all material governmental licenses and approvals as required in Maryland and each other jurisdiction in which the failure to
be so qualified, maintain good standing or obtain such license or approval, is likely to have a Material Adverse Effect. 

  
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 (c) Due Authorization; Execution and Delivery; Legal, Value and Binding; Enforceability; Valid
Sale. The execution and delivery by the Seller of, and the performance of its obligations under this Agreement and the other Loan Documents to which it is a party and the other instruments, certificates and agreements contemplated hereby and
thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their
respective terms, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership,
insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). This Agreement shall effect a valid sale, transfer and
assignment of or grant of a security interest in the Collateral Loans from the Seller to the Buyer, enforceable against the Seller and creditors of and purchasers from the Seller, subject, as to enforcement, (A) to the effect of bankruptcy,
insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Seller and (B) to general equitable
principles (whether enforceability of such principles is considered in a proceeding at law or in equity). 
 (d) Non-Contravention. None of the execution and delivery by the Seller of this Agreement or the other Loan Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or
performance and compliance by it with the terms, conditions and provisions hereof or thereof, will (i) contravene in any material respect the terms of any Constituent Documents of the Seller, or any amendment thereof, (ii) (A) contravene
in any material respect any applicable law, (B) conflict in any material respect, with or result in any breach of, any of the terms and provisions of, or constitute a default under, any indenture, loan, agreement, mortgage, deed of trust or
other contractual restriction binding on or affecting it or any of its assets or (C) contravene in any material respect any order, writ, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in
a breach or violation of, or constitute a default under, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates),
in each case which would have a Material Adverse Effect. 
 (e) Governmental Authorizations; Governmental Filings. The Seller has
obtained, maintained and kept in full force and effect all Governmental Authorizations which are necessary for it to properly carry out its business, and has made all Governmental Filings necessary for the execution and delivery by it of the Loan
Documents to which it is a party and the performance by the Seller of its obligations under this Agreement and the other Loan Documents, and no Governmental Authorization or Governmental Filing which has not been obtained or made is required to be
obtained or made by it in connection with the execution and delivery by it of any Loan Document to which it is a party or the performance of its obligations under this Agreement and the other Loan Documents to which it is a party. 

  
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 (f) Compliance with Applicable Law. The Seller has duly observed and complied with all
applicable laws, including the Securities Act and the Investment Company Act, relating to the conduct of its business and its assets except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

(g) Solvency. The Seller, at the time of and after giving effect to each conveyance of Collateral Loans hereunder and the transactions
contemplated hereunder and under the Credit Agreement and the other Loan Documents, is solvent on and as of the date thereof. 
 (h)
Taxes. The Seller has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its property by any applicable Authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and
with respect to which reserves in accordance with generally accepted accounting principles have been provided on the books of the Seller); no tax Lien has been filed and, to the Seller’s knowledge, no claim is being asserted, with respect to
any such tax, fee or other charge. 
 (i) Place of Business; No Changes. The Seller’s location (within the meaning of Article 9
of the UCC) is the State of Maryland. The Seller has not changed its name, whether by amendment of its articles of incorporation, by reorganization or otherwise, and has not changed its location within the four months preceding the Closing Date.

 (j) Investment Company Act Status. The Seller is regulated as a business development company under the Investment Company Act. 

(k) Sale Treatment. Other than for accounting and tax purposes, the Seller has treated the transfer of Collateral Loans to the Buyer
hereunder for all purposes as a sale and/or capital contribution and purchase on all of its relevant books and records. 
 (l) Security
Interest. 
 (i) As described in Section 2.01(j) hereof, it is the intention of the parties
hereto that the conveyance of the Collateral to the Buyer be, and be construed as, an absolute sale without recourse. If, however, notwithstanding the intention of the parties, such conveyance is determined for any reason not to be an absolute sale,
this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in favor of the Buyer in all right, title and interest of the Seller in, to and under the Collateral Loans, which security interest shall be a first
priority perfected security interest prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Seller upon execution and delivery of this Agreement, subject, as to enforcement,
(A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the
Seller and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity); 

  
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 (ii) the Collateral Loans, along with the Related Contracts, constitute
“general intangibles,” “instruments,” “accounts,” “investment property” or “chattel paper,” within the meaning of the applicable UCC; 

(iii) the Seller owns and has, and upon the sale and transfer thereof by the Seller to the Buyer, the Buyer will have good and
marketable title to such Collateral Loans free and clear of any Lien (other than Permitted Liens), claim or encumbrance of any Person; 

(iv) the Seller has received all consents and approvals required by the terms of the Collateral Loans to the sale of the
Collateral Loans hereunder to the Buyer (except (A) to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC and (B) for any customary
procedural requirements and agents’ and/or Obligors’ consents expected to be obtained in due course in connection with the transfer of the Collateral Loans to the Buyer (except, in the case of clause (B), for any such agents’ consents
where the Seller or any of its Affiliates is the agent which the Seller has or will obtain)); 
 (v) the Seller has caused
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Loans granted to the Buyer under this Agreement to the
extent perfection can be achieved by filing a financing statement; 
 (vi) other than the security interest granted to the
Buyer pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral Loans, except in connection with its Warehouse Facilities, if any, which security interests, if
any, with respect to such Collateral Loans will be released on or prior to the applicable Purchase Date. The Seller has not authorized the filing of and is not aware of any financing statements naming the Seller as debtor that include a description
of collateral covering the Collateral Loans other than any financing statement (A) relating to the security interest granted to the Buyer under this Agreement or (B) that has been terminated or for which a release or partial release has
been or will be timely filed. The Seller is not aware of the filing of any judgment or tax Lien filings against the Seller; 

(vii) except with respect to any Collateral Loan for which there is no promissory note, all original executed copies of each
promissory note that constitutes or evidences the Collateral Loans sold by the Seller hereunder have been delivered by the Seller at the direction of the Buyer as required under the Credit Agreement; and 

(viii) none of the promissory notes, if any, that constitute or evidence any Collateral Loans sold by the Seller hereunder has
any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Buyer. 

  
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 (m) Value Given. The cash payments, if any, received by the Seller, and the increase in
the Seller’s equity interest in the Buyer as a result of any capital contribution by the Seller to the Buyer in respect of the Purchase Price of the Collateral Loans sold hereunder constitute reasonably equivalent value in consideration for the
transfer to the Buyer of such Collateral Loans under this Agreement, such transfer was not made for or on account of an antecedent debt owed by the Seller to the Buyer, and such transfer was not and is not voidable or subject to avoidance under any
applicable bankruptcy laws. 
 (n) Bulk Transfer Laws. The transfer, assignment and conveyance of the Collateral Loans by the Seller
pursuant to this Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 

(o) Origination and Collection Practices. The origination and collection practices used by the Seller and any of its Affiliates with
respect to each Collateral Loan prior to the Purchase Date with respect thereto have been consistent with the Servicing Standard. 
 (p)
Lack of Intent to Hinder, Delay or Defraud. Neither the Seller nor any of its Affiliates has sold, or will sell, any interest in any Collateral Loans with any intent to hinder, delay or defraud any of their respective creditors. 

