Document:

Exhibit 4.1

 

RIGHTS
AGREEMENT

 

by
and between

 

INmune
bio, inc. and

 

vstock
transfer, llc, as Rights Agent,

 

Dated
as of December 30,2020

 

Table
of Contents

 

	Section
    1. Certain Definitions	3
	 	 
	Section
    2. Appointment of the Rights Agent	9
	 	 
	Section
    3. Issuance of Rights Certificates.	9
	 	 
	Section
    4. Form of Rights Certificates.	11
	 	 
	Section
    5. Countersignature and Registration.	12
	 	 
	Section
    6. Transfer, Split-Up, Combination, and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.	13
	 	 
	Section
    7. Exercise of Rights; Purchase Price; Expiration Date of Rights.	13
	 	 
	Section
    8. Cancellation and Destruction of Rights Certificates.	15
	 	 
	Section
    9. Reservation and Availability of Capital Stock.	15
	 	 
	Section
    10. Preferred Shares Record Date.	16
	 	 
	Section
    11. Adjustment of Purchase Price, Number and Kind of Shares, or Number of Rights	17
	 	 
	Section
    12. Certificate of Adjusted Purchase Price or Number of Shares.	22
	 	 
	Section
    13. Consolidation, Merger, or Sale or Transfer of Assets, Cash Flow or Earning Power.	22
	 	 
	Section
    14. Fractional Rights and Fractional Shares.	24
	 	 
	Section
    15. Rights of Action	25
	 	 
	Section
    16. Agreement of Rights Holders	25
	 	 
	Section
    17. Rights Certificate Holder Not Deemed a Stockholder	26
	 	 
	Section
    18. Concerning the Rights Agent.	26
	 	 
	Section
    19. Merger or Consolidation or Change of Name of the Rights Agent.	27
	 	 
	Section
    20. Duties of the Rights Agent.	27
	 	 
	Section
    21. Change of the Rights Agent.	30
	 	 
	Section
    22. Issuance of New Rights Certificates	30

 

    1

     

    

 

	Section
    23. Redemption and Termination.	31
	 	 
	Section
    24. Exchange of Rights.	31
	 	 
	Section
    25. Notice of Certain Events.	32
	 	 
	Section
    26. Notices	33
	 	 
	Section
    27. Supplements and Amendments	34
	 	 
	Section
    28. Successors	34
	 	 
	Section
    29. Determinations and Actions by the Board	34
	 	 
	Section
    30. Benefits of this Agreement.	35
	 	 
	Section
    31. Severability	35
	 	 
	Section
    32. Governing Law	35
	 	 
	Section
    33. Counterparts; Facsimiles and PDFs.	35
	 	 
	Section
    34. Descriptive Headings	35
	 	 
	Section
    35. Force Majeure	35
	 	 
	Section
    36. Further Assurance	35
	 	 
	EXHIBIT
    A	37
	 	 
	EXHIBIT
    B	43
	 	 
	EXHIBIT
    C	49

 

    2

     

    

 

RIGHTS
AGREEMENT

 

RIGHTS
AGREEMENT, dated as of December 30, 2020, (this “Agreement”), by and between INmune Bio, Inc., a Nevada corporation
(the “Company”), and Vstock Transfer, LLC, as rights agent (the “Rights Agent”).

 

RECITALS

 

WHEREAS,
on December 30, 2020 (the “Rights Dividend Declaration Date”), the Board of Directors of the Company (the “Board”)
authorized and declared a dividend distribution of one preferred share purchase right (each, a “Right” and,
collectively, the “Rights”) for each Common Share (as hereinafter defined) outstanding at the Close of Business
(as hereinafter defined) on January 11, 2021 (the “Record Date”), with each Right initially representing the
right to purchase one one-thousandth (subject to adjustment in accordance with the provisions of this Agreement) of a Preferred
Share (as hereinafter defined) and having the rights, preferences and privileges set forth in the form of Certificate of Designation
of Series A Junior Participating Preferred Stock attached hereto as Exhibit A, upon the terms and subject to the conditions
set forth herein; and

 

WHEREAS,
the Board further authorized and directed the issuance of one Right (subject to adjustment in accordance with the provisions of
this Agreement) with respect to each Common Share that becomes outstanding between the Record Date and the earlier of the Distribution
Date and the Expiration Date (as such terms are hereinafter defined); provided, however, that
Rights may be issued with respect to Common Shares that shall become outstanding after the Distribution Date and prior to the
Expiration Date in accordance with Section 22 hereof;

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties, intending to be legally bound
hereby, agree as follows:

 

Section
1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)
“Acquiring Person” shall mean any Person who or which, together with all Related Persons of such Person, from
and after the first public announcement by the Company of the adoption of this Agreement, is or becomes the Beneficial Owner of
twenty percent (20%) or more of the Common Shares then outstanding, whether or not such Person continues to be the Beneficial
Owner of twenty percent (20%) or more of the Common Shares then outstanding, but shall not include an Exempt Person or a Grandfathered
Person. Notwithstanding the foregoing: no Person shall become an Acquiring Person solely as a result of (i) (A) the grant or issuance
by the Company to its directors, officers and/or employees of any options, warrants, rights or similar interests to acquire Common
Shares by the Company pursuant to any employee benefit, stock incentive plan, stock option plan or stock ownership plan of the
Company adopted by the Board, and the subsequent vesting, exercise or conversion of such options, warrants, rights or similar
interests, (B) the grant or issuance by the Company to its directors, officers and/or employees of restricted Common Shares or
restricted stock units, pursuant to a restricted stock or other compensation plan or arrangement adopted by the Board, and/or
the subsequent vesting of such shares or stock units, (C) the acquisition of Common Shares by the Company or another Exempt Person
which, by reducing the number of Common Shares outstanding, increases the proportionate number of Common Shares Beneficially Owned
by such Person, together with all Related Persons of such Person, to twenty percent (20%) or more of the Common Shares then outstanding; provided, however, that,
if a Person shall become the Beneficial Owner of twenty percent (20%) or more of the Common Shares then outstanding by reason
of acquisition of shares by an Exempt Person and shall, after the first public announcement by the Company or other Exempt Person
disclosing such share acquisitions by an Exempt Person, become the Beneficial Owner of any additional Common Shares (other than
pursuant to a stock split, reverse stock split, stock dividend, reclassification or similar transaction effected by the Company)
and immediately thereafter is the Beneficial Owner of twenty percent (20%) or more of the Common Shares then outstanding, then
such Person shall be an Acquiring Person, (D) a dividend or distribution paid or made by the Company on the outstanding Common
Shares or pursuant to a stock split, subdivision or similar transaction effected by the Company in which all registered holders
of Common Shares are treated substantially equally, or (E) the acquisition of Common Shares directly from the Company; and (ii)
(A) if the Board determines that a Person who would otherwise be an Acquiring Person has become such inadvertently (including,
without limitation, because such Person was unaware that it Beneficially Owned a percentage of Common Shares that would otherwise
cause such Person to be an Acquiring Person, or such Person was aware of the extent of its Beneficial Ownership of Common Shares,
but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement and had no intention of changing
or influencing control of the Company), and (B) such Person and/or its Related Persons divests as promptly as practicable (and
in any event within five (5) Business Days after being so requested by the Company) a sufficient number of Common Shares so that
such Person, together with its Related Persons, is no longer the Beneficial Owner of twenty percent (20%) or more of the Common
Shares then outstanding or, in the case solely of Derivative Interests, such Person terminates as promptly as practicable (and
in any event within five (5) Business Days after being so requested by the Company) the subject derivative transaction or transactions
or disposes of the subject derivative security or securities as promptly as practicable (and in any event within five (5) Business
Days after being so requested by the Company), or establishes to the satisfaction of the Board that such Derivative Interests
are not held with any intention of changing or influencing control of the Company, then such Person shall not be deemed to be
or ever to have been an Acquiring Person for any purposes of this Agreement as a result of such inadvertent acquisition.

 

    3

     

    

 

(b)
“Act” shall mean the Securities Act of 1933, as amended.

 

(c)
“Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(d)
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Exchange Act; provided, however, that no director
or officer of the Company shall be deemed an Affiliate or Associate of any other director or officer of the Company solely as
a result of his or her being a director or officer of the Company.

 

(e)
“Agreement” shall have the meaning set forth in the preamble of this Agreement, as it may from time to time
be supplemented, amended, renewed, restated or extended pursuant to the applicable provisions hereof.

 

(f)
A Person shall be deemed the “Beneficial Owner” of, shall be deemed to have “Beneficial
Ownership” of, and shall be deemed to “beneficially own,” any securities that:

 

(i)
such Person or any of such Person’s Related Persons beneficially owns, directly or indirectly (as determined pursuant to
Rule 13d-3 of the General Rules and Regulations under the Exchange Act);

 

(ii)
such Person or any of such Person’s Related Persons, directly or indirectly, has the legal, equitable or contractual right
to acquire (whether such right is exercisable immediately, only after the passage of time, or upon the satisfaction of one or
more conditions (whether or not within the control of such Person), compliance with regulatory requirements or otherwise) pursuant
to any agreement, arrangement or understanding (whether or not in writing and other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering of securities registered under the Securities
Act) or upon the exercise of conversion rights, exchange rights, other rights (other than the Rights), warrants, or options, or
otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of,
to have “Beneficial Ownership” of, or to “beneficially own,” (A) securities tendered pursuant to a tender
offer or exchange offer made in accordance with the General Rules and Regulations under the Exchange Act by or on behalf of such
Person or any of such Person’s Related Persons until such tendered securities are accepted for purchase or exchange, (B)
securities issuable upon the exercise of Rights at any time prior to the occurrence of a Triggering Event, or (C) securities issuable
upon the exercise of Rights from and after the occurrence of a Triggering Event, which Rights were acquired by such Person or
any of such Person’s Related Persons prior to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof (the
“Original Rights”) or pursuant to Section 11(i) or Section 11(p) hereof in connection with an adjustment made
with respect to any Original Rights;

 

(iii)
such Person or any of such Person’s Related Persons, directly or indirectly, has the right to vote or dispose of, including
pursuant to any agreement, arrangement, or understanding (whether or not in writing); provided, however, that
a Person shall not be deemed the “Beneficial Owner” of, to have “Beneficial Ownership” of, or to “beneficially
own,” any security as a result of an agreement, arrangement or understanding (whether or not in writing) to vote such security
if such agreement, arrangement or understanding: (A) arises solely from a revocable proxy or consent (as such terms are defined
in Regulation 14A under the Exchange Act) given to such Person in response to a public proxy or consent solicitation made pursuant
to, and in accordance with, the General Rules and Regulations promulgated under the Exchange Act to more than ten (10) holders
of shares of a class of stock of the Company registered under Section 12 of the Exchange Act, (B) is not also then reportable
by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); or (C) arises solely because such
security has been tendered pursuant to a tender or exchange offer made by such Person or any Related Persons thereof until such
tendered security is accepted for payment or exchange;

 

    4

     

    

 

(iv)
are beneficially owned, directly or indirectly, by any other Person (or any Related Person thereof) with which such Person (or
any of such Person’s Related Persons) has any agreement, arrangement or understanding (whether or not in writing) for the
purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in the proviso to Section
1(f)(iii)), or disposing of any voting securities of the Company; provided, however, that
nothing in this Section 1(f)(iv) shall cause a Person engaged in business as an underwriter of securities to be the “Beneficial
Owner” of, to have “Beneficial Ownership” of, or to “beneficially own,” any securities acquired,
or which such Person has the right to acquire, as a result of customary agreements with and between underwriters and selling group
members entered into in connection with a bona fide public offering of securities registered under the Securities Act; or

 

(v)
are the subject of, or the reference securities for, or that underlie, any Derivative Interest of such Person or any of such Person’s
Related Persons, with the number of Common Shares deemed beneficially owned being the notional or other number of Common Shares
specified in the documentation evidencing the Derivative Interest as being subject to being acquired upon the exercise or settlement
of the Derivative Interest or as the basis upon which the value or settlement amount of such Derivative Interest is to be calculated
in whole or in part or, if no such number of Common Shares is specified in such documentation, as determined by the Board in its
sole discretion to be the number of Common Shares to which the Derivative Interest relates.

 

Notwithstanding
anything in this definition of Beneficial Ownership to the contrary, for all purposes of this Agreement, the phrase “then
outstanding,” when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean
the number of such securities then issued and outstanding together with the number of such securities not then actually issued
and outstanding that such Person, together with all Related Persons, would be deemed to Beneficially Own hereunder. The number
of Common Shares not actually issued and outstanding that such Person, together with all Related Persons of such Person, is otherwise
deemed to Beneficially Own for purposes of this Agreement shall be deemed to be issued and outstanding for the purpose of computing
the percentage of the outstanding number of Common Shares owned by such Person, together with all Related Persons of such Person,
but shall not be deemed to be issued and outstanding for the purpose of computing the percentage of outstanding Common Shares
owned by any other Person.

 

No
Person who is an officer, director or employee of an Exempt Person shall be deemed, solely by reason of such Person’s status
or authority as such, to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially
Own” any securities that are “Beneficially Owned” (as defined in this Section 1(f)), including, without limitation,
in a fiduciary capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person.

 

Notwithstanding
any of the foregoing, no Person shall be deemed to be the “Beneficial Owner” of, to have “Beneficial Ownership”
of or to “Beneficially Own” any securities which such Person or any of such Person’s Related Persons would otherwise
be deemed to “Beneficially Own” pursuant to this Section 1(f) solely as a result of any merger or other acquisition
agreement between the Company and such Person (or one or more of such Person’s Related Persons), or any tender, voting or
support agreement entered into by such Person (or one or more of such Person’s Related Persons) in connection therewith,
if, prior to such Person becoming an Acquiring Person, the Board has approved such merger or other acquisition agreement, or such
tender, voting or support agreement.

 

(g)
“Board” shall have the meaning set forth in the recitals to this Agreement and also includes any duly authorized
committee thereof.

 

(h)
“Book Entry” shall mean an uncertificated book entry for any Common Share or Preferred Share.

 

    5

     

    

 

(i)
“Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the
State of New York are authorized or obligated by law or executive order to close and/or any day on which NYSE is not open for
business

 

(j)
“Bylaws” shall mean the Company’s By-laws, as in effect on the date hereof, and as such may be amended,
modified or restated from time to time.

 

(k)
“Close of Business” on any given date shall mean 5:00 p.m., New York City time, on such date; provided, however,
that if such date is not a Business Day, it shall mean 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(l)
“Closing Price” of any security on any given day shall be the last sale price, regular way, of such security
or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on the principal
trading market on which such security is then traded.

 

(m)
“Common Shares” shall mean the shares of common stock, par value $0.001 per share, of the Company or any other
shares of capital stock of the Company into which such shares shall be reclassified or exchanged, except that “Common
Shares” when used with reference to any Person other than the Company shall mean the capital stock of such Person with
the greatest voting power, or the equity securities or other equity interests having power to control or direct the management
of such Person.

 

(n)
“Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(o)
“Company” shall have the meaning set forth in the preamble hereto, except as otherwise provided in Section
13(a) hereof.

 

(p)
“Current Market Price” shall have the meaning set forth in Section 11(d) hereof.

 

(q)
“Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(r)
[Reserved.]

 

(s)
“Derivative Interest” shall mean any derivative securities (as defined under Rule 16a-1 under the Exchange
Act) that increase in value as the value of the underlying equity increases, including, but not limited to, a long convertible
security, a long call option and a short put option position, in each case, regardless of whether (i) such interest conveys any
voting rights in such security, (ii) such interest is required to be, or is capable of being, settled through delivery of such
security or (iii) transactions hedging the economic effect of such interest.

 

(t)
“Distribution Date” shall mean the Close of Business on the earlier to occur of (i) the tenth (10th) Business
Day (or such later date as may be determined from time to time by action of a majority of the Board prior to the Distribution
Date that would otherwise have occurred) after the Shares Acquisition Date (or, if the tenth (10th) Business Day after the Shares
Acquisition Date occurs before the Record Date, then the Close of Business on the Record Date), or (ii) the tenth (10th) Business
Day (or such later date as may be determined from time to time by action of a majority of the Board prior to the Distribution
Date that would otherwise have occurred) after the date of the commencement of, or first public announcement of the intent of
any Person (other than an Exempt Person) to commence (within the meaning of Rule 14d-2(a) of the General Rules and Regulations
under the Exchange Act), following the first public announcement by the Company of the adoption of this Agreement, a tender or
exchange offer, the successful consummation of which would result in any Person (other than an Exempt Person) becoming an Acquiring
Person, irrespective of whether any shares are actually purchased or exchanged pursuant to such offer; provided, however,
that if a tender or exchange offer is terminated prior to the occurrence of a Distribution Date, then no Distribution Date shall
occur as a result of such tender or exchange offer. The Board may, if deferral is allowed in clause (i) or (ii) of the preceding
sentence, defer the date set forth in such clause, as applicable, to a specified later date or an unspecified later date to be
determined by a subsequent action or event.

 

    6

     

    

 

(u)
“Equivalent Preferred Shares” shall have the meaning set forth in Section 11(b) hereof.

 

(v)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(w)
“Exchange Property” shall have the meaning set forth in Section 24(f) hereof.

 

(x)
“Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

 

(y)
“Exchange Recipients” shall have the meaning set forth in Section 24(f) hereof.

 

(z)
“Exempt Person” shall mean (i) the Company, (ii) any Subsidiary of the Company, (iii) any employee stock ownership
plan, employee benefit plan or other compensation program or arrangement of the Company or of any of its Subsidiaries, or any
Person holding Common Shares for or pursuant to the terms of any such plan, program or arrangement or for the purpose of funding
any such plan, program or arrangement, and (iv) any Person organized, appointed or established by the Company or any of its Subsidiaries
for or pursuant to the terms of any such plan, program or arrangement during the time such Person acts in such capacity.

 

(aa)
[Reserved.]

 

(bb)
“Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(cc)
“Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(dd)
“General Rules and Regulations” shall mean Part 240, Subpart A —Rules and Regulations under the Securities
Exchange Act of 1934, as amended.

 

(ee)
“Grandfathered Person” shall mean any Person who or which, together with all Related Persons of such Person,
would, as of the time immediately prior to the first public announcement by the Company of the adoption of this Agreement, be
deemed an “Acquiring Person;” provided, however, that such Person, together with all Related
Persons, shall cease to be a Grandfathered Person and shall become an Acquiring Person if, following the first public announcement
by the Company of the adoption of this Agreement, such Person, together with all Related Persons, shall acquire, without the prior
approval of the Board, Beneficial Ownership of any additional Common Shares (other than as a result of (i) the acquisition of
Common Shares on the date of such announcement pursuant to orders placed prior to such announcement, (ii) a stock dividend, stock
split, reverse stock split, subdivision or similar transaction effected by the Company in which all registered holders of Common
Shares are treated substantially equally, (iii) the grant or issuance by the Company to its directors, officers and/or employees
of options, warrants, rights or similar interests to acquire Common Shares by the Company pursuant to any employee benefit, stock
incentive plan, stock option plan or stock ownership plan of the Company adopted by the Board, and the subsequent vesting, exercise
or conversion of such options, warrants, rights or similar interests, (iv) the grant or issuance by the Company to its directors,
officers and/or employees of restricted Common Shares or restricted stock units pursuant to a restricted stock or other compensation
plan or arrangement adopted by the Board and/or the subsequent vesting of such shares or stock units, or (v) the acquisition of
Common Shares directly from the Company) while such Person (together with all Related Persons) is the Beneficial Owner of twenty
percent (20%) or more of the Common Shares then outstanding.

