Document:

ncdl-form8xkxex103xclass

Exhibit 10.3  USActive   47427327.1  CHURCHILL NCDLC CLO-I, LLC,     as Borrower  U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,  as Loan Agent  and as Trustee under the Indenture  and  EACH OF THE CLASS A-L LENDERS PARTY HERETO    CLASS A-L LOAN AGREEMENT    Dated May 20, 2022  

 

  USActive 57770503.6 -i-  47427327.1  TABLE OF CONTENTS  Page  ARTICLE I    DEFINITIONS  Section 1.01 Defined Terms ......................................................................................................2  Section 1.02 Terms Generally....................................................................................................3  ARTICLE II    THE CLASS A-L LOANS  Section 2.01 Commitments of the Class A-L Lenders ..............................................................3  Section 2.02 Class A-L Loan Notes ...........................................................................................4  Section 2.03 Principal; Interest Rate ..........................................................................................4  Section 2.04 Distributions ..........................................................................................................5  Section 2.05 Register .................................................................................................................5  Section 2.06 Additional Class A-L Loans .................................................................................6  Section 2.07 Conversion to Class A-1 Notes .............................................................................6  ARTICLE III    REPRESENTATIONS AND WARRANTIES  Section 3.01 Representations and Warranties ............................................................................7  Section 3.02 Several Representations and Covenants of Each Class A-L Lender ....................8  ARTICLE IV    CONDITIONS  Section 4.01 Closing Date........................................................................................................12  ARTICLE V    THE LOAN AGENT AND THE TRUSTEE  Section 5.01 Appointment .......................................................................................................12  Section 5.02 Certain Duties and Responsibilities ....................................................................13  Section 5.03 Compensation .....................................................................................................13  Section 5.04 Resignation and Removal; Appointment of a Successor ....................................14  Section 5.05 Acceptance of Appointment by Successor .........................................................15  

 

  USActive 57770503.6 -ii-  47427327.1  Section 5.06 Loan Agent Criteria ............................................................................................15  Section 5.07 Merger, Conversion, Consolidation or Succession to Business of the  Loan Agent.......................................................................................................15  ARTICLE VI    CLASS A-L LOAN EVENT OF DEFAULT  Section 6.01 Class A-L Loan Event of Default .......................................................................16  Section 6.02 Rights Under Indenture; Remedies Cumulative .................................................16  ARTICLE VII    MISCELLANEOUS  Section 7.01 Notices ................................................................................................................17  Section 7.02 Waivers; Amendments ........................................................................................17  Section 7.03 Successors and Assigns.......................................................................................18  Section 7.04 Survival ...............................................................................................................19  Section 7.05 Counterparts; Integration; Effectiveness .............................................................19  Section 7.06 Severability .........................................................................................................19  Section 7.07 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of  Jury Trial Right ................................................................................................19  Section 7.08 Benefits of Indenture...........................................................................................20  Section 7.09 Headings .............................................................................................................20  Section 7.10 Recourse against Certain Parties .........................................................................20  Section 7.11 Limited-Recourse Obligations ............................................................................21  Section 7.12 Non-Petition ........................................................................................................21  Section 7.13 Prohibition on Commencement of Proceedings .................................................22  Section 7.14 Appointment of Trustee ......................................................................................22  Section 7.15 Acknowledgment of Indenture Provisions..........................................................22  Section 7.16 USA Patriot Act Notice ......................................................................................22    SCHEDULE I CLASS A-L LENDER INFORMATION    EXHIBIT A FORM OF ASSIGNMENT AND ACCEPTANCE  EXHIBIT B FORM OF CLASS A-L LOAN NOTE  

 

  USActive   CLASS A-L LOAN AGREEMENT, dated as of May 20, 2022 (as amended,  restated, supplemented or modified from time to time, this “Agreement”), among:  (1) CHURCHILL NCDLC CLO-I, LLC, (the “Borrower”);  (2) each of the CLASS A-L LENDERS party hereto;  (3) U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a  national banking association, as agent for the Class A-L Lenders (in such capacity, together  with its successors in such capacity, the “Loan Agent”); and  (4) U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a  national banking association, as Trustee under the Indenture (as defined herein) (in such  capacity, together with its successors in such capacity, the “Trustee”).  WHEREAS, the Borrower and the Trustee are party to an Indenture and Security  Agreement, dated as of May 20, 2022 (as modified and supplemented and in effect from time to  time, the “Indenture”), pursuant to which the Borrower has authorized and issued the Notes (as  defined in the Indenture);  WHEREAS, the Borrower wishes to borrow from the Class A-L Lenders, and the  Class A-L Lenders wish to lend to the Borrower, term loans maturing on the Payment Date in  April 2034, in an aggregate principal amount of U.S.$30,000,000, under and in accordance with  the terms set forth in this Agreement (the “Class A-L Loans”), which loans will rank pari passu  with the Class A-1 Notes and the Class A-1F Notes issued under (and as defined in) the Indenture;  and  WHEREAS, the Borrower has, under and in accordance with the terms of the  Indenture, Granted (as defined in the Indenture) to the Trustee, for the benefit and security of the  Class A-L Lenders and the other Secured Parties (as defined in the Indenture) specified therein, as  their respective interests may appear, all of its right, title and interest in and to all of the Collateral  Obligations (as defined in the Indenture) and other Assets.  NOW THEREFORE, in consideration of the foregoing premises and the mutual  agreements contained herein, and for other good and valuable consideration, the receipt and  sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,  hereby agree as follows:  

 

   -2-  USActive   47427327.1  ARTICLE I    DEFINITIONS  Section 1.01 Defined Terms. Capitalized terms used but not defined herein shall  have the respective meanings ascribed thereto in the Indenture. As used in this Agreement, the  following terms shall have the meanings specified below:  “Additional Class A-L Lender” has the meaning specified in Section 2.06(a).  “Additional Class A-L Loan” has the meaning specified in Section 2.06(a).  “Additional Incurrence Date” means the date of issuance of any Additional Class  A-L Loans pursuant to Section 2.06.  “Advisors” has the meaning specified in Section 3.02(e).  “Assignment and Acceptance” means an assignment and acceptance entered into  by a Class A-L Lender and an assignee of such Class A-L Lender substantially in the form of  Exhibit A.  “Business Day” means any day other than (i) a Saturday or a Sunday or (ii) a day  on which commercial banks are authorized or required by applicable law, regulation or executive  order to close in New York, New York or in the city in which the Corporate Trust Office of the  Trustee or the Loan Agent is located or, for any final payment of principal, in the relevant place of  presentation.  “Class A-L Lenders” means each Person who is a lender hereunder (including any  Additional Class A-L Lender) or who becomes a lender hereunder by virtue of assignment via an  Assignment and Acceptance.  “Class A-L Loan” has the meaning specified in the Recitals. For the avoidance of  doubt, references to “Class A-L Loans” include any Additional Class A-L Loans.  “Class A-L Loan Event of Default” has the meaning specified in Section 6.01.  “Class A-L Loan Note” means a note signed by the Borrower substantially in the  form of Exhibit B.  “Conversion Date” has the meaning specified in Section 2.07(a).  “Default” means any condition or event that constitutes a Class A-L Loan Event of  Default or that, with the giving of notice or lapse of time or both, would, unless cured or waived,  become a Class A-L Loan Event of Default.  “Governmental Authority” means the government of the United States or any other  nation, or of any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive,  

 

   -3-  USActive   47427327.1  legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to  government (including any supra-national bodies such as the European Union or the European  Central Bank).  “Register” has the meaning specified in Section 2.05.  Section 1.02 Terms Generally. The definitions of terms herein shall apply equally  to the singular and plural forms of the terms defined. Whenever the context may require, any  pronoun shall include the corresponding masculine, feminine and neuter forms. The words  “include,” “includes” and “including” shall be deemed to be followed by the phrase “without  limitation.” The word “will” shall be construed to have the same meaning and effect as the word  “shall.” Unless the context requires otherwise, (a) any definition of or reference to any agreement,  instrument or other document herein shall be construed as referring to such agreement, instrument  or other document as from time to time amended, supplemented or otherwise modified (subject to  any restrictions on such amendments, supplements or modifications set forth herein), (b) any  reference herein to any Person shall be construed to include such Person’s successors and assigns,  (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed  to refer to this Agreement in its entirety and not to any particular provision hereof and (d) all  references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to  Articles and Sections of, and Exhibits and Schedules to, this Agreement.  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), except to the extent the Trustee or the Loan Agent 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.  ARTICLE II    THE CLASS A-L LOANS  Section 2.01 Commitments of the Class A-L Lenders.  (a) Subject to the terms and conditions set forth in Section 4.01 herein, each  Class A-L Lender as of the Closing Date agrees to make a Class A-L Loan to the Borrower on the  Closing Date in an amount equal to the amount set forth opposite such Class A-L Lender’s name  on Schedule I attached hereto. The initial aggregate principal amount of all Class A-L Loans made  hereunder shall be U.S.$30,000,000. In addition, on any Additional Incurrence Date, each Class  A-L Lender with respect to Additional Class A-L Loans shall fund its Class A-L Loan in the  applicable amount. No amount borrowed and consequently repaid or prepaid hereunder can be  re-borrowed.  