(q) Nonconsolidation. The Seller conducts its affairs such that (i) it will take or refrain from taking or engaging in each of the
actions or activities specified in the “substantive consolidation” opinion of Dechert LLP (including any certificates delivered in connection therewith) delivered on the Warehouse Closing Date, upon which the conclusions and opinions
therein are based and (ii) in its capacity as designated manager of the Buyer, such that Buyer is in compliance with the provisions of its Constituent Documents (provided, however, Seller does not hereby agree to maintain the solvency of the
Buyer or agree to pay any of the Buyer’s obligations or liabilities). 
 (r) No Proceedings. There is no action, suit or
proceeding pending against or, to the actual knowledge of a Senior Authorized Officer of the Seller after due inquiry, threatened against or adversely affecting (i) the Seller or (ii) the transactions contemplated by this Agreement, before
any court, arbitrator or any governmental body, agency or official, in each case, which has had or would reasonably be expected to have a Material Adverse Effect. 

(s) Accuracy of Information. All written factual information heretofore furnished by the Seller for purposes of or in connection with
this Agreement or the other Loan Documents to which the Seller is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished by the Seller to any party to the Loan Documents will be,
accurate in all material respects, on or as of the date such information is stated or certified; provided that the Seller shall not be responsible for, nor have any liability with respect to, any factual information furnished to it by any
third party not affiliated with it, except to the extent that an Authorized Officer of the Seller has actual knowledge that such factual information is inaccurate in any material respect. 

The representations and warranties set forth in this Section 4.01 shall survive the sale, transfer and assignment of
the Collateral Loans to the Buyer. Upon discovery by a Senior Authorized Officer of either the Seller or the Buyer of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice
thereof to the other upon obtaining knowledge of such breach. 

  
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 Section 4.02 Representations and Warranties of the Seller Relating to the Agreement
and the Collateral. 
 The Seller hereby represents and warrants to the Buyer as of the date hereof and as of each Purchase Date:

 (a) Valid Transfer and Security Interest. This Agreement constitutes a valid transfer to the Buyer of all right, title and interest
of the Seller in, to and under all of the Collateral, free and clear of any Lien of any Person claiming through or under the Seller or its Affiliates, except for Permitted Liens. If the conveyances contemplated by this Agreement are determined to be
a transfer for security, then this Agreement constitutes a grant of a security interest in all of the Collateral to the Buyer, which security interest is a valid and first priority perfected security interest in all Collateral, subject only to
Permitted Liens. Neither the Seller nor any Person claiming through or under Seller shall have any claim to or interest in the Collection Account and if this Agreement constitutes the grant of a security interest in such property, except for the
interest of the Seller in such property as a debtor for purposes of the UCC. 
 (b) Eligibility of Collateral. As of each Purchase
Date (i) the Loan List is an accurate and complete listing of all Collateral as of the related Purchase Date and the information contained therein with respect to the identity of such Collateral and the amounts owing thereunder is true and
correct as of the related Purchase Date, (ii) as of its Purchase Date, each such Collateral Loan sold by the Seller hereunder satisfies or satisfied, as applicable, the definition of Collateral Loan and (iii) the representations and
warranties set forth in Section 4.02(a) are true and correct with respect to each item of Collateral. 
 (c) No
Fraud. Each Collateral Loan sold by the Seller hereunder was originated without any fraud or material misrepresentation by the Seller or, to the best of the Seller’s knowledge, on the part of the Obligor. 

(d) Ordinary Course of Business. Any sale of Collateral Loans pursuant to this Agreement is in the ordinary course of business and
financial affairs of the Seller. Each remittance of Collections by the Seller to the Buyer, as transferee under this Agreement, will have been made in the ordinary course of business or financial affairs of the Seller and the Buyer. 

Section 4.03 Representations and Warranties Regarding the Buyer. 

By its execution of this Agreement, the Buyer represents and warrants to the Seller that: 

(a) Due Organization. The Buyer is a limited liability company duly organized and validly existing under the laws of the State of
Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Loan Documents to which
it is a party. 

  
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 (b) Due Qualification and Good Standing. The Buyer is in good standing in the State of
Delaware. The Buyer is duly qualified to do business and, to the extent applicable, is in good standing and has obtained or will obtain all material governmental licenses and approval in Delaware and in each other jurisdiction in which the nature of
its business, assets and properties, including the performance of its obligations under this Agreement, the other Loan Documents to which it is a party and its Constituent Documents to which it is a party, requires such qualification, except where
the failure to be so qualified, maintain good standing or obtain such license or approval is likely to have a Material Adverse Effect. 
 (c)
Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Buyer of, and the performance of its obligations under this Agreement, the other Loan Documents to which it is a party and
the other instruments, certificates and agreements contemplated hereby or thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and
binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (d) Non-Contravention. None of the execution and delivery by the Buyer of this Agreement or the other Loan Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or
performance and compliance by it with the terms, conditions and provisions hereof or thereof, will (i) contravene in any material respect or result in any breach of, any of the terms and provisions of, and will not constitute a default under,
its Constituent Documents, (ii) conflict with or contravene (A) any applicable law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Contract or
(C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any
obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual
obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case which would have a Material Adverse Effect. 

(e) Governmental Authorizations; Private Authorizations; Governmental Filings. No order, consent, approval, license, authorization, or
validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance
of any Loan Document to which the Buyer is a party or the consummation of any of the transactions contemplated thereby other than those that have already been duly made or obtained and remain in full force and effect or those recordings and filings
in connection with the Liens granted to the Collateral Agent under the Loan Documents, except for any order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption, that, if not obtained,
would not, either individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 

  
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 (f) Sale Treatment. Other than for accounting and tax purposes, the Buyer has treated the
transfer of Collateral Loans from the Seller for all purposes as a sale and purchase on all of its relevant books and records and other applicable documents. 

Section 4.04 Ordinary Course of Business. 

Each of the Seller and the Buyer represents and warrants to the other as to itself that in the event the conveyances of the Collateral provided
for in Section 2.01(a) of this Agreement are determined by a court of competent jurisdiction to be a transfer for security purposes, each remittance of payments, if any, by the Seller hereunder to the Buyer under this
Agreement will have been (i) in payment of an obligation incurred by the Seller in the ordinary course of business or financial affairs of the Seller and the Buyer, as the case may be, and (ii) made in the ordinary course of business or
financial affairs of the Seller and the Buyer. 
 ARTICLE V 

COVENANTS 

Section 5.01 Affirmative Covenants of the Seller. 

From the date hereof until the Payment in Full Date: 

(a) Compliance with Laws. The Seller will comply in all material respects with all applicable requirements of law with respect to the
Collateral Loans except where the failure to do so could not reasonably be expected to result in a material adverse effect. 
 (b)
Preservation of Corporate Existence. The Seller will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign
corporation in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect on the business operations,
assets or financial condition of the Seller or on the validity or enforceability of this Agreement or the provisions of any other Loan Document applicable to the Seller, or the performance by the Seller of its duties hereunder or thereunder. 

(c) Performance and Compliance with Collateral. The Seller will, at its expense, timely and fully perform and comply in all material
respects with all provisions, covenants and other promises required to be observed by it under all agreements related to such Collateral. 