 

(ff)
[Reserved.]

 

(gg)
“Nasdaq” shall mean The Nasdaq Stock Market.

 

(hh)
“NYSE” shall mean the New York Stock Exchange.

 

(ii)
“Original Rights” shall have the meaning set forth in Section 1(f)(ii) hereof.

 

(jj)
[Reserved.]

 

    7

     

    

 

(kk)
[Reserved.]

 

(ll)
“Ownership Statements” shall have the meaning set forth in Section 3(a) hereof.

 

(mm)
“Person” shall mean any individual, firm, corporation, partnership, limited liability company, limited liability
partnership, trust, association, syndicate or other entity, and shall include any successor (by merger or otherwise) of such entity.

 

(nn)
“Preferred Shares” shall mean shares of Series A Junior Participating Preferred Stock, par value $0.001 per
share, of the Company having the relative rights, preferences and limitations set forth in the form of Certificate of Designation
attached to this Agreement as Exhibit A, and, to the extent that there are not a sufficient number of shares of Series
A Junior Participating Preferred Stock authorized to permit the full exercise of the Rights, any other series of preferred stock
of the Company designated for such purpose containing terms substantially similar to the terms of the Series A Junior Participating
Preferred Stock.

 

(oo)
“Principal Party” shall have the meaning set forth in Section 13(b) hereof.

 

(pp)
“Purchase Price” shall have the meaning set forth in Section 7(b) hereof.

 

(qq)
[Reserved.]

 

(rr)
[Reserved.]

 

(ss)
“Record Date” shall have the meaning set forth in the recitals hereto.

 

(tt)
“Redemption Date” shall have the meaning set forth in Section 7(a) hereof.

 

(uu)
“Redemption Period” shall have the meaning set forth in Section 23(a) hereof.

 

(vv)
“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

 

(ww)
“Related Person” shall mean, as to any Person, any Affiliates or Associates of such Person.

 

(xx)
[Reserved.]

 

(yy)
“Right” shall have the meaning set forth in the recitals to this Agreement.

 

(zz)
“Rights Agent” shall have the meaning set forth in the preamble of this Agreement, except as otherwise provided
in Section 19 and Section 21 hereof.

 

(aaa)
“Rights Certificate” shall have the meaning set forth in Section 3(a) hereof.

 

(bbb)
“Rights Dividend Declaration Date” shall have the meaning set forth in the recitals to this Agreement.

 

(ccc)
“SEC” shall mean the U.S. Securities and Exchange Commission and any successor agency or instrumentality of
the United States government.

 

(ddd)
“Section 11(a)(ii) Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(eee)
“Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(fff)
“Section 13 Event” shall mean any event described in Section 13(a)(i), Section 13(a)(ii) or Section 13(a)(iii)
hereof.

 

    8

     

    

 

(ggg)
“Securities Act” shall mean the Securities Act of 1933, as amended.

 

(hhh)
“Shares Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, the filing of a report or an amendment thereto with the SEC pursuant to the Exchange Act or
pursuant to a comparable successor statute) by the Company or an Acquiring Person indicating that an Acquiring Person has become
such or that discloses information which reveals the existence of an Acquiring Person; provided, however, that
if a Person is determined by the Board, in its sole discretion, not to have become an Acquiring Person pursuant to Section 1(a)(ii),
then no Shares Acquisition Date shall be deemed to have occurred.

 

(iii)
[Reserved.]

 

(jjj)
[Reserved.]

 

(kkk)
[Reserved.]

 

(lll)
“Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(mmm)
“Subsidiary” shall mean, with reference to any Person, any corporation or other Person of which an amount of
voting securities (or other ownership interests having ordinary voting power) sufficient to elect at least a majority of the directors
(or other Persons performing similar functions) of such corporation or other Person is beneficially owned, directly or indirectly,
by such first mentioned Person, or otherwise controlled by such first mentioned Person.

 

(nnn)
“Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(ooo)
“Summary of Rights” shall have the meaning set forth in Section 3(b) hereof.

 

(ppp)
“Trading Day” shall mean a day on which the principal national securities exchange on which the Common Shares
are listed or admitted to trading is open for the transaction of business or, if the Common Shares are not listed or admitted
to trading on any national securities exchange, a Business Day; provided, that if such security is not listed or quoted on the
NYSE or the Nasdaq and the principal market for such security is a non-U.S. securities exchange, then “Trading Day”
shall mean a day on which such non-U.S. securities exchange is open for the transaction of business.

 

(qqq)
“Triggering Event” shall mean a Section 11(a)(ii) Event or any Section 13 Event.

 

Section
2. Appointment of the Rights Agent. The Company hereby appoints the Rights Agent to act as rights agent for the Company
in accordance with the express terms and conditions hereof (and not implied terms and conditions), and the Rights Agent hereby
accepts such appointment. The Company may from time to time appoint such co-rights agents as it may deem necessary or desirable,
upon ten (10) calendar days’ prior written notice to the Rights Agent. In the event the Company appoints one or more co-rights
agents, the respective duties of the Rights Agent and any co-rights agents under the provisions of this Agreement shall be as
the Company reasonably determines, and the Company shall notify, in writing, the Rights Agent and any co-rights agents of such
duties. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such
co-rights agent.

 

Section
3. Issuance of Rights Certificates.

 

(a)
Until the Distribution Date (i) the Rights will be evidenced (subject to Section 3(b) and Section 3(c) hereof) by the certificates
for the Common Shares registered in the names of the holders of the Common Shares (which certificates for Common Shares shall
be deemed also to be certificates for Rights) or by the Book Entry Common Shares registered in the name of the holders, evidenced
by notation in accounts reflecting current ownership statements issued with respect to uncertificated Common Shares in lieu of
such certificates (“Ownership Statements”) (which Book Entry Common Shares, including any Ownership Statements,
shall be deemed also to be certificates for Rights) and not by separate certificates, and the registered holders of the Common
Shares shall also be the registered holders of the associated Rights, and (ii) the Rights will be transferable only in connection
with the transfer of the underlying Common Shares (including a transfer to the Company). As soon as practicable after the Distribution
Date, the Company shall prepare and execute, and upon the written request of the Company, the Rights Agent shall countersign and
the Company will send or cause to be sent (and the Rights Agent will, if so requested and provided with all necessary information
and documents will, at the expense of the Company, send), in accordance with Section 26 hereof, to each record holder of the Common
Shares as of the Close of Business on the Distribution Date (other than an Acquiring Person or any Related Person of an Acquiring
Person), one or more rights certificates, in substantially the form of Exhibit B attached hereto (the “Rights
Certificates”), evidencing one Right for each Common Share so held, subject to adjustment as provided herein. In the
event that an adjustment in the number of Rights per Common Share has been made pursuant to Section 11(i) or Section 11(p) hereof,
at the time of distribution of the Rights Certificates, the Company shall not be required to issue Rights Certificates evidencing
fractional Rights but may, in lieu thereof, make the necessary and appropriate rounding adjustments (in accordance with Section
14(a) hereof) so that Rights Certificates evidencing only whole numbers of Rights are distributed and cash is paid in lieu of
any fractional Rights. As of and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates.
The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date. Until such written
notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date
has not occurred.

 

    9

     

    

 

(b)
As promptly as practicable following the Record Date, the Company shall make available a copy of a Summary of Rights, in substantially
the form attached hereto as Exhibit C (the “Summary of Rights”), to each record holder of
Common Shares as of the Close of Business on the Record Date who may so request from the Company (in accordance with Section 26
hereof) a copy from time to time prior to the Expiration Date. With respect to Common Shares outstanding as of the Record Date,
or issued subsequent to the Record Date, until the earlier of the Distribution Date and the Expiration Date, the Rights associated
with such Common Shares will be evidenced by the certificate or Book Entry Common Shares registered in the names of the holders
thereof, in each case together with the Summary of Rights. Until the earlier of the Distribution Date and the Expiration Date,
the surrender for transfer of any certificate or the transfer of any Book Entry Common Shares outstanding on the Record Date,
with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with the Common Shares
evidenced thereby.

 

(c)
Rights shall without any further action, be issued in respect of all Common Shares that are issued (whether originally issued
or from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution Date and the Expiration
Date and, to the extent provided in Section 22 hereof, in respect of Common Shares issued after the Distribution Date. Certificates
and Book Entry Common Shares evidencing such Common Shares shall have printed or otherwise affixed to them a legend in substantially
the following form:

 

“This
[certificate/statement] also evidences and entitles the registered holder hereof to certain Rights as set forth in the Rights
Agreement between INmune Bio Inc., a Nevada corporation (the “Company”), and Vstock Transfer, LLC., as rights
agent (or any successor rights agent) (the “Rights Agent”), dated as of December 30, 2020 as the same may be
amended, extended or renewed from time to time (the “Rights Agreement”), the terms of which are hereby incorporated
herein by reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances,
as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by
this [certificate/statement]. The Company will mail to the registered holder of this [certificate/statement], without charge,
a copy of the Rights Agreement, as in effect on the date of mailing, promptly after receipt of a written request therefor. Under
certain circumstances set forth in the Rights Agreement, Rights which are issued or transferred to, which are or have been beneficially
owned by an Acquiring Person or any Related Person thereof (as such capitalized terms are defined in the Rights Agreement) or
any purported subsequent holder of such Rights will become null and void and will no longer be transferable. The Rights shall
not be exercisable, and shall be void so long as held, by a holder in any jurisdiction where the requisite qualification to the
issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction shall not have been obtained or be
obtainable.”

 

    10

     

    

 

With
respect to any Book Entry Common Share, such legend shall be included in the Ownership Statement in respect of such Common Share
or in a notice to the record holder of such Common Share in accordance with applicable law. With respect to such certificates
or Ownership Statements containing the foregoing legend, until the earlier of the Distribution Date and the Expiration Date, the
Rights associated with the Common Shares evidenced by such certificates or Book Entry Common Shares shall be evidenced by such
certificates or such Book Entry Common Shares (including any Ownership Statements) alone and the surrender for transfer of any
certificate or transfer of any Book Entry Common Share shall also constitute the transfer of the Rights associated with the Common
Shares evidenced thereby. Notwithstanding this Section 3(c) or anything to the contrary that may be contained elsewhere in this
Agreement, neither the failure to print the foregoing legend on any certificates representing Common Shares or any defect that
may be contained in the legend that is so printed, nor the failure to provide the notice thereof to the holder of any Book Entry
Shares, shall affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. In the event
the Company purchases or otherwise acquires any Common Shares after the Record Date but prior to the Distribution Date, any Rights
associated with such Common Shares shall be deemed cancelled and retired so that the Company shall not be entitled to exercise
any Rights associated with such Common Shares that are no longer outstanding. In the event that any Common Shares are not represented
by certificates, references in this Agreement to certificates shall be deemed to refer to the notations in the book entry accounts
reflecting ownership of such shares.

 

After
the Record Date but prior to the earlier of the Distribution Date and the Expiration Date, if new certificate(s) representing
Common Shares are issued in connection with the transfer, split-up, combination or exchange of certificate(s) representing Common
Shares or if new certificate(s) representing Common Shares are issued to replace any certificate(s) that have been mutilated,
destroyed, lost, or stolen, then such new certificate(s) shall bear a legend in substantially the form of the foregoing.

 

Section
4. Form of Rights Certificates.

 

(a)
The Rights Certificates (and the forms of election to purchase and of assignment and the certificates contained therein to be
printed on the reverse thereof) shall each be substantially in the form attached hereto as Exhibit B and may
have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may
deem appropriate (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent) and as are
not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule
or regulation made pursuant thereto or with any law, rule or regulation of any national securities exchange on which the Rights
may from time to time be listed, or to conform to usage. Subject to the provisions of Section 22 hereof, the Rights Certificates,
whenever distributed, shall be dated as of the Record Date and on their face shall entitle the registered holders thereof to purchase
such number of one one-thousandths of a Preferred Share as shall be set forth therein at the Purchase Price, but the amount and
type of securities, cash or other assets that may be acquired upon the exercise of each Right and the Purchase Price thereof shall
be subject to adjustment as provided in this Agreement.

 

    11

     

    

 

(b)
Any Rights Certificate issued pursuant hereto that represents Rights beneficially owned by: (i) an Acquiring Person or any Related
Person of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee
after the Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes
a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A)
a transfer (whether or not for consideration) from the Acquiring Person (or any such Related Person) to holders of equity interests
in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding
(whether or not in writing) regarding the transferred Rights, or (B) a transfer which the Board, in its sole discretion, has determined
is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of Section 7(e) hereof,
and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment
of any other Rights Certificate referred to in this sentence, shall contain (to the extent feasible, and only if the Company has
provided specific written instructions to the Rights Agent) a legend in substantially the following form:

 

“The
Rights evidenced by this Rights Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person or
a Related Person of an Acquiring Person (as such capitalized terms are defined in the Rights Agreement by and between INmune Bio
Inc., a Nevada corporation, and Vstock Transfer, LLC., as Rights Agent (or any successor rights agent), dated as of December 30,
2020, as the same may be amended, extended or renewed from time to time (the “Rights Agreement”)). Accordingly,
this Rights Certificate and the Rights evidenced hereby may become null and void in the circumstances specified in Section 7(e)
of the Rights Agreement and may no longer be transferable.”

 

The
Company shall give written notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring
Person or any Related Person thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively
for all purposes that no Person has become an Acquiring Person or a Related Person of an Acquiring Person. The Company shall instruct
the Rights Agent in writing of the Rights which should be so legended.

 

Notwithstanding
this Section 4(b) or anything to the contrary that may be contained elsewhere in this Agreement, the omission of the foregoing
legend or any legend substantially similar thereto shall not affect the enforceability of any part of this Agreement or the rights
of any registered holder of Rights Certificates.

 

Section
5. Countersignature and Registration.

 

(a)
The Rights Certificates shall be duly executed on behalf of the Company by its Chairman of the Board and Principal Executive Officer,
or any Vice President and the Principal Financial Officer, or the Secretary or an Assistant Secretary, either manually or by facsimile
or portable document format signature. The Rights Certificates shall be countersigned by an authorized signatory of the Rights
Agent, either manually or by facsimile or portable document format signature, and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company who shall have signed any of the Rights Certificates shall cease to be such
officer of the Company before countersignature by an authorized signatory of the Rights Agent and issuance and delivery by the
Company, such Rights Certificates, nevertheless, may be countersigned by an authorized signatory of the Rights Agent and issued
and delivered by the Company with the same force and effect as though the Person who signed such Rights Certificates had not ceased
to be such officer of the Company; and any Rights Certificates may be signed on behalf of the Company by any Person who, at the
actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate,
although at the date of the execution of this Agreement any such Person was not such an officer.

 

(b)
Following the Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other relevant and necessary
information and documents referred to in Section 3(a), the Rights Agent will keep, or cause to be kept, at its office or offices
designated as the appropriate place for surrender of Rights Certificates upon exercise or transfer, books for registration and
transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders
of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates, and the date of each
of the Rights Certificates.

 

    12

     

    

 

Section
6. Transfer, Split-Up, Combination, and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

 

(a)
Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at any time after the Close of Business on the
Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Rights Certificate or Rights Certificates
(other than Rights Certificates representing Rights that have become null and void pursuant to Section 7(e) hereof, or evidencing
Rights that have been redeemed or exchanged pursuant to Section 23 or Section 24 hereof) may be transferred, split-up, combined
or exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number
of one one-thousandths of a Preferred Share (or, following the occurrence of a Triggering Event, Common Shares, other securities,
cash or other assets, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitles such holder
(or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split-up, combine or exchange
any Rights Certificate or Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender,
together with any required form of assignment duly executed and properly completed, the Rights Certificate or Rights Certificates
to be transferred, split-up, combined, or exchanged, with the form of assignment and certificate contained therein properly completed
and duly executed and with all signatures guaranteed and any other such documentation that the Rights Agent shall reasonably request,
at the office or offices of the Rights Agent designated for such purpose. The Rights Certificates are transferable only on the
registry books of the Rights Agent. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever
with respect to the transfer of any such surrendered Rights Certificate until the registered holder shall have: (i) properly completed
and duly executed the certificate contained in the form of assignment on the reverse side of such Rights Certificate; (ii) provided
such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) of the Rights represented by such
Rights Certificate or Related Persons thereof as the Company or the Rights Agent shall reasonably request; and (iii) paid a sum
sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of
Rights Certificates as required by Section 9(e) hereof. Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e),
Section 14 and Section 24 hereof, countersign and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates,
as the case may be, as so requested. The Company may require payment from a registered holder of a Rights Certificate of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split-up, combination,
or exchange of Rights Certificates. If and to the extent the Company does require payment of any such taxes or charges, the Company
shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate unless
and until it is satisfied that all such payments have been made, and the Rights Agent shall forward any such sum collected by
it to the Company or to such Persons as the Company specifies by written notice. The Rights Agent shall have no duty or obligation
to take any action with respect to a holder of a Rights Certificate under any Section of this Agreement which requires the payment
by such holder of a Rights Certificate of applicable taxes and/or charges unless and until it is satisfied that all such taxes
and/or charges have been paid.

 

(b)
Subject to the provisions of this Agreement, at any time after the Distribution Date and prior to the Expiration Date, upon receipt
by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation
of a Rights Certificate, and, in the case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them,
and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the
Rights Agent and cancellation of the Rights Certificate, if mutilated, the Company will execute and deliver a new Rights Certificate
of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Rights Certificate
so lost, stolen, destroyed or mutilated.

 

Section
7. Exercise of Rights; Purchase Price; Expiration Date of Rights.

 

(a)
Subject to Section 7(e) hereof or as otherwise provided in this Agreement, at any time after the Distribution Date the registered
holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including, without
limitation, the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii), and Section 23(a) hereof) in whole
or in part upon surrender of the Rights Certificate, with the form of election to purchase and the certificate contained therein
properly completed and duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose,
accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably request, together with payment
of the aggregate Purchase Price with respect to the total number of one one-thousandths of a Preferred Share (or, following the
occurrence of a Triggering Event, Common Shares, other securities, cash or other assets, as the case may be) as to which such
surrendered Rights are then exercisable, at or prior to the earliest of (i) the Close of Business on [one year] (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption
Date”), and (iii) the time at which the Rights are exchanged in full as provided in Section 24 hereof (the earliest
of (i), (ii), and (iii) being herein referred to as the “Expiration Date”). Except for those provisions herein
that expressly survive the termination of this Agreement, this Agreement shall terminate at such time as the Rights are no longer
exercisable hereunder.

 

    13

     

    

 

(b)
The purchase price for each one one-thousandth of a Preferred Share pursuant to the exercise of a Right initially shall be $300.00,
shall be subject to adjustment from time to time as provided in Section 11 and Section 13(a) hereof, and shall be payable in accordance
with Section 7(c) hereof (such purchase price, as so adjusted, the “Purchase Price”).

