Document:

Exhibit 10.4

 

 

 

Dated as of December 17, 2020

 

 

MURRAY HILL FUNDING II, LLC,

as Issuer

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

SECOND AMENDED AND RESTATED INDENTURE

 

 

 

    

     

    

 

 

TABLE OF CONTENTS

 

	 	 	 	 	Page	 
	 	 	 	 	 	 
	ARTICLE 1	 
	 	 	 	 	 	 	 
	DEFINITIONS	 
	 	 	 	 	 	 	 
	Section 1.1	 	Definitions	 	 	2	 
	Section 1.2	 	Assumptions as to Collateral	 	 	37	 
	 	 	 	 	 	 	 
	ARTICLE 2	 
	 	 	 	 	 	 	 
	THE NOTES	 
	 	 	 	 	 	 	 
	Section 2.1	 	Forms Generally	 	 	39	 
	Section 2.2	 	Forms of Notes	 	 	39	 
	Section 2.3	 	Authorized Amount; Stated
    Maturity; Denominations	 	 	42	 
	Section 2.4	 	Execution, Authentication,
    Delivery and Dating	 	 	43	 
	Section 2.5	 	Registration, Registration
    of Transfer and Exchange	 	 	44	 
	Section 2.6	 	Mutilated, Defaced, Destroyed,
    Lost or Stolen Note	 	 	53	 
	Section 2.7	 	Payment of Principal
    and Interest and Other Amounts; Principal Rights Preserved	 	 	53	 
	Section 2.8	 	Persons Deemed Owners	 	 	56	 
	Section 2.9	 	Cancellation	 	 	56	 
	Section 2.10	 	DTC Ceases to be Depository	 	 	56	 
	Section 2.11	 	Non-Permitted Holders
    or Violation of ERISA Representations or Noteholder Reporting Obligations	 	 	57	 
	Section 2.12	 	Tax Certification and
    Noteholder Reporting Obligations	 	 	59	 
	Section 2.13	 	Subsequent Advances	 	 	60	 
	Section 2.14	 	Borrowings under the
    Revolving Credit Note Agreement	 	 	61	 
	 	 	 	 	 	 	 
	ARTICLE 3	 
	 	 	 	 	 	 	 
	CONDITIONS PRECEDENT	 
	 	 	 	 	 	 	 
	Section 3.1	 	Conditions to Issuance
    of Notes on Closing Date	 	 	62	 
	Section 3.2	 	Custodianship; Delivery
    of Portfolio Assets and Eligible Investments	 	 	64	 
	Section 3.3	 	Application of Proceeds	 	 	65	 
	Section 3.4	 	Issuance of Class A-R
    Notes	 	 	65	 

 

    -i-

     

    

 

	ARTICLE 4	 
	 	 	 	 	 	 	 
	SATISFACTION AND DISCHARGE	 
	 	 	 	 	 	 	 
	Section 4.1	 	Satisfaction and Discharge
    of Indenture	 	 	66	 
	Section 4.2	 	Application of Trust
    Cash	 	 	67	 
	Section 4.3	 	Repayment of Cash Held
    by Paying Agent	 	 	67	 
	Section 4.4	 	Disposition of Illiquid
    Assets	 	 	67	 
	 	 	 	 	 	 	 
	ARTICLE 5	 
	 	 	 	 	 	 	 
	REMEDIES	 
	 	 	 	 	 	 	 
	Section 5.1	 	Events of Default	 	 	68	 
	Section 5.2	 	Acceleration of Maturity;
    Rescission and Annulment	 	 	71	 
	Section 5.3	 	Collection of Indebtedness
    and Suits for Enforcement by Trustee	 	 	71	 
	Section 5.4	 	Remedies	 	 	73	 
	Section 5.5	 	Optional Preservation
    of Collateral	 	 	75	 
	Section 5.6	 	Trustee May Enforce
    Claims Without Possession of Notes	 	 	76	 
	Section 5.7	 	Application of Cash Collected	 	 	76	 
	Section 5.8	 	Limitation on Suits	 	 	76	 
	Section 5.9	 	Unconditional Rights
    of Holders to Receive Principal	 	 	77	 
	Section 5.10	 	Restoration of Rights
    and Remedies	 	 	77	 
	Section 5.11	 	Rights and Remedies Cumulative	 	 	77	 
	Section 5.12	 	Delay or Omission Not
    Waiver	 	 	78	 
	Section 5.13	 	Control by Majority Holders	 	 	78	 
	Section 5.14	 	Waiver of Past Defaults	 	 	78	 
	Section 5.15	 	Undertaking for Costs	 	 	78	 
	Section 5.16	 	Waiver of Stay or Extension
    Laws	 	 	79	 
	Section 5.17	 	Sale of Collateral	 	 	79	 
	Section 5.18	 	Action on the Notes	 	 	80	 
	 	 	 	 	 	 	 
	ARTICLE 6	 
	 	 	 	 	 	 	 
	THE TRUSTEE	 
	 	 	 	 	 	 	 
	Section 6.1	 	Certain Duties and Responsibilities	 	 	80	 
	Section 6.2	 	Notice of Default	 	 	82	 
	Section 6.3	 	Certain Rights of Trustee	 	 	82	 
	Section 6.4	 	Not Responsible for Recitals
    or Issuance of Notes	 	 	86	 
	Section 6.5	 	May Hold Notes	 	 	86	 
	Section 6.6	 	Cash Held in Trust	 	 	86	 
	Section 6.7	 	Compensation and Reimbursement	 	 	86	 
	Section 6.8	 	Corporate Trustee Required;
    Eligibility	 	 	88	 
	Section 6.9	 	Resignation and Removal;
    Appointment of Successor	 	 	88	 
	Section 6.10	 	Acceptance of Appointment
    by Successor	 	 	89	 

 

    -ii-

     

    

 

	Section 6.11	 	Merger, Conversion, Consolidation
    or Succession to Business of Trustee	 	 	90	 
	Section 6.12	 	Co-Trustees	 	 	90	 
	Section 6.13	 	Certain Duties of Trustee
    Related to Delayed Payment of Proceeds	 	 	91	 
	Section 6.14	 	Authenticating Agents	 	 	92	 
	Section 6.15	 	Withholding	 	 	92	 
	Section 6.16	 	Representative for Holders
    Only; Agent for each other Secured Party	 	 	93	 
	Section 6.17	 	Representations and Warranties
    of the Bank	 	 	93	 
	Section 6.18	 	Electronic Communications	 	 	94	 
	 	 	 	 	 	 	 
	ARTICLE 7	 
	 	 	 	 	 	 	 
	COVENANTS	 
	 	 	 	 	 	 	 
	Section 7.1	 	Payment of Principal	 	 	94	 
	Section 7.2	 	Maintenance of Office
    or Agency	 	 	94	 
	Section 7.3	 	Cash for Note Payments
    to be Held in Trust	 	 	95	 
	Section 7.4	 	Existence of Issuer	 	 	97	 
	Section 7.5	 	Protection of Collateral	 	 	97	 
	Section 7.6	 	Opinions as to Security
    Interests	 	 	99	 
	Section 7.7	 	Performance of Obligations	 	 	100	 
	Section 7.8	 	Negative Covenants	 	 	100	 
	Section 7.9	 	Statement as to Compliance	 	 	102	 
	Section 7.10	 	Issuer May Not Consolidate
    Except on Certain Terms	 	 	102	 
	Section 7.11	 	Successor Substituted	 	 	102	 
	Section 7.12	 	No Other Business	 	 	103	 
	Section 7.13	 	Acquisition of Assets	 	 	103	 
	Section 7.14	 	Reporting	 	 	103	 
	Section 7.15	 	Certain Tax Matters	 	 	104	 
	Section 7.16	 	Restricted Transactions	 	 	105	 
	Section 7.17	 	[Reserved]	 	 	105	 
	Section 7.18	 	Compliance with Laws	 	 	105	 
	 	 	 	 	 	 	 
	ARTICLE 8	 
	 	 	 	 	 	 	 
	SUPPLEMENTAL INDENTURES	 
	 	 	 	 	 	 	 
	Section 8.1	 	Supplemental Indentures
    Without Consent of Holders of Notes	 	 	105	 
	Section 8.2	 	Supplemental Indentures
    With Consent of Holders of Notes	 	 	107	 
	Section 8.3	 	Execution of Supplemental
    Indentures	 	 	107	 
	Section 8.4	 	Determination of Effect
    on Holders	 	 	109	 
	Section 8.5	 	Effect of Supplemental
    Indentures	 	 	109	 
	Section 8.6	 	Reference in Notes to
    Supplemental Indentures	 	 	109	 

 

    -iii-

     

    

 

	ARTICLE 9	 
	 	 	 	 	 	 	 
	REDEMPTION OF NOTES	 
	 	 	 	 	 	 	 
	Section 9.1	 	Optional Redemption	 	 	109	 
	Section 9.2	 	Tax Redemption	 	 	110	 
	Section 9.3	 	Redemption Procedures	 	 	111	 
	Section 9.4	 	Notes Payable on Redemption
    Date	 	 	112	 
	 	 	 	 	 	 	 
	ARTICLE 10	 
	 	 	 	 	 	 	 
	ACCOUNTS, ACCOUNTINGS AND RELEASES	 
	 	 	 	 	 	 	 
	Section 10.1	 	Collection of Cash	 	 	113	 
	Section 10.2	 	Collection Account	 	 	114	 
	Section 10.3	 	Transaction Accounts	 	 	115	 
	Section 10.4	 	Reinvestment of Funds
    in Accounts; Reports by Trustee	 	 	119	 
	Section 10.5	 	Accountings	 	 	121	 
	Section 10.6	 	Release of Collateral	 	 	126	 
	Section 10.7	 	Procedures Relating to
    the Establishment of Accounts Controlled by the Trustee	 	 	127	 
	Section 10.8	 	Section 3(c)(7) Procedures	 	 	128	 
	 	 	 	 	 	 	 
	ARTICLE 11	 
	 	 	 	 	 	 	 
	APPLICATION OF CASH	 
	 	 	 	 	 	 	 
	Section 11.1	 	Disbursements of Cash
    from Payment Account	 	 	128	 
	 	 	 	 	 	 	 
	ARTICLE 12	 
	 	 	 	 	 	 	 
	SALE OF PORTFOLIO ASSETS; PURCHASE OF ADDITIONAL PORTFOLIO ASSETS	 
	 	 	 	 	 	 	 
	Section 12.1	 	Sales of Portfolio Assets	 	 	130	 
	Section 12.2	 	Acquisition of Portfolio
    Assets; Eligible Investments	 	 	132	 
	Section 12.3	 	Conditions Applicable
    to All Sale and Purchase Transactions	 	 	133	 
	 	 	 	 	 	 	 
	ARTICLE 13	 
	 	 	 	 	 	 	 
	RELATIONS AMONG HOLDERS	 
	 	 	 	 	 	 	 
	Section 13.1	 	Relations among Holders	 	 	135	 
	Section 13.2	 	Standard of Conduct	 	 	136	 

 

    -iv-

     

    

 

	ARTICLE 14	 
	 	 	 	 	 	 	 
	MISCELLANEOUS	 
	 	 	 	 	 	 	 
	Section 14.1	 	Form of Documents
    Delivered to Trustee	 	 	136	 
	Section 14.2	 	Acts of Holders	 	 	137	 
	Section 14.3	 	Notices, etc., to
    Trustee, the Revolving Credit Note Agent, the Issuer, the Collateral Manager, the Collateral Administrator, the Paying Agent,
    the Liquidation Agent	 	 	137	 
	Section 14.4	 	Notices to Holders; Waiver	 	 	139	 
	Section 14.5	 	Effect of Headings and
    Table of Contents	 	 	140	 
	Section 14.6	 	Successors and Assigns	 	 	140	 
	Section 14.7	 	Severability	 	 	140	 
	Section 14.8	 	Benefits of Indenture	 	 	140	 
	Section 14.9	 	Legal Holidays	 	 	140	 
	Section 14.10	 	Governing Law	 	 	140	 
	Section 14.11	 	Submission to Jurisdiction	 	 	141	 
	Section 14.12	 	WAIVER OF JURY TRIAL	 	 	141	 
	Section 14.13	 	Counterparts	 	 	141	 
	Section 14.14	 	Acts of Issuer	 	 	141	 
	Section 14.15	 	Confidential Information	 	 	142	 
	 	 	 	 	 	 	 
	ARTICLE 15	 
	 	 	 	 	 	 	 
	ASSIGNMENT OF CERTAIN AGREEMENTS	 
	 	 	 	 	 	 	 
	Section 15.1	 	Assignment of Collateral
    Management Agreement, Revolving Credit Note Agreement, Collateral Administration Agreement, Equity Contribution Agreement
    and Master Loan Purchase Agreement	 	 	143	 

 

	SCHEDULES
    AND EXHIBITS
	 	 	 
	Schedule 1	 	Initial Portfolio
    Assets 
	 	 	 
	Schedule 2	 	S&P Industry Classification
    Groups 
	 	 	 
	Exhibit A	 	Forms of Notes 
	A1	 	Form  of Global
    Class A-1 Note 
	A2	 	Form  of Certificated
    Class A-1 Note 
	A3	 	Form  of Certificated
    Class A-R Note
	 	 	 
	Exhibit B	 	Forms of Transfer and
    Exchange Certificates 
	B1	 	Form  of Transferor
    Certificate for Transfer of Rule 144A Global Note or Certificated Note to Regulation S Global Note or Certificated Note 
	B2	 	Form of Purchaser
    Representation Letter for Certificated Notes 
	B3	 	Form  of Transferor
    Certificate for Transfer of Regulation S Global Note or Certificated Note to Rule 144A Global Note or Certificated Note 
	B4	 	Form  of Transferee
    Certificate of Class A-1 Rule 144A Global Note 
	B5	 	Form  of Transferee
    Certificate of Class A-1 Regulation S Global Note
	 	 	 
	Exhibit C	 	Form of Beneficial
    Owner Certificate

 

    -v-

     

    

 

 

SECOND AMENDED AND
RESTATED INDENTURE (this Indenture), dated as of December 17, 2020, between MURRAY HILL FUNDING II, LLC,
a Delaware limited liability company (the Issuer), and U.S. BANK NATIONAL ASSOCIATION, as trustee (herein,
together with its permitted successors and assigns in the trusts hereunder, the Trustee).

 

This Indenture amends,
restates and supersedes in its entirety that certain Amended and Restated Indenture, dated as of December 1, 2017 (which amended
and restated the Indenture, dated as of May 19, 2017), between the Issuer and the Trustee.

 

PRELIMINARY STATEMENT

 

The Issuer is duly authorized
to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. Except as otherwise provided
herein, all covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer
is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged.

 

All things necessary
to make this Indenture a valid agreement of the Issuer in accordance with this Indenture’s terms have been done.

 

GRANTING CLAUSES

 

The Issuer hereby Grants
to the Trustee, for the benefit and security of the Holders of the Notes, the Trustee, the Bank, the Collateral Administrator and
the Collateral Manager (collectively, the Secured Parties) (or, where particular Secured Parties are specified as
the beneficiaries of such Grant with respect to items of personal property identified in any of the sub-clauses below, for the
benefit and security of such Secured Parties only), except as expressly set forth below, all of its right, title and interest in,
to and under, in each case, whether now owned or existing, or hereafter acquired or arising, (a) the Portfolio Assets as of
the Closing Date which the Issuer causes to be Delivered to the Trustee (directly or through an intermediary or bailee, including
the Custodian) herewith and all payments thereon or with respect thereto, and all Portfolio Assets which are Delivered to the Trustee
(directly or through an intermediary or bailee, including the Custodian) in the future pursuant to the terms hereof and all payments
thereon or with respect thereto, (b) each of the Accounts (excluding any Class A-R Prepayment Account), and any Eligible
Investments purchased with funds on deposit in any of the Accounts (excluding any Class A-R Prepayment Account), and all income
from the investment of funds therein and all other property standing to the credit of each such Account, (c) the Collateral
Management Agreement, the Collateral Administration Agreement, each Subscription Agreement, the Revolving Credit Note Agreement,
the Equity Contribution Agreement, the Issuer Account Control Agreement and the Master Loan Purchase Agreement, (d) all Cash
delivered to the Trustee (or the Custodian) for the benefit of the Secured Parties, (e) for the exclusive benefit of each
Class A-R Noteholder, the Issuer’s interest in such Class A-R Noteholder’s Class A-R Prepayment Account,
(f) all accounts, chattel paper, general intangibles, instruments, financial assets, security entitlements and investment
property, and all letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in
the UCC), (g) any other property otherwise delivered to the Trustee (directly or through an intermediary or bailee, including
the Custodian) by or on behalf of the Issuer (including any other securities or investments not listed above and whether or not
constituting Portfolio Assets or Eligible Investments), (h) any commercial torts claims and (i) all proceeds with respect
to the foregoing (the assets referred to in (a) through (i) are collectively referred to as the Collateral).

 

    

     

    

 

The above Grant of Collateral
is made in favor of the Trustee to hold in trust to secure the Notes and certain other amounts payable by the Issuer as described
herein. Except as set forth in the Priority of Payments and Article 13 of this Indenture, the Notes are secured by the Grant
equally and ratably without prejudice, priority or distinction between any Note and any other Note by reason of difference in time
of issuance or otherwise; provided that amounts on deposit in a Class A-R Prepayment Account shall be available only
for distribution to the Class A-R Noteholders pursuant to the Revolving Credit Note Agreement and shall not be available to
the Issuer to pay amounts owed to any Secured Parties other than the Class A-R Noteholders. The Grant is made to secure, in
accordance with the priorities set forth in the Priority of Payments and Article 13 of this Indenture, (i) the payment
of all amounts due on the Notes in accordance with their terms, (ii) the payment of all other sums payable under this Indenture,
(iii) the payment of amounts owing by the Issuer under the Collateral Administration Agreement and (iv) compliance with
the provisions of this Indenture, in each case as provided in this Indenture (collectively, the Secured Obligations).
The foregoing Grant shall, for the purpose of determining the property subject to the Lien of this Indenture, be deemed to include
any interests in any securities and any investments granted to the Trustee by or on behalf of the Issuer, whether or not such securities
or investments satisfy the Asset Eligibility Criteria or other criteria set forth in the definitions of Portfolio Asset or Eligible
Investments, as the case may be.

 

The Trustee acknowledges
such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance
with the terms hereof.

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.1        Definitions.
Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular
and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein
or as the context may otherwise require: (i) references to an agreement or other document are to it as amended, supplemented,
restated and otherwise modified from time to time and to any successor document (whether or not already so stated); (ii) references
to a statute, regulation or other government rule are to it as amended from time to time and, as applicable, are to corresponding
provisions of successor statutes, regulations or other governmental rules (whether or not already so stated); (iii) the
word “including” and correlative words shall be deemed to be followed by the phrase “without limitation”
unless actually followed by such phrase or a phrase of like import; (iv) the word “or” is always used inclusively
herein (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”),
unless used in an “either . . . or” construction; (v) references to a Person are references to
such Person’s successors and assigns (whether or not already so stated); (vi) all references in this Indenture to designated
 “Articles”, “Sections”, “sub-Sections” and other subdivisions are to the designated articles,
sections, sub-sections and other subdivisions of this Indenture; and (vii) the words “herein”, “hereof”,
 “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular article,
section, sub-section or other subdivision.

 

    -2-

     

    

 

ABL Loan:
The meaning specified in the Global Master Repurchase Agreement.

 

Acceleration Event:
The meaning specified in Section 5.4(a).

 

Accounts:
Collectively, (i) the Payment Account, (ii) the Collection Account, (iii) the Expense Account, (iv) the Delayed-Draw/Committed
Proceeds/Revolver Account, (v) the Custodial Account and (vi) each Class A-R Prepayment Account. Each Account shall
be an Eligible Account.

 

Accredited Investor:
The meaning set forth in Rule 501(a) of Regulation D of the Securities Act.

 

Act and
Act of Holders: The meanings specified in Section 14.2(a).

 

Additional Funding
Asset: With respect to any Class A-1 Delayed Draw Funding Date, any Portfolio Asset or Cash that is being acquired
by the Issuer (including, in the case of Cash, as a result of the Issuer’s receipt of the proceeds of issuance of the applicable
Class A-1 Notes being funded on such Class A-1 Delayed Draw Funding Date) on such Class A-1 Delayed Draw Funding
Date (determined on a settlement date basis).

 

Administrative
Expenses: (i) Priority Administrative Expenses, (ii) fees, expenses and other amounts due or accrued and payable
by the Issuer to any Person (other than the Collateral Manager) in respect of any fees or expenses relating to the transactions
contemplated or permitted under this Indenture and the documents delivered pursuant to or in connection with the transactions contemplated
by this Indenture, any amendment or other modification of any such documentation (including all legal and other fees and expenses
incurred in connection with the purchase or sale of any Portfolio Assets and any other expenses and fees incurred in connection
with the Portfolio Assets) or the administration and maintenance of the Issuer and the Notes and (iii) indemnities payable
to any Person (other than the Collateral Manager) pursuant to any Transaction Document; provided that Administrative Expenses
shall not include (a) any amounts due or accrued with respect to the actions taken on or in connection with the Closing Date
or in connection with the Subsequent Advance or (b) amounts payable in respect of the Notes. To the extent funds standing
to the credit of the Expense Account or the Payment Account are used to pay Administrative Expenses, Priority Administrative Expenses
then due and payable shall be paid (x) in the order of priority set forth in the definition thereof and (y) prior to
any other Administrative Expenses then due and payable, and such other Administrative Expenses shall be paid in the order set forth
in the definition thereof.

 

Advance:
Each advance made by the Initial Holder.

 

    -3-

     

    

 

Advance Percentage:
With respect to: (a) a Senior Secured (Type I) Loan, 65%, (b) a Senior Secured (Type I Cov-Lite) Loan, 60%, (c) a
Senior Secured (Type II) Loan, 60%, (d) a Senior Secured (Type III) Loan, 50%, (e) a Senior Secured Last Out (Type I)
Loan, 50%, (f) a Traditional Second Lien Loan, 40%, (g) a Senior Secured Last Out (Type II) Loan, 50%, (h) a Senior
Secured (Type IV) Loan, 50%, (i) a Senior Secured Liquid Loan, 75%, (j) a Senior Secured (Large Cap) Loan, 75%, (k) a
Second Lien Liquid Loan, 50% and (l) with respect to Cash, 100%; provided, that any Cash deposited to (or withdrawn
from) the Delayed-Draw/Committed Proceeds/Revolver Account in accordance with Section 10.3(d) (other than earnings from
Eligible Investments therein) shall have an Advance Percentage equal to the Advance Percentage of the Delayed-Draw Loan, Committed
Proceeds Asset or Revolver Loan, as applicable, to which such Cash deposit (or withdrawal) relates. Notwithstanding the foregoing,
if agreed to by the Collateral Manager and the Liquidation Agent, the Advance Percentage with respect to any Portfolio Asset or
Cash shall be such percentage as agreed to by the Collateral Manager and the Liquidation Agent in writing, with notice of such
agreement and the new Advance Percentage to be given to the Trustee and the Collateral Administrator.

 

Advance Value:
With respect to any Portfolio Asset or Cash amount held by the Issuer, (a) the Market Value of such Portfolio Asset or Cash
amount multiplied by (b) the applicable Advance Percentage.

 

Affected Bank:
A “bank” for purposes of Section 881 of the Code or an entity affiliated with such a bank that is not any of the
following: (x) a United States Person, (y) an entity that treats all income from its Notes as effectively connected with
its conduct of a trade or business within the United States (as such terms are used in Section 864(c) of the Code) or
(z) in compliance with FATCA and entitled to the benefits of an income tax treaty with the United States under which withholding
taxes on interest payments made by obligors resident in the United States to such bank are reduced to 0%.

 

Affiliate:
With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under
common control with, such Person or (ii) any other Person who is an Officer or employee (a) of such Person, (b) of
any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above. For the purposes
of this definition, “control” of a Person shall mean the power, direct or indirect, (x) to vote more than 50%
of the securities having ordinary voting power for the election of directors, managers or other governing position of such Persons
or (y) to direct or cause the direction of the management and policies of such Person (whether through ownership of securities
or partnership or other ownership interests, by contract or otherwise). Affiliated shall have the corresponding meaning.

 

Affiliated Loan:
Any Loan with respect to which CION Investment Corporation or any Affiliate thereof has a direct or indirect equity or similar
interest in any Obligor of such Loan.

 

Agent Members:
Members of, or participants in, DTC, Euroclear or Clearstream.

 

Aggregate Outstanding
Amount: With respect to any of the Notes of any Class as of any date, the aggregate unpaid principal amount of such
Notes Outstanding on such date (which, in the case of the Class A-R Notes, shall be the Outstanding Class A-R Funded
Amount).

 

    -4-

     

    

 

Aggregate Outstanding
UBS Funded Amount: As of any date of determination by the Liquidation Agent, an amount equal to (i) the Maximum UBS
Term Funded Amount plus (ii) the Outstanding Class A-R Funded Amount.

 

Aggregate Portfolio
Par Value: On any date of determination, the Aggregate Principal Balance of (a) all Portfolio Assets held by the Issuer
plus (b) all Cash credited or required to be credited to the Principal Collection Subaccount and Eligible Investments acquired
with such Cash.

 

Aggregate Principal
Balance: When used with respect to all or a portion of the Portfolio Assets or the Collateral, the sum of the Principal
Balances of all or of such portion of the Portfolio Assets or Collateral, respectively.

 

Amendment Date:
The meaning specified in the Global Master Repurchase Agreement.

 

Approved Dealer:
Each of Antares Capital, BMO Capital Markets Corp., Bank of America, N.A., Barclays Bank plc, BNP Paribas, Cantor Fitzgerald &
Co., Citigroup, Credit Agricole S.A., Credit Suisse, Deutsche Bank AG, Goldman Sachs & Co., Guggenheim Securities, Jefferies &
Company, Inc., JPMorgan Chase Bank, N.A., Keybanc Capital Markets Inc., Macquarie Capital (USA) Inc., Morgan Stanley &
Co., Nomura Securities Inc., Royal Bank of Canada, SunTrust Bank, Scotia Capital (USA) Inc., Societe Generale, and The Royal Bank
of Scotland plc, UBS AG, and Wells Fargo Bank, N.A. or any Affiliates; provided that (a) the Liquidation Agent may at any
time, upon written notice to Sole Member, delete any name from such list so long as such deletion is consistent with the general
application of its internal credit policies with respect to such Approved Dealer and (b) the Liquidation Agent and Sole Member
may, at any time, agree in writing to add or remove an Approved Dealer to or from such list.

 

Approved Terms:
With respect to a Pre-EOD Sale, terms evidenced in a binding confirmation in market standard form between Issuer and the buyer
under such Sale.

 

Asset Eligibility
Criteria: Criteria satisfied in respect of a Portfolio Asset or prospective Portfolio Asset on any date of determination,
including, but not limited to, the trade date for the relevant purchase or acquisition thereof (such trade date, the Portfolio
Asset Trade Date) if:

 

(a)           the
obligation is a Loan, excluding any security that is not a permissible collateral security for purposes of securing asset-backed
securities that satisfy the loan securitization exclusion under Section 248.10(c)(8) of the Volcker Rule (12 C.F.R.
Part 248);

 

(b)           the
obligation is denominated in USD and is neither convertible by the related Portfolio Asset Obligor thereon or thereof into, nor
payable in, any other currency;

 

(c)           the
obligation constitutes a legal, valid, binding and enforceable obligation of each related Portfolio Asset Obligor, enforceable
against such person in accordance with its terms;

 

    -5-

     

    

 

(d)          the
obligation is not a lease;

 

(e)          the
obligation is a Senior Secured Liquid Loan, a Senior Secured (Large Cap) Loan, a Senior Secured (Type I) Loan, a Senior Secured
(Type I Cov-Lite) Loan, a Senior Secured (Type II) Loan, a Senior Secured (Type III) Loan, a Senior Secured (Type IV) Loan, a Senior
Secured Last Out (Type I) Loan, a Senior Secured Last Out (Type II) Loan, a Second Lien Liquid Loan or a Traditional Second Lien
Loan;

 

(f)           the
obligation is not an Affiliated Loan;

 

(g)          the
obligation provides for a fixed amount of principal payable at no less than par, in cash, no later than its stated maturity;

 

(h)          the
obligation provides for payments of interest on the principal amount thereof at a rate per annum equal to either (i) a fixed
rate or (ii) a floating rate (subject to any applicable floor) that is computed based upon the sum of a spread and a generally
recognized floating interest rate index that is reset no less frequently than semi-annually; provided, however, for
the avoidance of doubt no obligation which provides for or permits payments of interest on the principal amount thereof on the
basis of a Structured Coupon shall be permitted under this clause (h);

 

(i)            the
obligation is not an obligation by which its terms provide for an increase or decrease in the per annum interest rate payable thereon
solely as a function of the passage of time (other than as a result of any change in any underlying index on which such rate is
based); provided, however, for the avoidance of doubt, this clause (i) shall not prevent the Issuer from acquiring
or holding a Loan which provides for the increase or decrease in the per annum interest rate payable thereon in accordance with
a matrix upon the occurrence of certain specified events or upon the satisfaction or failure of certain financial conditions;

 

(j)           the
obligation is in the form of, and is treated as, indebtedness for U.S. Federal income tax purposes;

 

(k)           no
principal, interest, fee or other amount owing on such obligation that became payable prior to the Portfolio Asset Trade Date remains
unpaid;

 

(l)           the
obligation is not a Defaulted Obligation or Margin Stock;

 

(m)         the
Issuer would be entitled to receive all interest payments on such obligation free of U.S. Federal or foreign withholding tax (except
with respect FATCA taxes or for withholding taxes that may be payable with respect to commitment fees or other similar fees) or,
in the case of foreign withholding tax, would be entitled to receive “gross-up” payments that cover the full amount
of such withholding taxes;

 

(n)           the
obligation is not an obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral
Manager in its reasonable discretion;

 

    -6-

     

    

 

(o)          the
obligation is not an obligation that is the subject of an exchange or conversion offer and has not been called for redemption or
tender into any other security or property that does not satisfy the Asset Eligibility Criteria;

 

(p)          [reserved];

 

(q)          the
obligation is Registered;

 

(r)           the
obligation is not (i) a Bond, (ii) a Participation Interest or (iii) a Synthetic Security;

 

(s)           the
obligation is not an Equity Security or, by its terms, convertible into or exchangeable for an Equity Security at any time over
its life or attached with a warrant to purchase an Equity Security;

 

(t)           the
obligation is not a letter of credit and does not otherwise include or support a letter of credit;

 

(u)          the
security interest granted by (i) the Issuer to the Trustee pursuant to this Indenture in such Portfolio Asset is a valid perfected
first priority security interest; and (ii) if applicable, the seller to the Issuer and the Trustee in such Portfolio Asset
pursuant to the Master Loan Purchase Agreement is a valid perfected first priority security interest; and

 

(v)           either
(i) the obligation is capable of being assigned or novated to, at a minimum, commercial banks or financial institutions (irrespective
of their jurisdiction of organization) that are not then a lender or a member of the relevant lending syndicate, without the consent
of any Portfolio Asset Obligor or any agent or (ii) the obligation is capable of being assigned (with limitation) with the
consent of any Portfolio Asset Obligor or any agent; provided, however, clause (ii) shall not prevent the Issuer
from acquiring or holding a Loan that prohibits assignments to (1) the relevant Portfolio Asset Obligor’s private equity
sponsor and other affiliates, (2) competitors of the relevant Portfolio Asset Obligor and its private equity sponsor and (3) parties
identified to the Collateral Manager or any of its affiliates in writing, and other customary restrictions, provided that
the Issuer may not acquire or hold a Loan that includes limitations on assignments not described in clause (1), (2) or (3) of
this proviso.

 

Asset Valuation
Report: The meaning specified in the Global Master Repurchase Agreement.

 

Asset Valuation
Report Period: The meaning specified in the Global Master Repurchase Agreement.

 

Authenticating
Agent: The Person designated by the Trustee to authenticate the Notes on behalf of the Trustee pursuant to Section 6.14
hereof.

 

    -7-

     

    

 

Authorized Representative:
With respect to the Issuer, any director, Officer or any other Person who is authorized to act for the Issuer in matters relating
to, and binding upon, the Issuer; provided that the Collateral Manager is not an Authorized Representative of the Issuer.
With respect to the Collateral Manager, any Officer, employee, member or agent of the Collateral Manager who is authorized to act
for the Collateral Manager in matters relating to, and binding upon, the Collateral Manager with respect to the subject matter
of the request, certificate or order in question. With respect to the Collateral Administrator, any Officer, employee, partner
or agent of the Collateral Administrator who is authorized to act for the Collateral Administrator in matters relating to, and
binding upon, the Collateral Administrator with respect to the subject matter of the request, certificate or order in question.
With respect to the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer.
With respect to any Authenticating Agent, any Officer of such Authenticating Agent who is authorized to authenticate the Notes.
With respect to a Note Registrar, any Officer, employee, member or agent of such Note Registrar who is authorized to act for such
Note Registrar in matters relating to the related Note Register. Each party may receive and accept a certification of the authority
of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in
full force and effect until receipt by such other party of written notice to the contrary.

 

Authorizing Resolution:
With respect to (i) the Issuer, any action or resolution taken by the Sole Member within the powers vested to it pursuant
to the Issuer’s Constitutive Documents and (ii) the Sole Member, any action taken by the board of directors or managers
of or any Officer of the Sole Member within the powers vested to such Person or Persons pursuant to the Sole Member’s Constitutive
Documents, within the powers vested to it pursuant to the Constitutive Documents of the Sole Member.

 

Balance:
On any date, with respect to Cash or Eligible Investments in any Account, the aggregate, without duplication, of the (i) current
principal amount of Cash, demand deposits, time account deposits, overnight bank deposits, bankers’ acceptances and certificates
of deposit; (ii) principal amount of any interest-bearing Eligible Investments; and (iii) the accreted amount (but not
greater than the face amount) of any non-interest-bearing Eligible Investments other than Cash.

 

Bank: U.S.
Bank National Association, a national banking association with trust powers organized under the laws of the United States (or any
successor thereto as Trustee under this Indenture), in its individual capacity, and not in its capacity as Trustee, or any successor
thereto.

 

Bankruptcy Law:
The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time.

 

Bankruptcy Subordinated
Class: The meaning specified in Section 13.1.

 

Bankruptcy Subordination
Agreement: The meaning specified in Section 13.1.

 

Bond: A
debt security (that is not a loan) that is issued by a corporation, limited liability company, partnership or trust.

 

Borrowing:
The meaning specified for such term in the Revolving Credit Note Agreement.

 

    -8-

     

    

 

Borrowing Base:
As of any date of determination by the Liquidation Agent, the least of the following:

 

(a)          the
Portfolio Advance Value;

 

(b)          the
Required Equity Advance Value; and

 

(c)          the
Maximum UBS Aggregate Funded Amount.

 

Borrowing Base
Asset Criteria: With respect to any Portfolio Asset or prospective Portfolio Asset, each of the following criteria:

 

(a)          as
of the Inclusion/Amendment Date, if the obligation is (i) not a Second Lien Loan or a Second Lien Liquid Loan, the obligation
has a legal final maturity not more than 7 years after the related Inclusion Date or (ii) a Second Lien Loan or a Second Lien
Liquid Loan, the obligation has a legal final maturity not more than 8 years after the related Inclusion Date;

 

(b)          as
of the Inclusion/Amendment Date, the obligation does not by its terms permit the deferral and/or capitalization of payment of 25%
or more accrued, unpaid interest;

 

(c)          as
of the Inclusion/Amendment Date, the United States or the District of Columbia is the principal place of business for the related
Portfolio Asset Obligor for the obligation;

 

(d)          as
of any date of determination by the Liquidation Agent, EBITDA for the most recent consecutive four fiscal quarters (or last twelve
months if available) of the relevant Portfolio Asset Obligor for which financial reports are available is at least USD 5,000,000
for Senior Secured (Type III) Loans;

 

(e)          as
of any date of determination by the Liquidation Agent, EBITDA for the most recent consecutive four fiscal quarters (or last twelve
months if available) of the relevant Portfolio Asset Obligor for which financial reports are available is at least USD 10,000,000
for all Senior Secured (Type I) Loans, Senior Secured (Type I Cov-Lite) Loans, Senior Secured (Type II) Loans, Senior Secured (Type
IV) Loans, Senior Secured (Large Cap) Loans and Senior Secured Last Out (Type I) Loans;

 

(f)           as
of any date of determination by the Liquidation Agent, EBITDA for the most recent consecutive four fiscal quarters (or last twelve
months if available) of the relevant Portfolio Asset Obligor for which financial reports are available is at least USD 15,000,000
for Second Lien Loans;

 

(g)          as
of any date of determination (including, but not limited to, the Inclusion/Amendment Date), the sum of (i) the Aggregate Principal
Balance of such Portfolio Asset plus (ii) the Aggregate Principal Balance of all other Portfolio Assets of the same Portfolio
Asset Obligor (if any) that are already held by the Issuer, is less than or equal to (a) the Aggregate Outstanding UBS Funded
Amount divided by (b) 47.75% divided by (c) 70% multiplied by (d) 12.5%;

 

    -9-

     

    

 

(h)          as
of (i) the Inclusion Date and (ii) (A) if a rating is available as of such Amendment Date, the most recent Amendment
Date or (B) otherwise, the last day of the Asset Valuation Report Period immediately preceding such most recent Amendment
Date, the obligation is rated (including any private rating) by one of Moody’s, S&P, or has received a credit estimate
from a third party valuation agent that is acceptable to the Liquidation Agent, with a rating assigned to the obligation by Moody’s,
S&P, or such third party valuation agent of not less than “Caa2”, “CCC”, or “CCC”, respectively;

 

(i)           as
of the Inclusion/Amendment Date, the Current Price of the obligation is not less than the greater of (i) 70% of the par amount
of such obligation and (ii) 80% of the value of the S&P/LSTA US Leveraged Loan 100 Price Index;

 

(j)           as
of any date of determination (including the Inclusion/Amendment Date), the obligation is denominated and payable solely in USD
and is neither convertible by the related Portfolio Asset Obligor thereof into, nor payable in, any other currency;

 

(k)          as
of the Inclusion/Amendment Date, the obligation is not an ABL Loan;

 

(l)           as
of the Inclusion/Amendment Date, the obligation is not a Second Lien Loan which is also a Cov-Lite Loan;

 

(m)         as
of the Inclusion/Amendment Date, the obligation is not a Bond;

 

(n)          as
of the Inclusion/Amendment Date, the obligation (i) is a Liquid Loan or (ii) is the subject of an Asset Valuation Report
provided as required under the Class A-1 UBS Repo Confirmation and the Class A-R UBS Repo Confirmation; and

 

(o)          as
of the Inclusion/Amendment Date, such obligation is not a Prohibited Industry Portfolio Asset;

 

provided that, notwithstanding any
clauses in the foregoing definition of “Borrowing Base Asset Criteria”, if separately agreed to by the Collateral Manager
and the Liquidation Agent, the Liquidation Agent may waive any of the Borrowing Base Asset Criteria with respect to a particular
obligation.

 

Borrowing Base
Deficiency: A Borrowing Base Deficiency shall occur if, as of any date of determination by the Liquidation Agent, (a) the
Aggregate Outstanding UBS Funded Amount is greater than (b) the Borrowing Base.

 

Borrowing Base
Portfolio Criteria: As of any date of determination by the Liquidation Agent, each of the following criteria:

 

(a)           the
Aggregate Principal Balance of all Portfolio Assets consisting of Illiquid Loans does not exceed 87.5% of the Aggregate Portfolio
Par Value;

 

    -10-

     

    

 

(b)          the
Aggregate Principal Balance of all Portfolio Assets consisting of Senior Secured (Large Cap) Loans, Senior Secured Liquid Loans,
Senior Secured (Type I) Loans, Senior Secured (Type II) Loans and Cash credited or required to be credited to the Principal Collection
Subaccount and Eligible Investments acquired with such Cash is at least 45% of the Aggregate Portfolio Par Value, and the Aggregate
Principal Balance of all Portfolio Assets consisting of Senior Secured (Large Cap) Loans, Senior Secured Liquid Loans, Senior Secured
(Type I) Loans, Senior Secured (Type II) Loans, Senior Secured Last Out (Type I) Loans and Cash credited or required to be credited
to the Principal Collection Subaccount and Eligible Investments acquired with such Cash is at least 65% of the Aggregate Portfolio
Par Value;

 

(c)          (i) subject
to the limited exceptions in the following clauses (ii) and (iii), the Aggregate Principal Balance of all Portfolio Assets
relating to a single Portfolio Asset Obligor is not more than 7% of the Aggregate Portfolio Par Value; (ii) notwithstanding
the preceding clause (i), the Aggregate Principal Balance of all Portfolio Assets relating to three (3) Portfolio Asset Obligors
may be up to 10.0% of the Aggregate Portfolio Par Value; and (iii) notwithstanding the preceding clauses (i) and (ii),
the Aggregate Principal Balance of all Portfolio Assets relating to one (1) Portfolio Asset Obligor may be up to 12.5% of
the Aggregate Portfolio Par Value (for purposes of this clause (c), Portfolio Asset Obligors which are co-borrowers or guarantors
will be treated as a single Portfolio Asset Obligor);

 

(d)          (i) subject
to the limited exceptions in the following clauses (ii) and (iii), the Aggregate Principal Balance of all Portfolio Assets
in any single S&P Industry Classification Group is not more than 12.0% of the Aggregate Portfolio Par Value; (ii) notwithstanding
the preceding clause (i), the Aggregate Principal Balance of all Portfolio Assets in up to each of three (3) separate S&P
Industry Classification Groups may each be up to 15.0% of the Aggregate Portfolio Par Value; and (iii) notwithstanding the
preceding clauses (i) and (ii), the Aggregate Principal Balance of all Portfolio Assets in one (1) S&P Industry Classification
Group may be up to 20% of the Aggregate Portfolio Par Value;

 

(e)          the
Aggregate Principal Balance of Portfolio Assets that are Senior Secured (Type III) Loans does not exceed 10% of the Aggregate Portfolio
Par Value;

 

(f)           the
Aggregate Principal Balance of Portfolio Assets that are Middle Market Illiquid Loans does not exceed 70% of the Aggregate Portfolio
Par Value;

 

(g)           the
Aggregate Principal Balance of Portfolio Assets that are (i) Delayed-Draw Loans and (ii) Revolver Loans does not exceed
5% of the Aggregate Portfolio Par Value;

 

(h)            the
Aggregate Principal Balance of all Portfolio Assets consisting of Cov-Lite Loans does not exceed 25% of the Aggregate Portfolio
Par Value; and

 

    -11-

     

    

 

(i)           the
Aggregate Principal Balance of all Portfolio Assets consisting of Loans with a Current Price of less than 70% of the par amount
of such Portfolio Asset does not exceed 10.0% of the Aggregate Portfolio Par Value.

 

Borrowing Date:
The meaning specified for such term in the Revolving Credit Note Agreement.

 

Borrowing Request:
The meaning specified for such term in the Revolving Credit Note Agreement.

 

Business Day:
A day on which commercial banks and foreign exchange markets settle payments in New York, other than a Saturday, Sunday or other
day that is a legal holiday in the city in which the relevant Corporate Trust Office is located or on which banks are authorized
or obligated by law or executive order to close in New York, New York.

 

Cash: Such
funds denominated in currency of the United States of America as at the time shall be legal tender for payment of all public and
private debts in the United States of America, including funds standing to the credit of an Account.

 

Certificate of
Authentication: The meaning specified in Section 2.1.

 

Certificated Note:
A Note issued in the form of a definitive, fully-registered note without coupons substantially in the applicable form attached
as Exhibit A2 (in the case of a Class A-1 Note) or Exhibit A3 (in the case of a Class A-R Note), which shall
be registered in the name of the owner thereof, duly executed by the Issuer and authenticated by the Trustee as herein provided.

 

Certificated Security:
The meaning specified in Section 8-102(a)(4) of the UCC.

 

Class:
Any class of Notes issued pursuant to this Indenture, being either Class A-1 (in the case of the Class A-1 Notes) or
Class A-R (in the case of the Class A-R Notes).

 

Class A Notes:
The Class A-1 Notes and the Class A-R Notes, collectively.

 

Class A-1
Certificated Note: A Certificated Note representing a Class A-1 Note.

 

Class A-1
Delayed Draw Funding Date: June 19, 2017, December 15, 2017 or March 30, 2018, as applicable, or in each
such case, another date on which the Issuer, the Initial Holder and UBS agree in writing with notice to the Trustee no later than
five Business Days in advance thereof that the Delayed Draw Class A-1 Global Notes shall be funded.

 

Class A-1
Global Note: The Class A-1 Regulation S Global Note or the Class A-1 Rule 144A Global Note, as applicable.

 

Class A-1
Note Register: The meaning specified in Section 2.5(a).

 

Class A-1
Note Registrar: The meaning specified in Section 2.5(a).

 

    -12-

     

    

 

Class A-1
Noteholder: With respect to any Class A-1 Note, the Person in whose name such Class A-1 Note is registered in
the Class A-1 Note Register.

 

Class A-1
Notes: The Class A-1 Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.

 

Class A-1
Regulation S Global Note: Any Delayed Draw Class A-1 Regulation S Global Note or Initial Funded Class A-1 Regulation
S Global Note.

 

Class A-1
Rule 144A Global Note: Any Delayed Draw Class A-1 Rule 144A Global Note or Initial Funded Class A-1
Rule 144A Global Note.

 

Class A-1
UBS Repo Confirmation: That certain Fourth Amended and Restated Confirmation in respect of Repurchase Transaction (Class A-1
Notes), dated December 17, 2020, between the Counterparty and UBS, which is subject to the Global Master Repurchase Agreement,
pursuant to which the Counterparty and UBS entered into a repurchase transaction in respect of the Class A-1 Notes.

 

Class A-R
Certificated Note: A Certificated Note representing a Class A-R Note.

 

Class A-R
Commitment Amount: The meaning specified in the Revolving Credit Note Agreement.

 

Class A-R
Note Register: The meaning specified in Section 2.5(a).

 

Class A-R
Note Registrar: The meaning specified in Section 2.5(a).

 

Class A-R
Noteholder: With respect to any Class A-R Note, the Person in whose name such Class A-R Note is registered in
the Class A-R Note Register, each of which is required to be a party to the Revolving Credit Note Agreement.

 

Class A-R
Notes: The Class A-R Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.

 

Class A-R
Prepayment Account: The meaning specified in the Revolving Credit Note Agreement.

 

Class A-R
Regulation S Certificated Note: The Class A-R Regulation S Certificated Note with the CUSIP Number U6173P AC3.

 

Class A-R
Regulation S Note: The meaning specified in Section 2.2(b).

 

Class A-R
Restricted Note: The meaning specified in Section 2.2(b).

 

Class A-R
Rule 144A Certificated Note: The Class A-R Rule 144A Certificated Note with the CUSIP Number 62706R AC1.

 

Class A-R
UBS Repo Confirmation: That certain Confirmation in respect of Repurchase Transaction (Class A-R Notes), dated December 17,
2020, between the Counterparty and UBS, which is subject to the Global Master Repurchase Agreement, pursuant to which the Counterparty
and UBS entered into a repurchase transaction in respect of the Class A-R Notes.

 

    -13-

     

    

 

Clearing Agency:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 

Clearing Corporation:
(i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the meaning of “clearing
corporation” under Section 8-102(a)(5) of the UCC.

 

Clearing Corporation
Security: Securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject
to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered
in the name of the Clearing Corporation or such nominee.

 

Clearstream:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly
known as Cedelbank, société anonyme).

 

Closing Date:
May 19, 2017.

 

Code: The
U.S. Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder.

 

Collateral:
The meaning assigned in the Granting Clauses hereof.

 

Collateral Administration
Agreement: The Amended and Restated Collateral Administration Agreement dated as of December 17, 2020 among the Issuer,
the Collateral Manager and the Collateral Administrator.

 

Collateral Administrator:
U.S. Bank National Association, acting as collateral administrator under the Collateral Administration Agreement, and any successor
thereto in such capacity.

 

Collateral Management
Agreement: The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager, relating to the management
of the Portfolio Assets and the other Collateral by the Collateral Manager on behalf of the Issuer.

 

Collateral Manager:
CĪON Investment Management, LLC, a limited liability company formed under the laws of the State of Delaware.

 

Collateral Manager
Advances: The meaning specified in the Collateral Management Agreement.

 

Collateral Manager
Expenses: The meaning specified in the Collateral Management Agreement.

 

Collection Account:
The account established pursuant to Section 10.2, which consists of the Principal Collection Subaccount and the Interest Collection
Subaccount.

 

    -14-

     

    

 

Commitment Amount:
With respect to any Portfolio Asset that is a Delayed-Draw Loan or a Revolver Loan as of any date of determination, the maximum
outstanding principal amount of such Portfolio Asset that a registered holder of the amount of such Portfolio Asset held by the
Issuer would on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts,
if repaid, may be reborrowed).

 

Commitment Termination
Date: The meaning specified for such term in the Revolving Credit Note Agreement.

 

Committed Delayed
Draw Amount: The amount indicated under the column with the sub-heading “Delayed Draw Class A-1 Notes”,
with respect to the Delayed Draw Class A-1 Notes, in the row labeled “Committed Amount” in the table in Section 2.3(b) below,
representing the commitment of the Initial Holder to subscribe for and fund additional Delayed Draw Class A-1 Notes on any
Class A-1 Delayed Draw Funding Date occurring after the Closing Date in accordance with its obligations as Sole Member under
the Subscription Agreements described in clauses (i) and (ii) of the definition thereof.

 

Committed Proceeds
Asset: A Portfolio Asset that is the subject of a Committed Proceeds Transaction.

 

Committed Proceeds
Transaction: Any transaction for the acquisition of a Portfolio Asset listed in Schedule 1 hereto with respect to which,
as of the Closing Date, the Issuer has entered into a contractual commitment to acquire such Portfolio Asset but for which the
settlement date of such transaction has not yet occurred.

 

Confidential Information:
The meaning specified in Section 14.15(b).

 

Constitutive Documents:
With respect to (i) the Issuer, the Issuer’s limited liability company agreement dated May 12, 2017, as amended,
revised or restated from time to time and (ii) the Sole Member, the Sole Member’s limited liability company agreement,
dated as of May 12, 2017, as amended, revised or restated from time to time.

 

Contribution:
Each capital contribution made by the Sole Member to the Issuer in accordance with the Equity Contribution Agreement.

 

Corporate Trust
Office: The corporate trust office of the Trustee at which this Indenture is administered, currently located at One Federal
Street, Third Floor, Boston, MA 02110, Attention: Global Corporate Trust – Murray Hill Funding II, LLC and, for transfer
purposes and presentment, U.S. Bank Global Corporate Trust, 111 Fillmore Avenue East, St. Paul, MN 55107-1402, Attention: Bond
Transfer Services-EP-MN-WS2N- Murray Hill Funding II, LLC; or, in each such case, such other address as the Trustee may designate
from time to time by notice to the Holders of the Notes, the Collateral Manager and the Issuer or the principal corporate trust
office of any successor Trustee.

 

    -15-

     

    

 

Costs of Assignment:
With respect to any Portfolio Asset, the sum of (a) any costs of any purchase, exchange, sale, transfer or assignment transaction
with respect to such Portfolio Asset that would be paid by a Person effecting such transaction under the terms of such Portfolio
Asset or otherwise actually imposed on such Person by any applicable trustee, administrative agent, registrar, borrower or obligor
incurred in connection with any such transaction with respect to such Portfolio Asset (including, without limitation, any amounts
reimbursable by such person in respect of any tax or other governmental charge incurred with respect thereto), (b) any reasonable
expenses that would be incurred by such Person in connection with any such transaction and (c) any reasonable administrative,
legal or accounting fees, costs and expenses (including, without limitation, any fees and expenses of the trustee or of outside
counsel to the obligor on such Portfolio Asset) that would be incurred by such Person in connection with any such transaction.

 

Counterparty:
Murray Hill Funding, LLC.

 

Cov-Lite Loan:
The meaning specified in the Global Master Repurchase Agreement.

 

Current Price:
On any date of determination by the Liquidation Agent with respect to any Portfolio Asset, including as of the related Inclusion
Date of such Portfolio Asset, the net cash proceeds (expressed as a percentage of par) that would be received from the sale of
such Portfolio Asset on such date, exclusive of accrued interest and capitalized interest and net of the related Costs of Assignment,
as reasonably determined in good faith by the Liquidation Agent; provided, that (i) the Counterparty may dispute such
determinations in accordance with the “Current Price and related Dispute Rights” provisions in the Class A-1 UBS
Repo Confirmation and the Class A-R UBS Repo Confirmation and (ii) in the event of any such dispute, the Current Price
for any Portfolio Asset shall be the Current Price as determined pursuant to such provisions of the Class A-1 UBS Repo Confirmation
and the Class A-R UBS Repo Confirmation.

 

Custodial Account:
The account established pursuant to Section 10.3(b).

 

Custodian:
The meaning specified in the first sentence of Section 3.2(a) with respect to items of collateral referred to therein,
and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary.

 

Daily Report:
The meaning specified in Section 10.5(b).

 

Default:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would unless cured or waived become,
an Event of Default.