(d) Protection of Interest in Collateral. With respect to the Collateral Purchased by the Buyer from the Seller, the Seller will
(i) sell such Collateral pursuant to and in accordance with the terms of this Agreement, (ii) (at the Seller’s expense) take all action necessary to perfect, protect and more fully evidence the Buyer’s or its assignee’s ownership
of or security interest in such Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) filing and maintaining (at the Seller’s expense), effective financing
statements naming the Seller, as debtor, the Buyer, as secured party, and on and after the Warehouse Closing Date, the Collateral Agent, for the benefit of the Secured Parties, as assignee, in all necessary or appropriate filing offices, and filing
continuation statements, amendments or 

  
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assignments with respect thereto in such filing offices, and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, and (iii) take
all additional action that the Buyer, and on and after the Warehouse Closing Date, the Collateral Agent or the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this
Agreement in the Collateral and of the Collateral Agent, for the benefit of the Secured Parties, under the Credit Agreement. 
 (e)
Delivery of Collections. The Seller will cause all payments relating to all Collateral to be remitted directly to the Collection Account (or, prior to the Warehouse Closing Date, the account that will become the Collection Account). In the
event any payments relating to any Collateral are remitted directly to the Seller or any Affiliate of the Seller, the Seller will remit (or will cause all such payments to be remitted) directly to the Collection Account (or, prior to the Warehouse
Closing Date, the account that will become the Collection Account) within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, the Seller will itself hold or, if applicable, will cause such payments to be
held in trust for the exclusive benefit of the Buyer (and its assignees). 
 (f) Separate Identity. The Seller acknowledges that the
Administrative Agent, the Lenders and the other Secured Parties are entering into the transactions contemplated by the Credit Agreement in reliance upon the Buyer’s identity as a legal entity that is separate from the Seller and each other
Affiliate of the Seller. Therefore, from and after the date hereof, the Seller will take all reasonable steps to maintain the Buyer’s identity as a legal entity that is separate from the Seller and each other Affiliate of the Seller and to make
it manifest to third parties that the Buyer is an entity with assets and liabilities distinct from those of the Seller and each other Affiliate thereof and not just a division of the Seller or any such other Affiliate (except as otherwise required
under GAAP or applicable tax law). Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Seller agrees that: 

(i) the Seller will take all other actions necessary on its part to ensure that the Buyer is at all times in compliance with
Section 5.18 of the Credit Agreement (provided, however, that the Seller does not hereby guaranty the solvency of the Buyer or agree to pay any of the Buyer’s obligations or liabilities); 

(ii) the Seller shall maintain corporate records and books of account separate from those of the Buyer; 

(iii) the annual financial statements of the Seller shall disclose the effects of the Seller’s transactions in accordance
with GAAP and the annual financial statements of the Seller shall not reflect in any way that the assets of the Buyer, including, without limitation, the Collateral, could be available to pay creditors of the Seller or any other Affiliate of the
Seller; 
 (iv) the resolutions, agreements and other instruments underlying the transactions described in this Agreement
shall be continuously maintained by the Seller as official records; 

  
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 (v) the Seller shall maintain an
arm’s-length relationship with the Buyer and will not hold itself out as being liable for the debts of the Buyer; 

(vi) except as otherwise permitted under the Credit Agreement, the Seller shall keep its assets and its liabilities wholly
separate from those of the Buyer or, other than by reason of owning equity interests of the Buyer, for any decisions or actions relating to the Buyer; 

(vii) the Seller will avoid the appearance, and promptly correct any known misperception of any of the Seller’s creditors,
that the assets of the Buyer are available to pay the obligations and debts of the Seller; 
 (viii) to the extent that the
Seller services the Collateral and performs other services on the Buyer’s behalf, the Seller will clearly identify itself as an agent for the Buyer in the performance of such duties; provided, however, that the Seller will not be
required to so identify itself when communicating with the Obligors not in its capacity as agent for the Buyer but rather in its capacity as agent for a group of lenders; and 

(ix) the Seller shall take or refrain from taking, as applicable, each of the activities specified or assumed in the true sale
and non-consolidation opinions of Dechert LLP delivered on the Warehouse Closing Date, upon which the conclusions expressed therein are based. 

(g) Cooperation with Requests for Information or Documents. The Seller will cooperate fully with all reasonable requests of the Buyer
regarding the provision of any information or documents in the possession of or reasonably obtainable by the Seller without undue burden or expense which are necessary or desirable, including the provision of such information or documents in
electronic or machine–readable format, to allow each of the Buyer and its assignees (including, without limitation, the Collateral Agent) to carry out their responsibilities under the Loan Documents. 

Section 5.02 Negative Covenants of the Seller. 

From the date hereof until the Payment in Full Date: 

(a) Security Interests. Except for the transfers hereunder, the Seller will not sell, pledge, assign or transfer to any other Person, or
grant, create, incur, assume or suffer to exist any Lien on any Collateral Loan, whether now existing or hereafter transferred hereunder, or any interest therein. The Seller will promptly notify the Buyer of the existence of any Lien on any
Collateral Loan and the Seller shall defend to right, title and interest of the Buyer and its assignees in, to and under the Collateral Loans, against all claims of third parties, provided that nothing in this
Section 5.02(a) shall prevent or be deemed to prohibit the Liens created under the Credit Agreement; provided further that, the existence of any Lien imposed by law on the property of an Obligor (as described in
Section 1.3(o) of the Credit Agreement) of which the Seller has no knowledge shall not cause a breach of this Section 5.02(a). 

  
 -21- 

 (b) Change of Name or Location of Loan Files. The Seller shall not change its name, move
the location of its principal place of business and chief executive office, or change the jurisdiction of its formation, unless the Seller gives 30 days’ prior written notice thereof to the Buyer, the Collateral Agent and the Administrative
Agent and takes all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Buyer and the Collateral Agent, for the benefit of the Secured Parties, in the Collateral.

 (c) Accounting of Purchases. Other than for tax and consolidated accounting purposes, the Seller will not account for or treat
(whether in financial statements or otherwise) the transactions contemplated hereby in any manner other than as a sale of the Collateral by the Seller to the Buyer; provided that, for federal income tax reporting purposes, the Buyer is
treated as a “disregarded entity” and, therefore, the transfer of Collateral by the Seller to the Buyer hereunder will not be recognized. 

(d) Change in Payment Instructions to Obligor. The Seller shall not make any change in its instructions to Obligors regarding payments
to be made to the Collection Account, unless the Administrative Agent shall have given its prior written consent to such change. 

ARTICLE VI 
 OPTION TO
REPURCHASE AND SUBSTITUTE COLLATERAL LOANS 
 Section 6.01 Substitution of Collateral Loans. 

On any day following the Warehouse Closing Date and prior to the occurrence of an Event of Default (and thereafter with the prior written
consent of the Administrative Agent) and so long as the Buyer is permitted to do so pursuant to Section 10.1(a)(vii) of the Credit Agreement, the Seller may, subject to the conditions set forth in Section 10.1(a)(vii) of the Credit
Agreement and in this Section 6.01, optionally substitute any Collateral Loan that is a Credit Risk Loan or Defaulted Loan, with one or more other Collateral Loans, provided that no such replacement shall occur unless each
of the following conditions is satisfied as of the date of such replacement and substitution: 
 (a) the Seller has notified the Buyer, the
Collateral Agent and the Administrative Agent in writing identifying the Collateral Loan to be replaced (a “Replaced Loan”) and the Collateral Loan(s) to be substituted therefore (each, a “Substitute Loan”); 

(b) each Substitute Loan is a Collateral Loan meeting the requirements set forth in the definition of Collateral Loan on the date of
substitution; 
 (c) all representations and warranties of the Seller contained in Sections 4.01 and 4.02
shall be true and correct in all material respects as of the date of substitution of any such Substitute Loan; 
 (d) the outstanding
Aggregate Principal Balance of such Substitute Loan(s) shall be equal to or greater than the outstanding Aggregate Principal Balance of such Replaced Loan(s); 

(e) the substitution of any Substitute Loan will not cause a Default or an Event of Default to occur; 

  
 -22- 

 (f) the Repurchase and Substitution Limits applicable to any such substitution are satisfied;

 (g) after giving effect to any such substitution, each Coverage Test shall be satisfied; 