 

(c)
Upon receipt of a Rights Certificate evidencing exercisable Rights, with the form of election to purchase and the certificate
contained therein properly completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the
Purchase Price (as such amount may be adjusted as provided herein) per one one-thousandth of a Preferred Share (or, following
the occurrence of a Triggering Event, Common Shares, other securities, cash or other assets, as the case may be) to be purchased
as set forth below and an amount equal to any applicable tax or charge, the Rights Agent shall, subject to Section 7(f) and Section
20(k) hereof, thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares (or make available, if the
Rights Agent is the transfer agent for such shares) certificates for the total number of one one-thousandths of a Preferred Share
to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if,
subject to Section 14 hereof, the Company shall have elected to deposit the total number of Preferred Shares issuable upon exercise
of the Rights hereunder with a depositary agent, requisition from the depositary agent of depositary receipts evidencing such
number of one one-thousandths of a Preferred Share as are to be purchased (in which case certificates for the Preferred Shares
evidenced by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company will direct the
depositary agent to comply with such request, (ii) if necessary to comply with this Agreement, requisition from the Company the
amount of cash, if any, to be paid in lieu of fractional shares in accordance with Section 14 hereof, (iii) after receipt of such
certificates or depositary receipts, subject to Section 7(f) below, cause the same to be delivered to or upon the order of the
registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder, and (iv) if
necessary to comply with this Agreement, after receipt thereof, subject to Section 7(f) below, deliver such cash, if any, to or
upon the order of the registered holder of such Rights Certificate. The payment of the Purchase Price (as such amount may be reduced
pursuant to Section 11(a)(iii) hereof) shall be made in cash or by certified bank check or bank draft payable to the order of
the Company. In the event that the Company is obligated to issue other securities (including Common Shares) of the Company, pay
cash or distribute other property pursuant to Section 11(a) hereof, the Company will make all arrangements necessary so that such
other securities, cash or other property are available for distribution by the Rights Agent, if and when necessary to comply with
this Agreement, and until so received, the Rights Agent shall have no duties or obligations with respect to such securities, cash
and/or other property. The Company reserves the right to require prior to the occurrence of a Triggering Event that, upon any
exercise of Rights, a number of Rights be exercised so that only whole Preferred Shares would be issued.

 

(d)
In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights
Certificate evidencing the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order
of, the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder, subject
to the provisions of Section 6 and Section 14 hereof.

 

(e)
Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Section 11(a)(ii) Event,
any Rights beneficially owned by (i) an Acquiring Person or a Related Person of an Acquiring Person, (ii) a transferee of an Acquiring
Person (or of any Related Person thereof) who becomes a transferee after the Acquiring Person becomes such, or (iii) a transferee
of an Acquiring Person (or of any Related Person thereof) who becomes a transferee prior to or concurrently with the Acquiring
Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring
Person (or any such Related Person) to holders of equity interests in such Acquiring Person (or any such Related Person) or to
any Person with whom the Acquiring Person (or any such Related Person) has any continuing agreement, arrangement or understanding
(whether or not in writing) regarding the transferred Rights or (B) a transfer that the Board, in its sole discretion, has determined
is part of a plan, arrangement or understanding (whether or not in writing) that has as a primary purpose or effect the avoidance
of this Section 7(e), shall become null and void without any further action and no holder of such Rights shall have any rights
whatsoever with respect to such Rights, whether under any provision of this Agreement, the Rights Certificates or otherwise. The
Company shall notify the Rights Agent when this Section 7(e) applies and shall use all reasonable efforts to ensure that the provisions
of this Section 7(e) and Section 4(b) hereof are complied with, but neither the Company nor the Rights Agent shall have any liability
to any holder of Rights Certificates or any other Person as a result of its failure to make any determinations with respect to
an Acquiring Person or any of its Related Persons or transferees hereunder.

 

    14

     

    

 

(f)
Notwithstanding anything in this Agreement or any Rights Certificate to the contrary, neither the Rights Agent nor the Company
shall be obligated to undertake any action with respect to a registered holder of a Rights Certificate upon the occurrence of
any purported exercise as set forth in this Section 7 unless such registered holder shall have (i) properly completed and duly
executed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate
surrendered for such exercise, and (ii) provided such additional evidence of the identity of the Beneficial Owner (or Related
Persons thereof) or former Beneficial Owner (or Related Persons thereof) of the Rights represented by the Rights Certificate as
the Company or the Rights Agent shall reasonably request.

 

Section
8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of exercise, transfer,
split-up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered to the Rights Agent
for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights Certificates
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver
to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Rights Certificate
purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver written confirmation
of such cancellation and retirement to the Company or shall in the case of destruction of such cancelled Rights Certificates,
deliver a certificate of destruction thereof to the Company.

 

Section
9. Reservation and Availability of Capital Stock.

 

(a)
The Company covenants and agrees that at all times prior to the Expiration Date it will cause to be reserved and kept available
out of its authorized and unissued Preferred Shares (and, following the occurrence of a Triggering Event, out of its authorized
and unissued Common Shares or other securities as may be issuable upon exercise of the Rights and/or out of its securities held
in treasury, as the case may be), the number of Preferred Shares (and, following the occurrence of a Triggering Event, to the
extent reasonably practicable, Common Shares or other securities, as the case may be) that, as provided in this Agreement, including,
but not limited to, Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of all of the outstanding Rights.
Upon the occurrence of any events resulting in an increase in the aggregate number of Preferred Shares (or other equity securities
of the Company) issuable upon exercise of all outstanding Rights above the number then reserved, the Company shall make appropriate
increases in the number of shares so reserved.

 

(b)
So long as the Preferred Shares (and, following the occurrence of a Triggering Event, Common Shares or other securities, as the
case may be) issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange or quoted
on a quotation system, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable
through the Expiration Date, all shares reserved for such issuance to be listed on such exchange or quoted on such quotation system,
as the case may be, upon official notice of issuance upon such exercise.

 

(c)
The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence
of a Section 11(a)(ii) Event on which the consideration to be delivered by the Company upon exercise of the Rights has been determined
in accordance with Section 11(a) hereof, a registration statement on an appropriate form under the Act, with respect to the securities
purchasable upon exercise of the Rights, (ii) cause such registration statement to become effective as soon as practicable after
such filing, and (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements
of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, and (B) the
Expiration Date. The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities
or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may temporarily
suspend, for a period of time not to exceed ninety (90) calendar days after the date set forth in clause (i) of the first sentence
of this Section 9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it
to become effective. Upon any such suspension, the Company shall issue a public announcement (with prompt written notice thereof
to the Rights Agent; and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively
that no such suspension has occurred) stating that the exercisability of the Rights has been temporarily suspended, as well as
a public announcement at such time as the suspension is no longer in effect (with prompt written notice thereof to the Rights
Agent; and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that such suspension
is still in effect). In addition, if the Company shall determine that a registration statement is required following the Distribution
Date, the Company similarly may temporarily suspend the exercisability of the Rights until such time as a registration statement
has been declared effective. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable
in any jurisdiction if the requisite qualification in such jurisdiction shall not have been obtained, the exercise thereof shall
not be permitted under applicable law, or a registration statement shall not have been declared effective.

 

    15

     

    

 

(d)
The Company covenants and agrees that it will take all such action as may be necessary to ensure that all one one-thousandths
of a Preferred Share (and, following the occurrence of a Triggering Event, Common Shares or other securities, as the case may
be) delivered upon exercise of the Rights shall, at the time of delivery of the certificates or depositary receipts for such shares
(subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable.

 

(e)
The Company further covenants and agrees that it will pay when due and payable any and all federal and state taxes and charges
that may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates, entries in the
book entry account system of the transfer agent, or depositary receipts for a number of one one-thousandths of a Preferred Share
(or, following the occurrence of a Triggering Event, Common Shares or other securities, cash or other assets, as the case may
be) upon the exercise of Rights. The Company shall not, however, be required to pay any tax or charge that may be payable in respect
of any transfer or delivery of Rights Certificates or depositary receipts or entries in the book entry account system of the transfer
agent to a Person other than, or the issuance or delivery of a number of one one-thousandths of a Preferred Share (or, following
the occurrence of a Triggering Event, Common Shares or other securities, cash or other assets, as the case may be) in a name other
than that of the registered holder of the Rights Certificates evidencing Rights surrendered for exercise or to issue or deliver
any certificates or depositary receipts or entries in the book entry account system of the transfer agent for a number of one
one-thousandths of a Preferred Share (or, following the occurrence of a Triggering Event, Common Shares or other securities, cash
or other assets as the case may be) in a name other than that of the registered holder upon the exercise of any Rights until such
tax or charge shall have been paid (any such tax or charge being payable by the registered holder of such Rights Certificates
at the time of surrender) or until it has been established to the Company’s or to the Rights Agent’s satisfaction
that no such tax or charge is due.

 

Section
10. Preferred Shares Record Date. Each Person in whose name any certificate or entry in the book entry account system of the transfer
agent for a number of one one-thousandths of a Preferred Share (or, following the occurrence of a Triggering Event, Common Shares
or other securities, cash or other assets, as the case may be) is issued upon the exercise of Rights shall for all purposes be
deemed to have become the holder of record of such fractional Preferred Shares (or, following the occurrence of a Triggering Event,
Common Shares or other securities, cash, or other assets as the case may be) evidenced thereby on, and such certificate or entry
shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Purchase
Price (and all applicable taxes and governmental charges) was made; provided, however, that,
if the date of such surrender and payment is a date upon which the Preferred Shares (or, following the occurrence of a Triggering
Event, Common Shares or other securities, cash or other assets, as the case may be) transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such shares (fractional or otherwise) on, and such certificate
or entry shall be dated, the next succeeding Business Day on which the Preferred Shares (or, following the occurrence of a Triggering
Event, Common Shares or other securities, cash, or other assets as the case may be) transfer books of the Company are open and, provided, further,
that if delivery of the Preferred Shares is delayed pursuant to Section 9(c), when such Preferred Shares first become deliverable.
Prior to the exercise of the Rights evidenced thereby, the registered holder of a Rights Certificate, as such, shall not be entitled
to any rights of a stockholder of the Company with respect to shares for which the Rights shall be exercisable, including, without
limitation, the right to vote, to receive dividends or other distributions, or to exercise any preemptive rights, and shall not
be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

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Section
11. Adjustment of Purchase Price, Number and Kind of Shares, or Number of Rights. The Purchase Price, the number and kind of shares,
or fractions thereof, purchasable upon exercise of each Right, and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 11.

 

(a)
(i) In the event the Company shall at any time after the first public announcement by the Company of the adoption of this Agreement
(A) declare or pay a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide or split the outstanding Preferred
Shares, (C) combine or consolidate the outstanding Preferred Shares into a smaller number of shares, or (D) issue any shares of
its capital stock in a reclassification of the Preferred Shares (including any such reclassification in connection with a consolidation
or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this Section 11(a)
and Section 7(e) hereof, the Purchase Price in effect at the time of the record date for such dividend or of the effective date
of such subdivision, split, combination, consolidation, or reclassification, and the number and kind of Preferred Shares or fractions
thereof (or other capital stock, as the case may be), issuable on such date, shall be proportionately adjusted so that the registered
holder of any Right exercised after such time shall be entitled to receive, upon payment of the Purchase Price then in effect,
the aggregate number and kind of Preferred Shares or fractions thereof (or other capital stock, as the case may be), which, if
such Right had been exercised immediately prior to such date (whether or not such Right was then exercisable) and at a time when
the Preferred Share (or other capital stock, as the case may be) transfer books of the Company were open, such holder would have
owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, split, combination, consolidation,
or reclassification. If an event occurs that would require an adjustment under both this Section 11(a)(i) and Section 11(a)(ii)
hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment
required pursuant to Section 11(a)(ii) hereof.

 

(ii)
In the event any Person shall become an Acquiring Person (a “Section 11(a)(ii) Event”), then, promptly following
the occurrence of such Section 11(a)(ii) Event, proper provision shall be made so that, upon expiration of the Redemption Period
and subject to Section 23 hereof, each registered holder of a Right (except as provided below in Section 11(a)(iii) and in Sections
7(e), 13 and 24 hereof) shall thereafter have the right to receive, upon exercise thereof at the then current Purchase Price in
accordance with the terms of this Agreement, in lieu of a number of one one-thousandths of a Preferred Share, such number of Common
Shares of the Company as shall equal the result obtained by (A) multiplying the then current Purchase Price by the then number
of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to the first occurrence of a Section
11(a)(ii) Event, and (B) dividing that product (which, following such first occurrence, shall thereafter be referred to as the
“Purchase Price” for each Right and for all purposes of this Agreement) by fifty percent (50%) of the Current
Market Price per Common Share on the date of such first occurrence (such number of shares, the “Adjustment Shares”).

 

(iii)
In the event that (A) the number of Common Shares authorized by the Articles of Incorporation of the Company, dated , September
25, 2015 as amended from time-to time (such articles of incorporation being referred to herein as “the Articles of Incorporation”),
but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit
the exercise in full of the Rights in accordance with Section 11(a)(ii) hereof or (B) the Board otherwise shall determine to do
so in its sole discretion, the Company, acting by resolution of the Board, shall (1) determine the value of the Adjustment Shares
issuable upon the exercise of a Right (the “Current Value”), and (2) with respect to each Right (subject to
Section 7(e) hereof), make adequate provision to substitute for the Adjustment Shares, upon the exercise of such Right and payment
of the applicable Purchase Price, (u) cash, (v) a reduction in the Purchase Price, (w) Common Shares or other equity securities
of the Company (including, without limitation, shares, or units of shares, of preferred stock, such as the Preferred Shares, which
the Board has deemed to have essentially the same value or economic rights as Common Shares (such shares of preferred stock being
referred to as “Common Stock Equivalents”)), (x) debt securities of the Company, (y) other assets, or (z) any
combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has been determined
by the Board based upon the advice of a nationally recognized investment banking firm selected by the Board; provided, however,
that, if, under the circumstances set forth in clause (A) above, the Company shall not have made adequate provision to deliver
value pursuant to clause (2) above within thirty (30) calendar days following the later of (I) the first occurrence of a Section
11(a)(ii) Event and (II) the date on which the Company’s right of redemption pursuant to Section 23(a) hereof expires (the
later of (I) and (II) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the Company shall
be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, Common
Shares (to the extent available) and then, if necessary, cash, which shares and cash have an aggregate value equal to the Spread.
For purposes of the preceding sentence, the term “Spread” shall mean the excess of the Current Value over the
Purchase Price. If the Board determines in good faith that it is likely that sufficient additional Common Shares could be authorized
for issuance upon exercise in full of the Rights, the thirty (30) calendar day period set forth above may be extended to the extent
necessary, but not more than ninety (90) calendar days after the Section 11(a)(ii) Trigger Date, in order that the Company may
seek stockholder approval for the authorization of such additional shares (such thirty (30) calendar day period, as it may be
extended, is herein called the “Substitution Period”). To the extent that action is to be taken pursuant to
the first or third sentences of this Section 11(a)(iii), the Company shall provide, subject to Section 7(e) hereof, that such
action shall apply uniformly to all outstanding Rights, and the Company may suspend the exercisability of the Rights until the
expiration of the Substitution Period in order to seek such stockholder approval for such authorization of additional shares or
to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof.
In the event of any such suspension, the Company shall issue a public announcement (with prompt written notice thereof to the
Rights Agent) stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement (with
prompt written notice thereof to the Rights Agent) at such time as the suspension is no longer in effect. For purposes of this
Section 11(a)(iii), the value of each Adjustment Share shall be the Current Market Price per Common Share on the Section 11(a)(ii)
Trigger Date and the per share or per unit value of any Common Stock Equivalent shall be deemed to equal the Current Market Price
per Common Share on such date.

 

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(b)
In case the Company shall fix a record date for the issuance of rights, options, or warrants to all registered holders of Preferred
Shares entitling them to subscribe for or purchase (for a period expiring within forty-five (45) calendar days after such record
date) Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred Shares (“Equivalent
Preferred Shares”)) or securities convertible into Preferred Shares or Equivalent Preferred Shares at a price per Preferred
Share or Equivalent Preferred Share (or having a conversion price per share, if a security convertible into Preferred Shares or
Equivalent Preferred Shares) less than the Current Market Price per Preferred Share on such record date, the Purchase Price to
be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the number of Preferred Shares outstanding on such record date, plus
the number of Preferred Shares that the aggregate offering price of the total number of Preferred Shares or Equivalent Preferred
Shares so to be offered (or the aggregate initial conversion price of the convertible securities so to be offered) would purchase
at such Current Market Price, and the denominator of which shall be the number of Preferred Shares outstanding on such record
date plus the number of additional Preferred Shares or Equivalent Preferred Shares to be offered for subscription or purchase
(or into which the convertible securities so to be offered are initially convertible). In case such subscription price may be
paid by delivery of consideration, part or all of which may be in a form other than cash, the value of such consideration shall
be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent
and shall be binding and conclusive for all purposes on the Rights Agent and the holders of the Rights. Preferred Shares owned
by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustments
shall be made successively whenever such a record date is fixed, and in the event that such rights, options, or warrants are not
so issued, the Purchase Price shall be adjusted to be the Purchase Price that would then be in effect if such record date had
not been fixed.

 

(c)
In case the Company shall fix a record date for a distribution to all registered holders of Preferred Shares (including any such
distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation)
of cash (other than a regular cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend
payable in Preferred Shares, but including any dividend payable in stock other than Preferred Shares) or evidences of indebtedness,
or of subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect
after such record date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by
a fraction, the numerator of which shall be the Current Market Price per Preferred Share on such record date, less the fair market
value (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent
and shall be binding and conclusive for all purposes) of the portion of the cash, assets or evidences of indebtedness so to be
distributed, or of such subscription rights or warrants applicable to a Preferred Share, and the denominator of which shall be
such Current Market Price per Preferred Share. Such adjustments shall be made successively whenever such a record date is fixed,
and in the event that such distribution is not so made, the Purchase Price shall be adjusted to be the Purchase Price that would
then be in effect if such record date had not been fixed.

 

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(d)
(i) For the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii) hereof, the “Current
Market Price” per Common Share on any date shall be deemed to be the average of the daily Closing Prices per Common
Share for the thirty (30) consecutive Trading Days immediately prior to such date, and for purposes of computations made pursuant
to Section 11(a)(iii) hereof, the “Current Market Price” per Common Share on any date shall be deemed to be
the average of the daily Closing Prices per Common Share for the ten (10) consecutive Trading Days immediately following such
date; provided, however, that in the event that the Current Market Price per Common
Share is determined during a period following the announcement by the issuer of such Common Share of (A) a dividend or distribution
on such Common Shares payable in Common Shares or securities convertible into such Common Shares (other than the Rights), or (B)
any subdivision, combination, consolidation, reverse stock split or reclassification of such Common Shares, and the ex-dividend
date for such dividend or distribution, or the record date for such subdivision, combination, consolidation, reverse stock split
or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading
Day period, as set forth above, then, and in each such case, the Current Market Price shall be properly adjusted to take into
account ex-dividend trading. The Closing Price for each day shall be the last sale price, regular way, or, in case no such sale
takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on the Nasdaq or, if the Common
Shares are not listed or admitted to trading on the Nasdaq, as reported in the principal consolidated transaction reporting system
with respect to securities listed on the principal national securities exchange on which the Common Shares are listed or admitted
to trading or, if the Common Shares are not listed or admitted to trading on any national securities exchange, the last quoted
price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported on a
quotation system then in use, or, if on any such date the Common Shares are not so quoted, the average of the closing bid and
asked prices as furnished by a professional market maker making a market in the Common Shares selected by the Board. If on any
such date the Common Shares are not publicly held and are not so listed, admitted to trading, or quoted, and no market maker is
making a market in the Common Shares, the “Current Market Price” per Common Share shall mean the fair value
per share on such date as determined in good faith by the Board, which determination shall be described in a statement filed with
the Rights Agent and shall be binding and conclusive for all purposes on the Rights Agent and the holders of the Rights.

