Document:

Exhibit 10.3

 

CONTROL AGREEMENT

 

This Control Agreement
(as supplemented or amended from time to time in accordance with its terms, this “Agreement”) is executed as
of July 7, 2020, by and among (a) BDCA Asset Financing, LLC, a Delaware limited liability company, as borrower under
the Loan and Servicing Agreement (as defined below) (“Borrower”), (b) U.S. Bank National Association, as
administrative agent under the Loan and Servicing Agreement (in such capacity, the “Administrative Agent”),
(c) Massachusetts Mutual Life Insurance Company, as facility servicer under the Loan and Servicing Agreement (in such capacity,
the “Facility Servicer”), and (d) U.S. Bank National Association, as securities intermediary (the "Custodian").

 

WHEREAS, the
parties hereto have entered into financing arrangements evidenced by that certain Loan and Servicing Agreement, dated as of the
date hereof (as amended, modified, supplemented or restated from time to time, the (“Loan and Servicing Agreement”),
by and among Borrower, Business Development Corporation of America, a Maryland corporation, Massachusetts Mutual Life Insurance
Company and the other Lenders from time to time party thereto, the Administrative Agent, the Facility Servicer, Business Development
Corporation of America, as the Portfolio Asset Servicer, and U.S. Bank National Association, as the Collateral Custodian.

 

WHEREAS, the
Custodian is entering this Agreement to act as custodian for Borrower’s assets and maintain certain accounts for Borrower;

 

WHEREAS, in
connection with the Loan and Servicing Agreement, Borrower has granted to the Administrative Agent a security interest in the Collateral
Accounts (as defined below); and

 

WHEREAS, the
Administrative Agent, Borrower and the Custodian, are entering into this Agreement to provide for the perfection of the security
interest by control (within the meaning of Section 9-106 of the UCC) over the Collateral Accounts (as defined below).

 

NOW, THEREFORE,
the parties hereto hereby agree as follows:

 

1.        Definitions
and Interpretation.

 

(a)        Terms
defined in the Uniform Commercial Code of the State of New York (the "UCC") have the same meaning in this Agreement
as in the UCC. The term "instruction," as used in this Agreement, includes an instruction under Section 9-104(a)(2) of
the UCC.

 

(b)        Capitalized
terms used but not defined herein shall have the meanings provided in that certain Loan and Servicing Agreement.

 

(c)        As
used in this Agreement, the “Hague Securities Convention” means the Convention on the Law Applicable to Certain
Rights in Respect of Securities Held with an Intermediary, July 5, 2006, 17 U.S.T. 401, 46 I.L.M. 649 (entered into force
April 1, 2017).

 

(d)        The
term "Notice of Exclusive Control" is defined in Section 3(c). For purposes of Sections 2(d) and 3(c), a reasonable
time for the Custodian to act on a Notice of Exclusive Control may not extend beyond (i) if the Notice of Exclusive Control
is received by the Custodian on or before 12 noon U.S. Eastern time on a banking day, the end of the next banking day following
the banking day of receipt or (ii) if the Notice of Exclusive Control is received by the Custodian after 12 noon U.S. Eastern
time on a banking day, the end of the second banking day following the banking day of receipt.

 

(e)        Any
reference to “execute”, “executed”, “sign”, “signed”, “signature” or
any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg
file, or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures
in Global and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”),
which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar
platform identified by any party hereto and reasonably available at no undue burden or expense to the Custodian), except to the
extent the Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such
electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder.

 

    

     

    

 

2.        Collateral
Accounts.

 

(a)        The
Borrower will from time to time instruct the Custodian to segregate all cash, U.S. Government securities, or other U.S. securities,
foreign securities or other property, in each case, to the extent required under the Loan and Servicing Agreement and in which
Borrower has granted a security interest to the Administrative Agent, acting for the benefit of the Secured Parties (after giving
effect to the segregation, the "Collateral").

 

(b)        Collateral,
other than cash Collateral, will be identified and segregated on the Custodian's books and records under the name of Borrower as
the “entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC) in respect of all “financial
assets” (within the meaning of Section 8-102(a)(9) of the UCC) for the benefit of the Administrative Agent, acting
for the benefit of the Secured Parties. The identification and segregation of the Collateral, other than cash Collateral, are herein
referred to as the “Securities Account”.

 

(c)        The
Custodian will satisfy the requirement to segregate cash Collateral by identifying and crediting the cash Collateral to a separate
securities account, which shall be comprised of an interest collection account and a principal collection account (collectively,
the "Cash Account" and, together with the Securities Account, the "Collateral Accounts") under
the name of Borrower as the Custodian's customer for the benefit of the Administrative Agent, acting for the benefit of the Secured
Parties.

 

3.        Control
of the Collateral Accounts.

 

(a)        The
Custodian will not comply with instructions or “entitlement orders” (as defined in Section 8-102(a)(8) of
the UCC) (“Entitlement Orders”) concerning the Collateral originated solely by Borrower except as provided in
Section 2(a) and this Section 3.

 

(b)        Prior
to the receipt by the Custodian of a Notice of Exclusive Control, and following a reasonable time for the Custodian to act thereon,
the Custodian may act upon (i) instructions received from the Borrower to release, transfer or substitute Collateral and (ii) instructions
received from or through one or more intermediary systems, market utilities, or platforms utilized by the Administrative Agent
and Borrower to effectuate Collateral movements, including without limitation, DTC's Margin Transit Utility. Upon direction by
the Borrower which may include by standing instruction, the Custodian shall invest cash on deposit in the Cash Account in U.S.
Money Market Deposit Account or such other investments selected by the Borrower. Upon receiving instructions from the Borrower
(or the Administrative Agent acting at the direction of the Majority Lenders after delivery of a Notice of Exclusive Control) to
release such investments, such investments shall be sold and the proceeds thereof shall be deposited in the Cash Account.

 

(c)        Upon
receipt by the Custodian from the Administrative Agent of a notice in the form of Exhibit A (a "Notice of Exclusive
Control") and following a reasonable time for the Custodian to act thereon, the Custodian shall thereafter comply with
instructions and Entitlement Orders originated solely by the Administrative Agent with respect to the Collateral Accounts, without
any further consent of Borrower.

 

4.        Additional
Assurances and Duties of the Custodian.

 

(a)        The
Custodian confirms that each Collateral Account is a “securities account” (as defined in Section 8-501 of the
UCC) and the Custodian will act as a “securities intermediary” (within the meaning of Section 8-102(a)(14) of
the UCC) with respect to each Collateral Account. Notwithstanding the intent of the parties hereto, to the extent that any Collateral
Account shall be determined to be a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC, the
Custodian (i) will act as a “bank” within the meaning of Section 9-102(a)(8) of the UCC) with respect
to each such deposit account and (ii) shall treat the Borrower as the Custodian’s sole “customer” (within
the meaning of Section 9-104 of the UCC) with respect to such deposit account. As a consequence of this Agreement being governed
by the laws of the State of New York, (i) the State of New York is the jurisdiction of the Custodian as securities intermediary
and bank for purposes of the UCC and (ii) the law applicable to all issues in Article 2(1) of the Hague Securities
Convention is the law in force in the State of New York.

 

    2

     

    

 

(b)        Subject
to the provisions of this clause (b), the Custodian will treat any "security" within the meaning of Section 8-102(a)(15)
of the UCC credited to the Securities Account as a "financial asset" within the meaning of Section 8-102(a)(9) of
the UCC. Any other asset at any time credited to the Securities Account shall only be treated as a "financial asset"
with the written consent of the Custodian (which consent shall be provided or withheld in the sole discretion of the Custodian),
provided, however, that at no time shall the Custodian treat as a financial asset (i) any security or other asset that is
not capable of such treatment under section 8-501(d) of the UCC or (ii) any cash or cash balance in the Collateral Accounts.
Any security otherwise included in the Collateral and that is not capable of being treated as a financial asset under section 8-501(d) will
be held by the Custodian as agent and custodian for the Administrative Agent for the benefit of the Secured Parties, and the Custodian
is entitled to all exculpations, indemnities, and other benefits under this Agreement when acting as custodian and agent for the
Administrative Agent.

 

(c)        The
Custodian confirms that it has not entered into and will not enter into any agreement with any other person or entity under which
the Custodian has agreed to comply with instructions or Entitlement Orders of such other person or entity relating to the Collateral
or the Collateral Accounts.

 

(d)        The
Custodian will promptly provide to Borrower, the Administrative Agent, the Collateral Custodian, the Portfolio Asset Servicer and
the Facility Servicer with a copy of an account statement of the Collateral Accounts, and in any event no later than three (3) Business
Days following the end of each calendar month (as of the last day of the subject calendar month).

 

(e)        Notwithstanding
any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that (a) interests in bank loans or participations
(collectively "Loan Assets") may be acquired and delivered by the Borrower to the Custodian from time to time
which are not evidenced by, or accompanied by delivery of, a security (as that term is defined in UCC Section 8-102(a)(15)),
and may be evidenced solely by delivery to the Custodian of a facsimile copy (which may be electronic) of an assignment agreement
("Loan Assignment Agreement") in favor of the Borrower as assignee, (b) any such Loan Assignment Agreement
(and the registration of the related Loan Assets on the books and records of the applicable obligor or bank agent) shall be registered
in the name of the Borrower, and (c) any duty on the part of the Custodian with respect to such Loan Asset (including in respect
of any duty it might otherwise have to maintain a sufficient quantity of such Loan Asset for purposes of UCC Section 8-504)
shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such Loan Assignment Agreement
that may be delivered to it; provided that the Custodian shall be deemed to have exercised reasonable care with respect to the
custody of any such Loan Assignment Agreement if it takes such action with respect to any such Loan Assignment Agreement as set
forth in any instructions and entitlement orders under Section 2(a) or Section 3 originated by Borrower. It is hereby
further expressly acknowledged and agreed that, notwithstanding anything to the contrary appearing herein or elsewhere, the Custodian
is under no duty or obligation to examine any underlying credit agreements or loan documents with respect to any Loan Asset to
determine the validity or sufficiency of any Loan Assignment Agreement (and shall have no responsibility for the genuineness or
completeness thereof.