(h) after giving effect to any such substitution, each Collateral Quality Test is satisfied (or if not satisfied, maintained or improved); 

(i) after giving effect to any such substitution, the Eligibility Criteria shall be satisfied; 

(j) the Seller shall deliver to the Buyer on the date of such substitution a revised Schedule I that shall include such Substitute Loan(s) and
shall have deleted such Replaced Loan(s); and 
 (k) the Seller shall deliver to the Buyer, the Collateral Agent and the Administrative Agent
on the date of such substitution a certificate of an Authorized Officer stating that the foregoing conditions have been or will be met upon such replacement and substitution and an assignment substantially in the form of Exhibit A hereto with
respect to such Substitute Loan(s). 
 Contemporaneously with the receipt of the Substitute Loan, the Buyer shall sell, transfer, assign,
set over and otherwise convey to the Seller, without recourse, all the right, title and interest of the Buyer in and to any Replaced Loan and Related Contracts pursuant to this Section 6.01, and the Buyer shall cause the
Collateral Agent to release the Lien of the Credit Agreement thereon. 
 Section 6.02 Seller’s Optional Right
to Repurchase Collateral Loans. 
 (a) In addition to its right of substitution hereunder, on any day following the Warehouse Closing
Date and prior to the occurrence of an Event of Default (and thereafter with the prior consent of the Administrative Agent) and so long as the Buyer is permitted to do so pursuant to Section 10.1(a)(vii) of the Credit Agreement, the Seller may,
subject to the conditions set forth in Section 10.1(a)(vii) of the Credit Agreement and this Section 6.02, optionally repurchase or purchase, as applicable, any Collateral Loan that is a Credit Risk Loan or Defaulted
Loan, as applicable, at the Repurchase Price, provided that no such repurchase shall occur unless each of the following conditions is satisfied as of the date thereof: 

(i) the Repurchase and Substitution Limits applicable to any such repurchase are satisfied; and 

(ii) the Seller shall deposit in the Collection Account the Repurchase Price with respect to such Credit Risk Loan or Defaulted
Loan as of the date of such repurchase. 
 (b) Promptly upon request of the Seller to do so, the Buyer (or the Collateral Manager on its
behalf) shall determine each component of the Repurchase Price and shall notify the Seller of each thereof and of the Repurchase Price with respect thereto should the Seller elect to exercise its repurchase option. No later than ten
(10) Business Days after receipt of such information, the Seller may, at its option, by written notice to the Buyer, the Collateral Manager, the Collateral Agent and the Administrative Agent, elect to exercise its right to repurchase such
Credit Risk Loan or Defaulted Loan and, on such date or within five (5) Business Days thereafter, repurchase such 

  
 -23- 

 
Credit Risk Loan or Defaulted Loan. Failure by the Seller to exercise such option to repurchase any Credit Risk Loan or Defaulted Loan at any time shall not affect the ability of the Seller to
exercise such right at a later date with respect to such Credit Risk Loan or Defaulted Loan provided the Repurchase Price is redetermined at such later time. 

(c) Contemporaneously with the receipt of the Repurchase Price, the Buyer shall sell, transfer, assign, set over and otherwise convey to the
Seller, without recourse, all the right, title and interest of the Buyer in, to and under any Credit Risk Loan or Defaulted Loan purchased or repurchased by the Seller pursuant to Section 6.02(a), and the Buyer shall cause
the Collateral Agent to release the Lien of the Credit Agreement thereon. 
 (d) To the extent any Repurchase Price exceeds the fair market
value (as determined by the Seller) of the related Credit Risk Loan or Defaulted Loan, such excess shall be deemed a capital contribution by the Seller to the Buyer. 

ARTICLE VII 

INDEMNIFICATION BY THE SELLER 

Section 7.01 Indemnification. 

The Seller agrees to indemnify, defend and hold harmless the Buyer, its officers, directors, employees, personnel and agents (any one of which
is an “Indemnified Party”) from and against any and all claims, losses, penalties, fines, forfeitures, judgments (provided that any indemnification for damages is limited to actual damages, not consequential, special or
punitive damages), reasonable legal fees and related costs and any other reasonable costs, fees and expenses that such Person may sustain as a result of the Seller’s fraud or the failure of the Seller to perform its duties in compliance in all
material respects with the terms of this Agreement, except to the extent arising from gross negligence, willful misconduct or fraud by the Person claiming indemnification, provided that the Seller shall not be liable for any consequential
(including loss of profit), indirect, special or punitive damages hereunder. Any Person seeking indemnification hereunder shall promptly notify the Seller if such Person receives a complaint, claim, compulsory process or other notice of any loss,
claim, damage or liability giving rise to a claim of indemnification hereunder but failure to provide such notice shall not relieve the Seller of its indemnification obligations hereunder unless and to the extent the Seller is deprived of material
substantive or procedural rights or defenses as a result thereof. The Seller shall assume (with the consent of the Indemnified Party, such consent not to be unreasonably withheld) the defense and any settlement of any such claim and pay all expenses
in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against the Indemnified Party in respect of such claim. The parties agree that the provisions of this
Section 7.01 shall not be interpreted to provide recourse to the Seller against loss by reason of the bankruptcy, insolvency or lack of creditworthiness of an Obligor with respect to a Collateral Loan. The Seller shall have
no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or uncollected Collateral Loans. 

  
 -24- 

 Section 7.02 Liabilities to Obligors. 

Except with respect to the funding commitment assumed by the Buyer with respect to any Delayed Funding Loan or Revolving Collateral Loan, no
obligation or liability to any Obligor under any of the Collateral Loans is intended to be assumed by the Buyer, the Administrative Agent or any of the other the Secured Parties under or as a result of this Agreement and the transactions
contemplated hereby. 
 Section 7.03 Operation of Indemnities. 

If the Seller has made any indemnity payments to an Indemnified Party pursuant to this Article VII and such Indemnified Party thereafter
collects any such amounts from others, such Indemnified Party will repay such amounts collected to the Seller. 
 ARTICLE VIII 

TERM AND TERMINATION 

Section 8.01 Termination. 

This Agreement shall commence as of the date of execution and delivery hereof and shall continue in full force and effect until the earlier of
(i) prior to the Warehouse Closing Date, the date mutually agreed to by the Seller and Buyer, (ii) the Payment in Full Date and (iii) with the prior written consent of the Administrative Agent, the date specified by either party upon
30 days’ prior written notice to the other party as the termination date; provided that the termination of this Agreement pursuant to this Section 8.01 shall not discharge any Person from obligations incurred
prior to any such termination of this Agreement. Upon termination of this Agreement, the Buyer shall, promptly following such termination, provide written notice of such termination to DBRS. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.01 Amendments and Waivers. 

Except as provided in this Section 9.01, no amendment, waiver or other modification of any provision of this
Agreement shall be effective unless signed by the Buyer and Seller and on and after the Warehouse Closing Date consented to in writing by the Majority Lenders and prior written notice thereof is given to DBRS, in each case other than an amendment to
this Agreement to supplement and/or amend a Loan List on the related Purchase Date. 
 Section 9.02 Notices, Etc. 

All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and mailed, e-mailed, transmitted or delivered, to the Seller at its address set forth below and as to Buyer or DBRS, at its address set forth in the Credit Agreement or at such other address as shall be designated by such
party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being deposited in the United States mail, first class
postage prepaid and (b) notice by e-mail or by facsimile mail, when electronic confirmation or verbal communication of receipt is obtained. 