 

(ii)
For the purpose of any computation hereunder, the “Current Market Price” per Preferred Share shall be determined
in the same manner as set forth above for the Common Shares in Section 11(d)(i) hereof (other than the penultimate sentence thereof).
If the Current Market Price per Preferred Share cannot be determined in the manner provided above or if the Preferred Shares are
not publicly held or listed, admitted to trading, or quoted in a manner described in Section 11(d)(i) hereof, the Current Market
Price per Preferred Share shall be conclusively deemed to be an amount equal to 1,000 (as such number may be appropriately adjusted
for such events as stock splits, stock dividends and recapitalizations with respect to the Common Shares occurring after the first
public announcement by the Company of the adoption of this Agreement) multiplied by the Current Market Price per Common Share.
If neither the Common Shares nor the Preferred Shares are publicly held or listed, admitted to trading, or quoted, the “Current
Market Price” per Preferred Share shall mean the fair value per share as determined in good faith by a majority of the
Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding and conclusive for
all purposes on the Rights Agent and the holders of the Rights. For all purposes of this Agreement, the Current Market Price of
one one-thousandth of a Preferred Share shall be equal to the Current Market Price of one Preferred Share divided by 1,000.

 

(e)
Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall be required unless such adjustment
would require an increase or decrease of at least one percent (1%) in the Purchase Price; provided, however, that
any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest thousandth
of a Common Share or other share or one-millionth of a Preferred Share, as the case may be.

 

(f)
If as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a) hereof, the registered holder of any Right
thereafter exercised shall become entitled to receive any shares of capital stock other than Preferred Shares, thereafter the
number of such other shares so receivable upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred
Shares contained in Sections 11(a), (b), (c), (d), (e), (g), (h), (i), (j), (k), (l) and (m), and the provisions of Sections 7,
9, 10, 13 and 14 hereof with respect to the Preferred Shares shall apply on like terms to any such other shares.

 

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(g)
All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the
right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share (or other securities
or amount of cash or combination thereof) purchasable from time to time hereunder upon exercise of the Rights, all subject to
further adjustment as provided herein.

 

(h)
Unless the Company shall have exercised its election as provided in Section 11(i) hereof, upon each adjustment of the Purchase
Price as a result of the calculations made in Section 11(b) and Section 11(c) hereof, each Right outstanding immediately prior
to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number
of one one-thousandths of a Preferred Share (calculated to the nearest one-millionth) obtained by (i) multiplying (x) the number
of one one-thousandths of a share covered by a Right immediately prior to this adjustment, by (y) the Purchase Price in effect
immediately prior to such adjustment of the Purchase Price, and (ii) dividing the product so obtained by the Purchase Price in
effect immediately after such adjustment of the Purchase Price.

 

(i)
The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights, in lieu of
any adjustment in the number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right pursuant to
Section 11(h) hereof. Each of the Rights outstanding after the adjustment in the number of Rights shall be exercisable for the
number of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each
Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest
one one-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by
the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public announcement,
and notify the Rights Agent in writing, of its election to adjust the number of Rights, indicating the record date for the adjustment,
and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase Price
is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) calendar days
later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of
Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record
of Rights Certificates on such record date Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights
to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed
to such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to the date of
adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which
such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and delivered
by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein (and may bear, at the option
of the Company, the adjusted Purchase Price) and shall be registered in the names of the holders of record of Rights Certificates
on the record date specified in the public announcement.

 

(j)
Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a Preferred Share issuable
upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase
Price per one one-thousandth of a share and the number of one one-thousandths of a share that were expressed in the initial Rights
Certificates issued hereunder.

 

(k)
Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the number
of one one-thousandths of a Preferred Share issuable upon exercise of the Rights, the Company shall take any corporate action
that may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue, fully paid and
nonassessable, such number of one one-thousandths of a Preferred Share at such adjusted Purchase Price.

 

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(l)
In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may elect to defer (and shall notify the Rights Agent in writing of any such election) until
the occurrence of such event the issuance to the registered holder of any Right exercised after such record date of the number
of one one-thousandths of a Preferred Share and other capital stock or securities of the Company, if any, issuable upon such exercise
over and above the number of one one-thousandths of a Preferred Share and other capital stock or securities of the Company, if
any, issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however,
that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right
to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such adjustment.

 

(m)
Anything in this Section 11 to the contrary notwithstanding, prior to the Distribution Date, the Company shall be entitled to
make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to
the extent that the Board, in its good faith judgment, shall determine to be advisable in order that any (i) consolidation or
subdivision of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less than the Current Market Price,
(iii) issuance wholly for cash of Preferred Shares or securities that by their terms are convertible into or exchangeable for
Preferred Shares, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter
made by the Company to registered holders of its Preferred Shares shall not be taxable to such stockholders or shall reduce the
taxes payable by such holders.

 

(n)
The Company covenants and agrees that in the event that a Section 11(a)(ii) Event occurs and the Rights shall then be outstanding,
it shall not, (i) consolidate with any other Person (other than a Subsidiary of the Company in a transaction which complies with
Section 11(o) hereof), (ii) merge with or into any other Person (other than a Subsidiary of the Company in a transaction which
complies with Section 11(o) hereof), or (iii) sell or otherwise transfer (or permit any Subsidiary to sell or otherwise transfer),
in one transaction, or a series of related transactions, assets, cash flow or earning power aggregating fifty percent (50%) or
more of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole and calculated on the basis
of the Company’s most recent regularly prepared financial statements) to any other Person or Persons (other than the Company
or any of its Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof), if (x) at the time of
or immediately after such consolidation, merger, sale or transfer there are any charter or bylaw provisions, rights, warrants
or other instruments or securities outstanding or agreements in effect that would substantially diminish or otherwise eliminate
the benefits intended to be afforded by the Rights or (y) prior to, simultaneously with or immediately after such consolidation,
merger, sale or transfer the stockholders of the Person who constitutes, or would constitute, the “Principal Party”
for purposes of Section 13(a) hereof shall have received a distribution of Rights previously owned by such Person or any of its
Related Persons; provided, however, that this Section 11(n) shall not affect the ability of any Subsidiary
of the Company to consolidate with, merge with or into, or sell or transfer assets or earning power to, any other Subsidiary of
the Company.

 

(o)
The Company covenants and agrees that after the Distribution Date and so long as any Rights shall then be outstanding (other than
Rights that have become null and void pursuant to Section 7(e) hereof), it will not, except as permitted by Section 23, Section
24, or Section 27 hereof, take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably
foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.

 

(p)
Anything in this Agreement to the contrary notwithstanding, in the event that the Company shall at any time after the Rights Dividend
Declaration Date and prior to the Distribution Date (i) declare or pay a dividend on the outstanding Common Shares payable in
Common Shares, (ii) subdivide or split the outstanding Common Shares, (iii) combine or consolidate the outstanding Common Shares
into a smaller number of shares, or (iv) issue any shares of its capital stock in a reclassification of Common Shares (including
any such reclassification in connection with a consolidation or merger in which the Company is a continuing or surviving corporation),
the number of Rights associated with each Common Share then outstanding, or issued or delivered thereafter but prior to the Distribution
Date (or issued or delivered on or after the Distribution Date pursuant to Section 22 hereof), shall be proportionately adjusted
so that the number of Rights thereafter associated with each Common Share following any such event shall equal the result obtained
by multiplying the number of Rights associated with each Common Share immediately prior to such event by a fraction, the numerator
of which shall be the total number of Common Shares outstanding immediately prior to the occurrence of the event and the denominator
of which shall be the total number of Common Shares outstanding immediately following the occurrence of such event. The adjustments
provided for in this Section 11(p) shall be made successively whenever such a dividend is declared or paid or such a subdivision,
combination or reclassification is effected. If an event occurs that would require an adjustment under Section 11(a)(ii) and this
Section 11(p), the adjustments provided for in this Section 11(p) shall be in addition and prior to any adjustment required pursuant
to Section 11(a)(ii).

 

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Section
12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11 or Section
13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment and a brief reasonably detailed
statement of the facts, computations and methodology accounting for such adjustment, (b) promptly file with the Rights Agent,
and with each transfer agent for the Preferred Shares and the Common Shares, a copy of such certificate and (c) if a Distribution
Date has occurred, mail a brief summary thereof to each registered holder of a Rights Certificate in accordance with Section 26
hereof. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein
contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of, any adjustment or
any such event unless and until it shall have received such a certificate.

 

Section
13. Consolidation, Merger, or Sale or Transfer of Assets, Cash Flow or Earning Power.

 

(a)
In the event that, at any time on or following the Shares Acquisition Date, directly or indirectly,

 

(i)
the Company shall consolidate with, or merge with and into, any other Person (other than a Subsidiary of the Company in a transaction
which complies with Section 11(o) hereof), and the Company shall not be the continuing or surviving corporation or other entity
of such consolidation or merger;

 

(ii)
any Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o) hereof) shall consolidate
with, or merge with or into, the Company, and the Company shall be the continuing or surviving corporation of such consolidation
or merger and, in connection with such consolidation or merger, all or part of the outstanding Common Shares shall be changed
into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property; or

 

(iii)
the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one transaction
or a series of related transactions, assets, cash flow or earning power aggregating fifty percent (50%) or more of the assets,
cash flow or earning power of the Company and its Subsidiaries (taken as a whole and calculated on the basis of the Company’s
most recent regularly prepared financial statements) to any Person or Persons (other than the Company or any Subsidiary of the
Company in one or more transactions each of which complies with Section 11(o) hereof); then, and in each such case (except as
may be contemplated by Section 13(d) hereof), proper provision shall be made so that: (A) each registered holder of a Right, except
as provided in Section 7(e) hereof, shall thereafter have the right to receive, upon the exercise thereof at the then current
Purchase Price multiplied by the number of one one-thousandths of a share of Preferred Shares for which a Right is then exercisable
in accordance with the terms of this Agreement, such number of validly authorized and issued, fully paid, nonassessable and freely
tradeable Common Shares of the Principal Party, not subject to any liens, encumbrances, rights of first refusal, transfer restrictions,
preemptive rights or other adverse claims of any nature whatsoever, as shall be equal to the result obtained by (1) multiplying
the number of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to the first occurrence
of a Section 11(a)(ii) Event by the Purchase Price in effect immediately prior to such first occurrence of a Section 11(a)(ii)
Event, and (2) dividing that product (which, following the first occurrence of a Section 13 Event, shall be referred to as the
“Purchase Price” for each Right and for all purposes of this Agreement) by fifty percent (50%) of the Current
Market Price per Common Share of such Principal Party on the date of consummation of such Section 13 Event; (B) such Principal
Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of
the Company pursuant to this Agreement; (C) the term “Company” shall thereafter be deemed to refer to such
Principal Party, it being specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party
following the first occurrence of a Section 13 Event; (D) such Principal Party shall take such steps (including, but not limited
to, the reservation of a sufficient number of Common Shares) in connection with the consummation of any such transaction as may
be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation
to its Common Shares thereafter deliverable upon the exercise of the Rights; provided, however, that upon
the subsequent occurrence of any merger, consolidation, sale of all or substantially all assets, recapitalization, reclassification
of shares, reorganization or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall
thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price, such cash, shares, rights, options
warrants and other property which such holder would have been entitled to receive had he, she or it at the time of such transaction,
owned the Common Shares of the Principal Party purchasable upon the exercise of a Right, and such Principal Party shall take such
steps (including, but not limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of
the Rights in accordance with the terms hereof for such cash, shares, rights, warrants, options and other property; and (E) the
provisions of Section 11(a)(ii) hereof shall be of no effect with respect to events occurring at any time following the first
occurrence of any Section 13 Event, and the Rights that have not theretofore been exercised shall thereafter become exercisable
in the manner described in this Section 13.

 

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(b)
“Principal Party” shall mean:

 

(i)
in the case of any transaction described in Section 13(a)(i) or Section 13(a)(ii) hereof, the Person (including the Company as
successor thereto or as the surviving entity) that is the issuer of any securities into which Common Shares of the Company are
converted, changed, or exchanged in such merger or consolidation or, if there is more than one such issuer, the issuer of Common
Shares of such issuer that has the highest aggregate current market price (determined pursuant to Section 11(d) hereof) and if
no securities or other equity interests are so issued, the Person (including the Company as successor thereto or as the surviving
entity) that is the other party to such merger or consolidation, or, if there is more than one such Person, the Person that is
a constituent party to such merger or consolidation, the Common Shares of such Person of which has the highest aggregate current
market price (determined pursuant to Section 11(d) hereof); and

 

(ii)
in the case of any transaction described in Section 13(a)(iii) hereof, the Person that is the party receiving the greatest portion
of the assets, cash flow or earning power transferred pursuant to such transaction or transactions, or if each Person that is
a party to such transaction or transactions receives the same portion of the assets, cash flow or earning power transferred pursuant
to such transaction or transactions, or if the Person receiving the largest portion of the assets, cash flow or earning power
cannot be determined, whichever of such Persons is the issuer of Common Shares having the greatest aggregate value of shares outstanding
(as determined pursuant to Section 11(d) hereof); provided, however, that in any such case, (A) if the
Common Shares of such Person (who, but for this proviso, would be the Principal Party) are not at such time and have not been
continuously over the preceding twelve (12) month period registered under Section 12 of the Exchange Act, and such Person is a
direct or indirect Subsidiary of another Person the Common Shares of which are and have been so registered, “Principal Party”
shall refer to such other Person; and (B) in case such Person is a Subsidiary, directly or indirectly, of more than one Person,
the Common Shares of two or more of which are and have been so registered, “Principal Party” shall refer to whichever
of such Persons is the issuer of the Common Shares having the greatest aggregate market value.

 

(c)
The Company shall not consummate a Section 13 Event unless the Principal Party shall have a sufficient number of authorized Common
Shares that have not been issued or reserved or that are held in treasury for issuance to permit the exercise in full of the Rights
in accordance with this Section 13 and unless prior thereto the Company and such Principal Party shall have executed and delivered
to the Rights Agent a supplemental agreement confirming that the requirements of Section 13(a) and Section 13(b) hereof shall
promptly be performed in accordance with their terms and further providing that, as soon as practicable after the date of any
such Section 13 Event, the Principal Party, as soon as practicable after the execution of such agreement, will:

 

(i)
prepare and file a registration statement under the Act, with respect to the Rights and the securities purchasable upon exercise
of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective
as soon as practicable after such filing and (B) remain effective (with a prospectus at all times meeting the requirements of
the Act) until the Expiration Date;

 

(ii)
take all such other action as may be necessary to enable the Principal Party to issue the securities purchasable upon exercise
of the Rights, including, but not limited to, the registration or qualification of such securities under all requisite securities
laws of jurisdictions of the various states and the listing of such securities on such exchanges and trading markets as may be
necessary or appropriate; and

 

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(iii)
deliver to registered holders of the Rights historical financial statements for the Principal Party and each of its Affiliates
that comply in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act.

 

(d)
The provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. In
the event that a Section 13 Event shall occur at any time after the occurrence of a Section 11(a)(ii) Event, the Rights that have
not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13(a) hereof.

 

(e)
In case the Principal Party that is to be a party to a transaction referred to in this Section 13 has at the time of such transaction,
or immediately following such transaction will have, a provision in any of its authorized securities or in its certificate of
incorporation or bylaws or other instrument governing its affairs, or any other agreements or arrangements, which provision would
have the effect of (i) causing such Principal Party to issue, in connection with, or as a consequence of, the consummation of
a transaction referred to in this Section 13, of Common Shares of such Principal Party at less than such then current market price
(other than to holders of Rights pursuant to this Section 13); (ii) providing for any special payment, tax, or similar provisions
in connection with the issuance of the Common Shares of such Principal Party pursuant to the provisions of Section 13; or (iii)
otherwise eliminating or substantially diminishing the benefits intended to be afforded by the Rights in connection with, or as
a consequence of, the consummation of a transaction referred to in this Section 13; then, in such event, the Company shall not
consummate any such transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to
the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been cancelled,
waived, or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect
in connection with, or as a consequence of, the consummation of the proposed transaction.

 

Section
14. Fractional Rights and Fractional Shares.

 

(a)
The Company shall not be required to issue fractions of Rights, except prior to the Distribution Date as provided in Section 11(p)
hereof, or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, the Company shall
pay to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable,
an amount in cash equal to the same fraction of the current market price of a whole Right. For purposes of this Section 14(a),
the current market price of a whole Right shall be the Closing Price of the Rights for the Trading Day immediately prior to the
date on which such fractional Rights would have been otherwise issuable. The Closing Price of the Rights for any Trading Day shall
be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked
prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the Nasdaq or, if the Rights are not listed or admitted to trading on the Nasdaq, as reported
in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the principal
national securities exchange on which the Rights are listed or admitted to trading, or if the Rights are not listed or admitted
to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low
asked prices in the over-the-counter market, as reported by a quotation system then in use or, if on any such date the Rights
are not so quoted, the average of the closing bid and asked prices as furnished by a professional market maker making a market
in the Rights, selected by the Board. If on any such date the Rights are not publicly held and are not so listed, admitted to
trading, or quoted, and no market maker is making a market in the Rights, the current market value of a Right shall mean the fair
value of a Right on such date as determined in good faith by the Board, which determination shall be described in a statement
filed with the Rights Agent and delivered to the holders of the Rights and shall be binding and conclusive for all purposes.

 

(b)
The Company shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of
one one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates or make any entries in the
book entry account system of the transfer agent that evidence fractional Preferred Shares (other than fractions that are integral
multiples of one one-thousandth of a Preferred Share). In lieu of fractional Preferred Shares that are not integral multiples
of one one-thousandth of a Preferred Share, the Company may pay to the registered holders of Rights Certificates at the time such
Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market price of one one-thousandth
of a Preferred Share. For purposes of this Section 14(b), the current market price of one one-thousandth of a Preferred Share
shall be one one-thousandth of the Closing Price of a Preferred Share or, if unavailable, the appropriate alternative price (in
each case, as determined pursuant to Section 11(d)(ii) hereof) for the Trading Day immediately prior to the date of such exercise.