 

Defaulted Obligation:
Any Portfolio Asset as to which one or more of the following has occurred: (a) there has occurred a default as to the
payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided
that such default may continue for a period of up to five Business Days from the date of such default), (b) there has occurred
any other default with respect to such Portfolio Asset that in the reasonable opinion of the Liquidation Agent will likely result
in a default as to the payment of principal and/or interest on such Portfolio Asset under the Underlying Instrument (whether upon
any acceleration thereof or otherwise), (c) there has occurred a default as to the payment of principal and or interest which
continues for a period of five Business Days on any other material obligation of any Portfolio Asset Obligor on such Portfolio
Asset that is senior or pari passu in right of payment to such Portfolio Asset and such default would, upon the delivery
of such notice, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the
instrument or agreement pursuant to which such Portfolio Asset was issued or created, (d) a bankruptcy or insolvency event
has occurred with respect to any obligor on such Portfolio Asset or (e) there has been effected any modification, amendment
or waiver to any Underlying Instrument or any exchange or other restructuring involving a Portfolio Asset that either (i) impacts
the final maturity date, interest rate or principal balance of the Portfolio Asset or (ii) eliminates or modifies any covenant
(including, without limitation, any affirmative, negative or financial covenant) in the Underlying Instrument, unless in all cases
the Liquidation Agent has notified the Collateral Manager that it does not consent to such modification, amendment or waiver or
exchange or restructuring; provided that, in each of the cases set forth in clauses (a) through (d) above, such
Portfolio Asset will only constitute a Defaulted Obligation for so long as such default has not been cured or waived (excluding
any waiver granted by the Collateral Manager, the Sole Member, the Issuer or any entity which controls, is controlled by or under
common control with any of the foregoing (whether such control is de jure or de facto) unless the Liquidation Agent has consented
to such waiver).

 

    -16-

     

    

 

Delayed Draw Class A-1
Global Notes or Delayed Funding Class A-1 Notes: Collectively, any Delayed Draw Class A-1 Regulation
S Global Note and any Delayed Draw Class A-1 Rule 144A Global Note, together representing the Class A-1 Notes funded
on any Class A-1 Delayed Draw Funding Date, that were issued by the Issuer on the Closing Date and the Second Closing Date.

 

Delayed Draw Class A-1
Regulation S Global Note: Any Regulation S Class A-1 Global Note that has the CUSIP Number U61747 AB4, U6173P AA7
or U6173P AB5.

 

Delayed Draw Class A-1
Rule 144A Global Note: Any Rule 144A Class A-1 Global Note that has the CUSIP Number 62706L AB6, 62706R
AA5 or 62706R AB3.

 

Delayed-Draw Loan:
Any Loan with respect to which the Issuer is obligated to make or otherwise fund future term-loan advances to a borrower, but such
future term-loan advances may not be paid back and reborrowed.

 

Delayed-Draw/Committed
Proceeds/Revolver Account: The account established pursuant to Section 10.3(d).

 

Deliver
or Delivered or Delivery: The taking of the following steps:

 

(i)             in
the case of each Certificated Security (other than a Clearing Corporation Security) and Instrument,

 

(a)            causing
the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian
or its affiliated nominee or by endorsing the same to the Custodian or in blank,

 

(b)            causing
the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the
applicable Account, and

 

(c)            causing
the Custodian to maintain continuous possession of such Certificated Security or Instrument;

 

    -17-

     

    

 

(ii)            in
the case of each Uncertificated Security (other than a Clearing Corporation Security),

 

(a)            causing
such Uncertificated Security to be continuously registered on the books of the issuer thereof in the name of the Custodian, and

 

(b)            causing
the Custodian to indicate continuously on its books and records that such Uncertificated Security is credited to the applicable
Account;

 

(iii)           in
the case of each Clearing Corporation Security,

 

(a)            causing
the relevant Clearing Corporation to credit such Clearing Corporation Security to a securities account in the name of the Custodian,
and

 

(b)            causing
the Custodian to indicate continuously on its books and records that such Clearing Corporation Security is credited to the applicable
Account;

 

(iv)           in
the case of each security issued or guaranteed by the United States of America or agency or instrumentality thereof and that is
maintained in book-entry records of a Federal Reserve Bank (FRB) (each such security, a Government Security),

 

(a)            causing
the creation of a Security Entitlement to such Government Security by the credit of such Government Security to a securities account
in the name of the Custodian at such FRB, and

 

(b)            causing
the Custodian to indicate continuously on its books and records that such Government Security is credited to the applicable Account;

 

(v)            in
the case of each Security Entitlement with respect to a Financial Asset not governed by clauses (i) through (iv) above,

 

(a)            causing
the relevant Securities Intermediary to indicate on its books and records that the underlying Financial Asset has been credited
to the Custodian’s securities account,

 

(b)            causing
such Securities Intermediary to make entries on its books and records continuously identifying such Financial Asset as belonging
to the Custodian and continuously indicating on its books and records that such Financial Asset is credited to the Custodian’s
securities account, and

 

(c)            causing
the Custodian to indicate continuously on its books and records that such Security Entitlement (or all rights and property of the
Custodian representing such Security Entitlement) is credited to the applicable Account;

 

(vi)           in
the case of Cash,

 

(a)            causing
the delivery of such Cash to the Custodian,

 

    -18-

     

    

 

(b)            causing
the Custodian to credit such Cash to the applicable Account or sub-account, and

 

(c)            causing
the Custodian to indicate continuously on its books and records that such Cash is credited to the applicable Account; and

 

(vii)          in
the case of each general intangible, causing the filing of a Financing Statement with the UCC filing section of the Delaware Department
of State, naming the Issuer as debtor and the Trustee as secured party and describing such property as the collateral or indicating
that the collateral includes “all assets” or “all personal property” of the Issuer (or a similar description).

 

In addition, the Collateral
Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Instruments relating to any general
intangibles for the transfer of ownership and/or pledge of Collateral hereunder (except to the extent that the requirement for
such consent is rendered ineffective under Sections 9-406, 9-408 or 9-409 of the UCC).

 

Determination Date:
The last day of each Monthly Period.

 

Dollar,
USD or $: Such coin or currency of the United States of America as at the time shall be legal tender
for all debts, public and private.

 

DTC: The
Depository Trust Company, its nominees, and their respective successors.

 

Due Date:
Each date on which any payment is due on a Portfolio Asset, Eligible Investment or other Financial Asset held by the Issuer in
accordance with its terms.

 

EBITDA:
The meaning specified in the Global Master Repurchase Agreement.

 

Eligible Account:
A deposit or securities account payable on demand and maintained with the corporate trust department of a federal or state chartered
depository institution or trust company that, in either case, has a combined capital and surplus of at least U.S.$50,000,000 and
has corporate trust powers, provided that any state chartered depository institution or trust company is subject to regulation
regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b). No Eligible Account shall be evidenced by a certificate
of deposit, passbook or other similar instrument.

 

Eligible Investment
Required Ratings: (a) If such obligation or security (i) has both a long-term and a short-term credit rating
from Moody’s, such ratings are “Aa3” (or then-equivalent grade) or better (not on credit watch for possible downgrade)
and “P-1” (or then-equivalent grade) (not on credit watch for possible downgrade), respectively, (ii) has only
a long-term credit rating from Moody’s, such rating is “Aaa” (or then-equivalent grade) (not on credit watch
for possible downgrade) or (iii) has only a short-term credit rating from Moody’s, such rating is “P-1”
(or then-equivalent grade) (not on credit watch for possible downgrade) and (b) “A-1” (or then-equivalent grade)
or better (or, in the absence of a short-term credit rating, a long-term credit rating of “A+” (or then-equivalent
grade) or better) from S&P.

 

    -19-

     

    

 

Eligible Investments:
Either Cash, or any Dollar investment that, at the time it is Delivered (directly or through an intermediary), (x) matures
not later than the Business Day immediately preceding the Payment Date immediately following the date of Delivery thereof (or such
earlier date as expressly provided herein), and (y) is one or more of the following obligations or securities:

 

(i)            [reserved];

 

(ii)           deposit
and trust accounts payable on demand with any depository institution or trust company incorporated under the laws of the United
States of America or any state thereof (including the Bank) and subject to supervision and examination by Federal and/or State
banking authorities so long as the commercial paper and/or the debt obligations of such depository institution or trust company
(or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations
of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible
Investment Required Ratings; and

 

(iii)          [reserved];

 

provided that (1) Eligible
Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically provided
herein and shall include only such obligations or securities as mature (or are putable at par to the issuer thereof) no later than
the Business Day prior to the next Payment Date; and (2) none of the foregoing obligations or securities shall constitute
Eligible Investments if (a) such obligation or security has an “f”, “r”, “p”, “pi”,
 “q” or “t” subscript (or then-equivalent subscript) assigned by S&P, (b) all, or substantially
all, of the remaining amounts payable thereunder consist of interest and not principal payments, (c) interest payments with
respect to such obligations or securities or proceeds of disposition would be subject to withholding taxes (except with respect
to FATCA taxes) by any jurisdiction if received by the Sole Member unless, in the case of non-U.S. withholding tax, the payor is
required to make “gross-up” payments that cover the full amount of any such withholding tax, (d) such obligation
or security is secured by real property, (e) such obligation or security is purchased at a price greater than 100% of the
principal or face amount thereof, (f) such obligation or security is subject of a tender offer, voluntary redemption, exchange
offer, conversion or other similar action, (g) in the Collateral Manager’s judgment (as certified to the Trustee in
writing), such obligation or security is subject to material non-credit related risks, (h) such obligation is a Structured
Finance Obligation, (i) such obligation or security is represented by a certificate of interest in a grantor trust, (j) such
obligation or security would not be treated as “cash equivalents” for purposes of Section __.10(c)(8)(iii)(A) of
the regulations implementing the Volcker Rule in accordance with any applicable interpretive guidance thereunder or (k) is
not either (A) a permitted domestic government obligation for purposes of Section __.6(a) of the regulations implementing
the Volcker Rule in accordance with any applicable interpretive guidance thereunder or (B) an identified banking product
for purposes of Section __.2(h)(2)(ii) of the regulations implementing the Volcker Rule in accordance with any applicable
interpretive guidance thereunder. Eligible Investments may include, without limitation, those investments issued by or made with
the Bank or for which the Bank or the Trustee or an Affiliate of the Bank or the Trustee provides services and receives compensation.

 

    -20-

     

    

 

Enforcement Event:
The meaning specified in Section 11.1(c).

 

Equity Contribution
Agreement: The Amended and Restated Contribution Agreement dated as of December 17, 2020 between the Sole Member,
the Issuer, the Trustee and the Collateral Manager.

 

Equity Security:
Any security that by its terms does not provide for periodic payments of interest at a stated coupon rate and repayment of principal
at a stated maturity and any other security or obligation that at the time of acquisition, conversion or exchange does not satisfy
the requirements of a Portfolio Asset.

 

ERISA:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

Euroclear:
Euroclear Bank S.A./N.V.

 

Event of Default:
The meaning specified in Section 5.1.

 

Exchange Act:
The U.S. Securities Exchange Act of 1934, as amended.

 

Expense Account:
The account established pursuant to Section 10.3(c).

 

FATCA:
Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered
into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements (and related implementing regulatory
legislation, rules, regulations or practices) entered into in connection with the foregoing.

 

FATCA Compliance:
Compliance with FATCA, as necessary so that no tax will be imposed or withheld thereunder in respect of payments to or for the
benefit of the Issuer.

 

Federal Funds (Effective)
Rate: For any date, the rate set forth on Reuters Page FEDFUNDS as the “Federal Funds (Effective)” rate
for that day (or if such Page or rate is not available, the rate set forth in the Federal Reserve publication H.15(519) for
such day opposite the caption “Federal Funds (Effective)” in such publication).

 

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

 

Financing Statements:
The meaning specified in Section 9-102(a)(39) of the UCC.

 

GAAP: The
meaning specified in Section 6.3(j).

 

Global Master Repurchase
Agreement: The TBMA/ISMA Global Master Repurchase Agreement (2000 Version) dated as of May 15, 2017 (including any
annex, confirmation (including the Class A-1 UBS Repo Confirmation and the Class A-R UBS Repo Confirmation) and any transaction
supplement exchanged thereunder and as amended, modified or otherwise supplemented from time to time) between the Counterparty
and UBS.

 

    -21-

     

    

 

Global Note:
Any Class A-1 Regulation S Global Note or Class A-1 Rule 144A Global Note.

 

Government Security:
The meaning specified in the definition of “Deliver or Delivered or Delivery”.

 

Governmental Authority:
The government of the United States of America, any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

Grant or
Granted: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, permit to arise or otherwise transfer
a Lien or security interest in and right of setoff against, deposit, set over and confirm. A Grant of Collateral, or of any other
instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder (whose
exercise may be suspended until the occurrence of a Default of the Secured Obligations allowing enforcement over the Collateral),
including the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect
of Collateral, and all other Cash payable thereunder, to give and receive notices and other communications, to make waivers or
other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and
generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect
thereto.

 

Holder:
With respect to any Note, the Person whose name appears on the applicable Note Register as the registered holder of such Note.

 

Illiquid Asset:
Any Portfolio Asset with respect to which either (a) the Collateral Manager (if no Event of Default has occurred and is continuing),
(b) the Liquidation Agent (when exercising its rights to direct the disposition of such Portfolio Asset under Section 12.1(c))
or (c) the Trustee (when attempting to dispose of such Portfolio Asset pursuant to Article 5 and not at the direction
of the Liquidation Agent pursuant to Section 12.1(c)) has made commercially reasonable efforts (or, in the case of (b), the
Issuer or Trustee at the Liquidation Agent’s direction has made commercially reasonable efforts) to dispose of such Portfolio
Asset for at least 90 days but has been unable to sell such Portfolio Asset and in the Liquidation Agent’s commercially reasonable
judgment such Portfolio Asset is not expected to be saleable for the foreseeable future.

 

Illiquid Loan:
The meaning specified in the Global Master Repurchase Agreement.

 

Inclusion Date:
The meaning specified in the Global Master Repurchase Agreement.

 

Inclusion/Amendment
Date: The meaning specified in the Global Master Repurchase Agreement.

 

    -22-

     

    

 

Indebtedness:
With respect to any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect
to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all guarantees by such Person of Indebtedness of others, (h) all
capital lease obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances.

 

Indenture:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

Independent:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material
direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected
with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar
functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of
such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person
within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants.

 

Any pricing service,
certified public accountant or legal counsel that is required to be Independent of another Person under this Indenture must satisfy
the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates.

 

Initial Funded
Class A-1 Global Notes or Initial Funded Class A-1 Notes: Collectively, the Initial Funded Class A-1
Regulation S Global Note and the Initial Funded Class A-1 Rule 144A Global Note, together representing the Notes issued
by the Issuer on the Closing Date.

 

Initial Funded
Class A-1 Regulation S Global Note: The Class A-1 Regulation S Global Note (CUSIP Number U61747 AA6).

 

Initial Funded
Class A-1 Rule 144A Global Note: The Class A-1 Rule 144A Global Note (CUSIP Number 62706L AA8).

 

Initial Holder:
Murray Hill Funding, LLC.

 

    -23-

     

    

 

Insolvency Event:
With respect to any Person, an event that occurs when such Person shall (i) be dissolved (other than pursuant to a consolidation,
amalgamation or merger); (ii) become adjudicated insolvent or unable to pay its debts or fail or admit in writing its inability
generally to pay its debts as they become due; (iii) make a general assignment, arrangement or composition with or for the
benefit of its creditors; (iv) institute or have instituted against it a Proceeding seeking a judgment of insolvency or bankruptcy
or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
shall be presented for its winding-up or liquidation, and, in the case of any such Proceeding or petition instituted or presented
against it, such Proceeding or petition (x) results in a judgment of insolvency or bankruptcy or the entry of an order for
relief or the making of an order for its winding-up or liquidation or (y) is not dismissed, discharged, stayed or restrained
in each case within 60 days of the institution or presentation thereof; (v) have a resolution passed by such Person’s
board of directors or shareholder (or, in the case of a limited partnership, by the board of directors of the general partner of
such limited partnership) for such Person’s winding-up, official management or liquidation (other than pursuant to a consolidation,
amalgamation or merger); (vi) seek or become subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, another trustee, another custodian or other similar official for it or for all or substantially all its assets, in each
case in connection with its bankruptcy insolvency, winding-up or liquidation; (vii) have a secured party take possession of
all or substantially all its assets (other than delivery of the Collateral pursuant to this Indenture) or have a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party shall maintain possession, or any such process shall not be dismissed, discharged, stayed or restrained, in
each case within 60 days thereafter; (viii) cause or become subject to any event with respect to it which, under the applicable
laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive);
or (ix) take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing
acts.

 

Instrument:
The meaning specified in Section 9-102(a)(47) of the UCC.

 

Interest Collection
Subaccount: The meaning specified in Section 10.2(a).

 

Interest Collections:
With respect to any Monthly Period, (a) all collections of interest, capitalized interest, fees and other amounts (other than
Principal Collections) paid in respect of any Portfolio Asset and received by the Issuer during such Monthly Period (whether or
not directly from the relevant Portfolio Asset Obligor), including the portion of the proceeds of any sale properly attributable
to any of the foregoing and (b) with respect to Eligible Investments credited to the Interest Collection Subaccount at any
time during such Monthly Period, all interest paid on, and proceeds of, such Eligible Investments.

 

Investment Company
Act: The U.S. Investment Company Act of 1940, as amended from time to time, and the rules promulgated thereunder.

 

Issuer:
The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant
to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

Issuer Account
Control Agreement: The Amended and Restated Account Control Agreement dated as of December 17, 2020 between the Issuer,
the Trustee and U.S. Bank National Association, as Custodian.

 

    -24-

     

    

 

Issuer Order
and Issuer Request: A written order or request (which may be a standing order or request) to be provided by the Issuer
or by the Collateral Manager on behalf of the Issuer in accordance with the provisions of this Indenture, dated and signed in the
name of the Issuer by an Authorized Representative of the Issuer, or, in the case of an order or request executed by the Collateral
Manager on behalf of the Issuer, by an Authorized Representative of the Collateral Manager. For the avoidance of doubt, an order
or request provided in an email or other electronic communication by an Authorized Representative of the Issuer (or, to the extent
permitted by the preceding sentence, by an Authorized Representative of the Collateral Manager on behalf of the Issuer) shall constitute
an Issuer Order, unless the Trustee otherwise requests that such Issuer Order be in writing.

 

Letter Agreement:
The Letter Agreement dated as of the Closing Date between the Issuer, CĪON Investment Management, LLC, as agent and UBS (together
with the omnibus consent contemplated thereby).

 

Lien: With
respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to
such securities.

 

Liquidation Agent:
UBS AG in its capacity as liquidation agent, as appointed by the Issuer pursuant to the appointment letter dated the date hereof
(the Liquidation Agent Appointment Letter) between the Issuer and UBS AG, and its permitted successors and assigns,
until such time (if any) that such appointment is terminated in accordance with terms of the Liquidation Agent Appointment Letter.
If (a) UBS AG in its capacity as Liquidation Agent, and its permitted successors and assigns, is terminated in accordance
with the terms of the Liquidation Agent Appointment Letter, (b) the “Repurchase Date” under the Global Master
Repurchase Agreement has occurred and all obligations of the Counterparty to UBS AG, and its permitted successors and assigns,
thereunder have been paid in full or (c) an “Event of Default” with respect to which UBS AG, London Branch is
the “Defaulting Party” (as each such term is defined in the Global Master Repurchase Agreement) or an event of default
by UBS AG under any other Transaction Document has occurred and is continuing, any provision of this Indenture or any other Transaction
Document giving the Liquidation Agent any voting, approval, consent or third-party beneficiary rights shall be of no further force
or effect.

 

Liquidation Agent
Appointment Letter: The meaning specified in the definition of Liquidation Agent.

 

Liquid Loan:
The meaning specified in the Global Master Repurchase Agreement.

 

Loan: Any
obligation for the payment or repayment of borrowed money that is documented by a term loan agreement or other similar credit agreement
that does not permit any future advances to be made to the borrower under the Underlying Instruments relating thereto (including,
without limitation, the reborrowing of any amount previously repaid by the borrower thereunder) at any time after the date of acquisition
thereof by the Issuer.

 

    -25-

     

    

 

Majority Holders:
The Holders of Notes representing more than 50% of the Aggregate Outstanding Amount of the Notes of each Class.

 

Margin Stock:
The meaning specified under Regulation U.

 

Market Value:
As of any date of determination, an amount determined by the Liquidation Agent equal to (i) with respect to any Portfolio
Asset, the product of the Principal Balance and the Current Price, and (ii) with respect to any Cash, 100% of the face value
thereof.

 

Master Loan Purchase
Agreement: The Master Loan Purchase Agreement dated as of the Closing Date between the Sole Member and the Issuer.

 

Material Adverse
Effect: A material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of
the Issuer taken as a whole, (b) the ability of the Issuer or the Sole Member to perform any of its obligations under the
Notes or any other Transaction Document to which it is a party or (c) the rights of or benefits available to any of the Holders
or the Trustee under the Notes or any of the other Transaction Documents.

 

Maturity:
With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity, on any Redemption Date, or by declaration of acceleration or otherwise.

 

Maximum Advance
Percentage: On any date of determination, 60%.

 

Maximum RCN Facility
Funding Commitment: The meaning specified in the Revolving Credit Note Agreement.

 

Maximum UBS Aggregate
Funded Amount: As of any date of determination by the Liquidation Agent, the sum of (i) the Maximum UBS Term Funded
Amount and (ii) the Maximum UBS Revolving Funded Amount.

 

Maximum UBS Revolving
Funded Amount: The “Maximum UBS Revolving Funded Amount” specified in the Class A-R UBS Repo Confirmation.

 

Maximum UBS Term
Funded Amount: The “Maximum UBS Term Funded Amount” specified in the Class A-1 UBS Repo Confirmation.

 

Middle Market Illiquid
Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Minimum Equity
Contribution: As of any date of determination by the Liquidation Agent, the greater of (a) zero and (b) the remainder
of (i) the Minimum Total Portfolio Value minus (ii) the Aggregate Outstanding UBS Funded Amount.

 

Minimum Total Portfolio
Value: As of any date of determination by the Liquidation Agent, the quotient of (i) the Aggregate Outstanding UBS
Funded Amount divided by (ii) the then-applicable Maximum Advance Percentage.

 

    -26-

     

    

 

Monthly Date:
The meaning specified in the definition of “Monthly Period”.

 

Monthly Period:
Each period from, and including, the 1st calendar day of each calendar month (each, a Monthly Date) to, but excluding,
the next following Monthly Date, except that (a) the initial Monthly Period will commence on, and include, the Closing Date
and will end on, but exclude, the 1st day of June 2017 and (b) the final Monthly Period will end on, but exclude, the
date on which the Notes are paid in full or otherwise cancelled.

 

Moody’s:
Moody’s Investors Service, Inc. and any successor thereto.

 

Moody’s Rating:
The monitored publicly available rating or the monitored estimated rating expressly assigned to a debt obligation (or facility)
by Moody’s that addresses the full amount of the principal and interest promised.

 

Non-Permitted ERISA
Holder: The meaning specified in Section 2.11(c).

 

Non-Permitted Holder:
The meaning specified in Section 2.11(b).

 

Note Register
and Note Registrar: The respective meanings specified in Section 2.5(a).

 

Notes:
The Class A Notes.

 

Obligor:
Any Portfolio Asset Obligor and any issuer, obligor or guarantor in respect of an Eligible Investment or other loan or security,
whether or not Collateral.

 

Offer:
The meaning specified in Section 10.6(c).

 

Officer:
(a) With respect to the Issuer, the Sole Member or any Person authorized thereby to take any and all actions necessary to
consummate the transactions contemplated by the Transaction Documents; (b) with respect to any other entity that is a partnership,
any general partner thereof or any Person authorized by such entity; (c) with respect to any other entity that is a limited
liability company, any member thereof or any Person authorized by such entity; and (d) with respect to the Trustee or the
Collateral Administrator and any bank or trust company acting as trustee of an express trust or as custodian or agent, any vice
president or assistant vice president of such entity or any officer customarily performing functions similar to those performed
by a vice president or assistant vice president of such entity.

 

offshore transaction:
The meaning specified in Regulation S.

 

Opinion of Counsel:
A written opinion addressed to the Trustee (or upon which the Trustee is permitted to rely) and the Issuer, in form and substance
reasonably satisfactory to the Trustee, of a nationally or internationally recognized and reputable law firm. Whenever an Opinion
of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so satisfactory, which
opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to the Trustee or shall state that
the Trustee shall be entitled to rely thereon.

 

    -27-

     

    

 

Optional Redemption:
A redemption of the Class A-1 Notes in accordance with Section 9.1.

 

Other Plan Law:
Any State, local, Federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions
of ERISA or Section 4975 of the Code.

 

Outstanding:
With respect to the Notes, as of any date of determination, all of the Notes theretofore authenticated and delivered under this
Indenture, except:

 

(i)            Notes
theretofore canceled by the applicable Note Registrar or delivered to such Note Registrar for cancellation in accordance with the
terms of Section 2.9 (or registered in the applicable Note Register on the date the Indenture is discharged in accordance
with Section 4.1(d));

 

(ii)           Notes
for whose payment funds in the necessary amount have been theretofore irrevocably deposited with the Trustee or any Paying Agent
in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii);

 

(iii)          Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof
satisfactory to the Trustee is presented that any such Notes are held by a “Protected Purchaser” (within the meaning
of Section 8-303 of the UCC); and

 

(iv)          Notes
alleged to have been mutilated, defaced, destroyed, lost or stolen for which replacement Notes have been issued as provided in
Section 2.6;

 

provided that (A) in determining
whether the Holders of the requisite Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Notes owned by the Issuer shall be disregarded and deemed not to be Outstanding (except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver,
only Notes that a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded); (B) the Aggregate Outstanding
Amount of the Class A-R Notes, for purposes of payment of Interest Collections and Principal Collections, shall be the Outstanding
Class A-R Funded Amount and, for all other purposes, shall be deemed to include the Remaining Unfunded Facility Commitment;
and (C) the Class A-R Notes will be deemed to be Outstanding so long as the Commitment Termination Date has not occurred,
irrespective of whether there exists an Outstanding Class A-R Funded Amount.

 

Outstanding Class A-R
Funded Amount: The meaning specified in the Revolving Credit Note Agreement.

 

Participation Interest:
A participation interest in (e.g., an equitable assignment or other beneficial but not record ownership of) a Loan.

 

Paying Agent:
Any Person authorized by the Issuer to pay the principal of any Notes on behalf of the Issuer as specified in Section 7.2.

 

    -28-

     

    

 

Payment Account:
The account established pursuant to Section 10.3(a).

 

Payment Date:
Each date occurring ten Business Days after the last day of any Monthly Period.

 

Payment Date Report:
The meaning specified in Section 10.5(a).

 

Permitted Liens:
(i) Liens arising under the Transaction Documents in favor of the Trustee for the benefit of the Trustee and other Secured
Parties, (ii) tax Liens for taxes not yet due and payable or the amount or validity of which is being contested in good faith
by appropriate proceedings and for which adequate reserves are maintained on the Issuer’s books in accordance with GAAP and
(iii) Liens permitted or arising under any Underlying Instrument.

 

Person:
An individual, corporation (including a business trust), partnership, limited partnership, limited liability company, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency
or political subdivision thereof.

 

Portfolio:
At any time, all Portfolio Assets, Cash and Eligible Investments held by the Issuer at such time.

 

Portfolio Advance
Value: As of any date of determination by the Liquidation Agent, the aggregate Advance Value of all the Portfolio Assets
(other than Zero Value Portfolio Assets) and Cash standing to the credit of the Collection Account.

 

Portfolio Asset:
A Loan or any portion thereof that on its Portfolio Asset Trade Date satisfies the Asset Eligibility Criteria. Unless the context
otherwise requires, all references to a Portfolio Asset will refer to a Loan or portion thereof held by the Issuer.

 

Portfolio Asset
Obligor: In relation to any Portfolio Asset, the borrower or issuer of or obligor on the Portfolio Asset. In addition,
 “Portfolio Asset Obligor”, unless the context otherwise requires, shall also refer to any guarantor of or other obligor
on the Portfolio Asset.

 

Portfolio Asset
Trade Date: The meaning set forth in the definition of “Asset Eligibility Criteria”; provided that for
purposes of the contribution of a Loan to the Issuer pursuant to the Equity Contribution Agreement, the date of such contribution
shall be deemed to be the Portfolio Asset Trade Date of such Loan.

 

Post-Restructuring
Notice: The meaning specified in Section 7.5(e).

 

Pre-EOD Sale:
The meaning specified in Section 12.1(d).

 

Principal Balance:
Subject to Section 1.2, with respect to (a) any item of Collateral (other than a Delayed-Draw Loan or a Revolver Loan),
the outstanding principal amount of such Collateral (excluding any capitalized interest) and (b) any Delayed-Draw Loan or
a Revolver Loan, the outstanding principal of the Delayed-Draw Loan or a Revolver Loan (excluding any capitalized interest), plus
(except as expressly set forth herein) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect
to the Delayed-Draw Loan or a Revolver Loan.

 

    -29-

     

    

 

Principal Collection
Subaccount: The meaning specified in Section 10.2(a).

 

Principal Collections:
With respect to any Monthly Period, (a) all collections of principal on a Portfolio Asset (excluding (i) any capitalized
interest and (ii) any collections of principal on a Revolver Loan deposited into the Delayed-Draw/Committed Proceeds/Revolver
Account in accordance with Section 10.2(d)) paid in cash in respect of any Portfolio Asset and received by the Issuer during
such Monthly Period (whether or not directly from the relevant Portfolio Asset Obligor), including the proceeds of any sale properly
attributable to principal (excluding proceeds of any sale properly attributable to capitalized interest) (but not including any
amounts deducted or withheld by any Obligor on a Portfolio Asset for or on account of any present or future taxes, duties, assessments
or governmental charges with respect to payments by such Obligor on such Portfolio Asset), (b) any Revolver Loan Net-Back
paid in cash in respect to any Revolver Loan and received by the Issuer during such Monthly Period, (c) with respect to Eligible
Investments credited to the Principal Collection Subaccount at any time during such Monthly Period, all interest paid in cash on,
and proceeds of, such Eligible Investments, and (d) all Voluntary Contribution/Sales in the form of Cash received from the
Sole Member; provided that for the purposes of attributing collections to principal and capitalized interest, such attribution
shall be made (i) if the Underlying Instruments include provisions for such attribution, then in accordance with such provisions
and (ii) if the Underlying Instruments do not include any such provisions, then on a pro rata basis.

 

Priority Administrative
Expenses: The following fees, expenses (including indemnities) and other amounts due or accrued and payable by the Issuer
in the following order or priority:

 

first,
to the payment of taxes and governmental fees (including annual return and registered office fees) owing by the Issuer;

 

second,
to the Revolving Credit Note Agent pursuant to the Revolving Credit Note Agreement;

 

third,
to the Trustee and U.S. Bank pursuant to Section 6.7 and the other provisions of this Indenture; and

 

fourth,
to the Bank in all of its other capacities (including as Collateral Administrator) pursuant to the Collateral Administration Agreement
and other Transaction Documents to which it is a party in any such capacity;

 

provided that such fees shall be
paid in such order whether paid directly to such Person or, in respect of any such expense paid by the Collateral Manager on the
Issuer’s behalf and reimbursable to the Collateral Manager pursuant to the Collateral Management Agreement, to the Collateral
Manager.

 

Priority of Payments:
The meaning specified in Section 11.1.

 

Proceeding:
Any suit in equity, action at law or other judicial or administrative proceeding.

 

    -30-

     

    

 

 

Prohibited Industry
Portfolio Asset: A Portfolio Asset for which the relevant Portfolio Asset Obligor is primarily or directly involved in
(or for which the proceeds received by the relevant Portfolio Asset Obligor is used to finance):

 

(a)            any
of the payday loan, assault weapon, firearms manufacturing, gambling (including online or telephonic gambling, but excluding hospitality
and/or resorts development or management), adult entertainment related or licensed marijuana related industries and any other industry
which involves any activity that the Liquidation Agent reasonably believes is or would be illegal in any jurisdiction within any
of Switzerland, the United States, the Cayman Islands or the United Kingdom if it were carried out there (regardless of where the
activity is actually carried out); or

 

(b)            any
industry which involves any activity which the Liquidation Agent either (x) is notified by a Governmental Authority or (y) acting
in a commercially reasonable manner and in good faith, determines, in each case, could result in the Liquidation Agent’s
involvement in any capacity in the transactions contemplated by this Indenture or any of the Transaction Documents violating any
law, rule or regulation applicable to the Liquidation Agent.

 

Protected Purchaser:
The meaning specified in Section 8-303 of the UCC.

 

Qualified Institutional
Buyer: The meaning specified in Rule 144A under the Securities Act.

 

Qualified Purchaser:
The meaning specified in the Investment Company Act.

 

Record Date:
With respect to the Global Notes, the date one day prior to the applicable Payment Date and, with respect to the Certificated Notes,
the date 15 days prior to the applicable Payment Date.

 

Redemption Date:
Any Payment Date occurring after the third Class A-1 Delayed Draw Funding Date specified for a redemption in whole or in part
of Notes pursuant to Article 9.

 

Redemption Price:
For each Note to be redeemed in whole or in part, 100% of the Aggregate Outstanding Amount of such Note (or the applicable portion
thereof to be redeemed); provided that, if requested by the Collateral Manager, the Holders of 100% of the Aggregate Outstanding
Amount of the Notes (or, in the case of an Optional Redemption, the Holders of 100% of the Aggregate Outstanding Amount of the
Class A-1 Notes) may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders
of the Notes.

 

Registered:
In “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and issued
after July 18, 1984, provided that a certificate of interest in a grantor trust shall not be treated as Registered
unless each of the obligations or securities held by the trust was issued after that date.

 

Regulation S:
Regulation S, as amended, under the Securities Act.

 

Regulation U:
Regulation U (12 C.F.R. 221) issued by the Board of Governors of the Federal Reserve System.

 

    -31-

     

    

 

Remaining Unfunded
Facility Commitment: The meaning specified for such term in the Revolving Credit Note Agreement.

 

Required Equity
Advance Value: As of any date of determination by the Liquidation Agent, the greater of (a) zero and (b) the
remainder of:

 

(i)            the
sum of the aggregate Market Value for all Portfolio Assets (other than Zero Value Portfolio Assets) plus the face amount of Cash
then standing to the Collection Account minus

 

(ii)            the
Minimum Equity Contribution.

 

Required Expense
Equity Contribution: The meaning specified in the Equity Contribution Agreement.

 

Revolver Loan:
Any Loan with respect to which the Issuer is obligated to make or otherwise fund future advances to a borrower and which provided
that such future advances may be paid back and reborrowed from time to time; provided that such Loan shall only be considered
a Revolver Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes
a future funding obligation.

 

Revolver Loan Net-Back:
An amount representing a purchase price adjustment received by the Issuer in respect of a Revolver Loan.

 

Revolving Credit
Note Agent: The Bank, as note agent acting on behalf of the Issuer under the Revolving Credit Note Agreement.

 

Revolving Credit
Note Agreement: The Revolving Credit Note Agreement, dated as of December 17, 2020, by and among the Issuer, the Revolving
Credit Note Agent, the Trustee and the Holders from time to time of the Class A-R Notes.

 

Rule 144A:
Rule 144A under the Securities Act.

 

S&P:
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any
successor or successors thereto.

 

S&P Industry
Classification Group: The industry classifications set forth in Schedule 2 hereto.

 

S&P Rating:
With respect to any Portfolio Asset, as of any date of determination, if there is an issuer credit rating of the issuer of such
Portfolio Asset by S&P as published by S&P, or the guarantor which unconditionally and irrevocably guarantees such Portfolio
Asset pursuant to a form of guaranty approved by S&P for use in connection with this transaction, then the S&P Rating shall
be such rating.

 

Sale: The
meaning specified in Section 5.17.

 

Sale Adjusted Price:
The meaning specified in Section 12.1(d).

 

    -32-

     

    

 

Sale Price:
The meaning specified in Section 12.1(d).

 

Second Closing
Date: December 1, 2017.

 

Second Lien Loan:
The meaning specified in the Global Master Repurchase Agreement.

 

Second Lien Liquid
Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Section 13
Banking Entities: An entity that (i) is defined as a “banking entity” under the Volcker Rule regulations
(Section __.2(c)), (ii) provides written certification thereof to the Issuer and the Trustee, and (iii) identifies
the Class or Classes of Notes held by such entity and the outstanding principal amount thereof.

 

Secured Obligations:
The meaning assigned in the Granting Clauses hereof.

 

Secured Parties:
The meaning specified in the Granting Clauses.

 

Securities Act:
The U.S. Securities Act of 1933, as amended.

 

Securities Intermediary:
The meaning specified in Section 8-102(a)(14) of the UCC.

 

Security Entitlement:
The meaning specified in Section 8-102(a)(17) of the UCC.

 

Senior Secured
(Large Cap) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
Last Out (Type I) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
Last Out (Type II) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
Liquid Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
(Type I Cov-Lite) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
(Type I) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
(Type II) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Senior Secured
(Type III) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

    -33-

     

    

 

Senior Secured
(Type IV) Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Similar Law:
Any Federal, State, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated
as assets of the investor in any Note (or any interest therein) by virtue of its interest and thereby subject the Issuer and the
Collateral Manager (or other Persons responsible for the investment and operation of the Issuer’s assets) to laws or regulations
that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975
of the Code.

 

Sole Member:
Murray Hill Funding, LLC, a limited liability company organized under the laws of the State of Delaware, as the Sole Member of
the Issuer, and its permitted successors and assigns under its Constitutive Documents.

 

Stated Maturity:
With respect to the Notes, the date specified as such in Section 2.3.

 

Structured Coupon:
A coupon which is calculated (i) by reference to the forward movement of one or more indices, spot rates or prepayment speeds
or (ii) based on the principal amount of the related obligation which principal amount is divided into separate pieces (each
such separate piece is, typically, referred to as Components); each such Component provides for payments of interest
on the principal amount of such Component at a per annum rate equal to (a) a fixed rate or (b) a floating rate (subject
to any applicable floor). For the avoidance of doubt, obligations that accrue interest based upon a Structured Coupon are frequently
referred to as “Combination Notes” or a similar term.

 

Structured Finance
Obligation: Any debt obligation secured directly by, or representing ownership of, a pool of consumer receivables, auto
loans, auto leases, equipment leases, home or commercial mortgages, corporate debt or sovereign debt obligations, including collateralized
bond obligations, collateralized loan obligations, mortgage-backed securities or any similar security or other asset backed security
or similar investment or equipment trust certificate or trust certificate of the type generally considered to be a repackaged security.

 

Subscription Agreements:
Each of (i) the agreement dated as of May 19, 2017 by and between the Issuer and the Sole Member relating to the acquisition
of $115,384,615 of the Initial Funded Class A-1 Notes and $76,923,076 of the Delayed Draw Class A-1 Notes, (ii) the
agreement dated as of the Second Closing Date by and between the Issuer and the Sole Member relating to the acquisition of $74,358,976
of the Delayed Draw Class A-1 Notes and (iii) the agreement dated as of December 17, 2020 by and between the Issuer
and the Sole Member relating to the acquisition of Class A-R Notes having an aggregate Class A-R Commitment Amount of
$50,000,000.

 

Subsequent Advance:
An Advance made by the Initial Holder on any Class A-1 Delayed Draw Funding Date.

 

Subsequent Delivery
Date: The settlement date with respect to the Issuer’s acquisition of a Portfolio Asset to be pledged to the Trustee
after the Closing Date.

 

    -34-

     

    

 

Support Document:
Each of the Issuer Account Control Agreement and the Equity Contribution Agreement.

 

Synthetic Security:
A security or swap transaction, other than a Participation Interest, that has payments associated with either payments of interest
on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

Tax: Any
tax, levy, impost, duty, deduction, withholding (including backup withholding), charge, assessment or fee of any nature (including
interest, penalties and additions thereto) imposed by any governmental taxing authority.

 

Tax Event:
An event that will occur upon a change in or the adoption of any U.S. or non-U.S. tax statute or treaty, or any change in or the
issuance of any regulation (whether final, temporary or proposed), ruling, practice, procedure published in writing by the relevant
taxing authorities, which change, adoption or issuance results or will result in (i) any portion of any payment due from any
Obligor under any Portfolio Asset becoming properly subject to the imposition of U.S. Federal or foreign withholding tax on payments
of interest or principal, which withholding tax is not compensated for by a provision under the terms of such Portfolio Asset pursuant
to which the Portfolio Asset Obligor is required to pay additional amounts to holders such that the amount a holder receives is
the same as the amount a holder would have received if such withholding tax was not imposed or (ii) any jurisdiction properly
imposing net income, profits or similar tax on the Issuer, provided that the sum of (A) the tax or taxes imposed on
the Issuer as described in clause (ii) of this definition and (B) the total amount withheld from payments to the Issuer
described in clause (i) of this definition and which are not compensated for by payment of additional amounts is determined
to be in excess of 5% of the aggregate interest due and payable on the Portfolio Assets for any Monthly Period. Withholding taxes
imposed under FATCA shall be disregarded in applying the definition of Tax Event.

 

Tax Redemption:
The meaning specified in Section 9.2.

 

Third Closing Date:
December 17, 2020.

 

Total Authorized
Principal Amount: With respect to the Initial Funded Class A-1 Notes, the Delayed Draw Class A-1 Notes and the
Class A-R Notes, the total authorized principal amounts specified as such in Section 2.3.

 

Traditional Second
Lien Loan: The meaning specified in the Global Master Repurchase Agreement.

 

Transaction Documents:
The Indenture, the Issuer Account Control Agreement, the Collateral Management Agreement, the Collateral Administration Agreement,
each Subscription Agreement, the Revolving Credit Note Agreement, the Equity Contribution Agreement and the Liquidation Agent Appointment
Letter.

 

Transfer Agent:
The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes. The initial
Transfer Agent is the Bank.

 

    -35-

     

    

 

Treasury Regulations:
The final or temporary regulations promulgated by the U.S. Department of the Treasury under the Code, as they may be amended from
time to time.

 

Trust Officer:
When used with respect to the Trustee, any Officer within the Corporate Trust Office (or any successor group of the Trustee) including
any Officer to whom any corporate trust matter is referred at the Corporate Trust Office because of such person’s knowledge
of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this transaction.

 

Trustee:
The meaning specified in the first sentence of this Indenture.

 

U.S. Person or
U.S. person: The meaning specified in Regulation S.

 

UBS: UBS
AG, London Branch in its capacity under the Global Master Repurchase Agreement, and its permitted successors and assigns. If (a) the
 “Repurchase Date” under the Global Master Repurchase Agreement has occurred and all obligations of the Counterparty
to UBS AG, London Branch, and its permitted successors and assigns, thereunder have been paid in full or (b) an “Event
of Default” with respect to which UBS AG, London Branch is the “Defaulting Party” (as each such term is defined
in the Global Master Repurchase Agreement) or an event of default by UBS AG under any other Transaction Document has occurred and
is continuing, any provision of this Indenture or any other Transaction Document giving UBS any voting, approval, consent or third-party
beneficiary rights shall be of no further force of effect.

 

UCC: The
Uniform Commercial Code as in effect in the State of New York, as amended from time to time.

 

Uncertificated
Security: The meaning specified in Section 8-102(a)(18) of the UCC.

 

Underlying Instrument:
The loan, credit agreement or similar agreement pursuant to which a Portfolio Asset has been issued or created and each other agreement
(i) that governs the terms of such Portfolio Asset, (ii) that secures the obligations represented by such Portfolio Asset
or (iii) of which the holders of such Portfolio Asset are the beneficiaries.

 

United States Person:
The meaning specified in Section 7701(a)(30) of the Code.

 

Unregistered Securities:
The meaning specified in Section 5.17(c).

 

Volcker Rule:
Section 13 of the Bank Holding Company Act of 1956, as amended, and any applicable implementing regulations.

 

Voluntary Contribution/Sale:
The meaning set forth in the Equity Contribution Agreement.

 

Withdrawal Conditions:
With respect to (x) any proposed withdrawal from the Collection Account to pay the Sole Member or for use by the Sole Member
to satisfy any of its contribution obligations under the Equity Contribution Agreement or (y) any proposed transfer of any
Portfolio Asset (other than a Zero Value Portfolio Asset) from the Custodial Account for the account of the Sole Member or an account
designated by the Sole Member that is being made free of payment, conditions which shall be satisfied if:

 

    -36-

     

    

 

(a)            no
Default or Event of Default has occurred or is continuing;

 

(b)           the
Liquidation Agent has confirmed in writing, which shall be provided promptly (and in any event within 3 Business Days following
notice of such proposed withdrawal), to the Issuer and Trustee that such proposed withdrawal will not (taking into account any
equity contribution made by the Sole Member on the applicable withdrawal or transfer settlement date as a condition precedent to
such withdrawal or transfer) result in a Borrowing Base Deficiency immediately after giving effect thereto and, in the case of
a transfer of a Portfolio Asset pursuant to sub-clause (y) that is being made free of payment, unless the settlement date
of the proposed transfer is the same date on which the Liquidation Agent provides such confirmation, the relevant transfer documentation
provides that occurrence of the settlement date of such transfer shall be conditional upon on such confirmation; and

 

(c)            immediately
after giving effect to such proposed withdrawal or transfer, there shall be sufficient amounts in the Collection Account to satisfy
in full all payments (including all Priority Administrative Expenses) under the Priority of Payments on the next succeeding Payment
Date.

 

Zero Value Portfolio
Asset: The meaning specified in the Global Master Repurchase Agreement.

 

Section 1.2     Assumptions
as to Collateral. In connection with all calculations required to be made pursuant to
this Indenture with respect to any Portfolio Asset or Eligible Investment, or any payments on any other assets included in the
Collateral, with respect to the sale of and reinvestment in Portfolio Assets, and with respect to the income that can be earned
on the Collateral and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth
in this Section 1.2 shall be applied. The provisions of this Section 1.2 shall be applicable to any determination or
calculation that is covered by this Section 1.2, whether or not reference is specifically made to Section 1.2, unless
some other method of calculation or determination is expressly specified in the particular provision.

 

(a)            All
calculations with respect to the Collateral securing the Notes shall be made on the basis of information as to the terms of each
such item of Collateral and upon reports of payments, if any, received on such item of Collateral that are furnished by or on behalf
of the Portfolio Asset Obligor of such item of Collateral and, to the extent they are not manifestly in error, such information
or reports may be conclusively relied upon in making such calculations.

 

(b)            For
each Monthly Period and as of any date of determination, the payments and collections on any item of Collateral shall be the sum
of (i) the total amount of payments and collections received during such Monthly Period in respect of such item of Collateral
(including the proceeds of the sale of such Collateral received) that are available in the Collection Account at the end of the
Monthly Period and (ii) any such amounts received in prior Monthly Periods that were not disbursed on a previous Payment Date.

 

    -37-

     

    

 

(c)            All
calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded to the nearest ten-thousandth
if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.

 

(d)            All
monetary calculations under this Indenture shall be in Dollars.

 

(e)            Any
reference in this Indenture to an amount of the Trustee’s or the Collateral Administrator’s fees calculated with respect
to a period at a per annum rate shall be computed on the basis of a 360-day year of twelve 30-day months prorated for the related
Monthly Period and shall be based on the aggregate face amount of the Portfolio Assets and the Eligible Investments as of the first
day of such Monthly Period.

 

(f)            To
the extent there exists in the reasonable determination of the Trustee or the Collateral Administrator, of any ambiguity in the
interpretation of any definition or term contained in this Indenture or to the extent more than one methodology can be used to
make any of the determinations or calculations set forth herein, the Trustee or the Collateral Administrator, as the case may be,
shall be entitled to request direction from the Collateral Manager (with a copy of such request being sent to the Liquidation Agent)
as to the interpretation and/or methodology to be used, and the Trustee or the Collateral Administrator shall follow such direction
from the Collateral Manager or, if different, to the interpretation of the Collateral Manager, the Liquidation Agent; provided
that, prior to providing any such direction different than the Collateral Manager, the Liquidation Agent shall (i) consult,
in good faith, with the Collateral Manager for a period of not less than 2 Business Days or (ii) if the related interpretation
and/or methodology involves a legal question, consult with external legal counsel. The Collateral Administrator and the Trustee
shall be entitled to conclusively rely thereon without any responsibility or liability therefor.

 

(g)            For
purposes of calculating compliance with any tests hereunder, the trade date (and not the settlement date) with respect to any acquisition
or disposition of a Portfolio Asset or Eligible Investment shall be used to determine such compliance and whether and when such
acquisition or disposition has occurred.

 

(h)            Any
direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of Collateral
may be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument
or document or other written instruction (including by email or other electronic communication or file transfer protocol) from
the Issuer (or the Collateral Manager on the Issuer’s behalf) on which the Trustee may rely.

 

(i)            The
Holders by their acceptance of the Notes agree and acknowledge that the Liquidation Agent may, and hereby direct the Liquidation
Agent to, in its sole discretion and without any further notice or assumption of fiduciary or other obligations to the Holders,
exercise its rights hereunder to (i) independently agree with the Collateral Manager any of the Advance Percentages in accordance
with the last sentence of the definition of “Advance Percentage” and (ii) waive any of the Borrowing Base Asset
Criteria in accordance with the proviso to the definition of “Borrowing Base Asset Criteria”.

 

    -38-

     

    

 

ARTICLE 2

 

THE
NOTES

 

Section 2.1     Forms
Generally. The Notes and the Trustee’s or Authenticating Agent’s certificate
of authentication thereon (the Certificate of Authentication) shall be in substantially the forms required by this
Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be
consistent herewith, determined by an Authorized Representative of the Issuer executing such Notes as evidenced by such Authorized
Representative’s execution of such Notes. Any portion of the text of any such Note may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of such Note.

 

Section 2.2     Forms
of Notes. (a)  The forms of the Notes, including the forms of Certificated Notes,
Class A-1 Regulation S Global Notes and Class A-1 Rule 144A Global Notes, shall be as set forth in the applicable
part of Exhibit A hereto.

 

(b)            Class A-1
Regulation S Global Notes, Class A-1 Rule 144A Global Notes; Class A-R Regulation S Note; Class A-R Restricted
Note.

 

(i)            The
Class A-1 Notes sold to Persons who are not U.S. persons in offshore transactions in reliance on Regulation S shall be issued
initially in the form of one separate permanent global note, in definitive, fully-registered form without interest coupons, substantially
in the applicable form attached as Exhibit A1 hereto (the Class A-1 Regulation S Global Note), and shall
be deposited on behalf of the subscribers for such Class A-1 Notes represented thereby with the Bank as custodian for, and
registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by the Issuer
and authenticated by the Trustee as hereinafter provided.

 

(ii)            The
Class A-1 Notes sold to Persons that are initial purchasers that are also both (A) a Qualified Purchaser or an entity
owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and (B)(I) a Qualified
Institutional Buyer or (II) an Accredited Investor who is purchasing such Class A-1 Notes in a non-public transaction
shall be issued initially in the form of one separate permanent global note, in definitive, fully-registered form without interest
coupons, substantially in the form attached as Exhibit A1 hereto (a Class A-1 Rule 144A Global Note)
and shall be deposited on behalf of the subscribers for such Class A-1 Notes represented thereby with the Bank as custodian
for, and registered in the name of a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided.

 

(iii)            The
aggregate principal amount of any Class A-1 Regulation S Global Note and any Class A-1 Rule 144A Global Note may
from time to time be increased or decreased by adjustments made on the records of the Trustee or DTC or its nominee, as the case
may be, as hereinafter provided.

 

    -39-

     

    

 

(A)            The
Initial Funded Class A-1 Notes funded on the Closing Date (having an aggregate principal amount of U.S.$115,384,615) shall
be recorded on, and represented by, the applicable Initial Funded Class A-1 Global Note.