  
 -25- 

 AB Private Credit Investors Corporation 

c/o Alliance Bernstein 
 1345
Avenue of the Americas 
 New York, NY 10105 

Attention: Wesley Raper 
 Email:
wesley.raper@AllianceBernstein.com 
 Telephone: (512) 721-2925 

Section 9.03 Binding Effect; Benefit of Agreement. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The
Seller agrees that the Collateral Agent, as agent for the Secured Parties under the Credit Agreement, shall be a third party beneficiary hereof. Any permitted assigns of the Buyer shall be third party beneficiaries of this Agreement. 

Section 9.04 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS. 

THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) TO THE FOREGOING SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS
AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
 Each of the Buyer and the Seller
agrees that service of process may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to the Buyer or the Seller, as applicable, at its address specified in the signature pages to this Agreement or at such other
address(es) as the Administrative Agent and the Collateral Agent shall have been notified in accordance with the Credit Agreement. Nothing in this Section 9.04 shall affect the right of the Administrative Agent and the
Collateral Agent to serve legal process in any other manner permitted by law. 
 Section 9.05 WAIVER OF JURY TRIAL. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

  
 -26- 

 Section 9.06 Certain Taxes. The Seller shall pay
on demand any and all stamp, sales, excise and other taxes and fees payable or determined to be payable to any applicable Authority in connection with the execution, delivery, filing and recording of this Agreement and the other documents to be
delivered hereunder. 
 Section 9.07 Non-Petition. 

(a) The Seller hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against the Buyer
any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under federal or state bankruptcy or similar laws until at least one year and one day, or if longer, the applicable
preference period then in effect plus one day, after the Payment in Full of the Loans and the termination of all Commitments, provided that nothing in this Section 9.07 shall preclude, or be deemed to stop, the Seller
(i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer the applicable preference period then in effect plus one day, in (a) any case or proceeding voluntarily filed or commenced
by the Buyer or (b) any involuntary insolvency proceeding filed or commenced against the Buyer by a Person other than the Seller or its Affiliates, or (ii) from commencing against the Buyer or any properties of the Buyer any legal action
which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws. 

(b) The provisions of this Section 9.07 shall survive the termination of this Agreement. 

Section 9.08 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Seller as contained in this Agreement, any other Loan Document or any other agreement, instrument or document entered into by it pursuant to or in connection with this Agreement or any other Loan Document shall be had
against any stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Seller by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute
or otherwise it being expressly agreed and understood that the agreements of the Seller contained in this Agreement, any other Loan Document and all of the other agreements, instruments and documents entered into by it pursuant to or in connection
with this Agreement or any other Loan Document are, in each case, solely the corporate obligations of the Seller, and that no personal liability whatsoever shall attach to or be incurred by any stockholder, incorporator, partner, member, manager,
authorized representative, officer, employee, personnel or director of the Seller, or any of them, under or by reason of any of the obligations, covenants or agreements of the Seller contained in this Agreement, any other Loan Document or in any
other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of each stockholder, incorporator, partner, member, manager, authorized representative, officer,

  
 -27- 

 
employee, personnel or director of the Seller, or any of them, for breaches by the Seller of any such obligations, covenants or agreements, which liability may arise either at common law or at
equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 9.08(a) shall survive the termination
of this Agreement. 
 (b) Notwithstanding any other provision of this Agreement, the obligations of the Buyer under this Agreement and any
other Loan Document are limited recourse obligations of the Buyer payable solely from the Collateral and, following realization of the Collateral, and application of the proceeds thereof in accordance with the Priority of Payments and all
obligations of and any claims by the Seller against the Buyer hereunder after any such realization and application shall be extinguished and shall not thereafter revive. No recourse under or with respect to any obligation, covenant or agreement
(including, without limitation, the payment of any fees or any other obligations) of the Buyer as contained in this Agreement, any other Loan Document or any other agreement, instrument or document entered into by it pursuant to or in connection
with this Agreement or any other Loan Document shall be had against any stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Buyer by the enforcement of any assessment or by
any legal or equitable proceeding, by virtue of any statute or otherwise it being expressly agreed and understood that the agreements of the Buyer contained in this Agreement, any other Loan Document and all of the other agreements, instruments and
documents entered into by it pursuant to or in connection with this Agreement and any other Loan Document are, in each case, solely the limited liability company obligations of the Buyer, and that no personal liability whatsoever shall attach to or
be incurred by any stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Buyer or any of them, under or by reason of any of the obligations, covenants or agreements of the
Buyer contained in this Agreement, any other Loan Document or in any other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of each stockholder, incorporator, partner, member,
manager, authorized representative, officer, employee, personnel or director of the Buyer, or any of them, for breaches by the Buyer of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by
statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 9.08(b) shall survive the termination of this
Agreement. 
 Section 9.09 Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Purchases.

 (a) The Seller shall cause all financing statements and continuation statements and any other necessary documents perfecting the
Buyer’s security interest in the Collateral to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect
the perfection and priority of the security interest of the Buyer in all property comprising the Collateral. The Seller shall deliver to the Buyer the file-stamped copies of, or filing receipts for, any document recorded, registered or filed as
provided above, as soon as available following such recording, registration or filing. The Seller shall cooperate fully with the Buyer in connection with the obligations set forth above and will execute any and all documents reasonably required to
fulfill the intent of this Section 9.09(a). 

  
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 (b) The Seller agrees that from time to time, at its expense, it will promptly execute and
deliver all instruments and documents, and take all actions, that the Buyer, the Administrative Agent or the Collateral Agent, on behalf of the Secured Parties, may reasonably request in order to perfect, protect or more fully evidence the Purchases
hereunder and the security and/or interest granted in the Collateral. 
 (c) If the Seller fails to perform any of its obligations hereunder,
the Buyer or, on and after the Warehouse Closing Date, the Administrative Agent may (but shall not be required to) perform, or cause performance of, such obligation; and the Buyer’s or, on and after the Warehouse Closing date, the Collateral
Agent’s or the Administrative Agent’s costs and expenses incurred in connection therewith shall be payable by the Seller. The Seller irrevocably authorizes the Buyer or, on and after the Warehouse Closing Date, the Collateral Agent or the
Administrative Agent at any time (so long as it has failed to perform its obligations hereunder) at the Buyer’s or, on and after the Warehouse Closing Date, the Collateral Agent’s or the Administrative Agent’s sole discretion and on
and after the Warehouse Closing Date appoints the Collateral Agent and the Administrative Agent as its attorney–in–fact to act on behalf of the Seller (i) to execute on behalf of the Seller and to file financing statements on behalf
of the Seller, as debtor, necessary or desirable in the Buyer’s, the Collateral Agent’s and the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the security interest of the Buyer (and
its assignees) in the Collateral and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Buyer, the Collateral
Agent or the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the security interests of the Buyer (and its assignees) in the Collateral. This appointment is coupled
with an interest and is irrevocable. 
 Section 9.10 Execution in Counterparts; Severability; Integration. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile),
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement, together
with the Credit Agreement and the other Loan Documents, to the extent that a party is a signatory thereto, and any agreements or letters (including fee letters) executed in connection herewith contains the final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings. 

Section 9.11 Headings, Exhibits and Schedules. 

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

  
 -29- 

 Section 9.12 Assignment. 

Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the Buyer or the Seller except as permitted by
this Section 9.12 or by the Credit Agreement. Simultaneously with the execution and delivery of this Agreement, the Buyer shall assign all of its right, title and interest herein to the Collateral Agent for the benefit of
the Secured Parties, to which assignment the Seller hereby expressly consents. Upon assignment, the Seller agrees to perform its obligations hereunder for the benefit of the Collateral Agent for the benefit of the Secured Parties and the Collateral
Agent, in such capacity, shall be a third party beneficiary hereof. The Collateral Agent on behalf of the Secured Parties after an Event of Default under and in accordance with the Credit Agreement may enforce the provisions of this Agreement,
exercise the rights of the Buyer and enforce the obligations of the Seller hereunder without joinder of the Buyer. 
 Section 9.13
No Waiver; Cumulative Remedies. 
 No failure to exercise and no delay in exercising, on the part of the Buyer or
the Seller, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. Any waiver of this Agreement shall
be effective only in the specific instance and for the specific purpose for which given. 
 [Remainder of Page Intentionally Left Blank.]

  
 -30- 

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

			
	AB PRIVATE CREDIT INVESTORS CORPORATION,
	as the Seller
		
	By:	 	 /s/ Christopher Terry

	Name: Christopher Terry
	Title:   Vice President

 
			
	ABPCIC FUNDING III LLC,
	as the Buyer
	
	By: AB Private Credit Investors Corporation, as its designated manager
		
	By:	 	 /s/ Christopher Terry

	Name: Christopher Terry
	Title: Vice President

 Schedule I 

Loan List 
 [to be
attached] 

 Exhibit A 

Form of Assignment 

[ Date ] 
 In accordance with the
Master Loan Sale and Contribution Agreement (together with all amendments and modifications from time to time thereto, the “Agreement”), dated as of March 24, 2021, made by and between the undersigned, AB PRIVATE CREDIT
INVESTORS CORPORATION, as the Seller (together with its successors and permitted assigns, the “Seller”), and ABPCIC FUNDING III, LLC, as the Buyer (together with its successors and permitted assigns, the “Buyer”),
as assignee thereunder, the undersigned does hereby sell, transfer, convey and assign, set over and otherwise convey to the Buyer, all of the Seller’s right, title and interest in and to the following (including, without limitation, all
obligations of the lender to fund any Revolving Collateral Loan or Delayed Funding Loan conveyed by the undersigned to Buyer hereunder which obligations Buyer hereby assumes): 

(i) the Collateral Loans listed on Schedule I attached hereto (which Schedule I is hereby incorporated by reference in and
shall become part of the Loan List referred to as Schedule I in the Agreement), all payments paid in respect thereof and all monies due, to become due or paid in respect thereof accruing on and after the Purchase Date and all Collections and other
recoveries thereon, in each case as they arise after the Purchase Date; 
 (ii) all Liens with respect to the Collateral
Loans referred to in clause (i) above; 
 (iii) all Related Contracts with respect to the Collateral Loans
referred to in clause (i) above; 
 (iv) all collateral security granted under any Related Contracts; and 

(v) all income, payments, proceeds and other benefits of any and all of the foregoing, including but not limited to, all
accounts, cash and currency, chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment
property, letter of credit rights, software, supporting obligations, accessions, proceeds and other property consisting of, arising out of, or related to the foregoing, but excluding any Excluded Amount with respect thereto. 

Capitalized terms used herein have the meaning given such terms in the Agreement. 

This assignment is made pursuant to and in reliance upon the representations and warranties on the part of the undersigned contained in
Article IV of the Agreement and no others. 
 THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK. 

 IN WITNESS WHEREOF, the undersigned has caused this assignment to be duly executed on the date written
above. 
  

			
	AB PRIVATE CREDIT INVESTORS CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-2 

 Schedule I to Exhibit A 

Loan List 
 [to be
attached]EXHIBIT 4.5

      

      

      DESCRIPTION OF SECURITIES

       

      

      Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 200,000,000 shares of Class A common stock, $0.0001 par value, 20,000,000 shares of Class B common stock,
        $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that is
        important to you.

       

      

      Units

       

      

      Each unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of  $11.50 per
        share, subject to adjustments as described in the warrant agreement. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. This means only a whole warrant may be
        exercised at any given time by a warrant holder. No fractional warrants have been issued upon separation of the units and only whole warrants are traded.

       

      

      The common stock and warrants constituting the units began separate trading on November 9, 2020.

       

      

      Common Stock

       

      

      As of March 30, 2021, a total of 16,531,250 shares of our common stock are outstanding, including:

       

      

      	•	
              13,225,000 shares of our Class A common stock (the “public shares”); and

            

       

      

      	•	
              3,306,250 shares of Class B common stock (the “founder shares”) held by North Mountain LLC (“sponsor”).

            

       

      

      Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class B common stock will have the right to elect all of our directors prior to
        the consummation of our initial business combination. On any other matter submitted to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common stock will vote together as a single class, except as required
        by applicable law or stock exchange rule. These provisions of our amended and restated certificate of incorporation may only be amended if approved by a majority of at least 90% of our common stock voting at a stockholder meeting. Unless specified
        in our amended and restated certificate of incorporation or bylaws, or as required by applicable law or stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter
        voted on by our stockholders (other than the election of directors). Directors are divided into three classes, each of which will generally serve for a term of three years with only one class elected in each year. There is no cumulative voting with
        respect to the election of directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

       

      

      Because our amended and restated certificate of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms
        of such a business combination) be required to increase the number of shares of common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in
        connection with our initial business combination.

      

      

      In accordance with the Nasdaq Capital Market (“Nasdaq”) corporate governance requirements, we are not required to hold an annual meeting until not later than one year after our first fiscal year end following our
        listing on the Nasdaq. Under Section 211(b) of the Delaware General Corporation Law (the “DGCL”), we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws unless such
        election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section
        211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting an
        application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

       

      

      
        
          

      

      We will provide our public stockholders with the opportunity to redeem all or a portion of their shares upon the completion of our initial business combination at a per share price, payable in cash, equal to the
        aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest (net of permitted withdrawals), divided by the number of then outstanding public shares,
        subject to the limitations described herein. The amount in the trust account was initially $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred
        underwriting commissions we will pay to the underwriter. The redemption right will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify itself in order to validly redeem its shares.
        Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the
        completion of our initial business combination. Permitted transferees of our sponsor, officers or directors are subject to the same obligations. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in
        conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by applicable law or stock exchange listing
        requirements, if a stockholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a stockholder vote for business or other reasons, we will, pursuant to our amended and restated certificate of
        incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and
        restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy
        rules. If, however, a stockholder approval of the transaction is required by applicable law or stock exchange rules, or we decide to obtain stockholder approval for business or other reasons, we will, like many blank check companies, offer to
        redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, unless a different vote is required by applicable law or stock exchange rules, we will
        complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the business combination. Unless otherwise required by applicable law or stock exchange rules, a quorum for such
        meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such
        meeting. However, the participation of our sponsor, officers, directors, advisors or any of their respective affiliates in privately-negotiated transactions (as described in the initial public offering (“IPO”) prospectus)), if any, could result in
        the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such business combination. We intend to give approximately 30 days (but not less than 10 days nor more
        than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds and agreements may make it more likely that we will consummate our
        initial business combination.

       

      

      If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated
        certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities
        Exchange Act of 1934, as amended, or the “Exchange Act”), will be restricted from redeeming more than an aggregate of 15% of the shares sold in the IPO, without our prior consent, which we refer to as the “Excess Shares.” However, we would not be
        restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to
        complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with
        respect to the Excess Shares if we complete the business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open
        market transactions, potentially at a loss.