 

    24

     

    

 

(c)
Following the occurrence of a Triggering Event, the Company shall not be required to issue fractions of Common Shares upon exercise
of the Rights or to distribute certificates or make Book Entry Common Share notations that evidence fractional Common Shares.
In lieu of fractional Common Shares, the Company may pay to the registered holders of Rights Certificates at the time such Rights
are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one Common Share.
For purposes of this Section 14(c), the current market value of one Common Share shall be the Closing Price of one Common Share
or, if unavailable, the appropriate alternative price (in each case, as determined pursuant to Section 11(d)(i) hereof) on the
Trading Day immediately prior to the date of such exercise.

 

(d)
The registered holder of a Right by the acceptance of that Right expressly waives such holder’s right to receive any fractional
Rights or any fractional shares upon exercise of a Right, except as permitted by this Section 14.

 

(e)
Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company
shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related
to such payments and the prices and formulas utilized in calculating such payments; and (ii) provide sufficient funds to the Rights
Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected in relying upon such
a certificate and has no duty with respect to, and will not be deemed to have knowledge of, any payment for fractional Rights
or fractional shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless
and until the Rights Agent has received such a certificate and sufficient monies.

 

Section
15. Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent
hereunder, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, of
the Common Shares); and any registered holder of any Rights Certificate (and, prior to the Distribution Date, of the Common Shares),
without the consent of the Rights Agent or of the registered holder of any other Rights Certificate (or, prior to the Distribution
Date, of the Common Shares), may, on such holder’s own behalf and for such holder’s own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s
right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this
Agreement. Without limiting the foregoing or any remedies available to the registered holders of Rights, it is specifically acknowledged
that the registered holders of Rights would not have an adequate remedy at law for any breach of this Agreement and, accordingly,
shall be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations
of the obligations of any Person subject to, this Agreement.

 

Section
16. Agreement of Rights Holders. Every registered holder of a Right, by accepting the same, consents and agrees with the Company
and the Rights Agent and with every other registered holder of a Right that:

 

(a)
prior to the Distribution Date, the Rights shall be evidenced by Book Entry Common Shares (which Book Entry Common Shares shall
also be deemed to represent certificates for Rights) or, in the case of certificated shares, the certificates for the Common Shares
registered in the names of the holders of the Common Shares (which certificates for Common Shares also constitute certificates
for Rights) and each Right will be transferable only in connection with the transfer of Common Shares;

 

(b)
after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument
of transfer and with the appropriate forms and certificates contained therein properly completed and duly executed;

 

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(c)
subject to Section 6(a) and Section 7(f) hereof, the Company and the Rights Agent may deem and treat the Person in whose name
a Rights Certificate (or, prior to the Distribution Date, a Common Share certificate or Book Entry Common Share) is registered
as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the
Rights Certificates or the Common Share certificate or Ownership Statement or other notices provided to holders of Book Entry
Common Shares made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company
nor the Rights Agent, subject to the last sentence of Section 7(e) hereof, shall be required to be affected by any notice to the
contrary; and

 

(d)
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or a beneficial interest in a Right or other Person as a result of its inability to perform any of its
obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment or ruling
(whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory or administrative
agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority,
prohibiting or otherwise restraining performance of such obligation; provided, however, that the Company
must use its best efforts to have any such injunction, order, decree, judgment or ruling lifted or otherwise overturned as soon
as possible.

 

Section
17. Rights Certificate Holder Not Deemed a Stockholder. No registered holder, as such, of any Rights Certificate shall
be entitled to vote, receive dividends or be deemed for any purpose the registered holder of the number of one one-thousandths
of a Preferred Share or any other securities of the Company that may at any time be issuable on the exercise of the Rights evidenced
thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the registered holder of
any Rights Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or
to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been
exercised in accordance with the provisions hereof.

 

Section
18. Concerning the Rights Agent.

 

(a)
The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time
to time, on demand of the Rights Agent, reimbursement for its reasonable expenses and counsel fees and disbursements and other
disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and
the exercise and performance of its duties hereunder.

 

(b)
The Company also agrees to indemnify the Rights Agent and its Affiliates and their respective employees, officers, and directors
for, and to hold them harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost,
or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered
by it, or which it may become subject, without gross negligence, bad faith or willful misconduct (each as determined by a final
non-appealable judgment of a court of competent jurisdiction) on the part of the Rights Agent, for any action taken, suffered
or omitted by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties
under this Agreement, including reasonable attorneys’ fees and expenses and the costs and expenses of defending against
any claim of liability in the premises. The costs and expenses incurred in enforcing this right of indemnification shall be paid
by the Company. Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special,
punitive, indirect, consequential or incidental loss or damage of any kind whatsoever even if the Rights Agent has been advised
of the likelihood of such loss or damage. Any liability of the Rights Agent under this Agreement (other than by reason of the
Rights Agent’s gross negligence, bad faith or willful misconduct, as is determined by a final non-appealable judgment of
a court of competent jurisdiction) will be limited to the amount of fees paid by the Company to the Rights Agent.

 

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(c)
The Rights Agent may conclusively rely upon and shall be protected and shall incur no liability for or in respect of any action
taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement or the exercise
or performance of its duties hereunder in reliance upon any Rights Certificate or certificate for Common Shares, Preferred Shares
or for other securities of the Company (including in the case of uncertificated securities, by notation in book entry accounts
reflecting ownership), instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, or other paper or document believed by it to be genuine and to have been signed, executed and,
where expressly required hereunder, guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon the
advice of counsel as set forth herein. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed
to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to
take any action in connection therewith, unless and until it has received such notice.

 

(d)
The provisions of this Section 18, Section 20 and Section 29 hereof shall survive the termination or expiration of this Agreement,
the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.

 

Section
19. Merger or Consolidation or Change of Name of the Rights Agent.

 

(a)
Any Person into which the Rights Agent or any successor rights agent may be merged or with which it may be consolidated, or any
Person resulting from any merger or consolidation to which the Rights Agent or any successor rights agent shall be a party, or
any Person succeeding to the corporate trust, stock transfer or other stockholder services business of the Rights Agent or any
successor rights agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto; but only if such Person would be eligible for appointment as
a successor rights agent under the provisions of Section 21 hereof. The purchase of all or substantially all of the Rights Agent’s
assets employed in the performance of transfer agent activities shall be deemed a merger or consolidation for purposes of this
Section 19. In case at the time such successor rights agent shall succeed to the agency created by this Agreement, any of the
Rights Certificates shall have been countersigned but not delivered, any such successor rights agent may adopt the countersignature
of an authorized signatory of a predecessor rights agent and deliver such Rights Certificates so countersigned; and in case at
that time any of the Rights Certificates shall not have been countersigned, an authorized signatory of any successor rights agent
may countersign such Rights Certificates either in the name of the predecessor or in the name of the successor rights agent; and
in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.

 

(b)
In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature of an authorized signatory under the Rights Agent’s
prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not
have been countersigned, an authorized signatory of the Rights Agent may countersign such Rights Certificates either in the prior
name of the Rights Agent or in the changed name of the Rights Agent; and in all such cases such Rights Certificates shall have
the full force provided in the Rights Certificates and in this Agreement.

 

Section
20. Duties of the Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this
Agreement (and no implied duties or obligations) upon the following terms and conditions, by all of which the Company and the
registered holders of Rights Certificates, by their acceptance thereof, shall be bound:

 

(a)
The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee or legal counsel of the
Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights
Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by
it in accordance with such advice or opinion.

 

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(b)
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any
fact or matter (including, without limitation, the identity of any Acquiring Person or Affiliate or Associate thereof, and the
determination of Current Market Price) be proved or established by the Company prior to the Rights Agent taking, suffering or
omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a certificate signed by a person believed by the Rights Agent to be
any one of the Principal Executive Officer (including a Person acting in such capacity on an interim basis), the Principal Financial
Officer, any Executive Vice President, any Senior Vice President, the General Counsel, or the Corporate Secretary of the Company
and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights
Agent, and the Rights Agent shall incur no liability, for or in respect of any action taken or suffered or omitted to be taken
by it under the provisions of this Agreement in reliance upon such certificate.

 

(c)
The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence,
bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

(d)
The Rights Agent shall not be assumed to have knowledge of and shall not be required to take note of or act upon any fact or circumstance
including the occurrence of facts or circumstances leading to the Shares Acquisition Date or the Distribution Date, facts or circumstances
relating to whether any Person may be an Affiliate or an Associate of any other Person, facts or circumstances relevant to an
adjustment to the Purchase Price, facts or circumstances relevant to events described in Section 13, Section 23 and Section 24,
which may be relevant to performance by the Rights Agent under this Agreement unless the Company has provided written notice thereof
to the Rights Agent; and the Company agrees that it will (i) promptly notify the Rights Agent in writing of the occurrence of
the Shares Acquisition Date (including the identity of the Acquiring Person and the date on which the Shares Acquisition Date
occurred), the Distribution Date, the Redemption Date, and of any events described in Section 13, and (ii) promptly provide the
Rights Agent with such other information as the Rights Agent may reasonably request in connection with the performance of its
duties under this Agreement.

 

(e)
Notwithstanding anything in this Agreement to the contrary, any liability of the Rights Agent under this Agreement will be limited
to the amount of annual fees paid by the Company to the Rights Agent during the twelve (12) months immediately preceding the event
for which recovery from the Rights Agent is being sought. Anything to the contrary notwithstanding, in no event will the Rights
Agent be liable for special, punitive, indirect, incidental or consequential damage or loss of any kind whatsoever (including
but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

(f)
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Rights Certificates and it shall not be required to verify the same (except as to a countersignature by one of its authorized
signatories on such Rights Certificates), but all such statements and recitals are and shall be deemed to have been made by the
Company only.

 

(g)
The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or in respect of the validity
or execution of any Rights Certificate (except a countersignature by one of its authorized signatories on any such Rights Certificate);
nor shall it be responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition contained
in this Agreement or in any Rights Certificate; nor shall it be responsible for any change in the exercisability of the Rights
(including the Rights becoming null and void pursuant to Section 7(e) hereof) or any adjustment required under the provisions
of Section 11, Section 13, Section 23 or Section 24 hereof or responsible for the manner, method or amount of any such change
or adjustment or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect
to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate describing any such
adjustment, delivered pursuant to Section 12); nor shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any Common Shares or Preferred Shares or any other securities to be issued pursuant
to this Agreement or any Rights Certificate or as to whether any Common Shares or Preferred Shares will, when so issued, be validly
authorized and issued, fully paid and nonassessable.

 

    28

     

    

 

(h)
The Company agrees that it will perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the
carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

(i)
The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
from the Chairman of the Board, the Principal Executive Officer, the Principal Financial Officer, any Vice President, the Secretary,
any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and such instructions shall be full authorization and protection to the Rights Agent
and the Rights Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in accordance with instructions
of any such officer or for any delay in acting while waiting for those instructions. The Rights Agent shall be fully authorized
and protected in relying upon the most recent instructions received by any such officer. Notwithstanding anything in this Agreement
to the contrary, the Rights Agent shall not be required to take any instruction of the Company that the Rights Agent believes,
in its sole discretion, would cause the Rights Agent to take action that is illegal.

 

(j)
The Rights Agent and any stockholder, Affiliate, director, officer or employee of the Rights Agent may buy, sell, or deal in any
of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may
be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights
Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such stockholder, Affiliate, director, officer
or employee from acting in any other capacity for the Company or for any other Person.

 

(k)
The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself (through its directors, officers, and employees) or by or through its attorneys or agents, and the Rights Agent shall not
be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the
Company or any other Person resulting from any such act, default, neglect, or misconduct, absent gross negligence, bad faith,
or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment
of a court of competent jurisdiction) of the Rights Agent in the selection and continued employment thereof.

 

(l)
No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder (other than internal costs incurred by the Rights Agent in providing
services to the Company in the ordinary course of its business as Rights Agent) or in the exercise of any of its rights or powers
if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk
or liability is not reasonably assured to it.

 

(m)
If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained
in the form of assignment or form of election to purchase, as the case may be, has either not been properly completed or duly
executed or indicates an affirmative response to clause 1 or 2 thereof, the Rights Agent shall not take any further action with
respect to such requested exercise or transfer without first consulting with the Company.

 

(n)
The Rights Agent shall have no responsibility to the Company, any holders of Rights or any holders of Common Shares for interest
or earnings on any monies held by the Rights Agent pursuant to this Agreement.

 

(o)
The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including
any event or condition that may require action by the Rights Agent, unless the Rights Agent shall be specifically notified in
writing of such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered
to the Rights Agent must, in order to be effective, be received by the Rights Agent as specified in Section 26 hereof, and in
the absence of such notice so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

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Section
21. Change of the Rights Agent. The Rights Agent or any successor rights agent may resign and be discharged from its duties under
this Agreement upon thirty (30) calendar days’ prior written notice given to the Company (or such lesser notice as is acceptable
to the Company in its sole discretion) in accordance with Section 26 hereof, and to the extent that the Rights Agent or one of
its Affiliates is not also the transfer agent for the Company, to each transfer agent of the Common Shares and Preferred Shares
by registered or certified mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent
terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement
as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company
may remove the Rights Agent or any successor rights agent upon thirty (30) calendar days’ notice given to the Rights Agent
or successor rights agent, as the case may be, in accordance with Section 26 hereof, and to each transfer agent of the Common
Shares and Preferred Shares by registered or certified mail, and, if such removal occurs after the Distribution Date, to the registered
holders of the Rights Certificates in accordance with Section 26 of this Agreement. If the Rights Agent shall resign or be removed
or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall
fail to make such appointment within a period of thirty (30) calendar days after giving proper notice of such removal or after
it has been properly notified of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the registered
holder of a Rights Certificate (who shall, with such notice, submit such holder’s Rights Certificate for inspection by the
Company), then any registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment
of a new rights agent. Any successor rights agent, whether appointed by the Company or by such a court, shall be (a) a legal business
entity organized and doing business under the laws of the United States or of any State thereof, in good standing, which is authorized
under such laws to exercise stockholder service powers and which has, along with its Affiliates, at the time of its appointment
as rights agent a combined capital and surplus of at least $50,000,000.00 or (b) an Affiliate of a legal business entity described
in clause (a) of this sentence. After appointment, the successor rights agent shall be vested with the same powers, rights, duties,
and responsibilities as if it had been originally named as rights agent without further act or deed; but the predecessor rights
agent shall deliver and transfer to the successor rights agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for that purpose, but such predecessor rights agent shall not
be required to make any additional expenditure or assume any additional liability in connection with the foregoing; and, except
as the context herein otherwise requires, such successor rights agent shall be deemed to be the “Rights Agent” for
all purposes of this Agreement. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor rights agent and each transfer agent of the Common Shares and the Preferred Shares, and, if such
appointment occurs after the Distribution Date, the Company shall give notice thereof to the registered holders of the Rights
Certificates in accordance with Section 26 hereof. Failure to give any notice provided for in this Section 21, however, or any
defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment
of the successor rights agent, as the case may be.

 

Section
22. Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary,
the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to
reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property
purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection
with the issuance or sale of Common Shares following the Distribution Date and prior to the earlier of the redemption of the Rights,
the exchange of the Rights, and the Final Expiration Date, the Company (a) shall, with respect to Common Shares so issued or sold
pursuant to the exercise of stock options or under any employee benefit plan or arrangement, granted or awarded as of the Distribution
Date, or upon the exercise, conversion, or exchange of securities hereinafter issued by the Company, and (b) may, in any other
case, if deemed necessary or appropriate by the Board, issue Rights Certificates evidencing the appropriate number of Rights in
connection with such issuance or sale; provided, however, that (i) no such Rights Certificate
shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant
risk of material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued, and (ii)
no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in
lieu of the issuance thereof.

 

    30

     

    

 

Section
23. Redemption and Termination.

 

(a)
The Board may, at its option, at any time prior to the earlier of (i) the Close of Business on the tenth (10th) Business Day following
the Shares Acquisition Date (or, if the tenth (10th) Business Day following the Shares Acquisition Date occurs before the Record
Date, the Close of Business on the Record Date) and (ii) the Final Expiration Date (the “Redemption Period”),
direct the Company to, and if directed the Company shall, redeem all but not less than all of the then outstanding Rights at a
redemption price of $0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split, stock dividend,
or similar transaction occurring after the first public announcement by the Company of the adoption of this Agreement (such redemption
price, as adjusted, being hereinafter referred to as the “Redemption Price”). Notwithstanding anything contained
in this Agreement to the contrary, the Rights shall not be exercisable after the first occurrence of a Section 11(a)(ii) Event
until the expiration of the Redemption Period. The Company may, at its option, pay the Redemption Price in cash, Common Shares
(based on the Current Market Price of the Common Shares at the time of redemption) or any other form of consideration determined
by the Board, in the exercise of its sole discretion, to be at least equal to the Redemption Price.

 

(b)
Immediately upon the time of the effectiveness of the redemption of the Rights pursuant to paragraph (a) of this Section 23 or
such earlier time as may be determined by the Board in the action ordering such redemption (although not earlier than the time
of such action), evidence of which shall be filed with the Rights Agent, and without any further action and without any notice,
the right to exercise the Rights shall terminate, whether or not previously exercised, and each Right, whether or not previously
exercised, will thereafter represent only the right to receive the Redemption Price for each Right so held. Promptly after the
action of the Board directing the Company to make the redemption of the Rights, the Company shall give notice of such redemption
to the Rights Agent and the registered holders of the then outstanding Rights in accordance with Section 26 hereof. Any notice
given in accordance with Section 26 hereof shall be deemed given whether or not the holder receives the notice. Each such notice
of redemption will state the method by which the payment of the Redemption Price will be made. Notwithstanding anything in this
Section 23 to the contrary, the redemption of the Rights as directed by the Board may be made effective at such time, on such
basis and subject to such conditions as the Board, in its sole discretion, may establish.

 

Section
24. Exchange of Rights.

 

(a)
The Board may, at its option, at any time after any Person becomes an Acquiring Person, authorize and direct the Company to, and
if directed the Company shall, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights
that have become null and void pursuant to the provisions of Section 7(e) hereof) for Common Shares at an exchange ratio of two
Common Shares per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the first public announcement by the Company of the adoption of this Agreement (such exchange ratio being hereinafter referred
to as the “Exchange Ratio”). The exchange of the Rights by the Board may be made effective at such time, on
such basis, and with such conditions as the Board in its sole discretion may establish. Notwithstanding the foregoing, the Board
shall not be empowered to direct the Company to effect such exchange at any time after any Person (other than an Exempt Person
or a Grandfathered Person), together with all Related Persons of such Person, becomes the Beneficial Owner of fifty percent (50%)
or more of the Common Shares then outstanding.

 

(b)
Immediately upon the action of the Board directing the Company to exchange any Rights pursuant to Section 24(a) hereof and without
any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of
a registered holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by
such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange (with prompt
written notice thereof to the Rights Agent); provided, however, that the failure to give,
or any defect in, such notice shall not affect the validity of such exchange. The Company promptly shall give notice of any such
exchange to all of the registered holders of such Rights in accordance with Section 26 hereof. Any notice given in accordance
with Section 26 hereof shall be deemed given whether or not the holder receives the notice. Each such notice of exchange will
state the method by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange,
the number of Rights that will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other
than Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) held by each registered holder of
Rights.