 

(B)            The
Delayed Draw Class A-1 Notes issued on the Closing Date and the Second Closing Date (having an initial aggregate principal
amount on the Closing Date and the Second Closing Date of U.S.$0.00, as applicable) shall be recorded on, and represented by, the
applicable Delayed Draw Class A-1 Global Note. Delayed Draw Class A-1 Notes shall be funded to the Issuer on the applicable
Class A-1 Delayed Draw Funding Date in the amounts specified in Section 2.13, which funding shall be recorded on, and
represented by, the Delayed Draw Class A-1 Global Note in accordance with such Section. After the first Payment Date following
the third Class A-1 Delayed Draw Funding Date, the Class A-1 Note Registrar shall, on any Business Day after such Payment
Date, (x) upon the request of the Issuer and receipt of instructions from DTC directing the Note Registrar to cause to be
credited a beneficial interest in the Delayed Draw Class A-1 Regulation S Global Note funded on the first Class A-1 Delayed
Draw Funding Date in an amount equal to the beneficial interest in the Delayed Draw Class A-1 Regulation S Global Note funded
on the second Class A-1 Delayed Draw Funding Date and third Class A-1 Delayed Draw Funding Date, but not less than the
minimum denomination applicable to such holder’s Notes to be consolidated, such instructions to contain information regarding
the participant account with DTC to be credited with such increase, approve the instructions at DTC to reduce, or cause to be reduced,
the Delayed Draw Class A-1 Regulation S Global Note funded on the second Class A-1 Delayed Draw Funding Date and third
Class A-1 Delayed Draw Funding Date by the aggregate principal amount of the beneficial interest in the Delayed Draw Class A-1
Regulation S Global Note to be consolidated and the Note Registrar shall instruct DTC, concurrently with such reduction, to credit
or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the Delayed
Draw Class A-1 Regulation S Global Note funded on the first Class A-1 Delayed Draw Funding Date equal to the reduction
in the principal amount of the Delayed Draw Class A-1 Regulation S Global Note funded on the second Class A-1 Delayed
Draw Funding Date and third Class A-1 Delayed Draw Funding Date and (y) upon the request of the Issuer and receipt of
instructions from DTC, directing the Class A-1 Note Registrar to cause to be credited a beneficial interest in the Delayed
Draw Class A-1 Rule 144A Global Note funded on the first Class A-1 Delayed Draw Funding Date in an amount equal
to the beneficial interest in the Delayed Draw Class A-1 Rule 144A Global Note funded on the second Class A-1 Delayed
Draw Funding Date and the third Class A-1 Delayed Draw Funding Date, but not less than the minimum denomination applicable
to such holder’s Notes to be consolidated, such instructions to contain information regarding the participant account with
DTC to be credited with such increase, approve the instructions at DTC to reduce, or cause to be reduced, the Delayed Draw Class A-1
Rule 144A Global Note funded on the second Class A-1 Delayed Draw Funding Date and the third Class A-1 Delayed Draw
Funding Date by the aggregate principal amount of the beneficial interest in the Delayed Draw Class A-1 Rule 144A Global
Note to be consolidated and the Note Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited
to the securities account of the Person specified in such instructions a beneficial interest in the Delayed Draw Class A-1
Rule 144A Global Note funded on the first Class A-1 Delayed Draw Funding Date equal to the reduction in the principal
amount of the Delayed Draw Class A-1 Rule 144A Global Note funded on the second Class A-1 Delayed Draw Funding Date.
Upon the reduction of each Delayed Draw Class A-1 Global Note’s principal amount to zero, the Trustee shall cancel the
applicable Delayed Draw Class A-1 Global Note according to Section 2.9. All Global Notes so consolidated shall be deemed
to have been issued on the same date from and including the date of such consolidation. The Issuer, when the Global Notes are consolidated
pursuant to this Section 2.2(b)(iii)(B), shall inform DTC of the “CUSIP” number of each Global Note that has been
cancelled and that the Outstanding Amount of the Delayed Draw Class A-1 Notes shall be represented by the Delayed Draw Class A-1
Global Notes funded on the first Class A-1 Delayed Draw Funding Date. Each Holder (or Beneficial Owner) of a Note shall reasonably
cooperate with the Issuer and the Trustee to effect the foregoing, including in connection with providing any necessary approvals
or directions to DTC.

 

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(iv)           The
Class A-R Notes offered and sold in offshore transactions in reliance on Regulation S to persons who are not U.S. Persons
(each a Class A-R Regulation S Note) shall be issued in the form of one or more certificated securities in definitive,
fully Registered Form, without interest coupons and with the applicable legends set forth in Exhibit A3 hereto, as applicable,
which shall be registered in the name of the Holder or a nominee thereof and duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided. Class A-R Notes offered and sold in the United States pursuant to an exemption from the registration
requirements of the Securities Act (each, a Class A-R Restricted Note) shall be issued in the form of one or
more certificated securities in definitive, fully registered form, without interest coupons and with the applicable legends set
forth in Exhibit A3 hereto, which shall be registered in the name of the Holder or a nominee thereof and duly executed by
the Issuer and authenticated by the Trustee as hereinafter provided.

 

(v)            The
Issuer in issuing the Notes shall use “CUSIP,” “ISIN” or “private placement” numbers (if then
generally in use), and, if so, the Issuer will indicate the “CUSIP,” “ISIN” or “private placement”
numbers of the Notes in related materials as a convenience to Holders.

 

(vi)           Book
Entry Provisions. This Section 2.2(b)(vi)  shall apply only to Global Notes deposited with or for the account of
DTC.

 

The provisions of the
 “Operating Procedures of the Euroclear System” of Euroclear and the “Terms and Conditions Governing Use of Participants”
of Clearstream, respectively, will be applicable to the Global Notes insofar as interests in such Global Notes are held by the
Agent Members of Euroclear or Clearstream, as the case may be.

 

    -41-

     

    

 

Agent Members shall have
no rights under this Indenture with respect to any Global Note held on their behalf by the Bank, as custodian for DTC and DTC may
be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or
the Trustee, from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between
DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

Section 2.3     Authorized
Amount; Stated Maturity; Denominations. (a)  The aggregate principal amount
of Class A Notes (other than Delayed Draw Class A-1 Notes) that may be authenticated and delivered under this Indenture
is limited to, with respect to the Class A-1 Notes that are Initial Funded Class A-1 Notes, U.S.$115,384,615, and with
respect to the Class A-R Notes, the Maximum RCN Facility Funding Commitment, excluding Notes issued upon registration of,
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.5, 2.6 or 8.6 of this Indenture. The aggregate
principal amount of Delayed Draw Class A-1 Notes that may be authenticated and delivered under this Indenture is limited to
U.S.$151,282,052, excluding Delayed Draw Class A-1 Notes issued upon registration of, transfer of, or in exchange for, or
in lieu of, other Delayed Draw Class A-1 Notes pursuant to Sections 2.5, 2.6 or 8.6 of this Indenture.

 

(b)            Notes
shall be issued on the Closing Date, the Second Closing Date and the Third Closing Date, as applicable. The Class A-1 Notes
shall have the designations, aggregate principal amounts and other characteristics as follows:

 

	 	
        Initial
        Funded 

Class A-1 Notes

 (Issued on the 

Closing Date) 
	 	
        Delayed
        Draw 

Class A-1 Notes

 (Issued on the

 Closing Date) 
	 	
        Delayed
        Draw Class

  A-1 Notes (Issued on 

the Second Closing 

Date) 

	 

                                Class Designation
	
        A-1
	 	
        A-1
	 	
        A-1

	 

                                Stated Maturity
	
        May 19,
        2027
	 	
        May 19,
        2027
	 	
        May 19,
        2027

	Original Aggregate Principal 

Amount	U.S.$115,384,615	 	U.S.$0	 	U.S.$0
	Committed Amount	N/A	 	U.S.$76,923,076	 	U.S.$74,358,976
	Total Authorized Principal

 Amount	U.S.$115,384,615	 	U.S.$76,923,076	 	U.S.$74,358,976

 

 

The Class A-1 Notes shall be issued
in minimum denominations of $250,000 and integral multiples of $1 in excess thereof and shall only be transferred or resold in
compliance with the terms of this Indenture. No interest shall accrue in respect of the Class A-1 Notes.

 

    -42-

     

    

 

The Class A-R Notes shall have the
designations, aggregate principal amounts and other characteristics as follows:

 

	Class Designation	 	Class A-R Note
	Stated Maturity	 	May 19, 2027
	Original Aggregate Principal Amount	 	U.S.$0
	Maximum RCN Facility Funding Commitment	 	U.S.$50,000,000
	Total Authorized Principal Amount	 	U.S.$50,000,000

 

The Class A-R Notes shall be issued
in minimum denominations of U.S.$250,000 (which may represent a combination of the Outstanding Class A-R Funded Amount, if
any, and the Remaining Unfunded Facility Commitment attributable to such Class A-R Notes) and integral multiples of U.S.$1
in excess thereof and shall only be transferred or resold in compliance with the terms of this Indenture and the Revolving Credit
Note Agreement. No interest shall accrue in respect of the Class A-R Notes.

 

All of the Class A-1 Notes and Class A-R
Notes are entitled to receive payments of Interest Collections and Principal Collections on the relevant date following the occurrence
of an Enforcement Event and the date of Maturity, in each case, pro rata and pari passu among themselves and all
other Notes (irrespective of Class) in accordance with the Priority of Payments; provided that (i) in the case of any
Optional Redemption, the Holders of the Class A-1 Notes shall be entitled to receive repayment of the Aggregate Outstanding
Amount of the Class A-1 Notes (or the applicable portion thereof that is being repaid) pro rata and pari passu
among themselves and no amount shall be payable in respect of the Class A-R Notes in connection with any Optional Redemption
and (ii) in connection with any repayment of all or a portion of the Outstanding Class A-R Funded Amount pursuant to
Section 2.5(e) of the Revolving Credit Note Agreement and Section 10.2(g) of this Indenture, the Holders of
the Class A-R Notes shall be entitled to receive repayment of the Outstanding Class A-R Funded Amount (or the applicable
portion thereof that is being repaid) pro rata and pari passu among themselves and no amount shall be payable in
respect of the Class A-1 Notes in connection therewith.

 

Section 2.4     Execution,
Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer
by one of its Authorized Representatives. The signature of such Authorized Representative on the Notes may be manual or by electronic
transmission (i.e., facsimile or e-mail transmission of a “pdf” copy).

 

Notes bearing the manual
or electronically transmitted signatures of any individual who was at any time an Authorized Representative of the Issuer shall
bind the Issuer notwithstanding the fact that such individual has ceased to hold such office prior to the authentication and delivery
of such Notes or did not hold such office at the date of issuance of such Notes.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee
or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate
and deliver such Notes as provided in this Indenture and not otherwise.

 

    -43-

     

    

 

Each Class A-1 Note
authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date or the Second Closing
Date shall be dated as of the Closing Date or the Second Closing Date, as applicable. Each Class A-R Note authenticated and
delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Third Closing Date has been dated as of the Third
Closing Date. All other Notes that are authenticated and delivered after the Closing Date, the Second Closing Date or the Third
Closing Date, as applicable for any other purpose under this Indenture shall be dated the date of their authentication.

 

Notes issued upon transfer,
exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original Aggregate Outstanding
Amount of the Notes so transferred, exchanged or replaced, but shall represent only the current Aggregate Outstanding Amount of
the Notes so transferred, exchanged or replaced. In the event that any Note (including, in the case of the Class A-R Notes,
the Remaining Unfunded Facility Commitment) is divided into more than one Note in accordance with this Article 2, the original
principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor.

 

No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate
of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the
manual signature of one of their Authorized Representatives, and such certificate upon any Note shall be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered hereunder.

 

Section 2.5     Registration,
Registration of Transfer and Exchange. (a) The Trustee is hereby appointed as the
registrar of the Class A-1 Notes (the Class A-1 Note Registrar) and the Revolving Credit Note Agent has
been appointed as the registrar of the Class A-R Notes under the Revolving Credit Note Agreement (in such capacity, the Class A-R
Note Registrar and together with the Class A-1 Note Registrar, each a Note Registrar). The Trustee is
hereby appointed as a Transfer Agent with respect to the Notes. Each Note Registrar shall keep, on behalf of the Issuer, a register
(the Class A-1 Note Register) for the Class A-1 Notes and a register (the Class A-R Note Register
and, together with the Class A-1 Note Register, the Note Registers) for the Class A-R Notes, in its Corporate
Trust Office in which, subject to such reasonable regulations as it may prescribe, such Note Registrar shall provide for the registration
of and the registration of transfers of Class A-1 Notes and the Class A-R Notes. The Note Registrar shall record the
Aggregate Outstanding Amount from time to time of the Notes (as the same may be increased or reduced by way of Subsequent Advances,
repayments, redemptions or exchanges). Upon any resignation or removal of either Note Registrar, the Issuer shall promptly appoint
a successor or, in the absence of such appointment, assume the duties of such Note Registrar. The Issuer may not terminate the
appointment of the Note Registrars or any Transfer Agent or appoint a new Note Registrar or Transfer Agent without the consent
of the Majority Holders.

 

    -44-

     

    

 

If a Person other than
the Trustee is appointed by the Issuer as a Class A-1 Note Registrar, the Issuer will give the Trustee prompt written notice
of the appointment of a Class A-1 Note Registrar, and of the location, and any change in the location, of the Class A-1
Note Register, and the Trustee and the Liquidation Agent shall have the right to inspect the Class A-1 Note Register at all
reasonable times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate executed on behalf
of the Class A-1 Note Registrar by an Officer thereof as to the names and addresses of the Holders of the Class A-1 Notes
and the principal or face amounts and numbers of such Class A-1 Notes. Upon written request at any time, the Class A-1
Note Registrar shall provide to the Issuer, the Collateral Manager, the Liquidation Agent or any Holder of a Class A-1 Note
a current list of Class A-1 Noteholders as reflected in the Class A-1 Note Register.

 

If a Person other than
the Revolving Credit Note Agent is appointed as a Class A-R Note Registrar, the Issuer will give the Revolving Credit Note
Agent prompt written notice of the appointment of a Class A-R Note Registrar, and of the location, and any change in the location,
of the Class A-R Note Register, and the Revolving Credit Note Agent shall have the right to inspect the Class A-R Note
Register at all reasonable times and to obtain copies thereof and the Revolving Credit Note Agent shall have the right to rely
upon a certificate executed on behalf of the Class A-R Note Registrar by an Officer thereof as to the names and addresses
of the Holders of the Class A-R Notes and the principal or face amounts and numbers of such Class A-R Notes. Upon written
request at any time, the Class A-R Note Registrar shall provide to the Issuer, the Collateral Manager or any Holder of a Class A-R
Note a current list of Class A-R Noteholders as reflected in the Class A-R Note Register.

 

No transfer of Notes
shall be effective unless such transfer occurs in accordance with this Section 2.5 and is registered in the applicable Note
Register by the applicable Note Registrar. The entries in the Note Registers shall be conclusive and binding for all purposes,
absent manifest error, and the Holders, the Issuer, any Paying Agent and the Trustee shall treat each Person whose name is recorded
in the Note Registers pursuant to the terms herein as a Holder for all purposes of this Indenture.

 

This Section 2.5
shall be construed so that the Notes are at all times maintained in registered form under Section 5f.103-1(c) of the
Treasury Regulations.

 

Subject to this Section 2.5,
upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in
Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal or face amount.

 

At the option of the
Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Issuer
shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive.

 

All Notes authenticated
and delivered upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the
same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon
such registration of transfer or exchange.

 

    -45-

     

    

 

Every Note presented
or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer
in form satisfactory to the applicable Note Registrar duly executed by the Holder thereof or such Holder’s attorney duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements
of the Note Registrar, which requirements include membership or participation in Securities Transfer Agents Medallion Program
(STAMP) or such other “signature guarantee program” as may be determined by the Note Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Exchange Act.

 

No service charge shall
be made to a Holder for any registration of transfer or exchange of Notes, but the Issuer, the Note Registrars or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The applicable
Note Registrar or the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity
and/or signatures of the transferor and transferee.

 

(b)           No
Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt
from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable State securities
laws and will not cause the Issuer to become subject to the requirement that it register as an investment company under the Investment
Company Act.

 

(c)           (i) No
Note may be transferred if such transfer would result in a non-exempt prohibited transaction under ERISA or Section 4975 of
the Code or in a non-exempt violation of any applicable Other Plan Law. Each initial purchaser of a Note or an interest therein
will be required and deemed to represent and warrant, and each subsequent transferee of a Note or an interest therein will be deemed
to have represented and warranted, that: (A) its purchase, holding and disposition of such Note or interest therein will not
result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code; and (B) if such Person is a governmental,
church, non-U.S. or other plan, (x) it is not, and for so long as it holds such Note or interest therein will not be, subject
to any Similar Law, and (y) its acquisition, holding and disposition of its interest in such Note will not constitute or result
in a non-exempt violation of any applicable Other Plan Law.

 

(ii)           Each
purchaser and subsequent transferee of Notes or an interest therein will be required or deemed to represent that such purchaser
or subsequent transferee, as applicable, is not an Affected Bank. No transfer of any Note to an Affected Bank will be effective,
and neither the Issuer, the Trustee nor the Note Registrar will recognize any such transfer, unless such transfer is specifically
authorized by the Issuer in writing.

 

(d)           Notwithstanding
anything contained herein to the contrary, the Trustee shall not be responsible for ascertaining whether any transfer complies
with, or for otherwise monitoring or determining compliance with, the registration provisions of or any exemptions from the Securities
Act, applicable State securities laws or the applicable laws of any other jurisdiction, ERISA, the Code or the Investment Company
Act; provided that if a certificate is specifically required by the terms of this Section 2.5 to be provided to the
Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and examine the same to determine
whether or not the certificate substantially conforms on its face to the applicable requirements of this Indenture and shall promptly
notify the party delivering the same if such certificate does not comply with such terms.

 

    -46-

     

    

 

(e)           Transfers
of Notes shall only be made in accordance with the following requirements:

 

(i)            Class A-1
Rule 144A Global Note to Class A-1 Regulation S Global Note. If a holder of a beneficial interest in a Class A-1
Rule 144A Global Note deposited with DTC wishes at any time to exchange its interest in such Class A-1 Rule 144A
Global Note for an interest in the corresponding Class A-1 Regulation S Global Note, or to transfer its interest in such Class A-1
Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Class A-1
Regulation S Global Note, such holder (provided that such holder or, in the case of a transfer, the transferee is not a
U.S. person and is acquiring such interest in an offshore transaction) may, subject to the immediately succeeding sentence and
the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent
beneficial interest in the corresponding Class A-1 Regulation S Global Note. Upon receipt by the Class A-1 Note Registrar
of (A) instructions given in accordance with DTC’s procedures from an Agent Member directing the Class A-1 Note
Registrar to credit or cause to be credited a beneficial interest in the corresponding Class A-1 Regulation S Global Note,
but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the beneficial interest
in a Class A-1 Rule 144A Global Note to be exchanged or transferred, (B) a written order given in accordance with
DTC’s procedures containing information regarding the participant account of DTC and the Euroclear or Clearstream account
to be credited with such increase, (C) a certificate in the form of Exhibit B1 attached hereto given by the holder of
such beneficial interest stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Global Notes, including that the holder or the transferee, as applicable, is not a U.S. person, and in an offshore
transaction pursuant to and in accordance with Regulation S, and (D) a written certification in the form of Exhibit B5
attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee
is a non-U.S. person purchasing such beneficial interest in an offshore transaction pursuant to Regulation S, then the Class A-1
Note Registrar shall approve the instructions at DTC to reduce the principal amount of such Class A-1 Rule 144A Global
Note and to increase the principal amount of the Class A-1 Regulation S Global Note by the aggregate principal amount of the
beneficial interest in such Class A-1 Rule 144A Global Note to be exchanged or transferred, and to credit or cause to
be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Class A-1
Regulation S Global Note equal to the reduction in the principal amount of such Class A-1 Rule 144A Global Note.

 

    -47-

     

    

 

(ii)           Class A-1
Regulation S Global Note to Class A-1 Rule 144A Global Note. If a holder of a beneficial interest in a Class A-1
Regulation S Global Note deposited with DTC wishes at any time to exchange its interest in such Class A-1 Regulation S Global
Note for an interest in the corresponding Class A-1 Rule 144A Global Note or to transfer its interest in such Class A-1
Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Class A-1
Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures
of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest
for an equivalent beneficial interest in the corresponding Class A-1 Rule 144A Global Note. Upon receipt by the Class A-1
Note Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Class A-1
Note Registrar to cause to be credited a beneficial interest in the corresponding Class A-1 Rule 144A Global Note in
an amount equal to the beneficial interest in such Class A-1 Regulation S Global Note, but not less than the minimum denomination
applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the
participant account with DTC to be credited with such increase, (B) a certificate in the form of Exhibit B3 attached
hereto given by the holder of such beneficial interest and stating, among other things, that, in the case of a transfer, the Person
transferring such interest in such Class A-1 Regulation S Global Note reasonably believes that the Person acquiring such
interest in a Class A-1 Rule 144A Global Note is a Qualified Institutional Buyer and also a Qualified Purchaser or an
entity beneficially owned exclusively by Qualified Purchasers, is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or
any other jurisdiction and (C) a written certification in the form of Exhibit B4 attached hereto given by the transferee
in respect of such beneficial interest stating, among other things, that such transferee is a Qualified Institutional Buyer and
also a Qualified Purchaser or an entity beneficially owned exclusively by Qualified Purchasers, then the Class A-1 Note Registrar
will approve the instructions at DTC to reduce, or cause to be reduced, such Class A-1 Regulation S Global Note by the aggregate
principal amount of the beneficial interest in such Class A-1 Regulation S Global Note to be transferred or exchanged and
the Class A-1 Note Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the
securities account of the Person specified in such instructions a beneficial interest in the corresponding Class A-1 Rule 144A
Global Note equal to the reduction in the principal amount of such Class A-1 Regulation S Global Note.

 

(iii)          Transfer
of Class A-1 Global Note to Class A-1 Certificated Note. A Holder of a beneficial interest in a Class A-1 Global
Note may not transfer its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a corresponding
Class A-1 Certificated Note. A Holder of a beneficial interest in a Class A-1 Global Note may not exchange such interest
for a corresponding Class A-1 Certificated Note unless it satisfies the requirements of Section 2.10.

 

(iv)          Transfer
of Certificated Notes to Certificated Notes. Subject to the provisions of the Revolving Credit Note Agreement with respect
to the Class A-R Notes, upon receipt by the applicable Note Registrar of (A) a Holder’s Certificated Note properly
endorsed for assignment to the transferee, (B) a certificate in the form of Exhibit B1 or Exhibit B3, as applicable,
attached hereto given by the Holder of such Certificated Note, and (C) a certificate substantially in the form of Exhibit B2
executed by the transferee, such Note Registrar shall cancel such Certificated Note in accordance with Section 2.9, record
the transfer in the applicable Note Register in accordance with Section 2.5(a) and upon execution by the Issuer and authentication
and delivery by the Trustee, deliver one or more Certificated Notes bearing the same designation as the Certificated Note endorsed
for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated
by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Note
surrendered by the transferor), and in authorized denominations.

 

    -48-

     

    

 

Subject to
the foregoing requirements in the immediately preceding paragraph, (x) a holder of a Class A-R Rule 144A Certificated
Note may transfer its interest thereunder to any Person who may hold such transferred interest in a Class A-R Regulation S
Certificated Note or a Class A-R Rule 144A Certificated Note and (y) a holder of a Class A-R Regulation S Certificated
Note may transfer its interest thereunder to any Person who may hold such transferred interest in a Class A-R Rule 144A
Certificated Note or a Class A-R Regulation S Certificated Note.

 

(v)           Transfer
of Certificated Notes to Global Notes. If a Class A-1 Noteholder wishes at any time to transfer its interest in a Certificated
Note to a Person who wishes to take delivery thereof in the form of a Global Note, such Class A-1 Noteholder may, subject
to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may
be, exchange or transfer, or cause the exchange or transfer of, such Certificated Note for a beneficial interest in an applicable
Global Note. Upon receipt by the Class A-1 Note Registrar of (A) a Holder’s Certificated Note properly endorsed
for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B1 (in the case of transfer
to a Class A-1 Regulation S Global Note) or Exhibit B3 (in the case of transfer to a Class A-1 Rule 144A Global
Note) attached hereto executed by the transferor and a certificate substantially in the form of Exhibit B4 (in case of transfer
to a Class A-1 Rule 144A Global Note) or Exhibit B5 (in case of transfer to a Class A-1 Regulation S Global
Note) attached hereto executed by the transferee, (C) instructions given in accordance with Euroclear, Clearstream or DTC’s
procedures, as the case may be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the applicable
Global Note in an amount equal to the Certificated Notes to be transferred or exchanged, and (D) a written order given in
accordance with DTC’s procedures containing information regarding the participant’s account at DTC and/or Euroclear
or Clearstream to be credited with such increase, the Class A-1 Note Registrar shall cancel such Certificated Note in accordance
with Section 2.9, record the transfer in the Class A-1 Note Register in accordance with Section 2.5(a) and
approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account
of the Person specified in such instructions a beneficial interest in the applicable Global Note equal to the principal amount
of the Certificated Note transferred or exchanged.

 

(f)            Legends.
Any Note issued upon the transfer, exchange or replacement of Notes shall bear such applicable legend substantially as set forth
in the applicable part of Exhibit A hereto.

 

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(g)           Each
Person who becomes a beneficial owner of Notes represented by an interest in a Global Note, and any original purchaser of any Notes,
by its acquisition of a Note, will be deemed to have represented and agreed as follows: (i) In connection with the purchase
of such Notes:

 

(A)          none
of the Issuer, the Sole Member, the Collateral Manager, the Liquidation Agent, the Trustee, the Collateral Administrator or any
of their respective Affiliates is acting as a fiduciary or financial or investment advisor for such beneficial owner;

 

(B)           such
beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations
(whether written or oral) of the Issuer, the Sole Member, the Collateral Manager, the Trustee, the Collateral Administrator, the
Liquidation Agent, or any of their respective Affiliates;

 

(C)           such
beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to
the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed
necessary and not upon any view expressed by the Issuer, the Sole Member, the Collateral Manager, the Liquidation Agent, the Trustee,
the Collateral Administrator or any of their respective Affiliates;

 

(D)          such
beneficial owner (1) is either (a) both (x) a Qualified Purchaser, or an entity owned (or in the case of Qualified
Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y)(I) a Qualified Institutional Buyer or (II) an
Accredited Investor who is purchasing such Notes in a non-public transaction and (2) in the case of a Person who becomes a
beneficial owner subsequent to the date hereof, is both (x) a Qualified Purchaser, or an entity owned (or in the case of Qualified
Purchasers, beneficially owned) by one or more Qualified Purchasers, and (y) a Qualified Institutional Buyer that is not a
broker-dealer which owns and invests on a discretionary basis less than $25,000,000 in securities of issuers that are not affiliated
persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of Rule 144A under
the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(f) of Rule 144A under the Securities Act that holds
the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan, who is purchasing
the Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder or (b) a Person
that is not a U.S. Person and is acquiring the Notes in an offshore transaction in reliance on the exemption from registration
provided by Regulation S;

 

(E)           such
beneficial owner is acquiring its interest in such Notes for its own account for investment and not with a view to the resale,
distribution or other disposition thereof in violation of the Securities Act;

 

(F)           such
beneficial owner was not formed for the purpose of investing in such Notes;

 

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(G)           such
beneficial owner understands that the Issuer may receive a list of participants holding interests in the Notes from one or more
book-entry depositories;

 

(H)          such
beneficial owner will hold and transfer at least the minimum denomination of such Notes;

 

(I)            such
beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions
and risks thereof, and is capable of and willing to assume those risks;

 

(J)            such
beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees, including that such beneficial
owners are relying on the exemption from registration under the Securities Act provided by Rule 144A thereunder or Regulation
S;

 

(K)          none
of such beneficial owner or any of its affiliates (as such term is defined in Rule 501(b) of Regulation D under the Securities
Act) or any other Person acting on any of their behalf has engaged or will engage, in connection with such Notes, in any form of
(i) general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or (ii) directed
selling efforts within the meaning of Rule 902(c) of Regulation S thereunder; and

 

(L)           such
beneficial owner has not solicited and will not solicit offers for such Notes, and has not arranged and will not arrange commitments
to purchase such Notes, except in accordance with this Indenture and any applicable U.S. Federal and State securities laws and
the securities laws of any other jurisdiction in which such Notes have been offered.

 

(ii)           Each
Person who purchases a Note or any interest therein will be required or deemed to represent, warrant and agree that (A) its
purchase, holding and disposition of such Note or interest therein will not result in a non-exempt prohibited transaction under
ERISA or Section 4975 of the Code; and (B) if such Person is a governmental, church, non-U.S. or other plan, (x) it
is not, and for so long as it holds such Note or interest therein will not be, subject to any Similar Law, and (y) its acquisition,
holding and disposition of its interest in such Note will not constitute or result in a violation of any applicable Other Plan
Law.

 

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(iii)          Such
beneficial owner understands that such Notes are being offered only in a transaction not involving any public offering in the
United States of America within the meaning of the Securities Act, such Notes have not been and will not be registered under the
Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes,
such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture and
the legend on such Notes, including any requirement for written certifications. In particular, such beneficial owner understands
that the Notes may be transferred only to a Person that is either (a) both (1)(x) a Qualified Purchaser, or (y) an
entity owned (or in the case of Qualified Purchasers, beneficially owned) by one or more Qualified Purchasers and (2) a Qualified
Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than $25,000,000 in securities
of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of
Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(f) of Rule 144A under the
Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan, who is purchasing the Notes in reliance on the exemption from Securities Act registration provided by Rule 144A
or (b) a Person that is not a U.S. Person and is acquiring the Notes in an offshore transaction in reliance on the exemption
from registration provided by Regulation S thereunder. Such beneficial owner acknowledges that no representation has been made
as to the availability of any exemption under the Securities Act or any State securities laws for resale of such Notes. Such beneficial
owner understands that the Issuer has not been registered under the Investment Company Act, and that the Issuer is exempt from
registration as such by virtue of Section 3(c)(7) of the Investment Company Act.

 

(iv)          Such
beneficial owner is aware that, except as otherwise provided in this Indenture, any Class A-1 Notes being sold to it in reliance
on Regulation S will be represented by a Class A-1 Regulation S Global Note and that beneficial interests therein may be held
only through DTC for the respective accounts of Euroclear or Clearstream.

 

(v)           Such
beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the Notes of the transfer restrictions
and representations set forth in this Section 2.5, including the Exhibits referenced herein, Sections 2.11 and 2.12 hereunder,
and the legends on the Notes.

 

(vi)          Such
beneficial owner understands that the Issuer, the Sole Member, the Collateral Manager, the Trustee, the Liquidation Agent, and
their respective counsel will rely upon the accuracy and truth of the foregoing representations and agreements, and such beneficial
owner hereby consents to such reliance.

 

(h)           Subject
to the provisions of the Revolving Credit Note Agreement with respect to the Class A-R Notes, each Person who becomes an owner
of a Certificated Note will be required to make the representations and agreements set forth in Exhibit B2.

 

(i)            Subject
to the provisions of the Revolving Credit Note Agreement with respect to the Class A-R Notes, any purported transfer of a
Note not in accordance with this Section 2.5 shall be null and void and shall not be given effect for any purpose whatsoever.

 

(j)            The
Note Registrars, the Trustee and the Issuer shall be entitled to conclusively rely on any transferor and transferee certificate
delivered pursuant to this Section 2.5 and shall be able to presume conclusively the continuing accuracy thereof, in each
case without further inquiry or investigation.

 

(k)           Neither
the Trustee nor the Class A-1 Notes Registrar shall be liable for any delay in the delivery of directions from DTC and may
conclusively rely on, and shall be fully protected in relying on, such directions as to the names of the beneficial owners in whose
names Class A-1 Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

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Section 2.6           Mutilated,
Defaced, Destroyed, Lost or Stolen Note. If (a) any mutilated or defaced Note is
surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence
to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer,
the Trustee and such Transfer Agent such security or indemnity as may be required by them to save each of them harmless, then,
in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a Protected Purchaser,
the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate and deliver to the Holder, in lieu of any such
mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal
or face amount, registered in the same manner, dated the date of its authentication and bearing a number not contemporaneously
outstanding.

 

If, after delivery of
such new Note, a Protected Purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note,
the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered
or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent
of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith.

 

In case any such mutilated,
defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may, instead of issuing a new
Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.

 

Upon the issuance of
any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

 

Every new Note issued
pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section 2.6,
to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this
Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, defaced, destroyed, lost or stolen Notes.

 

Section 2.7           Payment
of Principal and Interest and Other Amounts; Principal Rights Preserved. (a)  Interest
on the Notes shall not accrue on the Aggregate Outstanding Amount of the Notes. Interest Collections received by the Issuer will
be credited to the Interest Collection Subaccount.

 

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(b)           Any
Class A-R Noteholder that has deposited a prefunding amount in a Class A-R Prepayment Account pursuant to and in accordance
with the Revolving Credit Note Agreement shall be entitled to receive an amount equal to earnings in respect of Eligible Investments
in such Class A-R Prepayment Account (or subaccount, if applicable) received during the preceding Monthly Period (such amount,
the Eligible Investment Income for the applicable Monthly Period with respect to such Class A-R Prepayment
Account), and the Trustee shall withdraw the Eligible Investment Income from each Class A-R Prepayment Account on the last
day of each Monthly Period and distribute it to the relevant Class A-R Noteholder on the applicable Payment Date without
regard to the Priority of Payments.

 

(c)           All
of the Class A-R Notes are entitled to receive payments pari passu among themselves except as otherwise expressly provided
for herein or in the Revolving Credit Note Agreement.

 

(d)           The
Outstanding Class A-R Funded Amount shall be increased by Borrowings under the Revolving Credit Note Agreement. The Outstanding
Class A-R Funded Amount will be decreased by repayments pursuant to (A) the Priority of Payments or (B) Sections 2.2,
2.5 or 4.1(b) of the Revolving Credit Note Agreement.

 

(e)           Principal
Collections received by the Issuer will be credited to the Principal Collection Subaccount. Principal Collections that are received
in a Monthly Period will, at the election of the Collateral Manager acting on behalf of the Issuer, be invested in Eligible Investments
to be credited to the Collection Account pursuant to Section 10.2, reinvested in Portfolio Assets that satisfy the requirements
of Section 12.2 or used to prepay the Notes in accordance with Article 9. No payments of principal will be payable on
any Class A-1 Notes or Class A-R Notes prior to their Stated Maturity except (i) so long as no Event of Default
has occurred and is continuing and so long as immediately after giving effect to such payment no Borrowing Base Deficiency would
occur, on any Business Day, as determined by the Issuer at the direction of the Collateral Manager in accordance with Sections 2.2
and 2.5 of the Revolving Credit Note Agreement, and (ii) as provided in Article 9.

 

(f)            All
payments in respect of principal of the Notes will be made in accordance with the Priority of Payments, Article 9 (if applicable)
and Article 13 and, with respect to principal of the Class A-R Notes, Sections 2.2, 2.5 and 4.1(b) of the Revolving
Credit Note Agreement.

 

(g)           The
Paying Agent shall require the previous delivery of properly completed and signed applicable tax certifications (generally, in
the case of U.S. Federal income tax, either (i) in the case of a United States Person, an Internal Revenue Service Form W-9
(or applicable successor form) or (ii) in the case of a Person that is not a United States Person, the applicable Internal
Revenue Service Form W-8 (or applicable successor form) with all required attachments), any information requested by the Issuer,
the Trustee or the Paying Agent to achieve FATCA Compliance, or any other certification acceptable to it to enable the Issuer,
the Trustee and any Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they
may be required to pay, deduct or withhold from payments in respect of the applicable Note or the Holder or beneficial owner of
such Note under any present or future law or regulation of the United States of America, any other jurisdiction or any political
subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.
The Paying Agent shall deliver to the Issuer, to the extent received and provided such is not required to be retained, an original
of the applicable tax certifications, with attachments, provided by the Holder or beneficial owner of the Note. The Issuer shall
not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of deduction or withholding
for or on account of any present or future taxes, duties, assessments or governmental charges with respect to the Notes. Nothing
herein shall be construed to obligate the Paying Agent to determine the duties or liabilities of the Issuer or any other paying
agent with respect to any tax certification or withholding requirements, or any tax certification or withholding requirements of
any jurisdiction, political subdivision or taxing authority outside the United States.

 

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(h)           Payments
in respect of principal of any Note shall be made by the Trustee, in Dollars to DTC or its nominee with respect to a Global Note
and to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by the Holder, in immediately
available funds to a Dollar account maintained by DTC or its nominee with respect to a Global Note, and to the Holder or its nominee
with respect to a Certificated Note; provided that (i) in the case of a Certificated Note, the Holder thereof shall
have provided written wiring instructions to the Trustee on or before the related Record Date and (ii) if appropriate instructions
for any such wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S.
bank mailed to the address of the Holder specified in the applicable Note Register. Upon final payment due on the Maturity of a
Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Trustee or at the office of
any Paying Agent on or prior to such Maturity; provided that in the absence of notice to the Issuer or the Trustee that
the applicable Note has been acquired by a Protected Purchaser, such final payment shall be made without presentation or surrender,
if the Trustee and the Issuer shall have been furnished such security or indemnity as may be required by them to save each of them
harmless and an undertaking thereafter to surrender such Note. None of the Issuer, the Trustee, the Collateral Manager, and any
Paying Agent will have any responsibility or liability for any aspects of the records maintained by DTC, Euroclear, Clearstream
or any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Note. In the
case where any final payment of principal is to be made on any Note (other than on the Stated Maturity thereof), the Trustee, in
the name and at the expense of the Issuer shall, not more than 30 nor less than 10 days prior to the date on which such payment
is to be made, mail to the Persons entitled thereto at their addresses appearing on the applicable Note Register a notice which
shall specify the date on which such payment will be made, the amount of such payment per $1,000 aggregate principal amount of
Notes and the place where Notes may be presented and surrendered for such payment.

 

(i)            Subject
to Section 4.1(b) of the Revolving Credit Note Agreement, payments to Holders shall be made ratably in the proportion
that the Aggregate Outstanding Amount of the Notes registered in the name of each such Holder on the applicable Record Date bears
to the Aggregate Outstanding Amount of all Notes on such Record Date.

 

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(j)            Notwithstanding
any other provision of this Indenture or any other document to which the Issuer may be party, the obligations of the Issuer under
the Notes and this Indenture or any other document to which the Issuer may be party are at all times and from time to time limited
recourse obligations of the Issuer payable solely from the Collateral available at such time in accordance with the Priority of
Payments and following realization of the Collateral, and application of the proceeds thereof in accordance with this Indenture,
all obligations of and any claims against the Issuer hereunder or thereunder or in connection herewith or therewith after such
realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any Officer, director, member,
employee, shareholder or incorporator of the Issuer, the Collateral Manager or their respective Affiliates, successors or assigns
for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph (j) shall
not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement
which is part of the Collateral; or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced
by the Notes or secured by this Indenture until such Collateral has been realized. It is further understood that the foregoing
provisions of this paragraph (j) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding
or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency
judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person.

 

(k)            Subject
to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration of transfer
of or in exchange for or in lieu of any other Note shall carry the rights to unpaid principal (or other applicable amount) that
were carried by such other Note.

 

Section 2.8           Persons
Deemed Owners. The Issuer and the Trustee, and any agent of the Issuer or the Trustee,
shall treat as the owner of each Note (a) for the purpose of receiving payments on such Note (whether or not such Note is
overdue), the Person in whose name such Note is registered on the applicable Note Register at the close of business on the applicable
Record Date and (b) on any other date for all other purposes whatsoever (whether or not such Note is overdue), the Person
in whose name such Note is then registered on the applicable Note Register, and none of the Issuer, the Trustee or any agent of
the Issuer or the Trustee shall be affected by notice to the contrary.

 

Section 2.9            Cancellation.
All Notes surrendered for payment, registration of transfer, exchange, redemption, or mutilated, defaced or deemed lost or stolen,
shall be promptly canceled by the Trustee and may not be reissued or resold. No Note may be surrendered (including any surrender
in connection with any abandonment, donation, gift, contribution or other event or circumstance) except for payment as provided
herein under Section 2.6 or 2.7(h) or Article 9, or for registration of transfer, exchange, redemption or for replacement
in connection with any Note mutilated, defaced or deemed lost or stolen. Any such Notes shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee. No Notes shall be authenticated or registered in lieu of or in exchange for any
Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held by
the Trustee shall be destroyed or held by the Trustee in accordance with its standard retention policy unless the Issuer shall
direct by an Issuer Order received prior to destruction that they be returned to it.

 

Section 2.10         DTC
Ceases to be Depository. (a) A Global Note deposited with or for the account of DTC
pursuant to Section 2.2 shall be transferred in the form of a corresponding Certificated Note to the beneficial owners thereof
only if (i) such transfer complies with Section 2.5 of this Indenture and (ii) either (A) (1) DTC notifies
the Issuer that it is unwilling or unable to continue as depository for such Global Note or (2) DTC ceases to be a Clearing
Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days
after such event or (B) an Event of Default has occurred and is continuing and such transfer is requested by the Holder of
such Global Note.

 

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(b)           Any
Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial owner thereof pursuant to this
Section 2.10 shall be surrendered by DTC to the Trustee’s office located in the Borough of Manhattan, the City of New
York to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of
definitive physical certificates (pursuant to the instructions of DTC) in authorized denominations. Any Certificated Note delivered
in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5, bear the legends set forth
in the applicable Exhibit A and shall be subject to the transfer restrictions referred to in such legends.

 

(c)           Subject
to the provisions of sub-Section (b) of this Section 2.10, the Holder of a Global Note may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which
such Holder is entitled to take under this Indenture or the Notes.

 

(d)           In
the event of the occurrence of either of the events specified in sub-Section (a)(ii) of this Section 2.10, the Issuer
will promptly make available to the Trustee a reasonable supply of Certificated Notes.

 

In the event that Certificated
Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as required by sub-Section (a) of
this Section 2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that
the Holders of a Global Note would be entitled to pursue in accordance with Article 5 of this Indenture (but only to the extent
of such beneficial owner’s interest in the Global Note) as if corresponding Certificated Notes had been issued; provided
that the Trustee shall be entitled to rely upon any certificate of ownership provided by such beneficial owners and/or other forms
of reasonable evidence of such ownership (including a certificate in the form of Exhibit C).

 

Section 2.11         Non-Permitted
Holders or Violation of ERISA Representations or Noteholder Reporting Obligations. (a) 
Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a beneficial interest in any Note to a Person
that is not (i) a Qualified Institutional Buyer or an Accredited Investor who is purchasing such Notes in a non-public transaction
and (ii) a Qualified Purchaser (or an entity beneficially owned exclusively by Qualified Purchasers) and that is not made
pursuant to an applicable exemption under the Securities Act and the Investment Company Act shall be null and void and any such
purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer, the Trustee and the Note
Registrars for all purposes.

 

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(b)           If
(x) any person that is not permitted to acquire an interest in a Note or Notes (including in such form) pursuant to Section 2.11(a) shall
become the beneficial owner of an interest in such Note or Notes or (y) any Holder of Notes shall fail to comply with the
Noteholder Reporting Obligations (any such Person, a Non-Permitted Holder), the Issuer shall, promptly after discovery
that such Person is a Non-Permitted Holder by the Issuer or upon notice from the Trustee (who shall promptly notify the Issuer
if any Trust Officer of the Trustee obtains actual knowledge that any Holder of Notes is a Non-Permitted Holder) send notice to
such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest in the Notes held by such Person to a
Person that is not a Non-Permitted Holder within 30 days after the date of such notice. If such Non-Permitted Holder fails to
so transfer such Notes, the Issuer or the Collateral Manager acting for the Issuer shall have the right, without further notice
to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a
Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer,
may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly
deal in securities similar to the Notes and sell such Notes to the highest such bidder, provided that the Collateral Manager,
its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral Manager or any of its Affiliates
shall be entitled to bid in any such sale (to the extent any such entity is not a Non-Permitted Holder). However, the Issuer or
the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of each Note,
the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance
of an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers.
The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale, shall be remitted to the
Non-Permitted Holder. The terms and conditions of any sale under this Section 2.11(b) shall be determined in the sole
discretion of the Issuer, and none of the Issuer, the Trustee, the Note Registrars or the Collateral Manager or any of their Affiliates
shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion.

 

(c)           Any
transfer to a Person of a beneficial interest in a Note that results in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code, or that results in a non-exempt violation of any Other Plan Law (any such Person, a Non-Permitted ERISA Holder),
shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded
by the Issuer, the Trustee and the Note Registrars for all purposes.

 

(d)           If
any Non-Permitted ERISA Holder shall become the beneficial owner of an interest in any Note, the Issuer shall, promptly after discovery
by the Issuer that such Person is a Non-Permitted ERISA Holder or upon notice from the Trustee (who shall promptly notify the Issuer
if a Trust Officer of the Trustee obtains actual knowledge that any Holder of Notes is a Non-Permitted ERISA Holder) send notice
to such Non-Permitted ERISA Holder demanding that such Non-Permitted ERISA Holder transfer all or any portion of the Notes held
by such Person to a Person that is not a Non-Permitted ERISA Holder (and that is otherwise eligible to hold such Notes or an interest
therein) within 20 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer such Notes the Issuer
or the Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted ERISA Holder,
to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder (and
that is otherwise eligible to hold such Notes or an interest therein) on such terms as the Issuer may choose. The Issuer, or the
Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers
or other market professionals that regularly deal in securities similar to the Notes and sell such Notes to the highest such bidder,
provided that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled
by the Collateral Manager or any of its Affiliates shall be entitled to bid in any such sale (to the extent any such entity is
not a Non-Permitted ERISA Holder). However, the Issuer or the Collateral Manager may select a purchaser by any other means determined
by it in its sole discretion. The Holder of each Note, the Non-Permitted ERISA Holder and each other Person in the chain of title
from the Holder to the Non-Permitted ERISA Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the
Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses
and taxes due in connection with such sale, shall be remitted to the Non-Permitted ERISA Holder. The terms and conditions of any
sale under this Section 2.11(d) shall be determined in the sole discretion of the Issuer, and none of the Issuer, the
Trustee, the Note Registrars or the Collateral Manager or any of their Affiliates shall be liable to any Person having an interest
in the Notes sold as a result of any such sale or the exercise of such discretion.

 

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Section 2.12         Tax
Certification and Noteholder Reporting Obligations. (a)  Each Holder and beneficial
owner of a Note, by acceptance of such Note or an interest in such Note, shall be deemed to understand and acknowledge that failure
to provide the Issuer, the Trustee or any Paying Agent with the properly completed and signed applicable tax certifications (generally,
in the case of U.S. Federal income tax, either (i) in the case of a United States Person, an Internal Revenue Service Form W-9
(or applicable successor form) or (ii) in the case of a Person that is not a United States Person, the applicable Internal
Revenue Service Form W-8 (or applicable successor form) with all required attachments) or the failure to meet its Noteholder
Reporting Obligations may result in withholding from payments in respect of such Note, including U.S. Federal withholding or back-up
withholding.

 

(b)           Each
purchaser, beneficial owner and subsequent transferee of a Note or interest therein, by acceptance of such Note or an interest
in such Note, shall be deemed to have agreed to provide the Issuer and the Trustee, or their respective agents correct, complete
and accurate information or documentation as is necessary (in the sole determination of the Issuer, the Trustee or their respective
agents, as applicable) for the Issuer and the Trustee to achieve FATCA Compliance (the Noteholder Reporting Obligations).
Each purchaser and subsequent transferee of an interest in a Note will be required or deemed to understand and acknowledge that
the Issuer may provide such information or documentation and any other information concerning such purchaser’s or transferee’s
investment in the Notes to the U.S. Internal Revenue Service or another taxing or governmental authority. Each purchaser and subsequent
transferee of an interest in a Note will be required or deemed to understand and acknowledge that the Issuer has the right, hereunder,
to compel any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements to (1) sell its
interest in such Note, or may sell such interest on behalf of such owner, (2) permit the Issuer to redeem the Notes held by
such purchaser or (3) permit the Issuer to take any other steps as it determines in its sole discretion are necessary or appropriate
to mitigate the consequences on the Issuer and the other purchasers of the Notes of such purchaser’s failure to achieve FATCA
Compliance.

 

(c)           Each
purchaser, beneficial owner and subsequent transferee of a Note or interest therein by acceptance of such Note or an interest in
such Note, shall be deemed to have agreed that if any form or certification delivered expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify the Issuer, the Trustee and the Paying Agent in writing
of its inability do so.

 

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Section 2.13         Subsequent
Advances. (a) The Initial Holder shall make a Subsequent Advance in respect of the
Delayed Draw Class A-1 Notes (i) in the amount of U.S.$76,923,076 on the first Class A-1 Delayed Draw Funding Date,
(ii) in the amount of U.S.$24,358,976 on the second Class A-1 Delayed Draw Funding Date and (iii) in the amount
of U.S.$50,000,000 on the third Class A-1 Delayed Draw Funding Date; provided that

 

 

(i)            an
 “Event of Default” is not then in existence under the Global Master Repurchase Agreement with respect to which UBS
AG, London Branch is the “Defaulting Party” (as each such term is defined therein) as evidenced by a certificate of
the Initial Holder that such event has not occurred, and

 

(ii)           the
occurrence of each Class A-1 Delayed Draw Funding Date shall be conditional upon UBS having confirmed in writing to the Issuer,
the Trustee and the Collateral Administrator that it concurs with the Collateral Manager’s calculations with respect to the
Advance Value of each Additional Funding Asset as set forth in the notice delivered pursuant to Section 2.13(g) below
(which confirmation shall be deemed to be made upon the funding of the related Subsequent Advance).

 

(b)           Upon
receipt of such payment the Issuer shall increase (or, if applicable, direct the Trustee to increase or otherwise approve any such
increase at DTC) the amount outstanding under the applicable Delayed Draw Class A-1 Global Note by a principal amount equal
to the amount of the Subsequent Advance. In connection with each Subsequent Advance, the Initial Holder shall reasonably cooperate
with the Issuer (or the Trustee on its behalf) to effect any such increase, including providing any accessing instructions to DTC.

 

(c)           Each
Subsequent Advance made pursuant to this Section 2.13 shall be recorded by the Note Registrar on the Note Register pursuant
to Section 2.5(a); and shall be recorded and endorsed on each applicable Delayed Draw Class A-1 Global Note in accordance
with Section 2.2(b)(iii)(B).

 

(d)           The
Issuer shall be deemed to represent to UBS AG, London Branch and the Initial Holder on each Class A-1 Delayed Draw Funding
Date that no Event of Default has occurred or is continuing under this Indenture.

 

(e)           The
Initial Holder shall pay the amount of each Subsequent Advance to the Issuer by wire transfer of immediately available funds no
later than 11:00 a.m. (New York City time) on each Class A-1 Delayed Draw Funding Date, to the Collection Account as
Principal Collections, for further application of such amount (a) for the purchase of Additional Funding Assets, (b) to
fund the Delayed-Draw/Committed Proceeds/Revolver Account with respect to Additional Funding Assets pursuant to and in accordance
with Section 10.2(d) and Section 10.3(d), respectively, and (c) to fund Eligible Investments (it being understood
that any amounts applied pursuant to the foregoing clause (a) may be directly applied to the purchase of Portfolio Assets
on the related Class A-1 Delayed Draw Funding Date, without the requirement to deposit such amounts in the Collection Account,
so long as the related Additional Funding Assets are acquired by the Issuer on the related Class A-1 Delayed Draw Funding
Date).

 

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(f)            For
the avoidance of doubt, with respect to each Subsequent Advance, the certificate described in clause (a) of the first paragraph
of this Section 2.13 and an authentication order shall be delivered to the Trustee, but the opinions and certificates set
forth in Section 3.1 shall not be required.

 

(g)           The
aggregate Advance Value of all Additional Funding Assets (i) on the first Class A-1 Delayed Draw Funding Date shall be
equal to U.S.$50,000,000, (ii) on the second Class A-1 Delayed Draw Funding Date shall be equal to U.S.$37,500,000 and
(iii) on the third Class A-1 Delayed Draw Funding Date shall be equal to U.S.$37,500,000, in each case as determined
by the Collateral Manager and notified by the Collateral Manager to the Trustee, the Collateral Administrator, UBS and the Initial
Holder, such notice to contain reasonably detailed calculations specifying the Advance Value of each Additional Funding Asset;
provided that, UBS shall have signed off on such notice and agreed to calculations of Advance Value of Additional Funding
Assets provided by the Collateral Manager.

 

(h)           UBS
shall be an express third party beneficiary of this Indenture for purposes of exercising its right to verify under Section 2.13(a)(ii) above
and its right to receive the notice under Sections 2.13(a) and 2.13(g) above.

 

Section 2.14         Borrowings
under the Revolving Credit Note Agreement. (a)  On or prior to the Commitment
Termination Date, the Issuer (or the Collateral Manager on behalf of the Issuer) may request Borrowings under the Revolving Credit
Note Agreement by submitting a Borrowing Request in the form required by the Revolving Credit Note Agreement to the Revolving Credit
Note Agent and the Class A-R Noteholders.

 

(b)           Each
Borrowing Request shall (i) be made in writing and delivered to the Revolving Credit Note Agent and the Class A-R Noteholders
in accordance with the Revolving Credit Note Agreement, (ii) contain details of the applicable Borrowing requested in the
form attached as Exhibit A to the Revolving Credit Note Agreement and (iii) be required to satisfy the conditions applicable
to a Borrowing as set forth in the Revolving Credit Note Agreement.

 

(c)           Transfers
of the Class A-R Notes are subject to the terms and restrictions set forth in this Indenture and the Revolving Credit Note
Agreement.

 

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ARTICLE 3

 

CONDITIONS
PRECEDENT

 

Section 3.1            Conditions
to Issuance of Notes on Closing Date. The Notes to be issued on the Closing Date may be
registered in the names of the respective Holders thereof and may be executed by the Issuer and delivered to the Trustee for authentication
and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of
the following:

 

(a)            Officers’
Certificate of the Issuer. An Officer’s certificate of the Issuer (A) evidencing the authorization by Authorizing
Resolution of the execution and delivery on behalf of the Issuer of (1) the Transaction Documents to which the Issuer is a
party and (2) such related documents as may be required for the purpose of the transactions contemplated therein and (B) certifying
that (1) the attached copy of the Authorizing Resolution and Constitutive Documents is, in each case, a true and complete
copy thereof, (2) the Authorizing Resolution has not been amended or rescinded and is in full force and effect on and as of
the Closing Date, (3) the officers of the Issuer authorized to execute and deliver such documents hold the offices and have
the signatures indicated thereon and (4) all Portfolio Asset Obligors on all Portfolio Assets (or the applicable agent appointed
under the relevant Underlying Instrument to receive payments) have been directed to deposit all payments made or received under
the relevant Underlying Instrument in respect of such Portfolio Asset directly to the Collection Account.