 

5.        Exculpation
of the Custodian.

 

(a)        The
Custodian will have no responsibility or liability for (i) determining the adequacy of the Collateral, (ii) making or
verifying any calculations related to any Collateral requirements, (iii) the effect of foreign law with respect to any Collateral
issued, or for which the issuer's jurisdiction is, outside of the United States or that is maintained with a foreign clearing corporation
or a foreign depositary bank, (iv) the effect of foreign law with respect to any insolvency proceeding of Borrower in which
the insolvency tribunal is located outside of the United States, or (v) otherwise the creation, attachment, perfection, or
priority of any security interest in favor of the Administrative Agent, acting for the benefit of the Secured Parties, or the adequacy
of the remedies of the Administrative Agent, acting for the benefit of the Secured Parties, to enforce any security interest.

 

    3

     

    

 

(b)        Subject
to Section 5(d) of this Agreement, the Custodian will have no responsibility or liability (i) to the Administrative
Agent for (a) complying with instructions and entitlement orders under Section 2(a) or Section 3 originated
by Borrower, (b) [reserved], (c) complying with instructions received from or through one or more intermediary systems,
market utilities, or platforms utilized by the Administrative Agent and Borrower pursuant to Section 3(b)(ii), (d) [reserved],
or (e) complying with a Notice of Exclusive Control or with instructions or entitlement orders under Section 3(c) originated
by the Administrative Agent, and (ii) to Borrower for (a) complying with instructions and entitlement orders under Section 2(a) originated
by Borrower, (b) [reserved], (c) complying with instructions received from or through one or more intermediary systems,
market utilities, or platforms utilized by the Administrative Agent and Borrower pursuant to Section 3(b)(ii), (d) complying
with instructions received from Borrower in accordance with Section 2.07(b) of the Loan and Servicing Agreement, with
respect to the withdrawal from the Collateral Accounts any deposits constituting Excluded Amounts or (e) complying with a
Notice of Exclusive Control or with instructions or entitlement orders under Section 3(c) originated by the Administrative
Agent.

 

(c)        The
Custodian will have no duty to investigate or make any determination to verify (i) the existence of an Event of Default under
the Loan and Servicing Agreement or otherwise, (ii) compliance by either the Administrative Agent, the Facility Servicer,
the Portfolio Asset Servicer or Borrower with the Loan and Servicing Agreement or with applicable law or (iii) the Administrative
Agent’s right to issue a Notice of Exclusive Control or originate instructions or Entitlement Orders under Section 3(c).

 

(d)        The
Custodian will have no responsibility or liability with respect to the Collateral Accounts except to the extent expressly set forth
in this Agreement including, without limitation, with respect to any duty to preserve, exercise, or enforce rights in the Collateral
or the Collateral Accounts. The Custodian will not be liable or responsible for any action done or omitted to be done by it in
good faith and in the absence of gross negligence or willful misconduct and may rely and shall be protected in acting upon any
notice, instruction, Entitlement Order, or other communication which it reasonably believes to be genuine and authorized.

 

(e)        The
Custodian will not be liable for delays, errors, or losses occurring by reason of circumstances beyond its control, including,
without limitation, acts of God, market disorder, terrorism, insurrection, war, riots, failure of transportation or equipment,
or failure of vendors, or power supply.

 

(f)        The
Custodian will have no responsibility or liability to the Administrative Agent or Borrower or to any other person or entity for
acting in accordance with any judicial or arbitral process, injunction or other order, writ, judgment, decree, or claim of judicial
lien relating to the Collateral Accounts, even if subsequently modified, vacated or otherwise determined to have been without legal
force or effect.

 

(g)        In
no event will Borrower, the Administrative Agent, the Portfolio Asset Servicer, the Facility Servicer or the Custodian be liable
for punitive, indirect, consequential, or special losses or damages of any kind hereunder (including but not limited to lost profits).

 

6.        Reserved.

 

7.        The
Custodian's Compensation and Reimbursement Rights; Security Interest.

 

(a)       Borrower
will pay and reimburse the Custodian for any advances, fees, costs, expenses (including, without limitation, reasonable and documented
attorneys' fees) and disbursements that may be paid or incurred by the Custodian performing its duties under this Agreement. Any
fees, expenses, or other amounts that may be owing to the Custodian from time to time pursuant to the terms of this Agreement shall
be secured by the security interest that the Custodian has been hereby granted under the hereunder. Any security interest or right
of set-off in favor of the Custodian with respect to any Collateral Account, any financial asset, fund, cash, security entitlement
or other property credited thereto, will be subordinate to the security interest of the Administrative Agent; provided that
the foregoing subordination shall not apply to (i) any overdraft that may arise in a Collateral Account for funds expended
or advanced for the benefit of Borrower (including overdrafts resulting from deposit items that have been credited to a Collateral
Account but are subsequently returned without collection because of insufficient funds, assumed settlement or similar provisional
credits), (ii) reversals or cancellations of payment orders and other electronic fund transfers, and (c) fees, charges
and other amounts owing to it from time to time under this Agreement.

 

    4

     

    

 

(b)        The
Custodian will not be obligated to advance cash or investments to, for, or on behalf of Borrower in the Collateral Accounts. However,
if the Custodian does advance cash or investments to the Collateral Accounts for any purpose, Borrower's obligations to reimburse
or repay the Custodian under Section 7(a) shall be secured by the security interest referred to in Section 7(a).

 

8.        Relationship
to Other Agreements.

 

(a)        If
a provision of this Agreement (or any portion hereof) conflicts with a provision of any other agreement now existing or hereafter
entered into, the provision of this Agreement shall control.

 

(b)        Except
as otherwise provided herein, this Agreement does not modify the terms of the Loan and Servicing Agreement, and the Custodian shall
be entitled to all of the rights, immunities, exculpations, indemnities, and other benefits granted to the Collateral Custodian
under the Loan and Servicing Agreement in connection with any actions taken (or forbearance from action), and all matters arising,
under or pursuant to this Agreement, including those with respect to the Custodian’s actions under this Agreement.

 

9.        Notices.

 

Any notice, instruction, Entitlement Order,
or other communication to be given hereunder will be in writing and provided as follows:

 

(a)        Any
unilateral instructions provided by Borrower pursuant to Section 2(a) or Section 3 shall be delivered by Borrower
to the Custodian in accordance with the delivery methods selected by Borrower under its security selection form executed by Borrower
in favor of the Custodian.

 

(b)        Any
instructions provided by the Administrative Agent and/or Borrower pursuant to Section 3(b) shall be delivered as follows:

 

(i)   By
Borrower, in accordance with the delivery methods selected by Borrower under its security selection form executed by Borrower in
favor of the Custodian.

 

(ii)   By
the Administrative Agent, by way of SWIFT message or by way of such other self-authenticating form of digital or electronic message
or other means agreed upon in writing by the Custodian and the Administrative Agent. Any instructions provided pursuant to Section 3(b)(ii) shall
be delivered from or through the applicable intermediary systems, market utilities or platforms utilized by the Administrative
Agent and Borrower and supported by the Custodian.

 

(c)        Delivery
of a Notice of Exclusive Control to the Custodian shall be made by certified, registered, or overnight mail prepaid and with signature
receipt required, and addressed as follows, or to such other address as the Custodian may hereafter notify the other respective
Parties hereto in writing:

 

U.S. Bank National Association 

Global Corporate Trust 

One Federal Street, 3rd Floor 

Boston, MA 02110 

Tel: 617-603-6709 

Email: BDCABostonCustody@usbank.com,
with a copy to Stanley.Wong@usbank.com

Attention: Stanley Wong 

Reference: BDCA Asset Financing,
LLC

 

    5

     

    

 

(d)        Delivery
of a termination notice to the Custodian shall be made by certified, registered or overnight mail prepaid and with signature receipt
required, and addressed as follows, or to such other address as the Custodian may hereafter notify the other respective Parties
hereto in writing:

 

U.S. Bank National Association 

Global Corporate Trust 

One Federal Street, 3rd Floor 

Boston, MA 02110 

Tel: 617-603-6709 

Email: BDCABostonCustody@usbank.com,
with a copy to Stanley.Wong@usbank.com 

Attention: Stanley Wong 

Reference: BDCA Asset Financing,
LLC

 

(e)        Any
other notice or other communication required to be provided hereunder or requests to or upon the respective Parties not otherwise
addressed in paragraphs (a)-(d) above, shall be in writing and may be sent via e-mail, SWIFT message, or other form of digital
or electronic message, or by certified, registered, or overnight mail prepaid and with signature receipt required and addressed
as follows or to such other address as any Party may hereafter notify the other respective Parties hereto in writing:

 

If to the Administrative Agent:

 

U.S. Bank National Association 

Global Corporate Trust 

214 N. Tryon Street, 27th Floor 

Charlotte, North Carolina 28202 

Attention: James Hanley 

Facsimile: (866) 350-2101 

Email: agency.services@usbank.com,
with a copy to James.Hanley1@usbank.com 

Reference: BDCA Asset Financing,
LLC

 

If to the Facility Servicer:

 

	Massachusetts Mutual Life Insurance Company
	One Marina Park
	8th Floor 
	Boston, MA 02210
	
            Attention: Sarah Doyle, Investment
        Onboarding

            Email: DPITeam@massmutual.com;
        CIOMandates@massmutual.com

 

If to Borrower:

 

	
        BDCA Asset Financing, LLC

        c/o Benefit Street Partners L.L.C.