 

    31

     

    

 

(c)
In any exchange pursuant to this Section 24, the Company, at its option, may substitute Preferred Shares (or Equivalent Preferred
Shares) for Common Shares exchangeable for Rights, at the initial rate of one one-thousandth of a Preferred Share (or Equivalent
Preferred Shares) for each Common Share, as appropriately adjusted to reflect stock splits, stock dividends, and other similar
transactions after the first public announcement by the Company of the adoption of this Agreement.

 

(d)
In the event the number of Common Shares authorized by the Articles of Incorporation, but which are not outstanding or reserved
for issuance for purposes other than upon exercise of the Rights, is not sufficient to permit any exchange of Rights as contemplated
in accordance with this Section 24, the Company may either take such action as may be necessary to authorize additional Common
Shares for issuance upon exchange of the Rights or alternatively, at the option of the Board, substitute to the extent of such
insufficiency for each Common Share that would otherwise be issuable upon exchange of a Right, cash, debt securities of the Company,
other assets, or any combination of the foregoing, in any event having an aggregate value, as determined in good faith by the
Board (whose determination shall be described in a statement filed with the Rights Agent and shall be binding and conclusive for
all purposes on the Rights Agent and the holders of the Rights), equal to the Current Market Price per Common Share (as determined
pursuant to Section 11(d)(i)) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.

 

(e)
The Company shall not be required to issue fractions of Common Shares or to distribute certificates or make Book Entry Common
Share notations that evidence fractional Common Shares. In lieu of such fractional Common Shares, there shall be paid to the registered
holders of the Rights Certificates with regard to which such fractional Common Shares would otherwise be issuable, an amount in
cash equal to the same fraction of the current market price of a whole Common Share. For the purposes of this Section 24(e), the
current market price of a whole Common Share shall be the Closing Price of a Common Share (as determined pursuant to the second
sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24.

 

(f)
Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time, on
such basis and with such conditions as the Board in its sole discretion may establish. Without limiting the preceding sentence,
the Board may (i) in lieu of issuing Common Shares or any other securities contemplated by this Section 24 to the Persons entitled
thereto in connection with the exchange (such Persons, the “Exchange Recipients,” and such shares and other
securities, together with any dividends or distributions made on such shares or other securities, the “Exchange Property”)
issue, transfer or deposit the Exchange Property to or into a trust or other entity that may hold such Exchange Property for the
benefit of the Exchange Recipients (provided that such trust or other entity may not be controlled by the Company or any of its
Related Persons and provided further that the trustee or similar fiduciary of the trust or other entity will attempt to distribute
the Exchange Property to the Exchange Recipients as promptly as practicable), (ii) permit such trust or other entity to exercise
all of the rights that a stockholder of record would possess with respect to any shares deposited in such trust or entity and
(iii) impose such procedures as are necessary to verify that the Exchange Recipients are not Acquiring Persons or Related Persons
of Acquiring Persons as of any time periods established by such trust or entity.

 

Section
25. Notice of Certain Events.

 

(a)
In case the Company shall propose, at any time after the Distribution Date, (i) to pay any dividend payable in stock of any class
to the registered holders of Preferred Shares or to make any other distribution to the registered holders of Preferred Shares
(other than a regular periodic cash dividend out of earnings or retained earnings of the Company), or (ii) to offer to the registered
holders of Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of stock
of any class or any other securities, rights or options, or (iii) to effect any reclassification of its Preferred Shares (other
than a reclassification involving only the subdivision of outstanding Preferred Shares), or (iv) to effect any consolidation or
merger into or with any other Person (other than a Subsidiary of the Company in a transaction which complies with Section 11(o)),
or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in
one transaction or a series of related transactions, of fifty percent (50%) or more of the assets, cash flow or earning power
of the Company and its Subsidiaries (taken as a whole and calculated on the basis of the Company’s most recent regularly
prepared financial statements) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or
more transactions each of which complies with Section 11(o) hereof), or (v) to effect the liquidation, dissolution, or winding
up of the Company, then, in each such case, the Company shall give to each registered holder of a Rights Certificate, to the extent
feasible and in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for the
purposes of such stock dividend, distribution of rights or warrants, or the date on which such reclassification, consolidation,
merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the
registered holders of the Preferred Shares, if any such date is to be fixed, and such notice shall be so given in the case of
any action covered by clause (i) or (ii) above at least twenty (20) calendar days prior to the record date for determining registered
holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least twenty (20) calendar
days prior to the date of the taking of such proposed action or the date of participation therein by the registered holders of
the Preferred Shares, whichever shall be the earlier; provided, however, that no such action shall be
taken pursuant to this Section 25(a) that will or would conflict with any provision of the Company’s Articles of Incorporation; provided, further,
that no such notice shall be required pursuant to this Section 25, if any Subsidiary of the Company effects a consolidation or
merger with or into, or effects a sale or other transfer of assets or earning power to, any other Subsidiary of the Company.

 

    32

     

    

 

(b)
In case a Section 11(a)(ii) Event shall occur, then, in any such case, (i) the Company shall as soon as practicable thereafter
give to the Rights Agent, and, to the extent feasible, each registered holder of a Rights Certificate, to the extent feasible
and in accordance with Section 26 hereof, a notice of the occurrence of such event, which shall specify the event and the consequences
of the event to registered holders of Rights under Section 11(a)(ii) hereof, and (ii) all references in Section 25(a) to Preferred
Shares shall be deemed thereafter to refer to Common Shares and/or, if appropriate, other securities.

 

Notwithstanding
anything to the contrary that may be contained in this Section 25 or elsewhere in this Agreement, the failure to give, or any
defect in, any notice required to be given pursuant to this Section 25 shall not affect the legality or validity of the transaction
or event to which the notice requirement was applicable.

 

In
case any Section 13 Event shall occur, then the Company shall, as soon as practicable thereafter, give to each registered holder
of a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 26 hereof, a written notice
of the occurrence of such event, which notice shall describe such event and the consequences of such event to the holders of Rights
under Section 13(a) hereof.

 

Section
26. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of
any Rights Certificate to or on the Company will be sufficiently given or made if in writing and sent by a recognized national
overnight delivery service, or first-class mail, postage prepaid, addressed (until another address is filed in writing with the
Rights Agent by the Company) as follows:

 

INmune
Bio Inc.

David
Moss

1200
Prospect Street, Suite 525

La
Jolla, CA 92037

Attention:
Chief Financial Officer

 

with
copies (which will not constitute notice) to:

 

Sichenzia
Ross Ference LLP

1185
Avenue of the Americas, 37th floor, New York 10036

trose@srf.law

Attention:
Thomas A. Rose, Esq.

 

    33

     

    

 

Subject
to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company,
or by the registered holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent by
(i) first-class mail, postage prepaid, (ii) a recognized national overnight delivery service, prepaid, or (iii) courier or messenger
service, in each case addressed (until another address is filed in writing by the Rights Agent with the Company) as follows:

 

Vstock
Transfer, LLC

18
Lafayette Place

Woodmere,
NY 11598

Phone:
(212 828- 8436

 

Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the registered holder of any
Rights Certificate or, if prior to the Distribution Date, to the registered holder of the Common Shares shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on
the registry books of the Rights Agent or, if prior to the Distribution Date, as shown on the registry books of the transfer agent
for the Common Shares.

 

Section
27. Supplements and Amendments. Except as otherwise provided in this Section 27, the Company, by action of the Board,
may from time to time and in its sole and absolute discretion, and the Rights Agent shall if the Company so directs, supplement
or amend this Agreement in any respect without the approval of any holders of Rights, including, without limitation, in order
to (a) cure any ambiguity contained herein, (b) correct or supplement any provision contained herein that may be defective
or inconsistent with any other provisions contained herein, (c) shorten or lengthen any time period hereunder, or (d) otherwise
change, amend, or supplement any provisions hereunder in any manner that the Company may deem necessary or desirable; provided, however,
that from and after such time as any Person becomes an Acquiring Person, this Agreement shall not be supplemented or amended in
any manner that would adversely affect the interests of the holders of Rights (other than Rights that have become null and void
pursuant to Section 7(e) hereof) as such or cause this Agreement to become amendable other than in accordance with this
Section 27. Any such supplement or amendment shall be evidenced by a writing executed by the Company and the Rights Agent.
Without limiting the foregoing, the Company, by action of the Board, may at any time before any Person becomes an Acquiring Person
amend this Agreement to make the provisions of this Agreement inapplicable to a particular transaction by which a Person might
otherwise become an Acquiring Person or to otherwise alter the terms and conditions of this Agreement as they may apply with respect
to any such transaction. Upon the delivery of a certificate from an authorized officer of the Company which states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or
amendment; provided that the Rights Agent shall not be obligated to enter into any supplement or amendment that adversely affects
the rights, duties, obligations or immunities of the Rights Agent under this Agreement. Prior to the Distribution Date, the interests
of the holders of Rights shall be deemed coincident with the interests of the holders of the Common Shares.

 

Section
28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall
bind and inure to the benefit of their respective successors and assigns hereunder.

 

Section
29. Determinations and Actions by the Board. The Board shall have the exclusive power and authority to administer this Agreement
and to exercise all rights and powers specifically granted to the Board or to the Company, or as may be necessary or advisable
in the administration of this Agreement, including, without limitation, the right and power to (i) interpret the provisions of
this Agreement, and (ii) make all determinations deemed necessary or advisable for the administration of this Agreement (including,
without limitation, a determination to redeem or not redeem the Rights or to amend or supplement this Agreement and whether any
proposed amendment adversely affects the interests of the holders of Right Certificates). For all purposes of this Agreement,
any calculation of the number of Common Shares or other securities outstanding at any particular time, including for purposes
of determining the particular percentage of such outstanding Common Shares or any other securities of which any Person is the
Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations
under the Exchange Act as in effect on the date of this Agreement. All such actions, calculations, interpretations and determinations
(including, for purposes of clause (y) below, all omissions with respect to the foregoing) that are done or made by the Board
in good faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent, the registered holders of the Rights
and all other parties, and (y) not subject the Board, or any member thereof, to any liability to the registered holders of the
Rights. The Rights Agent is entitled always to assume the Company’s Board acted in good faith and shall be fully protected
and incur no liability in reliance thereon.

 

    34

     

    

 

Section
30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the
Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Shares) any
legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit
of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the
Common Shares).

 

Section
31. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

Section
32. Governing Law. This Agreement, each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made
under the laws of the State of Nevada and for all purposes shall be governed by and construed in accordance with the laws of such
jurisdiction applicable to contracts made and to be performed entirely within such jurisdiction; provided, however,
that all provisions regarding the rights, duties, and obligations of the Rights Agent shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

Section
33. Counterparts; Facsimiles and PDFs. This Agreement and any supplements or amendments hereto may be executed in any number of
counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts will together
constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. A signature to
this Agreement executed or transmitted electronically (including by facsimile and a portable document format signature) will have
the same authority, effect and enforceability as an original signature. No party hereto may raise the use of such electronic execution
or transmission to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated
through such electronic transmission, as a defense to the formation of a contract, and each party forever waives any such defense,
except to the extent such defense relates to lack of authenticity.

 

Section
34. Descriptive Headings. Descriptive headings of the several sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the provisions of this Agreement.

 

Section
35. Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays
or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil
unrest.

 

Section
36. Further Assurance. The Company shall perform, acknowledge and deliver or cause to be performed, acknowledged and
delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Rights Agent
for its carrying out or performing the provisions of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    35

     

    

 

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

 

	INMUNE
    BIO INC. 	 
	 	 	 
	By:	/s/
    David Moss 	 
	Name:	David
    Moss 	 
	Title:	Chief
    Financial Officer	 
	 	 	 
	VSTOCK
    TRANSFER, LLC, AS RIGHTS AGENT	 
	 	 
	By:	/s/
    Young D. Kim	 
	Name: 	Young
D. Kim	 
	Title:	Compliance
Officer	 

 

[SIGNATURE
PAGE TO RIGHTS AGREEMENT]

 

    36

     

    

 

EXHIBIT
A

 

CERTIFICATE
OF DESIGNATION

OF

SERIES
A JUNIOR PARTICIPATING PREFERRED STOCK

OF

INmune
Bio Inc. 

 

INmune
Bio Inc. (the “Corporation”), a corporation organized and existing under the laws of Nevada hereby certifies
that, pursuant to authority conferred upon the Board of Directors of the Company by the Articles of Incorporation of the Company,
and the Board of Directors of the Company, it has adopted the following resolution with respect to the designations, number of
shares, preferences, voting powers and other rights and the restrictions and limitations thereof, of the Series A Junior Participating
Preferred Stock:

 

RESOLVED,
that, pursuant to the authority granted to and vested in the Board of Directors in accordance with the provisions of the Articles
of Incorporation, the designations, number of shares, preferences, voting powers and other rights and the restrictions and limitations
thereof of the Series A Junior Participating Preferred Stock are as follows:

 

	 	1.	Designation
    and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock”
    (the “Series A Preferred Stock”) and the number of shares constituting the Series A Preferred Stock shall
    be 45,000. Such number of shares may be increased or decreased by resolution of the Board of Directors prior to issuance; provided, however, that
    no decrease shall reduce the number of shares of the Series A Preferred Stock to a number less than the number of shares then
    outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or
    upon the conversion of any outstanding securities issued by the Corporation convertible into the Series A Preferred Stock; provided, further,
    that if more than a total 45,000 shares of Series A Preferred Stock shall be issuable upon the exercise of Rights (the “Rights”)
    issued pursuant to the Rights Agreement, dated as of December 30, 2020, and as supplemented, restated or amended from time
    to time, by and between the Corporation and Vstock Transfer LLC, as rights agent (the “Rights Agreement”),
    the Board, pursuant to 78.1955, shall direct by resolution or resolutions that a certificate be properly executed, acknowledged,
    filed and recorded, in accordance with the Nevada General Corporation Law, providing for the total number of shares of Series
    A Preferred Stock authorized to be issued to be increased (to the extent that the Articles of Incorporation then permits)
    to the largest number of whole shares (rounded up to the nearest whole number) issuable upon exercise of such Rights.
	 	 	 
	 	2.	Dividends
    and Distributions.

 

(a)
Subject to the rights of the holders of any shares of any series of Preferred Stock of the Corporation (the “Preferred
Stock”) (or any similar stock) ranking prior and superior to the shares of Series A Preferred Stock with respect to
dividends, the holders of shares of the Series A Preferred Stock, in preference to the holders of common stock, par value $0.001
per share, of the Corporation (the “Common Stock”) and of any other stock of the Corporation ranking junior
to the Series A Preferred Stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds
of the Corporation legally available for the payment of dividends, quarterly dividends payable in cash on the last day of each
fiscal quarter of the Corporation in each year, or such other dates as the Board of Directors shall approve (each such date being
referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment
Date after the first issuance of a share or fraction of a share of the Series A Preferred Stock (the “Issue Date”),
in an amount per share (rounded to the nearest cent) equal to the greater of (i) $1.00 or (ii) subject to the provision for adjustment
hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share
amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock
or a subdivision of the outstanding shares of the Common Stock (by reclassification or otherwise), declared on the Common Stock
since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date,
since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation shall at
any time after the Issue Date (A) declare and pay any dividend on the Common Stock payable in shares of Common Stock, or (B) effect
a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than
by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such
case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause
(ii) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event. In the event the Corporation shall at any time declare or pay any
dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or effect a subdivision, combination or
consolidation of the outstanding shares of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend
in shares of Series A Preferred Stock) into a greater or lesser number of shares of Series A Preferred Stock, then in each such
case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause
(ii) of the first sentence of this Section 2(a) shall be adjusted by multiplying such amount by a fraction, the numerator of which
is the number of shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator
of which is the number of shares of Series A Preferred Stock outstanding immediately after such event.

 

    37

     

    

 

(b)
The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (a) of this
Section 2 immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares
of Common Stock); and the Corporation shall pay such dividend or distribution on the Series A Preferred Stock before the dividend
or distribution declared on the Common Stock is paid or set apart; provided that, in the event no dividend
or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and
the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless
be payable, when, as and if declared, on such subsequent Quarterly Dividend Payment Date.

 

(c)
Dividends shall begin to accrue and be cumulative, whether or not declared, on outstanding shares of Series A Preferred Stock
from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares
is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin
to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date
after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend
and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative
from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares
of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such
shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors
may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be not more than sixty (60) calendar days prior to the date
fixed for the payment thereof.

 

3.
Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights:

 

(a)
Subject to the provision for adjustment hereinafter set forth and except as otherwise provided in the Articles of Incorporation
or required by law, each share of Series A Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters upon
which the holders of the Common Stock of the Corporation are entitled to vote. In the event the Corporation shall at any time
after the Issue Date (i) declare or pay any dividend on the Common Stock payable in shares of Common Stock, or (ii) effect a subdivision
or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of
a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number
of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall
be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event. In the event the Corporation shall at any time declare or pay any dividend on the Series A Preferred Stock
payable in shares of Series A Preferred Stock, or effect a subdivision, combination or consolidation of the outstanding shares
of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares of Series A Preferred Stock)
into a greater or lesser number of shares of Series A Preferred Stock, then in each such case the number of votes per share to
which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying
such amount by a fraction, the numerator of which is the number of shares of Series A Preferred Stock that were outstanding immediately
prior to such event and the denominator of which is the number of shares of Series A Preferred Stock outstanding immediately after
such event.

 

    38

     

    

 

(b)
Except as otherwise provided herein, in the Articles of Incorporation or in any other Certificate of Designations creating a series
of Preferred Stock or any similar stock, and except as otherwise required by law, the holders of shares of Series A Preferred
Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall
vote together as one class on all matters submitted to a vote of stockholders of the Corporation.

 

(c)
(i) If at any time dividends on any Series A Preferred Stock shall be in arrears in an amount equal to six (6) quarterly dividends
thereon, then and in such event the holders of the Series A Preferred Stock, voting as a separate series from all other series
of Preferred Stock and classes of capital stock, shall be entitled to elect two (2) members of the Board in addition to any Directors
elected by any other series, class or classes of securities and the authorized number of Directors will automatically be increased
by two (2). Promptly thereafter, the Board of the Corporation shall, as soon as may be practicable, call a special meeting of
holders of Series A Preferred Stock for the purpose of electing such members of the Board. Such special meeting shall in any event
be held within forty-five (45) calendar days of the occurrence of such arrearage.

 

(ii)
During any period when the holders of Series A Preferred Stock, voting as a separate series, shall be entitled and shall have
exercised their right to elect two (2) Directors, then, and during such time as such right continues, (a) the then authorized
number of Directors shall be increased by two (2), and the holders of Series A Preferred Stock, voting as a separate series, shall
be entitled to elect the additional Directors so provided for, and (b) each such additional Director shall serve until the next
annual meeting of stockholders for the election of Directors, or until his successor shall be elected and shall qualify, or until
his right to hold such office terminates pursuant to the provisions of this Section 3(c).

 

(iii)
A Director elected pursuant to the terms hereof may be removed with or without cause by the holders of Series A Preferred Stock
entitled to vote in an election of such Director.