 

(b)           Officers’
Certificates of the Sole Member, the Collateral Manager and the Counterparty. An Officer’s certificate of the Sole Member,
the Collateral Manager and the Counterparty (A) evidencing the authorization by Authorizing Resolution of the execution and
delivery of (1) the Transaction Documents to which it is a party and (2) such related documents as may be required for
the purpose of the transactions contemplated therein and (B) certifying that (1) the attached copy of the Authorizing
Resolution and Constitutive Documents is in each case a true and complete copy thereof, (2) the Authorizing Resolution has
not been amended or rescinded and are in full force and effect on and as of the Closing Date, (3) the officers of the Sole
Member, the Collateral Manager and the Counterparty authorized to execute and deliver such documents hold the offices and have
the signatures indicated thereon.

 

(c)            Governmental
Approvals. From the Issuer either (A) a certificate of the Issuer, or other official document, evidencing the due authorization,
approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion
of Counsel of the Issuer that no other authorization, approval or consent of any governmental body is required for the valid issuance
of the Notes or (B) an Opinion of Counsel of the Issuer that no such authorization, approval or consent of any governmental
body is required for the valid issuance of the Notes except as has been given.

 

(d)            U.S.
Counsel Opinions. Opinions of: (A) Alston & Bird LLP, counsel to the Trustee and the Collateral Administrator
and (B) White & Case LLP, New York counsel to the Issuer, the Sole Member, the Counterparty and the Collateral Manager;
each dated the Closing Date.

 

(e)            Delaware
Counsel Opinion. Opinion of: Venable LLP, Delaware counsel to Murray Hill Funding, LLC, dated the Closing Date.

 

(f)            Officers’
Certificates of Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that, to such Officer’s
knowledge, the Issuer is not in default under this Indenture and that the issuance of the Notes applied for by it will not result
in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents,
any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative
agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that it has
delivered to the Trustee (or procured the delivery of) the documentary conditions precedent required by Section 3.1 and that
all other conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for
by it have been complied with; and that all expenses due or accrued with respect to the issuance and sale of such Notes or relating
to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer’s
certificate of the Issuer shall also state that all of its representations and warranties contained herein are true and correct
as of the Closing Date in all material respects.

 

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(g)           Transaction
Documents. An executed counterpart of each Transaction Document.

 

(h)           Grant
of Portfolio Assets. The Grant by the Issuer pursuant to the Granting Clauses of this Indenture of all of the Issuer’s
right, title and interest in and to the Portfolio Assets pledged to the Trustee for inclusion in the Collateral on the Closing
Date shall be effective, and Delivery of such Collateral (including any promissory note and all other Underlying Instruments related
thereto to the extent received by the Issuer) as contemplated by Section 3.2 shall have been effected.

 

(i)             Certificate
of the Issuer Regarding Collateral. A certificate of an Authorized Representative of the Issuer or the Collateral Manager (on
behalf of the Issuer), dated as of the Closing Date, to the effect that:

 

(i)             in
the case of each Portfolio Asset pledged to the Trustee, on the Closing Date and immediately prior to the Delivery thereof on the
Closing Date:

 

(A)          the
Issuer is the owner of each Portfolio Asset free and clear of any Liens of any nature whatsoever except for (i) those which
are being released on the Closing Date, (ii) those Granted pursuant to this Indenture and (iii) Permitted Liens;

 

(B)          the
Issuer has acquired its ownership in each Portfolio Asset in good faith without notice of any adverse claim, except as described
in paragraph (A) above;

 

(C)          the
Issuer has not assigned, pledged or otherwise encumbered any interest in any such Portfolio Asset (or, if any such interest has
been assigned, pledged or otherwise encumbered, it has been released or will be released on the Closing Date) other than interests
Granted pursuant to this Indenture;

 

(D)          the
Issuer has full right to Grant a security interest in and assign and pledge each Portfolio Asset to the Trustee;

 

(E)           Schedule
1 to such certificate is a complete list of the Portfolio Assets as of the Closing Date and the information set forth with respect
to such Portfolio Asset in Schedule 1 to such certificate is correct;

 

(F)           upon
Grant by the Issuer, the Trustee has (or will have, upon the filing of the Financing Statement(s) contemplated in Section 7.5
of this Indenture, the delivery of any promissory notes relating to such Collateral and the execution and delivery of the Issuer
Account Control Agreement) a first priority perfected security interest in the Portfolio Assets and other Collateral, except as
permitted by this Indenture;

 

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(G)          no
Portfolio Asset was originated in contemplation of including it in the Collateral; and

 

(H)          each
Portfolio Asset that the Collateral Manager on behalf of the Issuer purchased or committed to purchase on or prior to the Closing
Date satisfies, or will upon its acquisition satisfy, the Asset Eligibility Criteria and (to the extent applicable to purchases
occurring on or prior to the Closing Date) other requirements of Section 12.2(a); and

 

(ii)            each
Loan owned or to be acquired by the Issuer on the Closing Date is a Portfolio Asset.

 

(j)            Accounts.
Evidence of the establishment of each of the Accounts.

 

(k)            Withholding
Certificates. From each Holder acquiring Notes on the Closing Date, either (A) a properly completed and duly executed
Internal Revenue Service Form W-9 or (B) the properly completed and duly executed applicable Internal Revenue Service
Form W-8 with all required attachments.

 

(l)             Other
Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause (l) shall
imply or impose a duty on the part of the Trustee to require any other documents.

 

(m)           Expense
Account. Receipt by the Trustee of $100,000 from the Sole Member, as a capital contribution to the Issuer, deposited into the
Expense Account for use pursuant to Section 10.3(c).

 

(n)           Letter
Agreement. An executed counterpart of the Letter Agreement (together with the omnibus consent contemplated thereby.)

 

(o)           Proceeds
of Initial Funded Class A-1 Notes. The receipt by the Trustee of Cash proceeds from the funding of the Initial Funded
Class A-1 Notes in the amount of U.S.$115,384,615.

 

Section 3.2           Custodianship;
Delivery of Portfolio Assets and Eligible Investments. (a) The Issuer shall deliver
or cause to be delivered to a custodian appointed by the Issuer, which shall be a Securities Intermediary (the Custodian),
all Collateral in accordance with the definition of “Deliver or Delivered or Delivery”. Initially, the Custodian shall
be the Bank. Any successor Custodian shall be a state or national bank or trust company that has capital and surplus of at least
$200,000,000 acting as a Securities Intermediary. The Trustee or the Custodian, as applicable, shall hold (i) all Portfolio
Assets, Eligible Investments, Cash and other investments purchased in accordance with this Indenture and (ii) all other Collateral
otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established
and maintained pursuant to Article 10; as to which in each case the Trustee shall have entered into the Issuer Account Control
Agreement (or an agreement substantially in the form thereof, in the case of a successor Custodian) it being agreed that the establishment
and maintenance of such Account will be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee.

 

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(b)           Each
time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Portfolio Asset, Eligible Investment
or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Portfolio Asset or Eligible Investment or other
investment is required to be, but has not already been, transferred to the Custodian or the relevant Account, cause the Portfolio
Asset, Eligible Investment or other investment to be Delivered to the Custodian to be held in or credited to the Custodial Account,
or in the case of any Eligible Investment or other investment, in the Account in which the funds used to purchase the investment
are held in accordance with Article 10, in each case, for the benefit of the Trustee in accordance with this Indenture. The
security interest of the Trustee in the funds or other property used in connection with the acquisition shall, immediately and
without further action on the part of the Trustee, be released. The security interest of the Trustee shall nevertheless come into
existence and continue in the related Portfolio Asset or Eligible Investment or other investment so acquired, including all interests
of the Issuer in to any contracts related to and proceeds of such Portfolio Asset or Eligible Investment or other investment.

 

Section 3.3            Application
of Proceeds. With respect to the cash proceeds of issuance of the Notes received on the
Closing Date and each Class A-1 Delayed Draw Funding Date and the cash proceeds of a Borrowing received on any Borrowing Date,
the Issuer shall deposit any such cash proceeds in the Collection Account and apply such proceeds (a) to fund the purchase
of Portfolio Assets, (b) to fund the Delayed-Draw/Committed Proceeds/Revolver Account pursuant to and in accordance with Section 10.2(d) and
Section 10.3(d), respectively, and (c) to fund the purchase of Eligible Investments (it being understood that any amounts
applied pursuant to the foregoing clause (a) may be directly applied to the purchase of Portfolio Assets on the Closing Date,
the applicable Class A-1 Delayed Draw Funding Date or Borrowing Date, as applicable, without the requirement to deposit such
amounts in the Collection Account, so long as the related Portfolio Assets are acquired by the Issuer on the Closing Date, such
Class A-1 Delayed Draw Funding Date or such Borrowing Date, as applicable).

 

Section 3.4            Issuance
of Class A-R Notes. The Class A-R Notes issued on the Third Closing Date may
be registered in the names of the respective Holders thereof and may be executed by the Issuer and delivered to the Trustee for
authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by
the Trustee of such documents as the Trustee may require.

 

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ARTICLE 4

 

SATISFACTION
AND DISCHARGE

 

Section 4.1            Satisfaction
and Discharge of Indenture. This Indenture shall be discharged and shall cease to be of
further effect except as to (i) rights of registration of transfer and exchange, (ii) rights of substitution of mutilated,
defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of principal thereof, (iv) the
obligations of the Trustee hereunder (in the case of such obligations, insofar as they relate to obligations that survive pursuant
to any of clauses (i) through (iii) above or clause (v) or (vi) below), (v) the rights and immunities
of the Collateral Administrator under the Collateral Administration Agreement and (vi) the rights of Holders as beneficiaries
hereof with respect to the property deposited with the Trustee and payable to all or any of them (and the Trustee, on demand of
and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture)
when:

 

(a)            either:

 

(i)             all
Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been mutilated, defaced, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6, (B) Notes for whose payment Cash has
theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 7.3, and (C) Notes in respect of which final payment has been made without presentation or surrender pursuant
to Section 2.7(h) or Section 9.4) have been delivered to the Trustee for cancellation; or

 

(ii)            all
Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable (or, in the case of the Class A-R
Notes, the Outstanding Class A-R Funded Amount has been repaid in full), or (B) will become due and payable at their
Stated Maturity within one year (or, in the case of the Class A-R Notes, the Outstanding Class A-R Funded Amount will
be repaid in full within one year), or (C) are to be called for redemption pursuant to Article 9 under an arrangement
satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.3, and the Issuer has
irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash or non-callable direct obligations
of the United States of America entitled to the full faith and credit of the United States of America, in an amount sufficient,
as verified by a firm of Independent certified public accountants which are nationally recognized, to pay and discharge the entire
indebtedness on such Notes, for principal to the date of such deposit (in the case of Notes which have become due and payable),
or to their Stated Maturity or Redemption Date, as the case may be, and shall have Granted to the Trustee a valid perfected security
interest in such Eligible Investment that is of first priority or free of any adverse claim, as applicable, and shall have furnished
an Opinion of Counsel with respect thereto; provided that this sub-Section (ii) shall not apply if an election
to act in accordance with the provisions of Section 5.5(a) shall have been made and not rescinded; or

 

(iii)           following
an election to act in accordance with the provisions of Section 5.5(a) that has been made and not rescinded, or following
the liquidation of all Portfolio Assets at the direction of the Liquidation Agent pursuant to Section 12.1(c), the Issuer
shall have delivered to the Trustee an Officers’ certificate stating that (i) there are no assets that remain subject
to the Lien of this Indenture and (ii) all funds on deposit in the Accounts have been distributed in accordance with the terms
of this Indenture (including Section 11.1) or the Issuer has otherwise irrevocably deposited or caused to be deposited such
funds with the Trustee, in trust for such purpose, and shall have Granted to the Trustee a valid perfected security interest in
such funds that is of first priority or free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel
with respect thereto;

 

(b)           the
Issuer has paid or caused to be paid all other sums then due and payable hereunder (including any amounts then due and payable
pursuant to the Collateral Administration Agreement and the Collateral Management Agreement) by the Issuer and no other amounts
are scheduled to be due and payable by the Issuer;

 

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(c)           the
Issuer has delivered to the Trust Officers’ certificates and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; and

 

(d)           the
Issuer has delivered to the Trustee a certificate stating that (i) there is no Collateral that remains subject to the Lien
of this Indenture and (ii) all funds on deposit in the Accounts have been distributed in accordance with the terms of this
Indenture (including the Priority of Payments) or have otherwise been irrevocably deposited in trust with the Trustee for such
purpose.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee and, if applicable, the Holders, as the
case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1 and 7.3 shall survive.

 

Section 4.2            Application
of Trust Cash. All Cash and obligations deposited with the Trustee pursuant to Section 4.1
shall be held in trust and applied by it in accordance with the provisions of the Notes, the Revolving Credit Note Agreement and
this Indenture, including, without limitation, the Priority of Payments, to the payment of principal, either directly or through
any Paying Agent, as the Trustee may determine; and such Cash and obligations shall be held in a segregated account identified
as being held in trust for the benefit of the Secured Parties.

 

Section 4.3            Repayment
of Cash Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all Cash then held by any Paying Agent other than the Trustee under the provisions of this
Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to Section 7.3 hereof and
in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with respect
to such Cash.

 

Section 4.4            Disposition
of Illiquid Assets. (a) In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, and notwithstanding Article 12 (or any other term to the contrary contained herein),
if the Portfolio Assets consist exclusively of Illiquid Assets, the Collateral Manager may (and shall if directed by the Majority
Holders) provide notice to the Trustee that it will dispose of the Illiquid Assets by auction pursuant to the requirements of Section 4.4(b).

 

(b)           The
Trustee will forward a notice, in the name and at the expense of the Issuer (in such form as is prepared by the Collateral Manager),
to the Holders of an auction, setting forth in reasonable detail a description of each Illiquid Asset and the following auction
procedures:

 

(i)            any
Holder of Notes may submit a written bid to purchase one or more Illiquid Assets no later than the date specified in the auction
notice (which shall be at least fifteen Business Days after the date of such notice (the Bid Deadline));

 

(ii)           each
bid must include an offer to purchase for a specified amount of cash on a proposed settlement date no later than five Business
Days after the Bid Deadline;

 

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(iii)          the
Collateral Manager (or, in connection with the liquidation of an Illiquid Asset described in clause (b) of the definition
thereof, the Liquidation Agent) shall select the winning bidder(s);

 

(iv)          if
no Holder submits such a bid before the Bid Deadline, unless the Collateral Manager determines (and notifies the Trustee) delivery
in kind is not legally or commercially practicable, the Trustee will provide notice thereof to each Holder and offer to deliver
(at the cost of the Issuer) a pro rata portion (as determined by the Collateral Manager) of each unsold Illiquid Asset to
the Holders that provide delivery instructions to the Trustee on or before the date specified in such notice, subject to minimum
denominations. To the extent that minimum denominations do not permit a pro rata distribution, the Trustee will distribute
the Illiquid Assets on a pro rata basis to the extent possible and the Collateral Manager will select by lottery the Holder
to whom the remaining amount will be delivered. Such distributions to Holders will not reduce the Aggregate Outstanding Amount
of the Notes. The Trustee shall use commercially reasonable efforts to effect delivery of such interests; and

 

(v)           if
no such Holder provides delivery instructions to the Trustee, the Trustee will promptly notify the Collateral Manager and offer
to deliver (at the cost of the Issuer) the Illiquid Assets to the Collateral Manager. If the Collateral Manager declines such
offer, the Trustee will take such action as directed by the Collateral Manager (on behalf of the Issuer) to dispose of the Illiquid
Assets, which may be by donation to a charity, abandonment or other means.

 

The Trustee shall have
no duty, obligation or responsibility with respect to the sale of any Illiquid Asset under this Section 4.4(b) other
than to act upon the written instruction of the Collateral Manager and in accordance with the express provisions of this Section 4.4(b).

 

ARTICLE 5

 

REMEDIES

 

Section 5.1            Events
of Default. Event of Default, wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body):

 

(a)           the
Issuer shall default in the payment of any principal or other amount owing or otherwise payable under the Notes when due (whether
at Stated Maturity, on a Redemption Date, by acceleration, upon optional or mandatory prepayment or otherwise) and such default
shall continue for at least three Business Days after notice thereof to the Issuer by any Holder; provided that, in the
case of a default in payment resulting solely from an administrative error or omission by the Trustee, such default continues
for a period of five or more Business Days after the Trustee receives written notice or a Trust Officer has actual knowledge of
such administrative error or omission; or

 

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(b)           the
failure (i) on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of Payments
and the continuation of such failure for a period of three Business Days, provided that, if such failure results solely
from an administrative error or omission by the Trustee, such failure continues for a period of five or more Business Days after
the Trustee receives written notice or a Trust Officer has actual knowledge of such administrative error or omission, or (ii) by
the Sole Member to make any equity contribution or to pay any other amount owing to the Issuer in each case pursuant to the Equity
Contribution Agreement and the continuation of such failure for a period of three Business Days; or

 

(c)           any
representation, warranty or certification made herein or pursuant hereto or in or pursuant to any Support Document (or in any
modification or supplement hereto or thereto) by the Issuer or the Sole Member shall prove to have been false or misleading as
of the time made in any material respect; provided, however, that if any such representation, warranty or certification
is (i) remediable and (ii) not the result of fraud or willful misconduct on the part of the Issuer or the Sole Member,
such representation, warranty or certification continues unremedied for a period of 30 days after the Issuer becomes actually
aware of such false or misleading representation, warranty or certification; or

 

(d)           the
Issuer shall default in the performance of any of its obligations under Section 7.5(a), 7.5(g), 7.15, 12.1(b) or 12.3(c);
or

 

(e)           except
as otherwise specified in this Section 5.1 (i) the Issuer shall default in the performance of any of its other obligations
hereunder or (ii) the Issuer or the Sole Member shall default in the performance of any of its other obligations under any
Support Document, and in each case such default (A) has a Material Adverse Effect on the Holders of the Notes and (B) if
remediable, continues unremedied for a period of 30 days after notice thereof to the Issuer by any Holder (or, in the case of
any obligation of the Sole Member under Section 2 of the Equity Contribution Agreement, one Business Day) after notice thereof
to the Issuer and Trustee by the Issuer, the Trustee or any Holder; provided that (I) any failure by the Sole Member
to comply with any of its obligations when due under Section 2 of the Equity Contribution Agreement (after giving effect
to any applicable cure periods) shall be deemed to have a Material Adverse Effect on the Holders for the purposes of the foregoing
sub-clause (A) and (II) any failure by the Sole Member to comply with any of its obligations when due under Section 5(d),
5(e) or 5(f) of the Equity Contribution Agreement (after giving effect to any applicable cure periods) shall be deemed
(x) to have a Material Adverse Effect on the Holders for the purposes of the foregoing sub-clause (A) and (y) to
be irremediable for the purposes of the foregoing sub-clause (B); or

 

(f)            An
Insolvency Event occurs with respect to the Issuer or the Sole Member; or

 

(g)           the
Issuer or the Sole Member shall consolidate or amalgamate with, or merge with or into, or transfer all or substantially all its
assets to, another Person and, at the time of such consolidation, amalgamation, merger or transfer:

 

(i)            the
resulting, surviving or transferee Person (if not the Issuer or the Sole Member, as the case may be) shall fail to assume all the
obligations of the Issuer or the Sole Member, as applicable, under the Notes or any Support Document to which it or its predecessor
was a party by operation of law or pursuant to an agreement reasonably satisfactory to the Holders of all Notes then Outstanding;

 

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(ii)            the
benefits of any Support Document shall fail to extend (without the unanimous consent of the Holders of all Notes then Outstanding)
to the performance by such resulting, surviving or transferee Person of its obligations under such Support Document; or

 

(iii)           the
creditworthiness of the resulting, surviving or transferee Person shall be materially weaker than that of the Issuer or the Sole
Member, as the case may be, immediately prior to such event (as determined by the Majority Holders); or

 

(h)           any
Transaction Document shall cease to be in full force or effect other than in accordance with its terms, or the Issuer or the Sole
Member shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, any Transaction Document
to which it is a party; or

 

(i)             the
Constitutive Documents of the Issuer shall be amended, supplemented or otherwise modified, or shall be terminated, without the
consent of each Holder, except for any amendment, supplement or other modification that could not reasonably be expected to have
a Material Adverse Effect; or

 

(j)             any
of the Issuer or the Sole Member becomes an investment company required to be registered under the Investment Company Act;

 

(k)            [reserved];

 

(l)             any
withdrawal (other than a withdrawal of a Zero Value Portfolio Asset) is made from the Collection Account or Custodial Account by
the Sole Member that does not satisfy the Withdrawal Conditions; or

 

(m)           an
 “Event of Default” occurs and is continuing under the Global Master Repurchase Agreement with respect to which the
Counterparty is the “Defaulting Party” (as each such term is defined therein) and an acceleration has occurred.

 

Upon obtaining knowledge
of the occurrence of a Default or an Event of Default (which, in the case of an event described in clause (m), will be obtained
by receipt of notice from UBS, in its capacity as party to the Global Master Repurchase Agreement, that such event has occurred),
each of (i) the Issuer, (ii) the Trustee, (iii) the Revolving Credit Note Agent, (iv) the Collateral Manager
and (v) the Liquidation Agent shall notify each other. Upon the occurrence of a Default or an Event of Default known or made
known pursuant to the foregoing to a Trust Officer of the Trustee, the Trustee shall, not later than three Business Days thereafter,
notify the Holders (as their names appear on the Note Registers), each Paying Agent and DTC of such Default or Event of Default
in writing (unless such Default or Event of Default has been waived as provided in Section 5.14).

 

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Section 5.2            Acceleration
of Maturity; Rescission and Annulment. (a) If an Event of Default occurs and is continuing
(other than an Event of Default specified in Section 5.1(f)), the Trustee may, and shall (upon the written direction of the
Majority Holders), by notice to the Issuer, declare the principal of all the Notes (including, in the case of the Class A-R
Notes, the Outstanding Class A-R Funded Amount (including any future additions to such Outstanding Class A-R Funded Amount
as a result of additional Borrowings under the Revolving Credit Note Agreement)) to be immediately due and payable, and upon any
such declaration such principal, together with all other amounts payable hereunder, shall become immediately due and payable. If
an Event of Default specified in Section 5.1(f) occurs, all unpaid principal of all the Notes, and other amounts payable
thereunder and hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee
or any Holder.

 

(b)           At
any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the
Cash due has been obtained by the Trustee as hereinafter provided in this Article 5, such declaration may not be rescinded
except by the Majority Holders.

 

No such rescission shall
affect any subsequent Default or impair any right consequent thereon.

 

Section 5.3            Collection
of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if a default
shall occur in respect of the payment of any principal of any Note, the Issuer will, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest
upon the overdue principal, which shall accrue at a rate equal to the Federal Funds (Effective) Rate plus 2%, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel.

 

If the Issuer fails to
pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and shall upon
direction of the Majority Holders, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such
Proceeding to judgment or final decree, and may enforce the same against the Issuer or the Sole Member, acting on behalf of the
Issuer with respect to its rights under the Equity Contribution Agreement, and collect the Cash adjudged or decreed to be payable
in the manner provided by law out of the Collateral.

 

If an Event of Default
has occurred and is continuing, the Trustee may in its discretion, and shall upon written direction of the Majority Holders, proceed
to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem
most effectual (if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority Holders, to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law.

 

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Subject always to the
provisions of Sections 2.7(j), 5.4(d) and 5.8, in case there shall be pending Proceedings relative to the Issuer or the Sole
Member under the Bankruptcy Law or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee
or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken
possession of the Issuer or the Sole Member or their respective property, or in case of any other comparable Proceedings relative
to the Issuer or the Sole Member, or the creditors or property of the Issuer or the Sole Member, the Trustee, regardless of whether
the principal of any Note shall then be due and payable as therein expressed or by declaration or otherwise and regardless of whether
the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by
intervention in such Proceedings or otherwise:

 

(a)            in
the case of Proceedings relative to the Issuer, to file and prove a claim or claims for the whole amount of principal owing and
unpaid in respect of the Notes upon direction by the Majority Holders; and in the case of Proceedings relative to the Issuer or
the Sole Member (on behalf of the Issuer in the case of Proceedings relative to the Sole Member), to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation
to the Trustee and each predecessor Trustee, and their respective agents, external attorneys and external counsel, and for reimbursement
of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except
as a result of negligence or bad faith) and of the Holders allowed in any Proceedings relative to the Issuer or the Sole Member,
as applicable, or to the creditors or property of the Issuer or the Sole Member, as applicable;

 

(b)           unless
prohibited by applicable law and regulations, to vote on behalf of the Holders upon the direction of the Majority Holders, in any
election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency Proceedings
or Person performing similar functions in comparable Proceedings; and

 

(c)            to
collect and receive any Cash or other property payable to or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian
or other similar official is hereby authorized by each of the Holders to make payments to the Trustee, and, in the event that the
Trustee shall consent to the making of payments directly to the Holders to pay to the Trustee such amounts as shall be sufficient
to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, external attorneys and external
counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee except as a result of negligence or bad faith.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holders, any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holders, as applicable, in any such Proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

 

In any Proceedings brought
by the Trustee on behalf of the Holders of the Notes (and any such Proceedings involving the interpretation of any provision of
this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Notes.

 

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Notwithstanding anything
in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance
thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a).

 

Section 5.4            Remedies.
(a)  If an Event of Default shall have occurred and be continuing, and the Notes have been declared or have become due and
payable (an Acceleration Event) and such Acceleration Event and its consequences have not been rescinded and annulled,
the Issuer agrees that the Trustee may, and shall, subject to the terms of this Indenture (including Section 6.3(e) and
Section 5.5(d)), upon written direction of the Majority Holders, to the extent permitted by applicable law, exercise one or
more of the following rights, privileges and remedies:

 

(i)             with
respect to each Portfolio Asset, the Trustee (at the direction of the Majority Holders) may direct each Portfolio Asset Obligor
(or the applicable agent appointed under the relevant Underlying Instrument to receive payments) thereon under the relevant Underlying
Instrument to pay all amounts payable under such Underlying Instrument to (or to the order of) the Trustee in satisfaction of all
payment obligations thereunder;

 

(ii)            in
its name or in the name of the Issuer or otherwise, demand, sue for, collect or receive any money or property at any time payable
or receivable on account of or in exchange for the Portfolio Assets and other Collateral but shall be under no obligation to do
so;

 

(iii)           institute
Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture, whether by declaration
or otherwise, enforce any judgment obtained, and collect from the Portfolio Assets and other Collateral any Cash adjudged due;

 

(iv)          sell
or cause the sale of all or a portion of the Portfolio Assets and other Collateral or rights or interests therein, at one or more
public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof;

 

(v)           institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Portfolio Assets and
other Collateral;

 

(vi)          exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Trustee and the Holders of the Notes hereunder (including exercising all rights of the Trustee under any Support Document);
and

 

(vii)         exercise
any other rights and remedies that may be available at law or in equity;

 

provided that the Trustee may not
sell or liquidate the Collateral or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except according
to the provisions of Section 5.5(a).

 

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The Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the cost of which shall
be payable as an Administrative Expense) in structuring and distributing securities similar to the Notes, which may be the Liquidation
Agent, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency
of the proceeds and other amounts receivable with respect to the Collateral to make the required payments of principal of the Notes
which opinion shall be conclusive evidence as to such feasibility or sufficiency.

 

(b)           If
an Event of Default as described in Section 5.1(e) hereof shall have occurred and be continuing the Trustee shall be
entitled, and at the direction of the Majority Holders shall, institute (or cause the Issuer to institute, in which case the Issuer
shall comply with any instruction of the Trustee with respect to such Proceeding) a Proceeding solely to compel performance of
the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default under
such Section, and enforce any equitable decree or order arising from such Proceeding.

 

(c)            Upon
any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party may bid for
and purchase the Collateral or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose
of such property in its or their own absolute right without accountability.

 

Upon any sale, whether
made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of Cash by the Trustee, or of the Officer
making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or
their purchase, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any such sale, whether
under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee and the Holders of
the Notes, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and
to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns,
and against any and all Persons claiming through or under them.

 

(d)           Notwithstanding
any other provision of this Indenture, none of the Trustee, the Secured Parties or the Holders (or any beneficial owners of the
Notes) nor any third party beneficiary of this Indenture may, prior to the date which is one year (or if longer, any applicable
preference period) and one day after the payment in full of all Notes, institute against, or join any other Person in instituting
against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings, or other Proceedings
under U.S. Federal or State bankruptcy or similar laws of any jurisdiction.

 

Nothing in this Section 5.4
shall preclude, or be deemed to estop, the Trustee, any Secured Party, any Holder or any such third-party beneficiary (i) from
taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or
commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee,
such Secured Party, such Holder or any such third-party beneficiary, respectively, or (ii) from commencing against the Issuer
or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
Proceeding.

 

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Section 5.5            Optional
Preservation of Collateral. (a)  Notwithstanding anything to the contrary herein,
but subject to Section 5.5(d), if an Event of Default shall have occurred and be continuing, the Trustee shall retain the
Collateral securing the Notes intact, collect and cause the collection of the proceeds thereof and make and apply all payments
and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and
the provisions of Article 10 and Article 12 unless either:

 

(i)             the
Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral (after
deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full (1) the Outstanding
Class A-R Funded Amount and any other amounts due and unpaid in respect of the Class A-R Notes, (2) the amounts
then due and unpaid on the Class A-1 Notes for principal and any default interest that has accrued as a result of a failure
to pay any principal when due, and in the case of clauses (1) and (2), and all other amounts that, pursuant to the Priority
of Payments, are required to be paid prior to such payments on such Notes (including amounts due and owing as Administrative Expenses),
and the Majority Holders agree with such determination; or

 

(ii)            the
Majority Holders direct the sale and liquidation of the Collateral.

 

The Trustee shall give written notice of
the retention of the Collateral, or of any direction received from the Majority Holders pursuant to Section 5.5(a)(ii) with
respect to the sale and liquidation of the Collateral, to the Issuer with a copy to the Collateral Manager and to the Revolving
Credit Note Agent. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may
be rescinded at any time when the conditions specified in clause (i) or (ii) exist.

 

(b)            Nothing
contained in Section 5.5(a) shall be construed to require the Trustee to sell the Collateral securing the Notes if the
conditions set forth in clause (i) or (ii) of Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall
be construed to require the Trustee to preserve the Collateral securing the Notes if prohibited by applicable law.

 

(c)            In
determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee shall obtain, with the cooperation
and assistance of the Liquidation Agent, bid prices with respect to each Portfolio Asset contained in the Collateral from two nationally
recognized dealers (as specified by the Liquidation Agent in writing) at the time making a market in such Portfolio Assets or similar
assets and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each
such Portfolio Asset (as determined by the Liquidation Agent and notified to the Trustee). In addition, for the purposes of determining
issues relating to the execution of a sale or liquidation of the Collateral and the execution of a sale or other liquidation thereof
in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may retain
and rely on an opinion of an Independent investment banking firm of national reputation (the cost of which shall be payable as
an Administrative Expense).

 

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The Trustee shall deliver
to the Holders and the Collateral Manager a report stating the results of any determination required pursuant to Section 5.5(a)(i) no
later than 10 days after such determination is made. The Trustee shall make the determinations required by Section 5.5(a)(i) at
the request of the Majority Holders at any time during which the Trustee retains the Collateral pursuant to Section 5.5(a)(i).

 

(d)            Section 5.4
and Section 5.5(a), (b) and (c) shall in all respects be subject to the application of Section 12.1(c) and
any direction or instruction of the Liquidation Agent thereunder (including, if so directed, as to the manner of sale of any Portfolio
Asset, notwithstanding Sections 5.4, 5.5(a), (b) and (c) and 5.17) and the Trustee shall comply with such directions
and instructions of the Liquidation Agent pursuant to Section 12.1(c) without regard to the provisions of Section 5.5(a) above.
In the event that any notice or instruction delivered by the Liquidation Agent pursuant to Section 12.1(c) conflicts,
or is otherwise inconsistent, with any notice or instruction provided by the Majority Holders pursuant to Section 5.4 or this
Section 5.5, the notice or instruction delivered by the Liquidation Agent pursuant to Section 12.1(c) shall govern
and the Issuer and the Trustee shall follow, and shall be entitled to rely upon, such notice or instruction delivered to the Trustee
pursuant to Section 12.1(c). The Trustee shall not have any liability for any failure or delay in enforcing rights or remedies
at the direction of, or on behalf of, the Majority Holders as a result of this clause (d).

 

Section 5.6         Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims
under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the possession of any of
the Notes or the production thereof in any Proceeding relating thereto, and any such Proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in Section 5.7
hereof.

 

Section 5.7         Application
of Cash Collected. Any Cash collected by the Trustee with respect to the Notes pursuant
to this Article 5 and any Cash that may then be held or thereafter received by the Trustee with respect to the Notes hereunder
shall be applied, in accordance with the provisions of Section 11.1(c), at the date or dates fixed by the Trustee (or any
other date or dates as directed by the Majority Holders by notice to the Trustee given reasonably in advance thereof and reasonably
acceptable to the Trustee). Upon the final distribution of all proceeds of any liquidation effected hereunder, the provisions of
Section 4.1(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article 4.

 

Section 5.8         Limitation
on Suits. No Holder of any Note shall have any right to institute any Proceedings, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

 

(a)            such
Holder has previously given to the Trustee written notice of an Event of Default;

 

(b)            the
Majority Holders shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in
its own name as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity reasonably satisfactory to the
Trustee against the costs, expenses (including reasonable attorneys’ fees and expenses of external counsel) and liabilities
to be incurred in compliance with such request;

 

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(c)            the
Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute any such
Proceeding; and

 

(d)            no
direction inconsistent with such written request has been given to the Trustee during such 30-day period by the Majority Holders;
it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of,
or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders or to
obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except
in the manner herein provided and for the equal and ratable benefit of all the Holders subject to and in accordance with the Priority
of Payments.

 

In the event the Trustee
shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or more groups of Holders
of the Notes, each representing less than 50% of the Aggregate Outstanding Amount of the Notes, the Trustee shall act in accordance
with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding Amount of the Notes,
notwithstanding any other provisions of this Indenture. If all such groups represent the same percentage, the Trustee, in its sole
discretion, may determine what action, if any, shall be taken.

 

Section 5.9         Unconditional
Rights of Holders to Receive Principal. Subject to Sections 2.7(j), 6.15 and 13.1, but
notwithstanding any other provision of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional,
to receive payment of the principal of such Note, as such principal and other amounts become due and payable in accordance with
the Priority of Payments, as the case may be, and, subject to the provisions of Section 5.4(d) and Section 5.8,
to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder.

 

Section 5.10       Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such Proceeding,
the Issuer, the Trustee and the Holder shall be restored severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Holder shall continue as though no such Proceeding had been instituted.

 

Section 5.11       Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise (to the extent not otherwise limited by this Indenture). The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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Section 5.12       Delay
or Omission Not Waiver. No delay or omission of the Trustee or any Holder of Notes to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of
any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right and remedy given by this
Article 5 or by law to the Trustee or to the Holders of the Notes may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders of the Notes.

 

Section 5.13       Control
by Majority Holders. Notwithstanding any other provision of this Indenture, the Majority
Holders shall have the right following the occurrence, and during the continuance of, an Event of Default to cause the institution
of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any
other trust or power conferred upon the Trustee; provided that:

 

(a)            such
direction shall not conflict with any rule of law or with any express provision of this Indenture;

 

(b)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided that
subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability or expense (unless
the Trustee has received the indemnity as set forth in sub-Section (c) below);

 

(c)            the
Trustee shall have been provided with indemnity reasonably satisfactory to it; and

 

(d)            notwithstanding
the foregoing, any direction to the Trustee to undertake a Sale of the Collateral must satisfy the requirements of Section 5.5.

 

Section 5.14       Waiver
of Past Defaults. Prior to the time a judgment or decree for payment of the Cash due has
been obtained by the Trustee, as provided in this Article 5, the Majority Holders may waive any past Event of Default or any
occurrence that is, or with notice or the lapse of time or both would become, an Event of Default and its consequences; provided
that if such Event of Default or occurrence is in respect of a covenant or provision hereof that cannot be modified or amended
without the consent of each Holder pursuant to Section 8.2, then such waiver shall require the consent of each Holder.

 

In the case of any such
waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder,
respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. The Trustee
shall promptly give written notice of any such waiver to the Collateral Manager, the Revolving Credit Note Agent and each Holder.

 

Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

 

Section 5.15       Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement
of any right or remedy under this Indenture, or in any Proceeding against the Trustee for any action taken, or omitted by it as
Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees of external counsel, against any
party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 5.15 shall not apply to any Proceeding instituted by the Trustee, to any Proceeding
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in Aggregate Outstanding Amount of the Notes,
or to any Proceeding instituted by any Holder for the enforcement of the payment of the principal of any Note on or after the Stated
Maturity (or, in the case of redemption pursuant to Article 9, on or after the applicable Redemption Date).

 

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Section 5.16       Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in each case wherever enacted,
now or at any time hereafter in force, which may affect the covenants, the performance of or any remedies under this Indenture;
and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law or rights,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted or rights created.

 

Section 5.17       Sale
of Collateral. (a)  The power to effect any sale or other disposition (a Sale)
of any portion of the Collateral pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion
of such Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts
secured by the Collateral shall have been paid. The Trustee may upon notice to the Holders, and shall, upon direction of the Majority
Holders, from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee hereby
expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be
authorized to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof
notwithstanding the provisions of Section 6.7.

 

(b)            The
Trustee, the Sole Member or the Collateral Manager may bid for and acquire any portion of the Collateral in connection with a public
Sale thereof, and may pay all or part of the purchase price by crediting against amounts owing on the Notes in the case of the
Collateral or other amounts secured by the Collateral, all or part of the net proceeds of such Sale after deducting the reasonable
costs, charges and expenses incurred by the Trustee in connection with such Sale notwithstanding the provisions of Section 6.7
hereof. The Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be
credited against amounts owing on the Notes. The Trustee may hold, lease, operate, manage or otherwise deal with any property so
acquired in any manner permitted by law in accordance with this Indenture.

 

(c)            If
any portion of the Collateral consists of securities issued without registration under the Securities Act (Unregistered Securities),
the Trustee (or the Collateral Manager on its behalf) may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be
obtained and with the consent of the Majority Holders, seek a no action position from the Securities and Exchange Commission or
any other relevant Federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered
Securities.

 

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(d)            The
Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral
in connection with a Sale thereof (in each case, without any recourse, representation or warranty by the Trustee). In addition,
the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in
any portion of the Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser
or transferee at such a sale shall be bound to ascertain the Trustee’s authority, to inquire into the satisfaction of any
conditions precedent or see to the application of any Cash.

 

Section 5.18       Action
on the Notes. The Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to
this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Trustee or the Holders shall be impaired by
the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion
of the Collateral or upon any of the assets of the Issuer.

 

ARTICLE 6

 

THE
TRUSTEE

 

Section 6.1         Certain
Duties and Responsibilities. (a)  Except during the continuance of an Event of Default
known to the Trustee:

 

(i)             the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Transaction
Documents to which it is a party, and no implied covenants or obligations shall be read into this Indenture or such other Transaction
Documents against the Trustee; and

 

(ii)            in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; provided that in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform to the requirements of this Indenture and shall promptly, but in any event within three Business Days in
the case of an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if such certificate
or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days after such notice
from the Trustee, the Trustee shall so notify the Holders.

 

(b)            In
case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions,
if any, from the Majority Holders, or such other percentage as permitted by this Indenture, exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs.

 

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(c)            No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i)             this
sub-Section (c) shall not be construed to limit the effect of sub-Section (a) of this Section 6.1;

 

(ii)            the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that the
Trustee was negligent in ascertaining the pertinent facts;

 

(iii)           the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Issuer, the Liquidation Agent or the Collateral Manager in accordance with this Indenture and/or the Majority
Holders (or such other percentage as may be required by the terms hereof) relating to the time, method and place of conducting
any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture;

 

(iv)           no
provision of this Indenture or any other Transaction Document shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers
contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory
to it against such risk or liability is not reasonably assured to it (if the amount of such funds or risk or liability is reasonably
expected not to exceed the amount available for payment to the Trustee on the immediately succeeding Payment Date, the Trustee
shall be deemed to be reasonably assured of such repayment) unless such risk or liability relates to the performance of its ordinary
services, including mailing of notices under Article 5, under this Indenture; and

 

(v)            in
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even
if the Trustee has been advised of the likelihood of such damages and regardless of such action.

 

(d)            For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default described
in Sections 5.1(c), (d), (e), (f), (g), (h), (i), (j), (k), (l) or (m) unless a Trust Officer assigned to and working
in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event
of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes generally,
the Issuer, the Collateral or this Indenture. For purposes of determining the Trustee’s responsibility and liability hereunder,
whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer
only to such an Event of Default or Default of which the Trustee is deemed to have notice as described in this Section 6.1.

 

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(e)            Whether
or not therein expressly so provided, every provision of this Indenture and each other Transaction Document to which the Trustee
is a party relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 6.1.

 

(f)             If
within 80 days after delivery of financial information or disbursements (which delivery may be via posting to the Trustee’s
website) the Trustee receives written notice of an error or omission related thereto (a copy of which written notice the Trustee
shall promptly provide to the Collateral Manager and the Issuer), and within five Business Days after their receipt of a copy of
such written notice the Collateral Manager, on behalf of the Issuer, confirms such error or omission, then the Trustee agrees to
use reasonable efforts to correct such error or omission. Beyond such period the Trustee shall not be required to take any action
and shall have no responsibility for the same.

 

(g)            In
the event that the Trustee has actual knowledge of or is notified that a Portfolio Asset has become a Defaulted Obligation, the
Trustee shall promptly notify the Liquidation Agent and the Collateral Manager thereof (unless notified by the Collateral Manager,
in which case the Trustee shall only send such notice to the Liquidation Agent); provided that the Trustee shall be under
no liability for any failure to provide any notification under this Section 6.1(g).

 

(h)            The
Trustee shall have no duty to monitor or verify (i) whether any Holder (or beneficial owner) is a Section 13 Banking
Entity, (ii) the determination of the Borrowing Base, (iii) whether a Borrowing Base Deficiency exists, (iv) whether
the Borrowing Base Asset Criteria or Borrowing Base Portfolio Criteria are satisfied or (v) whether the Withdrawal Conditions
are satisfied.

 

(i)             The
Issuer (or UBS on its behalf) shall give the Trustee prompt written notice of the occurrence of any of the events set forth in
clauses (a), (b) and (c) in the definition of Liquidation Agent.

 

Section 6.2         Notice
of Default. Promptly (and in no event later than three Business Days) after the occurrence
of any Default actually known to a Trust Officer of the Trustee or after any declaration of acceleration has been made or delivered
by the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the Issuer, Collateral Manager, the Revolving
Credit Note Agent and all Holders of Notes, as their names and addresses appear in the Note Registers, notice of all Defaults hereunder
known to the Trustee, unless such Default shall have been cured or waived.

 

Section 6.3         Certain
Rights of Trustee. Except as otherwise provided in Section 6.1:

 

(a)            the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note, electronic communication or other paper
or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties;

 

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(b)            any
request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the
case may be;

 

(c)            whenever
in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter of fact be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon an Officer’s certificate or (ii) be required to determine the
value of any Collateral or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence
of bad faith on its part, rely on reports of nationally recognized accountants, investment bankers or other Persons qualified to
provide the information required to make such determination, including nationally recognized dealers in securities of the type
being valued and securities quotation services;

 

(d)            as
a condition to the taking or omitting of any action by it hereunder or other Transaction Document to which it is a party, the Trustee
may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or omitted by it hereunder or thereunder in good faith and in reliance thereon;

 

(e)            the
Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses
of external counsel) and liabilities which might reasonably be incurred by it in compliance with such request or direction;

 

(f)            the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, electronic communication, notice, request, direction, consent, order, note or other paper or document,
but the Trustee, in its discretion, may, and upon the written direction of Holders of at least 25% of the Outstanding Notes shall,
make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee
shall be entitled, on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating
to the Notes and the Collateral, personally or by agent or attorney, during the Issuer’ or the Collateral Manager’s
normal business hours, not more than once each calendar year (unless an Event of Default has occurred and is continuing); provided
that the Trustee shall, and shall cause its agents to, hold in confidence all such information in accordance with Section 14.15;

 

(g)            the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any non-Affiliated
agent appointed, or non-Affiliated attorney appointed, with due care by it hereunder;

 

(h)            Subject
to Section 6.1(b), the Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably
believes to be authorized or within its rights or powers hereunder;

 

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(i)             nothing
herein or under any other Transaction Document shall be construed to impose an obligation on the part of the Trustee to recalculate,
evaluate or verify or independently determine the accuracy of any report, electronic communication, certificate or information
received from the Issuer or Collateral Manager (unless and except to the extent otherwise expressly set forth herein); provided
that nothing in this clause (i) shall supersede or modify the responsibilities and duties of the Collateral Administrator
under the Collateral Administration Agreement;

 

(j)             to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent
upon or defined by reference to generally accepted accounting principles (as in effect in the United States of America) (GAAP),
the Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or, in the absence of its receipt
of timely instruction therefrom, shall be entitled to obtain instruction from an Independent accountant at the expense of the Issuer,
as to the application of GAAP in such connection, in any instance;

 

(k)            the
Trustee shall not be liable for the actions or omissions of, or inaccuracies in the records of, the Collateral Manager, the Issuer,
the Liquidation Agent, any Class A-R Noteholder, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream or
any other clearing agency or depository and without limiting the foregoing, the Trustee shall not be under any obligation to monitor,
evaluate or verify compliance by the Collateral Manager or the Sole Member with the terms of the Collateral Management Agreement,
the Equity Contribution Agreement or the Master Loan Purchase Agreement or compliance by the Liquidation Agent of the terms of
this Indenture or compliance by a Class A-R Noteholder with the Revolving Credit Note Agreement, or to verify or independently
determine the accuracy of information received by the Trustee from the Collateral Manager or the Liquidation Agent (or from any
selling institution, agent bank, trustee or similar source) with respect to the Collateral;

 

(l)             notwithstanding
any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the contrary, neither the Trustee nor the Custodian shall be under a duty or obligation in connection
with the acquisition or Grant by the Issuer to the Trustee of any item constituting the Collateral, to evaluate the sufficiency
of the documents or instruments delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, or in
that regard to examine any Underlying Instrument, in each case, in order to determine compliance with applicable requirements of
and restrictions on transfer in respect of such Collateral;

 

(m)           in
the event the Bank is also acting in the capacity of Paying Agent, Note Registrar, Transfer Agent, Collateral Administrator, or
Custodian, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to this Article 6
shall also be afforded to the Bank acting in such capacities; provided that such rights, protections, benefits, immunities
and indemnities shall be in addition to, and not in limitation of, any rights, protections, benefits, immunities and indemnities
provided in the Issuer Account Control Agreement or any other documents to which the Bank in such capacity is a party; provided,
further, that the foregoing shall not impose on such Persons any duties or standards of care (including a duty to act as
a prudent person) of the Trustee;

 

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(n)            any
permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture or other Transaction Document
shall not be construed as a duty;

 

(o)            to
the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of the execution
of this Indenture or otherwise;

 

(p)            the
Trustee shall not be deemed to have notice or knowledge of any matter (including, without limitation, any of the matters set forth
in clauses (a), (b) and (c) in the definition of Liquidation Agent) unless a Trust Officer has actual knowledge thereof
or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Notes
generally, the Issuer or this Indenture. Whenever reference is made in this Indenture to a Default or an Event of Default such
reference shall, insofar as determining any liability on the part of the Trustee is concerned, be construed to refer only to a
Default or an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph;

 

(q)            the
Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (including
acts of God, strikes, lockouts, riots, acts of war or (to the extent beyond the Trustee’s control) loss or malfunctions of
utilities, computer (hardware or software) or communications services);

 

(r)             to
help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that
identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for
the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity
who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles
of incorporation, an offering memorandum, or other identifying documents to be provided;

 

(s)            the
rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to this Indenture also shall be afforded
to the Collateral Administrator and the Custodian, provided that such rights, protections, benefits, immunities and indemnities
shall be in addition to any rights, protections, benefits, immunities and indemnities provided in the Collateral Administration
Agreement or the Issuer Account Control Agreement, as applicable; provided, further, that the foregoing shall not
impose on the Collateral Administrator or the Custodian any duties or standards of care (including a duty to act as a prudent person)
of the Trustee;

 

(t)             in
making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual
capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate
is acting as a subagent of the Trustee or for any third person or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder;

 

(u)            the
Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s economic
self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian
with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments
and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7
of this Indenture;

 

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(v)            the
Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental indenture
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording,
filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance;

 

(w)           the
Trustee is hereby authorized and directed to execute in its capacity as Trustee and deliver in the form presented to it all Transaction
Documents to which it is a party, as Trustee; and

 

(x)            the
Trustee shall not have any obligation to determine: (i) if a Portfolio Asset meets the criteria or eligibility restrictions
imposed by the Indenture or other Transaction Documents, (ii) if the conditions to a Pre-EOD Sale have been satisfied or the
Sale Adjusted Price in connection therewith or (iii) whether the conditions specified in the definition of “Deliver
or Delivered or Delivery” have been complied with.

 

Section 6.4         Not
Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the
Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture
(except as may be made with respect to the validity of the Trustee’s obligations hereunder), the Collateral, the Revolving
Credit Note Agreement or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes
or the proceeds thereof or any Cash paid to the Issuer pursuant to the provisions hereof.

 

Section 6.5         May Hold
Notes. The Trustee, any Paying Agent, Note Registrar or any other agent of the Issuer,
in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
of the Issuer’s Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Note Registrar or such
other agent.

 

Section 6.6         Cash
Held in Trust. Cash held by the Trustee hereunder shall be held in trust to the extent
required herein. The Trustee shall be under no liability for interest on any Cash received by it hereunder except to the extent
of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity
and income or other gain actually received by the Trustee on Eligible Investments.

 

Section 6.7         Compensation
and Reimbursement. (a)  Subject to Section 6.7(b) below, the Issuer agrees:

 

(i)             to
pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee letter, for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

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(ii)            except
as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other Transaction
Document (including, without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements
of its agents and external legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant
to Section 5.4, 5.5 or 6.3(c) except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have
not been waived during a Monthly Period due to the Trustee’s receipt of a payment from a financial institution with respect
to certain Eligible Investments, as specified by the Collateral Manager;

 

(iii)           to
indemnify the Trustee and its officers, directors, employees and agents for, and to hold them harmless against, any loss, liability
or expense (including reasonable attorney’s fees and expenses of external counsel) incurred without negligence, willful misconduct
or bad faith on their part, arising out of or in connection with the acceptance or administration of this Indenture or the performance
of its duties hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and
costs of external counsel) against any claim or liability in connection with the exercise or performance of any of their powers
or duties hereunder and under any other Transaction Document; and

 

(iv)           to
pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees of external counsel)
for any collection action taken pursuant to Section 6.13 hereof.

 

(b)            The
Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it under this Indenture or in
any of the Transaction Documents to which the Trustee is a party only as provided in Section 10.3(c), Section 11.1 and
the Equity Contribution Agreement, and only to the extent that funds are available for the payment thereof. Subject to Section 6.9,
the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received
amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under Section 6.9.
No direction by the Holders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If on any
date when a fee or expense shall be payable to the Trustee pursuant to this Indenture insufficient funds are available for the
payment thereof, any portion of a fee not so paid shall be deferred and payable on such later date on which a fee shall be payable
and sufficient funds are available therefor.

 

(c)            The
Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer until at least one year and one day,
or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all Notes (and any other
debt obligations of the Issuer that have been rated upon issuance by any rating agency at the request of the Issuer) issued under
this Indenture.

 

(d)            The
Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured by the Lien of this Indenture, and
shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after
the occurrence of a Default or an Event of Default under Section 5.1(f), the expenses are intended to constitute expenses
of administration under the Bankruptcy Code, Title 11 of the United States Code, or any other applicable Federal or State bankruptcy,
insolvency or similar law.

 

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Section 6.8         Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall
be an Independent organization or entity organized and doing business under the laws of the United States of America or of any
State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$200,000,000, subject to supervision or examination by Federal or State authority, having a rating of at least “Baa1”
(or then-equivalent grade) by Moody’s and at least “BBB+” (or then-equivalent grade) by S&P and having an
office within the United States of America. If such organization or entity publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8,
the combined capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set forth
in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article 6.

 

Section 6.9         Resignation
and Removal; Appointment of Successor. (a)  No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article 6 shall become effective until the acceptance of appointment
by the successor Trustee under Section 6.10.

 

(b)            The
Trustee may resign at any time by giving not less than 30 days’ written notice thereof to the Issuer, the Collateral Manager,
the Revolving Credit Note Agent and the Holders of the Notes. Upon receiving such notice of resignation, the Issuer shall promptly
appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by written instrument, in duplicate, executed
by an Authorized Representative of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one copy to
the successor Trustee or Trustees, together with a copy to each Holder and the Collateral Manager; provided that such successor
Trustee shall be appointed only upon the written consent of each Holder or, at any time when an Event of Default shall have occurred
and be continuing, by an Act of the Majority Holders. The successor Trustee so appointed shall, forthwith upon its acceptance of
such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee
shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of itself and all others
similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the
requirements of Section 6.8.

 

(c)            The
Trustee may be removed at any time by an Act of Holders of 100% of the Aggregate Outstanding Amount of the Notes delivered to the
Trustee and to the Issuer.