        9 West 57th Street,
        Suite 4920

        Attention: Richard Byrne

        Email: r.byrne@benefitstreetpartners.com

         

        With a copy (which shall not
        constitute notice) to :

         

        Ropes & Gray LLP

        800 Boylston Street

        Boston, MA 02199

        Attention : Patricia Lynch

        Email : Patricia.Lynch@ropesgray.com

         

 

    6

     

    

 

If to Custodian:

  

U.S. Bank National Association 

Global Corporate Trust 

One Federal Street, 3rd Floor 

Boston, MA 02110 

Tel: 617-603-6709 

Email: BDCABostonCustody@usbank.com,
with a copy to Stanley.Wong@usbank.com 

Attention: Stanley Wong 

Reference: BDCA Asset Financing,
LLC

 

(f)        Any
party may change its notice address provided in this Section 9 by providing written notice to each other party hereto.

 

10.        Termination.

 

(a)        This
Agreement may be terminated by Borrower with the written consent of the Administrative Agent. The Administrative Agent may terminate
this Agreement at any time upon written notice to the other parties. Upon termination by Borrower with the written consent of the
Administrative Agent or by the Administrative Agent, the Administrative Agent will have no further right to originate instructions
or Entitlement Orders concerning the Collateral or the Collateral Accounts.

 

(b)        The
Custodian may terminate this Agreement upon the earlier of (i) thirty (30) days' prior written notice to the other parties
and (ii) upon termination of the Loan and Servicing Agreement. Upon termination of this Agreement by the Custodian, any Collateral
in the Collateral Accounts will, subject to any reserves reasonably established by the Custodian to secure any liabilities secured
by any security interest or right of recoupment or setoff in favor of the Custodian, be transferred to a successor Custodian or
otherwise as directed, in each case, in writing and delivered in accordance with the terms of Section 9 by the parties or
party then entitled to give instructions and entitlement orders under Section 3. If no designation is made, the Custodian
will be entitled to petition a court of competent jurisdiction to appoint a successor Custodian and will be indemnified by Borrower
for any costs and expenses relating thereto (to the extent required by Section 7 hereto).

 

(c)        Termination
will not affect any rights created or obligations incurred under this Agreement prior to termination. This Section and Sections
5, 6, 7, 12, and 14 will survive the termination of this Agreement.

 

11.        Reserved.

 

12.        Successors
and Assigns.

 

This Agreement will be binding upon the
parties and their respective successors and permitted assigns. The Custodian may transfer its rights and duties under this Agreement
to any successor to the Custodian hereunder. Otherwise, this Agreement may not be assigned without the written consent of all parties.

 

13.        Appointment
of Agents.

 

The Custodian shall retain the right to
employ agents, subcontractors, consultants or other third parties, including, without limitation, affiliates (each a, “Delegate”
and collectively, the “Delegates”) to provide or assist in the provision of any part of the services described herein
or the discharge of any other obligations or duties under this Agreement without the consent or approval of any other party hereto.
The Custodian shall not be liable or responsible for the actions or omissions of any such Delegate appointed with due care.

 

14.       Governing Law; Jury Trial Waiver;
Waiver of Immunity.

 

This Agreement is governed by the laws
of the State of New York. To the extent permitted by law, each party waives any right
to trial by jury in any legal proceeding arising out of or relating to this Agreement. If in any jurisdiction the parties
hereto may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, attachment (before or after judgment)
or other legal process, the party irrevocably agrees not to claim, and hereby waives, such immunity.

 

    7

     

    

 

15.        Miscellaneous.

 

No amendment or modification of this Agreement
will be effective unless it is in writing and signed by each of the parties hereto. Custodian shall provide prompt written notice
of any such amendment or modification to Section 9 to each other party hereto, and such amendment shall be effective on the
fifth banking day following delivery by the Custodian of such notice to each other party hereto pursuant to Section 9(e).
If any provision of this Agreement is held illegal, void, or unenforceable, the remainder of this Agreement will remain in effect.
Any headings appearing on this Agreement are for convenience only and do not affect the interpretation of this Agreement. This
Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together
will constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form
(e.g., faxes or emails (portable document form (PDF)), and the parties hereby adopt as original any signatures received
via electronically transmitted form.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY
BLANK]

 

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

 

Facility Servicer:

 

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 

 

By: /s/ Andrew C. Dickey

Name: Andrew C. Dickey

Title: Head of Alternative and Private Equity

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Administrative Agent 

 

By: /s/ James A. Hanley

Name: James A. Hanley

Title: Vice President 

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Account Bank 

 

By: /s/ Ralph J. Creasia, Jr. 

Name: Ralph J. Creasia, Jr.

Title: Senior Vice President

 

 

BDCA
ASSET FINANCING, LLC 

 

By: /s/ Nina Kang Baryski

Name: Nina Kang Baryski 

Title: Chief Financial Officer 

  

    9

     

    

 

Exhibit A

 

[Letterhead of Administrative Agent]

 

Date:

 

U.S. Bank National Association

 

[Address]

 

Attention:

 

RE: [Name of registered investment company
and Portfolio, if applicable]

 

NOTICE OF EXCLUSIVE CONTROL

 

We hereby instruct
you pursuant to the terms of that certain Control Agreement dated as of ____________, 20___ (as amended and in effect from time
to time, the "Control Agreement") by and among (a) BDCA Asset Financing, LLC, a Delaware limited liability
company, as borrower under the Loan and Servicing Agreement (“Borrower”), (b) U.S. Bank National Association,
as administrative agent under the Loan and Servicing Agreement (in such capacity, the “Administrative Agent”),
(c) Massachusetts Mutual Life Insurance Company, as facility servicer under the Loan and Servicing Agreement (in such capacity,
the “Facility Servicer”), and (d) U.S. Bank National Association, (the "Custodian" or
 “you”), that you (i) shall not follow any instructions or Entitlement Orders of the specific Borrower listed
above with respect to the Collateral or the Collateral Accounts held by you for such Borrower, and (ii) unless and until otherwise
expressly instructed by the undersigned, shall exclusively follow the Entitlement Orders and instructions of the undersigned with
respect to such Collateral or such Collateral Accounts.

 

		 	Very truly yours,
	 	 	 
	 	 	[Administrative Agent]
	 	 	 
	 	By:	 
	 	 	    Authorized Signatory

 

cc: BDCA Asset Financing, LLC

 

Information Classification:
Limited Access

 

    C-1Exhibit 10.4

 

EXECUTION
COPY

 

AMENDMENT NO. 15
TO

LOAN AND SERVICING
AGREEMENT

 

THIS
AMENDMENT NO. 15 TO LOAN AND SERVICING AGREEMENT, dated as of July 7, 2020 (this "Amendment") is entered into
by and among BDCA Funding I, LLC, as the borrower (in such capacity, the "Borrower"), Business Development Corporation
of America, as the servicer (in such capacity, the "Servicer") and seller (in such capacity, the "Seller"),
Wells Fargo Bank, National Association, as the administrative agent (in such capacity, the "Administrative Agent"),
each of the Lenders and Lender Agents party hereto and U.S. Bank National Association, as Collateral Agent, Account Bank and Collateral
Custodian. Capitalized terms used but not defined herein have the meanings provided in the Agreement (as defined below).

 

R E C I T A L
S

 

WHEREAS,
reference is made to the Loan and Servicing Agreement, dated as of July 24, 2012 (as amended, modified, waived, supplemented or
restated from time to time, the "Agreement"), by and among the Borrower, the Servicer, the Seller, the Conduit
Lenders, the Institutional Lenders, the Lender Agents, the Administrative Agent, the Collateral Agent, the Account Bank and the
Collateral Custodian; and

 

WHEREAS,
the parties hereto desire to further amend the Agreement in certain respects as specified herein, pursuant to and in accordance
with Section 11.01 of the Agreement;

 

NOW,
THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein, and other 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:

 

SECTION 1. AMENDMENTS.

 

(a)       The
Borrower intends to prepay the aggregate principal amount of the outstanding Advances of NBH Bank (the "Specified Lender")
on the date hereof (the "Prepayment Date") and to pay all accrued interest on such Advances on the next Payment
Date. In connection with such prepayment, each of the Lenders and the Administrative Agent consents and agrees as follows pursuant
to Section 11.01 of the Agreement:

 

(i)       notwithstanding
Sections 9.01(i) and 11.17 of the Agreement, on the Prepayment Date the aggregate outstanding principal amount of the Advances
of the Specified Lender shall be prepaid in full in the amount set forth on Schedule A hereto (the "Prepayment Amount"),
and all accrued interest on such Advances as of the date hereof (the "Accrued Yield") shall be paid in full on
the Payment Date in July 2020. The Prepayment Amount shall be paid by the Borrower via wire transfer from the Agent to the account
of the Specified Lender in accordance with the wire instructions provided by such Lender.