 

(iv)
If, during any interval between annual meetings of stockholders for the election of Directors and while the holders of Series
A Preferred Stock shall be entitled to elect two (2) Directors, there is no such Director in office by reason of resignation,
death or removal, then, promptly thereafter, the Board shall call a special meeting of the holders of Series A Preferred Stock
for the purpose of filling such vacancy and such vacancy shall be filled at such special meeting. Such special meeting shall in
any event be held within forty-five (45) calendar days of the occurrence of such vacancy.

 

(v)
At such time as the arrearage is fully cured, and all dividends accumulated and unpaid on any shares of Series A Preferred Stock
outstanding are paid, and, in addition thereto, at least one regular dividend has been paid subsequent to curing such arrearage,
the term of office of any Director elected pursuant to this Section 3(c), or his successor, shall automatically terminate, and
the authorized number of Directors shall automatically decrease by two (2), the rights of the holders of the shares of the Series
A Preferred Stock to vote as provided in this Section 3(c) shall cease, subject to renewal from time to time
in the case of any such future dividend default or defaults upon the same terms and conditions, and the holders of shares of the
Series A Preferred Stock shall have only the limited voting rights elsewhere herein set forth.

 

(d)
Except as set forth herein, or as otherwise provided by law, the holders of Series A Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as
set forth herein) for taking any corporate action.

 

    39

     

    

 

4.
Certain Restrictions.

 

(a)
Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as provided in Section
2 hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared,
on shares of Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 

(i)
declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Preferred Stock;

 

(ii)
declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends
or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series
A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to
which the holders of all such shares are then entitled;

 

(iii)
redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Preferred Stock, provided that, the Corporation may at any
time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation
ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock or rights,
warrants or options to acquire such junior stock; or

 

(iv)
redeem or purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of stock ranking
on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except
in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders
of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other
relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable
treatment among the respective series or classes.

 

(b)
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares
of stock of the Corporation unless the Corporation could, under paragraph (a) of this Section 4, purchase or otherwise
acquire such shares at such time and in such manner.

 

5.
Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation
become authorized but unissued shares of Preferred Stock and may be reissued, without designation as to series until such shares
are once more designated as part of a particular series of Preferred Stock by resolution or resolutions of the Board of Directors,
subject to the conditions and restrictions on issuance set forth herein, in the Articles of Incorporation, or in any other Certificate
of Designations creating a series of Preferred Stock or any similar stock or as otherwise required by law.

 

6.
Liquidation, Dissolution or Winding Up. (a) Upon any liquidation, dissolution or winding up of the Corporation, no distribution
shall be made (i) to the holders of the Common Stock or of shares of any other stock of the Corporation ranking junior, either
as to dividends or upon liquidation, dissolution or winding up, to the Series A Preferred Stock unless, prior thereto, the holders
of shares of Series A Preferred Stock shall have received $1,000 per share, plus an amount equal to accrued and unpaid dividends
and distributions thereon, whether or not declared, to the date of such payment, provided that, the holders
of shares of Series A Preferred Stock shall be entitled to receive an aggregate amount per share, subject to the provision for
adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of
Common Stock, or (ii) to the holders of shares of stock ranking on a parity either as to dividends or upon liquidation, dissolution
or winding up with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such
parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event, however, that there are not sufficient assets available to permit payment in full of the Series A
Preferred Stock liquidation preference and the liquidation preferences of all other classes and series of stock of the Corporation,
if any, that rank on a parity with the Series A Preferred Stock in respect thereof, then the assets available for such distribution
shall be distributed ratably to the holders of the Series A Preferred Stock and the holders of such parity shares in the proportion
to their respective liquidation preferences. In the event the Corporation shall at any time after the Issue Date (A) declare or
pay any dividend on the Common Stock payable in shares of Common Stock, or (B) effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders
of shares of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (i) of this Section
6(a) shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. In the event the Corporation shall at any time declare or pay any dividend on the
Series A Preferred Stock payable in shares of Series A Preferred Stock, or effect a subdivision, combination or consolidation
of the outstanding shares of Series A Preferred Stock (by reclassification or otherwise than by payment of a dividend in shares
of Series A Preferred Stock) into a greater or lesser number of shares of Series A Preferred Stock, then in each such case the
aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the
proviso in clause (i) of this Section 6(a) shall be adjusted by multiplying such amount by a fraction, the numerator
of which is the number of shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator
of which is the number of shares of Series A Preferred Stock outstanding immediately after such event.

 

    40

     

    

 

(b)
Neither the merger, consolidation or other business combination of the Corporation into or with another entity nor the merger,
consolidation or other business combination of any other entity into or with the Corporation (nor the sale, lease, exchange or
conveyance of all or substantially all of the property, assets or business of the Corporation) shall be deemed to be a liquidation,
dissolution or winding up of the Corporation within the meaning of this Section 6.

 

7.
Consolidation, Merger, etc. Notwithstanding anything to the contrary contained herein, in case the Corporation shall
enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are converted into,
exchanged for or changed into other stock or securities, cash and/or any other property (payable in kind), then in any such case
each share of Series A Preferred Stock shall at the same time be similarly converted into, exchanged for or changed into an amount
per share (subject to the provision for adjustment hereinafter set forth) equal to 1,000 times the aggregate amount of stock,
securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common
Stock is converted or exchanged. In the event the Corporation shall at any time after the Issue Date (i) declare or pay any dividend
on the Common Stock payable in shares of Common Stock, or (ii) effect a subdivision or combination or consolidation (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) of the outstanding shares of Common Stock into a greater
or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect
to the conversion, exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator
of which is the number of shares of Common Stock that were outstanding immediately prior to such event. In the event the Corporation
shall at any time declare or pay any dividend on the Series A Preferred Stock payable in shares of Series A Preferred Stock, or
effect a subdivision, combination or consolidation of the outstanding shares of Series A Preferred Stock (by reclassification
or otherwise than by payment of a dividend in shares of Series A Preferred Stock) into a greater or lesser number of shares of
Series A Preferred Stock, then in each such case the amount set forth in the first sentence of this Section 7 with respect to
the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator
of which is the number of shares of Series A Preferred Stock that were outstanding immediately prior to such event and the denominator
of which is the number of shares of Series A Preferred Stock outstanding immediately after such event.

 

8.
No Redemption. The shares of Series A Preferred Stock shall not be redeemable from any holder.

 

9.
Rank. The Series A Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets
upon liquidation, dissolution or winding up of the Corporation, junior to all series of any other class of the Preferred Stock
issued either before or after the issuance of the Series A Preferred Stock, unless the terms of any such series shall provide
otherwise, and shall rank senior to the Common Stock.

 

    41

     

    

 

10.
Amendment. At such time as any shares of Series A Preferred Stock are outstanding, if any proposed amendment to the Articles
of Incorporation (including this Certificate of Designation) would materially alter, change or repeal any of the preferences,
powers or special rights given to the Series A Preferred Stock so as to affect the Series A Preferred Stock adversely, then the
holders of the Series A Preferred Stock shall be entitled to vote separately as a class upon such amendment, and the affirmative
vote of two-thirds of the outstanding shares of the Series A Preferred Stock, voting separately as a single class, shall be necessary
for the adoption thereof, in addition to such other vote as may be required by the Nevada General Corporation Law.

 

11.
Fractional Shares. Series A Preferred Stock may be issued in fractions of a share that shall entitle the holder, in proportion
to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have
the benefit of all other rights of holders of Series A Preferred Stock.

 

IN
WITNESS WHEREOF, the undersigned have signed and attested this Certificate of Designation on this _____ day of.

 

	 	INMUNE BIO INC. 
	 	 	 
	 	By:	 
	 	Name: 	Raymond J. Tesi
	 	Title:	Chief Executive Officer

 

	 	 
	Attest:	 
	 	 
	 	 
	David
    Moss, Chief Financial Officer	 

 

    42

     

    

 

EXHIBIT
B

 

FORM
OF RIGHTS CERTIFICATE

 

	Certificate
    No. R-	 	 	_________________ Rights

 

NOT
EXERCISABLE AFTER 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 30, 2020 UNLESS THE RIGHTS ARE EARLIER REDEEMED OR EXCHANGED. THE
RIGHTS ARE SUBJECT TO REDEMPTION AT $0.001 PER RIGHT AND TO EXCHANGE, IN EACH CASE, AT THE OPTION OF THE COMPANY, ON THE TERMS
SET FORTH IN THE RIGHTS AGREEMENT. THE RIGHTS EVIDENCED BY THIS CERTIFICATE SHALL NOT BE EXERCISABLE, AND SHALL BE VOID SO LONG
AS HELD BY A HOLDER IN ANY JURISDICTION WHERE THE REQUISITE QUALIFICATION FOR THE ISSUANCE TO SUCH HOLDER, OR THE EXERCISE BY
SUCH HOLDER, OF THE RIGHTS IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE. UNDER CERTAIN CIRCUMSTANCES SET
FORTH IN THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED BY ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY RELATED
PERSON THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY BENEFICIALLY OWNED BY OR ON BEHALF OF SUCH
PERSON OR BY ANY SUBSEQUENT BENEFICIAL OWNER, MAY BECOME NULL AND VOID AND NO LONGER TRANSFERABLE. [THE RIGHTS REPRESENTED BY
THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY OR ON BEHALF OF A PERSON WHO IS, WAS OR BECAME AN ACQUIRING PERSON OR
A RELATED PERSON OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE
AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF SUCH AGREEMENT.]1

 

RIGHTS
CERTIFICATE

 

INMUNE
BIO INC. 

 

This
certifies that ___________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which
entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of December 30,
2020, and as supplemented, restated or amended from time to time (the “Rights Agreement”), by and between INmune
Bio Inc. ., a Nevada corporation (the “Company”), and Vstock Transsfer, LLC ., as rights agent (the “Rights
Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights
Agreement) and prior to 5:00 p.m., New York City time, on December 30, 2021, unless the Rights are previously redeemed or exchanged,
at the office or offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one one-thousandth
of a fully paid, nonassessable share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company
(a “Preferred Share”), at a purchase price of $300 in cash per one one-thousandth of a Preferred Share (such
purchase price, as may be adjusted, the “Purchase Price”), upon presentation and surrender of this Rights Certificate
with the Form of Election to Purchase and related certificate duly executed. The Company reserves the right to require prior to
the occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that a number of Rights be exercised so
that only whole Preferred Shares will be issued. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to such terms in the Rights Agreement. 

 

 

 

 

1
The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.

 

    43

     

    

 

This
Rights Certificate is subject to all of the terms, covenants, and restrictions of the Rights Agreement, which terms, covenants,
and restrictions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is
hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of
the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement
are on file at the principal executive offices of the Company and the office or offices of the Rights Agent and are also available
upon written request to the Rights Agent.

 

In
certain circumstances described in the Rights Agreement, the Rights evidenced thereby may entitle the registered holder thereof
to purchase capital stock of an entity other than the Company or receive capital stock, cash, or other assets of an entity other
than the Company, all as provided in the Rights Agreement. Upon the occurrence (whether prior to, on or after the date of this
Rights Certificate) of a Section 11(a)(ii) Event (as such term is defined in the Rights Agreement), if the Rights evidenced by
this Rights Certificate are beneficially owned by (i) an Acquiring Person or a Related Person of any such Acquiring Person (as
such terms are defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person or of any such Related Person
thereof who becomes a transferee after the Acquiring Person becomes an Acquiring Person, or (iii) under certain circumstances
specified in the Rights Agreement, a transferee of a person who, concurrently with or prior to such transfer, became an Acquiring
Person, or a Related Person of an Acquiring Person, such Rights shall become null and void and will no longer be transferable
and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Section 11(a)(ii)
Event.

 

As
provided in the Rights Agreement, the Purchase Price, and the number of one one-thousandths of a Preferred Share or other securities
issuable upon exercise of a Right and the number of Rights outstanding are subject to modification and adjustment upon the happening
of certain events, including Triggering Events.

 

This
Rights Certificate, with or without other Rights Certificates, upon surrender at the office or offices of the Rights Agent designated
for such purpose, with the Form of Election and Certificate set forth on the reverse side properly completed and duly executed,
may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the
holder to purchase a like aggregate number of one one-thousandths of a Preferred Share as the Rights evidenced by the Rights Certificate
or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised
in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the
number of whole Rights not exercised.

 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be redeemed by the Company under
certain circumstances, at its option, at a redemption price of $0.001 per Right, payable in cash, or other securities or property
of the Company, as determined by the Board of Directors of the Company, in the exercise of its sole discretion, at any time prior
to the earlier of (i) the Close of Business on the tenth (10th) Business Day (or such later date as may be determined by the Board
pursuant to clause (i) of the first sentence of Section 3(a) of the Rights Agreement with respect to the Distribution Date) following
the Shares Acquisition Date (or, if the Shares Acquisition Date shall have occurred prior to the Record Date, the Close of Business
on the tenth (10th) Business Day following the Record Date), and (ii) the Final Expiration Date. The redemption of the Rights
may be made effective at such time, on such basis, and subject to such conditions as the Board of Directors in its sole discretion
may establish.

 

In
addition, subject to the provisions of the Rights Agreement, under certain circumstances following the occurrence of a Section
11(a)(ii) Event, but before any person (other than certain exempted or grandfathered persons) acquires beneficial ownership of
fifty percent (50%) or more of the Common Shares (as such term is defined in the Rights Agreement), the then outstanding and exercisable
Rights (which shall not include Rights held by the Acquiring Person that shall have become null and void and nontransferable pursuant
to the provisions of the Rights Agreement) may be exchanged, in whole or in part, for Common Shares at an exchange rate of two
Common Shares for each Right (subject to adjustment for certain events as provided in the Rights Agreement).

 

In
any such exchange, the Company, at its option, may, and to the extent there are an insufficient number of authorized Common Shares
not reserved for any other purpose to exchange for all of the outstanding Rights, shall, substitute Preferred Shares or other
securities of the Company for some or all of the Common Shares exchangeable for Rights such that the aggregate value received
by a holder of Rights in exchange for each Right is substantially the same value as one Common Share. The exchange of the Rights
by the Company may be made effective at such time, on such basis, and subject to such conditions as the Board in its sole discretion
may establish.

 

    44

     

    

 

Immediately
upon the action of the Board of Directors of the Company authorizing any such redemption or exchange, and without any further
action or any notice, the Rights (other than Rights that are not subject to such redemption or exchange) will terminate and the
Rights will only enable holders to receive the redemption price without any interest thereon or the shares issuable upon such
exchange, as applicable.

 

No
fractional Preferred Shares or fractional shares of other securities will be issued upon the exercise of any Right or Rights evidenced
hereby (other than fractions that are integral multiples of one one-thousandth of a Preferred Share, which may, at the election
of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment may be made, as provided in the Rights
Agreement.

 

No
holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder
of Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall
anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions
affecting stockholders (except as may otherwise be provided in the Rights Agreement), or to receive dividends or other distributions
or to exercise any preemptive or subscription rights, or otherwise, unless and until the Right or Rights evidenced by this Rights
Certificate shall have been exercised as provided in the Rights Agreement.

 

This
Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS
the facsimile signature or portable document format of the proper officers of the Company.

 

Dated
as of __, 20__.

 

	INMUNE
    BIO INC.
	 	 	 
	By:	            	 
	Name:	 	 
	Title:	 	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 
	 	 	 
	Countersigned:
    
	 	 	 
	VSTOCK
    TRASFER, INC., as Rights Agent
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    45

     

    

 

[Form
of Reverse Side of Rights Certificate]

 

FORM
OF ASSIGNMENT

 

(To
be executed by the registered holder if such

holder
desires to transfer the Rights Certificate.)

 

FOR
VALUE RECEIVED __________________________________________ hereby sells, assigns and transfers unto _________________________________________

 

(Please
print name and address of transferee)

 

(Please
spell out and include in numerals the

number
of Rights being transferred by this Agreement)

 

of
the Rights evidenced by this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably
constitute and appoint _____ Attorney, to transfer the number of Rights indicated on the books of the within named Company, with
full power of substitution.

 

Dated
as of: __________ ___, 20__

 

SIGNATURE

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

Medallion
Signature Guaranteed:

 

Signatures
must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with
membership in an approved signature guarantee medallion program), at a guarantee level reasonably satisfactory to the Rights Agent.
A notary public is not sufficient guarantee of a signature.

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Rights Certificate [   ] are [   ] are not being sold, assigned and transferred by or on behalf of a
Person who is or was an Acquiring Person or a Related Person of any such Acquiring Person (as such terms are defined in the Rights
Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, he, she or it [   ] did [   ] did not acquire the Rights evidenced
by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or a Related Person of an Acquiring
Person.

 

Dated
as of: __________ ___, 20__

 

SIGNATURE

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

Medallion
Signature Guaranteed:

 

Signatures
must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with
membership in an approved signature guarantee medallion program), at a guarantee level reasonably satisfactory to the Rights Agent.
A notary public is not sufficient guarantee of a signature.

 

NOTICE

 

The
signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

    46

     

    

 

[Form
of Reverse Side of Rights Certificate – Continued]

 

FORM
OF ELECTION TO PURCHASE

 

(To
be executed by the registered holder if such holder desires to

exercise
any or all Rights evidenced by the Rights Certificate.)

 

To: INMUNE
BIO INC.

 

The
undersigned hereby irrevocably elects to exercise __________ (_______) Rights evidenced by this Rights Certificate to purchase
the Preferred Shares issuable upon the exercise of the Rights (or such other securities of the Company or of any other person
which may be issuable upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of
and delivered to or that such shares be credited to the book entry account of:

 

(Please
print name, address and social security,

tax
identification or other identifying number.)

 

If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such Rights shall be registered in the name of and delivered to:

 

(Please
print name, address and social security,

tax
identification or other identifying number.)

 

Dated:
__________ ___, ____

 

SIGNATURE

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

Medallion
Signature Guaranteed:

 

Signatures
must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with
membership in an approved signature guarantee medallion program), at a guarantee level reasonably satisfactory to the Rights Agent.
A notary public is not sufficient guarantee of a signature.

 

    47

     

    

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Rights Certificate [   ] are [   ] are not being exercised by or on behalf of a Person who is or was
an Acquiring Person or a Related Person of any such Acquiring Person (as such terms are defined pursuant to the Rights Agreement);
and

 

(2)
after due inquiry and to the best knowledge of the undersigned, he, she or it [   ] did [   ] did not acquire the Rights evidenced
by this Rights Certificate from any Person who is, was or became an Acquiring Person or a Related Person of an Acquiring Person.

 

Dated:
__________ ___, ____

 

SIGNATURE

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

Medallion
Signature Guaranteed:

 

Signatures
must be guaranteed by an eligible guarantor institution (a bank, stockbroker, savings and loan association or credit union with
membership in an approved signature guarantee medallion program), at a guarantee level reasonably satisfactory to the Rights Agent.
A notary public is not sufficient guarantee of a signature.

 

NOTICE

 

The
signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Rights
Certificate in every particular, without alteration or enlargement or any change whatsoever.

 

    48

     

    

 

EXHIBIT
C

 

inmune
bio inc. 