 

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(d)            If
at any time:

 

(i)             the
Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor by the Issuer
or by any Holder; or

 

(ii)            the
Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case (subject to Section 6.9(a)),
(A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section 5.15, any Holder may, on behalf
of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(e)            If
the Trustee shall be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for any reason
(other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee, provided that any such
appointment shall be subject to the prior consent of each Holder or, at any time when an Event of Default shall have occurred and
be continuing, by an Act of the Majority Holders. If the Issuer shall fail to appoint a successor Trustee within 60 days after
such removal or incapability or the occurrence of such vacancy, a successor Trustee may be appointed by the Majority Holders by
written instrument delivered to the Issuer and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no
successor Trustee shall have been so appointed by the Issuer or Holders of 100% of the Aggregate Outstanding Amount of the Notes
and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, any Holder may, on behalf
of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(f)             The
Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee
by mailing written notice of such event to the Collateral Manager and the Holders of the Notes as their names and addresses appear
in the Note Register. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.
If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Trustee, the successor
Trustee shall cause such notice to be given at the expense of the Issuer.

 

(g)            If
the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as Collateral Administrator, Custodian,
Paying Agent, Note Registrar and any other capacity in which the Bank is then acting pursuant to this Indenture or any other Transaction
Document.

 

Section 6.10       Acceptance
of Appointment by Successor. Every successor Trustee appointed hereunder shall meet the
requirements of Section 6.8 and shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an instrument
accepting such appointment. Upon delivery of the required instrument, the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or the Majority Holders or the successor
Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver
to such successor Trustee all property and Cash held by such retiring Trustee hereunder. Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

 

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Section 6.11       Merger,
Conversion, Consolidation or Succession to Business of Trustee. Any organization or entity
into which the Trustee 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 Trustee shall be a party, or any organization or entity succeeding to
all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
that such organization or entity shall be otherwise qualified and eligible under this Article 6, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes has been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes.

 

Section 6.12       Co-Trustees.
At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral
may at the time be located, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee, jointly
with the Trustee, of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions
pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders, as such
Holders themselves may have the right to do, subject to the other provisions of this Section 6.12.

 

The Issuer shall join
with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a
co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by the Issuer of a request to do so,
the Trustee shall have the power to make such appointment.

 

Should any written instrument
from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such property, title, right
or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer agrees
to pay as Administrative Expenses, to the extent funds are available therefor under the Priority of Payments, any reasonable fees
and expenses in connection with such appointment.

 

Every co-trustee shall,
to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

(a)            the
Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody
of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall
be exercised, solely by the Trustee;

 

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(b)            the
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the appointment
of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee
jointly as shall be provided in the instrument appointing such co-trustee;

 

(c)            the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order,
may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event of Default
has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without
the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in
this Section 6.12;

 

(d)            no
co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder;

 

(e)            the
Trustee shall not be liable by reason of any act or omission of a co-trustee; and

 

(f)            any
Act of Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.

 

Section 6.13     Certain
Duties of Trustee Related to Delayed Payment of Proceeds. If the Trustee shall not have
received a payment with respect to any item of Collateral on its Due Date, (a) the Trustee shall promptly notify the Issuer
and the Collateral Manager and the Liquidation Agent in writing (which may be in electronic form) and (b) unless within five
Business Days (or, if earlier, the end of the applicable grace period for such payment, if any) after such notice (x) such
payment shall have been received by the Trustee or (y) the Trustee has received notice from the Collateral Manager that it
is taking action in respect of such payment, the Trustee shall request the issuer of or obligor on such item of Collateral, the
trustee or any applicable agent under the related Underlying Instrument or the paying agent designated by either of them, as the
case may be, to make such payment as soon as practicable after such request but in no event later than five Business Days after
the date of such request, to the extent doing so would not violate any relevant insolvency or other applicable law or the terms
of the applicable Underlying Agreement. In the event that such payment is not made within such time period, the Trustee, subject
to the provisions of clause (iv) of Section 6.1(c), shall take such action as the Collateral Manager shall direct. Any
such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event that
the Issuer or the Collateral Manager requests a release of any Collateral and/or delivers an additional Portfolio Asset in connection
with any such action under the Collateral Management Agreement, such release and/or substitution shall be subject to Section 10.6
and Article 12 of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee shall deliver
to the Issuer or its designee any payment with respect to any Portfolio Asset or other Collateral received after the Due Date thereof
to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee in accordance with this Section 6.13
and such payment shall not be deemed part of the Collateral. The foregoing shall not preclude any other exercise of any right or
remedy by the Issuer with respect to any default or event of default arising under a Portfolio Asset.

 

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Section 6.14     Authenticating
Agents. Upon the request of the Issuer, the Trustee shall, and if the Trustee so chooses
the Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.6, as fully to
all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate
such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 6.14
shall be deemed to be the authentication of Notes by the Trustee.

 

Any corporation into
which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the
corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.

 

Any Authenticating Agent
may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any time terminate
the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon
receiving such notice of resignation or upon such a termination, the Trustee shall promptly appoint a successor Authenticating
Agent and shall give written notice of such appointment to the Issuer.

 

Unless the Authenticating
Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The
provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent.

 

Section 6.15     Withholding.
All payments made to a Holder under this Indenture shall be made without any deduction or withholding for or on account of any
present or future Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, then in effect or pursuant to an agreement with a Governmental Authority. If any withholding
Tax is imposed on the Issuer’s payment (or the receipt by the Issuer of any payment with respect to the Portfolio Assets
or allocations of income) under the Notes by any such applicable law or such an agreement, such Tax shall reduce the amount otherwise
distributable to the relevant Holder and shall be treated as Cash distributed to the relevant Holder at the time such amounts are
withheld. The Paying Agent, the Trustee or any other withholding agent is hereby authorized and directed to retain from amounts
otherwise distributable to any Holder sufficient funds for the payment of any Tax that is legally owed or required to be withheld
by the Issuer by law or pursuant to the Issuer’s agreement with a Governmental Authority (but such authorization shall not
prevent the Trustee from contesting any such Tax in appropriate Proceedings and withholding payment of such Tax, if permitted by
law, pending the outcome of such Proceedings) and to timely remit such amounts to the appropriate taxing authority. If there is
a possibility that withholding Tax is payable with respect to a distribution, the Paying Agent, the Trustee or any other withholding
agent may, in its sole discretion, withhold such amounts in accordance with this Section 6.15. If any Holder or beneficial
owner wishes to apply for a refund of any such withholding Tax, the Trustee shall reasonably cooperate with such Person in providing
readily available information so long as such Person agrees to reimburse the Trustee for any out-of-pocket expenses incurred in
connection therewith. Nothing herein shall impose an obligation on the part of the Trustee to determine the amount of any Tax or
withholding obligation on the part of the Issuer or in respect of the Notes.

 

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Section 6.16     Representative
for Holders Only; Agent for each other Secured Party. With respect to the security interest
created hereunder, the delivery of any Collateral to the Trustee is to the Trustee as trustee for the Holders and agent for each
other Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Collateral, the endorsement to or registration
in the name of the Trustee of any Collateral (including without limitation, if applicable, as entitlement holder of the Custodial
Account or any other Account) are all undertaken by the Trustee in its capacity as trustee for the Holders, and agent for each
other Secured Party. The Trustee shall not by reason of this Indenture be deemed to be acting as fiduciary for the Collateral Manager,
provided that the foregoing shall not limit any of the express obligations of the Trustee under this Indenture.

 

Section 6.17     Representations
and Warranties of the Bank. The Bank hereby represents and warrants as follows:

 

(a)            Organization.
The Bank has been duly organized and is validly existing as a national banking association with trust powers under the laws of
the United States and has the power to conduct its business and affairs as a trustee, paying agent, registrar, transfer agent and
custodian.

 

(b)            Authorization;
Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations of Trustee, Paying
Agent, Note Registrar, Transfer Agent and Custodian under this Indenture. The Bank has taken all necessary corporate action to
authorize the execution, delivery and performance of this Indenture, and all of the documents required to be executed by the Bank
pursuant hereto. This Indenture has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and
binding obligation of the Bank enforceable in accordance with its terms subject, as to enforcement, (i) to the effect of bankruptcy,
insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event
of any bankruptcy, receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable principles
(whether enforcement is considered in a Proceeding at law or in equity).

 

(c)            Eligibility.
The Bank is eligible under Section 6.8 to serve as Trustee hereunder.

 

(d)            No
Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions contemplated
by this Indenture, is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration under,
any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the Bank or any of its properties
or assets.

 

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Section 6.18     Electronic
Communications. The Bank (in any capacity hereunder) shall be entitled to accept and act
upon instructions or directions pursuant to this Indenture sent by unsecured email, facsimile transmission or other similar unsecured
electronic methods, provided that any person providing such instructions or directions shall provide to the Bank an incumbency
certificate listing persons designated to provide such instructions or directions, which incumbency certificate shall be amended
whenever a person is added or deleted from the list.

 

If any Person elects
to give the Bank email or facsimile instructions (or instructions by a similar electronic method) and the Bank, in its discretion,
elects to act upon such instructions, the Bank’s reasonable understanding of such instructions shall be deemed controlling.
The Bank shall not be liable for any losses, costs or expenses arising directly or indirectly from the Bank’s reliance upon
and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a written instruction
received by the Bank subsequent to the Bank’s receipt of such email or facsimile instructions (or instructions by a similar
electronic method). Any Person providing such instructions or directions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Bank, including the risk of the Bank acting on unauthorized instructions,
and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection
with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular
needs and circumstances.

 

ARTICLE 7

 

COVENANTS

 

Section 7.1     Payment
of Principal. The Issuer will duly and punctually pay the principal of the Notes, in accordance
with the terms of such Notes, the Revolving Credit Note Agreement and this Indenture pursuant to the Priority of Payments, Article 9
(if applicable) and Article 13.

 

Amounts properly withheld
under the Code or other applicable law or pursuant to the Issuer’s agreement with a Governmental Authority by any Person
from a payment under a Note shall be considered as having been paid by the Issuer to the relevant Holder for all purposes of this
Indenture.

 

Section 7.2     Maintenance
of Office or Agency. The Issuer hereby appoints the Trustee as a Paying Agent for payments
on the Notes and the Issuer hereby appoints the Trustee at its applicable Corporate Trust Office designated for presentment, as
the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The Issuer may at any time and
from time to time appoint additional paying agents; provided that no paying agent shall be appointed in a jurisdiction which
subjects payments on the Notes to withholding tax solely as a result of such Paying Agent’s activities. If at any time the
Issuer shall fail to maintain the appointment of a paying agent, or shall fail to furnish the Trustee with the address thereof,
presentations and surrenders may be made (subject to the limitations described in the preceding sentence), and Notes may be presented
and surrendered for payment, to the Trustee at the Corporate Trust Office designated for presentment.

 

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The Issuer irrevocably
consents to service of process on the Issuer by registered or certified mail or hand delivery to the address for notices to the
Issuer specified in Section 14.3. Nothing in this Indenture will affect the right of any party to this Indenture to serve
process in any other manner permitted by law.

 

If the Trustee ceases
to be the Note Registrar, then the Issuer shall at all times maintain a duplicate copy of the Note Register at the Corporate Trust
Office designated for transfer. The Issuer shall give prompt written notice to the Trustee and the Holders of the appointment of
any Paying Agent (other than the Trustee) or termination of any Paying Agent and any change in the location of any such office
or agency.

 

Section 7.3     Cash
for Note Payments to be Held in Trust. All payments of amounts due and payable with respect
to any Notes that are to be made from amounts withdrawn from the Payment Account shall be made on behalf of the Issuer by the Trustee
or a Paying Agent.

 

When the Issuer shall
have a Paying Agent that is not also the Note Registrar, it shall furnish, or cause the applicable Note Registrar to furnish, no
later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably
request, of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder.

 

Whenever the Issuer shall
have a Paying Agent with respect to the Notes other than the Trustee, it shall, on or before the Business Day next preceding each
Payment Date and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or Redemption Date,
as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to
the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of the
Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of its action
or failure so to act. Any Cash deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay
the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent
to the Trustee for application in accordance with Article 10.

 

The initial Paying Agent
shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written
notice thereof to the Trustee. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository
institution or trust company subject to supervision and examination by Federal and/or State and/or national banking authorities.
The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions
of this Section 7.3, that such Paying Agent will:

 

(a)            allocate
all sums received for payment to the Holders of Notes for which it acts as Paying Agent on each Payment Date (including any Redemption
Date) among such Holders in the proportion specified in the applicable Payment Date Report to the extent permitted by applicable
law;

 

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(b)            hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided;

 

(c)            if
such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by it
in trust for the payment of Notes if at any time it ceases to meet the standards set forth above required to be met by a Paying
Agent at the time of its appointment;

 

(d)            if
such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer (or any other obligor upon
the Notes) in the making of any payment required to be made; and

 

(e)            if
such Paying Agent is not the Trustee, during the continuance of any such default, upon the written request of the Trustee, forthwith
pay to the Trustee all sums so held in trust by such Paying Agent.

 

The Issuer may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such Cash.

 

Except as otherwise required
by applicable law, any Cash deposited with the Trustee or any Paying Agent (with respect to Notes) in trust for any payment on
any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer
Order; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such
amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent with
respect to such trust Cash shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such release
of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of notification
of such release of payment, including, but not limited to, mailing notice of such release to Holders whose right to or interest
in Cash due and payable but not claimed is determinable from the records of any Paying Agent, at the last address of record of
each such Holder.

 

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Section 7.4     Existence
of Issuer. (a) The Issuer shall, to the maximum extent permitted by applicable law,
maintain in full force and effect its existence and rights as a Delaware limited liability company, and shall obtain and preserve
its qualification to do business as a foreign entity in each jurisdiction in which such qualifications are or shall be necessary
to protect the validity and enforceability of this Indenture, the Notes, or any of the Collateral; provided that the Issuer
shall be entitled to change its jurisdiction of organization from the State of Delaware to any other jurisdiction reasonably selected
by the Issuer so long as (i) the Issuer has received an Opinion of Counsel (upon which the Trustee may conclusively rely)
to the effect that such change is not disadvantageous in any material respect to the Holders, any other Secured Party, the Collateral
Manager or the Liquidation Agent (ii) the Issuer has taken all necessary steps to ensure that the Trustee’s security
interest in the Collateral continues in effect and has received an Opinion of Counsel similar to the Closing Date opinion given
by counsel to the Issuer to the effect that, after giving effect to such change, the Trustee has a first priority perfected security
interest in the Collateral and that the Issuer shall not be subject to any obligations for payment of Taxes that it would not have
been subject to but for such change of jurisdiction, (iii) written notice of such change shall have been given to the Trustee
by the Issuer, which notice shall be promptly forwarded by the Trustee to the Holders and the Collateral Manager, and (iv) on
or prior to the 15th Business Day following receipt of such notice the Trustee shall not have received written notice from the
Majority Holders objecting to such change.

 

(b)            The
Issuer shall ensure that all limited liability company or other formalities regarding its existence (including, to the extent required
by applicable law, holding regular members’, directors’ or other similar meetings) are followed. The Issuer shall not
take any action or conduct its affairs in a manner, that is likely to result in its separate existence being ignored (other than
for U.S. Federal income tax purposes) or in its assets and liabilities being substantively consolidated with any other Person in
a bankruptcy, reorganization or other insolvency Proceeding. Without limiting the foregoing, (i) the Issuer shall not have
any subsidiaries, (ii) the Issuer shall not (A) have any employees (other than directors or officers to the extent they
are employees), (B) engage in any transaction with any Person that would constitute a conflict of interest (provided
that its entering into and performance of its obligations under the Transaction Documents or any Underlying Instruments shall not
be deemed to be a transaction that would constitute a conflict of interest) or (C) pay distributions to its equity owners
other than in accordance with the terms of this Indenture and its Constitutive Documents and (iii) the Issuer shall (A) maintain
books and records separate from any other Person, (B) maintain its accounts separate from those of any other Person, (C) not
commingle its assets with those of any other Person, (D) conduct its own business in its own name, (E) maintain separate
financial statements (if any), (F) pay its own liabilities out of its own funds, (G) except as expressly contemplated
herein and in the Equity Contribution Agreement, maintain an arm’s length relationship with its Affiliates (provided
that its relationship with its Affiliates pursuant to the Transaction Documents shall be deemed to be at arm’s length), (H) use
separate stationery, invoices and checks, (I) hold itself out as a separate Person and (J) correct any known misunderstanding
regarding its separate identity.

 

Section 7.5     Protection
of Collateral. (a) The Issuer will take such action as is necessary to maintain the
perfection and priority of the security interest of the Trustee in the Collateral; provided that the Issuer shall be entitled
to rely on any Opinion of Counsel delivered pursuant to Section 7.4 or Section 7.6 and any Opinion of Counsel with respect
to the same subject matter delivered pursuant to Section 3.1(d) to determine what actions are necessary, and shall be
fully protected in so relying on such an Opinion of Counsel, unless the Issuer has actual knowledge that the procedures described
in any such Opinion of Counsel are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time
execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such Financing Statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary
or advisable or desirable to secure the rights and remedies of the Holders of the Notes and other Secured Parties hereunder and
to:

 

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(i)            Grant
more effectively all or any portion of the Collateral;

 

(ii)           maintain,
preserve and perfect any Grant made or to be made by this Indenture including, without limitation, the first priority nature of
the Lien (subject to Permitted Liens) or carry out more effectively the purposes hereof;

 

(iii)          perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture (including any and all actions necessary
or desirable as a result of changes in law or regulations);

 

(iv)         enforce
any of the Collateral or other instruments or property included in the Collateral;

 

(v)           preserve
and defend title to the Collateral and the rights therein of the Trustee and the Holders of the Notes and other Secured Parties
in the Collateral against the claims of all Persons and parties; or

 

(vi)          pay
or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral.

 

The Issuer hereby designates the Trustee
as its agent and attorney in fact to prepare and file any Financing Statement, continuation statement and all other instruments,
and take all other actions, required pursuant to this Section 7.5. Such designation shall not impose upon the Trustee, or
release or diminish, the Issuer’s obligations under this Section 7.5. The Issuer further authorizes, and shall cause
the Issuer’s United States counsel to file, a Financing Statement that names the Issuer as debtor and the Trustee as secured
party and that describes “all personal property of the Debtor now owned or hereafter acquired”, or words of similar
effect as the Collateral in which the Trustee has a Grant.

 

(b)            The
Issuer shall enforce all of its material rights and remedies under each Transaction Document to which it is a party.

 

(c)            The
Issuer shall provide copies of the Underlying Instruments in respect of any Portfolio Assets to the Trustee and the Liquidation
Agent within a reasonable time (and in any event within five Business Days) upon request by the Liquidation Agent, and in the event
the Issuer receives a copy of any document that supplements, amends or otherwise modifies any Underlying Instrument so provided
to the Trustee and the Liquidation Agent, the Issuer shall provide a copy of each such document to the Trustee and the Liquidation
Agent within five Business Days after receipt by the Issuer thereof.

 

(d)            [Reserved]

 

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(e)            Within
five Business Days of receipt by the Issuer of any written or formal request to take, agree to or consent to any amendment or any
action with respect to any Portfolio Asset and at least four Business Days prior to the date of the proposed amendment or action
(or, if such request is received within the four Business Day period, by the next Business Day), the Issuer (or the Collateral
Manager on behalf of the Issuer) shall deliver, or cause the delivery of, a copy of such notice to the Liquidation Agent (which
shall be a third party beneficiary for purposes of this notification right) and the Trustee. The Issuer shall deliver written notice
to the Liquidation Agent providing evidence of any amendment or action within two business days after the amendment or action (such
notice, a Post-Restructuring Notice).

 

(f)            (i) The
Issuer shall be permitted to perform such actions as necessary to comply with its obligations under the Master Loan Purchase Agreement
and (ii) to the extent the portion of any Portfolio Asset that is being transferred to the Issuer is evidenced by a promissory
note for which the face amount exceeds the portion of such Portfolio Asset being transferred to the Issuer, the Issuer shall be
permitted to cooperate with the Sole Member to obtain replacement promissory notes from the relevant Portfolio Asset Obligor in
amounts reflecting the portion of the Portfolio Asset transferred to Issuer and the portion retained by Sole Member and the Issuer
shall deliver or cause to be delivered such replacement promissory note reflecting the portion of the Portfolio Asset held by the
Issuer to the Custodian in substitution of the promissory note delivered on the date thereof; provided that the Issuer will
not enter into any amendment, modification or supplement of the Master Loan Purchase Agreement without obtaining the prior written
consent of the Liquidation Agent and the Trustee (acting on the written direction of the Majority Holders) (other than an amendment
to correct inconsistencies, typographical or other manifest errors, defects or ambiguities, a copy of each of which shall be furnished
to the Liquidation Agent (which shall be a third party beneficiary for purposes of this notification right) and the Trustee within
five Business Days after execution thereof).

 

(g)            Promptly
upon obtaining knowledge that security interest granted by the Issuer to the Trustee pursuant to this Indenture in any Portfolio
Asset ceases to be a valid first priority security interest, the Issuer shall notify UBS whether (1) such Portfolio Asset
will be secured by such security interest or Lien in, to or on such specified collateral within a period of not more than five
Business Days or (2) the Issuer will sell such Portfolio Asset pursuant to Section 12.1(b).

 

Section 7.6     Opinions
as to Security Interests. On any date (a) after April 1, 2022 but before April 28,
2022 and (b) after April 1, 2027 but before April 28, 2027, the Issuer shall furnish to the Trustee an Opinion of
Counsel relating to (i) the security interest Granted by the Issuer to the Trustee, stating that, as of the date of such opinion,
the lien and security interests created by this Indenture with respect to the Collateral remain in effect and that no further action
(other than as specified in such opinion) needs to be taken to ensure the continued effectiveness of such lien over the next five
years and (ii) the backup security interest Granted by the Sole Member (or any Affiliate thereof) to the Issuer and Trustee,
stating that, as of the date of such opinions, the lien and security interest created by the Master Loan Purchase Agreement with
respect to the related Loans remain in effect and that no further action (other than as specified in such opinion) needs to be
taken to ensure the continued effectiveness of such lien over the next five years.

 

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Section 7.7     Performance
of Obligations. (a) The Issuer shall not take any action that would release any Person
from any of such Person’s covenants or obligations under any instrument included in the Collateral, except (i) in the
case of enforcement action taken with respect to any Defaulted Obligation in conformity, to the extent applicable, with this Indenture,
(ii) actions by the Collateral Manager under the Collateral Management Agreement and, to the extent applicable, in conformity
with this Indenture or as otherwise required hereby (including consenting to any amendment or modification to the documents governing
any Portfolio Asset) or (iii) actions by the Liquidation Agent pursuant to Section 12.1(c); provided, however,
that the Issuer shall not be required to take any action following the release of any Portfolio Asset Obligor under any Portfolio
Asset to the extent such release is completed pursuant to the Underlying Instruments related to such Portfolio Asset in accordance
with their terms.

 

(b)            The
Issuer may, with the prior written consent of each Holder (except in the case of the Collateral Management Agreement, the Liquidation
Agent Appointment Letter and the Collateral Administration Agreement, in which case no consent shall be required), contract with
other Persons, including the Collateral Manager, the Trustee and the Collateral Administrator for the performance of actions and
obligations to be performed by the Issuer hereunder and under the Collateral Management Agreement or the Collateral Administration
Agreement. Notwithstanding any such arrangement, the Issuer shall remain primarily liable with respect thereto. In the event of
such contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions
and obligations by the Issuer; and the Issuer will punctually perform, and use its best efforts to cause the Collateral Manager,
the Trustee, the Collateral Administrator and such other Person to perform, all of their obligations and agreements contained in
the Collateral Management Agreement, this Indenture, the Collateral Administration Agreement or any such other agreement.

 

Section 7.8     Negative
Covenants. (a) The Issuer will not at any time from and after the Closing Date:

 

(i)            sell,
transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur or
suffer such to exist), any part of the Collateral, except as expressly permitted by this Indenture or by the Collateral Management
Agreement;

 

(ii)           claim
any credit on, make any deduction from, or dispute the enforceability of payment of the principal payable (or any other amount)
in respect of the Notes (other than amounts withheld or deducted in accordance with the Code (or any applicable laws of any other
applicable jurisdiction) or pursuant to an agreement with a Governmental Authority);

 

(iii)          incur
or assume or guarantee any Indebtedness, other than the Notes, this Indenture and the transactions contemplated hereby;

 

(iv)          issue
any additional class of securities (other than the Notes) or any additional equity interests including, without limitation, any
additional shares;

 

(v)           as
and to the extent the following are within the Issuer’s power and control, permit the validity or effectiveness of this Indenture
or any Support Document or any Grant hereunder or thereunder to be impaired, or permit the Lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with
respect to this Indenture or the Notes except as may be permitted hereby;

 

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(vi)           except
as permitted by this Indenture, take any action that would permit the Lien of this Indenture (subject only to Permitted Liens)
not to constitute a valid first priority security interest in the Collateral;

 

(vii)          amend
the Collateral Management Agreement (except pursuant to the terms thereof and Article 15 of this Indenture), the Issuer Account
Control Agreement (except pursuant to the terms thereof) or the Equity Contribution Agreement (except pursuant to the terms thereof);

 

(viii)         dissolve
or liquidate in whole or in part, except as permitted hereunder or required by applicable law;

 

(ix)            other
than as otherwise expressly provided herein, pay any distributions other than in accordance with the Priority of Payments;

 

(x)             permit
the formation of any subsidiaries;

 

(xi)            conduct
business under any name other than its own;

 

(xii)           have
any employees (other than directors or officers to the extent they are employees);

 

(xiii)          sell,
transfer, exchange or otherwise dispose of Collateral, or enter into an agreement or commitment to do so or enter into or engage
in any business with respect to any part of the Collateral, except as expressly permitted by this Indenture or the Collateral Management
Agreement;

 

(xiv)         acquire
or hold an interest in any property (including contractual rights in, to or under any agreement) other than (A) Portfolio
Assets, (B) Eligible Investments, or (C) the Issuer’s right, title and interest in the Transaction Documents, unless
otherwise expressly permitted by this Indenture;

 

(xv)          enter
into or become party to any swap agreement or hedging transaction; or

 

(xvi)         apply
cash proceeds of the issuance of Notes or of any Borrowing for any purpose other than as described in Section 3.3.

 

(b)            The
Issuer will not be party to any agreements without including customary “non-petition” and “limited recourse”
provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for (i) any
agreements related to the purchase and sale of any Portfolio Assets or Eligible Investments which contain customary purchase or
sale terms or which are documented using customary loan trading documentation and (ii) any Underlying Instruments.

 

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(c)            The
Issuer may not acquire any of the Notes (including any Notes surrendered or abandoned).

 

(d)            The
Issuer shall not hold Cash in any accounts other than the Accounts and shall not permit any Interest Collections or Principal Collections
to be paid into any account except the Collection Account. In the event that any Interest Collections or Principal Collections
are paid to any account other than the Collection Account, the Issuer shall procure that such funds are promptly transferred to
the Collection Account.

 

(e)            The
Issuer shall not, without the prior written consent of the Majority Holders, accept any contribution from any Person, other than
a capital contribution that the Sole Member is entitled or required to make under the Equity Contribution Agreement in accordance
with Section 2 thereof (each Contribution that is made with the prior written consent of the Majority Holders or that the
Sole Member is entitled or required to make under the Equity Contribution Agreement, a Permitted Contribution). If
any contribution is received that is not a Permitted Contribution, the Issuer shall instruct the Trustee to promptly return such
contribution to the Person that made such contribution. For the avoidance of doubt, the foregoing shall be without prejudice to
the right of the Issuer to receive and credit to the relevant account in accordance with Section 10 hereof any Interest Collections
or Principal Collections received in respect of Portfolio Assets.

 

Section 7.9     Statement
as to Compliance. At the request of the Trustee (at the direction of the Majority Holders),
on or before March 1 in each calendar year commencing 2018, or immediately if there has been a Default under this Indenture
of which an Authorized Representative of the Issuer is aware, the Issuer shall deliver to the Trustee (to be forwarded by the Trustee
to the Collateral Manager and each Holder making a written request therefor) a certificate of the Issuer that, having made reasonable
inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Issuer, there did not exist,
as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior thereto since
the date of the last certificate (if any), any Default hereunder or, if such Default did then exist or had existed, specifying
the same and the nature and status thereof, including actions undertaken to remedy the same, and that the Issuer has complied with
all of its obligations under this Indenture or, if such is not the case, specifying those obligations with which it has not complied.

 

Section 7.10     Issuer
May Not Consolidate Except on Certain Terms. The Issuer will not consolidate or merge
with or into any other Person, or transfer or convey all or substantially all of the assets of the Issuer to another Person, in
each case without the prior consent of each Holder.

 

Section 7.11     Successor
Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially
all of the assets of the Issuer, in accordance with Section 7.10 in which the Issuer is not the surviving corporation, the
successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture
with the same effect as if such Person had been named as the Issuer herein. In the event of any such consolidation, merger, transfer
or conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound up and liquidated at any time
thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its
obligations under this Indenture.

 

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Section 7.12     No
Other Business. The Issuer shall not have any employees (other than directors or officers
to the extent they are employees) and shall not engage in any business or activity other than issuing, paying and redeeming the
Notes issued pursuant to this Indenture and the Revolving Credit Note Agreement, acquiring, holding, selling, exchanging, redeeming
and pledging, solely for its own account, Portfolio Assets, Eligible Investments and other Collateral permitted by this Indenture,
and other activities incidental thereto, including entering into, and performing its obligations under, the Transaction Documents
and Underlying Instruments to which it is a party and other documents contemplated thereby and/or incidental thereto. The Issuer
shall not hold itself out as originating loans, lending funds or securities, making a market in loans or other assets or selling
loans or other assets to customers or as willing to enter into, assume, offset, assign or otherwise terminate positions in derivative
financial instruments with customers. The Issuer shall not solicit the amendment of its Constitutive Documents without prior written
consent of the Trustee, the Liquidation Agent and each Holder (unless such amendment could not reasonably be expected to materially
adversely affect any of the Issuer, the Holders, the Collateral, the Liquidation Agent or the interests of the Trustee and Issuer
therein). The Issuer shall provide the Trustee and the Liquidation Agent with a true and complete copy of its Constitutive Documents
and any amendments thereto within a reasonable time after request thereof by the Liquidation Agent.

 

Section 7.13     Acquisition
of Assets. Other than (i) as expressly required or permitted by the Equity Contribution
Agreement, (ii) Eligible Investments expressly permitted hereunder and (iii) payments or other distributions on or with
respect to Portfolio Assets or such Eligible Investments, the Issuer shall not acquire any asset unless such asset is a Portfolio
Asset and (a) such Portfolio Asset, and the acquisition thereof, complies with the requirements of Section 12.2 or is
expressly required or permitted by the Equity Contribution Agreement, and (b) the purchase of such Portfolio Asset is financed
with (x) proceeds of the issuance of the Notes on the Closing Date or the Second Closing Date, the funding of the Subsequent
Advance on a Class A-1 Delayed Draw Funding Date, or the proceeds of a Borrowing on a Borrowing Date; (y) Principal Collections,
including any proceeds thereof or income therefrom; or (z) a combination of (x) and (y).

 

Section 7.14     Reporting.
At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting
pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer
shall promptly furnish or cause to be furnished Rule 144A Information to such Holder or beneficial owner, to a prospective
purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery to such Holder or beneficial
owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance
by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note. “Rule 144A
Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act.

 

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Section 7.15     Certain
Tax Matters. (a)  The Issuer, the Sole Member, and the Counterparty intend and agree,
the Trustee (other than in respect of clause (iii) below) acknowledges and agrees, and each Holder or beneficial owner of
Notes by acceptance of its Notes or its beneficial interest therein thereby is deemed to represent and agree, that for U.S. federal
tax purposes (and applicable state and local tax purposes) as of the Closing Date, and for as long as any Notes are outstanding,
they shall each (i) treat the Notes as equity of (and not as indebtedness of) the Issuer, (ii) treat the Issuer as a
disregarded entity, (iii) treat any confirmation relating to the Notes under the Global Master Repurchase Agreement as a loan
to the Counterparty secured by such Notes, (iv) make any elections, or take any actions, necessary to effectuate the foregoing
tax treatments, and (v) refrain from making any elections, or taking any other actions, that could result in the Issuer or
the Notes being classified in any other manner. For the avoidance of doubt, as of the Closing Date and for as long as any Notes
are outstanding, it is the intention that the Issuer be treated, directly or indirectly, an entity disregarded from a U.S. organized
entity taxable as a corporation (Tax Owner) for U.S. federal tax purposes, and none of the foregoing persons shall
take any action that would result in the Issuer being classified as a partnership or as an association taxable as a corporation
for U.S. Federal tax purposes.

 

The Issuer further represents
that its Tax Owner has timely filed all material Tax returns and reports required to be filed with any governmental authority,
and has paid all material Taxes, assessments, fees and other governmental charges levied or imposed by any governmental authority
upon it or its properties, income or assets otherwise due and payable, except those that are being contested in good faith by appropriate
proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. The Issuer also covenants
that its Tax Owner will pay all material taxes imposed upon such Tax Owner or any of such Tax Owner’s properties or assets
or in respect of any of its income, businesses or franchises, or for which it otherwise is liable, before any penalty or fine accrues
thereon, and all material claims (including claims for labor, services, materials and supplies) for sums that have become due and
payable and that by law have or may become a lien upon any of its properties or assets, prior to the time when any penalty or fine
shall be incurred with respect thereto; provided, that no such tax or claim need be paid to the extent (i) either the
amount thereof is immaterial or the amount or validity thereof is currently being contested in good faith by appropriate proceedings,
(ii) adequate reserves in conformity with GAAP with respect thereto have been made or provided therefor and (iii) such
proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of the Issuer’s
assets or any interest therein.

 

(b)            The
Issuer shall undertake all reasonable steps to the extent necessary to secure FATCA Compliance to the extent applicable.

 

(c)            The
Issuer shall file, or cause to be filed, any tax returns, including information tax returns, required by any Governmental Authority.

 

(d)            Notwithstanding
anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator, the Liquidation
Agent, the Holders and beneficial owners of the Notes and each employee, representative or other agent of those Persons, may disclose
to any and all Persons, without limitation of any kind, the U.S. federal, state and local tax treatment and tax structure of the
transactions contemplated by this Indenture and all materials of any kind, including opinions or other tax analyses, that are provided
to those Persons. This authorization to disclose the U.S. federal, state and local tax treatment and tax structure does not permit
disclosure of the names of or other information identifying the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator,
the Liquidation Agent, the Holders or any other party to the transactions contemplated by this Indenture, the issuance and sale
of the Notes or the pricing (except to the extent such information is relevant to U.S. federal, state and local tax structure or
tax treatment of such transactions).

 

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(e)            The
Issuer shall not be obligated to pay any additional amounts to Holders or beneficial owners of Notes as a result of any deduction
or withholding for or on account of any present or future taxes, duties, assessments or governmental charges in respect of the
Notes or any Portfolio Asset.

 

(f)            The
Issuer and the Trustee, by entering into this Indenture, and each Holder and beneficial owner of a Class A Note, by acceptance
of its Class A Note or beneficial interest therein, shall be deemed to agree to treat the Class A Notes as equity interests
in the Issuer for U.S. federal and applicable state and local tax purposes.

 

Section 7.16     Restricted
Transactions. In accordance with the U.S. Unlawful Internet Gambling Act (the Gambling
Act), the Issuer may not use the Accounts or other facilities of the Bank in the United States to process “restricted
transactions” as such term is defined in U.S. 31 CFR Section 132.2(y).

 

Section 7.17     [Reserved]

 

Section 7.18     Compliance
with Laws. The Issuer will comply with all laws, rules, regulations and orders of any
Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

ARTICLE 8

 

SUPPLEMENTAL
INDENTURES

 

Section 8.1     Supplemental
Indentures Without Consent of Holders of Notes. Without the consent of any Holders (except
any consent required by clause (c) or (f) below and except for the consent of any Holders that would be materially and
adversely affected by such supplemental indenture), but only with the prior written consent of the Collateral Manager, the Issuer,
the Liquidation Agent and the Trustee, at any time and from time to time may, with an Opinion of Counsel (which may be based on
an Officer’s certificate as to factual matters provided by the Issuer or the Collateral Manager on behalf of the Issuer)
being provided to the Issuer and the Trustee (except in the case of clause (c) or (f) below for which no such Opinion
of Counsel shall be required if the consent of each Holder has been obtained as required thereunder), and a certificate described
in Section 8.3(b), enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee,
for any of the following purposes:

 

(a)            to
evidence the succession of another Person to the Issuer and the assumption by any such successor Person of the covenants of the
Issuer herein and in the Notes;

 

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(b)         to
add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties;

 

(c)         to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the conditions, limitations or restrictions
on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes, provided that, if the
Holders would be materially and adversely affected by such supplemental indenture entered into pursuant to this clause (c), the
consent to such supplemental indenture has been obtained from each Holder;

 

(d)         to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or change any of the provisions
of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant
to the requirements of Sections 6.9, 6.10 and 6.12 hereof;

 

(e)         to
correct or amplify the description of any property at any time subject to the Lien of this Indenture, or to better assure, convey
and confirm unto the Trustee any property subject or required to be subjected to the Lien of this Indenture (including, without
limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether pursuant to Section 7.5
or otherwise) or to subject to the Lien of this Indenture any additional property;

 

(f)          to
modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in ERISA or other applicable
law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration under the
Securities Act or the Investment Company Act or to remove restrictions on resale and transfer to the extent not required thereunder,
provided that, if the Holders of any Class would be materially and adversely affected by such supplemental indenture
entered into pursuant to this clause (f), the consent to such supplemental indenture has been obtained from each Holder of such
Class;

 

(g)          otherwise
to correct any inconsistency or cure any ambiguity, omission or manifest errors in this Indenture;

 

(h)          to
take any action necessary or advisable to prevent the Issuer or the Trustee from becoming subject to (or necessary or advisable
to reduce) withholding or other taxes, fees or assessments, including by achieving FATCA Compliance or to prevent the Issuer from
being subject to U.S. federal, state or local income tax on a net income basis;

 

(i)           to
change the name of the Issuer in connection with the change in name or identity of the Collateral Manager or as otherwise required
pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer does not have
a license;

 

(j)           to
amend, modify or otherwise accommodate changes to this Indenture to comply with: (A) any rule or regulation enacted by
regulatory agencies of the United States federal government after the Closing Date; or (B) any rule or regulation enacted
by regulatory agencies of the United States federal government before the Closing Date if the interpretation or enforcement thereof
has been affected by any amendment, supplement, guidance, directive or interpretative statement issued by any such regulatory agency
after the Closing Date; that in each case are applicable to the Notes or the transactions contemplated by this Indenture;

 

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(k)         to
make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation with legal counsel of national
reputation experienced in such matters) as necessary or advisable (A) for any Class of Notes to not be considered an
 “ownership interest” as defined for purposes of the Volcker Rule or (B) for the Issuer to not otherwise be
considered a “covered fund” as defined for purposes of the Volcker Rule, in each case so long (1) as any such
modification or amendment would not have a material adverse effect on any Class of Notes, as evidenced by an Opinion of Counsel
(which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other
documents necessary or advisable in the judgment of the counsel delivering the opinion), and (2) such modification or amendment
is approved in writing by a supermajority (66 2/3% based on the aggregate principal amount of Notes held by the Section 13
Banking Entities) of the Section 13 Banking Entities (voting as a single class); or

 

(l)           to
take any action necessary or advisable to implement the Bankruptcy Subordination Agreement; or (A) issue new certificates
or divide a Bankruptcy Subordinated Class into one or more sub-classes, in each case with new identifiers (including CUSIPs);
provided that any certificate or sub-class of a Bankruptcy Subordinated Class issued pursuant to this clause will be
issued on identical terms (other than with respect to payment rights being modified pursuant to the Bankruptcy Subordination Agreement)
with the existing Notes of such Bankruptcy Subordinated Class and (B) provide for procedures under which beneficial owners
of Notes of such Bankruptcy Subordinated Class that are subject to the Bankruptcy Subordination Agreement will receive an
interest in such new certificate or sub-class.

 

Section 8.2         Supplemental
Indentures With Consent of Holders of Notes. The Trustee and the Issuer shall not execute
any indenture supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this
Indenture or modify in any manner the rights of the Holders of any Class under this Indenture without the written consent
of each Holder of such Class, the Liquidation Agent and the Collateral Manager, except in each case as otherwise permitted under
Section 8.1.

 

Section 8.3          Execution
of Supplemental Indentures. (a)  The Trustee shall join in the execution of any such
supplemental indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties,
liabilities or immunities under this Indenture or otherwise, except to the extent required by law.

 

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(b)         With
respect to any supplemental indenture permitted by Article 8, the Trustee and the Issuer shall be entitled to receive and
conclusively rely upon (A) an Opinion of Counsel (stating that the supplemental indenture is authorized or permitted by the
Indenture and all conditions precedent have been satisfied) as to matters of law (which do not include whether or not the Holders
of any Class would be materially and adversely affected by a supplemental indenture), which may be supported as to factual
(including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the
judgment of counsel delivering such Opinion of Counsel), and (B) with respect to matters of fact (including whether or not
the Holders of any Class would be materially and adversely affected by a supplemental indenture), a certificate of the Issuer,
the Collateral Manager, any investment banking firm or other Independent expert familiar with the market for the Notes pursuant
to Section 8.4; provided that, for any supplemental indenture (other than any supplemental indenture entered into pursuant
to sub-clauses (c) and (f) of Section 8.1 for which the consent of the Holders of the Notes would not otherwise
be required except as expressly set forth in such clauses) if Holders of Notes representing at least 50% of the Aggregate Outstanding
Amount of the Notes of any Class have provided notice to the Trustee at least one Business Day prior to the execution of such
supplemental indenture that the Holders of such Class would be materially and adversely affected thereby, the Trustee shall
not be entitled so to rely upon a certificate of the Issuer, the Collateral Manager, any investment banking firm or other Independent
expert as to whether or not the Holders of such Class would be materially and adversely affected by such supplemental indenture
and the Trustee shall not enter into such supplemental indenture without the prior written consent of each Holder of such Class.
Such determination shall be conclusive and binding on all present and future Holders. In executing or accepting the additional
trusts created by any supplemental indenture permitted by this Article 8 or the modifications thereby of the trusts created
by this Indenture, the Trustee and the Issuer shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully
protected in relying upon, an Opinion of Counsel delivered pursuant to this paragraph. Neither the Trustee nor the Issuer shall
be liable for any reliance made in good faith upon such an Opinion of Counsel or a certificate of the Issuer, the Collateral Manager,
any investment banking firm or other Independent expert pursuant to Section 8.4.

 

(c)          At
the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than fifteen Business Days prior to the execution
of any proposed supplemental indenture pursuant to Section 8.1, the Trustee shall deliver to the Collateral Manager, the Revolving
Credit Note Agent, the Collateral Administrator and the Holders a notice attaching a copy of such supplemental indenture and indicating
the proposed date of execution of such supplemental indenture. Following such delivery by the Trustee, if any changes are made
to such supplemental indenture other than to correct typographical errors or to adjust formatting, then at the cost of the Issuer,
for so long as any Notes shall remain Outstanding, not later than five Business Days prior to the execution of such proposed supplemental
indenture (provided that the execution of such proposed supplemental indenture shall not in any case occur earlier than
the date fifteen Business Days after the initial distribution of such proposed supplemental indenture pursuant to the first sentence
of this Section 8.3(c)), the Trustee shall deliver to the Collateral Manager, the Revolving Credit Note Agent, the Collateral
Administrator and the Holders a copy of such supplemental indenture as revised, indicating the changes that were made. At the cost
of the Issuer, the Trustee shall provide to the Holders a copy of the executed supplemental indenture after its execution. Any
failure of the Trustee to publish or deliver such copy of the executed supplemental indenture shall not in any way impair or affect
the validity of any such supplemental indenture.

 

(d)           It
shall not be necessary for any consent or Act of any Holders of Notes to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient, if the consent of any such Holders to such proposed supplemental indenture is required,
that such Act or consent shall approve the substance thereof.

 

(e)            The
Issuer agrees that it will not permit to become effective any supplement or modification to this Indenture which would (i) increase
the duties or liabilities of, reduce or eliminate any right or privilege of (including as a result of an effect on the amount or
priority of any fees or other amounts payable to the Collateral Manager), or adversely change the economic consequences to, the
Collateral Manager, (ii) modify the restrictions on the Sales of Portfolio Assets or (iii) expand or restrict the Collateral
Manager’s discretion, and the Collateral Manager shall not be bound thereby, in each case, unless the Collateral Manager
shall have consented in advance thereto in writing.

 

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Section 8.4          Determination
of Effect on Holders. (a)  Unless notified prior to the execution of a supplemental
indenture by Holders of Notes representing at least 50% of the Aggregate Outstanding Amount of the Notes of any Class that
the Holders of the Notes of such Class would be materially and adversely affected as set forth in Section 8.3(b), the
determination of whether any Holder is materially adversely affected by any proposed supplemental indenture under this Article 8
shall be made based on a certificate of any of the Issuer, the Collateral Manager, any investment banking firm or other Independent
expert familiar with the market for the Notes as to the economic effect of the proposed supplemental indenture. Such determination
shall be conclusive and binding on all present and future Holders.

 

(b)        The
Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements
and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s (or, for so long as the Bank is also the Collateral Administrator, the Collateral Administrator’s)
own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law.

 

(c)         The
Trustee shall not be liable for any such determination made in good faith and in reliance upon any certificate referred to in Section 8.4(a),
if applicable, and an Opinion of Counsel delivered to the Trustee as described in Section 8.3.

 

Section 8.5         Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this
Article 8, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder shall
be bound thereby.

 

Section 8.6          Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered, including as part
of a transfer, exchange or replacement pursuant to Article 2 of Notes originally issued hereunder, after the execution of
any supplemental indenture pursuant to this Article 8 may, and if required by the Issuer shall, bear a notice as to any matter
provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion
of the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and, upon Issuer Order, authenticated
and delivered by the Trustee in exchange for Outstanding Notes.

 

ARTICLE 9

 

REDEMPTION
OF NOTES

 

Section 9.1         Optional
Redemption. (a) Except as provided in Section 2.5(e) of the Revolving Credit
Note Agreement and Section 9.2, 10.2(g) and 11.1, the Class A-R Notes shall not be prepaid prior to their Stated
Maturity. Except as provided in this Section 9.1, Section 9.2 or Section 11.1, the Class A-1 Notes shall not
be prepaid prior to their Stated Maturity.

 

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(b)         The
Issuer (at the direction of the Collateral Manager), not more frequently than (1) prior to the two-year anniversary of the
Closing Date, five (5) times in any calendar year and (2) on or after the two-year anniversary of the Closing Date, once
in any calendar month, may optionally redeem the Class A-1 Notes in whole or in part pursuant to this Section 9.1 on
any Redemption Date subject to the following conditions:

 

(i)           any
such prepayment of the Class A-1 Notes on any Redemption Date shall be in an Aggregate Outstanding Amount determined by the
Collateral Manager on behalf of the Issuer that is no less than the lesser of (x) $25,000,000 and (y) the Aggregate Outstanding
Amount of the Class A-1 Notes at such time;

 

(ii)          such
prepayment shall be paid from Principal Collections standing to the credit of the Collection Account;

 

(iii)         such
prepayment shall be paid to Holders of the Class A-1 Notes ratably (such that each Holder shall receive an amount equal to
the aggregate Redemption Price for the Aggregate Outstanding Amount of the Class A-1 Notes being so redeemed multiplied by
a percentage equal to (x) the Aggregate Outstanding Amount of the Class A-1 Notes held by such Holder on the related
Record Date divided by (y) the Aggregate Outstanding Amount of the Class A-1 Notes on the related Record Date); provided
that if requested by the Collateral Manager the Holders of 100% of the Aggregate Outstanding Amount of the Class A-1 Notes
may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of the Class A-1
Notes;

 

(iv)         such
prepayment shall result in the payment in full of all Priority Administrative Expenses that are unpaid as of such Redemption Date;

 

(v)          in
the case of any Optional Redemption, no Event of Default has occurred and is continuing at the time of such Optional Redemption;
and

 

(vi)         the
Issuer, or the Collateral Manager on its behalf, shall have provided an Officer’s certificate to the Trustee confirming that
the foregoing conditions are satisfied.

 

(c)           In
the event of any redemption of Class A-1 Notes pursuant to this Section 9.1, the Collateral Manager on behalf of the
Issuer shall, at least five Business Days prior to the Redemption Date (or such shorter time as agreed to by the Trustee), notify
the Trustee, the Revolving Credit Note Agent and the Liquidation Agent in writing of such Redemption Date, the applicable Record
Date, the principal amount of Class A-1 Notes to be redeemed on such Redemption Date and the Redemption Price.

 

Section 9.2          Tax
Redemption. (a)  The Notes of each Class shall be redeemed in whole but not
in part (any such redemption, a Tax Redemption) at the written direction (delivered to the Trustee, the Revolving
Credit Note Agent, the Issuer and the Collateral Manager no later than ten Business Days prior to the Redemption Date, or such
shorter time as agreed to by the Trustee) of the Majority Holders following the occurrence and continuation of a Tax Event if such
Tax Event would result in the Issuer having a net tax liability (without regard to any amounts required to be withheld in respect
of payments made to any Holder) in an aggregate amount in any Monthly Period in excess of $1,000,000; provided that if requested
by the Collateral Manager the Holders of 100% of the Aggregate Outstanding Amount of the Notes may elect to receive less than 100%
of the Redemption Price that would otherwise be payable to the Holders of the Notes.

 

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(b)         Upon
its receipt of such written direction directing a Tax Redemption, the Trustee shall notify the Collateral Manager and the Holders
of each Class of Notes pursuant to Section 9.3.

 

Section 9.3          Redemption
Procedures. (a)  In the event of any redemption pursuant to Section 9.1 or 9.2,
a notice of redemption shall be provided not later than five Business Days prior to the applicable Redemption Date, to each Holder
of Notes, at such Holder’s address in the applicable Note Register. In the case of the Class A-R Notes, such notice
shall be given by electronic mail to the electronic mail address specified on the Revolving Credit Note Agent’s and the relevant
Class A-R Noteholders’ respective signature pages to the Revolving Credit Note Agreement. Notes called for redemption
in whole must be surrendered at the office of any Paying Agent.

 

(b)         All
notices of redemption delivered pursuant to Section 9.3(a) shall state:

 

(i)          whether
such redemption is (A) an Optional Redemption or (B) a Tax Redemption;

 

(ii)         the
applicable Redemption Date;

 

(iii)        which
Class or Classes of Notes are to be redeemed (whether in whole or in part) on the applicable Redemption Date (being either
(x) the Class A-1 Notes only, in the case of an Optional Redemption, or (y) the Class A-1 Notes and the Class A-R
Notes, in the case of a Tax Redemption);

 

(iv)         the
expected Redemption Prices of the Class or Classes of Notes to be redeemed that will be paid to Holders thereof ratably in
accordance with the Priority of Payments on the applicable Redemption Date;

 

(v)          that
all (or the applicable portion) of the Class or Classes of Notes to be redeemed are to be redeemed in full and that all (or
the applicable portion) of the Notes of such Class or Classes shall cease to be entitled to receive pro rata distributions
of Interest Collections and Principal Collections on the Redemption Date specified in the notice; and

 

(vi)         in
the case of an Optional Redemption or Tax Redemption, in each case, in whole of the Class A-1 Notes (in the case of an Optional
Redemption) or of the Class A-1 and the Class A-R Notes (in the case of a Tax Redemption), the place or places where
such Notes are to be surrendered for payment of the Redemption Price, which shall be the office or agency of the Issuer to be maintained
as provided in Section 7.2.

 

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The Issuer (at the direction of the Collateral
Manager) may withdraw any such notice of redemption delivered pursuant to Section 9.3 on any day up to and including the first
Business Day immediately preceding the applicable Payment Date. Any withdrawal of such notice of an Optional Redemption will be
made by written notice to the Trustee, the Revolving Credit Note Agent and the Liquidation Agent. If the Issuer so withdraws or
is deemed to withdraw any notice of an Optional Redemption, the proceeds received from the Sale of any Portfolio Assets and other
Collateral sold in contemplation of such redemption may, at the Collateral Manager’s sole discretion, be reinvested in accordance
with Section 12.2 (to the extent reinvestment is permissible in accordance with the provisions thereof). If any notice of
Optional Redemption is neither withdrawn nor deemed to have been withdrawn and if the amount of Voluntary Contribution/Sale by
the Sole Member and/or the proceeds of any Sale of the Portfolio Assets are not sufficient to pay the Redemption Price of the Class A-1
Notes (or the applicable portion thereof that would otherwise have been redeemed), including as a result of the failure of any
Sale of all or any portion of the Portfolio Assets to settle on the Business Day immediately preceding the applicable Redemption
Date, (I) the Class A-1 Notes (or the applicable portion thereof that would otherwise have been redeemed) will be due
and payable on such Redemption Date and (II) all available proceeds from the Sale of the Portfolio Assets (net of any expenses
incurred in connection with such Sale) will be distributed in accordance with the Priority of Payments and the Aggregate Outstanding
Amount of the Class A-1 Notes shall be reduced by the amount of such distribution on a pro rata and pari passu
basis.

 

Notice of redemption
pursuant to Section 9.3(a) shall be given by the Issuer or, upon an Issuer Order, by the Trustee (or in the case of the
Class A-R Notes, the Revolving Credit Note Agent) in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Note selected for redemption shall not impair or affect the validity of
the redemption of any other Notes.