 

 

(ii)       following
the payment of the Prepayment Amount, (x) the Commitment of the Specified Lender shall be deemed to terminate for all purposes
under the Agreement and neither the Specified Lender nor any other Lender or the Administrative Agent shall have any obligation
whatsoever to make an Advance to the Borrower, or otherwise advance funds to the Borrower for any purpose, in respect of such Commitment
and (y) the Borrower shall have no further payment obligations to the Specified Lender under the Agreement, including in respect
of principal, Yield (other than any Accrued Yield to be paid on the Payment Date in July 2020), Non-Usage Fees, and any other fees,
expenses (including reasonable attorneys' fees, costs and expenses) and indemnity amounts; and

 

(iii)
upon the payment of the Prepayment Amount and Accrued Yield, the Specified Lender hereby voluntarily discharges, waives, acquits,
surrenders and expressly releases the Borrower and the Administrative Agent and each of their respective officers, directors, employees,
agents, affiliates, representatives, attorneys, partners, members and their respective successors and assigns (collectively, the
 "Released Parties") from (a) all obligations to the Specified Lender (and its respective successors and assigns)
under the Agreement, and (b) any and all claims, causes of action, damages, liabilities or obligations of every nature and description
in any way or manner which relates, directly or indirectly, to or arises out of the any Released Party’s performance and
obligations under the Agreement or the transactions relating thereto; whether known or unknown, anticipated or unanticipated, fixed
or contingent, at law or in equity, that the Specified Lender at any time may have, or that its successors and assigns may have
against the Released Parties (except, with regard to clauses (a) and (b) above, for any obligations that, pursuant to the express
terms of the Agreement, survive the termination of the Agreement).

 

(b)       Immediately
following the effectiveness of the amendment set forth in paragraph (a) above (the "Initial Amendment"), the Agreement
is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example:
bold and double- underlined text) as set forth on the pages of the Agreement attached as Exhibit A hereto
(such amendment, the "Second Amendment").

 

(c)       The
amendments set forth in paragraphs (a) and (b) above shall be considered separate amendments that have been aggregated into a single
instrument for administrative convenience and are referred to herein, collectively, as this "Amendment". The Initial
Amendment shall be considered effective upon execution of this Amendment and receipt by of written consent to the Initial Amendment
from all Lenders under the Agreement prior to giving effect to the Initial Amendment and shall be considered effective prior to
the effectiveness of the Second Amendment for all purposes under the Agreement.

     

     

    

 

SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT
AS AMENDED.

 

Except
as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. After this Amendment becomes
effective, all references to the Agreement and corresponding references thereto or therein such as "hereof", "herein",
or words of similar effect referring to the Agreement shall be deemed to mean the Agreement as amended hereby. This Amendment shall
not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth
herein.

 

SECTION 3. REPRESENTATIONS.

 

Each of the
Borrower and the Servicer, severally for itself only, represents and warrants as of the date of this Amendment as follows:

(i)                
it is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
or organization;

 

(ii)              
the execution, delivery and performance by it of this Amendment and the Agreement as amended hereby are within its powers, have
been duly authorized, and do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable
Law;

 

(iii)           
no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental authority,
is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment and the Agreement
as amended hereby by or against it;

 

(iv)            
this Amendment has been duly executed and delivered by it and is effective to amend the Agreement as contemplated by the amendment
provisions thereof;

 

(v)              
each of this Amendment and the Agreement as amended hereby constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity; and

 

(vi)            
there is no Unmatured Event of Default, Event of Default or Servicer Termination Event.

 

SECTION 4. CONDITIONS TO EFFECTIVENESS.

 

The effectiveness
of this Amendment is conditioned upon: (i) payment (to the extent invoiced) of outstanding fees of each Lender and any invoiced
outstanding fees and disbursements of the Administrative Agent (if any); and (ii) delivery of executed signature pages by all parties
hereto to the Administrative Agent.

 

SECTION 5. MISCELLANEOUS.

 

(a)              
This Amendment may be executed in any number of counterparts (including by facsimile or e-mail), and by the different parties hereto
on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall
constitute one and the same agreement.

 

     

     

    

 

(b)              
The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not
be deemed to affect the meaning or construction of any of the provisions hereof.

 

(c)              
This Amendment may not be amended or otherwise modified except as provided in the Agreement.

 

(d)              
The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.

 

(e)              
Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used
in the plural number, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include
the masculine and feminine.

 

(f)               
This Amendment and the Agreement represent the final agreement among the parties with respect to the matters set forth therein
and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements among the parties. There are no
unwritten oral agreements among the parties with respect to such matters.

 

(g)              
THIS AMENDMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK,
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION
WITH THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

 

(h)              
Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting
in New York City in any action or proceeding arising out of or relating to the Amendment, and each party hereto hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to
the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may
effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law.

 

(i)                
By executing this Amendment, the Administrative Agent and the Lenders constituting the Required Lenders hereby direct U.S.
Bank National Association in its various capacities to execute this Amendment in the form presented to it.

 

     

     

    

 

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

 

	THE BORROWER:	BDCA FUNDING I, LLC
	 	 	 
	 	By: BUSINESS DEVELOPMENT CORPORATION OF AMERICA, Member of BDCA Funding I, LLC
	 	 	 
	 	By:	/s/ Richard J. Byrne
	 	 	Name: Richard J. Byrne
	 	 	Title: Chief Executive Officer and President

 

 

	 	Business Development Corporation of America
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:	Chief Executive Officer
	 	Facsimile No:	(212) 588-6769

 

  

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

	THE SERVICER:	BUSINESS DEVELOPMENT 

CORPORATION OF AMERICA
	 	 	 
	 	 	 
	 	By:	/s/ Richard J. Byrne
	 	 	Name: Richard J. Byrne
	 	 	Title: Chief Executive Officer and President

 

 

	 	Business Development Corporation of America
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:	Chief Executive Officer
	 	Facsimile No:	(212) 588-6769

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

	THE SELLER:	BUSINESS DEVELOPMENT 

CORPORATION OF AMERICA
	 	 	 
	 	 	 
	 	By:	/s/ Richard J. Byrne
	 	 	Name: Richard J. Byrne
	 	 	Title: Chief Executive Officer and President

 

 

	 	Business Development Corporation of America
	 	c/o Benefit Street Partners LLC
	 	9 West 57th Street, Suite 4920
	 	New York, NY 10019
	 	Attention:	Chief Executive Officer
	 	Facsimile No:	(212) 588-6769

  

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

 

 

	THE ADMINISTRATIVE AGENT:	WELLS FARGO BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/ Louis Allan Schmitt
	 	 	Name: Louis Allan Schmitt
	 	 	Title: Managing Director

 

 

	 	
        Wells Fargo Bank, National Association

        Duke Energy Center

550 S. Tryon Street, 5th Floor

MAC D1086-051

Charlotte, North Carolina 28202

Attention: Corporate Debt Finance

Confirmation No: (704) 715-410-2496

All electronic dissemination of Notices should 

be sent to scp.mmloans@wellsfargo.com 

 

 

     

     

    

 

 

	INSTITUTIONAL LENDER:	WELLS FARGO BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/ Louis Allan Schmitt
	 	 	Name: Louis Allan Schmitt
	 	 	Title: Managing Director

 

 

	 	
        Wells Fargo Bank, National Association

        Duke Energy Center

550 S. Tryon Street, 5th Floor

MAC D1086-051

Charlotte, North Carolina 28202

Attention: Corporate Debt Finance

Confirmation No: (704) 715-410-2496

All electronic dissemination of Notices should 

be sent to scp.mmloans@wellsfargo.com 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

	INSTITUTIONAL LENDER:	TIAA, FSB
	 	 	 
	 	 	 
	 	By:	/s/ Joshua LaDean Kinsey
	 	 	Name: Joshua LaDean Kinsey
	 	 	Title: Vice President

 

 

	 	
        TIAA, FSB

        10000 Midlantic Drive, Suite 400E

Mount Laurel, NJ 08054

Attention: John Dale

Facsimile No.: 201-770-4762

Confirmation No: 856-505-8163 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

 

	INSTITUTIONAL LENDER:	ZIONS
BANCORPORATION, N.A. DBA 

CALIFORNIA BANK & TRUST
	 	 	 
	 	 	 
	 	By:	/s/ Newton Phan
	 	 	Name: Newton Phan
	 	 	Title: Senior Vice President

 

 

	 	 1900 Main Street, Suite 2000

Irvine, CA 92614

Attention: Chris Edmonds

Facsimile: 949-862-7333

Email: Christopher.Edmonds@calbt.com

Confirmation No: 949-251-7772

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

 

 

	INSTITUTIONAL LENDER:	NBH
BANK, with respect to the Initial 

Amendment only
	 	 	 
	 	 	 
	 	By:	/s/ Josh Boesen
	 	 	Name: Josh Boesen
	 	 	Title: Portfolio Manager

 

 

	 	
        NBH Bank

        11111 W. 95th Street

        Overland Park, KS 66214

        Attention: Tom Rohling

        Confirmation No: 913-324-6185

        Email: trohling@nbhbank.com

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

	INSTITUTIONAL LENDER:	RAYMOND JAMES BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/  Alexander L. Rody
	 	 	Name: Alexander L. Rody
	 	 	Title: Senior Vice President

 

 

	 	
        Raymond James Bank, N.A.