       

      

      
        
          

      

      If we seek stockholder approval in connection with our initial business combination, our sponsor, officers and directors have (and their permitted transferees, as applicable, will agree) agreed to vote any founder
        shares and any public shares held by them in favor of our initial business combination. As a result, in addition to our sponsor’s founder shares, we would need 4,959,376, or 37.5%, of the 13,225,000 public shares sold in the IPO to be voted in
        favor of our initial business combination (assuming all issued and outstanding shares are voted and the option to purchase additional units is not exercised) in order to have such initial business combination approved. Additionally, each public
        stockholder may elect to redeem its public shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.

       

      

      Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within the completion window, we will: (1) cease all operations except for the purpose of
        winding up; (2) as promptly as reasonably possible but no more than ten business days thereafter, subject to lawfully available funds therefor, redeem the public shares, at a per share price, payable in cash, equal to the aggregate amount then on
        deposit in the trust account, including interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
        stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our
        remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our sponsor, officers and
        directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial
        business combination within the completion window. However, if our sponsor or any of our officers or directors acquires public shares after the IPO, they will be entitled to liquidating distributions from the trust account with respect to such
        public shares if we fail to complete our initial business combination within the completion window.

       

      

      In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after
        payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the
        common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount on deposit in the trust account as of two business days prior to the
        consummation of our initial business combination, including interest (net of permitted withdrawals), upon the completion of our initial business combination, subject to the limitations described herein.

       

      

      Founder Shares

       

      

      The founder shares are identical to the shares of Class A common stock included in the units, except that: (1) only holders of the founder shares have the right to vote on the election of directors prior to our initial
        business combination; (2) the founder shares are subject to certain transfer restrictions, as described in more detail below; (3) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
        to: (a) waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our initial business combination, (b) waive their redemption rights with respect to any founder shares
        and public shares held by them in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of our public
        shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window; and (c) waive their rights to liquidating distributions from
        the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within the completion window (although they will be entitled to liquidating distributions from the trust account with respect
        to any public shares they hold if we fail to complete our initial business combination within the completion window); (4) the founder shares are automatically convertible into shares of our Class A common stock at the time of our initial business
        combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein; and (5) the holders of founder shares are entitled to registration rights. If we submit our initial business combination to our
        public stockholders for a vote, our sponsor, officers and directors have agreed (and their permitted transferees, as applicable, will agree) to vote any founder shares and any public shares held by them in favor of our initial business combination.

       

      

      
        
          

      

      The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the
        case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to the closing of our initial business combination, the ratio at which shares of
        Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such anti-dilution adjustment with respect to any such
        issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of all shares of common
        stock outstanding plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with our initial business combination (net of the number of shares of Class A common stock redeemed in connection with our
        initial business combination), excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination and any private placement warrants issued upon the conversion of working capital loans made
        to us.

       

      

      With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor and other permitted
        transferees, each of whom are subject to the same transfer restrictions) until the earlier of  (A) one year after the completion of our initial business combination, (B) subsequent to our initial business combination, if the closing price of our
        Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
        initial business combination, and (C) following the completion of our initial business combination, such future date on which we complete a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of our
        public stockholders having the right to exchange their shares of common stock for cash, securities or other property.

       

      

      Preferred Stock

       

      

      Our amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more series. Our board of
        directors are authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of
        each series. Our board of directors are able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have
        anti-takeover effects. The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have
        no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

       

      

      Warrants

       

      

      Public Stockholders’ Warrants

       

      

      Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of  $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12
        months from the closing of the IPO and 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This
        means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants have been issued upon separation of the units and only whole warrants are traded. Accordingly, unless you purchase at least two units, you will
        not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

       

      

      
        
          

      

      We will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the
        Securities Act of 1933, as amended, (the “Securities Act”) covering the issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is
        available, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their
        warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. In the event that the conditions in the two
        immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration
        statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.

       

      

      We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our reasonable best efforts to file with the SEC, and within 60
        business days following our initial business combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus
        relating to those shares of Class A common stock until the warrants expire or are redeemed. Notwithstanding the above, if our Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it
        satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9)
        of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but will use our reasonable best efforts to qualify the shares under applicable blue sky laws to the extent an
        exemption is not available.

       

      

      Redemption of Warrants for Cash. Once the warrants become exercisable, we may call the warrants for redemption:

       

      

      	

            	•	
              in whole and not in part;

            

       

      

      	

            	•	
              at a price of  $0.01 per warrant;

            

       

      

      	

            	•	
              upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and

            

       

      

      	

            	•	
              if, and only if, the closing price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
                30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

            

       

      

      If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

       

      

      We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing
        conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall
        below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.

       

      

      
        
          

      

      Redemption Procedures and Cashless Exercise. If we call the warrants for redemption as described above, our management will have the option to require all
        holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number
        of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by
        surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair
        market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day
        prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A
        common stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a
        warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
        advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have
        been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

       

      

      A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such
        exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding
        immediately after giving effect to such exercise.

       

      

      Anti-Dilution Adjustments. If the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common
        stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will
        be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the fair market
        value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of  (1) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold
        in such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (2) one minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market
        value. For these purposes (1) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received
        for such rights, as well as any additional amount payable upon exercise or conversion and (2) fair market value means the volume weighted average price of Class A common stock as reported during the ten trading day period ending on the trading day
        prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

       

      

       In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of Class A common stock on account of such
        shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A
        common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of
        incorporation (i) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our
        initial business combination within the completion window, or (ii) with respect to any provisions relating to the rights of holders of our Class A common stock or (e) in connection with the redemption of our public shares upon our failure to
        complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on
        each share of Class A common stock in respect of such event.

       

      
        
          

      

      If the number of outstanding shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other similar event, then, on
        the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in
        outstanding shares of Class A common stock.

       

      

      Whenever the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price
        immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which
        will be the number of shares of Class A common stock so purchasable immediately thereafter.

       

      

      In case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such shares of Class A common stock), or in
        the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
        shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders
        of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and
        receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a
        dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election
        as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted
        average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a
        tender, exchange or redemption offer made by the company in connection with redemption rights held by stockholders of the company as provided for in the company’s amended and restated certificate of incorporation or as a result of the redemption of
        shares of Class A common stock by the company if a proposed initial business combination is presented to the stockholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker
        thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
        Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Class A common stock, the
        holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the
        expiration of such tender or exchange offer, accepted such offer and all of the Class A common stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such
        tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is
        payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
        event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the per
        share consideration minus Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction
        occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the warrant. This
        formula is to compensate the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted pricing
        model for estimating fair market value where no quoted market price for an instrument is available.

       

      

      
        
          

      

      In addition, if we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a newly issued
        price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor or its affiliates, without taking into
        account any founder shares held by them, as applicable, prior to such issuance), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

      

      

      Other than as described above, we will not be required to adjust the exercise price of the warrants.

       

      

      The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate
        completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do
        not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the
        warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

      

      

      The warrants have been issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement has been filed as an exhibit to the IPO
        registration statement and contains the description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or
        correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

       

      

      Private Placement Warrants

       

      

      The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our
        initial business combination (except, among other limited exceptions as described under the IPO registration statement’s section entitled “Principal Stockholders—Transfers of Founder Shares and Private Placement Warrants,” to our officers and
        directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise
        the private placement warrants on a cashless basis and are entitled to certain registration rights. Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the
        IPO. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the
        units sold in the IPO.