 

   -4-  USActive   47427327.1  (b) Subject to the terms and conditions set forth in Section 3.01 herein, each  Class A-L Lender shall fund its Class A-L Loans by wire transfer of immediately available funds  by 10:00 a.m., New York time, on the Closing Date or applicable Additional Incurrence Date, to  the account set forth on Schedule I attached hereto.  Section 2.02 Class A-L Loan Notes.  (a) The Borrower shall, if requested by any Class A-L Lender, (i) sign a Class  A-L Loan Note in the name of such Class A-L Lender, dated the Closing Date or applicable  Additional Incurrence Date and (ii) deliver such Class A-L Loan Note to the Loan Agent on behalf  of such Class A-L Lender for delivery by the Loan Agent to such Class A-L Lender.  (b) Notwithstanding anything to the contrary contained above in this  Section 2.02 or elsewhere in this Agreement, Class A-L Loan Notes shall be delivered only to  Class A-L Lenders that at any time specifically request the delivery of such Class A-L Loan Notes.  No failure of any Class A-L Lender to request or obtain a Class A-L Loan Note evidencing its  Class A-L Loans shall affect or in any manner impair the obligations of the Borrower to pay the  Class A-L Loans incurred by the Borrower that would otherwise be evidenced thereby in  accordance with the requirements of this Agreement, and shall not in any way affect the security  therefor provided pursuant to the Indenture. At any time (including, without limitation, to replace  any Class A-L Loan Note that has been destroyed or lost) when any Class A-L Lender requests  the delivery of a Class A-L Loan Note to evidence any of its Class A-L Loans, the Borrower shall  promptly execute and deliver to such Class A-L Lender the requested Class A-L Loan Note in the  appropriate amount or amounts to evidence such Class A-L Loans; provided that, in the case of a  substitute or replacement Class A-L Loan Note, the Borrower shall have received from such  requesting Class A-L Lender (i) an affidavit of loss or destruction and (ii) a customary  lost/destroyed Class A-L Loan Note indemnity, in each case, in form and substance reasonably  acceptable to each of the Borrower and such requesting Class A-L Lender, and duly executed by  such requesting Class A-L Lender.  (c) As a condition to the repayment in full of any Class A-L Loans, the Loan  Agent or the Trustee may require the related Class A-L Lender to present and surrender its Class  A-L Loan Note on or prior to such repayment; provided that if the Borrower and the Loan Agent  shall have received (i) an affidavit of loss or destruction or an undertaking thereafter to surrender  such Class A-L Loan Note and (ii) a customary lost/destroyed Class A-L Loan Note indemnity, in  each case, in form and substance reasonably acceptable to the Borrower, the Loan Agent and such  requesting Class A-L Lender, and duly executed by such requesting Class A-L Lender, then such  final payment shall be made without presentation or surrender. Except as otherwise required by  applicable law, any Money deposited with the Loan Agent for any payment on any Class A-L Loan  and remaining unclaimed for two years after such amount has become due and payable shall be  paid to the applicable Borrower on Issuer Order; and the Holder of such Class A-L Loan shall  thereafter, as an unsecured general creditor, look only to the applicable Borrower for payment of  such amounts and all liability of the Loan Agent with respect to such deposited Money (but only  to the extent of the amounts so paid to the applicable Borrower) shall thereupon cease.  

 

   -5-  USActive   47427327.1  Section 2.03 Principal; Interest Rate.  (a) Principal of the Class A-L Loans, including mandatory and optional  principal prepayments, shall be paid by the Borrower in part or in whole at the times and in the  manner set forth in the Indenture, including (x) in connection with the Borrower’s repayment of  such Debt pursuant to Section 2.7 of the Indenture, (y) in connection with a repayment or  Refinancing of the Class A-L Loans pursuant to Section 9.2 or Article IX of the Indenture, or  (z) otherwise, in accordance with the Priority of Payments. Unless earlier repaid, the Class A-L  Loans shall mature, and the remaining principal amount thereof shall be due and payable in full,  on the Payment Date in April 2034.  (b) Interest shall accrue on each Class A-L Loan or portion thereof which  remains unpaid at a rate equal to the Reference Rate as calculated under the Indenture plus 1.80%  and shall be due and payable at the times and in the manner set forth in the Indenture; provided  that, pursuant to a Benchmark Transition Event, the Term SOFR Rate may be replaced with an  Alternative Rate, as set forth in the Indenture.  (c) The Borrower shall not be obligated to pay any additional amounts to the  Holders or beneficial owners of the Class A-L Loans as a result of any withholding or deduction  for, or on account of, any present or future taxes, duties, assessments or governmental charges,  including any interest, penalties or additions to tax with respect thereto.  Section 2.04 Establishment of Class A-L Loan Account; Distributions.    (a) The Loan Agent has established, prior to the Closing Date, a single,  segregated non-interest bearing account in the name of the Borrower subject to the Lien of the  Indenture, which was designated as the "Class A-L Loan Account" and which shall be governed  solely by the terms of this Agreement and the Securities Account Control Agreement. Such  account shall be held in the name of the Borrower for the benefit of the Secured Parties and the  Trustee shall have exclusive control over such account, subject to the Loan Agent's right to give  instructions specified herein.  Any and all funds at any time on deposit in, or otherwise to the credit  of, the Class A-L Loan Account shall be held by the Trustee for the benefit of the Secured Parties.   The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit  of, the Class A-L Loan Account shall be to pay the interest on and the principal of the Class A-L  Loans in accordance with the provisions of this Agreement and the Indenture. The Loan Agent  agrees to give the Borrower, the Trustee and the Class A-L Lenders prompt notice if a Trust Officer  receives notice that the Class A-L Loan Account or any funds on deposit therein, or otherwise to  the credit of the Class A-L Loan Account, shall become subject to any writ, order, judgment,  warrant of attachment, execution or similar process. The Class A-L Loan Account shall remain at  all times with an institution satisfying the eligibility requirements set forth in Section 6.8 of the  Indenture.  (b) All payments of amounts due and payable with respect to any Class A-L  Loans that are to be made pursuant to the Indenture shall be made on behalf of the Borrower to the  Loan Agent through the Class A-L Loan Account for distribution to the Class A-L Lenders, pro  rata, allocated based on amounts due thereto.  

 

   -6-  USActive   47427327.1  Section 2.05 Register.  (a) The Borrower shall cause to be kept a register (the “Register”) in which,  subject to such reasonable procedures as it may prescribe, the Borrower shall provide for the  recording and registering of the following information with respect to each Class A-L Lender:  (i) the name, notice details, wiring instructions and taxpayer identification  number of such Class A-L Lender, together with the names of the authorized  representatives of such Class A-L Lender and their mailing address, electronic mail  address, telephone and facsimile numbers;  (ii) the Aggregate Outstanding Amount of (and stated interest on) the Class A- L Loans funded or otherwise held by such Class A-L Lender; and  (iii) the Closing Date or applicable Additional Incurrence Date with respect to  the Class A-L Loans of such Class A-L Lender.  The Loan Agent is hereby appointed “Registrar” for the purpose of registering and  recording the information described in clauses (i), (ii) and (iii) above.  The Loan Agent shall update the information contained in the Register upon (i) the  transfer of any Class A-L Loan, (ii) the funding of any Additional Class A-L Loan and (iii) the  receipt of written notice from the Borrower or the applicable Class A-L Lender confirming a  change in the notice details or the authorized representatives of any Class A-L Lender.  Absent manifest error, the information contained in the Register will be prima facie  evidence of the rights and obligations of each Class A-L Lender with respect to the Class A-L  Loans held by such Class A-L Lender and the Borrower and the Class A-L Lender shall treat each  Person whose name is recorded in the Register pursuant to the terms hereof as a Class A-L Lender  hereunder for all purposes of this Agreement.  On the Closing Date, on the date of each amendment thereto and from time to time  upon request from the Registrar under the Indenture, the Registrar shall provide to the Trustee, the  Note Registrar, the Borrower and the Collateral Manager a copy of the information contained in  the Register and, upon request at any time by a Class A-L Lender, the Registrar shall provide such  Class A-L Lender a copy of the information contained in the Register relating to the Class A-L  Loans held by such Class A-L Lender.  Section 2.06 Additional Class A-L Loans.  (a) On any Business Day during the Reinvestment Period and upon satisfaction  of the conditions to such incurrence set forth in Section 2.13(a) of the Indenture, the Borrower may  incur additional Class A-L Loans hereunder (each an “Additional Class A-L Loan”). The existing  Class A-L Lenders shall have the first opportunity to make each Additional Class A-L Loan in  such amounts as are necessary to preserve (as closely as reasonably practicable taking into  consideration minimum denomination requirements) their pro rata holdings of Class A-L Loans  or, if they decline, additional Persons (each an “Additional Class A-L Lender”) may deliver a  signature page and become Class A-L Lenders for all purposes hereunder.  