 

(c)          Notwithstanding
anything to the contrary in Article 8, with respect to any redemption (or proposed redemption) of Notes hereunder, the provisions
of this Article 9 may be waived or modified with the written consent of the Issuer and the Liquidation Agent. The Trustee
shall be fully protected by relying solely on any such written consent (without the need to obtain an opinion of counsel described
in Article 8).

 

Section 9.4          Notes
Payable on Redemption Date. (a)  Notice of redemption pursuant to Section 9.3
having been given as aforesaid, the Class or Classes of Notes (or the applicable portion thereof) to be redeemed shall, on
the Redemption Date, subject to Section 9.3(c) and the Issuer’s right to withdraw any notice of redemption pursuant
to Section 9.3(b), become due and payable at the Redemption Prices therein specified, and from and after the Redemption Date
(unless the Issuer shall default in the payment of the Redemption Prices) all such Notes (or the applicable portion thereof) being
so redeemed shall cease to be entitled to receive any further distribution of Interest Collections or Principal Collections on
the Redemption Date. Upon final payment on a Note to be so redeemed in whole and not in part, the Holder shall present and surrender
such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided that in the absence
of notice to the Issuer or the Trustee that the applicable Note has been acquired by a Protected Purchaser, such final payment
shall be made without such presentation or surrender, if the Trustee and the Issuer shall have been furnished such security or
indemnity as may be required by them to save each of them harmless and an undertaking thereafter to surrender such Note.

 

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(b)         On
each Redemption Date, the Trustee shall apply an amount equal to the Redemption Price from the Payment Account to the repayment
of principal of the Class or Classes of Notes being redeemed.

 

(c)          If
any Note called for redemption in full shall not be paid upon surrender thereof for redemption, the Holder thereof shall continue
to have the right to receive its ratable share of all Interest Collections and Principal Collections payable to Holders pursuant
to Section 11.1(a) and 11.1(b); provided that the reason for such non-payment is not the fault of the relevant
Holder.

 

ARTICLE 10

 

ACCOUNTS,
ACCOUNTINGS AND RELEASES

 

Section 10.1        Collection
of Cash. Except as otherwise expressly provided herein, the Trustee may demand payment
or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary,
all Cash and other property payable to or receivable by the Trustee pursuant to this Indenture, including all payments due on the
Collateral, in accordance with the terms and conditions of such Collateral. The Trustee shall segregate and hold all such Cash
and property received by it in trust for the Holders of the Notes and shall apply it as provided in this Indenture. Each Account
shall be established and maintained with (a) a Federal or state-chartered depository institution rated (1) at least “A-1”
by S&P (or at least “A+” by S&P if such institution has no short-term rating) and if such institution’s
rating falls below “A-1” by S&P (or below “A+” by S&P if such institution has no short-term rating),
the assets held in such Account shall be moved within 60 calendar days to another institution that is rated at least “A-1”
by S&P (or at least “A+” by S&P if such institution has no short-term rating) and (2) at least “P-1”
by Moody’s (or at least “A1” by Moody’s if such institution has no short-term rating) and if such institution’s
rating falls below “P-1” by Moody’s (or below “A1” by Moody’s if such institution has no short-term
rating), the assets held in such Account shall be moved within 60 calendar days to another institution that is rated at least “P-1”
by Moody’s (or at least “A1” by Moody’s if such institution has no short-term rating) or (b) in segregated
securities accounts with the corporate trust department of a Federal or state-chartered deposit institution subject to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b). Such institution
shall have a combined capital and surplus of at least $200,000,000. All Cash deposited in the Accounts shall be invested only in
Eligible Investments or Portfolio Assets in accordance with the terms of this Indenture. To avoid the consolidation of the Collateral
of the Issuer with the general assets of the Bank under any circumstances, the Trustee shall comply, and shall cause the Custodian
to comply, in respect of the Collateral, with all law applicable to it as a national bank with trust powers holding segregated
trust assets in a fiduciary capacity; provided that the foregoing shall not be construed to prevent the Trustee or Custodian
from investing the Collateral of the Issuer in Eligible Investments described in clause (ii) of the definition thereof that
are obligations of the Bank.

 

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Section 10.2       Collection
Account. (a) In accordance with this Indenture and the Issuer Account Control Agreement,
the Trustee shall, prior to the Closing Date, cause to be established by the Custodian two segregated securities accounts, one
of which will be designated the Interest Collection Subaccount and one of which will be designated the Principal
Collection Subaccount) (and which together will comprise the Collection Account), each in the name of the Issuer, each
of which subject to the security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties
and each of which shall be maintained with the Custodian and in the case of the Collection Account in accordance with the Issuer
Account Control Agreement. The Trustee shall from time to time deposit into the Interest Collection Subaccount, in addition to
the deposits required pursuant to Section 10.4(a), immediately upon receipt thereof, (i) all proceeds received from the
disposition of any Collateral to the extent such proceeds constitute “Interest Collections” and (ii) all other
Interest Collections (unless simultaneously reinvested in Eligible Investments). The Trustee shall deposit immediately upon receipt
thereof all other amounts (other than those referred to in the forgoing sentence) remitted to the Collection Account into the Principal
Collection Subaccount, including in addition to the deposits required pursuant to Section 10.4(a), all Principal Collections
(unless simultaneously reinvested in additional Portfolio Assets in accordance with Section 10.2(c) and Article 12
or in Eligible Investments), all cash proceeds of issuance of the Notes, all cash proceeds of any Borrowing and all Voluntary Contribution/Sales
in the form of Cash received from the Sole Member. All Cash deposited from time to time in the Collection Account pursuant to this
Indenture shall be held by the Trustee as part of the Collateral and shall be applied to the purposes herein provided. Subject
to Section 10.2(c), amounts in the Collection Account shall be reinvested pursuant to Section 10.4(a).

 

(b)         The
Trustee, within one Business Day after receipt of any distribution or other proceeds in respect of the Collateral which are not
Cash, shall so notify the Issuer and the Liquidation Agent, and the Issuer shall use its commercially reasonable efforts to, within
five Business Days after receipt of such notice from the Trustee (or as soon as practicable thereafter), sell such distribution
or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the Collection Account; provided
that the Issuer need not be required to sell such distributions or other proceeds if it delivers an Issuer Order or an Officer’s
certificate to the Trustee and the Liquidation Agent certifying that such distributions or other proceeds constitute (i) Portfolio
Assets that would have satisfied the requirements of Section 12.2 on the date of receipt thereof had they been acquired directly
by the Issuer or (ii) Eligible Investments.

 

(c)          The
Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the
Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Collections (together with
Interest Collections but only to the extent used to pay for accrued interest or capitalized interest on an additional Portfolio
Asset) and reinvest such funds in additional Portfolio Assets or exercise a warrant held in the Collateral, in each case in accordance
with the requirements of Article 12 and such Issuer Order.

 

(d)          At
any time, the Collateral Manager on behalf of the Issuer shall by Issuer Order direct the Trustee to, and upon receipt of such
Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Collections
and deposit such funds in the Delayed-Draw/Committed Proceeds/Revolver Account to the extent necessary for the Issuer to comply
with funding requirements on Delayed-Draw Loans, Committed Proceeds Assets and Revolver Loans.

 

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(e)         The
Collateral Manager, with the consent of the Liquidation Agent, on behalf of the Issuer may by Issuer Order direct the Trustee to,
and upon receipt of such Issuer Order the Trustee shall, pay from amounts on deposit in the Principal Collection Subaccount on
any Business Day during any Monthly Period any amount required to exercise a warrant or right to acquire securities in lieu of
debts previously contracted with respect to any Portfolio Asset held in the Collateral in accordance with the requirements of Article 12
and such Issuer Order.

 

(f)          The
Trustee shall transfer to the Payment Account, from the Collection Account, for application pursuant to Section 11.1, no later
than the close of business on the Business Day immediately preceding each Payment Date, any Redemption Date and the date of the
Maturity, the amount set forth to be so transferred in the Payment Date Report for such Payment Date; provided that the
aggregate amount so transferred for application to the payment of principal of the Class A-1 and/or Class A-R Notes on
any Redemption Date shall not exceed the Aggregate Outstanding Amount of such Class(es) of Notes being redeemed on such Redemption
Date pursuant to Article 9.

 

(g)          The
Trustee shall, at the direction of the Issuer (or the Collateral Manager on behalf of the Issuer) and pursuant to and in accordance
with Section 2.5(e) of the Revolving Credit Note Agreement, be permitted to transfer the amount of any permitted repayments
under the Revolving Credit Note Agreement from the Principal Collection Subaccount to the relevant Class A-R Noteholder’s
Class A-R Prepayment Account (or to such account or accounts as such Class A-R Noteholder shall otherwise direct the
Trustee in writing).

 

(h)          At
any time when all of the Withdrawal Conditions are satisfied, the Collateral Manager, on behalf of the Issuer, may by Issuer Order
direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Collection Account
in an amount specified in the direction from the Collateral Manager to make a payment to the Sole Member, provided that
Withdrawal Conditions shall be deemed to be satisfied if such payment is made to UBS at the direction of the Sole Member.

 

Section 10.3        Transaction
Accounts

 

(a)          Payment
Account. In accordance with this Indenture and the Issuer Account Control Agreement, the Trustee shall, prior to the Closing
Date, cause to be established by the Custodian a single, segregated non-interest bearing securities account in the name of the
Issuer, subject to the security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties,
which shall be designated as the Payment Account, which shall be maintained with the Custodian in accordance with the Issuer Account
Control Agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the
Payment Account shall be to pay amounts due and payable on the Notes in accordance with their terms and the provisions of this
Indenture and to make other payments contemplated by the Priority of Payments. The Issuer shall not have any legal, equitable or
beneficial interest in the Payment Account. Amounts in the Payment Account shall remain uninvested.

 

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(b)          Custodial
Account. In accordance with this Indenture and the Issuer Account Control Agreement, the Trustee shall, prior to the Closing
Date, cause to be established by the Custodian a single, segregated non-interest bearing securities account in the name of the
Issuer, subject to the security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties,
which shall be designated as the Custodial Account, which shall be maintained with the Custodian in accordance with the Issuer
Account Control Agreement. All Portfolio Assets (including, without limitation, Portfolio Assets contributed by the Sole Member
pursuant to the Issuer Sale and Contribution Agreement as Voluntary Contribution/Sales) shall be credited to the Custodial Account.
The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Indenture. The Trustee
agrees to give the Issuer and the Liquidation Agent immediate notice if (to the actual knowledge of a Trust Officer of the Trustee)
the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of the Custodial Account, shall
become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

 

At any time when all
of the Withdrawal Conditions are satisfied, the Collateral Manager, on behalf of the Issuer, may by Issuer Order direct the Trustee
to, and upon receipt of such Issuer Order the Trustee shall, transfer from the Custodial Account all or part of any Portfolio Asset
(other than a Zero Value Portfolio Asset) specified in the direction from the Collateral Manager to the Sole Member or a Person
designated by the Sole Member; provided that unless the settlement date of the proposed transfer is the same date on which
the Liquidation Agent has provided the confirmation described in clause (b) of the definition of “Withdrawal Conditions,”
in the case of any such transfer of a Portfolio Asset that is being made free of payment, the transfer documentation for any such
transfer shall provide that the settlement of such transfer shall be conditional upon confirmation from the Liquidation Agent on
such settlement date that the Withdrawal Conditions are still satisfied.

 

At any time, the Collateral
Manager, on behalf of the Issuer, may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order, the Trustee
shall, transfer from the Custodial Account all or part of any Zero Value Portfolio Asset specified in the direction from the Collateral
Manager to the Sole Member or a Person designated by the Sole Member.

 

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(c)           Expense
Account. In accordance with this Indenture and the Issuer Account Control Agreement, the Trustee shall, prior to the Closing
Date, cause to be established by the Custodian a single, segregated securities account in the name of the Issuer, subject to the
security interest of U.S. Bank National Association, as Trustee, for the benefit of the Secured Parties, which shall be designated
as the Expense Account, which shall be maintained with the Custodian in accordance with the Issuer Account Control Agreement. On
the Closing Date, an amount equal to $100,000 shall be deposited into the Expense Account by the Sole Member for use pursuant to
this Section 10.3(c). From time to time after the Closing Date, Required Expense Equity Contributions contributed by the Sole
Member to the Issuer pursuant to the Equity Contribution Agreement as a result of a Expense Contribution Event (as defined in the
Equity Contribution Agreement), shall be deposited into the Expense Account for use pursuant to this Section 10.3(c) at
the times and in the amounts set forth in Section 2 of the Equity Contribution Agreement. In addition, on any Payment Date,
funds that were previously transferred from the Interest Collection Subaccount to the Payment Account may be transferred into the
Expense Account at the direction of the Collateral Manager pursuant to Section 11.1(a). On any Business Day from and including
the Closing Date, the Trustee shall apply funds from the Expense Account, as directed by the Collateral Manager, (A) to pay
expenses of the Issuer incurred in connection with the establishment of the Issuer and the structuring and consummation of the
offering and the issuance of the Notes, (B) from time to time to pay accrued and unpaid Priority Administrative Expenses of
the Issuer, in the order set forth in the definition of Priority Administrative Expenses (provided, however, that
no direction from the Collateral Manager will be required to pay expenses owed to the Trustee, the Bank (in any of its capacities,
including as Revolving Credit Note Agent or as Collateral Administrator)) and other Administrative Expenses (which shall be paid
subsequent to the payment of Priority Administrative Expenses and in the order set forth in the definition of Administrative Expenses)
and (C) to pay expenses attributable to tax and accounting compliance and reporting for the Issuer. All funds on deposit in
the Expense Account will be invested in Eligible Investments at the direction of the Collateral Manager. Any income earned on amounts
deposited in the Expense Account will be deposited in the Interest Collection Subaccount upon receipt thereof. All amounts remaining
on deposit in the Expense Account after all expenses (and anticipated expenses) and the Notes have been paid in full or otherwise
terminated, will be deposited by the Trustee into the Principal Collection Subaccount for application as Principal Collections
pursuant to Section 11.1(b). For the avoidance of doubt, prior to the payment in full or otherwise termination of the Notes,
no amount standing to the credit of the Expense Account may be transferred to any other Account. If on any date the sum of Cash
and Eligible Investments then credited to the Expense Account is less than $100,000, the Trustee shall so inform the Collateral
Manager, the Liquidation Agent and the Sole Member and the Sole Member shall be required, pursuant to the Equity Contribution Agreement
and within five Business Days of such notification, to make a Required Expense Equity Contribution to the Issuer and the Trustee
shall credit any such contribution payment to the Expense Account. The Issuer shall direct the Trustee to deposit into the Expense
Account all Required Expense Equity Contribution amounts received by the Issuer pursuant to Section 2(a) of the Equity
Contribution Agreement.

 

In connection with the
application of funds from the Expense Account to pay Priority Administrative Expenses or other Administrative Expenses of the Issuer
in accordance with this Section 10.3(c), the Trustee shall remit such funds, to the extent available, as directed and designated
in an Issuer Order (which may be in the form of standing instructions, including standing instructions to pay Priority Administrative
Expenses and other Administrative Expenses in the order required by this Section 10.3(c) in such amounts on any Payment
Date and to such entities as indicated in the Payment Date Report in respect of such Payment Date) delivered by the Issuer or the
Collateral Manager to the Trustee no later than the Business Day prior to the date of payment of such Priority Administrative Expense.

 

(d)           Delayed-Draw/Committed
Proceeds/Revolver Account. Upon the purchase of any Delayed-Draw Loan, Committed Proceeds Asset or Revolver Loan not listed
on Schedule 1 hereto, funds in an amount equal to the sum of (i) the amounts required to fund the purchase of such Committed
Proceeds Asset and (ii) the undrawn portion of any such Delayed-Draw Loan or Revolver Loan, as the case may be, shall be withdrawn
at the direction of the Collateral Manager from the Principal Collections Subaccount and deposited by the Trustee in a single,
segregated non-interest bearing trust account established at the Custodian and held in the name of the Issuer subject to the security
interest of the Trustee for the benefit of the Secured Parties (the Delayed-Draw/Committed Proceeds/Revolver Account).
On the Closing Date, a portion of the proceeds of the Notes in an amount equal to U.S.$0 (being the aggregate amount equal to the
sum of (i) the amounts required to fund the purchase of the Committed Proceeds Assets listed in Schedule 1 hereto and (ii) the
undrawn portion of the Delayed-Draw Loans and Revolver Loans listed in Schedule 1 hereto) shall be deposited in the Delayed-Draw/Committed
Proceeds/Revolver Account.

 

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Upon the purchase of
any Delayed-Draw Loan, Revolver Loan or Committed Proceeds Asset, funds deposited in the Delayed-Draw/Committed Proceeds/Revolver
Account in respect of any such Portfolio Asset will be treated as part of the purchase price therefor. Amounts on deposit in the
Delayed-Draw/Committed Proceeds/Revolver Account will be invested in Eligible Investments selected by the Collateral Manager having
stated maturities no later than the next Business Day immediately succeeding the date such Eligible Investment was acquired and
earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Collections.

 

After the initial purchase,
all distributions in respect of principal under any Revolver Loan received by the Trustee shall be deposited within one Business
Day into the Delayed-Draw/Committed Proceeds/Revolver Account (and will not be available as Principal Collections unless such amounts
are transferred by the Trustee in accordance with the following paragraph as Principal Collections to the Principal Collection
Subaccount).

 

Any funds in the Delayed-Draw/Committed
Proceeds/Revolver Account (other than earnings from Eligible Investments therein) will be available at the direction of the Collateral
Manager solely to cover (i) with respect to any Delayed-Draw Loan or Revolver Loan, drawdowns thereunder and (ii) with
respect to any Committed Proceeds Asset, the payment of the purchase price (and related acquisition costs, as applicable) therefor;
provided that, on any date of determination, any excess of (A) the amounts on deposit in the Delayed-Draw/Committed
Proceeds/Revolver Account over (B) the sum of (I) the aggregate unfunded funding obligations under all Delayed-Draw Loans
and all Revolver Loans (which excess may occur for any reason, including upon (i) the sale or maturity of a Delayed-Draw Loan
or Revolver Loan, (ii) the occurrence of an event of default with respect to any such Delayed-Draw Loan or Revolver Loan and
the termination of any commitment to fund obligations thereunder or (iii) any other event or circumstance which results in
the irrevocable reduction of the undrawn commitments under the Delayed-Draw Loan or such Revolver Loan) and (II) the aggregate
amount required to fund the acquisition of the Committed Proceeds Assets pursuant to the terms of the Committed Proceeds Transactions,
may be transferred by the Trustee (at the written direction of the Collateral Manager on behalf of the Issuer) from time to time
as Principal Collections to the Principal Collection Subaccount.

 

(e)           Class A-R
Prepayment Account. If required to do so pursuant to the terms of the Revolving Credit Note Agreement, the Trustee shall cause
to be established and maintained by the Custodian a single, segregated non-interest bearing securities account, which shall be
designated as a Class A-R Prepayment Account, for each Class A-R Noteholder that elects from time to time to prepay (in
whole or in part) its Remaining Unfunded Facility Commitment, which securities account shall be established in the name of the
Trustee as Entitlement Holder in trust for the benefit of the Issuer and such Class A-R Noteholder. The Trustee shall deposit
any amounts received from a Class A-R Noteholder to prepay (in whole or in part) its Remaining Unfunded Facility Commitment
and all proceeds received from the issuance of such Class A-R Noteholder’s Class A-R Notes into such Class A-R
Noteholder’s Class A-R Prepayment Account.

 

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The Trustee shall, pursuant
to the written directions of a Class A-R Noteholder, invest and reinvest funds standing to the credit of such Class A-R
Noteholder’s Class A-R Prepayment Account in Eligible Investments. The Trustee shall not in any way be held liable by
reason of any insufficiency of such accounts which results from any loss relating to any such investment.

 

Funds and other property
on deposit in any Class A-R Prepayment Account shall only be withdrawn from such account, or paid or transferred to the relevant
Class A-R Noteholder with respect to such account, pursuant to and in accordance with the Revolving Credit Note Agreement,
and shall not be available to the Issuer for payments to any Secured Parties other than such Class A-R Noteholder.

 

With respect to any Holder
of Class A-R Notes that has deposited its Class A-R Commitment Amount in a Class A-R Prepayment Account pursuant
to the Revolving Credit Note Agreement, on each Payment Date and without regard to the Priority of Payments, the Trustee shall
pay directly to such Class A-R Noteholder any Eligible Investment Income received on Eligible Investments standing to the
credit of the Class A-R Prepayment Account of such Holder during the preceding Monthly Period. Eligible Investment Income
in a Class A-R Prepayment Account shall not be transferred to the Interest Collection Subaccount or treated as Interest Collections.
None of the Issuer or the Noteholders other than the related Holder of Class A-R Notes shall have any rights to the amounts
in a Class A-R Prepayment Account except to satisfy the obligations of the related Holder under the Class A-R Notes to
the Issuer.

 

The Class A-R Prepayment
Account and the income arising in such account shall be treated for U.S. Federal, state and local tax purposes in a manner consistent
with the intended tax treatments contained in Section 7.15(a). Each Class A-R Noteholder shall provide to the Trustee
any information reasonably requested by the Trustee for purposes of the establishment of a Class A-R Prepayment Account and
the investment of amounts on deposit therein, including tax forms.

 

Section 10.4       Reinvestment
of Funds in Accounts; Reports by Trustee. (a) By Issuer Order (which may be in the
form of standing instructions), the Issuer (or the Collateral Manager on behalf of the Issuer) shall at all times direct the Trustee
to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in the Interest Collection Subaccount,
the Principal Collection Subaccount, the Expense Account and the Delayed Draw/Committed Proceeds/Revolver Account (other than Principal
Collections reinvested in Portfolio Assets pursuant to Section 10.2(c)) as so directed in Eligible Investments having stated
maturities no later than the Business Day preceding the next Payment Date (or such shorter maturities expressly provided herein).
If prior to the occurrence of an Event of Default, the Issuer shall not have given any such investment directions, the Trustee
shall seek instructions from the Collateral Manager within three Business Days after transfer of any funds to such accounts. If
the Trustee does not thereafter receive written instructions from the Collateral Manager within five Business Days after transfer
of such funds to such accounts, it shall invest and reinvest the funds held in such accounts, as fully as practicable, in the “U.S.
Bank Money Market Deposit Account” (or other standby Eligible Investment selected by the Collateral Manager) maturing no
later than the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein).
If after the occurrence of an Event of Default, the Issuer shall not have given such investment directions to the Trustee for three
consecutive days, the Trustee shall invest and reinvest such Cash as fully as practicable in the “U.S. Bank Money Market
Deposit Account” (or other standby Eligible Investment selected by the Collateral Manager) in maturing not later than the
earlier of (i) 30 days after the date of such investment (unless putable at par to the Obligor thereof) or (ii) the Business
Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). Except to the extent expressly
provided otherwise herein, all Eligible Investments shall be credited to the same Account (or subaccount, as the case may be) from
which Cash was applied to acquire such Eligible Investment, and any gain realized from, or loss resulting from, such Eligible Investment
shall be credited or charged to such Account (or subaccount) and all interest and other income from such Eligible Investment shall
be deposited in the Interest Collections Subaccount. The Trustee shall not in any way be held liable by reason of any insufficiency
of such accounts which results from any loss relating to any such investment, provided that nothing herein shall relieve
the Bank of (i) its obligations or liabilities under any security or obligation issued by the Bank or any Affiliate thereof
or (ii) liability for any loss resulting from gross negligence, willful misconduct or fraud on the part of the Bank or any
Affiliate thereof.

 

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(b)         The
Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or otherwise to the credit
of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

 

(c)          The
Trustee shall supply, in a timely fashion, to the Issuer, the Liquidation Agent and the Collateral Manager any information regularly
maintained by the Trustee that the Issuer, the Liquidation Agent or the Collateral Manager may from time to time reasonably request
with respect to the Portfolio Assets, the Accounts and the other Collateral and provide any other requested information reasonably
available to the Trustee by reason of its acting as Trustee hereunder and under the other Transaction Documents to which it is
party and required to be provided by Section 10.5 or to permit the Collateral Manager to perform its obligations under the
Collateral Management Agreement or the Issuer’s obligations hereunder that have been delegated to the Collateral Manager.
The Trustee shall promptly forward to the Collateral Manager and the Liquidation Agent copies of notices and other writings received
by it from the Portfolio Asset Obligor of any Portfolio Asset or from any Clearing Agency with respect to any Portfolio Asset which
notices or writings advise the holders of such Portfolio Asset of any rights that the holders might have with respect thereto (including,
without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as well
as all periodic financial reports received from such Portfolio Asset Obligor and Clearing Agencies with respect to such Portfolio
Asset Obligor.

 

(d)           In
addition to any credit, withdrawal, transfer or other application of funds with respect to any Account set forth in Article 10,
any credit, withdrawal, transfer or other application of funds with respect to any Account authorized elsewhere in this Indenture
is hereby authorized.

 

(e)          Any
account established under this Indenture may include any number of subaccounts deemed necessary or advisable by the Trustee in
the administration of the Accounts.

 

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Section 10.5        Accountings.

 

(a)         Payment
Date Report. Not later than the tenth Business Day after the last day of each Monthly Period and commencing in July, 2017,
the Issuer shall compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee,
the Collateral Manager, the Liquidation Agent and, upon written request therefor, to any Holder shown on the Note Register, and
upon written notice to the Trustee substantially in the form of Exhibit C, the Trustee shall make available to any holder
of a beneficial interest in a Note, a monthly payment date report on a trade date basis with respect to such Monthly Period (each
such report a Payment Date Report). The first Payment Date Report shall be delivered in July, 2017 as described above
and shall be determined with respect to the Monthly Period ending on (but excluding) July 1, 2017. The Payment Date Report
for a Monthly Period shall contain the following information with respect to the Portfolio Assets and Eligible Investments included
in the Collateral, and shall be determined as of the Determination Date occurring on the last day of such Monthly Period:

 

(i)          A
schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of each Class of Notes at the
beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; and
(B) Interest Collections payable on the related Payment Date.

 

(ii)         The
amounts payable pursuant to each clause of Section 11.1(a), each clause of Section 11.1(b) and each clause of Section 11.1(c),
as applicable, on the related Payment Date.

 

(iii)         For
the Collection Account:

 

(A)       the
Balance on deposit in the Collection Account at the end of the related Monthly Period;

 

(B)       the
amounts of (x) Interest Collections payable from the Interest Collection Subaccount and (y) Principal Collections payable
from the Principal Collection Subaccount, in each case to the Payment Account in order to make payments pursuant to Section 11.1(a) and
Section 11.1(b) on the next Payment Date including, with respect to Section 11.1(a), the respective amounts of Priority
Administrative Expenses payable pursuant to Section 11.1(a)(i), the respective amounts of Collateral Manager Advances and
Collateral Manager Expenses payable pursuant to Section 11.1(a)(ii) and the respective amounts of other Administrative
Expenses payable pursuant to Section 11.1(a)(iii); and

 

(C)       the
Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date.

 

Upon receipt of each Payment Date Report,
the Trustee shall compare the information contained in such Payment Date Report to the information contained in its records with
respect to the Collateral and shall, within three Business Days after receipt of such Payment Date Report, notify the Issuer, the
Collateral Administrator, the Liquidation Agent, the Revolving Credit Note Agent, and the Collateral Manager if the information
contained in the Payment Date Report does not conform to the information maintained by the Trustee with respect to the Collateral.
In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall
attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days
notify the Collateral Manager and the Liquidation Agent, and the Liquidation Agent shall review such Payment Date Report and the
Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in the Payment Date Report
or the Trustee’s records, the Trustee shall notify the Issuer and the Collateral Manager of such error and the Payment Date
Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations
pursuant to this Indenture. After the Issuer receives notice of any error in the Payment Date Report, the Issuer shall forward
notice of such error to all recipients of such report not later than the delivery of the subsequent Payment Date Report, which
may be accomplished by making a notation of such error in such subsequent Payment Date Report.

 

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Each Payment Date Report
shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth
in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 11.1.

 

(b)         Daily
Reporting. Not later than 5:00 p.m. Central Time on each Business Day, the Issuer shall direct the Collateral Administrator
to compile and make available to the Trustee, the Revolving Credit Note Agent, the Collateral Manager, the Liquidation Agent and,
upon written request therefor, any Holder shown on the Note Registers and upon written notice to the Trustee substantially in the
form of Exhibit C, the Trustee shall make available to any holder of a beneficial interest in a Note, a daily report in a
form agreed to by the Issuer and the Collateral Administrator (each such report, a Daily Report). The Daily Report
shall contain the following information:

 

(i)           For
each Account, the cash balance of such Account, the Eligible Investments credited to such Account, and each other credit or debit
(specifying the nature, source and amount) to such Account since the previous Daily Report and for the Delayed-Draw/Committed Proceeds/Revolver
Account, a designation of the portion of the amounts credited thereto related to each Delayed-Draw Loan, Committed Proceeds Asset
and Revolver Loan that is a Portfolio Asset;

 

(ii)          A
schedule showing the amount of Interest Collections received from the date of determination of the immediately preceding Payment
Date Report for (A) Interest Collections from Portfolio Assets and (B) Interest Collections from Eligible Investments;

 

(iii)         A
schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of each Class of Notes and
such amount as a percentage of the original Aggregate Outstanding Amount of all Classes of Notes; and (B) (1) the Outstanding
Class A-R Funded Amount, (2) the Outstanding Class A-R Funded Amount as a percentage of the original Aggregate Outstanding
Amount of the Class A-R Notes, (3) the Class A-R Commitment Amount with respect to each Class A-R Noteholder
and (4) the amount of the Remaining Unfunded Facility Commitment; and (B) Interest Collections payable on the next Payment
Date;

 

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(iv)         Purchases,
prepayments, and sales:

 

(A)       The
identity, Principal Balance (other than any accrued interest that was purchased with Principal Collections (but excluding any capitalized
interest)), Principal Collections and Interest Collections received, and date for (X) each Portfolio Asset that was released
for sale or disposition by the Issuer (and the identity and Principal Balance of each Portfolio Asset which the Issuer has entered
into a commitment to sell or dispose) pursuant to Section 12.1 since the end of the last Monthly Period and (Y) each
prepayment or redemption of a Portfolio Asset since the end of the last Monthly Period; and

 

(B)        The
identity, Principal Balance, Principal Collections and Interest Collections expended, and date for each Portfolio Asset that was
purchased by the Issuer (and the identity and purchase price) of each Portfolio Asset which the Issuer has entered into a commitment
to purchase) since the end of the last Monthly Period;

 

(C)        The
trade date;

 

(D)        The
settlement date;

 

(E)         The
trade type;

 

(F)         The
par amount;

 

(G)         The
trade price;

 

(H)         The
counter bank name;

 

(I)           The
trade amount;

 

(J)           The
trade quantity;

 

(K)          The
trade settled;

 

(L)          The
accrued interest;

 

(M)         The
facility original amount global;

 

(N)          The
rate type (fixed versus floating);

 

(O)          The
par amount traded;

 

(P)           The
par amount settled;

 

(Q)           The
commitment settled;

 

(R)            The
commitment traded;

 

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(S)        The
outstanding settled;

 

(T)        The
Moody’s Rating, if any;

 

(U)        The
S&P Rating, if any; and

 

(V)         With
respect to each Portfolio Asset, the following information:

 

(I)          The
Portfolio Asset Obligor(s) thereon (including the issuer ticker, if any);

 

(II)         The
CUSIP, LoanX i.d. number, or other identifier as applicable;

 

(III)        The
Principal Balance thereof (other than any accrued interest that was purchased with Principal Collections (but excluding any capitalized
interest)) with any capitalized interest reflected as a separate line item;

 

(IV)        The
related interest rate or spread (including any applicable LIBOR floors), the related interest payment period (quarterly, semi-annually, etc.)
and if interest may be capitalized;

 

(V)          The
stated maturity thereof;

 

(VI)         The
country of domicile of the Portfolio Asset Obligor;

 

(VII)        The
Advance Percentage and the categorization of such Portfolio Asset for purposes of determining the Advance Percentage applicable
thereto.

 

(c)           [Reserved]

 

(d)           Redemption
Date Reporting. With respect to each Redemption Date, the Payment Date Report in respect of the Payment Date on which such
redemption is scheduled to occur shall also include the following: (A) the Aggregate Outstanding Amount of the Notes of each
Class at the beginning of the Monthly Period during which such Redemption Date occurs and such amount as a percentage of the
original Aggregate Outstanding Amount of the Notes of such Class; (B) the amount of principal payments to be made on the Class or
Classes of Notes being redeemed on the Redemption Date, and the Aggregate Outstanding Amount of the Notes of such Class(es) after
giving effect to the payment of the Redemption Price, as a percentage of the original Aggregate Outstanding Amount of the Notes
of such Class(es).

 

(e)            Failure
to Provide Accounting. If the Trustee is not the Collateral Administrator and shall not have received any accounting provided
for in this Section 10.5 on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee
shall notify the Collateral Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date.
To the extent the Collateral Manager is required to provide any information or reports pursuant to this Section 10.5 as a
result of the failure of the Issuer to provide such information or reports, the Collateral Manager shall do so at its own expense.

 

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(f)           Required
Content of Certain Reports. Each Payment Date Report and Daily Report sent to any Holder or beneficial owner of an interest
in a Note shall contain, or be accompanied by, the following notices:

 

“The Notes have not been
and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The Notes
may be beneficially owned only by Persons that (A) are not U.S. persons (within the meaning of Regulation S under the Securities
Act) who purchased their beneficial interest in an offshore transaction or (B) (I) are both (1) (x) a Qualified
Purchaser, within the meaning of the Investment Company Act of 1940, as amended, and the rules thereunder or (y) an entity
owned (or in the case of Qualified Purchasers, beneficially owned) exclusively by Qualified Purchasers and (2) (x) in
the case of a Person that is an initial purchaser of the Notes, an Accredited Investor, within the meaning of Rule 501(a) under
the Securities Act, or a Qualified Institutional Buyer or (y) in the case of a Person who becomes a beneficial owner subsequent
to the date of the Indenture, a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary
basis less than $25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to
in paragraph (a)(1)(i)(d) or (a)(1)(i)(e) of Rule 144A under the Securities Act or a trust fund referred to in paragraph
(a)(1)(i)(f) of Rule 144A under the Securities Act that holds the assets of such a plan, if investment decisions with
respect to the plan are made by beneficiaries of the plan, who is purchasing the Notes in reliance on the exemption from Securities
Act registration provided by Rule 144A thereunder and (II) can make the representations set forth in Section 2.5
of the Indenture and, if applicable, the appropriate Exhibit B to the Indenture and (C) otherwise comply with the restrictions
set forth in the applicable Note legends. In addition, (a) beneficial ownership interests in Class A-1 Rule 144A
Global Notes may only be transferred to a Person that is both a Qualified Institutional Buyer and a Qualified Purchaser or a Person
beneficially owned exclusively by Qualified Purchasers and (b) Certificated Notes may only be owned by a Person that is both
a Qualified Institutional Buyer and a Qualified Purchaser or a Person beneficially owned exclusively by a Person that is both a
Qualified Institutional Buyer and a Qualified Purchaser, and, in each case, that can make the representations referred to in clause
(B) of the preceding sentence. The Issuer has the right to compel any beneficial owner of a Note that does not meet the qualifications
set forth in the preceding sentences to sell its interest in such Note, or may sell such interest on behalf of such owner, pursuant
to Section 2.11 of the Indenture.

 

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Each Holder receiving this report
agrees to keep all non-public information herein confidential and not to use such information for any purpose other than its evaluation
of its investment in the Notes, provided that any Holder may provide such information on a confidential basis to any prospective
purchaser, or financing provider, of such Holder’s Notes that such Holder reasonably believes is permitted by the terms of
the Indenture to acquire such Holder’s Notes.”

 

(g)            Availability
of Information. The Issuer (or the Trustee on behalf of the Issuer) may post the information contained in a Payment Date Report
or Daily Report to a password-protected internet site. The Trustee shall have the right to change the way such statements are distributed
in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely
and adequate notification to all above parties regarding any such changes. As a condition to access to the Trustee’s internet
website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but
shall not be responsible for the content or accuracy of any information provided in the Daily Report and the Payment Date Report
which the Trustee disseminates in accordance with this Indenture and may affix thereto any disclaimer it deems appropriate in its
reasonable discretion.

 

Section 10.6     Release
of Collateral. (a)  If no Event of Default has occurred and is continuing (in the
case of sales pursuant to Section 12.1(a)) and subject to Article 12, the Issuer (or the Collateral Manager, acting on
behalf of the Issuer) may, by Issuer Order delivered to the Trustee at least one Business Day prior to the settlement date for
any sale of any Collateral certifying that the sale of such Collateral is being made in accordance with Section 12.1 hereof
and the Equity Contribution Agreement and such sale complies with all applicable requirements of Section 12.1 and the requirements
of the Equity Contribution Agreement (which certification shall be deemed to be made upon delivery of an Issuer Order in respect
of such sale) direct the Trustee to release or cause to be released such Collateral from the Lien of this Indenture and, upon receipt
of such Issuer Order, (i) the Trustee shall deliver any such Collateral, if in physical form, duly endorsed to the broker
or purchaser designated in such Issuer Order or, if such Collateral is a Clearing Corporation Security, cause an appropriate transfer
thereof to be made, in each case against receipt of the sales price therefor (in the case of a sale) or a receipt of certification
evidencing the fact that the relevant disposition complies with the requirements of the Equity Contribution Agreement (which certification
shall be deemed to be made upon delivery of an Issuer Order in respect of such sale), as applicable, as specified by the Collateral
Manager in such Issuer Order, (ii) the Issuer or its designee will be authorized to file UCC termination statements in order
to evidence the termination of the Liens and security interests granted pursuant to the Transaction Documents in respect of such
Collateral and (iii) the Trustee will, at the Issuer’s expense, execute and deliver any other release or termination
documents or other agreements in respect of such Collateral as the Issuer may reasonably request in order to evidence the termination
of the Liens and security interests granted pursuant to the Transaction Documents in respect of such Collateral; provided
that the Trustee may deliver any such Collateral in physical form for examination in accordance with street delivery custom.

 

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(b)            Subject
to the terms of this Indenture, the Trustee shall upon an Issuer Order delivered by the Issuer or the Collateral Manager, acting
on behalf of the Issuer, (i) deliver any Collateral, and release or cause to be released such Collateral from the Lien of
this Indenture, which is set for any mandatory call or payment in full to the appropriate administrative agent or paying agent
on or before the date set for such call or payment, in each case against receipt of the call or payment in full thereof and (ii) provide
notice thereof to the Issuer and the Collateral Manager.

 

(c)            Upon
receiving actual notice of any offer or any request for a waiver, consent, amendment or other modification with respect to any
Portfolio Asset, the Trustee on behalf of the Issuer shall notify the Liquidation Agent of any Portfolio Asset that is subject
to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an Offer) or such request.
Unless the Notes have been accelerated following an Event of Default, the Collateral Manager may direct (x) the Trustee to
accept or participate in or decline or refuse to participate in such Offer and, in the case of acceptance or participation, to
release from the Lien of this Indenture such Portfolio Asset in accordance with the terms of the Offer against receipt of payment
therefor, or (y) the Issuer or the Trustee to agree to or otherwise act with respect to such consent, waiver, amendment or
modification; provided that in the absence of any such direction, the Trustee shall not respond or react to such Offer or
request.

 

(d)            As
provided in Section 10.2(a), the Trustee shall deposit any proceeds received by it from the disposition of a Portfolio Asset
in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Portfolio Assets
or Eligible Investments as permitted under and in accordance with the requirements of this Article 10 and Article 12.

 

(e)            The
Trustee shall, upon receipt of an Issuer Order delivered by the Issuer or the Collateral Manager, acting on behalf of the Issuer,
at such time as there are no Notes Outstanding and all obligations of the Issuer hereunder have been satisfied, release any remaining
Collateral from the Lien of this Indenture.

 

(f)             Any
security, Portfolio Asset or amounts that are released pursuant to Section 10.6(a), (b) or (c) shall be released
from the Lien of this Indenture.

 

Section 10.7     Procedures
Relating to the Establishment of Accounts Controlled by the Trustee. Notwithstanding anything
else contained herein, the Trustee agrees that with respect to each of the Accounts, it will cause each Securities Intermediary
establishing any such Account to enter into an account control agreement and, if the Securities Intermediary is the Bank, shall
cause the Bank to comply with the provisions of such account control agreement. The Trustee shall have the right to cause the establishment
of such subaccounts of any such Account as it deems necessary or appropriate for convenience of administration.

 

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Section 10.8     Section 3(c)(7) Procedures.

 

(a)            DTC
Actions. The Issuer will direct (or cause its agent to direct) DTC to take the following steps in connection with the Global
Notes (or such other appropriate steps regarding legends of restrictions on the Global Notes under Section 3(c)(7) of
the Investment Company Act and Rule 144A as may be customary under DTC procedures at any given time):

 

(i)             The
Issuer will direct (or cause its agent to direct) DTC to include the marker “3c7” in the DTC 20-character security
descriptor and the 48-character additional descriptor for the Global Notes.

 

(ii)            The
Issuer will direct (or cause its agent to direct) DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers
to contain the 20-character security descriptor. The Issuer will direct (or cause its agent to direct) DTC to cause each deliver
order ticket that is delivered by DTC to purchasers in electronic form to contain a “3c7” indicator and a related user
manual for participants. Such user manual will contain a description of the relevant restrictions imposed by Section 3(c)(7).

 

(iii)           On
or prior to each of the Closing Date and the Second Closing Date, the Issuer will instruct (or cause its agent to direct) DTC to
send a Section 3(c)(7) Notice to all DTC participants in connection with the offering of the Global Notes.

 

(iv)           In
addition to the obligations of the Note Registrar set forth in Section 2.5, the Issuer will from time to time (upon the request
of the Trustee) make a request (or cause its agent to request) to DTC to deliver to the Issuer a list of all DTC participants holding
an interest in the Global Notes.

 

(v)            The
Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing “3c7” and “144A”
indicators, as applicable, attached to such CUSIP number.

 

(b)            Bloomberg
Screens, Etc. The Issuer will from time to time request (or cause its agent to request) all third-party vendors to include
on screens maintained by such vendors appropriate legends regarding restrictions on the Global Notes under Section 3(c)(7) of
the Investment Company Act and Rule 144A.

 

ARTICLE 11

 

APPLICATION
OF CASH

 

Section 11.1     Disbursements
of Cash from Payment Account. Notwithstanding any other provision in this Indenture, the
Transaction Documents or the Notes, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account
pursuant to Section 10.2(f) in accordance with the following (the Priority of Payments):

 

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(a)            On
each Payment Date, unless an Enforcement Event has occurred and is continuing, all amounts transferred to the Payment Account from
the Interest Collection Subaccount shall be applied as follows:

 

(i)             first,
to the payment of accrued and unpaid Priority Administrative Expenses, provided that Priority Administrative Expenses payable
under this clause (i) shall exclude any amounts payable pursuant to the second, third and fourth clauses of the definition
of Priority Administrative Expenses to the extent that payment of such amounts would result in the aggregate amounts paid under
this clause (i) would exceed U.S.$200,000 (prorated for the partial calendar year 2017 and the year in which the Maturity
or final payment of the Notes occurs, based on the actual number of days elapsed in such partial year and a 360 day year) in the
applicable calendar year;

 

(ii)            second,
to the payment of any Collateral Manager Advances and Collateral Manager Expenses reimbursable to the Collateral Manager pursuant
to the Collateral Management Agreement, and any other amounts payable to the Collateral Manager pursuant to the Collateral Management
Agreement, in aggregate not to exceed US$100,000 per calendar year (pro rated for the partial calendar year 2017, and the year
in which the Maturity or final payment of the Notes occurs, based on actual number of days in such partial year and a 360 day year);

 

(iii)           third,
to the payment of any other accrued and unpaid Administrative Expenses;

 

(iv)           fourth,
in the reasonable discretion of the Collateral Manager, to the Expense Account for application pursuant to Section 10.3(c);
and

 

(v)            fifth,
(A) if such Payment Date is not the date of the Maturity, to be transferred to the Principal Collection Subaccount or (B) if
such date is the date of Maturity (other than a Redemption Date resulting from an Optional Redemption of the Class A-1 Notes),
to be applied as set forth in Section 11.1(b).

 

(b)            On
the date of Maturity, unless an Enforcement Event has occurred and is continuing, all amounts transferred to the Payment Account
from the Principal Collection Subaccount (and, if the date of Maturity does not result from an Optional Redemption of the Class A-1
Notes, all amounts transferred to the Payment Account from the Interest Collection Subaccount, after giving effect to the provisions
of Section 11.1(a)(i)-(iv)) shall be applied as follows:

 

(i)             first,
to the payment of amounts referred to in Section 11.1(a)(i) but only to the extent not paid in full thereunder (but,
including amounts paid under Section 11.1(a)(i), subject to the per annum limit specified therein);

 

(ii)            second,
(a) in the case of a date of Maturity that is a Redemption Date arising from an Optional Redemption in respect of the Class A-1
Notes, to the repayment of principal of the Class A-1 Notes until the Class A-1 Notes have been paid in full; and (b) in
the case of any other date of Maturity, pro rata and pari passu, (I) to the repayment of principal of the Class A-1
Notes until the Class A-1 Notes have been paid in full; and (II) the Outstanding Class A-R Funded Amount until the
Outstanding Class A-R Funded Amount has been reduced to zero;

 

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(iii)           third,
to the payment of any remaining accrued and unpaid Administrative Expenses (which payments shall be made, first, in respect of
Priority Administrative Expenses) (after giving effect to payments under Sections 11.1(a)(i), 11.1(a)(iii) and 11.1(b)(i) regardless
of any limit); and

 

(iv)           fourth,
to make payment to the Issuer of all remaining amounts in the Payment Account (in accordance with directions of the Issuer to the
Trustee).

 

(c)            If
a declaration of acceleration of the maturity of the Notes has occurred, or the Notes have automatically become due and payable
without such a declaration, following an Event of Default and such declaration of acceleration (if applicable) has not been rescinded
(an Enforcement Event), the Trustee shall apply proceeds in respect of the Portfolio Assets on each date or dates
fixed by the Trustee, in accordance with clause (a) (in the case of Interest Collections) and clause (b) (in the case
of Principal Collections (and any Interest Collections transferred to the Payment Account from the Interest Collection Subaccount
that remain after giving effect to the provisions of Section 11.1(a)(i)-(iv))) of this Section 11.1.

 

ARTICLE 12

 

SALE
OF PORTFOLIO ASSETS; PURCHASE OF ADDITIONAL PORTFOLIO ASSETS

 

Section 12.1     Sales
of Portfolio Assets. (a) The Issuer shall not sell or otherwise dispose of any Portfolio
Asset unless each of the following conditions is satisfied:

 

(i)             the
Sole Member is not in default of any payment obligation or contribution obligation owing under the Equity Contribution Agreement
(provided that the condition under this clause (a) shall not apply if and so long as an “Event of Default”
with respect to UBS under the Global Master Repurchase Agreement has occurred and is continuing);

 

(ii)            other
than in the case of a withdrawal of a Portfolio Asset that is being made free of payment pursuant to the second paragraph of Section 10.3(b),
such sale or other disposition is made solely for consideration consisting of cash and otherwise on arms’ length terms and,
in the case of a sale or disposition (in each case, whether directly or indirectly) to an Affiliate of the Collateral Manager,
is approved by UBS in a written consent;

 

(iii)           in
accordance with the terms of the Global Master Repurchase Agreement, the Issuer (or the Collateral Manager on its behalf) has given
UBS prior notice of such proposed sale or other disposition of such Portfolio Asset, which notice shall set forth, among other
things, the identity of the buyer of such Portfolio Asset, the proposed settlement date for such sale or disposition and the intended
sale or disposition price for such Portfolio Asset; and

 

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(iv)           the
Liquidation Agent has confirmed to the Issuer and Trustee that all Voluntary Contribution/Sales that have been requested by UBS
pursuant to the Global Master Repurchase Agreement in order to eliminate a Borrowing Base Deficiency have been so made by the Sole
Member to the Issuer prior to such Portfolio Asset Trade Date.

 

For purposes of each of Section 12.1
and 12.3, a withdrawal of a Portfolio Asset from the Issuer as contemplated by the second paragraph of Section 10.3(b) will
constitute a disposition of such Portfolio Asset by the Issuer.

 

(b)            Mandatory
Dispositions. Notwithstanding Section 12.1(a), (i) if any Portfolio Asset acquired by the Issuer (such acquisition
being deemed to occur on the trade date of such acquisition for this purpose) (1) becomes a Defaulted Obligation or (2) failed
to satisfy any Asset Eligibility Criteria on the applicable Portfolio Asset Trade Date and such failure continues (or is the subject
of a breach of a representation, warranty or certification in respect of such Portfolio Asset contained in the statements of Section 3.1(i) or
that are made or deemed made in respect of such Portfolio Asset pursuant to Section 12.3(b)) or (ii) the security interest
granted by (x) the Issuer to the Trustee pursuant to this Indenture in any asset fails to be a valid perfected first priority
securing interest or (y) if applicable, the seller to the Issuer and the Trustee in such Portfolio Asset pursuant to the Master
Loan Purchase Agreement fails to be a valid perfected first priority security interest, in either case, which failure continues
for a period of two Business Days, then the Issuer shall, within fourteen days after the Issuer receives notice of the occurrence
of such event, enter into a binding commitment to sell or otherwise dispose of such Portfolio Asset as commercially reasonable,
but not longer than twenty days after such notice to the Issuer.

 

(c)            Right
of Liquidation Agent to Direct Dispositions. Notwithstanding Section 12.1(a), if an Event of Default has occurred and
is continuing, and provided the Liquidation Agent’s appointment has not been terminated, the Liquidation Agent, by notice
(or multiple notices, so long as such Event of Default is continuing) to the Issuer and Trustee (with a copy to the Collateral
Manager), may direct the Issuer and Trustee to sell all or any portion of one or more Portfolio Assets identified in such notice
(including the manner of sale thereof), or to refrain from selling any Portfolio Assets until otherwise instructed by the Liquidation
Agent, and the Issuer and Trustee shall act as so directed by the Liquidation Agent (including, if so directed, as to the manner
of sale of such Portfolio Asset, notwithstanding Sections 5.4, 5.5 and 5.17). The Liquidation Agent shall not be liable to the
Issuer, the Trustee or any Secured Party for any losses, claims, damages, liabilities or expenses arising out of any action taken
or omitted to be taken by the Liquidation Agent in good faith (x) in accordance with this Section 12.1(c) or (y) otherwise
in accordance with the Transaction Documents. For the avoidance of doubt, any such sale at the direction of the Liquidation Agent
pursuant to this clause (c) shall be a sale by the Issuer and shall not be deemed to be a sale by the Trustee in its capacity
as a secured party under Article 9, Part 6 of the UCC.

 

(d)            Current
Price Adjustment. In the event that the Issuer (or the Collateral Manager on behalf of the Issuer) proposes to engage in a
sale or other disposition of a Portfolio Asset, the Issuer (or the Collateral Manager on behalf of the Issuer) will notify the
Liquidation Agent of the proposed buyer, the proposed sale price and proposed settlement date in accordance with the Indenture.
(If such sale is entered into, it is a Pre-EOD Sale, and the agreed sale price is the Sale Price).
After the date on which such notice is received by the Liquidation Agent and at all times until the settlement of such transaction,
the Current Price (Sale Adjusted Price) will for all purposes be deemed to be equal to:

 

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(i)             if
(x) such Pre-EOD Sale is to an Approved Dealer on Approved Terms, (y) the Liquidation Agent has received a copy of the
related fully executed and delivered confirmation in substantially the form prescribed by the Loan Syndications & Trading
Association or the Loan Market Association (as applicable) and (z) the Liquidation Agent has determined, based on such confirmation,
that such a Pre-EOD Sale constitutes a direct sale to an Approved Dealer, the Sale Price, exclusive of accrued interest and capitalized
interest and net of the related Costs of Assignment; and

 

(ii)            if
such Pre-EOD Sale is not to one of the Approved Dealers or is not on Approved Terms, the lesser of (i) the Current Price determined
as if there were no Sale and (ii) the Sale Price exclusive of accrued interest and capitalized interest and net of the related
Costs of Assignment.

 

Section 12.2     Acquisition
of Portfolio Assets; Eligible Investments.

 

(a)            Acquisition
of Portfolio Assets. The Issuer shall not acquire any Loan (other than a Portfolio Asset included in the Portfolio on the Closing
Date or a Class A-1 Delayed Draw Funding Date) unless such Loan is a Portfolio Asset and (i) not less than one Business
Day prior to the Portfolio Asset Trade Date, UBS has been given notice of the proposed acquisition of such Portfolio Asset and
(ii) as of the Portfolio Asset Trade Date, each of the following conditions is satisfied:

 

(i)             other
than in the case of any Voluntary Sale/Contribution, the acquisition of such Portfolio Asset and the purchase price thereof shall
be on arm’s length terms (it being agreed that any acquisition of such Portfolio Asset pursuant to a Transaction Document
shall be deemed to be on arm’s length terms) and, in the case of an acquisition from or financed in whole or in part by an
Affiliate of the Collateral Manager, is approved by UBS in a written consent;

 

(ii)            other
than in the case of any Voluntary Sale/Contribution, the Sole Member is not in default of any payment obligation or contribution
obligation owing to the Issuer under the Equity Contribution Agreement;

 

(iii)           other
than in the case of any Voluntary Sale/Contribution, no Event of Default (or any event that, with the giving of notice or the lapse
of time or both, would become an Event of Default) shall have occurred and be continuing immediately prior to or immediately after
giving effect to such acquisition;

 

(iv)           in
the case of any Portfolio Asset that is being acquired by the Issuer from the Sole Member under the Equity Contribution Agreement
and will form part of the Borrowing Base, the Liquidation Agent has confirmed in writing to the Issuer, the Trustee and the Collateral
Administrator that it agrees with the determination of the purchase price (if any) and applicable Advance Percentage of such Portfolio
Asset; and

 

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(v)            the
Liquidation Agent has confirmed to the Issuer and Trustee that all Voluntary Contribution/Sales required to be made to the Issuer
by the Sole Member pursuant to the terms of the Equity Contribution Agreement as a result of such acquisition or at the request
of UBS pursuant to the Global Master Repurchase Agreement in order to eliminate (or avoid, as a result of such acquisition) a Borrowing
Base Deficiency have, in either case, been so made prior to such Portfolio Asset Trade Date.