       

      

      If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or their warrants for that number of shares of Class A common stock
        equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y)
        the fair market value. The “fair market value” shall mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of
        warrants. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with
        us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities
        except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.
        Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of Class A common stock received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be
        significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

       

      

      
        
          

      

      In order to finance transaction costs in connection with an intended initial business combination, our sponsor, an affiliate of our sponsor or our officers and directors may, but are not obligated to, loan us funds as
        may be required. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial business combination does not close, we may use a portion of
        the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into warrants at a price of  $1.00
        per warrant at the option of the lender. The warrants would be identical to the private placement warrants issued to our sponsor.

       

      

      Dividends

       

      

      We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be
        dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to a business combination will be
        within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness,
        our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

       

      

      Our Transfer Agent and Warrant Agent

       

      

      The transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as
        transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its
        activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

       

      

      Our Amended and Restated Certificate of Incorporation

       

      

      Our amended and restated certificate of incorporation contains certain requirements and restrictions from the time of the IPO that will apply to us until the completion of our initial business combination. These
        provisions (other than amendments relating to the appointment of directors, which require the approval of a majority of at least 90% of our common stock voting in a stockholder meeting) cannot be amended without the approval of the holders of at
        least 65% of our common stock. Our sponsor, who collectively and beneficially owns 20% of our common stock, may participate in any vote to amend our amended and restated certificate of incorporation and has the discretion to vote in any manner it
        chooses. Prior to an initial business combination, we may not issue additional securities that can vote on amendments to our amended and restated certificate of incorporation. Specifically, our amended and restated certificate of incorporation
        provides, among other things, that:

       

      

      	
              •

            	
              if we are unable to complete our initial business combination within the completion window, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business
                days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted
                withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right
                to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
                dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;

            

       

      

      
        
          

      

      	
              •

            	
              prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to: (1) receive funds from the trust account; or (2) vote on any initial business combination;

            

       

      

      	
              •

            	
              although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we seek to complete our initial
                business combination with a company that is affiliated with our sponsor, officers or directors, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a
                member of FINRA or from an independent accounting firm that such a business combination is fair to our company from a financial point of view;

            

       

      

      	
              •

            	
              if a stockholder vote on our initial business combination is not required by applicable law or stock exchange rules and we do not decide to hold a stockholder vote for business or other reasons, we will offer to redeem our public shares
                pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about
                our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

            

       

      

      	
              •

            	
              if required by applicable stock-exchange rules, our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account
                (excluding the amount of any deferred underwriting discount).

            

       

      

      	
              •

            	
              if our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial
                business combination or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window, we will provide our public stockholders with the opportunity to redeem all or a portion of
                their shares of common stock upon such approval at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted withdrawals), divided by the number of then
                outstanding public shares; and

            

       

      

      	
              •

            	
              we will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.

            

       

      

      In addition, our amended and restated certificate of incorporation provides that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001.

       

      

      Certain Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws

       

      

      We have elected to be exempt from the restrictions imposed under Section 203 of the DGCL. However, our certificate of incorporation contains similar provisions providing that we may not engage in certain “business
        combinations” with any “interested stockholder” for a three-year period following the time that such stockholder becomes an interested stockholder unless:

       

      

      	
              •

            	
              prior to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

            

       

      

      	
              •

            	
              upon consummation of the transaction which resulted in the stockholder becoming an “interested stockholder,” the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced (excluding
                certain shares); or

            

       

      

      	
              •

            	
              on or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the
                outstanding voting stock not owned by the interested stockholder.

            

       

      

      Generally, a “business combination” includes a merger, asset or stock sale to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s
        affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

       

      

      
        
          

      

      Under some circumstances, this provision will make it more difficult for a person who is an interested stockholder to effect various business combinations with us for a three-year period.

       

      

      Our certificate of incorporation provides that our sponsor and its affiliates, successors and transferees will not be deemed to be “interested stockholders” regardless of the percentage of our voting stock owned by
        them, and accordingly will not be subject to this provision.

       

      

      Our authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to
        raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a
        proxy contest, tender offer, merger or otherwise.

       

      

      Exclusive Forum For Certain Lawsuits

       

      

      Our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for
        breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process
        on such stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging
        lawsuits against our directors and officers. Despite the fact that our amended and restated certificate of incorporation provides for the exclusive forum provision to be applicable to the fullest extent permitted by applicable law, Section 27 of
        the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder and Section 22 of the Securities Act creates concurrent jurisdiction
        for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any
        duty or liability created by the Exchange Act, the Securities Act, or any other claim for which the federal courts have exclusive jurisdiction.

       

      

      Special Meeting of Stockholders

       

      

      Our bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our chief executive officer, by our chairman, if any, or,
          prior to our initial business combination, by the holders of our Class B common stock.

       

      

      Advance Notice Requirements for Stockholder Proposals and Director Nominations

       

      

      Our bylaws provide for advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of
        directors or a committee of our board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be
        timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8
        of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify requirements as to the form and content of a stockholder’s notice. Our bylaws allow the
        chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed.
        These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.

       

      

      
        
          

      

      Action by Written Consent

       

      

      Any action required or permitted to be taken by our stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be effected by written consent of the stockholders other
        than with respect to our Class B common stock.

       

      

      Classified Board of Directors

       

      

      Our board of directors will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated certificate of incorporation
        provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and
        only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Prior to the initial business
        combination, any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by a vote of the holders of the Class B common stock. Following the initial business combination,
        any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

       

      

      Class B Common Stock Consent Right

       

      

      For so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common stock then outstanding, voting
        separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or
        relative, participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and
        without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize or
        take such action at a meeting at which all shares of Class B common stock were present and voted.

       

      

      Securities Eligible for Future Sale

       

      

      We have 13,225,000 shares of Class A common stock outstanding. All of these shares are freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our
        affiliates within the meaning of Rule 144 under the Securities Act. All of the 3,306,250 Class B founder shares and all 4,145,000 private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions
        not involving a public offering, and are subject to transfer restrictions as set forth in the IPO prospectus.

       

      

      Rule 144

       

      

      Pursuant to Rule 144, a person who has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their securities provided that: (1) such person is not
        deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale; and (2) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed
        all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.

       

      

      Persons who have beneficially owned restricted shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would
        be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

       

      

      	
              •

            	
              1% of the total number of shares of Class A common stock then outstanding, which will equal 132,250 shares; or

            

       

      

      	
              •

            	
              the average weekly reported trading volume of the common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

            

       

      

      
        
          

      

      Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

       

      

      Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies

       

      

      Rule 144 is not available for the resale of securities initially issued by shell companies (other than a business combination related shell companies) or issuers that have been at any time previously a shell company.
        However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

       

      

      	
              •

            	
              the issuer of the securities that was formerly a shell company has ceased to be a shell company;

            

       

      

      	
              •

            	
              the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

            

       

      

      	
              •

            	
              the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials),
                other than Current Reports on Form 8-K; and

            

       

      

      	
              •

            	
              at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

            

       

      

      As a result, our sponsor will be able to sell its founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial business
        combination.

       

      

      Registration Rights

       

      

      The holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans (and any shares of common stock issuable upon the exercise of the private placement
        warrants or warrants issued upon conversion of the working capital loans and upon conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement requiring us to register such securities for
        resale (in the case of the founder shares, only after conversion into shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that we register such
        securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such
        securities pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

       

      

      Listing of Securities

       

      

      We have listed our units, Class A common stock and warrants on the Nasdaq under the symbols “NMMCU,” “NMMC” and “NMMCW” respectively. The common stock and warrants constituting the units began separate trading on
        November 9, 2020.

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