 

   -7-  USActive   47427327.1  (b) Any Additional Class A-L Loans issued pursuant to this Section 2.06 shall  constitute Class A-L Loans for all purposes hereunder and under the Indenture and shall be subject  to the terms of this Agreement and the Indenture as if such Additional Class A-L Loans had been  incurred on the Closing Date, except that (for the avoidance of doubt) interest shall accrue with  respect to any Additional Class A-L Loans from the applicable Additional Incurrence Date, the  interest rate on such Additional Class A-L Loans may be lower (but not higher) than the interest  rate on the initial Class A-L Loans, the CUSIP numbers (if any), date of issuance and price of such  Additional Class A-L Loans do not have to be identical to those of the initial Class A-L Loans and  the Non-Call Period for such Additional Class A-L Loans may differ.  Section 2.07 Conversion to Class A-1 Notes.  (a) Upon written notice from 100% of the Class A-L Lenders to the Loan  Agent, the Trustee, the Borrower, the Collateral Manager and the Rating Agency, the Class A-L  Lenders may elect a Business Day (such Business Day, the “Conversion Date”) upon which the  Aggregate Outstanding Amount of the Class A-L Loans shall be converted into Class A-1 Notes  subject to and in accordance with the provisions of Section 2.14 of the Indenture and this  Agreement; provided that (x) the Conversion Date shall be no earlier than the fifth Business Day  following the date such notice is delivered (unless otherwise reasonably agreed to by the Borrower,  the Class A-L Lender, the Loan Agent, the Trustee and the Collateral Manager) and may not be  between a Record Date and the related Payment Date or Redemption Date, as applicable, (y) the  conversion option may only be exercised if the entire Aggregate Outstanding Amount of the Class  A-L Loans will be converted into Class A-1 Notes and (z) any Class A-1 Notes issued upon  conversion of the Class A-L Loans into Class A-1 Notes that are not fungible for U.S. federal  income tax purposes with the outstanding Class A-1 Notes will be identified with separate CUSIP  numbers.  (b) Upon satisfaction of the conditions specified in Section 2.14(b) of the  Indenture and this Agreement, the Aggregate Outstanding Amount of the Class A-1 Notes will be  increased by the current outstanding principal amount of the Class A-L Loans so converted] and  the Loan Agent shall (i) cause the Class A-L Loans to be cancelled, (ii) record the conversion in  the Register and (iii) notify the Borrower and the Trustee, upon which notification (x) the Borrower  shall issue and the Trustee shall authenticate and deliver Class A-1 Notes in the form of a  Certificated Note and/or (y)  the Trustee shall approve the instructions at DTC, concurrently with  such cancellation, to credit or cause to be credited to the securities account of each applicable  Person specified in such instructions a beneficial interest in the applicable Class A-1 Note equal  to the principal amount of the Class A-L Loans converted.  (c) Upon satisfaction of the requirements specified above, the Class A-L Loans  will cease to be Outstanding and will be deemed to have been repaid in full for all purposes under  the Indenture and this Agreement. Interest accrued on the Class A-L Loans since the prior Payment  Date (or the Closing Date or Additional Incurrence Date, as applicable, if no Payment Date has  occurred since such date) will, as of the Conversion Date, be deemed to have been accruing on the  corresponding Class A-1 Notes since such prior Payment Date (or the Closing Date or Additional  Incurrence Date, as applicable, if no Payment Date has occurred since such date) and will thereafter  accrue at the Interest Rate applicable to the Class A-1 Notes. For the avoidance of doubt, (x) not  less than all of the Aggregate Outstanding Amount of the Class A-L Loans may be converted into  

 

   -8-  USActive   47427327.1  Class A-1 Notes and, once exercised, the conversion option may not be exercised again and  (y) Class A-1 Notes may not be converted into Class A-L Loans.  ARTICLE III    REPRESENTATIONS AND WARRANTIES  Section 3.01 Representations and Warranties. (a) The Borrower represents and  warrants to the Class A-L Lenders, the Loan Agent, the Collateral Manager and the Trustee that:  (i) It is a limited liability company duly formed and validly existing and in  good standing under the law of the State of Delaware.  (ii) It has the power to execute and deliver this Agreement and the Indenture  and to perform its obligations under this Agreement and the Indenture and has taken all  necessary action to authorize such execution, delivery and performance.  (iii) Assuming (A) that all representations and warranties of the Class A-L  Lenders in this Agreement are true and correct and assuming compliance by each such  Class A-L Lender with applicable transfer restriction provisions and other provisions  herein and in the Indenture and (B) that all representations and warranties of all of the  holders of the Notes in the Indenture (whether deemed or delivered in any representation  letter required under the Indenture) are true and correct and assuming compliance by each  holder of Notes with applicable transfer restriction provisions and other provisions in the  Indenture, (x) such execution, delivery and performance do not violate or conflict with any  law applicable to it, any provision of its constitutional documents, any order or judgment  of any court or other agency of government applicable to it or any of its assets or any  contractual restriction binding on or affecting it or any of its assets, (y) all governmental  and other consents that are required to have been obtained by it with respect to the  execution, delivery and performance of this Agreement and the Indenture have been  obtained and are in full force and effect and all conditions of any such consents have been  complied with, and (z) it is not required to register as an investment company under the  1940 Act.  (iv) Its obligations under this Agreement and the Indenture constitute its legal,  valid and binding obligations, enforceable against it in accordance with their respective  terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or other  similar laws affecting creditors’ rights generally and subject, as to enforceability, to  equitable principles of general application (regardless of whether enforcement is sought in  a proceeding in equity or at law)).  (b) The Loan Agent hereby represents and warrants that:  (i) the Loan Agent is a national banking organization duly organized and  validly existing under the laws of the United States of America, with corporate power and  authority to execute, deliver and perform its obligations hereunder and is duly eligible and  qualified to act as Loan Agent hereunder;  

 

   -9-  USActive   47427327.1  (ii) this Agreement has been duly authorized, executed and delivered by the  Loan Agent, and constitutes the valid and binding obligation of the Loan Agent,  enforceable against it in accordance with its terms except (A) as limited by bankruptcy,  fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation,  receivership, moratorium or other similar laws now or hereafter in effect relating to  creditors’ rights generally and by general equitable principles, regardless of whether  considered in a proceeding in equity or at law, and (B) that the remedy of specific  performance and injunctive and other forms of equitable relief may be subject to equitable  defenses and to the discretion of the court before which any proceeding therefore may be  brought; and  (iii) neither the execution or delivery by the Loan Agent of this Agreement or  the Indenture, nor performance by the Loan Agent of its obligations hereunder and  thereunder requires the consent or approval of, the giving of notice to or the registration or  filing with, any Governmental Authority or agency under any existing law governing the  Loan Agent which has not been so obtained, given or completed.  Section 3.02 Several Representations and Covenants of Each Class A-L Lender.  Each Class A-L Lender severally represents and warrants (as to itself only) to the Borrower, the  Loan Agent, the Collateral Manager and the Trustee, as of the date hereof, as of the date each  transferee becomes a Class A-L Lender in accordance with Section 7.03 hereof and as of the date  of each Class A-L Loan, and covenants as follows:  (a) It has the power to execute and deliver this Agreement and to perform its  obligations under this Agreement and has taken all necessary action to authorize such execution,  delivery and performance.  (b) Its obligations under this Agreement constitute its legal, valid and binding  obligations, enforceable against it in accordance with their respective terms (subject to applicable  bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights  generally and subject, as to enforceability, to equitable principles of general application (regardless  of whether enforcement is sought in a proceeding in equity or at law)).  (c) Its execution and delivery of this Agreement and its performance of its  obligations hereunder do not violate or conflict with any law applicable to it, any provision of its  constitutional documents, any order or judgment of any court or other agency of government  applicable to it or any of its assets or any contractual restriction binding on or affecting it or any  of its assets, except in each case for any violation or conflict as would not have a material and  adverse effect on its performance of its obligations hereunder.  (d) It is not required to register as an investment company under the 1940 Act.  (e) Such Class A-L Lender is capable of evaluating the merits and risks of an  investment in the Debt. Such Class A-L Lender is able to bear the economic risks of an investment  in the Debt, including the loss of all or a substantial part of its investment under certain  circumstances. Such Class A-L Lender has had access to such information concerning the parties  to the Transaction Documents and the Debt as it deems necessary or appropriate to make an  