        1033 Demonbreun Street, Suite 500

        Nashville, TN 37203

        Attention: Alexander L. Rody

Confirmation No: 615-645-6699

Email: alex.rody@raymondjames.com 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

	INSTITUTIONAL LENDER:	FIFTH
THIRD BANK
	 	 	 
	 	 	 
	 	By:	/s/  Brian Gardner
	 	 	Name: Brian Gardner
	 	 	Title: Managing Director

 

 

	 	
        Fifth Third Bank

        38 Fountain Square Plaza, MD 109046

        Cincinnati, OH 45263

        Attention: Andrew Cantillon

        Tel: (513) 534 3797

        Facsimile No.: (513) 534 0319

        Email: Andrew.Cantillon@53.com

  

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

 

	INSTITUTIONAL LENDER:	sTIFEL BANK & TRUST
	 	 	 
	 	 	 
	 	By:	/s/  Matthew L. Diehl
	 	 	Name: Matthew L. Diehl
	 	 	Title: SVP, Manager Corporate Lending

  

 

	 	
        Stifel Bank & Trust

        501 N. Broadway, 10th Floor

        St. Louis, MO 63102

        Attention: Tim Hill

        Telephone: 314-342-8540

        email: thill@stifelbank.com

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

	INSTITUTIONAL LENDER:	United Bank DBA CresCom Bank
	 	 	 
	 	 	 
	 	By:	/s/ Jeff A. Benjamin
	 	 	Name: Jeff A. Benjamin
	 	 	Title: Executive Vice President

   

 

	 	
        United Bank DBA CresCom Bank

        1331 44th Avenue North, Suite 101

        Myrtle Beach, SC 29577

        Attention: Jeff A. Benjamin

        Telephone: 843-429-2498

        email: jbenjamin@haveanicebank.com

  

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

     

     

    

 

 

	INSTITUTIONAL LENDER:	CIT BANK, N.A. 
	 	 	 
	 	 	 
	 	By:	/s/ Robert L. Klein
	 	 	Name: Robert L. Klein
	 	 	Title: Director

  

 

	 	
        CIT Bank, N.A.

        11 West 42nd Street, 13th Floor

        New York, NY 10036

        Telephone: (212) 461-7766

        Attention: Thomas Mullen

        Email: Thomas.Mullen@cit.com

  

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

 

	INSTITUTIONAL LENDER:	ING Capital LLC
	 	 	 
	 	 	 
	 	By:	/s/ Patrick Frisch
	 	 	Name: Patrick Frisch
	 	 	Title: Managing Director

 

	 	By:	/s/ Richard Troxel
	 	 	Name: Richard Troxel
	 	 	Title:  Vice President

 

 

	 	
        ING Capital LLC

        1133 Avenue of the Americas

        New York, NY 10036

        Attention: Iris Chen

        Tel: (646) 424-6372

        E-Mail: DL-NYCLoanClosers@ing.com

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

	THE COLLATERAL AGENT:	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	 	 
	 	By:	/s/ Stanley Wong
	 	 	Name: Stanley Wong
	 	 	Title: Vice President

  

 

	 	
        U.S. Bank National Association

        One Federal Street, 3rd Floor

        Boston, MA 02110

        Attention: Stanley Wong, Vice President 

Facsimile No: (877)
        218-6970

        Confirmation No: (617) 603-6709

        Email: stanley.wong@usbank.com

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

     

     

    

 

	THE ACCOUNT BANK:	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	 	 
	 	By:	/s/ Stanley Wong
	 	 	Name: Stanley Wong
	 	 	Title: Vice President

 

 

	 	
        U.S. Bank National Association

        One Federal Street, 3rd Floor

        Boston, MA 02110

        Attention: Stanley Wong, Vice President 

Facsimile No: (877)
        218-6970

        Confirmation No: (617) 603-6709

        Email: stanley.wong@usbank.com

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

     

     

    

 

 

	THE COLLATERAL CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	 	 
	 	By:	/s/ Kenneth Brandt
	 	 	Name: Kenneth Brandt
	 	 	Title: Assistant Vice President

  

 

	 	
        U.S. Bank National Association

        1719 Range Way

        Florence, South Carolina 29501

        Attention:Steve Garrett

        Facsimile No:(843) 673-0162

        Confirmation No:(843) 676-8901

        Email:steven.garrett@usbank.com

	 	 
	 	With a copy to:
	 	 
	 	
        U.S. Bank National Association

        One Federal Street, 3rd Floor

        Boston, MA 02110

        Attention: Stanley Wong, Vice President 

Facsimile No: (877)
        218-6970

        Confirmation No: (617) 603-6709

        Email: stanley.wong@usbank.com

 

 

 

     

     

    

 

EXHIBIT
A

 

 

 

     

     

    

 

EXECUTION
COPY

(Conformed through Amendment No. 1415)

 

 

 

  

Up to U.S. $600,000,000575,000,000

  

LOAN AND SERVICING AGREEMENT
Dated as of July 24, 2012

 

Among

  

BDCA FUNDING I, LLC, 

as
the Borrower

 

 

BUSINESS DEVELOPMENT
CORPORATION OF AMERICA, 

as the Servicer and the Seller

 

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION, 

as the Administrative Agent

 

 

EACH OF THE CONDUIT LENDERS
AND INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO,

as the Lenders

 

 

EACH OF THE LENDER AGENTS
FROM TIME TO TIME PARTY HERETO, 

as the Lender Agents

 

and

 

 

U.S. BANK NATIONAL ASSOCIATION,

as
the Collateral Agent, Account Bank and Collateral Custodian

  

 

 

     

     

    

 

TABLE OF CONTENTS

 

 

	 	 	Page
	 	 	 
	 	 	 
	ARTICLE I. DEFINITIONS	1
	 	 	 
	Section 1.01	Certain Defined Terms	1
	 	 	 
	Section 1.02	Other Terms	35
	 	 	 
	Section 1.03	Computation of Time Periods	35
	 	 	 
	Section 1.04	Interpretation	35
	 	 	 
	ARTICLE II. THE FACILITY	36
	 	 	 
	Section 2.01	Variable Funding Note and Advances	36
	 	 	 
	Section 2.02	Procedure for Advances	37
	 	 	 
	Section 2.03	Determination of Yield 	39
	 	 	 
	Section 2.04	Remittance Procedures	39
	 	 	 
	Section 2.05	Instructions to the Collateral Agent and the Account Bank	43
	 	 	 
	Section 2.06	Borrowing Base Deficiency Payments	43
	 	 	 
	Section 2.07	Substitution and Sale of Loan Assets; Affiliate Transactions	44
	 	 	 
	Section 2.08	Payments and Computations, Etc	48
	 	 	 
	Section 2.09	Non-Usage Fee	49
	 	 	 
	Section 2.10	Increased Costs; Capital Adequacy	49
	 	 	 
	Section 2.11	Taxes	51
	 	 	 
	Section 2.12	Collateral Assignment of Agreements	52
	 	 	 
	Section 2.13	Grant of a Security Interest	53
	 	 	 
	Section 2.14	Evidence of Debt	53
	 	 	 
	Section 2.15	Survival of Representations and Warranties	53
	 	 	 
	Section 2.16	Release of Loan Assets	54
	 	 	 
	Section 2.17	Treatment of Amounts Received by the Borrower	54
	 	 	 
	Section 2.18	Prepayment; Termination	54
	 	 	 
	Section 2.19	Extension of Reinvestment Period	55
	 	 	 
	Section 2.20	Collections and Allocations	55
	 	 	 
	Section 2.21	Reinvestment of Principal Collections	57
	 	 	 
	Section 2.22	Additional Lenders	57
	 	 	 
	ARTICLE III. CONDITIONS PRECEDENT	58
	 	 	 
	Section 3.01	Conditions Precedent to Effectiveness	58

  

    i

     

    

 

 

LIST OF SCHEDULES AND EXHIBITS

 

LIST OF SCHEDULES AND EXHIBITS

 

	SCHEDULES	 
	 	 
	SCHEDULE I	Conditions Precedent Documents
	SCHEDULE II	Prior Names, Tradenames, Fictitious Names and "Doing Business As" Names
	SCHEDULE III	Eligibility Criteria
	SCHEDULE IV	Agreed-Upon Procedures for Independent Public Accountants
	SCHEDULE V	Loan Asset Schedule
	 	 
	EXHIBITS	 
	 	 
	EXHIBIT A	Form of Approval Notice
	EXHIBIT B	Form of Assignment of  Mortgage 
	EXHIBIT C	Form of Borrowing Base Certificate 
	EXHIBIT D	Form of Disbursement Request 
	EXHIBIT E	Form of Joinder Supplement 
	EXHIBIT F	Form of Notice of Borrowing
	EXHIBIT G	Form of Notice of Reduction (Reduction of Advances Outstanding) 
	EXHIBIT H	[Reserved]
	EXHIBIT I	Form of Variable Funding Note
	EXHIBIT J	Form of Notice of Lien Release Dividend and Request for Consent
	EXHIBIT K	Form of Certificate of Closing Attorneys
	EXHIBIT L	Form of Servicing Report
	EXHIBIT M	Form of Servicer's Certificate (Servicing Report) 
	EXHIBIT N	Form of Release of Required Loan Documents 
	EXHIBIT O	Form of Transferee Letter
	EXHIBIT P	Form of Power of Attorney for Servicer
	EXHIBIT Q	Form of Power of Attorney for Borrower
	EXHIBIT R	Form of Servicer's Certificate (Loan Asset Register)
	 	 
	ANNEXES	 
	ANNEX A	Commitments

 

 

    	 	-v-	 

     

    

 

 

This LOAN AND SERVICING
AGREEMENT is made as of July 24, 2012, among:

 

(1)       BDCA
FUNDING I, LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the "Borrower");

 

(2)       BUSINESS
DEVELOPMENT CORPORATION OF AMERICA, a Maryland corporation, as the Servicer (as defined herein) and the Seller (as defined herein);

 

(3)       EACH
OF THE CONDUIT LENDERS FROM TIME TO TIME PARTY HERETO, as a Conduit Lender;

 

(4)       EACH
OF THE INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO, as an Institutional Lender;

 

(5)       EACH
OF THE LENDER AGENTS FROM TIME TO TIME PARTY HERETO, as a Lender Agent;

 

(6)       WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the "Administrative Agent"); and

 

(7)       U.S.
BANK NATIONAL ASSOCIATION, as the Collateral Agent (together with its successors and assigns in such capacity, the "Collateral
Agent"), the Account Bank (as defined herein) and the Collateral Custodian (together with its successors and assigns in
such capacity, the "Collateral Custodian").