 

For purposes of each of Section 12.2
and 12.3, a contribution of a Portfolio Asset to the Issuer (including any Voluntary Contribution/Sale) will constitute an acquisition
of such Portfolio Asset by the Issuer.

 

(b)            Investment
in Eligible Investments. Cash on deposit in any Account (other than the Payment Account) may be invested at any time in Eligible
Investments in accordance with Article 10.

 

Section 12.3     Conditions
Applicable to All Sale and Purchase Transactions. (a) Any transaction effected under
this Article 12 or in connection with the acquisition of additional Portfolio Assets shall be conducted on an arm’s
length basis and, if effected with an Affiliate of the Collateral Manager (or with an account or portfolio for which the Collateral
Manager or any of its Affiliates serves as investment adviser), shall be effected in accordance with the requirements of Section 6(d) of
the Collateral Management Agreement on terms no less favorable to the Issuer than would be the case if such Person were not an
Affiliate of the Collateral Manager, provided that the Trustee shall have no responsibility to oversee compliance with this
clause (a) by the other parties.

 

(b)            Upon
any acquisition of a Portfolio Asset pursuant to this Article 12, (i) all of the Issuer’s right, title and interest
to such Collateral shall be Granted to the Trustee pursuant to this Indenture, such Collateral shall be Delivered to the Custodian,
and, if applicable, the Custodian shall receive such Collateral and (ii) the Issuer shall deliver to the Trustee, not later
than the Subsequent Delivery Date, an Officer’s certificate of the Issuer containing the statements set forth in Section 3.1(i) in
respect of such Portfolio Asset and certifying that such acquisition complies with Section 12.2(a); provided that such
requirement shall be satisfied, and such statements and certificates shall be deemed to have been made by the Issuer, in respect
of any such acquisition by the delivery to the Trustee of an Issuer Order or a trade ticket in respect thereof that is signed by
an Authorized Representative of the Collateral Manager on behalf of the Issuer.

 

(c)            All
acquisitions of Portfolio Assets on or prior to the Closing Date, and all acquisitions of Portfolio Assets from the Sole Member
or any Affiliate thereof after the Closing Date, will be made pursuant to the terms of Master Loan Purchase Agreement. On or prior
to the trade date with respect to each Portfolio Asset acquired by the Issuer from the Sole Member (or an Affiliate thereof), the
Issuer shall amend (or cause to be amended) the schedule of Loans attached as Exhibit A to the Master Loan Purchase Agreement
to reflect the acquisition by the Issuer of such Portfolio Asset and the Issuer shall deliver to each of the Trustee and UBS a
copy of such amended schedule of Loans. The Master Loan Purchase Agreement shall contain the following wording, or wording similar
thereto, which will apply to each such transfer of Portfolio Assets from the Sole Member or any Affiliate thereof to the Issuer:

 

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“If, notwithstanding such
intentions, the transactions contemplated hereby are recharacterized as a secured loan by any relevant governmental, judicial
or other authority for any reason whatsoever, whether for limited purposes or otherwise, the seller hereby grants to (a) the
Issuer and (b) the Trustee for the benefit of the Secured Parties a security interest under Article 9 of the UCC in
all of its right, title and interest in, to and under each Loan (or such equivalent term contained in the applicable transfer
documentation), in each case, whether now owned or existing, or hereafter acquired or arising, and wherever located.

 

The seller will take such action
as is necessary to maintain the perfection and priority of the security interest of the Issuer and the Trustee in each Loan. The
seller shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing
of all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take
such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Issuer, the Trustee, the
Holders of the Notes and other Secured Parties hereunder and to: (i) grant more effectively the security interest in all or
any portion of each Loan; (ii) maintain, preserve and perfect any grant made or to be made by the Master Loan Purchase Agreement
including, without limitation, the first priority nature of the Lien (subject to Permitted Liens) or carry out more effectively
the purposes hereof; (iii) perfect, publish notice of or protect the validity of any grant made or to be made by the Master
Loan Purchase Agreement (including any and all actions necessary or desirable as a result of changes in law or regulations); (iv) enforce
any of the Loans or other instruments or property included in the Loans; (v) preserve and defend title to the Loans and the
rights therein of the Issuer, the Trustee and the Holders of the Notes and other Secured Parties in the Loans against the claims
of all Persons and parties; or (vi) pay or cause to be paid any and all taxes levied or assessed upon all or any part of the
Loans.

 

The seller hereby designates Issuer
(or the Trustee on its behalf) as its agent and attorney in fact to prepare and file any Financing Statement, continuation statement
and all other instruments, and take all other actions, required pursuant to this Master Loan Purchase Agreement. Such designation
shall not impose upon the Trustee, or release or diminish, the seller’s obligations under this Master Loan Purchase Agreement.
The seller further authorizes, and shall cause the Issuer’s United States counsel to file, a Financing Statement that names
the seller as debtor and the Issuer and the Trustee as a secured party and that describes “the Master Loan Purchase Agreement
and the Loan Schedule attached thereto, as amended from time to time”, or words of similar effect as the collateral in which
the Issuer and the Trustee has a grant.”

 

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The Issuer shall take such action as is
necessary to cause the seller to maintain the perfection and priority of the security interest of the Issuer and the Trustee in
each Loan granted pursuant to the Master Loan Purchase Agreement; provided that the Issuer shall be entitled to rely on
any Opinion of Counsel delivered pursuant to Section 7.4 or Section 7.6 and any Opinion of Counsel with respect to the
same subject matter delivered pursuant to Section 3.1(d) to determine which actions are necessary, and shall be fully
protected in so relying on such Opinion of Counsel, unless the Issuer has actual knowledge that the procedures described in such
Opinion of Counsel are no longer adequate to maintain such perfection and priority.

 

(d)            Except
as otherwise provided in this Section 12.3(d), any sale or other disposition of all or a portion of a Portfolio Asset shall
be effected by the transfer by assignment by the Issuer of full record and beneficial ownership of such Portfolio Asset or the
relevant portion thereof being transferred (such portion consisting of an unvarying percentage of the Principal Balance of such
Portfolio Asset and all related claims for interest, fees and other amounts). The Issuer (and the Collateral Manager on behalf
of the Issuer) shall be deemed to certify that all conditions to such sale or other disposition under Section 12.1 and the
Equity Contribution Agreement have been satisfied by the Issuer (and the Collateral Manager on behalf of the Issuer) in respect
of such sale or other disposition by the delivery of the Issuer or the Collateral Manager to the Trustee of a trade ticket in respect
thereof that is signed by an Authorized Representative of the Collateral Manager on behalf of the Issuer.

 

ARTICLE 13

 

RELATIONS
AMONG HOLDERS

 

Section 13.1     Relations
among Holders. Each Holder agrees, for the benefit of all Holders, not to cause the filing
of a petition in bankruptcy against the Issuer until the payment in full of all Notes (and any other debt obligations of the Issuer
that have been rated upon issuance by any rating agency at the request of the Issuer) and the expiration of a period equal to one
year and one day or, if longer, the applicable preference period then in effect plus one day, following such payment in full. In
the event one or more Holders of Notes cause the filing of a petition in bankruptcy against the Issuer prior to the expiration
of such period, any claim that such Holder(s) have against the Issuer or with respect to any Collateral (including any proceeds
thereof) shall be fully subordinate in right of payment to the claims of each Holder of any Note that does not seek to cause any
such filing, with such subordination being effective until each Note held by each Holder that does not seek to cause any such filing
is paid in full in accordance with the Priority of Payments set forth herein (after giving effect to such subordination). The foregoing
sentence (the terms of which are referred to herein as the Bankruptcy Subordination Agreement) shall constitute a
 “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code, Title 11 of the United
States Code, as amended. The Issuer shall direct the Trustee to segregate payments and take other reasonable steps to effect the
foregoing, and the Issuer shall obtain a separate CUSIP for the Notes held by such Holder(s) (such Notes, the Bankruptcy
Subordinated Class).

 

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Section 13.2     Standard
of Conduct. In exercising any of its or their voting rights, rights to direct and consent
or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any obligation or duty to any Person or
to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or
them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether
such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person, except for any liability to
which such Holder may be subject to the extent the same results from such Holder’s taking or directing an action, or failing
to take or direct an action, in bad faith or in violation of the express terms of this Indenture.

 

ARTICLE 14

 

MISCELLANEOUS

 

Section 14.1     Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion
of an Officer of the Issuer or the Collateral Manager may and, where required by the Issuer shall, be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representations by, counsel (provided that such counsel is a nationally
or internationally recognized and reputable law firm), unless such Officer knows, or should know that the certificate or opinion
or representations with respect to the matters upon which such certificate or opinion is based are erroneous. Any such certificate
of an Officer of the Issuer or the Collateral Manager or Opinion of Counsel may and, where required by the Issuer, shall be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager
or any other Person, stating that the information with respect to such factual matters is in the possession of the Issuer, the
Collateral Manager or such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that
the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral
Manager, the Issuer, or any other Person stating that the information with respect to such matters is in the possession of the
Collateral Manager, the Issuer or such other Person, unless such counsel knows that the certificate or opinion or representations
with respect to such matters are erroneous.

 

Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

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Whenever in this Indenture
it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent
to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction
of such condition is a condition precedent to the Issuer’s right to make such request or direction, the Trustee shall be
protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation
of such Default or Event of Default as provided in Section 6.1(d).

 

Section 14.2     Acts
of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in writing or by an agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee,
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein
and evidenced thereby) are herein sometimes referred to as the Act of Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 14.2.

 

(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee deems
sufficient.

 

(c)            The
principal amount or face amount, as the case may be, and registered numbers of Notes held by any Person, and the date of such Person’s
holding the same, shall be proved by the applicable Note Register.

 

(d)            Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder
(and any transferee thereof) of such and of every Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer or any other Person in reliance
thereon, whether or not notation of such action is made upon such Note.

 

Section 14.3     Notices, etc.,
to Trustee, the Revolving Credit Note Agent, the Issuer, the Collateral Manager, the Collateral Administrator, the Paying Agent,
the Liquidation Agent. (a) Any request, demand, authorization, direction, instruction,
order, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Indenture to be made upon, given,
delivered, e-mailed or furnished to, or filed with:

 

(i)            the
Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified
mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic
mail, or by facsimile in legible form, to the Trustee addressed to it at its applicable Corporate Trust Office, or at any other
address previously furnished in writing to the other parties hereto by the Trustee, and executed by an Authorized Representative
of the entity sending such request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document
(or, in the case of the Collateral Manager sending such request, demand, authorization, direction, instruction, order, notice,
consent, waiver or other document on behalf of the Issuer, executed by an Authorized Representative of the Collateral Manager),
provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document is sent
to the Corporate Trust Office;

 

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(ii)             the
Revolving Credit Note Agent shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and
mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery,
by electronic mail, or by facsimile in legible form, to the Revolving Credit Note Agent addressed to it at its applicable Corporate
Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Revolving Credit Note
Agent, and executed by an Authorized Representative of the entity or, in the case of the Collateral Manager sending such request,
demand, authorization, direction, instruction, order, notice, consent, waiver or other document on behalf of the Issuer, executed
by an Authorized Representative of the Collateral Manager), provided is sent to the Corporate Trust Office);

 

(iii)            the
Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, hand
delivered, sent by overnight courier service or by facsimile or other electronic transmission in legible form, to the Issuer addressed
to it at Murray Hill Funding II, LLC, 3 Park Avenue, 36th Floor, New York, NY 10016, Attention: Keith Franz, telephone no. 212
418 4710, e-mail: kfranz@cioninvestments.com, or at any other address previously furnished in writing to the other parties hereto
by the Issuer, as the case may be, with a copy to the Collateral Manager at its address below;

 

(iv)            the
Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by facsimile or other electronic transmission in legible form, to the Collateral
Manager addressed to it at CĪON Investment Management, LLC, 3 Park Avenue, 36th Floor, New York, NY 10016, Attention: Keith
Franz, telephone no. 212 418 4710, e-mail: kfranz@ cioninvestments.com, or at any other address previously furnished in writing
to the other parties hereto by the Collateral Manager;

 

(v)             the
Bank shall be sufficient for every purpose hereunder if in writing and mailed, hand delivered, sent by overnight courier service
or by facsimile or other electronic transmission in legible form, addressed to the Corporate Trust Office or at any other address
previously furnished in writing to the other parties hereto by the Bank;

 

(vi)            the
Collateral Administrator shall be sufficient for every purpose hereunder if in writing and mailed, hand delivered, sent by overnight
courier service or by facsimile or other electronic transmission in legible form, to the Collateral Administrator at the Corporate
Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Collateral Administrator;
and

 

(vii)           the
Liquidation Agent shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered,
sent by overnight courier service or by facsimile or other electronic transmission in legible form, addressed to UBS AG, London
Branch, Structured Funding, 1285 Avenue of the Americas, New York, NY 10019-6064, Tel: (203) 719-1611, e-mail: OL-US_SCT_structuredfunding@ubs.com,
or at any other address previously furnished in writing to the other parties hereto by UBS.

 

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(b)            In
the event that any provision in this Indenture calls for any notice or document to be delivered simultaneously to the Trustee and
any other Person, the Trustee’s receipt of such notice or document shall entitle the Trustee to assume that such notice or
document was delivered to such other Person unless otherwise expressly specified herein.

 

(c)            Any
reference herein to information being provided “in writing” shall be deemed to include each permitted method of delivery
specified in sub clause (a) above.

 

Section 14.4     Notices
to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of any event,

 

(a)            such
notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, to each Holder affected by
such event, at the address of such Holder as it appears in the Note Registers (or, in the case of Holders of Global Notes, emailed
to DTC for distribution to each Holder affected by such event), not earlier than the earliest date and not later than the latest
date, prescribed for the giving of such notice; and (b) such notice shall be in the English language.

 

Such notices will be
deemed to have been given on the date of such mailing.

 

Notwithstanding clause
(a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic
mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter,
the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested; provided that
if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause
(a) above.

 

The Trustee will deliver
to the Holders any information or notice relating to this Indenture requested to be so delivered by at least 25% of the Holders
(by Aggregate Outstanding Amount), at the expense of the Issuer; provided that the Trustee may decline to send any such
notice that it reasonably determines to be contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation
that the Trustee may have hereunder or (iii) applicable law. The Trustee may require the requesting Holders to comply with
its standard verification policies in order to confirm Holder status.

 

Neither the failure to
mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or
similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any event to Holders
when such notice is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall
be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.

 

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Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 14.5     Effect
of Headings and Table of Contents. The Article and Section headings herein (including
those used in cross-references herein) and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

Section 14.6     Successors
and Assigns. All covenants and agreements in this Indenture by the Issuer shall bind its
successors and assigns, whether so expressed or not.

 

Section 14.7     Severability.
If any term, provision, covenant or condition of this Indenture or the Notes, or the application thereof to any party hereto or
any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction),
the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, modified by the deletion of the unenforceable,
invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity,
or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants
and conditions of this Indenture or the Notes, as the case may be, so long as this Indenture or the Notes, as the case may be,
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof
and the deletion of such portion of this Indenture or the Notes, as the case may be, will not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties.

 

Section 14.8     Benefits
of Indenture. The Liquidation Agent, the Collateral Manager, the Bank and (solely for
purposes of Section 12.1(a)(iv), Section 12.2(a)(v), as provided in Section 2.13(h) and any other provision
hereof that specifically provides for UBS to have the right to make a determination, receive a notice, report or certificate, make
a request, give consent or otherwise exercise discretion) UBS shall each be an express third party beneficiary of each agreement
or obligation in this Indenture (including, without limitation, any right to make a determination, receive a notice, report or
certificate, make a request, give consent or direct a disposition expressed as being exercisable by the Liquidation Agent or Collateral
Manager hereunder). Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, the Holders, the Collateral Manager, the Liquidation Agent, the Collateral Administrator
and the Bank, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 14.9     Legal
Holidays. In the event that the date of any Payment Date, Redemption Date or Stated Maturity
shall not be a Business Day, then notwithstanding any other provision of the Notes or this Indenture, payment need not be made
on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date
of any such Payment Date, Redemption Date or Stated Maturity date, as the case may be.

 

Section 14.10    Governing
Law. This Indenture and the Notes shall be construed in accordance with, and this Indenture
and the Notes and any matters arising out of or relating in any way whatsoever to this Indenture or the Notes, shall be governed
by, the law of the State of New York.

 

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Section 14.11     Submission
to Jurisdiction. With respect to any suit, action or proceedings relating to this Indenture
or any matter between the parties arising under or in connection with this Indenture (Proceedings), each party irrevocably:
(i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan
and the United States District Court for the Southern District of New York, and any appellate court from any thereof; and (ii) waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim
that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings,
that such court does not have any jurisdiction over such party. Nothing in this Indenture precludes any of the parties from bringing
Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing
of Proceedings in any other jurisdiction.

 

Section 14.12     WAIVER
OF JURY TRIAL. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE OF SUCH
NOTE OR INTEREST THEREIN SHALL BE DEEMED TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Each party hereby (i) certifies
that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the
event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this
Indenture by, among other things, the mutual waivers and certifications in this paragraph.

 

Section 14.13     Counterparts.
This Indenture (and each amendment, modification and waiver in respect of this Indenture) may be executed and delivered in counterparts
(including by e-mail, facsimile or other electronic transmission), each of which will be deemed an original, and all of which together
constitute one and the same instrument. Delivery of an executed counterpart of this Indenture by e-mail (PDF), facsimile or other
electronic transmission shall be effective as delivery of a manually executed counterpart of this Indenture.

 

Section 14.14     Acts
of Issuer. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or performed by the Issuer shall be effective if given or performed by the Issuer
or by the Collateral Manager on the Issuer’s behalf.

 

    -141-

     

    

 

Section 14.15     Confidential
Information. (a) The Trustee, the Collateral Administrator and each Holder of Notes
will maintain the confidentiality of and will not disclose the Confidential Information; provided that such Person may deliver
or disclose Confidential Information to: (i) such Person’s directors, trustees, officers, employees, agents, attorneys
and Affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15
and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby
or the investment represented by the Notes; (ii) such Person’s financial advisors and other professional advisors who
agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15 and
to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby
or the investment represented by the Notes; (iii) any other Holder; (iv) any Person of the type that would be, to such
Person’s knowledge, permitted to acquire Notes in accordance with the requirements of Section 2.5 hereof to which such
Person sells or offers to sell any such Note or any part thereof or from whom such Person seeking financing on the Note or any
part thereof (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions
of this Section 14.15); (v) any other Person from which such former Person offers to purchase any security of the Issuer
(if such other Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions
of this Section 14.15); (vi) any Federal or State or other regulatory, governmental or judicial authority having jurisdiction
over such Person; (vii) the National Association of Insurance Commissioners or any similar organization, or any nationally
recognized rating agency that requires access to information about the investment portfolio of such Person, reinsurers and liquidity
and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 14.15;
(viii) any other Person with the prior written consent of the Issuer, the Sole Member, the Liquidation Agent or the Collateral
Manager; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect
compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal
process upon prior notice to the Issuer (unless and to the extent such notice is prohibited by applicable law, rule, order or decree
or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon
prior notice to the Issuer (unless and to the extent such notice is prohibited by applicable law, rule, order or decree or other
requirement having the force of law) or (D) if an Event of Default has occurred and is continuing, to the extent such Person
may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of
the rights and remedies under the Notes or this Indenture or (E) in the Trustee’s or Collateral Administrator’s
performance of its obligations under this Indenture, the Collateral Administration Agreement or other transaction document related
thereto; and provided that delivery to Holders by the Trustee or the Collateral Administrator of any report of information
required by the terms of this Indenture to be provided to Holders shall not be a violation of this Section 14.15. Each Holder
of Notes agrees, except as set forth in clauses (vi), (vii) and (ix) above, that it shall use the Confidential Information
for the sole purpose of making an investment in the Notes or administering its investment in the Notes; and that the Trustee and
the Collateral Administrator shall neither be required nor authorized to disclose to Holders any Confidential Information in violation
of this Section 14.15. In the event of any required disclosure of the Confidential Information by such Holder, such Holder
agrees to use reasonable efforts to protect the confidentiality of the Confidential Information. Each Holder of a Note, by its
acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14.15.

 

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(b)            For
the purposes of this Section 14.15, Confidential Information means information delivered to the Trustee, the
Collateral Administrator, any other party to a Transaction Document or any Holder of Notes by or on behalf of the Issuer (or otherwise
obtained by the Trustee, the Collateral Administrator, any other party to a Transaction Document or any Holder from the Issuer
or the Collateral Manager) in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture;
provided that such term does not include information that: (i) was publicly known or otherwise known to the Trustee,
the Collateral Administrator or such Holder prior to the time of such disclosure; (ii) subsequently becomes publicly known
through no act or omission by the Trustee, the Collateral Administrator, any Holder or any person acting on behalf of the Trustee,
the Collateral Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator
or any Holder other than (x) through disclosure by or on behalf of the Issuer or the Collateral Manager or (y) to the
knowledge of the Trustee, the Collateral Administrator or a Holder, as the case may be, in each case after reasonable inquiry,
as a result of the breach of a fiduciary duty to the Issuer or the Collateral Manager or a contractual duty to the Issuer or the
Collateral Manager; or (iv) is allowed to be treated as non-confidential by prior written consent of the Issuer.

 

(c)            Notwithstanding
the foregoing, the Trustee and the Collateral Administrator may disclose Confidential Information to the extent disclosure thereof
may be required by law or by any regulatory or Governmental Authority and the Trustee and the Collateral Administrator may disclose
on a confidential basis any Confidential Information to its agents, attorneys and auditors in connection with the performance of
its responsibilities hereunder.

 

ARTICLE 15

 

ASSIGNMENT
OF CERTAIN AGREEMENTS

 

Section 15.1     Assignment
of Collateral Management Agreement, Revolving Credit Note Agreement, Collateral Administration Agreement, Equity Contribution Agreement
and Master Loan Purchase Agreement. (a) The Issuer hereby acknowledges that its Grant
pursuant to the first Granting Clause hereof includes all of the Issuer’s estate, right, title and interest in, to and under
the Collateral Management Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Equity Contribution
Agreement and the Master Loan Purchase Agreement including (i) the right to give all notices, consents and releases thereunder,
(ii) the right to receive all notices, accountings, consents, releases and statements thereunder, (iii) the right to
do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder, (iv) with respect to the Collateral
Management Agreement, the right to give all notices of termination and to take any legal action upon the breach of an obligation
of the Collateral Manager thereunder, including the commencement, conduct and consummation of Proceedings at law or in equity,
and (v) with respect to the Equity Contribution Agreement, the right to give equity contribution notices and to do any and
all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that notwithstanding anything
herein to the contrary, the Issuer shall retain, and the Trustee shall not have, the authority to exercise any of the rights set
forth in (i) through (v) above or that may otherwise arise as a result of the Grant until the occurrence of an Event
of Default hereunder and such authority of the Trustee shall terminate at such time, if any, as such Event of Default is cured
or waived.

 

(b)            The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, the Revolving Credit Note Agreement,
the Collateral Administration Agreement, the Equity Contribution Agreement and the Master Loan Purchase Agreement nor shall any
of the obligations contained in such agreements be imposed on the Trustee.

 

    -143-

     

    

 

(c)            Upon
the retirement of the Notes, the payment of all amounts required to be paid pursuant to the Priority of Payments and the release
of the Collateral from the Lien of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit
of the Holders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under the Collateral
Management Agreement, the Revolving Credit Note Agreement, the Collateral Administration Agreement, the Equity Contribution Agreement
and the Master Loan Purchase Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence
such termination and reversion.

 

(d)            The
Issuer represents that the Issuer has not executed any other assignment of the Collateral Management Agreement, the Revolving Credit
Note Agreement, the Collateral Administration Agreement, the Equity Contribution Agreement or the Master Loan Purchase Agreement.

 

(e)            The
Issuer agrees that, subject to clause (c) above, this assignment is irrevocable, and that it will not take any action which
is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer will, from time to time upon
request of the Trustee, execute all instruments of further assurance and all such supplemental instruments with respect to this
assignment as may be necessary to continue and maintain the effectiveness of such assignment.

 

(f)            The
Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral Management
Agreement, to the following:

 

(i)            The
Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture applicable
to the Collateral Manager subject to the terms (including the standard of care set forth in the Collateral Management Agreement)
of the Collateral Management Agreement.

 

(ii)           The
Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the Collateral
Management Agreement to the Trustee as representative of the Holders and the Collateral Manager shall agree that all of the representations,
covenants and agreements made by the Collateral Manager in the Collateral Management Agreement are also for the benefit of the
Trustee.

 

(iii)          The
Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered or
required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement.

 

(iv)           Neither
the Issuer nor the Collateral Manager will enter into any agreement amending, modifying or terminating the Collateral Management
Agreement (other than an amendment to correct inconsistencies, typographical or other errors, defects or ambiguities) or selecting
or consenting to a successor manager except with the consents and satisfaction of the conditions specified in the Collateral Management
Agreement entered into on the Closing Date.

 

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(v)            The
Collateral Manager agrees not to cause the filing of a petition in a bankruptcy or similar Proceeding against or on behalf of the
Issuer until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to one year and
a day, or, if longer, the applicable preference period and a day, following such payment. Nothing in this Section 15.1 shall
preclude, or be deemed to stop, the Collateral Manager from taking any action prior to the expiration of the aforementioned period
in (A) any Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding filed or commenced on behalf
of the Issuer at the direction of the Collateral Manager or Sole Member) or (B) any involuntary insolvency Proceeding filed
or commenced by a Person other than the Collateral Manager or Sole Member.

 

(vi)            From
and after the occurrence and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound
by the provisions of the Collateral Management Agreement and this Indenture (except as otherwise expressly provided in the Collateral
Management Agreement).

 

(vii)           From
and after the occurrence and during the continuance of an Event of Default, and also if any event occurs that under the Collateral
Management Agreement would entitle the Issuer to terminate the Collateral Management Agreement or remove or replace the Collateral
Manager, the Collateral Manager shall not take or refrain from taking any action authorized or required under the Collateral Management
Agreement without the consent of the Majority Holders.

 

(g)             Upon
a Trust Officer of the Trustee receiving written notice (i) from the Collateral Manager that an event constituting “Cause”
as defined in the Collateral Management Agreement has occurred, (ii) that the Collateral Manager is resigning or is being
removed, with or without “Cause” or (iii) of a successor collateral manager, the Trustee shall, not later than
three Business Days thereafter, notify the Holders (as their names appear in the Note Register).

 

(h)            The
Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Sole Member in the Equity Contribution Agreement,
to the following:

 

(i)             The
Sole Member shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture applicable
to the Sole Member subject to the terms of the Equity Contribution Agreement.

 

(i)             The
Sole Member shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the Equity Contribution
Agreement to the Trustee as representative of the Holders and the Sole Member shall agree that all of the representations, covenants
and agreements made by the Sole Member in the Equity Contribution Agreement are also for the benefit of the Trustee.

 

(ii)             The
Sole Member shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered or required
to be delivered by the Sole Member to the Issuer pursuant to the Equity Contribution Agreement.

 

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(iii)            Neither
the Issuer nor the Sole Member will enter into any agreement amending, modifying or terminating the Equity Contribution Agreement
(other than an amendment to correct inconsistencies, typographical or other errors, defects or ambiguities that, in each case,
does not in any way affect the maintenance of a consistent aggregate Advance Value of Portfolio Assets and Cash held by the Issuer
by means of contributions and withdrawals under the Equity Contribution Agreement) without prior written consent of the Trustee
(which shall be given at the direction of the Majority Holders) and the Liquidation Agent.

 

(iv)            The
Sole Member agrees not to cause the filing of a petition in a bankruptcy or similar Proceeding against or on behalf of the Issuer
until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day,
or, if longer, the applicable preference period and a day, following such payment. Nothing in this Section 15.1 shall preclude,
or be deemed to preclude, the Sole Member from taking any action prior to the expiration of the aforementioned period in (A) any
Proceeding voluntarily filed or commenced by the Issuer (other than any such Proceeding filed or commenced on behalf of the Issuer
at the direction of the Collateral Manager or the Sole Member) or (B) any involuntary insolvency Proceeding filed or commenced
by a Person other than the Sole Member or Collateral Manager.

 

– signature page follows –

 

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IN WITNESS WHEREOF,
we have set our hands as of the day and year first written above.

 

	 	MURRAY HILL FUNDING II, LLC, Issuer
	 	 
	 	By:	MURRAY HILL FUNDING, LLC, Sole Member
	 	 
	 	By:	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-Chief Executive Officer
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	/s/ Ralph J. Creasia, Jr
	 	 	Name: Ralph J. Creasia, Jr.
	 	 	Title: Senior Vice President

 

    

     

    

 

SCHEDULE 1

 

Initial Portfolio Assets

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    

     

    

 

SCHEDULE 2

 

S&P INDUSTRY CLASSIFICATION GROUPS

 

	Collateral

Code	Collateral

Description
	1	Aerospace & Defense
	2	Air transport
	3	Automotive
	4	Beverage & Tobacco
	5	Radio & Television
	6	Building & Development
	7	Business equipment & services
	8	Cable & satellite television
	9	Chemicals & plastics
	10	Clothing/textiles
	11	Conglomerates
	12	Containers & glass products
	13	Cosmetics/toiletries
	14	Drugs
	15	Ecological services & equipment
	16	Electronics/electrical
	17	Equipment leasing
	18	Farming/agriculture
	19	Financial intermediaries
	20	Food/drug retailers
	21	Food products
	22	Food service
	23	Forest products
	24	Health care
	25	Home furnishings
	26	Lodging & casinos
	27	Industrial equipment
	28	Leisure goods/activities/movies
	29	Nonferrous metals/minerals
	30	Oil & gas
	31	Publishing
	32	Rail industries
	33	Retailers (except food & drug)
	34	Steel
	35	Surface transport
	36	Telecommunications
	37	Utilities
	38	Life Insurance
	39	Health Insurance
	43	Property & Casualty Insurance
	44	Diversified InsuranceExhibit 10.5

 

Confirmation in respect of Repurchase
Transaction

 

(Class A-R Notes)

 

December 17, 2020

 

		To:	Murray Hill Funding, LLC

c/o CĪON Investment Corporation

Three Park Avenue, 36th Floor

New York, NY 10016

Attention: Keith Franz

 

		From:	UBS AG, London Branch

 

Dear Sirs,

 

The purpose of this Confirmation in respect
of Repurchase Transaction (this “Confirmation”) is to set forth the terms and conditions of the above-referenced
repurchase transaction between Murray Hill Funding, LLC (“Counterparty” or “Seller”, as the
context requires) and UBS AG, London Branch (“UBS” or “Buyer”, as the context requires, and
 “Party” shall mean either Seller or Buyer), on the Trade Date specified below (the “Transaction”).
This Confirmation evidences the Transaction (replacing the form of Confirmation required by Annex II to the Agreement which shall
not apply to the Transaction) and forms a binding agreement between Seller and Buyer as to the terms of the Transaction.

 

This Confirmation supplements, forms part
of, and is subject to the TBMA/ISMA Global Master Repurchase Agreement (2000 version), dated as of May 15, 2017, between Seller
and Buyer, together with the Annex(es) thereto (as supplemented, amended or otherwise modified from time to time, the “Agreement”).

 

Buyer and Seller agree that this Confirmation
shall not be a “Protocol Covered Document” for purposes of the ISDA 2020 IBOR Fallbacks Protocol (the “Protocol”)
and any amendments otherwise made to agreements between Buyer and Seller as a result of their adherence to the Protocol shall not
be made to this Confirmation.

 

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

 

    

     

    

 

		1	General Terms

 

	Seller:	Murray Hill Funding, LLC.
	 	 
	Buyer:	UBS AG, London Branch.
	 	 
	Calculation Agent:	
        UBS AG, London Branch.

         

        The Calculation Agent shall perform all
        determinations and calculations hereunder in good faith and in a commercially reasonable manner. For the purpose of making any
        determination or calculation hereunder, the Calculation Agent may rely on any information or notice delivered by a third party.

	 	 
	Trade Date:	December 17, 2020.
	 	 
	Purchase Date:	December 17, 2020.
	 	 
	Repurchase Date:	November 19, 2023, subject to adjustment in accordance with the Business Day Convention, as such date may be accelerated as provided herein and in the Agreement.
	 	 
	Purchased Securities:	
        The Class A-R Notes.

         

        On the Purchase Date, Seller shall transfer
        to Buyer the Class A-R Notes having an Outstanding Class A-R Funded Amount of USD0 in exchange for the Purchase Price
        on the Purchase Date.

	 	 
	Purchase Price:	
        On any date of determination, 100% of the
        Outstanding Class A-R Funded Amount as of such date of determination, as such amount may from time to time be reduced pursuant
        to the operation of the "Purchase Price Reduction" provisions herein or increased pursuant to the immediately succeeding
        paragraph; provided that the Purchase Price shall not exceed U.S.$50,000,000 (such amount being the “Maximum UBS Revolving
        Funded Amount” as such term is used in the Indenture).

         

        Seller agrees that, upon any funding by
        Buyer of any portion of the Class A-R Notes under the Revolving Credit Note Agreement on any date after the Trade Date (resulting
        in an increase in the Outstanding Class A-R Funded Amount of the Class A-R Notes), the Purchase Price shall be increased
        by an amount equal to such funded amount and Buyer shall be deemed (for all purposes of this Confirmation) to have paid for such
        increase in the Purchase Price to Seller.

 

    -2-

     

    

 

	Repurchase Price:	
        With respect to each Purchased Security,
        the Purchase Price for such Purchased Security as of the relevant Repurchase Date, as such amount may from time to time be reduced
        by a Voluntary Partial Prepayment pursuant to the operation of the “Purchase Price Reduction” provisions herein; in
        which case, for the avoidance of doubt, the Purchase Price will be reduced by the Prepayment Amount in respect of such Voluntary
        Partial Prepayment.

         

        For the avoidance of doubt, there shall
        be no Price Differential incorporated into the Repurchase Price and all references to Price Differential and Pricing Rate are hereby
        deleted from the Agreement. In lieu of Price Differential, Seller shall be obligated to pay the Transaction Fee Amounts to Buyer
        as set forth herein. For the avoidance of doubt, paragraphs 2(ii), 2(jj) and 2(pp) of the Agreement shall not apply to the Transaction.

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

         

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

         

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

         

        (iii) unless
        Buyer consents in writing, no prepayment election may be made by Seller unless Seller has elected to prepay on the related Prepayment
        Date a pro rata portion of the repurchase price of the Class A-1 Notes specified in the Class A-1 UBS Repo Confirmation.

 

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	 	(b)      If a Mandatory Prepayment Event has occurred and is continuing with respect to the Purchased Securities, Buyer may upon at least three Business Days’ prior written notice to Seller require Seller to prepay the entire Repurchase Price of the Purchased Securities (such prepayment, a “Mandatory Prepayment”).
	 	 
	 	Each written notice delivered by Seller under clause (a) above or by Buyer under clause (b) above shall designate the date on which such prepayment is to be effective (each a “Prepayment Date”). For purposes of any Prepayment Date relating to a Voluntary Partial Prepayment, the “Prepayment Amount” shall be an amount equal to the product of (x) the Advance Percentage applicable to Cash (as specified in the Indenture) and (y) the Current Repaid Amount, and in the case of a Voluntary Full Prepayment, the “Prepayment Amount” shall be an amount equal to the Repurchase Price.
	 	 
	 	Subject to the “Failure to Deliver Equivalent Securities” provisions below and the timing specified therein, on each Prepayment Date:
	 	 
	 	 	(A)	Buyer shall transfer to Seller or its agent Equivalent Securities, which, in the case of
a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after repayment in full of the Outstanding Class A-R
Funded Amount of the Notes, shall be in the form of USD cash in an amount equal to the Current Repaid Amount;
	 	 	 
	 	 	(B)	Seller shall pay the related Prepayment Amount to Buyer;

 

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	 	 	(C)	Seller shall pay the related Breakage Amount (if any) to Buyer; and
	 	 	 
	 	 	(D)	with respect to a Voluntary Partial Prepayment, for each Purchased Security that is the subject
of such prepayment, the Repurchase Price for such Purchased Security immediately after giving effect to such prepayment shall
be equal to (x) the Repurchase Price thereof immediately prior to such prepayment minus (y) the related Prepayment
Amount for such Purchased Security.
	 	 	 	 
	 	For purposes of the foregoing, amounts payable by Buyer and Seller under (A), (B) and (C) above shall be netted.
	 	 
	Current Repaid Amount:	With respect to any Prepayment Date relating to a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after repayment in full of the Outstanding Class A-R Funded Amount of the Notes, an amount in USD determined by the Calculation Agent equal to the aggregate amount actually received by the holder of the Purchased Securities from the Issuer as a principal repayment of the Outstanding Class A-R Funded Amount in respect of the Purchased Securities on or prior to such Prepayment Date that has not previously been delivered by Buyer to Seller as Equivalent Securities.
	 	 
	Mandatory Prepayment Event:	It shall constitute a Mandatory Prepayment Event with respect to Seller if (after giving effect to all applicable notice requirements and grace periods) an Indenture Event of Default occurs.
	 	 
	Accelerated Termination Event:	
        Buyer may, at any time following the occurrence
        of a Regulatory Event, terminate the Transaction under this Confirmation by notifying Seller of an early Repurchase Date for the
        Transaction, which Repurchase Date shall not be earlier (unless so agreed by Buyer and Seller) than 10 calendar days after the
        date of such notice (or such lesser period as may be necessary for Buyer to comply with its obligations under applicable laws and
        regulations arising as a result of such Regulatory Event).

         

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

 

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	Regulatory Event:	An event which shall occur if, at any time, (a) Buyer determines, in its good faith commercially reasonable discretion, that Buyer’s involvement in the transactions contemplated in this Confirmation and the Agreement violates any law, rule or regulation applicable to Buyer or (b) any applicable Governmental Authority informs Buyer that Buyer’s involvement in such transactions violates any law, rule or regulation applicable to Buyer.
	 	 
	Paragraph 6(h):	Paragraph 6(h) shall be amended by deleting the words “Subject to paragraph 10,” at the beginning thereof such that, for the avoidance of doubt, such paragraph applies with respect to all payment obligations arising out of the occurrence of an Accelerated Termination Event, a Voluntary Partial Prepayment, a Voluntary Full Prepayment or an early Repurchase Date (including, without limitation, payment obligations in respect of Income that have accrued on or prior to the relevant date).
	 	 
	Failure to Deliver Equivalent Securities:	In respect of this Transaction, this provision (Failure to Deliver Equivalent Securities) shall apply in relation to Buyer’s obligations with respect to the Class A-R Notes in lieu of paragraph 10(h) of the Agreement and any reference in the Agreement to paragraph 10(h) in respect of Buyer’s obligations with respect to the Class A-R Notes shall be deemed to be a reference to this provision (Failure to Deliver Equivalent Securities).
	 	 
	 	It is acknowledged by each of the Parties hereto that the Class A-R Notes are unique assets, and that accordingly no asset other than the Purchased Securities will qualify as Equivalent Securities (other than in the case of a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after repayment in full of the Outstanding Class A-R Funded Amount of the Notes, in which case Equivalent Securities shall be in the form of USD cash in an amount equal to the Current Repaid Amount).
	 	 
	 	Notwithstanding anything to the contrary in paragraph 10 of the Agreement or otherwise in the Agreement or this Confirmation and without duplication of the Cure Period provisions below, if Buyer (the “Transferor”) fails to deliver to Seller (the “Transferee”) any Purchased Security (an “Unavailable Asset”) by the time (the “Due Date”) required under this Transaction or within such other period as may be agreed in writing by the Transferor and the Transferee (such failure, a “Transfer Failure”):

 

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	 	(a)	the Transferor, acting in good faith and a commercially reasonable manner, shall try for a period
of 10 calendar days from the day following the Due Date in respect of the Unavailable Asset (the last day of such period, the
 “Transfer Cut-Off Date”) to obtain such Unavailable Asset (and, where the Transfer Failure is in respect of
Buyer’s obligation to deliver the Purchased Securities on the scheduled Repurchase Date for this Transaction, this Transaction
shall be deemed to continue until, and terminate upon, the Extended Termination Date);
	 	 	 
	 	(b)	if the Transferor obtains any Unavailable Asset on or prior
to the Transfer Cut-Off Date, the Transferor shall promptly give notice to the Transferee of its ability to deliver such Unavailable
Asset and shall transfer such Unavailable Asset to the Transferee on the third Business Day following the day on which the Transferor
delivers such notice in settlement of the relevant Transfer Failure; and
	 	 	 
	 	(c)	if any Unavailable Asset is repaid in full or in part by the Issuer prior to the Transfer Cut-Off
Date, then either Party may give notice to the other Party of such repayment after becoming aware of the same, and the Transferor
shall transfer a sum of money equivalent to the proceeds of such repayment to the Transferee no later than two Business Days following
the day on which the Transferor delivers or receives such notice, in exchange for the payment by the Transferee of all or a ratable
portion of any unpaid Repurchase Price (as applicable).
	 	 	 
	 	For the avoidance of doubt, in relation to this Transaction, the Parties’ other obligations under the Agreement shall continue, and if such Transfer Failure occurred in connection with the relevant Repurchase Date for this Transaction, the Transaction shall terminate on the day (the “Extended Termination Date”) which is, with respect to the last Unavailable Asset, the earliest to occur of:
	 	 
	 	 	(i)	the Business Day on which the Transferor transfers such last Unavailable Asset in accordance with
sub-paragraph (b) above; or

 

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	 	 	(ii)	the day on which the Transferor transfers proceeds of such repayment
if such last Unavailable Asset is repaid in full in accordance with sub-paragraph (c) above.
	 	 	 	 
	 	If any such Transfer Failure continues to subsist after the Due Date for this Transaction, the Transaction Fee Amounts in respect of such Unavailable Assets shall cease to accrue on the Due Date for this Transaction and no further Transaction Fee Amounts shall be payable in respect of this Transaction, notwithstanding the continuance of the Parties’ obligations up to the Extended Termination Date under this provision.
	 	 
	Determination of Default Valuation Time:	
        Notwithstanding anything to the contrary
        contained in the Agreement, the “Default Valuation Time” means, in relation to an Event of Default, the close
        of business in the applicable market on the 40th dealing day after the day on which that Event of Default occurs or, where that
        Event of Default is the occurrence of an Act of Insolvency in respect of which under paragraph 10(a) no notice is required
        from the non-Defaulting Party in order for such event to constitute an Event of Default, the close of business on the 40th dealing
        day after the day on which the non-Defaulting Party first became aware of the occurrence of such Event of Default.

         

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

         

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

 

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	Income:	Means any interest or dividend payment or any other payment or distribution (other than any principal payment or repayment) paid with respect to any Purchased Securities and not otherwise received by Seller.  Buyer shall transfer to Seller an amount equal to (and in the same currency as) the amount of all Income paid or distributed on or in respect of the Purchased Securities within one Business Day after the date on which such Income is paid or distributed to holders of the Purchased Securities, and paragraph 5(i) of the Agreement shall be amended accordingly. For avoidance of doubt, (a) references to the amount of any Income paid shall be to an amount paid net of any withholding or deduction for or on account of taxes or duties and (b) Buyer shall not (except in connection with a termination of this Transaction resulting from an Event of Default) net or set-off against or otherwise apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of this Transaction.
	 	 
	Clawback:	If (a) any distribution (whether as an Income payment or otherwise) on a Purchased Security, an Equivalent Security or, if the Equivalent Security is cash, such cash, is received by Buyer and subsequently paid by Buyer to Seller hereunder, and (b) Buyer is subsequently required to transfer all or a portion of such payment to the issuer of such Security (or trustee, paying agent or similar party) (the amount transferred, the “Clawback Amount”), then promptly after receiving notice of such Clawback Amount from Buyer, Seller shall transfer an amount equal to the Clawback Amount to Buyer. Buyer agrees to pay over to Seller within one Business Day after receipt any amounts subsequently recovered (but only to the extent such amounts are actually received by Buyer and Buyer is not otherwise obligated to pay such amounts to Seller pursuant to any other provision hereunder such that payment would result in duplicative payments by Buyer or any other party), and to make reasonable efforts to claim and collect such recoveries.  No interest shall be payable by Buyer or Seller in relation to Clawback Amounts or amounts recovered in respect thereof for the period prior to such amounts becoming payable under this provision. This provision shall survive the termination of the Transaction.
	 	 	 	 

 

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	Cure Period:	Notwithstanding paragraph 10(a) of the Agreement as amended by any Annex, the failure of a Party (“X”) to make any payment or delivery referred to in such paragraph (other than a payment or delivery referred to in paragraph 10(a)(iv) of the Agreement) in respect of the Transaction will not give rise to the right of the other Party to deliver a Default Notice to X unless such failure is not remedied on or before the third Business Day after notice of such failure is given to X.
	 	 
	Events of Default:	In addition to the Events of Default set forth in the Agreement, if any of the following events occurs, it shall constitute an Event of Default with respect to the relevant Party specified below which shall be the Defaulting Party:
	 	 
	 	(a)	with respect to Seller, if Seller fails to pay any Transaction Fee Amount due on a Transaction Fee
Payment Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 	 
	 	(b)	with respect to Seller, if Seller breaches any of the covenants set forth in the section “Certain
Covenants of Seller” below (other than the CIC Financials Requirement) and Buyer, as non-Defaulting Party, serves a Default
Notice on Seller as Defaulting Party;
	 	 	 
	 	(c)	with respect to Seller, if Seller breaches the CIC Financials Requirement and such failure is not
cured within three Business Days following notice from Buyer to Seller of such failure, and Buyer, as non-Defaulting Party, serves
a Default Notice on Seller as Defaulting Party;
	 	 
	 	(d)	with respect to Seller, if Seller fails to pay the applicable Breakage Amount (if any) on any Prepayment
Date or early Repurchase Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 	 
	 	(e)	with respect to Seller, Seller fails to pay any Clawback Amount in accordance with the “Clawback”
provisions herein and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 	 
	 	(f)	with respect to Seller, if Seller’s Investment Manager ceases to be responsible for the asset
management, loan servicing, special servicing or underwriting services of Seller and its subsidiaries, and Buyer, as non-Defaulting
Party, serves a Default Notice on Seller as Defaulting Party;
	 	 	 	                         

 

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	 	(g)	with respect to Seller, notwithstanding anything to the contrary in the Agreement, if Seller fails
to deliver Purchased Securities on any Purchase Date (including without limitation, as a result of a failure by the Issuer to
issue the related Purchased Securities on or prior to such Purchase Date), and Buyer, as non-Defaulting Party, serves a Default
Notice on Seller as Defaulting Party;
	 	 
	 	(h)	with respect to Seller, the occurrence of any of the events set forth in Section 10(b) of
the Collateral Management Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(i)	with respect to Seller, the occurrence of any breach by Seller, as Sole Member, of any of its obligations
under the Equity Contribution Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(j)	with respect to Seller, a Zero Value Portfolio Asset EoD (as defined in the “Zero Value Portfolio
Asset EoD” provisions below) has occurred, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting
Party;
	 	 
	 	(k)	with respect to Seller, the shareholder’s equity of CĪON Investment Corporation (“CIC”),
determined in accordance with United States generally accepted accounting principles consistently applied, falls below USD 540,000,000,
and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; 
	 	 
	 	(l)	Seller incurs any Indebtedness, or incurs any other liability (including, but not limited to, in
respect of any option, swap, repurchase agreement, securities forward transaction or securities lending agreement), other than
as contemplated by the terms hereof or any agreement or instrument contemplated hereby, and Buyer, as non-Defaulting Party, serves
a Default Notice on Seller as Defaulting Party;
	 	 
	 	(m)	with respect to Seller, (i) Seller enters into a binding commitment to make a Voluntary Contribution/Sale
under the Equity Contribution Agreement in the form of any Portfolio Asset pursuant to clause (b) of the “Timing and
Manner of Transfer of Margin” provisions below (and for the avoidance of doubt, such Voluntary Contribution/Sale is to be
made solely to satisfy Seller's obligation under “Margin Maintenance” provisions as a result of a Borrowing Base Deficiency),
(ii) the settlement date for such Voluntary Contribution/Sale does not occur on or prior to the 20th calendar day following
the date of such binding commitment, and (iii) Seller, in its capacity as Sole Member under the Equity Contribution Agreement,
fails to make a Voluntary Contribution/Sale of Cash to the Issuer within one Business Day of the expiration of such 20 calendar
day period in amount sufficient to eliminate such Borrowing Base Deficiency, and Buyer, as non-Defaulting Party, serves a Default
Notice on Seller as Defaulting Party;
	 	 	 	                              

 

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	 	(n)	with respect to Seller, the occurrence of any of the following: (i) no investment management
professional employed by Apollo helps to identify and provide information about potential investment opportunities and assists
in monitoring and servicing such investments, (ii) no employee of Apollo serves on the board of directors (or its equivalent)
of the Collateral Manager, (iii) no employee of Apollo retains board observation rights on the board of directors (or its
equivalent) of CIC, or (iv) Apollo ceases to own and control legally and beneficially 50% or more of the economic interests
in the Collateral Manager (each, an “Apollo Event”), unless Buyer has consented in writing to the occurrence
of such Apollo Event within ten Business Days of the occurrence thereof; and 
	 	 
	 	(o)	with respect to Seller, CIC shall fail to maintain an asset coverage ratio of at least 150% as determined
under the Investment Company Act of 1940, as amended (the “1940 Act”), for purposes of “business development
companies” (as defined in Section 2(a)(48) of the 1940 Act).
	 	 	 
	 	Each of the foregoing Events of Default shall be an “Exempt Event of Default” for purposes of the Agreement.
	 	 
	Breakage Amounts:	If the Repurchase Date for this Transaction occurs prior to the scheduled Repurchase Date by reason of the occurrence of an Event of Default (where Seller is the Defaulting Party), a Mandatory Prepayment or an event described in paragraph 11(a) of the Agreement in respect of which Seller is the notifying party, then, without limitation of any other payments or deliveries that become due as a result of such event but without duplication, on such Repurchase Date, Seller shall pay to Buyer an amount equal to the Breakage Amount for this Transaction or the applicable portion thereof.  For the avoidance of doubt, no Breakage Amount shall be payable by Seller in respect of any Repurchase Date occurring as a result of a Regulatory Event.
	 	 	 	                              

 

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	 	“Breakage Amount” shall mean, with respect to the Transaction evidenced hereby, the present value of the Spread portion of the Transaction Fee Amounts (discounted using a LIBOR discount curve constructed by the Calculation Agent) that would have been payable to Buyer under such Transaction (or the applicable portion thereof) from (and including) the early Repurchase Date or applicable Prepayment Date (as applicable) to (but excluding) the scheduled Repurchase Date, as determined by the Calculation Agent assuming, solely for purposes of determining such amount, that (i) the Spread is equal to the Relevant Rate, (ii) the Repurchase Price payable upon such termination were to remain outstanding until the originally scheduled Repurchase Date and (iii) Seller has transferred to Buyer Securities on each Purchase Date with an aggregate Purchase Price applicable to each Purchase Date as set out in the “Purchase Price” provisions above.
	 	 
	 	The “Relevant Rate” means 2.00%.
	 	 	       	                                  

 

		2	Purchased Securities, Margining and Substitutions

 

	Marking to Market:	The Parties agree that, with respect to this Transaction, the provisions of paragraphs 4(a) to (h) (inclusive), 4(j) and 4(k) of the Agreement shall not apply and instead margin shall be provided separately in respect of this Transaction in accordance with the terms of this Confirmation.  For the avoidance of doubt, the provisions of paragraph 8(d) of the Agreement shall not apply to the Transaction.
	 	 
	Margin Maintenance:	If at any time a Borrowing Base Deficiency exists, Buyer may, by notice to Seller, require Seller to, and Seller shall, following such notice, in its capacity as Sole Member under the Equity Contribution Agreement, make (or enter into a binding commitment to make) Voluntary Contribution/Sales to the Issuer in accordance with and subject to the “Timing and Manner of Transfer of Margin” provisions of this Confirmation such that such Borrowing Base Deficiency is or will be eliminated in accordance with such provisions.

 

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	 	Seller acknowledges that failure to timely make such Voluntary Contribution/Sales may have ramifications under the Indenture, Collateral Management Agreement and Equity Contribution Agreement pursuant to the terms thereof.
	 	 