 

   -10-  USActive   47427327.1  informed investment decision, including an opportunity to ask questions and receive information  from the parties to the Transaction Documents, and it has received all information that it has  requested concerning its purchase of the Debt. Such Class A-L Lender has, to the extent it deems  necessary, consulted with its own legal, regulatory, tax, business, investment, financial and  accounting advisers (its “Advisors”) with respect to its purchase of the Debt.  Such Class A-L Lender (i) has made its own independent investment decision  (including decisions regarding the suitability of any transaction) based upon its own judgment, any  advice received from its Advisors, and its review of the final Offering Circular, and not upon any  view, advice or representations (whether written or oral) of any party to the Transaction  Documents and (ii) hereby reconfirms its decision to make an investment in the Debt to the extent  such decision was made prior to the receipt of the final Offering Circular. No party to a Transaction  Document is acting as a fiduciary or financial or investment adviser to such Class A-L Lender. No  party to a Transaction Document has given such Class A-L Lender any assurance or guarantee as  to the expected or projected performance of the Debt. Such Class A-L Lender understands that the  Debt will be highly illiquid. Such Class A-L Lender is prepared to hold the Debt for an indefinite  period of time or until maturity.  (f) Either:  (i) (A) such Class A-L Lender understands that the Debt is offered to and  purchased by it in an offshore transaction (as defined in Regulation S) not involving any  public offering in the United States, in reliance on the exemption from registration provided  by Regulation S, and that the Debt will not be registered or qualified under the Securities  Act or any state securities laws and (B) such Class A-L Lender is a Qualified Purchaser;  or  (ii) (A) such Class A-L Lender understands that the Debt is offered to and  purchased by it in a transaction not involving any public offering in the United States, in  reliance on the exemption from registration provided by Rule 144A, and that the Debt will  not be registered or qualified under the Securities Act or any state securities laws and  (B) such Class A-L Lender is both a Qualified Institutional Buyer and a Qualified  Purchaser, and is not:  (I) a dealer of the type described in paragraph (a)(1)(ii) of Rule 144A  unless it, as applicable, owns and invests on a discretionary basis not less than  $25,000,000 in securities of non-affiliated issuers of the dealer; and  (II) a participant-directed employee plan (such as a 401(k) plan), or any  other type of plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A,  or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the  assets of such a plan, unless investment decisions with respect to such plan are  made solely by the fiduciary, trustee or sponsor of such plan and not by  beneficiaries of the plan.  Such Class A-L Lender is acquiring the Debt as principal for its own account for  investment and not for sale in connection with any distribution thereof. Such Class A-L Lender  

 

   -11-  USActive   47427327.1  was not formed solely for the purpose of investing in the Debt and is not a (i) partnership,  (ii) common trust fund or (iii) special trust, pension fund or retirement plan in which the partners,  beneficiaries or participants, as applicable, may designate the particular investments to be made.  Such Class A-L Lender agrees that it will not hold such Debt for the benefit of any other person  and will be the sole beneficial owner thereof for all purposes and that, except pursuant to a written  agreement with the Borrower requiring compliance with the provisions of the Indenture and this  Agreement applicable to the transfer of an interest in such Debt, it will not sell participation  interests in the Debt or enter into any other arrangement pursuant to which any other person will  be entitled to a beneficial interest in the distributions on the Debt and further that the Debt  purchased directly or indirectly by it constitute an investment of no more than 40% of such Class  A-L Lender’s assets.  Such Class A-L Lender understands that neither the Borrower or the pool of  Assets has been registered under the Investment Company Act, and that the Borrower is exempt  from registration as such by virtue of Section 3(c)(7) of the Investment Company Act.   (g) Such Class A-L Lender is not purchasing the Debt with a view to the resale,  distribution or other disposition thereof in violation of the Securities Act. Such Class A-L Lender  will not, at any time, offer to buy or offer to sell the Debt by any form of general solicitation or  advertising, including, but not limited to, any advertisement, article, notice or other communication  published in any newspaper, magazine or similar medium or broadcast over television or radio or  discussed at any seminar or meeting whose attendees have been invited by general solicitations or  advertising.  (h) Such Class A-L Lender understands that any transfer of any interest in the  Debt may be made only pursuant to an exemption from registration or qualification under the  Securities Act and any applicable state or foreign securities laws and in compliance with the  transfer restrictions set forth in the Indenture.  (i) The Class A-L Lender’s acquisition, holding and disposition of the Class  A-L Loans will not constitute or result in a non-exempt prohibited transaction under Section 406  of ERISA or Section 4975 of the Code or, in the case of a governmental, non-U.S. or church plan,  a violation of any Other Plan Law. If such Class A-L Lender becomes a Non-Permitted ERISA  Holder, it agrees to act in accordance with Section 2.12(c) of the Indenture. The consent of any  such Non-Permitted ERISA Holder to a conversion of the Class A-L Loans into Class A-L Notes  as set forth in the final Offering Circular may be deemed to have been provided to any such  conversion that is effective upon such sale upon the request of the applicable purchaser.  If such Class A-L Lender is a Benefit Plan Investor, it represents that (i) none of  the transaction parties, or any of their respective affiliates, has provided any investment advice  within the meaning of Section 3(21) of ERISA to the Benefit Plan Investor, or to any Fiduciary, in  connection with its acquisition of the Class A-L Loans, and (ii) the Fiduciary is exercising its own  independent judgment in evaluating the investment in the Class A-L Loans.  Such Class A-L Lender understands that the representations made in this clause (i)  will be deemed to be made on each day from the date that such Class A-L Lender acquires an  interest in the Debt until the date it has disposed of its interests in such Debt.  

 

   -12-  USActive   47427327.1  In the event that any representation in this clause (i) becomes untrue, such Class A- L Lender will immediately notify the Loan Agent and the Trustee (or, after the Conversion Date,  only the Trustee).  (j) Such Class A-L Lender agrees to treat the Class A-L Loans as indebtedness  of the Borrower as described in the “Certain U.S. Federal Income Tax Considerations” section of  the Offering Circular for U.S. federal, state and local income tax purposes and will take no action  inconsistent with such treatment unless required by law.  Such Class A-L Lender agrees to provide the Borrower, the Loan Agent and the  Trustee with certifications necessary to establish that it is not subject to withholding tax under  FATCA; provided that nothing herein shall impose an obligation on the part of the Loan Agent or  the Trustee to determine the amount of any tax or withholding obligation on the part of the  Borrower or in respect of the Debt.  Such Class A-L Lender agrees to timely furnish the Borrower, the Loan Agent, the  Trustee or their agents any tax form or certification (such as IRS Form W-9, the applicable IRS  Form W-8, or any successors to such IRS forms) that the Borrower, the Loan Agent, the Trustee  or their agents may reasonably request, and any documentation, agreements, certifications or  information that is reasonably requested by the Borrower, the Loan Agent, the Trustee or their  agents (A) to permit the Borrower, the Loan Agent, the Trustee or their agents to make payments  to it without, or at a reduced rate of, deduction or withholding, (B) to enable the Borrower or its  agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through  which the Borrower or its agents receive payments, and (C) to enable the Borrower, the Loan  Agent, the Trustee or their agents to satisfy reporting and other obligations under the Code and  Treasury regulations (including any cost basis reporting obligations), or any other law, and shall  update or replace such documentation and information as appropriate or in accordance with its  terms or subsequent amendments. Such Class A-L Lender acknowledges that the failure to provide,  update or replace any such documentation or information may result in the imposition of  withholding or back up withholding upon payments to such holder. Amounts withheld pursuant to  applicable tax laws will be treated as having been paid to a holder by the Borrower. In addition,  such Class A-L Lender agrees that the Borrower may provide information to the IRS or any other  taxing authority regarding such Class A-L Lender’s investment in the Class A-L Loans.  (k) [Reserved].  (l) [Reserved].  (m) Each Class A-L Lender acknowledges that the Borrower may receive a list  of Class A-L Lenders from the Registrar.  (n) Each Class A-L Lender agrees that (i) any sale, pledge or other transfer of  the Debt (or any interest therein) made in violation of the transfer restrictions set forth herein or  made based upon any false or inaccurate representation made by such Class A-L Lender or a  transferee will be null and void ab initio and of no force or effect and (ii) none of the parties to the  Transaction Documents has any obligation to recognize any sale, pledge or other transfer of the  