 

PRELIMINARY STATEMENT

 

The Lenders have agreed,
on the terms and conditions set forth herein, to provide a secured revolving credit facility which shall provide for Advances from
time to time in an aggregate principal amount not to exceed the Borrowing Base. The proceeds of the Advances will be used to finance
the Borrower's purchase, on a "true sale" basis, of Eligible Loan Assets from the Seller, approved by the Administrative
Agent, pursuant to the Purchase and Sale Agreement between the Borrower and the Seller. Accordingly, the parties agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

Section
1.01                     
Certain Defined Terms.

 

(a)              
Certain capitalized terms used throughout this Agreement are defined above or in this Section 1.01.

 

(b)              
As used in this Agreement and the exhibits and schedules thereto (each of which is hereby incorporated herein and made a
part hereof), the following terms shall have the

 

     

     

    

 

 

"Affiliate"
when used with respect to a Person, means any other Person controlling, controlled by or under common control with such Person.
For the purposes of this definition, "control," when used with respect to any specified Person, means the power to vote
20% or more of the voting securities of such Person or to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled"
have meanings correlative to the foregoing; provided that for purposes of determining whether any Loan Asset is an Eligible
Loan Asset or for purposes of Section 5.01(b)(xviii), the term Affiliate shall not include any Affiliate relationship which
may exist solely as a result of direct or indirect ownership of, or control by, a common Financial Sponsor.

 

"Agented Note"
means any Loan Asset originated as a part of a syndicated loan transaction that has been closed (without regard to any contemporaneous
or subsequent syndication of such Loan Asset) prior to such Loan Asset becoming part of the Collateral Portfolio.

 

"Agreement"
means this Loan and Servicing Agreement, as the same may be amended, restated, supplemented and/or otherwise modified from time
to time hereafter.

 

"Anti-Corruption
Laws" means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended;
and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower or
any member of the Borrowing Group is located or doing business.

 

"Anti-Money Laundering
Laws" means applicable laws or regulations in any jurisdiction in which the Borrower or any member of the Borrowing Group
is located or doing business that relates to money laundering, any predicate crime to money laundering, or any financial record
keeping and reporting requirements related thereto.

 

"Applicable Law"
means for any Person all existing and future laws, rules, regulations (including proposed, temporary and final income tax regulations),
statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority
applicable to such Person (including, without limitation, predatory lending laws, usury laws, the Federal Truth-in-Lending Act,
the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices
Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board's Regulations "B" and
 "Z", the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable judgments,
decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal
or agency of competent jurisdiction.

 

"Applicable Percentage"
means (i) with respect to any Eligible Loan Assets acquired or contributed prior to November 1, 2016, (a) 67.5% for Large Middle
Market Loans and Traditional Middle Market Loans or (b) 70% for Broadly Syndicated Loans and (ii) with respect to any Eligible
Loan Assets acquired or contributed on or after November 1, 2016, (a) 67.5% for Traditional Middle Market Loans, (b) 70% for Large
Middle Market Loans, (c) 7570%
for Broadly Syndicated Loans or (d) 25% for Second Lien Loans.

 

 

    	 	-3-	 

     

    

 

 

"Applicable Spread"
shall be determined in accordance with the following formula, rounded to four decimal places2.75%
per annum (provided that, in lieu of the following formula,
at any time after the occurrence of and during the continuance of an Event of Default, the Applicable Spread shall be 4.25% per
annum for all Advances):.

 

Applicable Spread =
(PFRBSL x PercentageBSL) + (PFRLMML x PercentageLMML) + (PFROTHER x PercentageOTHER)

		where:	PFRBSL=1.65%;

PFRLMML=2.25%;

PFROTHER=2.50%;

PercentageBSL=AverageBSL
/ AverageAGG;

PercentageLMML=AverageLMML
/ AverageAGG;

PercentageOTHER=AverageOTHER
/ AverageAGG;

AverageBSL=(the
aggregate Adjusted Borrowing Value of all Broadly Syndicated Loans excluding the Excess BSL Amount on the first day of the related
Collection Period + the aggregate Adjusted Borrowing Value of all Broadly Syndicated Loans excluding the Excess BSL Amount on the
last day of the related Collection Period) / 2

 

AverageLMML=(the
sum of the aggregate Adjusted Borrowing Value of all Large Middle Market Loans and the Excess BSL Amount, excluding the Excess
Non-TMML Amount, on the first day of the related Collection Period + the sum of the aggregate Adjusted Borrowing Value of all Large
Middle Market Loans and the Excess BSL Amount, excluding the Excess Non-TMML Amount on the last day of the related Collection Period)
/ 2

 

AverageOTHER=(the
sum of the aggregate Adjusted Borrowing Value of all Traditional Middle Market Loans, all Second Lien Loans and the Excess Non-TMML
Amount on the first day of the related Collection Period + the sum of the aggregate Adjusted Borrowing Value of all Traditional
Middle Market Loans, all Second Lien Loans and the Excess Non-TMML Amount on the last day of the related Collection Period) / 2

 

AverageAGG=AverageBSL
+ AverageLMML + AverageOTHER. 

 

 

 

 

    	 	-4-	 

     

    

 

maintaining any Advance or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender
or any of its respective assignees or participants to obtain United States dollars in the London interbank market to make,
fund or maintain any Advance.

"Event of Default"
has the meaning assigned to that term in Section 7.01.

 

"Excepted Persons"
has the meaning assigned to that term in Section 11.13(a).

 

"Excess
BSL Amount" means, as of any date of determination, the greater of (a) $0 and (b) the amount, if any,
by which the Adjusted Borrowing Value of all Broadly Syndicated Loans exceeds 40% of the Adjusted Borrowing Value of all Eligible
Loan Assets.

 

"Excess
Non-TMML Amount" means, as of any date of determination, the greater of (a) $0 and (b) the amount, if
any, by which the Adjusted Borrowing Value of all Broadly Syndicated Loans and Large Middle Market Loans, collectively, exceeds
55% of the Adjusted Borrowing Value of all Eligible Loan Assets.

 

"Exchange Act"
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

"Excluded Amounts"
means any amount received in the Collection Account with respect to any Loan Asset retransferred or substituted for upon the occurrence
of a Warranty Event or that is otherwise replaced by a Substitute Eligible Loan Asset, or that is otherwise sold or transferred
by the Borrower pursuant to Section 2.07, to the extent such amount is attributable to a time after the effective date of
such replacement or sale.

 

"Excluded Collections"
means, with respect to any Loan Asset included as part of the Collateral Portfolio, any amounts attributable to (a) the payment
of any Tax, fee or other charge imposed by any Governmental Authority on such Loan Asset or on any Underlying Collateral, (b) the
reimbursement of insurance premiums, and (c) any escrows relating to Taxes, insurance and other amounts in connection with Loan
Assets which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements
under a Loan Agreement.

 

"Excluded Taxes"
has the meaning assigned to that term in Section 2.11(a).

 

"Facility Maturity
Date" means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the declaration, or automatic
occurrence, of the Facility Maturity Date pursuant to Section 7.01, (iii) the Collection Date or (iv) the occurrence of
the termination of this Agreement pursuant to Section 2.18(b) hereof.

 

"Facility Attachment
Ratio" means (i) for any Large Middle Market Loan or Traditional Middle Market Loan, as of any date of determination,
an amount equal to the product of (a) the First Out Attachment Ratio, (b) the Applicable Percentage and (c) the Assigned Value,
(ii) with respect to any Second Lien Loan, the sum of (a) the Net Senior Leverage Ratio and (b) the product of (I)(x) Net Leverage
Ratio less (y) Net Senior Leverage Ratio, (II) the Applicable Percentage and (III) the Assigned Value, in each case, as of such
date and (iii) for any 

 

    	 	-16- 
	 

     

    

Designated
Loan, the "Facility Attachment Ratio" determined in conjunction with the approval of such Loan Asset by the Administrative
Agent in accordance with this Agreement.

 

"FDIC"
means the Federal Deposit Insurance Corporation, and any successor thereto.

 

"Federal Funds
Rate" means, for any period, a fluctuating interest per annum rate equal, for each day during such period, to the
weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor
or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business
Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative
Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such
day.

 

"Fees"
means (i) the Non-Usage Fee and (ii) the fees payable to each Lender or Lender Agent pursuant to the terms of any Lender Fee Letter.

 

"Fifteenth
Amendment Closing Date" means July 7, 2020.

 

"Financial Asset"
has the meaning specified in Section 8-102(a)(9) of the UCC.