	Timing and Manner of Transfer of Margin:	If the Calculation Agent notifies Seller of a Borrowing Base Deficiency, and Buyer provides notice to Seller pursuant to the “Margin Maintenance” section hereof, Seller shall, within two Business Days of the date of such notice and in its capacity as Sole Member:
	 	 
	 	(a)	make a Voluntary Contribution/Sale to the Issuer under the Equity Contribution Agreement in the
form of Cash; and/or
	 	 	 
	 	(b)	enter into a binding commitment to make a Voluntary Contribution/Sale under the Equity Contribution
Agreement in the form of one or more Portfolio Assets that (i) satisfy the Asset Eligibility Criteria and Borrowing Base
Asset Criteria and (ii) are not Zero Value Portfolio Assets, for settlement no more than 20 calendar days after the date
on which such binding commitment is entered into, with an aggregate Advance Value sufficient to eliminate such Borrowing Base
Deficiency.
	 	 	 
	Net Margin:	The definition of Net Margin in paragraph 2(ee) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
	 	 
	Market Value:	The definition of Market Value in paragraph 2(cc) of the Agreement, shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
	 	 
	Transaction Exposure:	The definition of Transaction Exposure in paragraph 2(ww) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.

 

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	Zero Value Portfolio Asset:	
        (a)           Any
        Portfolio Asset (i) which (A) has a yield-to-maturity greater than 12.0% (determined as of the Inclusion/Amendment Date)
        or (B) is a Senior Secured (Type III) Loan or (C) is a Senior Secured (Type IV) Loan (for the avoidance of doubt, the
        status for purposes of (B) and (C) is also determined as of the Inclusion/Amendment Date) and (ii) for which there
        does not exist a written agreement (which may be evidenced by an exchange of emails by duly authorized persons) between
        Buyer (acting in its sole discretion, the exercise of which discretion shall not be affected by any prior exercise thereof by or
        other actions or omissions of Buyer) and Seller, entered into prior to, and in respect of, the related Inclusion/Amendment Date,
        to the effect that such Portfolio Asset shall not be a “Zero-Value Portfolio Asset”; provided that
        any such Portfolio Asset may subsequently become a Zero-Value Portfolio Asset pursuant to (b), (c), (d) or (f) of this
        Section.

         

        (b)          Any
        Portfolio Asset that: (i) at any time after the Inclusion/Amendment Date on any date of determination by the Calculation Agent,
        has (A) become, as determined by the Calculation Agent, a Defaulted Obligation, or (B) ceased to comply with any of the
        Borrowing Base Asset Criteria (other than those criteria that, by their express terms, are tested only at the Inclusion/Amendment
        Date or have otherwise been waived by Calculation Agent) or the Asset Eligibility Criteria and (ii) if and for so long as
        such situation is continuing, has a Current Price less than 70%;

         

        (c)           Any
        Illiquid Loan that is deemed to be a Zero-Value Portfolio Asset as a result of Seller’s failure to comply with the requirements
        described in the “Third Party Valuations” provision below;

         

        (d)          Any
        Portfolio Asset which together with any other Portfolio Assets, has resulted in a breach of any of the Borrowing Base Portfolio
        Criteria; provided that (i) where a Borrowing Base Portfolio Criterion is expressed as a maximum, a Portfolio Asset
        shall constitute a Zero Value Portfolio Asset as a result of a violation of the Borrowing Base Portfolio Criteria only with respect
        to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any other Portfolio Assets which
        are members of the category subject to such maximum) causes the failure by the Issuer to satisfy any of the Borrowing Base Portfolio
        Criteria, allocated across Portfolio Assets by Buyer (in the case where a Portfolio Asset violates or causes the violation of more
        than one of the Borrowing Base Portfolio Criteria) and (ii) where a Borrowing Base Portfolio Criterion is expressed as a minimum,
        a Portfolio Asset shall constitute a Zero Value Portfolio Asset as a result of a violation of the Borrowing Base Portfolio Criteria
        only with respect to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any other Portfolio
        Assets that are not members of the category subject to such minimum) causes the failure by the Issuer to satisfy any of the Borrowing
        Base Portfolio Criteria, allocated across Portfolio Assets by Buyer (in the case where a Portfolio Asset violates or causes a violation
        of more than one of the Borrowing Base Portfolio Criteria);

        

        

 

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	 	(e)	Any Portfolio Asset that does not at the time of Inclusion satisfy the conditions and requirements set forth in Sections 12.2(a) and 12.3(b) of the Indenture and that has not since such time satisfied such conditions and requirements; and
	 	 	 
	 	(f)	Any Portfolio Asset with respect to which Seller took, agreed or consented to any action under the Collateral Management Agreement, including, but not limited to, actions relating to voting rights in respect of any Portfolio Asset, without providing Buyer (acting in its capacity as Liquidation Agent or otherwise) with any prior or subsequent notice in relation thereto required by the Collateral Management Agreement within the timeframes set out therein.
	 	 	 
	Zero Value Portfolio Asset EoD:	With respect to any asset which would, as of its Inclusion Date, be a Zero Value Portfolio Asset due to failure to satisfy the Asset Eligibility Criteria, the Borrowing Base Asset Criteria or Borrowing Base Portfolio Criteria, it shall be a “Zero Value Portfolio Asset EoD” if the Portfolio Asset Trade Date for the Zero Value Portfolio Asset occurs prior to the later of:
	 	 
	 	(a)	one Business Day after the date on which the Issuer notified UBS of the intended Inclusion of such asset; and 
	 	 	 
	 	(b)	
        one Business Day after the date on which Seller made any Voluntary
        Contribution/Sale to the Issuer based on a recalculation of the Borrowing Base as a result of the Inclusion of any such asset that
        would, on Inclusion, be a Zero Value Portfolio Asset.

         

 

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	Third Party Valuations:	Seller shall procure that the Initial Valuation Company or a Fallback Valuation Company provide the following to Buyer in respect of each Portfolio Asset that (x) was, as of the related Inclusion Date, an Illiquid Loan or (y) becomes, on any day following the Inclusion Date, an Illiquid Loan (the date on which such event occurs, the “Illiquid Event Date” for such Portfolio Asset):
	 	 
	 	(a)	in the case of the initial valuation for such Illiquid Loan:
	 	 	 
	 	 	(i)	with respect to each Illiquid Loan (other than any Illiquid Loan that is a Newly Issued Loan), an Asset Valuation Report on or before the Inclusion Date of such Illiquid Loan;
	 	 	 	 
	 	 	(ii)	with respect to each Newly Issued Loan, an Asset Valuation Report within 20 calendar days of the last day of the Asset Valuation Report Period following the Asset Valuation Report Period in which such Inclusion Date occurs; and
	 	 	 	 
	 	 	(iii)	with respect to each Portfolio Asset acquired by the Issuer that becomes an Illiquid Loan after the related Inclusion Date, an Asset Valuation Report within 20 calendar days of the last day of the Asset Valuation Report Period following the Asset Valuation Report Period in which the relevant Illiquid Event Date occurs; and
	 	 	 	 
	 	(b)	thereafter, for so long as such Portfolio Asset remains an Illiquid Loan as of the last day of the relevant Asset Valuation Report Period:
	 	 	 
	 	 	(i)	if and for so long as no Performance Trigger has been triggered and is continuing for such Portfolio Asset, an Asset Refresh Valuation Report in respect of such Illiquid Loan within 20 calendar days of the last day of each Asset Valuation Report Period, provided that (A) no fewer than one Asset Valuation Report shall be provided in each continuous twelve calendar month period with respect to each such Portfolio Asset and (B) if the Calculation Agent determines in good faith that an event has occurred with respect to a Portfolio Asset or the related Portfolio Asset Obligor that may have resulted or is reasonably likely to result in a decline in the creditworthiness of such Portfolio Asset without such decline yet being reflected in the Performance Trigger metrics, the Calculation Agent shall be entitled to request an Asset Valuation Report in lieu of a Asset Refresh Valuation Report for up to three Portfolio Asset Obligors with respect to any Asset Valuation Report Period by notifying the Seller of their identities no less than three Business Days prior to the last day of such Asset Valuation Report Period for delivery within 20 calendar days of the last day of such Asset Valuation Report Period; and

 

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	 	 	(ii)	if and for so long as any Performance Trigger has been triggered and is continuing for such Portfolio Asset, an Asset Valuation Report within 20 calendar days of the last day of each Asset Valuation Report Period.
	 	 	 	 
	 	(c)	If, on any date of determination by the Calculation Agent, Seller has failed to procure an Asset Valuation Report or Asset Refresh Valuation Report in respect of one or more Illiquid Loans in accordance with the requirements of clause (a) or (b) above, each such Illiquid Loan omitted from such Asset Valuation Report shall be deemed to be a Zero Value Portfolio Asset until such time as such Illiquid Loan is included in a subsequent Asset Valuation Report or Asset Refresh Valuation Report or (in either case) an equivalent report from the Initial Valuation Company or a Fallback Valuation Company delivered at any time after such date of determination (which equivalent report may be requested by Seller at any time).
	 	 	 
	 	For purposes of the foregoing:
	 	 
	 	 	(i)	“Asset Refresh Valuation Report” means with respect to any Portfolio Asset that is an Illiquid Loan, a valuation of such Portfolio Asset by the Initial Valuation Company or a Fallback Valuation Company where only updated technical spreads are used for purposes of such valuation.
	 	 	 	 
	 	 	(ii)	“Asset Valuation Report” means with respect to any Portfolio Asset that is an Illiquid Loan, a valuation of such Portfolio Asset by the Initial Valuation Company or a Fallback Valuation Company where both updated core economic metrics and technical spreads are used for purposes of such valuation.

 

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	 	 	(iii)	“Asset Valuation Report Period” means each calendar quarter ending on March 31, June 30, September 30 and December 31.
	 	 	 	 
	 	 	(iv)	“Newly Issued Loan” means any Portfolio Asset that is a Loan that was originally advanced less than three months prior to the Inclusion Date of such Loan.
	 	 	 	 
	 	 	(v)	“Performance Trigger” means, with respect to any Illiquid Loan and any date of determination, a performance test which will be triggered if:
	 	 	 	 
	 	 	 	(A)	the most recently reported Consolidated Leverage Ratio for such Illiquid Loan (or, if a substantially equivalent leverage-related economic metric is utilized in the related Underlying Instruments, such leverage-related economic metric as defined therein) increases by more than 0.5x from the Consolidated Leverage Ratio (or such equivalent leverage-related economic metric) as of the latest Inclusion/ Amendment Date with respect to such Illiquid Loan;
	 	 	 	 	 
	 	 	 	(B)	the most recently reported Interest Coverage Ratio for such Illiquid Loan (or, if a substantially equivalent interest coverage-related economic metric is utilized in the related Underlying Instruments, such interest coverage-related economic metric as defined therein) is either (i) less than the product of (A) 0.9 multiplied by (B) the Interest Coverage Ratio (or such equivalent interest coverage-related economic metric) as of the latest Inclusion/ Amendment Date with respect to such Illiquid Loan or (ii) less than 1.20:1:00; or

 

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	 	 	 	(C)	the most recently reported LTM EBITDA for such Illiquid Loan (or, if a substantially equivalent EBITDA-related economic metric is utilized in the related Underlying Instruments, such economic metric as defined therein) decreases by more than 10% of the LTM EBITDA (or such equivalent EBITDA-related economic metric) as of the latest Inclusion/ Amendment Date with respect to such Illiquid Loan.
	 	 	 	 	 
	Current Price and related Dispute Rights:	For purposes of the margin maintenance provisions herein, the Current Price of any Portfolio Asset on any date of determination (including as of the related Inclusion Date of such Portfolio Asset) shall be determined by the Calculation Agent in its capacity as Liquidation Agent in accordance with the definition thereof in the Indenture. The Calculation Agent shall, upon request by Seller, provide a written explanation of any determination of Current Price made by it (in its capacity as Liquidation Agent) including, where applicable, a description of the methodology and the basis for such determination in reasonable detail (provided that the Calculation Agent shall not be obligated to disclose such methods of determination that are proprietary).
	 	 
	 	Provided that no Event of Default has occurred and is continuing with respect to Seller, if Seller in good faith has a commercially reasonable basis for disagreement with the Calculation Agent’s determination of the Current Price of any Portfolio Asset, then Seller may dispute such determination by giving notice of such dispute (a “Dispute Notice”) to Buyer and the Calculation Agent no later than (i) if Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute at or prior to noon (New York time) on any Business Day, by the close of business on such Business Day and (ii) if Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute after noon (New York time) on any Business Day, by noon (New York time) on the following Business Day. Any such Dispute Notice shall specify, in reasonable detail, the bid-side market price Seller believes should be attributed to any such Portfolio Asset, along with reasonable evidence supporting such value.
	 	 
	 	Promptly following delivery of a Dispute Notice in relation to any Portfolio Asset, the Calculation Agent and Seller shall negotiate in good faith to try to agree to the disputed Current Price.  If by 10:00 a.m. (New York time) on the Business Day following the day on which the Dispute Notice is delivered, the Calculation Agent and Seller are unable to agree, then:

 

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	 	 	(i)	Seller shall request that the Initial Valuation Company or one of the Fallback Valuation Companies (in either case, the “Alternate Valuation Company”), provide an Eligible Valuation to the Calculation Agent;
	 	 	 	 
	 	 	 	(A)	if (1) no such Eligible Valuation is received by the Calculation Agent from the Alternate Valuation Company by 2:00 p.m. (New York time) on the fifth Business Day following such request (a “Valuation Non-Delivery”) or (2) Buyer in good faith disagrees with the Alternate Valuation Company’s Eligible Valuation (a “Valuation Disagreement”) and Buyer notifies Seller and the Calculation Agent of such disagreement on the day such Eligible Valuation is received by Seller (the earlier of such fifth Business Day and the day of such notification, the “Notification Day”), then no later than 10:00 a.m. (New York time) on the Business Day next following the Notification Day, the Calculation Agent shall deliver a request (a “Back-Up Request”) to one of the Initial Valuation Company or Fallback Valuation Companies (in any case, which was not the Alternate Valuation Company) (in any case, a “Back-Up Valuation Company”) to provide an Eligible Valuation for such disputed Portfolio Asset; and
	 	 	 	 	 
	 	 	 	(B)	the Current Price in relation to such disputed Portfolio Asset shall be:
	 	 	 	 	 
	 	 	(1)	if the Alternate Valuation Company provides an Eligible Valuation and the Calculation Agent does not provide a Back-Up Request, the Resolved Current Price in relation to the Eligible Valuation provided by the Alternate Valuation Company;

 

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	 	 	(2)	if the Calculation Agent provides a Back-Up Request and the Back-Up Valuation Company provides an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Resolved Current Price in relation to the Eligible Valuation provided by the Back-Up Valuation Company;
	 	 	 	 
	 	 	(3)	if the Calculation Agent provides a Back-Up Request as a result of a Valuation Non-Delivery and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Current Price originally determined by the Calculation Agent; and
	 	 	 	 
	 	 	(4)	if the Calculation Agent provides a Back-Up Request as a result of a Valuation Disagreement and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Eligible Valuation provided by the Alternate Valuation Company.
	 	 	 	 
	 	If Seller has delivered a Dispute Notice, during the pendency of such dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Calculation Agent’s determination in accordance with this Confirmation; provided that, following resolution of the dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Current Price so determined.  For the avoidance of doubt, with respect to the dispute of the Current Price of any Portfolio Asset, upon the determination of such Current Price in accordance with the foregoing, the Calculation Agent shall recalculate the Borrowing Base using such Current Price for such Portfolio Asset and determine whether or not a Borrowing Base Deficiency exists.
	 	 
	 	“Eligible Valuation” shall mean, with respect to any disputed Portfolio Asset, a valuation (which may be quoted in a range of values) for the outstanding principal amount of such Portfolio Asset (expressed as a percentage of par) that would be received from the sale of such Portfolio Asset on the date such valuation is provided, exclusive of accrued interest and capitalized interest; and

 

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	 	“Resolved Current Price” shall be, with respect to any Eligible Valuation that is:
	 	 
	 	(I)	quoted as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of par) is an amount greater than 5% of par, as determined by the Calculation Agent, the lowest value in such range;
	 	 	 
	 	(II)	quoted as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of par) is an amount less than or equal to 5% of par, as determined by the Calculation Agent, the mid-point between the lowest and highest value in such range, as determined by the Calculation Agent; and
	 	 	 
	 	(III)	not quoted as a range of values, such Eligible Valuation.
	 	 	 
	Interest on Cash Margin:	Not applicable.
	 	 
	Substitutions:	No substitutions of Purchased Securities shall be permitted.

 

	3	Fees

 

	Transaction Fees:	On each Transaction Fee Payment Date, for each Purchased Security, Seller shall pay to Buyer an amount equal to the Transaction Fee Amount for such Purchased Security for the related Transaction Fee Period.
	 	 
	Transaction Fee Payment Dates:	For each Purchased Security, February 19, May 19, August 19, and November 19, commencing on February 19, 2021, and ending on (and including) the Repurchase Date for such Purchased Security, subject to adjustment in accordance with the Business Day Convention.
	 	 
	Transaction Fee Periods:	For each Purchased Security, each period from (and including) one Transaction Fee Payment Date for such Purchased Security to (but excluding) the next following Transaction Fee Payment Date for such Purchased Security; provided that (a) the initial Transaction Fee Period shall commence on (and include) the Purchase Date for such Purchased Security and (b) the final Transaction Fee Period shall end on (and exclude) the Repurchase Date for such Purchased Security.

 

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	Transaction Fee Amounts:	With respect to the Purchased Securities and any Transaction Fee Period, the Transaction Fee Amount shall be the aggregated amount of the sums of the following amounts for each day in such Transaction Fee Period:
	 	 
	 	(a)	with respect to the Outstanding Class A-R Funded Amount of the Purchased Securities, the product of (i) the Repurchase Price of the Purchased Securities multiplied by (ii) the Applicable Transaction Fee Rate on such day multiplied by (iii) 1/360; and
	 	 	 
	 	(b)	with respect to the portion of the Remaining Unfunded Facility Commitment attributable to the Purchased Securities, the product of (i) the amount of such portion multiplied by (ii) the Applicable Transaction Fee Rate on such day multiplied by (iii) 1/360.
	 	 	 
	 	Each Transaction Fee Amount shall be payable by Seller to Buyer on a Transaction Fee Payment Date for the related Transaction Fee Period.
	 	 
	Applicable Transaction Fee Rate:	For each Transaction Fee Period, a rate per annum equal to:
	 	 
	 	(a)	with respect to the Outstanding Class A-R Funded Amount of the Purchased Securities, the sum of (i) LIBOR determined on the Reset Date for such Transaction Fee Period plus (ii) the applicable Spread; and
	 	 	 
	 	(b)	with respect to the portion of the Remaining Unfunded Facility Commitment attributable to the Purchased Securities, the applicable Spread.
	 	 	 
	 	Where:
	 	 
	 	Notwithstanding paragraph 2(y) of the Agreement, “LIBOR”, for any Reset Date, means the London Interbank Offered Rate for the Relevant Period in respect of USD as quoted on the Bloomberg Screen BTMM Page (or such other page as may replace the Bloomberg Screen BTMM Page) under the heading “LIBOR-FIX-BBAM<GO>” (or any replacement heading) as of 11:00 a.m., London time, on the day (the “Determination Date”) that is two London banking days preceding such date. If a Benchmark Transition Event and its related Benchmark Replacement Date have not yet occurred, and such rate does not appear on the Bloomberg Screen BTMM Page (or any replacement page) under such heading (or any replacement heading), as of such time on a Determination Date, then the LIBOR rate for that Reset Date will be the U.S. Dollar LIBOR for a period of the applicable Relevant Period, as provided by the administrator of the U.S. Dollar LIBOR and published by an authorized distributor or by the administrator of U.S. Dollar LIBOR itself.

 

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	 	If a Benchmark Replacement Date has occurred, then Buyer and Seller shall, in each case acting in good faith and in a commercially reasonable manner, enter into negotiations (for a period of not more than ten (10) Business Days) with a view to agreeing on an appropriate replacement rate and any related Conforming Changes. Any such appropriate replacement rate shall give due consideration to any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by any relevant government body or relevant industry association and any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for repurchase agreements and reverse repurchase agreements at such time and any related benchmark replacement rate adjustment. If the parties agree on a replacement rate and Conforming Changes within such period, LIBOR shall be deemed to be such rate, with effect from and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date (it being agreed that from and including the Transaction Fee Payment Date immediately prior to the Benchmark Replacement Date to but excluding the Transaction Fee Payment Date immediately following the Benchmark Replacement Date, LIBOR shall be the applicable rate to determine the Transaction Fee Rate for such Transaction Fee Period), and this Confirmation shall be deemed amended, with effect from and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date, to incorporate such replacement rate and related Conforming Changes. If the parties are unable to agree on a replacement rate and related Conforming Changes within ten (10) Business Days, LIBOR shall be deemed to be, with effect from and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date, the rate that the Calculation Agent determines is appropriate for transactions that are similar to those contemplated under this Confirmation with similarly situated counterparties giving due consideration to any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by any relevant government body or relevant industry association and any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for repurchase agreements and reverse repurchase agreements at such time and any related benchmark replacement rate adjustment. In connection with the implementation of any replacement rate described in the preceding sentence, the Calculation Agent will have the right to make any Conforming Changes it deems necessary, and upon notice to Seller, this Confirmation shall be deemed amended to incorporate such replacement rate and Conforming Changes, with effect from and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date. For any Transaction Fee Period that is less than the Relevant Period, LIBOR shall be determined through the use of straight line interpolation by reference to two rates based on LIBOR, one of which shall be determined as if the Relevant Period were the period of time for which rates are available next shorter than the length of the Transaction Fee Period and the other of which shall be determined as if the Relevant Period were the period of time for which rates are available next longer than the length of the Transaction Fee Period.

 

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	 	“Benchmark Replacement Date” means the earliest to occur of the following events with respect to LIBOR: (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR for the tenor of the Relevant Period; and (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
	 	 
	 	“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to LIBOR: (a) a public statement or publication of information by or on behalf of the administrator of LIBOR (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide LIBOR for the tenor of the Relevant Period, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR for the tenor of the Relevant Period; (b) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR for the tenor of the Relevant Period permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR for the tenor of the Relevant Period; or (c) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR for the tenor of the Relevant Period is no longer representative.

 

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	 	“Conforming Changes” means, with respect to any replacement rate for LIBOR, any technical, administrative, operational or other changes such as a spread adjustment (which may be a positive or negative value or zero), to this Confirmation that may be appropriate to reflect the adoption and implementation of such replacement rate in a manner substantially consistent with market practice.
	 	 
	 	“Relevant Period” means three months.
	 	 
	 	“Reset Date” with respect to any Transaction Fee Period, means the first day of such Transaction Fee Period.
	 	 
	 	“Spread” means (i) with respect to the Outstanding Class A-R Funded Amount of the Purchased Securities, 3.375% and (ii) with respect to the portion of the Remaining Unfunded Facility Commitment attributable to the Purchased Securities, 0.75%.
	 	 
	 	“U.S. Dollar LIBOR” means the U.S. Dollar wholesale funding rate known as U.S. Dollar LIBOR (London Interbank Offered Rate) provided by ICE Benchmark Administration Limited, as the administrator of the benchmark, (or a successor administrator).

 

	4	Miscellaneous

 

	Voting Rights:	Where any voting or consent rights fail to be exercised in relation to any Purchased Securities, Buyer shall be entitled to exercise such voting or consent rights in its sole discretion and shall not have any obligation to arrange for voting or consent rights to be exercised in accordance with the instructions of Seller.
	 	 
	Business Day:	Notwithstanding paragraph 2(e) of the Agreement, “Business Day” means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York.

 

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	Business Day Convention:	The convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day so that such date will be the first following day that is a Business Day.
	 	 
	Unpaid Amounts:	For the avoidance of doubt, on the final Repurchase Date (whether occurring prior to, on, or after, the scheduled Repurchase Date, and whether occurring as a result of an Event of Default, a Prepayment Date, or otherwise), if there are amounts that became payable by one Party to the other Party on or prior to such Repurchase Date and which remain unpaid as at such Repurchase Date, such amounts shall remain an outstanding obligation of such Party and shall be netted with and set off against the amounts otherwise payable by the Parties on such Repurchase Date.
	 	 
	Interest on Amounts Payable:	Any amount due from one party to the other following the occurrence of an Event of Default shall be paid together with (to the extent permitted under applicable law) interest thereon (both before and after judgment) in USD, from (and including) the date on which such amount was originally due to (but excluding) the date such amount is paid, at a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day such amount remains outstanding (as reported in Federal Reserve Publication H.15-519) plus 1% per annum.  Such interest will accrue daily without compounding based on the actual number of days elapsed. The provisions of this paragraph shall supersede any conflicting provisions in paragraph 12 of the Agreement.
	 	 
	Tax Matters:	 	(i)	For (and only for) U.S. Federal income tax purposes, each Party agrees: (i) to treat the purchase hereunder of Purchased Securities consisting of Class A-R Notes as if Buyer had made a loan to Seller secured by such Purchased Securities, (ii) to treat Seller as beneficial owner of such Purchased Securities, and (iii) not to take any inconsistent position on any related tax return.
	 	 	 	 
	 	 	(ii)	Notwithstanding anything else in the Agreement, if the defaulting Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement following an Event of Default, if any withholding or other taxes are imposed on payments to any assignee, the payor’s obligation to gross-up any such payment in respect of such tax to such assignee shall be limited to the amount of any gross-up it would have been obligated to pay immediately before any such assignment occurred.

 

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	 	 	(iii)	The parties shall deliver to each other properly completed and signed applicable tax certifications (generally, in the case of U.S. Federal income tax, either an Internal Revenue Service (“IRS”) Form W-9 or Form W-8 (or applicable successor forms) with all required attachments), or any other certification acceptable to it to enable the paying party to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments hereunder under any present or future law or regulation of the United States of America, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.
	 	 	 	 
	 	 	(iv)	If either Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement, prior to being entitled to receive any gross-up payments in respect of any taxes withheld, any assignee will be required to submit to the payor an executed, complete IRS Form W-8 or W-9 (as applicable) establishing any available exemption or reduction from any US withholding taxes that may be imposed on the payment assigned.
	 	 	 	 
	 	 	(v)	Seller represents that, as of the Purchase Date, if it was the legal or beneficial owner of the Portfolio Assets, payments in respect of such assets would be made to it without any deduction or withholding for or on account of any taxes. Further, Seller agrees that it will notify Buyer as soon as practicable if, at any time prior to the Repurchase Date, any payments in respect of the Portfolio Assets would be made to it net of any deduction or withholding for or on account of any taxes if it was the legal or beneficial owner of the Portfolio Assets.

 

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	Certain Covenants of Seller:	 	(i)	Seller agrees that Seller will not permit any securities to be issued under the Indenture to any person or entity other than Seller and that Seller will not direct or permit the Issuer to issue any securities other than in conjunction with a Purchase Date (whether under this Transaction or any other transaction that is subject to the Agreement) or otherwise as required under the Indenture or other Transaction Documents.
	 	 	 	 
	 	 	(ii)	Seller agrees that Seller will not sell, transfer or otherwise dispose of any securities issued under the Indenture (or any interest therein) other than pursuant to the Transaction evidenced by this Confirmation or pursuant to any other transaction that is subject to the Agreement.
	 	 	 	 
	 	 	(iii)	Seller agrees that if CIC ceases to be a business development company (within the meaning of the 1940 Act) and to file publicly-available financials as required of a public business development company, Seller will provide, or cause to be provided, to Buyer quarterly unaudited financial statements within 60 days of each quarter-end and annual audited financial statements within 120 days of the year-end, prepared in accordance with generally accepted accounting principles (as in effect in the relevant jurisdiction) (such covenant, the “CIC Financials Requirement”).
	 	 	 	 
	Notification of Events of Default:	Each Party shall notify the other Party as soon as reasonably practicable upon becoming aware of the occurrence of any Event of Default with respect to such notifying Party or event which with the giving of notice and/or lapse of time could become an Event of Default with respect to such notifying Party.

 

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	Representations and acknowledgements:	Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may have had with the other Party or any of its Affiliates, in respect of the Transaction subject to this Confirmation, each Party will be deemed to represent to the other Party on the Trade Date and each Purchase Date of the Transaction and on each date on which the Transaction is terminated (in whole or in part) that:
	 	 
	 	(i)it is entering into or terminating (in whole or in part) the Transaction for its own account;
	 	 
	 	(ii)none of the other Party or any of its Affiliates or agents are acting as a fiduciary or financial adviser for it;
	 	 
	 	(iii)it is a sophisticated investor that has made its own independent decisions to enter into the Transaction, as to whether the Transaction is appropriate or proper for it and as to any related investment, hedging and/or trading based upon its own judgment and upon advice from such legal, regulatory, tax, financial, accounting and other advisers as it has deemed necessary, and not upon any view expressed by the other Party or any of its Affiliates or agents;
	 	 
	 	(iv)it is not relying on any communication (written or oral) of the other Party or any Affiliate or agent thereof except those expressly set forth in the Agreement, except that nothing in the Agreement will limit or exclude any liability of a party for fraud;
	 	 
	 	(v)it is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction, and is also capable of assuming, and assumes, the risks of the Transaction;
	 	 
	 	(vi)having made all necessary enquiries with relevant authorities, its entry into or termination (in whole or in part) of the Transaction will not contravene any applicable law, decree, regulation, regulatory guidance, regulatory request, regulatory briefing or order of any government or governmental body (including any court or tribunal); and
	 	 
	 	(vii)to the extent required to do so, it has notified relevant authorities, in a manner acceptable to such authorities, of its entry into the Transaction.

 

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	 	Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may have had with the other Party, in respect of the Transaction subject to this Confirmation, each Party will be deemed to acknowledge on the date on which it enters into the Transaction that:
	 	 
	 	(a)           none of the other Party or its Affiliates provides investment, tax, accounting, legal or other advice in respect of the Transaction;
	 	 
	 	(b)          it has been given the opportunity to obtain information from the other Party concerning the terms and conditions of the Transaction necessary in order for it to evaluate the merits and risks of the Transaction; provided that, notwithstanding the foregoing, (i) it and its advisors are not relying on any communication (written or oral and including, without limitation, opinions of third party advisors) of the other Party or its Affiliates as (A) legal, regulatory, tax, business, investments, financial, accounting or other advice, (B) a recommendation to enter into the Transaction or (C) an assurance or guarantee as to the expected results of the Transaction; it being understood that information and explanations related to the terms and conditions of the Transaction are made incidental to the other Party’s business and shall not be considered (x) legal, regulatory, tax, business, investments, financial, accounting or other advice, (y) a recommendation to enter into the Transaction or (z) an assurance or guarantee as to the expected results of the Transaction and (ii) any such communication should not be the basis on which such Party has entered into the Transaction, and should be independently confirmed by such Party and its advisors prior to entering into the Transaction;
	 	 
	 	(c)           none of the Parties or any Affiliate thereof has any obligation to, and it will not, select securities or transfers of currency, with regard to the needs or interests of any person other than itself, and each Party and its Affiliates may accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking business with the issuer of any Purchased Security or its affiliates or any other person or entity having obligations relating to the Purchased Securities and may act with respect to such business in the same manner as if the Transaction did not exist, regardless of whether any such action may have an adverse effect on either Party’s position under the Transaction;

 

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

 

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

 

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

 

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

 

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

        “9(A). Additional
        Representations and Notice.

         

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

         

        (A)         
        No Prohibited Transactions. Seller represents and warrants that Seller is not an “employee benefit plan” subject
        to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a “plan”
        within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or an entity
        whose underlying assets include “plan assets” by reason of any such employee benefit plan’s or plan’s investment
        in the Seller. Any subsequent permitted assignee of Seller will be deemed to have represented and warranted, that (i) no portion
        of the assets used by such assignee to either (x) acquire and hold the Class A-R Notes or (y) enter into or assume the obligations
        under the Transaction evidenced hereby constitutes the assets of any employee benefit plan subject to Title I of ERISA, a “governmental
        plan” within the meaning of Section 3(32) of ERISA, or a “plan” within the meaning of Section 4975(e)(1) of the
        Code or (ii) both the purchase and holding of such Class A-R Notes by such assignee and the assumption of the obligations under
        the Transaction evidenced hereby will constitute neither (x) a non-exempt “prohibited transaction” under (and as defined
        in) Section 406 of ERISA or Section 4975 of the Code nor (y) a similar violation under any applicable similar federal, state, local,
        non-U.S. or other law, rule or regulation.

 

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        (B)          Notice
        Requirement. Seller agrees to notify Buyer immediately if any time it learns or discovers facts at variance with the foregoing
        representations and warranties.

         

        (C)          Seller
        has not incurred any Indebtedness, or any other liability (including, but not limited to, in respect of any option, swap, repurchase
        agreement, securities forward transaction or securities lending agreement) other than as contemplated by the terms of this Agreement
        or any agreement or instrument contemplated hereby.”

         

        (ii)   Seller
        represents and warrants that its acquisition of the Class A-R Notes complied with the terms of the Indenture and Class A-R
        Notes.

         

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

 

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	Transfer; Assignment; Amendment:	Neither Buyer nor Seller will have the right to transfer, assign, amend, modify or supplement the Agreement or this Confirmation or any interest or obligation or right or benefit received in or under the Agreement or this Confirmation without the prior written consent of each party.
	 	 
	Disapplication and Modification of Provisions of the Annex I:	
        (a)  The following provisions of Annex
        I to the Agreement shall not apply to the Transaction evidenced by this Confirmation:

        Parts 1(a), 1(b)(ii), 1(d), 1(f), 1(j),
        1(m), 1(n), 2(b), 2(c), 2(i), 2(k), 2(r) and 2(s)(ii) of Annex I.

	 	 
	Counterparts Clause:	This Confirmation may be signed or executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original but shall not be effective until each Party has executed and delivered at least one counterpart. All counterparts together shall constitute one and the same instrument. This has the same effect as if the signatures on the counterparts were on a single original of this Confirmation. Delivery of an executed counterpart signature page of this Confirmation by email (portable document format (“pdf”)) or facsimile copy shall be as effective as delivery of a manually executed counterpart of this Confirmation.
	 	 
	No effect, Inconsistency:	The terms set forth in this Confirmation for this trade shall apply only to the Transaction.
	 	 
	Buyer’s Bank Account Details:	[INTENTIONALLY OMITTED]
	 	 
	Seller’s Bank Account Details:	As specified separately to Buyer from Seller.

 

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	Notices:	
        If to Seller:

         

        Address: Murray Hill Funding, LLC

        Three Park Avenue, 36th Floor

        New York, NY 10016

        Attention: Keith Franz

        Telephone: 212 418 4710

        Email: kfranz@cioninvestments.com

        If to Buyer:

         

        As specified in the Annex to the Agreement.

	 	 
	Limited Recourse:	Buyer acknowledges that it shall have recourse solely to the assets of Seller and that nothing contained in this Confirmation shall create any liability or obligation of any other person or entity. Buyer further agrees that: (i) Buyer shall have no recourse or claim against any stockholder, partner, member or other holder of any interest in or security of Seller, or against any controlling person of Seller or any of Seller’s officers, directors employees (collectively the “Related Persons”); (ii) Buyer shall have no claim against Seller or any Related Person for any failure to maintain capital except as expressly required in the Confirmation; and (iii) Buyer shall not seek the substantive consolidation of Seller with any other person or entity, including any of the Related Persons.
	 	 
	Additional Defined Terms:	The following terms shall have the respective meanings specified below:
	 	 
	 	“ABL Loan” means any Loan secured by a first priority perfected security interest in or other lien on, and as to which the maximum aggregate principal amount thereof that may be outstanding under the related Underlying Instrument is limited by a formula computed (no less frequently than monthly) by reference to, one or more of accounts receivable, inventory, machinery, equipment and other fixed assets (other than real estate).
	 	 
	 	“Account” has the meaning given to such term in the Indenture.
	 	 
	 	“Advance Percentage”
has the meaning given to such term in the Indenture.

	 	 
	 	“Advance Value” has
the meaning given to such term in the Indenture.

 

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	 	“Affiliate” has the
meaning given to such term in the Indenture.

	 	 
	 	“Aggregate Portfolio
Par Value” means, on any date of determination, the Aggregate Principal Balance of (a) all Portfolio Assets plus (b)
all Cash credited or required to be credited to the Principal Collection Subaccount and Eligible Investments acquired with
such Cash.
	 	 
	 	“Aggregate Principal Balance” means, when
used with respect to all or a portion of the Portfolio Assets or the Collateral, the sum of the Principal Balances of all or of
such portion of the Portfolio Assets or Collateral, as applicable.
	 	 
	 	“Amendment Date” means,
with respect to any Portfolio Asset, the effective date of any amendment or action described in Section 2(o) of the Collateral
Management Agreement.

	 	 
	 	“Apollo”
means Apollo Investment Management, L.P. (or any successor entity thereto engaged in substantially the same business as
Apollo Investment Management, L.P.) or any subsidiary thereof engaged in the business of managing assets comparable to the Portfolio
Assets that is either registered as an investment adviser under the Investment Advisers Act of 1940, as amended, or a "relying
advisor" of Apollo Investment Management, L.P. for purposes of such act.
	 	 
	 	“Asset Eligibility Criteria” has the meaning
given to such term in the Indenture.
	 	 
	 	“Borrowing Base” has
the meaning given to such term in the Indenture.

	 	 
	 	“Borrowing Base Asset Criteria”
has the meaning given to such term in the Indenture.

	 	 
	 	“Borrowing Base Deficiency”
has the meaning given to such term in the Indenture.

	 	 
	 	“Borrowing Base Portfolio Criteria”
has the meaning given to such term in the Indenture.

	 	 
	 	“Cash” has the meaning given to such term
in the Indenture.
	 	 
	 	“Class A-1 Notes” means the Class A-1 Notes
issued under the Indenture.

 

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	 	“Class A-1 UBS Repo Confirmation” has the meaning given to such term in the Indenture.
	 	 
	 	“Class A-R Notes” means the Class A-R Notes issued under the Indenture.
	 	 
	 	“Collateral” has the meaning given to such term in the Indenture.
	 	 
	 	“Collateral Management Agreement” has the meaning given to such term in the Indenture.
	 	 
	 	“Collateral Manager” has the meaning given to such term in the Indenture.
	 	 
	 	“Consolidated Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of:
	 	 
	 	(a)           the Principal Balances of such Portfolio Asset and the outstanding principal amount of all other Indebtedness of such Portfolio Asset Obligor and its Subsidiaries that is of equal or higher seniority with such Portfolio Asset and is secured by a similar ranking lien or security interest in the same collateral as of such date of calculation that would be stated on a consolidated balance sheet (excluding any notes thereto); provided that, for purposes of this definition only, the amount of Indebtedness shall be determined only to the extent that it has been advanced such that any undrawn amount thereunder shall not constitute Indebtedness for purposes of this clause (a); to
	 	 
	 	(b)           EBITDA of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Cov-Lite Loan” means a Loan (a) which is a Non-Markit Loan and (b) with respect to which the Underlying Instrument does not include any financial covenants with which compliance is determined on an ongoing maintenance basis.
	 	 
	 	“Current Price” has
        the meaning given to such term in the Indenture.

 

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	 	 “Defaulted Obligation”
        has the meaning given to such term in the Indenture.
	 	 
	 	“EBITDA” means with respect to any Portfolio Asset and any period, (a) the meaning of the term “Adjusted EBITDA”, the term “EBITDA” or any comparable definition in the related Underlying Instrument for such period and Portfolio Asset Obligor, as reported for such period pursuant to the related Underlying Instrument, and (b) in any case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable definition is not defined in such Underlying Instrument, the sum of (i) the consolidated net income for such period of the relevant Portfolio Asset Obligor on such Portfolio Asset, plus (ii) to the extent deducted in calculating such consolidated net income, the sum for such period of all income tax expense, interest expense, depreciation and amortization expense and all other non-cash charges, in the case of each of the foregoing clauses, as reported for such period pursuant to (and in accordance with the relevant definitions contained in) the related Underlying Instrument; provided that (x) the relevant Portfolio Asset Obligor referred to above in this definition shall be the Portfolio Asset Obligor for which consolidated financial statements are required to be delivered under the related Underlying Instrument (and, if there is more than one such Portfolio Asset Obligor, for the Portfolio Asset Obligor with the greatest consolidated aggregate indebtedness for borrowed money as of the last day of such period) and (y) if the Calculation Agent determines on a commercially reasonable basis that “Adjusted EBITDA” or “EBITDA” as reported for such period pursuant to the related Underlying Instrument is not computed in accordance with generally accepted financial practice for similar transactions, then “EBITDA” shall mean “Consolidated EBITDA” (determined on a consolidated basis based upon the Calculation Agent’s selection in good faith of a definition of “Consolidated EBITDA” that accords with generally accepted financial practice) in relation to the relevant Portfolio Asset Obligor and its consolidated subsidiaries for such period.
	 	 
	 	“Eligible Investments” has the meaning given to such term in the Indenture.
	 	 
	 	“Equity Contribution Agreement” has the meaning given to such term in the Indenture.

 

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	 	“Fallback Valuation Company” means any of Houlihan Lokey, Inc., Duff & Phelps Corporation or Valuation Research Corporation.
	 	 
	 	“Governmental Authority” means the government of the United States of America 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, 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).
	 	 
	 	“Illiquid Loan” means a Loan which is not a Liquid Loan.
	 	 
	 	“Inclusion” means a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement or any other acquisition of Portfolio Assets by the Issuer.
	 	 
	 	“Inclusion Date” means (a) in the case of a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement, the settlement date of substitution or contribution or (b) in the case of any other acquisition thereof by the Issuer, the Portfolio Asset Trade Date for the acquisition thereof by the Issuer.
	 	 
	 	“Indebtedness” has the meaning given to such term in the Indenture.
	 	 
	 	“Indenture” means the Second Amended and Restated Indenture, dated as of December 17, 2020 (which amended and restated the Amended and Restated Indenture, dated as of December 1, 2017, which amended and restated the Indenture, dated as of May 19, 2017), between the Issuer and U.S. Bank National Association, as trustee, as may be further amended, supplemented or otherwise modified from time to time.
	 	 
	 	“Indenture Event of Default” means an “Event of Default” (as defined in the Indenture) occurs with respect to the Issuer under the Indenture.
	 	 
	 	“Initial
        Valuation Company” means Lincoln International.

 

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        “Interest Coverage Ratio”
        means with respect to any Portfolio Asset that is an Illiquid Loan and any date of determination, the ratio of (a) LTM EBITDA
        of the relevant Portfolio Asset Obligor to (b) Interest Expense for such period.

         

        “Interest Expense” means
        with respect to any Portfolio Asset and any specified period, the sum, for the Portfolio Asset Obligor and its subsidiaries (determined
        on a consolidated basis without duplication in accordance with GAAP), of the following: (a) all interest in respect of Indebtedness
        (including the interest component of any payments in respect of capital lease obligations) accrued or capitalized during such period
        (whether or not actually paid during such period) plus (b) the net amount payable (or minus the net amount receivable) under
        any hedging agreements relating to interest during such period (whether or not actually paid or received during such period).

         

        “Issuer” means Murray
        Hill Funding II, LLC.

         

        “Issuer Order” has the
        meaning given to such term in the Indenture.

	 	 
	 	“Lien” has the meaning given to such term in the Indenture.
	 	 
	 	“Liquid Loan” means any Loan which is the subject of at least two bid quotations as reported on Markit (or any successor nationally recognized loan pricing service designated by Buyer).
	 	 
	 	“Liquidation Agent” has the meaning given to such term in the Indenture.
	 	 
	 	“Loan” has the meaning given to such term in the Indenture.
	 	 
	 	“LTM EBITDA” means with respect to a Portfolio Asset Obligor, the EBITDA of such Portfolio Asset Obligor for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Markit” means Markit Ltd. and any of its subsidiaries, or any successor thereto.
	 	 
	 	“Middle Market Illiquid Loan” means any obligation which (a) is an Illiquid Loan and (b) with respect to which the relevant Obligor’s EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available is less than $40,000,000.

 

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        “Non-Markit Loan” means
        any Loan for which prices are not reported on Markit (or any successor nationally recognized loan pricing service designated by
        Buyer).

         

        “Notes” has the meaning
        given to such term in the Indenture.

         

        “Obligor” has the meaning
        given to such term in the Indenture.

	 	 
	 	“Outstanding Class A-R Funded Amount” has the meaning given to such term in the Indenture.
	 	 
	 	“Portfolio Asset” has the meaning given to such term in the Indenture.
	 	 
	 	“Portfolio Asset Obligor” has the meaning given to such term in the Indenture.
	 	 
	 	“Portfolio Asset Trade Date” means the date on which the Issuer enters into an agreement to purchase or sell a Portfolio Asset pursuant to an Issuer Order, as such term is defined in the Indenture, given by the Collateral Manager.
	 	 
	 	
        “Principal Balance”
        has the meaning given to such term in the Indenture.

         

        “Principal Collection Subaccount”
        has the meaning given to such term in the Indenture.

	 	 
	 	“Priority Loan Leverage Ratio” means as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor which is a Senior Secured Last Out Loan, the ratio of:
	 	 
	 	(a)           the outstanding principal amount of the Senior Secured First Out Loan relating to such Senior Secured Last Out Loan, to
	 	 
	 	(b)           EBITDA for the four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Priority Revolving Loan” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the Indebtedness of such Portfolio Asset Obligor and its Subsidiaries in the form of a Revolver Loan that when it is drawn (x) ranks senior to such Portfolio Asset and (y) is secured by a senior ranking lien or security interest in a portion of the same collateral as of such date of calculation that would be stated on a consolidated balance sheet.

 

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	 	“Priority Revolving Loan Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of:
	 	 
	 	(a)           the outstanding principal amount of the Priority Revolving Loan(s) relating to such Portfolio Asset determined on the assumption that the maximum aggregate amount that can be borrowed under such Priority Revolving Loan(s) has already been fully advanced such that any undrawn amount thereunder shall constitute outstanding principal amount for purposes of this definition; to
	 	 
	 	(b)           EBITDA of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Remaining Unfunded Facility Commitment” has the meaning given to such term in the Indenture.
	 	 
	 	
        “Revolver Loan” has
        the meaning given to such term in the Indenture.

         

        “Revolving Credit Note Agreement”
        has the meaning given to such term in the Indenture.

	 	 
	 	“S&P” has the meaning given to such term in the Indenture.
	 	 
	 	“Second Lien Liquid Loan” means any Loan that would meet the criteria for Second Lien Loan but for the fact that such Loan is a Liquid Loan.
	 	 
	 	“Second Lien Loan” means any Illiquid Loan that:
	 	 
	 	(a)           would be a Senior Secured Loan but for the fact that it is subordinated (in right of payment, liens or otherwise) to a Senior Secured Loan of the Portfolio Asset Obligor(s) other than a Priority Revolving Loan; (ii) is secured by a valid second-priority perfected security interest in or Lien on (second only to a security interest or Lien securing a Senior Secured Loan) collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s) (and in any event substantially all its assets securing any other Indebtedness); and (iii) is not secured solely or primarily by common stock or other equity interests; provided that the limitation set forth in this clause (iii) shall not apply with respect to a Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that (x) the granting by any such subsidiary of a Lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of Indebtedness owing to third parties) and (y) its own property is not subject to a Lien securing any Indebtedness (any Second Lien Loan described in this clause (a), a “Traditional Second Lien Loan”); or

 

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	 	(b)is a Senior Secured Last Out (Type II) Loan.
	 	 
	 	“Seller’s Investment Manager” means any of (i) CĪON Investment Management, LLC or its successors or Affiliates; (ii) Apollo Investment Management, L.P. or its successors or Affiliates or (iii) another investment manager selected by Seller and reasonably acceptable to Buyer.
	 	 
	 	“Senior Secured First Out Loan” has the meaning assigned to such term in the definition of “Senior Secured Last Out Loan” herein.
	 	 
	 	“Senior Secured (Large Cap) Loan” means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 6.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available greater than or equal to $50,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) has a Current Price equal to or greater than 92.5%, and (f) is not a Senior Secured Liquid Loan.

 

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	 	“Senior Secured Last Out Loan” means any Loan that would be a Senior Secured Loan but for the fact that its terms provide that the payment of principal thereon, either prior to or after any default, event of default, financial covenant test failure or other event, is to occur after the payment of principal of any other term loan(s) (each such other term loan, a “Senior Secured First Out Loan”) under the same credit facility.
	 	 
	 	“Senior Secured Last Out (Type I) Loan” means any Senior Secured Last Out Loan for which (a) the Priority Loan Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Asset Obligor(s) is less than 1.25x and (b) the Consolidated Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Asset Obligor(s) is less than 4.5x.
	 	 
	 	“Senior Secured Last Out (Type II) Loan” means any Senior Secured Last Out Loan that is not a Senior Secured Last Out (Type I) Loan.
	 	 
	 	“Senior Secured Liquid Loan” means any Senior Secured Loan that is a Liquid Loan.
	 	 
	 	“Senior Secured Loan” means any Loan that (i) is not (and by its terms is not permitted to become) subordinated in right of payment, liens or otherwise to any other obligation of the Portfolio Asset Obligor(s) of such Loan, including any other obligation under the same credit facility, other than any Priority Revolving Loan, and (ii) is secured by a valid first priority perfected security interest in or Lien on collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s), other than those assets securing any Priority Revolving Loan, as to which it is secured by a valid second priority perfected security interest in or Lien on collateral consisting of all the assets securing such Priority Revolving Loan.
	 	 
	 	“Senior Secured (Type I) Loan” means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available greater than or equal to $25,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Senior Secured (Large Cap) Loan, (f) is not a Cov-Lite Loan and (g) is not a Senior Secured Liquid Loan.

 

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	 	“Senior Secured (Type I Cov-Lite) Loan” means any Senior Secured Loan (a) which would be a Senior Secured (Type I) Loan but for the fact that such Loan is a Cov-Lite Loan and (b) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is greater than or equal to 3.5x.
	 	 
	 	“Senior Secured (Type II) Loan” means any Senior Secured Loan that  (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate portion thereof, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available less than $25,000,000 and equal to or greater than $10,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Cov-Lite Loan and (f) is not a Senior Secured Liquid Loan.
	 	 
	 	“Senior Secured (Type III) Loan” means any Senior Secured Loan that (a) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available of less than $10,000,000 and (b) is not a Senior Secured Liquid Loan.
	 	 
	 	
        “Senior Secured (Type
IV) Loan” means (i) any Senior Secured Loan that would otherwise be a Senior Secured (Type I) Loan or Senior Secured
(Type II) Loan but for the fact that such Loan does not meet the requirements set forth in clause (a), (c), (d) or, solely
in the case of a Senior Secured Loan which would otherwise be a Senior Secured (Type II) Loan, (e) of the applicable definition
or (ii) any Senior Secured Loan that would otherwise be a Senior Secured (Type I Cov-Lite) Loan but for the fact that such
Loan does not meet the requirements set forth in clause (b) of the definition of Senior Secured (Type I Cov-Lite) Loan. 

 

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	 	“Sole Member” has the
        meaning given to such term in the Indenture.
	 	 
	 	“Subsidiary” has the meaning given to such term in the Indenture.
	 	 
	 	“Transaction Documents” has the meaning given to such term in the Indenture.
	 	 
	 	“Traditional Second Lien Loan” has the meaning assigned to such term in the definition of “Second Lien Loan” herein.
	 	 
	 	
        “Underlying Instrument”
        has the meaning given to such term in the Indenture.

         

        “Voluntary Contribution/Sale”
        has the meaning given to such term in the Equity Contribution Agreement.

	 	 
	Determination of Status of Certain Portfolio Assets:	For purposes hereof, whether any Portfolio Asset meets the criteria of any of the following definitions shall be determined by Buyer as of the latest of (a) the Inclusion Date for such Portfolio Asset and (b) the most recent Amendment Date for such Portfolio Asset (such latest date, the “Inclusion/ Amendment Date”):
	 	 
	 	(1)ABL Loan;
	 	 
	 	(2)Cov-Lite Loan;
	 	 
	 	(3)Illiquid Loan;
	 	 
	 	(4)Liquid Loan;
	 	 
	 	(5)Middle Market Illiquid Loan;
	 	 
	 	(6)Second Lien Loan;
	 	 
	 	(7)Second Lien Liquid Loan;
	 	 
	 	(8)Senior Secured First Out Loan;
	 	 
	 	(9)Senior Secured (Large Cap) Loan;

 

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	 	(10)Senior Secured Last Out Loan;
	 	 
	 	(11)Senior Secured Last Out (Type I) Loan;
	 	 
	 	(12)Senior Secured Last Out (Type II) Loan;
	 	 
	 	(13)Senior Secured Liquid Loan;
	 	 
	 	(14)Senior Secured Loan;
	 	 
	 	(15)Senior Secured (Type I) Loan;
	 	 
	 	(16)Senior Secured (Type I Cov-Lite) Loan
	 	 
	 	(17)Senior Secured (Type II) Loan;
	 	 
	 	(18)Senior Secured (Type III) Loan;
	 	 
	 	(19)Senior Secured (Type IV) Loan; and
	 	 
	 	(20)Traditional Second Lien Loan.

 

[signatures follow on the next page]

 

    -49-

     

    

 

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

 

Yours faithfully,

 

UBS AG, LONDON BRANCH,

In its individual capacity and as Calculation Agent

 

	By:	/s/ Simon Gray	 
	 	Name: Simon Gray
	 	Title: Authorized Signatory

 

	By:	/s/ Owen Ticli	 
	 	Name: Owen Ticli
	 	Title: Authorized Signatory

 

Confirmed as of the date first above written:

 

MURRAY HILL FUNDING, LLC

 

	By:	/s/ Michael A. Reisner	 
	 	Name: Michael A. Reisner
	 	Title: Co-Chief Executive Officer

 

Signature
Page to Third Amended and Restated Confirmation

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