 

   -13-  USActive   47427327.1  Debt (or any interest therein) made in violation of any such transfer restriction or made based upon  any such false or inaccurate representation.  (o) It will comply with the provisions of the Indenture applicable to it as a  Holder.  (p) Such Class A-L Lender understands that, to the extent required by the  Borrower, as determined by the Borrower or the Collateral Manager on behalf of the Borrower,  the Borrower may, upon notice to the Loan Agent, impose additional transfer restrictions on the  Class A-L Loans to comply with the Patriot Act and other similar laws or regulations, including,  without limitation, requiring each transferee of Class A-L Loans to make such representations to  the Borrower as may be required in connection with such compliance.  ARTICLE IV    CONDITIONS  Section 4.01 Closing Date. The obligations of the Class A-L Lenders to make  Class A-L Loans on the Closing Date shall not become effective until the time on the Closing Date  that (x) the Indenture and this Agreement are executed and delivered and (y) the Class A-L Loans  have been assigned ratings of “AAA (sf)” by S&P.  ARTICLE V    THE LOAN AGENT AND THE TRUSTEE  Section 5.01 Appointment. Each of the Class A-L Lenders hereby irrevocably  appoints the Loan Agent as its agent and authorizes the Loan Agent to take such actions on its  behalf and to exercise such powers as are delegated to the Loan Agent by the terms hereof, together  with such actions and powers as are reasonably incidental thereto.  Section 5.02 Certain Duties and Responsibilities.  (a) Each of the Loan Agent and the Trustee undertake to perform such duties  and only such duties as are specifically set forth in this Agreement, and no implied covenants or  obligations shall be read into this Agreement against the Loan Agent or the Trustee, and the Loan  Agent and the Trustee shall satisfy those duties expressly set forth herein so long as it acts in good  faith and without gross negligence or willful misconduct.  (b) Each of the rights, protections, benefits, immunities and indemnities  afforded to the Trustee under the Indenture, shall also apply to the Loan Agent and the Trustee  under this Agreement, mutatis mutandis; provided, however, that the foregoing shall not be  construed to impose upon the Loan Agent any of the duties or standard of care (including, without  limitation, any duties of a prudent person) of the Trustee.  

 

   -14-  USActive   47427327.1  (c) Whether or not therein expressly so provided, every provision of this  Agreement relating to the conduct or affecting the liability of or affording protection to the Loan  Agent and the Trustee shall be subject to the provisions of this Section 5.02.  Section 5.03 Compensation.  (a) The Borrower agrees, subject to Section 5.03(b):  (i) except as otherwise expressly provided herein, to pay or reimburse each of  the Loan Agent and the Trustee in a timely manner upon its request for all reasonable  out-of-pocket expenses, disbursements and advances incurred or made by the Loan Agent  or the Trustee, as applicable, in accordance with any provision of this Agreement or the  Indenture (including the reasonable compensation and expenses and disbursements of its  agents and external legal counsel, except any such expense, disbursement or advance as  may be attributable to its gross negligence, willful misconduct or bad faith); and  (ii) to indemnify the Loan Agent and the Trustee and their respective officers,  directors, employees and agents for, and to hold them harmless against, any loss, liability  or expense (including reasonable fees and costs of agents, experts and external attorneys)  incurred without gross negligence, willful misconduct or bad faith on their part, arising out  of or in connection with the acceptance or administration of any of the Loan Agent’s or  Trustee’s, as applicable, obligations or duties under this Agreement or the Indenture or the  enforcement of the provisions hereof or thereof, including the out-of-pocket costs and  expenses of defending themselves against any claim (whether brought by or involving the  Borrower or any third party) or liability in connection with the exercise or performance of  any of its powers or duties hereunder or the enforcement of the Borrower’s obligations  hereunder.  (b) Any amounts payable to the Loan Agent or the Trustee pursuant to this  Agreement shall constitute Administrative Expenses, payable on each Payment Date only to the  extent that funds are available for such purpose in accordance with the Priority of Payments, and  any such amounts not paid on or prior to any Payment Date shall remain outstanding and shall be  payable on the next Payment Date on which funds are available for such purpose pursuant to the  Priority of Payments.  (c) The provisions of this Section 5.03 shall survive the termination of this  Agreement and the removal or resignation of the Loan Agent or the Trustee (to the extent of any  fees or indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or  arising out of actions or omissions occurring prior to, such termination, resignation or removal).  Section 5.04 Resignation and Removal; Appointment of a Successor.  (a) No resignation or removal of the Loan Agent and no appointment of a  successor Loan Agent pursuant to this Section 5.04 shall become effective until the acceptance of  appointment by the successor Loan Agent pursuant to Section 5.05.  (b) Subject to Section 5.04(a), the Loan Agent may resign at any time by giving  not less than 60 days’ written notice thereof to the Borrower, the Collateral Manager, the Class A- 

 

   -15-  USActive   47427327.1  L Lenders and the Rating Agency. Upon receiving such notice of resignation, the Borrower shall  promptly appoint a successor loan agent satisfying the requirements of Section 5.06 by written  instrument, in duplicate, executed by a Responsible Officer of the Borrower, one copy of which  shall be delivered to the Loan Agent so resigning and one copy to the successor Loan Agent,  together with a copy to each Class A-L Lender and the Collateral Manager; provided that such  successor Loan Agent shall be appointed only upon the Act of a Majority of the Class A-L Lenders.  If no successor Loan Agent shall have been appointed and an instrument of acceptance by a  successor Loan Agent shall not have been delivered to the Loan Agent within 60 days after the  giving of such notice of resignation, the resigning Loan Agent or any Class A-L Lender, on behalf  of itself and all others similarly situated, may petition any court of competent jurisdiction for the  appointment of a successor Loan Agent satisfying the requirements of Section 5.06.  (c) The Loan Agent may be removed at any time by Act of a Majority of the  Class A-L Loans (with the consent of the Collateral Manager), delivered with 30 days’ notice to  the Loan Agent, the Trustee, the Collateral Manager and the Borrower. In addition, if at any time  the Loan Agent shall breach its obligations hereunder or under the Indenture, or shall become  incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the  Loan Agent or of its property shall be appointed or any public officer shall take charge or control  of the Loan Agent or of its property or affairs for the purpose of rehabilitation, conservation or  liquidation then, in any such case (subject to Section 5.04(a)), (i) the Borrower may, by Issuer  Order, remove the Loan Agent, or (ii) any Class A-L Lender may, on behalf of itself and all others  similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent  and the appointment of a successor Loan Agent.  (d) If the Loan Agent shall be removed or become incapable of acting, or if a  vacancy shall occur in the office of the Loan Agent for any reason (other than resignation), the  Borrower, by written instrument, shall promptly appoint a successor Loan Agent. If the Borrower  shall fail to appoint a successor Loan Agent within 60 days after such removal or incapability or  the occurrence of such vacancy, a successor Loan Agent may be appointed by a Majority of the  Class A-L Loans by written instrument delivered to the Borrower and the retiring Loan Agent. The  successor Loan Agent so appointed shall, forthwith upon its acceptance of such appointment,  become the successor Loan Agent. If no successor Loan Agent shall have been so appointed by  the Borrower or a Majority of the Class A-L Loans and shall have accepted appointment in the  manner hereinafter provided, the Loan Agent or any Class A-L Lender may, on behalf of itself and  all others similarly situated, petition any court of competent jurisdiction for the appointment of a  successor Loan Agent.  (e) The Borrower shall give prompt notice of each resignation and each  removal of the Loan Agent and each appointment of a successor Loan Agent by mailing written  notice of such event by first-class mail, postage prepaid, to the Trustee, the Collateral Manager  and S&P, at the addresses appearing in Section 14.3 of the Indenture, and to each Class A-L  Lender, as their names and addresses appear in the Register. Each notice shall include the name  and address of the successor Loan Agent. If the Borrower fails to mail any such notice within 10  days after acceptance of appointment by the successor Loan Agent, the successor Loan Agent shall  cause such notice to be given at the expense of the Borrower.  