 

"Financial Sponsor"
means any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling
investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate
management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition
and creditworthiness are independent of the other companies so owned by such Person.

 

"First Out Attachment
Ratio" means, with respect to any Eligible Loan Asset, as of any date of determination, an amount equal to the Net Senior
Leverage Ratio with respect to all or any portion of such Eligible Loan Asset that constitutes first lien senior secured Indebtedness
that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings (excluding any first lien last-out Indebtedness
within the capital structure).

 

"Fixed Rate Loan
Asset" means a Loan Asset other than a Floating Rate Loan Asset.

 

"Floating Rate
Loan Asset" means a Loan Asset under which the interest rate payable by the Obligor thereof is based on a prime rate or
the London Interbank Offered Rate, plus some specified interest percentage in addition thereto, and which provides that such interest
rate will reset immediately upon any change in the related prime rate or the London Interbank Offered Rate.

 

"Fourteenth Amendment
Closing Date" means March 15, 2019.

 

    	 	-17- 
	 

     

    

priority or enforceability of the Collateral Agent's, the Administrative Agent's or the other Secured Parties' lien on the
Collateral Portfolio. 

"Material Adverse
Effect" means, with respect to any event or circumstance, a material adverse effect on (a) the business, condition (financial
or otherwise), operations, performance or properties of the Seller, the Servicer or the Borrower, (b) the validity, enforceability
or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the
Loan Assets generally or any material portion of the Loan Assets, (c) the rights and remedies of the Collateral Agent, the Collateral
Custodian, the Account Bank, the Administrative Agent, any Lender, any Lender Agent and the Secured Parties with respect to matters
arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower and the Servicer, to perform
their respective obligations under this Agreement or any other Transaction Document or (e) the status, existence, perfection, priority
or enforceability of the Collateral Agent's, the Administrative Agent's or the other Secured Parties' lien on the Collateral Portfolio.

 

"Material Modification"
means any amendment or waiver of, or modification or supplement to, a Loan Agreement governing a Loan Asset executed or effected
on or after the Cut-Off Date for such Loan Asset which:

 

(a)              
reduces or forgives any or all of the principal amount due under such Loan Asset;

 

(b)              
delays or extends the maturity date for such Loan Asset;

 

(c)              
waives one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal
amount of such Loan Asset (other than any deferral or capitalization already allowed by the terms of the Loan Agreement of any
PIK Loan Asset) or reduces the amount of interest due when the Interest Coverage Ratio under such Loan Agreement is less than 150%
(prior to giving effect to such reduction in interest expense);

 

(d)              
contractually or structurally subordinates such Loan Asset by operation of a priority of payments, turnover provisions,
the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens)
on any of the Underlying Collateral securing such Loan Asset;

 

(e)              
substitutes, alters or releases the Underlying Collateral securing such Loan Asset and any such substitution, alteration
or release, as determined in the reasonable discretion of the Administrative Agent, materially and adversely affects the value
of such Loan Asset, provided, that the foregoing shall not apply to any release in conjunction with a relatively contemporaneous
disposition by the Obligor accompanied by a mandatory reinvestment of net proceeds or mandatory repayment of the applicable loan
facility with the net proceeds; or

 

(f)               
amends, waives, forbears, supplements or otherwise modifies (i) the meaning of "Net Leverage Ratio," "Net
Senior Leverage Ratio," "Interest Coverage Ratio" or "Permitted Liens" or any respective comparable definitions
in the Loan Agreement for such Loan Asset or (ii) any term or provision of such Loan Agreement referenced in or utilized in the
calculation of the "Net Leverage Ratio," "Net Senior Leverage Ratio," "Interest Coverage Ratio" or
 "Permitted Liens" or any respective comparable definitions for such Loan Asset, in either case in a manner that, in the
reasonable judgment of the Administrative Agent, is materially adverse to the Secured Parties; provided that in connection
with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may waive any Material
Modification resulting from such implementation pursuant to this clause (f).

 

"Maximum Facility
Amount" means the aggregate Commitments as then in effect, which amount shall not exceed $600,000,000575,000,000;
provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances
Outstanding at such time.

 

"Minimum Equity
Amount" means $150,000,000.

 

    	 	-24- 
	 

     

    

 

"Monthly Reporting
Date" means the date that is two Business Days prior to the 15th day of each calendar month or, if such day
is not a Business Day, the next succeeding Business Day, commencing in September 2012.

 

"Moody's"
means Moody's Investors Service, Inc. (or its successors in interest).

 

"Mortgage"
means the mortgage, deed of trust or other instrument creating a Lien on an interest in real property securing a Loan Asset, including
the assignment of leases and rents related thereto.

 

"Multiemployer
Plan" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA
Affiliate contributed or had any obligation to contribute on behalf of its employees at any time during the current year or the
preceding five years.

 

"Net
Equity Proceeds" means an amount equal to (i) proceeds of the issuance of common stock by BDCA, net of issuance costs plus
(ii) proceeds from the reinvestment of stockholder distributions minus (iii) amounts paid by BDCA to repurchase common stock.

 

"Net Leverage
Ratio" means, with respect to any Loan Asset for any Relevant Test Period, the meaning of "Net Leverage Ratio"
or any comparable definition in the Loan Agreement for each such Loan Asset, and in any case that "Net Leverage Ratio"
or such comparable definition is not defined in such Loan Agreement, the ratio of (a) Indebtedness minus Unrestricted Cash
to (b) EBITDA.

 

"Net Senior Leverage
Ratio": With respect to any Loan Asset for any Relevant Test Period, the meaning of "Net Senior Leverage Ratio"
or any comparable definition relating to first lien senior secured (or such applicable lien or applicable level within the capital
structure) indebtedness in the Loan Agreement for each such Loan Asset, and in any case that "Net Senior Leverage Ratio"
or such comparable definition is not defined in such Loan Agreement, the ratio of (a) first lien senior secured (or such applicable
lien or applicable level within the capital structure) Indebtedness minus Unrestricted Cash to (b) EBITDA as calculated
by the Borrower and the Servicer in good faith using information from and calculations consistent with the relevant compliance
statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Loan Agreement.

 

"Ninth Amendment
Closing Date" means May 18, 2017.

 

"Non-Usage Fee"
has the meaning assigned to that term in Section 2.09(a).

 

"Non-Usage Fee
Rate" has the meaning assigned to that term in Section 2.09(a).

 

"Noteless Loan
Asset" means a Loan Asset with respect to which the Loan Agreements do not (i) require the Obligor to execute and deliver
a promissory note to evidence the indebtedness created under such Loan Asset or (ii) require any holder of the indebtedness created
under such Loan Asset to affirmatively request a promissory note from the related Obligor.

 

    	 	-25- 
	 

     

    

 

 

"Servicer"
means at any time the Person then authorized, pursuant to Section 6.01 to manage, service, administer, and collect
on the Loan Assets and exercise rights and remedies in respect of the same.

 

"Servicer's Certificate"
has the meaning assigned to that term in Section 6.08(c).

 

"Servicer
Pension Plan" has the meaning set forth in Section 4.03(o).

 

"Servicer
Termination Event" means the occurrence of any one or more of the following events:

 

(a)              
any failure by the Servicer to make any payment, transfer or deposit into the Collection Account (including, without limitation,
with respect to bifurcation and remittance of Interest Collections and Principal Collections), as required by this Agreement or
any Transaction Document which continues unremedied for a period of three Business Days;

 

(b)              
any failure on the part of the Servicer duly to (i) observe or perform in any material respect any other covenants or agreements
of the Servicer set forth in this Agreement or the other Transaction Documents to which the Servicer is a party (including, without
limitation, any delegation of the Servicer's duties that is not permitted by Section 6.01 of this Agreement) or (ii) comply
in any material respect with the Servicing Standard regarding the servicing of the Collateral Portfolio, and, in each case, the
same continues unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (A) the date
on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative
Agent or the Collateral Agent (at the direction of the Administrative Agent) and (B) the date on which a Responsible Officer of
the Servicer acquires knowledge thereof;

 

(c)              
the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or
more agreements for borrowed money to which it is a party in an aggregate amount in excess of United States $5,000,000, individually
or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such amount of recourse
debt whether or not waived;

 

(d)              
a Bankruptcy Event shall occur with respect to the Servicer;

 

(e)              
BDCA or its Affiliate cease to be the "Servicer" hereunder or BDCA assigns its rights or obligations as "Servicer"
hereunder in a manner not in accordance with Section 11.04(a);

 

(f)               
at the end of any fiscal quarter, BDCA fails to maintain the Asset Coverage Ratio at greater than or equal to 2:1;

 

(g)              
BDCA permits Shareholders' Equity (as reflected in its 10Q or 10K without any additions
or deductions) at the last day of any of its fiscal quarter to be less than $1,250,000,000
plus 80% of the net proceeds of the sale of equity interests by BDCA on or after May 29, 2015;1,000,000,000
plus 50% of Net Equity Proceeds on or after June 30, 2020; provided that no Servicer Termination Event shall be deemed to
have occurred pursuant to this clause (g) with respect to the fiscal quarter ending June 30, 2020 so long as this

 

    	 	-34- 
	 

     

    

  

clause
(g) is satisfied as of the Fifteenth Amendment Closing Date;

 

(h)              
any failure by the Servicer to deliver (i) any required Servicing Report on or before the date occurring two Business Days
after the date such report is required to be made or given, as the case may be or (ii) any other Required Reports hereunder on
or before the date occurring five Business Days after the date such report is required to be made or given, as the case may be,
in each case, under the terms of this Agreement;