 

   -16-  USActive   47427327.1  (f) The Trustee shall be removed and replaced as a party to this Agreement  automatically upon the removal and replacement of the Trustee pursuant to the Indenture.  Section 5.05 Acceptance of Appointment by Successor. Every successor Loan  Agent appointed hereunder shall execute, acknowledge and deliver to the Borrower and the retiring  Loan Agent an instrument accepting such appointment. Upon delivery of the required instrument,  the resignation or removal of the retiring Loan Agent shall become effective and such successor  Loan Agent, without any other act, deed or conveyance, shall become vested with all the rights,  powers, duties and obligations of the retiring Loan Agent; provided that upon request of the  Borrower or a Majority of the Class A-L Loans or the successor Loan Agent, such retiring Loan  Agent shall, upon payment of its fees and expenses then unpaid, execute and deliver an instrument  transferring to such successor Loan Agent all the rights, powers, duties and obligations of the  retiring Loan Agent.  Section 5.06 Loan Agent Criteria. The Loan Agent, and any entity appointed as a  successor Loan Agent, shall be subject to the eligibility requirements set forth in Section 6.8 of the  Indenture. If at any time the Loan Agent shall cease to satisfy such requirements, it shall resign  immediately in the manner and with the effect hereinafter specified in this Article V.  Section 5.07 Merger, Conversion, Consolidation or Succession to Business of the  Loan Agent. Any organization or entity into which the Loan Agent may be merged or converted  or with which it may be consolidated, or any organization or entity resulting from any merger,  conversion or consolidation to which the Loan Agent shall be a party, or any organization or entity  succeeding to all or substantially all of the corporate trust business of the Loan Agent, shall be the  successor of the Loan Agent hereunder, without the execution or filing of any paper or any further  act on the part of any of the parties hereto.  ARTICLE VI    CLASS A-L LOAN EVENT OF DEFAULT  Section 6.01 Class A-L Loan Event of Default.  (a) If an Event of Default under Section 5.1 of the Indenture shall have occurred  and be continuing (such occurrence, a “Class A-L Loan Event of Default”), the Borrower shall  immediately, upon notice or knowledge thereof, notify the Trustee, the Loan Agent and each Class  A-L Lender thereof in writing.  (b) Upon the occurrence of a Class A-L Loan Event of Default and the  acceleration of the Borrower’s obligations under the Indenture pursuant to the terms of Section 5.2  of the Indenture, the unpaid principal amount of the Class A-L Loans, together with the interest  accrued thereon and all other amounts payable by the Borrower hereunder in respect of the Class  A-L Loans, shall automatically become immediately due and payable by the Borrower hereunder,  subject to and in accordance with the applicable provisions of the Indenture, without presentment,  demand, protest or other requirements of any kind, all of which are hereby expressly waived by  the Borrower; provided that upon the rescission or annulment of the related Event of Default and  acceleration under the Indenture in accordance with the terms thereof, any such acceleration shall  

 

   -17-  USActive   47427327.1  automatically be rescinded and annulled for all purposes hereunder; provided, however, that no  such action shall affect any subsequent Default or Class A-L Loan Event of Default or impair any  right consequent thereon. For the avoidance of doubt, the obligations under this Agreement in  respect of the Class A-L Loans shall not be accelerated prior to maturity unless the Borrower’s  obligations under the Indenture have been concurrently accelerated.  Section 6.02 Rights Under Indenture; Remedies Cumulative.  (a) Each Class A-L Lender shall have the right to exercise any and all rights of  the Class A-L Lenders set forth in the Indenture, including but not limited to enforcement of rights  following an Event of Default under the Indenture and exercise of such rights shall not preclude  any Class A-L Lender from exercising any of its rights hereunder.  (b) No remedy conferred in this Agreement or in the Indenture upon any Class  A-L Lender is intended to be exclusive of any other remedy and each and every such remedy shall  be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter  existing at law or in equity or by statute or otherwise.  (c) No course of dealing between the Borrower and any Class A-L Lender and  no delay or failure in exercising any rights hereunder or under the Indenture in respect thereof shall  operate as a waiver of any of the rights of any Class A-L Lender.  (d) Each Class A-L Lender hereby acknowledges and agrees that any Money  collected by the Trustee with respect to the Debt pursuant to Article V of the Indenture and any  Money that may then be held or thereafter received by the Trustee with respect to the Debt  hereunder shall be applied in accordance with the Priority of Payments.  ARTICLE VII    MISCELLANEOUS  Section 7.01 Notices. All notices and other communications provided for herein  (including each consent, notice, direction or request) shall be sufficient for every purpose  hereunder if given in accordance with the applicable provisions of Section 14.3 of the Indenture  to the applicable parties at the following addresses:  (a) if to the Borrower, the Trustee or the Collateral Manager, at its address or  fax number set forth in the Indenture;  (b) if to the Loan Agent, at its address set forth on Schedule I attached hereto  or at such other address as shall be designated by the Loan Agent in a notice to the Borrower, each  Class A-L Lender, the Trustee and the Collateral Manager, which notice or other communication  shall contain reference to the Debt, the Borrower or this Agreement;  (c) if to any Class A-L Lender, at its address or fax number set forth on  Schedule I attached hereto (in the case of any initial Class A-L Lender) or in the Assignment and  

 

   -18-  USActive   47427327.1  Acceptance delivered by it; or at such other address as shall be designated by a Class A-L Lender  in a notice to the Borrower, the Loan Agent, the Trustee and the Collateral Manager; and  (d) if to S&P, in the manner specified in the Indenture.  All notices and other communications given to any party hereto in accordance with the provisions  of this Agreement shall be deemed to have been given on the date of receipt.  Section 7.02 Waivers; Amendments.  (a) Each waiver of any provision of this Agreement and consent to any  departure by the Borrower therefrom shall be effective only in the specific instance and for the  purpose for which given. The making of a Class A-L Loan shall not be construed as a waiver of  any Event of Default, regardless of whether the Trustee, the Loan Agent, any Class A-L Lender or  any Noteholder may have had notice or knowledge of such Event of Default at the time.  (b) This Agreement may only be waived, amended or modified in writing by  the Borrower, the Loan Agent and the Trustee if, pursuant to an Opinion of Counsel (upon which  the Loan Agent and the Trustee shall be entitled to rely and which may be supported by a certificate  from the Collateral Manager), (i) all conditions precedent provided in the Indenture, including  consent requirements with respect to the Collateral Manager and each Class of Debt, applicable to  such amendment (if such amendment were to be effected to the Indenture) are satisfied with respect  thereto, mutatis mutandis (for which purpose, references to the Trustee in the Indenture will be  deemed to refer to the Loan Agent and/or the Trustee, as applicable) and (ii) after giving effect to  such amendment, this Agreement is not inconsistent with any term of the Indenture in any material  respect. For purposes of interpreting the Indenture in connection with any amendment to this  Agreement, the Class A-L Loans, the Class A-1 Notes and the Class A-1F Notes will be treated as  separate Classes. Any written notice of a waiver, amendment or modification of this Agreement  shall be delivered by the Trustee to the Rating Agency in accordance with the Indenture.  (c) A failure or delay in exercising any right, power or privilege in respect of  this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any  right, power or privilege will not be presumed to preclude any subsequent or further exercise, of  that right, power or privilege or the exercise of any other right, power or privilege.  Section 7.03 Successors and Assigns.  (a) The provisions of this Agreement shall be binding upon and inure to the  benefit of the parties hereto and their respective successors and transferees. Any successor to the  Trustee under the Indenture shall be the successor to the Trustee hereunder without any further act  on the party of any of the parties hereto. Nothing in this Agreement, expressed or implied, shall be  construed to confer upon any Person (other than the parties hereto and their respective successors  and transferees) any legal or equitable right, remedy or claim under or by reason of this Agreement.  Any purported transfer not in compliance with this Section 7.03 shall be null and void.  (b) The Borrower may not assign or delegate any of their rights or obligations  under this Agreement without the prior consent of each Class A-L Lender, the Loan Agent and the  Trustee; provided that each Class A-L Lender, the Loan Agent and the Trustee each hereby  

 

   -19-  USActive   47427327.1  acknowledge that, pursuant to the terms of the Collateral Management Agreement, the Borrower  has granted the Collateral Manager the right to take certain actions hereunder on its behalf.  (c) Each Class A-L Lender may transfer to one or more transferees all or a  portion of its Class A-L Loans and the related rights and obligations under this Agreement if  (A) with respect to any transfer by a Class A-L Lender of less than all of its Class A-L Loans, after  giving effect to such transfer, each of the transferor and the transferee shall hold Class A-L Loans  in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof, (B) all  conditions precedent to the transfer of the relevant Class A-L Loan specified herein and in the  Indenture have been satisfied, (C) the parties to such transfer have executed and delivered to the  Loan Agent (with a copy to the Trustee) a duly completed Assignment and Acceptance and the  Borrower shall have consented to such transfer (such consent not to be unreasonably withheld),  and (D) the Class A-L Lender effecting the transfer has paid a sum sufficient to Borrower (as  determined in the Borrower’s reasonable discretion) as may be necessary to cover any tax or other  governmental charge payable by Borrower in connection with such transfer. Upon acceptance and  recording pursuant to Section 7.03(d), from and after the effective date specified in each  Assignment and Acceptance, (x) the transferee thereunder shall be a party hereto, (y) the Trustee  and the Loan Agent shall be notified of such transfer and the Loan Agent shall update the Register  to reflect such transfer, and (z) to the extent of the interest transferred by such Assignment and  Acceptance, the transferee shall have the rights and obligations of a Class A-L Lender under this  Agreement, and the transferring Class A-L Lender thereunder shall, to the extent of the interest  transferred by such Assignment and Acceptance, be released from its obligations under this  Agreement (and, in the case of an Assignment and Acceptance covering all of the transferring  Class A-L Lender’s rights and obligations under this Agreement and in respect of Class A-L Loans,  such Class A-L Lender shall cease to be a party hereto). The Borrower shall provide, or cause to  be provided, notice of any such transfer to S&P.  (d) Upon its receipt of a duly completed Assignment and Acceptance executed  by a transferring Class A-L Lender and a transferee, the Loan Agent shall accept such Assignment  and Acceptance and record the Class A-L Lender identification and amount transferred in the  Register. No transfer shall be effective for purposes of this Agreement unless it has been recorded  in the Register as provided in this paragraph.  Section 7.04 Survival. All covenants, agreements, representations and warranties  made by the Borrower, the Loan Agent and each Class A-L Lender herein and in the certificates  or other instruments delivered in connection with or pursuant to this Agreement or the Indenture  shall be considered to have been relied upon by the other parties hereto and shall survive the  execution and delivery of this Agreement and the making of any Class A-L Loans, regardless of  any investigation made by any such other party or on its behalf and notwithstanding that the  Trustee, the Loan Agent or any Class A-L Lender may have had notice or knowledge of any Event  of Default or incorrect representation or warranty at the time any credit is extended hereunder, and  shall continue in full force and effect as long as any Class A-L Loan or any amount payable under  this Agreement or the Indenture in respect of any Class A-L Loan is outstanding and unpaid.  Section 7.05 Counterparts; Integration; Effectiveness. This Agreement may be  executed in counterparts (including by facsimile, electronic transmission or other transmission  method (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file,  

 

   -20-  USActive   47427327.1  or any “electronic signature” as defined under E-SIGN or ESRA, which includes any electronic  signature)), each of which shall constitute an original, but all of which when taken together shall  constitute a single contract. This Agreement and the Indenture constitute the entire contract among  the parties relating to the subject matter hereof and supersede any and all previous agreements and  understandings, oral or written, relating to the subject matter hereof. Except as provided in  Section 4.01, this Agreement shall become effective when it shall have been executed by the Loan  Agent and when the Loan Agent shall have received counterparts hereof which, when taken  together, bear the signatures of each of the other parties hereto, and thereafter shall be binding  upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by e-mail (PDF) or  facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.  Section 7.06 Severability. Any provision of this Agreement held to be invalid,  illegal or unenforceable in any respect in any jurisdiction shall, as to such jurisdiction, be  ineffective to the extent of such invalidity, illegality or unenforceability in such matter without  affecting the validity, legality and enforceability of any such provision in every other respect and  of the remaining provisions hereof; and the invalidity of a particular provision in a particular  jurisdiction shall not invalidate such provision in any other jurisdiction.  Section 7.07 Governing Law; Jurisdiction; Consent to Service of Process; Waiver  of Jury Trial Right.  (a) THIS AGREEMENT AND ALL DISPUTES ARISING THEREFROM OR  RELATING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND  GOVERNED IN ALL RESPECT (WHETHER IN CONTRACT OR IN TORT) BY THE LAW  OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE  PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES  THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW  OF THE STATE OF NEW YORK.  (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY  SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR NEW YORK  STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW  YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE  CLASS A-L LOANS, THIS AGREEMENT OR THE INDENTURE, AND EACH PARTY  HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH  ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FEDERAL  OR NEW YORK STATE COURT. THE BORROWER AND THE LOAN AGENT HEREBY  IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THAT THEY MAY LEGALLY DO  SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH  ACTION OR PROCEEDING. THE BORROWER IRREVOCABLY CONSENTS TO THE  SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE  MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO IT AT THE OFFICE OF THE  BORROWER’S AGENT SET FORTH IN SECTION 7.2 OF THE INDENTURE. EACH PARTY  HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR  PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER  

 

   -21-  USActive   47427327.1  JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER  PROVIDED BY LAW.  (c) Each party (other than the Loan Agent and the Trustee) to this Agreement  irrevocably consents to service of process in the manner provided for notices in Section 7.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in  any other manner permitted by law.  (d) EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY  AND INTENTIONALLY WAIVES ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY  IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR  IN CONNECTION WITH, THIS AGREEMENT, THIS CLASS A-L LOAN OR ANY OTHER  RELATED DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,  STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES  HERETO. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS  RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND  THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUCH PARTIES  ENTERING INTO THIS AGREEMENT OR ACCEPTING ANY OF THE BENEFITS OF THE  CLASS A-L LOANS.  Section 7.08 Benefits of Indenture. Each of the Class A-L Lenders hereby  acknowledges and approves the pledge and assignment by the Borrower of all of its right, title and  interest in, to and under this Agreement to the Trustee for the benefit and security of the Secured  Parties pursuant to the Indenture.  Section 7.09 Headings. Article and section headings and the table of contents  used herein are for convenience of reference only, are not part of this Agreement and shall not  affect the construction of, or be taken into consideration in interpreting, this Agreement.  Section 7.10 Recourse against Certain Parties. No recourse under or with respect  to any obligation, covenant or agreement of any Class A-L Lender or any other agreement,  instrument or document entered into by it pursuant hereto or in connection herewith shall be had  against any incorporator, stockholder, Affiliate, officer, member, manager, partner, employee or  director of such Class A-L Lender, as such, by the enforcement of any assessment, by any legal or  equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and  understood that the agreements of such Class A-L Lender contained in this Agreement and all of  the other agreements, instruments and documents entered into by it pursuant hereto or in  connection herewith are, in each case, solely the corporate obligations of such Class A-L Lender,  and that no personal liability whatsoever shall attach to or be incurred by any incorporator,  stockholder, Affiliate, officer, member, manager, partner, employee or director of such Class A-L  Lender, as such, or any of them, under or by reason of any of the obligations, covenants or  agreements of such Class A-L Lender contained in this Agreement or in any other such instrument,  document or agreement, or which are implied therefrom, and that any and all personal liability of  every such incorporator, stockholder, Affiliate, officer, employee, member, manager, partner or  director of such Class A-L Lender for breaches by such Class A-L Lender 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  

 

   -22-  USActive   47427327.1  the execution of this Agreement. The provisions of this Section 7.10 shall survive the termination  of this Agreement.  Section 7.11 Limited-Recourse Obligations. Notwithstanding any other  provision of this Agreement, the Class A-L Loans and all obligations of the Borrower under this  Agreement are from time to time and at any time limited-recourse obligations of the Borrower  payable solely from the Assets and other assets available at such time pledged by the Borrower to  secure the Debt and upon realization of the Assets and such other assets and the application of the  proceeds thereof in accordance with the Indenture, any outstanding obligations of the Borrower  hereunder shall be extinguished and shall not thereafter revive. None of the Collateral Manager,  the Trustee, the Loan Agent, any of their respective affiliates, security holders (including  shareholders), members, partners, officers, directors or employees, or the security holders  (including shareholders), members, partners, officers, directors, employees or incorporators of the  Borrower, or any other person or entity will be obligated to make payments on the Class A-L  Loans. Consequently, the Class A-L Lenders must rely solely on amounts received in respect of  the Assets and other assets pledged to secure the Debt for the payment of principal thereof and  interest thereon. This section shall survive the termination of this Agreement.  Section 7.12 Non-Petition. Notwithstanding any other provision of this  Agreement, neither the Loan Agent, in its own capacity, nor any Class A-L Lender may, prior to  the date which is one year (or, if longer, the applicable preference period) and one day after the  payment in full of all Class A-L Loans and Notes, institute against, or join any other Person in  instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency,  moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or  state bankruptcy or similar laws. Nothing in this Section 7.12 shall preclude, or be deemed to estop,  the Loan Agent or any Class A-L Lender (i) from taking any action prior to the expiration of the  aforementioned one year and one day (or longer) period in (A) any case or proceeding voluntarily  filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or  commenced by a Person other than the Loan Agent or a Class A-L Lender, or (ii) from  commencing against the Borrower or any of its properties any legal action which is not a  bankruptcy, reorganization, arrangement, insolvency, moratorium, winding up or liquidation  proceeding, subject to Section 7.11. This Section 7.12 shall survive the termination of this  Agreement.  Section 7.13 Prohibition on Commencement of Proceedings. Each Class A-L  Lender acknowledges and agrees as follows:  (a) (i) the express terms of the Indenture govern the rights of the Class A-L  Lenders to direct the commencement of a Proceeding against any Person, (ii) the Indenture  contains limitations on the rights of the Class A-L Lenders to direct the commencement of any  such Proceeding, and (iii) each Class A-L Lender shall comply with such express terms if it seeks  to direct the commencement of any such Proceeding;  (b) there are no implied rights under the Indenture to direct the commencement  of any such Proceeding; and  