 

(i)              
any change in the management of the Servicer (whether by resignation, termination, disability, death or lack of day-to-day
management) relating to (x) Thomas Gahan and (y) one of Michael E. Paasche or Blair Faulstich not being an employee of Benefit
Street Partners L.L.C. that is actively involved in the management of the Servicer or an Affiliate thereof for any continuous 60-day
period, other than due to temporary absences for family leave, and such persons are not replaced with other individuals reasonably
acceptable to the Administrative Agent within 60 days of such event;

 

(j)              
any representation, warranty or certification made by the Servicer in any Transaction Document or in any certificate delivered
pursuant to any Transaction Document shall prove to have been incorrect in any respect when made, which has a Material Adverse
Effect on the Collateral Agent or any Secured Party and which continues to be unremedied for a period of 30 days after the earlier
to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have been given
to the Servicer by the Administrative Agent or the Collateral Agent (at the direction of the Administrative Agent) or (ii) the
date on which a Responsible Officer of the Servicer acquires knowledge thereof;

 

(k)              
any financial or other information reasonably requested by the Administrative Agent, a Lender Agent or the Collateral Agent
is not provided as requested within a reasonable amount of time following such request;

 

(l)               
the rendering against the Servicer of one or more final judgments, decrees or orders for the payment of money in excess
of United States $5,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied
and in effect for any period of more than 60 consecutive days without a stay of execution;

 

(m)              
any change in the control of the Servicer that takes the form of either a merger or consolidation that does not comply with
the provisions of Section 5.04(a) of this Agreement;

 

(n)              
an Event of Default has occurred and is continuing (past any applicable notice or cure period provided in the definition
thereof);

 

(o)                
the failure by BDCA to own 100% of the membership interests in the Borrower; or

 

(p)                
any other event which a reasonable commercial lender would determine has caused, or which may cause, a Material Adverse
Effect on the assets, liabilities, financial 

 

 

    	 	-35- 
	 

     

    

 

 

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

 

	THE BORROWER:	BDCA FUNDING I, LLC
	 	 
	 	By: BUSINESS DEVELOPMENT 

CORPORATION OF AMERICA, 

Member of BDCA Funding I, LLC
	 	 
	 	By:____________________________________
	 	Name: Corinne D. PankovcinRichard J. Byrne

Title: Chief FinancialExecutive Officer
	 	 
	 	 
	 	
        BDCA Funding I, LLC

Business Development Corporation of America

c/o Benefit Street Partners LLC

        9 West 57th Street, Suite 4920

        New York, NY 10019

        Attention:Chief FinancialExecutive
        Officer

        Facsimile No:(866212)
        421588- 62446769

        Confirmation No:(401)
        277- 5557

 

 

 

 

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Loan and Servicing Agreement

 

     

     

    

 

 

	THE SERVICER:	BUSINESS DEVELOPMENT 

CORPORATION OF AMERICA
	 	 
	 	 
	 	By:____________________________________
	 	Name: Corinne D. PankovcinRichard J. Byrne

Title: Chief FinancialExecutive Officer
	 	 
	 	 

 

	 	
        Business Development Corporation of America

        c/o Benefit Street Partners LLC

        9 West 57th Street, Suite 4920

        New York, NY 10019

        Attention:Chief FinancialExecutive
        Officer

        Facsimile No:(844212)
        269588-50896769

        Confirmation No:(401)
        277-5557

 

  

 

 

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Loan and Servicing Agreement 

     

     

    

 

 

	THE SELLER:	BUSINESS DEVELOPMENT 

CORPORATION OF AMERICA
	 	 
	 	 
	 	By:____________________________________
	 	Name: Corinne D. PankovcinRichard J. Byrne

Title: Chief FinancialExecutive Officer
	 	 
	 	 

 

	 	
         Business Development Corporation of America

        c/o Benefit Street Partners LLC

        9 West 57th Street, Suite 4920

        New York, NY 10019

        Attention:Chief FinancialExecutive
        Officer

        Facsimile No:(844212)
        269588-50896769

        Confirmation No:(401)
        277-5557

 

 

 

 

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	INSTITUTIONAL LENDER:	WELLS FARGO BANK, N.A.

 

 

	 	By:	 
	 	 	Name:  
	 	 	Title:    

 

	 	
        Wells Fargo Bank, N.A.

        Duke Energy Center

550 S. Tryon Street, 5th Floor

MAC D1086-051

Charlotte, North Carolina 28202

Attention: Corporate Debt Finance

Confirmation: (704) 410-2496

All electronic dissemination of Notices should 

be sent to scp.mmloans@wellsfargo.com and 

cp.conduits@wellsfargo.com 

 

 

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Loan and Servicing Agreement

 

     

     

    

 

 

	INSTITUTIONAL LENDER:	TIAA, FSB

 

	 	By:	 
	 	 	Name:  
	 	 	Title:    

 

	 	
        TIAA, FSB

        10000 Midlantic Drive, Suite 400E

        Mount Laurel, NJ 08054

        Attention: John Dale

        Facsimile No.: 201-770-4762

        Confirmation No: 856-505-8163

 

 

 

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	INSTITUTIONAL LENDER:	ZBZIONS
    BANCORPORATION, N.A.,
    DBA 

CALIFORNIA BANK & TRUST
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	1900 Main Street, Suite 2000
	 	Irvine, CA 92614
	 	Attention: Chris Edmonds
	 	Facsimile: 949-862-7333
	 	Email: Christopher.Edmonds@calbt.

 

 

 

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Loan and Servicing Agreement

 

     

     

    

 

 

	INSTITUTIONAL LENDER:	NBH
    BANK

 

		By:	
			Name:  
			Title:    

 

	 	
        NBH
        Bank

11111 W. 95th Street

Overland Park, KS 66214

Attention: Tom Rohling

Confirmation No: 913-324-6185

Email: trohling@nbhbank.com

 

 

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		RAYMOND JAMES BANK, N.A.

 

	 	By:	 
	 	 	Name:  
	 	 	Title:    

 

	 	
        Raymond James Bank, N.A.

        1033 Demonbreun Street, Suite 500

        Nashville, TN 37203

        Attention: Alexander L. Rody

        Confirmation No: 615-645-6699

        Email: alex.rody@raymondjames.com

 

 

 

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	INSTITUTIONAL LENDER:	FIFTH THIRD BANK
	 	 
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	 
	 	 
	 	
        Fifth Third Bank

        38 Fountain Square Plaza, MD 109046

        Cincinnati, OH 45263

        Attention: Andrew Cantillon

        Tel: (513) 534 3797

        Facsimile No.: (513) 534 0319

        Email: Andrew.Cantillon@53.com

 

 

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	INSTITUTIONAL LENDER:	UNITED BANK DBA CRESCOM BANK
	 	 
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	 
	 	 	 
	 	United Bank DBA CresCom Bank
	 	1331 44th Avenue North, Suite 101
	 	Myrtle Beach, SC 29577
	 	Attention: Jeff A. Benjamin
	 	Telephone: 843-429-2498
	 	email: jbenjamin@haveanicebank.com

 

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Conformed through Amendment No.1415

 

SCHEDULE I

 

CONDITIONS PRECEDENT DOCUMENTS

 

As
required by Section 3.01 of the Agreement, each of the following items must be delivered to the Administrative Agent and the Lender
Agents prior to the effectiveness of the Agreement:

 

(a)
A copy of this Agreement duly executed by each of the parties hereto;

 

(b) A certificate of the
Secretary, Assistant Secretary or managing member, as applicable, of each of the Borrower and BDCA, dated the date of this Agreement,
certifying (i) the names and true signatures of the incumbent officers of such Person authorized to sign on behalf of such Person
the Transaction Documents to which it is a party (on which certificate the Administrative Agent, the Lenders and the Lender Agents
may conclusively rely until such time as the Administrative Agent and the Lender Agents shall receive from the Borrower or BDCA,
as applicable, a revised certificate meeting the requirements of this paragraph (b)(i)), (ii) that the copy of the certificate
of formation or articles of incorporation of such Person, as applicable, is a complete and correct copy and that such certificate
of formation or articles of incorporation have not been amended, modified or supplemented and are in full force and effect, (iii)
that the copy of the limited liability company agreement or by-laws, as applicable, of such Person are a complete and correct copy,
and that such limited liability company agreement or by-laws have not been amended, modified or supplemented and are in full force
and effect, and (iv) the resolutions of the board of directors of such Person approving and authorizing the execution, delivery
and performance by such Person of the Transaction Documents to which it is a party;

 

(c) A good standing certificate,
dated as of a recent date for each of the Borrower and BDCA, issued by the Secretary of State of such Person’s State of formation
or organization, as applicable;

 

(d) Duly executed Powers
of Attorney from the Borrower and BDCA;

 

(e) Duly executed Variable
Funding Note;

 

(f) Financing statements
(the "Facility Financing Statements") describing the Collateral Portfolio, and (i) naming the Borrower as debtor and
the Collateral Agent, on behalf of the Secured Parties, as secured party, (ii) naming the Seller as debtor, the Borrower as assignor
and the Collateral Agent, on behalf of the Secured Parties, as secured party/total assignee and (iii) other, similar instruments
or documents, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions
or any comparable law to perfect the Collateral Agent’s, on behalf of the Secured Parties, interests in all of the Collateral
Portfolio;

 

 

Sch. I- 1

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