 

   -23-  USActive   47427327.1  (c) notwithstanding any provision of the Indenture, the Notes, this Agreement,  the Collateral Management Agreement, the Collateral Administration Agreement or any other  agreement, the Borrower shall not be under any duty or obligation of any kind to the holders of  the Debt, or any of them, to institute any legal or other proceedings of any kind, against any person  or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral  Administrator, the Loan Agent, or the Calculation Agent.  Section 7.14 Appointment of Trustee. The Class A-L Lenders hereby appoint the  Trustee to act exclusively as the agent for purposes of perfection of a security interest in the Assets  and to act as specified in the Indenture and the other Transaction Documents to which the Trustee  is a party. The duties and obligations of the Trustee under this Section 7.14 shall be as set forth in  the Indenture.  Section 7.15 Acknowledgment of Indenture Provisions. The Class A-L Lenders  hereby acknowledge and agree to the provisions of the Indenture expressly applicable to the Class  A-L Lenders.  Section 7.16 USA Patriot Act Notice. The Class A-L Lenders hereby notify the  Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56  (signed into law October 26, 2001)) (the “Patriot Act”), they are required to obtain, verify and  record information that identifies the Borrower, which information includes the name and address  of the Borrower and other information that will allow the Class A-L Lenders to identify the  Borrower in accordance with the Patriot Act.  [Signature Pages Follow]  

 

  [Signature Page to Class A-L Loan Agreement]  47427327.1  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be  duly executed by their respective authorized officers as of the day and year first above written.  CHURCHILL NCDLC CLO-I, LLC,   as Borrower  By: Nuveen Churchill Direct Lending Corp., its  sole member  By: /s/ Shai Vichness  Name: Shai Vichness   Title:   Chief Financial Officer       

 

  [Signature Page to Class A-L Loan Agreement]  47427327.1    U.S. BANK TRUST COMPANY, NATIONAL  ASSOCIATION,  as Loan Agent  By: Scott D. DeRoss  Name: Scott D. DeRoss   Title:   Senior Vice President       

 

  [Signature Page to Class A-L Loan Agreement]  47427327.1    U.S. BANK TRUST COMPANY, NATIONAL  ASSOCIATION,  as Trustee under the Indenture  By: /s/ Scott D. DeRoss  Name:  Scott D. DeRoss  Title:    Senior Vice President       

 

  [Signature Page to Class A-L Loan Agreement]  47427327.1    AZB FUNDING 11 LIMITED,   as Class A-L Lender  By: /s/ Ryo Hoshi  Name:  Ryo Hoshi  Title:    Authorized Signatory          

 

  USActive 57770503.6 B-1  47427327.1  SCHEDULE I  CLASS A-L LENDER INFORMATION    Name of Class A-L  Lender Funded Amount Addresses for Notices  AZB Funding 11  Limited $30,000,000  AZB Funding 11 Limited    Primary Operational Contact:  Taylor Potts  190 S. LaSalle Street, 8th Floor  Chicago, IL 60603  Phone: (312) 332-7830  Email: taylor.potts@usbank.com  Chicago.Aozora.Team@usbank.com  Corporate Banking Service Division  Phone: 81-3-6752-1147  Email: afadmin@aozorabank.co.jp    Credit Contact:  Aozora Bank, Ltd  6-1-1, Kojimachi, Chiyoda-ku  Tokyo, Japan 102-8660  Phone: 81-3-6752-1147  Fax: 81-3-6752-1447  Email: afadmin@aozorbank.co.jp;  icad@aozorabank.co.jp    LOAN AGENT INFORMATION  Loan Agent:  U.S. Bank Trust Company, National Association  214 N. Tryon Street, 26th Floor  Charlotte, North Carolina 28202  Attention: CDO Trust Services/Alex Melton  Reference: Churchill NCDLC CLO-I, LLC  Email: agency.services@usbank.com, with a copy to alex.melton1@usbank.com  Account for Funding of Class A-L Loans:  Bank Name:   ABA #:   Acct. Name:   

 

  USActive 57770503.6 B-2  47427327.1  Acct. #:   FFC#:   Reference:EX-10.1

   

  AMENDMENT TO MASTER LEASING AGREEMENT

   

  THIS AMENDMENT TO MASTER LEASING AGREEMENT (this “Amendment”) is made as of May 19, 2022 (the “Amendment Effective Date”) by and between Apartment Income REIT, L.P., a Delaware limited partnership (formerly known as AIMCO Properties, L.P.) (“AIR”), and Aimco Development Company, LLC, a Delaware limited liability company (“DevCo”).  AIR and DevCo may be referred to herein each individually as a “Party” and collectively as the “Parties”.  

  RECITALS

  A.	AIR and DevCo have entered into that certain Master Leasing Agreement, dated as of December 15, 2020, with respect to the leasing of certain real property, including the land and any improvements located thereon as further described therein (as amended from time to time, the “Master Leasing Agreement”).

  B.	AIR and DevCo desire to amend certain terms of the Master Leasing Agreement as more particularly set forth in this Amendment.  

  AGREEMENTS

   

  NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

  1.Defined Terms.  All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Master Leasing Agreement.

  2.Notice of Termination.  Effective as of the Amendment Effective Date, Section 3(a) of the Master Leasing Agreement is hereby deleted in its entirety and replaced with the following in lieu thereof: 

  “(a)	Term of this Agreement. The term of this Agreement shall be for eighteen (18) months, commencing on the Effective Date and expiring on the date immediately preceding the eighteenth (18th) month anniversary of the Effective Date (the “Initial Term”), unless earlier terminated as provided in this Agreement; provided, however, that the term of this Agreement shall automatically renew each year for an additional one (1) year period (the Initial Term, as may be extended hereby, the “Term”), unless and until either AIR or DevCo delivers written notice on or before 11:59 p.m. (Mountain time) on the day immediately prior to the end of the then existing term (as extended hereby) to the other electing to terminate this Agreement, in which case this Agreement shall terminate as of the last day of the then existing term.”

  3.Miscellaneous.

  (a)Full Force and Effect.  Except as modified by this Amendment, all of the terms, conditions and provisions of the Master Leasing Agreement shall remain in full force and effect and are hereby ratified and confirmed.  The term “Agreement,” as used in the Master Leasing Agreement, shall mean the Master Leasing Agreement, as amended this Amendment.

  (b)Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

  (c)Electronic Signatures.  In order to expedite the transactions contemplated hereby, emailed or DocuSign signatures may be used in place of original signatures on this Amendment. The Parties intend to be bound by the signatures on any emailed or DocuSigned copy of this Amendment, are 

   

  

   

  aware that the other Party will rely on the emailed or DocuSigned signatures, and hereby waive any defenses to the enforcement of the terms hereof based on the form of signature.

  (d)Applicable Law.  This Amendment shall be subject to the provisions of Section 19(e) of the Master Leasing Agreement, which section is hereby incorporated by reference.

   

   

  [remainder of page intentionally left blank]

   

   

  

   

  IN WITNESS HEREOF, the Parties hereto have caused this Amendment to be executed as of the Amendment Effective Date.

  		
	AIR:
	APARTMENT INCOME REIT, L.P., 
a Delaware limited partnership
 
By:  AIR-GP, Inc., 
        its general partner,
        a Delaware corporation 

	 
	By:          /s/ Lisa R. Cohn
Name:	Lisa R. Cohn
Title: 	President, General Counsel and Corporate Secretary

   

  [signatures continue on following page]

   

   

  

   

  		
	DevCo:
	AIMCO DEVELOPMENT COMPANY, LLC,
a Delaware limited liability company,

	 
	By:          /s/ Jennifer Johnson
Name:	Jennifer Johnson
Title: 	Executive Vice President, Chief Administrative Officer and General Counsel

   

   

  [end of signature pages]

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