 

SUMMARY
OF RIGHTS

TO PURCHASE PREFERRED STOCK

 

On
December 30,2020, the Board of Directors (the “Board”) of INmue Bio Inc. , a Nevada corporation (the “Company”),
declared a dividend distribution of one preferred share purchase right (each, a “Right”) for each outstanding
share of common stock, par value $0.001 per share, of the Company (the “Common Shares”). The dividend was payable
to holders of record as of the close of business on January 11, 2021 (the “Record Date”) and with respect to
Common Shares issued thereafter until the Distribution Date (as defined below) and, in certain circumstances, with respect to
Common Shares issued after the Distribution Date.

 

The
following is a summary description of the Rights. This summary is intended to provide a general description only and is subject
to the detailed terms and conditions of the Rights Agreement, dated as of December 30, 2020 (the “Rights Agreement”),
by and between the Company and Vstock Transfer LLC., as rights agent (the “Rights Agent”).

 

1.
Issuance of Rights

 

Each
holder of Common Shares as of the Record Date will receive a dividend of one Right per Common Share. One Right will also be issued
together with each Common Share issued by the Company after the Record Date and prior to the Distribution Date (as defined in
Section 2 below), and in certain circumstances, after the Distribution Date. New certificates (or, if uncertificated, the book
entry account that evidences record ownership of such shares) for Common Shares issued after the Record Date will contain a notation
incorporating the Rights Agreement by reference.

 

Until
the Distribution Date:

 

	 	●	the
    Rights will not be exercisable;

 

	 	●	the
    Rights will be evidenced by the certificates for Common Shares (or, if uncertificated, by the book entry account that evidences
    record ownership of such shares) and not by separate rights certificates; and

 

	 	●	the
    Rights will be transferable by, and only in connection with, the transfer of Common Shares.

 

2.
Distribution Date; Exercise of Rights; Beneficial Ownership

 

The
Rights are not exercisable until the Distribution Date. As of and after the Distribution Date, the Rights will separate from the
Common Shares and each Right will become exercisable to purchase from the Company one one-thousandth of a share of Series A Junior
Participating Preferred Stock, par value $0.001 per share, of the Company (each whole share, a “Preferred Share”)
at a purchase price of $300 per one one-thousandth of a Preferred Share (such purchase price, as may be adjusted from time to
time, the “Purchase Price”). This portion of a Preferred Share would give the holder thereof approximately
the same dividend, voting, and liquidation rights as would one Common Share.

 

    49

     

    

 

The
“Distribution Date” is the earlier of:

 

	 	●	the
    close of business on the tenth (10th) business day (or such later date as may be determined from time to time by action of
    a majority of the Board prior to the Distribution Date that would otherwise have occurred) following the first date of public
    announcement that any person, together with such person’s Related Persons (as defined below) (other than the Company
    or certain related entities), has become the beneficial owner of twenty percent (20%) or more of the then outstanding Common
    Shares (other than as a result of repurchases of Common Shares by the Company, certain stock option or restricted stock grants
    by the Company or the exercise or conversion thereof, certain inadvertent acquisitions or purchases of Common Shares directly
    from the Company) (such person, an “Acquiring Person”) or that discloses information which reveals the
    existence of an Acquiring Person; provided, however, that stockholders who beneficially own twenty
    percent (20%) or more of the outstanding Common Shares as of the time immediately prior to the first public announcement by
    the Company of the adoption of the Rights Agreement (including any Common Shares beneficial ownership of which is acquired
    on the date of such announcement pursuant to orders placed prior to such announcement), will not be considered an Acquiring
    Person unless and until such stockholder or any of its Related Persons acquires, without the prior approval of the Board,
    beneficial ownership of any additional Common Shares, subject to certain exceptions (such date being the “Shares
    Acquisition Date”); and

 

	 	●	the
    close of business on the tenth (10th) business day (or such later date as a majority of the Board shall determine prior to
    the Distribution Date that would otherwise have occurred) after the date of the commencement of, or first public announcement
    of the intent of any person (other than the Company or certain related entities) to commence (within the meaning of Rule 14d-2(a)
    of the General Rules and Regulations under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
    a tender or exchange offer that, if successfully completed, would result in such person becoming an Acquiring Person; provided, however,
    that if a tender or exchange offer is terminated prior to the occurrence of a Distribution Date, then no Distribution Date
    shall occur as a result of such tender or exchange offer.

 

A
person will be deemed to “beneficially own” any Common Shares if such person or any Related Person:

 

	 	●	is
    considered a “beneficial owner” of the Common Shares under Rule 13d-3 of the General Rules and Regulations under
    the Exchange Act;

 

	 	●	has
    the right to acquire the Common Shares, either immediately or in the future, pursuant to any agreement, arrangement, or understanding
    (other than a customary underwriting agreement relating to a bona fide public offering of the Common Shares) or upon the exercise
    of conversion rights, exchange rights, rights, warrants or options, or otherwise, except that a person will not be deemed
    to be a beneficial owner of (a) Common Shares tendered pursuant to a tender offer or exchange offer by or on behalf of such
    person or any affiliated or associated persons of such person until the tendered Common Shares are accepted for purchase or
    exchange, (b) securities issuable upon exercise of a Right before the occurrence of a Triggering Event (as defined in Section
    5 below), or (c) securities issuable upon exercise of a Right after the occurrence of a Triggering Event if the Rights are
    originally issued Rights or were issued in connection with an adjustment to originally issued Rights;

 

	 	●	has
        the right to vote or dispose of the Common Shares pursuant to any agreement, arrangement, or understanding (other than
        a right to vote arising from the granting of a revocable proxy or consent);

         

        or

 

	 	●	has
    an agreement, arrangement, or understanding with another person who beneficially owns Common Shares and the agreement, arrangement,
    or understanding is for the purpose of acquiring, holding, voting, or disposing of any securities of the Company (other than
    customary underwriting agreements relating to a bona fide public offering of Common Shares or a right to vote arising from
    the granting of a revocable proxy or consent).

 

    50

     

    

 

For
purposes of the Rights Agreement, a “Related Person” means, as to any person, any Affiliates or Associates
of such person. For purposes of the Rights Agreement, “Affiliate” and “Associate” have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

Certain
synthetic interests in securities created by derivative positions — whether or not such interests are considered to be ownership
of the underlying Common Shares or are reportable for purposes of Regulation 13D of the Securities Exchange Act — are treated
as beneficial ownership of the number of Common Shares specified in the documentation evidencing the derivative position as being
subject to being acquired upon the exercise or settlement of the derivative position or as the basis upon which the value or settlement
amount of such derivative position is to be calculated in whole or in part.

 

3.
Issuance of Rights Certificates

 

As
soon as practicable after the Distribution Date, the Rights Agent will mail rights certificates to holders of record of the Common
Shares as of the close of business on the Distribution Date and, thereafter, the separate rights certificates alone will evidence
the Rights.

 

4.
Expiration of Rights

 

The
Rights will expire on the earliest of (a) 5:00 p.m., New York City time, on December 30, 2021 (b) the time at which the Rights
are redeemed (as described in Section 6 below), and (c) the time at which the Rights are exchanged in full (as described in Section
7 below).

 

5.
Change of Exercise of Rights Following Certain Events

 

The
following described events are referred to as “Triggering Events.”

 

(a)
“Flip-In” Event. In the event that a person becomes an Acquiring Person, each holder of a Right will thereafter
have the right to receive, upon exercise, Common Shares (or, in certain circumstances, other securities, cash, or other assets
of the Company) having a value equal to two times the Purchase Price. Notwithstanding the foregoing, following the occurrence
of a person becoming an Acquiring Person, all Rights that are, or (under certain circumstances specified in the Rights Agreement)
were, beneficially owned by any Acquiring Person (or by certain related parties) will be null and void. However, Rights are not
exercisable following the occurrence of a person becoming an Acquiring Person until such time as the Rights are no longer redeemable
by the Company as set forth in Section 6 below.

 

(b)
“Flip-Over” Events. In the event that, at any time after a person has become an Acquiring Person, (i) the Company
engages in a merger or other business combination transaction in which the Company is not the continuing or surviving corporation
or other entity, (ii) the Company engages in a merger or other business combination transaction in which the Company is the continuing
or surviving corporation and the Common Shares of the Company are changed or exchanged, or (iii) fifty percent (50%) or more of
the Company’s assets or earning power is sold or transferred, each holder of a Right (except Rights that have previously
become null and void as set forth above) shall thereafter have the right to receive, upon exercise, common shares of the acquiring
company having a value equal to two times the Purchase Price.

 

6.
Redemption

 

At
any time until ten (10) business days following the Shares Acquisition Date (as defined in Section 2 above), the Board may direct
the Company to redeem the Rights in whole, but not in part, at a price of $0.001 per Right (payable in cash, Common Shares, or
other consideration deemed appropriate by the Board). Immediately upon the action of the Board directing the Company to redeem
the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.001 redemption price.

 

    51

     

    

 

7.
Exchange of Rights

 

At
any time after a person (other than certain exempted or grandfathered persons) becomes an Acquiring Person, but before such person
acquires beneficial ownership of fifty percent (50%) or more of the outstanding Common Shares, the Board may direct the Company
to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void),
in whole or in part, at an exchange ratio of two Common Shares per Right (subject to adjustment). The Company may substitute Preferred
Shares (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges)
for Common Shares at an initial rate of one one-thousandth of a Preferred Share (or of a share of a class or series of the Company’s
preferred stock having equivalent rights, preferences, and privileges) per Common Share. Immediately upon the action of the Board
directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to
receive the number of Common Shares (or one one-thousandth of a Preferred Share or of a share of a class or series of the Company’s
preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied
by the exchange ratio.

 

8.
Adjustments to Prevent Dilution; Fractional Shares

 

The
Board may adjust the Purchase Price, the number of Preferred Shares or other securities or assets issuable upon exercise of a
Right, and the number of Rights outstanding to prevent dilution that may occur (a) in the event of a stock dividend on, or a subdivision,
combination, or reclassification of, the Preferred Shares, (b) in the event of a stock dividend on, or a subdivision or combination
of, the Common Shares, (c) if holders of the Preferred Shares are granted certain rights, options, or warrants to subscribe for
Preferred Shares or convertible securities at less than the current market price of the Preferred Shares, or (d) upon the distribution
to holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular periodic cash dividends) or of subscription
rights or warrants (other than those referred to above).

 

With
certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments amount to at least one percent
(1%) of the Purchase Price. No fractional Preferred Shares will be issued (other than fractions that are integral multiples of
one one-thousandth of a Preferred Share), and in lieu thereof, an adjustment in cash may be made based on the market price of
the Preferred Shares on the last trading date prior to the date of exercise.

 

9.
No Stockholder Rights Prior to Exercise; Tax Considerations

 

Until
a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends. While the distribution of the Rights should not be taxable to stockholders or to the
Company, stockholders may, depending upon the circumstances then existing, recognize taxable income in the event that the Rights
become exercisable for Common Shares (or other consideration) of the Company or for common shares of the acquiring company or
in the event of the redemption of the Rights as set forth in Section 6 above.

 

10.
Amendment of the Rights Agreement

 

The
Company (by action of the Board) may supplement or amend any provision of the Rights Agreement in order to (a) cure any ambiguity,
(b) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with other provisions
of the Rights Agreement, (c) shorten or lengthen any time period under the Rights Agreement, or (d) make any other provisions
with respect to the Rights that the Company deems necessary or desirable; provided, however, that no supplement
or amendment made after the time any person becomes an Acquiring Person may adversely affect the interests of the registered holders
of rights certificates (other than an Acquiring Person or any affiliates or associates of an Acquiring Person). Without limiting
the foregoing, the Company may at any time before any person becomes an Acquiring Person amend the Rights Agreement to make the
provisions of the Rights Agreement inapplicable to a particular transaction by which a person might otherwise become an Acquiring
Person or to otherwise alter the terms and conditions of the Rights Agreement as they may apply with respect to any such provision.

 

11.
Availability of Rights Agreement

 

The
Company intends to file, on December 30, 2020, a copy of the Rights Agreement with the Securities and Exchange Commission as an
exhibit to a Current Report on Form 8-K. In addition, a copy of the Rights Agreement will be available free of charge from the
Company. This summary description of the Rights does not purport to be complete and is qualified in its entirety by reference
to the complete text of the Rights Agreement, which is incorporated by reference in this summary description.

 

 

52Exhibit 10.1

  

   

    

   

  

  
    REVOLVING CREDIT AGREEMENT

    

    

    

    

    

    

    STONE POINT CREDIT CORPORATION

    as the Initial Borrower

    

    

    

    

    and

    

    

    

    

    CAPITAL ONE, NATIONAL ASSOCIATION,

    as the Administrative Agent, Sole Lead Arranger and a Lender

    

    

    

    

    December 29, 2020

    

    

    
      
        

    

    
    

    

    TABLE OF CONTENTS

    Page

    ARTICLE I

    

    

    DEFINITIONS

    

    

    	
            Section 1.1

          	
            Defined Terms

          	
            1

          
	
            Section 1.2

          	
            Construction

          	
            32

          
	
            Section 1.3

          	
            Accounting Terms

          	
            33

          
	
            Section 1.4

          	
            UCC Terms

          	
            33

          
	
            Section 1.5

          	
            References to Agreement and Laws

          	
            34

          
	
            Section 1.6

          	
            Times of Day

          	
            34

          

    

    

    ARTICLE II

    

    

    REVOLVING CREDIT LOANS

    

    

    	
            Section 2.1

          	
            The Commitment

          	
            34

          
	
            Section 2.2

          	
            Revolving Credit Commitment

          	
            34

          
	
            Section 2.3

          	
            Manner of Borrowing

          	
            35

          
	
            Section 2.4

          	
            Minimum Loan Amounts

          	
            36

          
	
            Section 2.5

          	
            Funding

          	
            36

          
	
            Section 2.6

          	
            Interest

          	
            37

          
	
            Section 2.7

          	
            Determination of Rate

          	
            37

          
	
            Section 2.8

          	
            [Reserved]

          	
            38

          
	
            Section 2.9

          	
            Qualified Borrowers

          	
            38

          
	
            Section 2.10

          	
            Use of Proceeds and Qualified Borrower Guaranties

          	
            38

          
	
            Section 2.11

          	
            Fees

          	
            39

          
	
            Section 2.12

          	
            Unused Commitment Fee

          	
            39

          
	
            Section 2.13

          	
            [Reserved]

          	
            39

          
	
            Section 2.14

          	
            Extension of Maturity Date

          	
            39

          

    

    

    ARTICLE III

    

    

    PAYMENT OF OBLIGATIONS

    

    

    	
            Section 3.1

          	
            Revolving Credit Notes

          	
            41

          
	
            Section 3.2

          	
            Payment of Obligations

          	
            42

          
	
            Section 3.3

          	
            Payment of Interest

          	
            42

          
	
            Section 3.4

          	
            Payments on the Obligations

          	
            42

          
	
            Section 3.5

          	
            Prepayments

          	
            43

          
	
            Section 3.6

          	
            Reduction or Early Termination of Commitments

          	
            44

          
	
            Section 3.7

          	
            Lending Office

          	
            44

          

    

    

    
      -i-

      
        

    

    

    

    

    

    ARTICLE IV

    

    

    CHANGE IN CIRCUMSTANCES

    

    

    	
            Section 4.1

          	
            Taxes

          	
            44

          
	
            Section 4.2

          	
            Illegality

          	
            48

          
	
            Section 4.3

          	
            Inability to Determine Rates

          	
            49

          
	
            Section 4.4

          	
            Increased Cost and Capital Adequacy

          	
            49

          
	
            Section 4.5

          	
            Funding Losses

          	
            50

          
	
            Section 4.6

          	
            Requests for Compensation

          	
            51

          
	
            Section 4.7

          	
            Survival

          	
            51

          
	
            Section 4.8

          	
            Mitigation Obligations; Replacement of Lenders

          	
            51

          
	
            Section 4.9

          	
            [Reserved]

          	
            52

          
	
            Section 4.10

          	
            LIBOR Successor Rate

          	
            52

          

    

    

    ARTICLE V

    

    

    SECURITY

    

    

    	
            Section 5.1

          	
            Liens

          	
            53

          
	
            Section 5.2

          	
            The Collateral Accounts; Drawdowns

          	
            54

          
	
            Section 5.3

          	
            Agreement to Deliver Additional Collateral Documents

          	
            55

          
	
            Section 5.4

          	
            Subordination

          	
            55

          

    

    

    ARTICLE VI

    

    

    CONDITIONS PRECEDENT TO LENDING.

    

    

    	
            Section 6.1

          	
            Obligations of the Lenders

          	
            56

          
	
            Section 6.2

          	
            Conditions to all Loans

          	
            58

          
	
            Section 6.3

          	
            Addition of Qualified Borrowers

          	
            59

          
	
            Section 6.4

          	
            Addition of Borrowers

          	
            60

          

    

    

    ARTICLE VII

    

    

    REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES

    

    

    	
            Section 7.1

          	
            Organization and Good Standing

          	
            62

          
	
            Section 7.2

          	
            Authorization and Power

          	
            62

          
	
            Section 7.3

          	
            No Conflicts or Consents

          	
            62

          
	
            Section 7.4

          	
            Enforceable Obligations

          	
            63

          
	
            Section 7.5

          	
            Priority of Liens

          	
            63

          
	
            Section 7.6

          	
            Financial Condition

          	
            63

          
	
            Section 7.7

          	
            Full Disclosure

          	
            63

          
	
            Section 7.8

          	
            No Default

          	
            63

          
	
            Section 7.9

          	
            No Litigation

          	
            63

          

    

    

    
      -ii-

      
        

    

    

    

    

    

    	
            Section 7.10

          	
            Material Adverse Effect

          	
            64

          
	
            Section 7.11

          	
            Taxes

          	
            64

          
	
            Section 7.12

          	
            Principal Office; Jurisdiction of Formation

          	
            64

          
	
            Section 7.13

          	
            ERISA

          	
            64

          
	
            Section 7.14

          	
            Compliance with Law

          	
            64

          
	
            Section 7.15

          	
            Environmental Matters

          	
            64

          
	
            Section 7.16

          	
            Capital Commitments and Contributions

          	
            65

          
	
            Section 7.17

          	
            Fiscal Year

          	
            65

          
	
            Section 7.18

          	
            Investor Documents

          	
            65

          
	
            Section 7.19

          	
            Margin Stock

          	
            65

          
	
            Section 7.20

          	
            Investment Company Status

          	
            65

          
	
            Section 7.21

          	
            No Defenses

          	
            65

          
	
            Section 7.22

          	
            No Withdrawals Without Approval

          	
            66

          
	
            Section 7.23

          	
            Sanctions

          	
            66

          
	
            Section 7.24

          	
            Insider

          	
            66

          
	
            Section 7.25

          	
            Investors

          	
            66

          
	
            Section 7.26

          	
            Organizational Structure

          	
            66

          
	
            Section 7.27

          	
            No Brokers

          	
            66

          
	
            Section 7.28

          	
            Financial Condition

          	
            66

          

    

    

    ARTICLE VIII

    

    

    AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES

    

    

    	
            Section 8.1

          	
            Financial Statements, Reports and Notices

          	
            67

          
	
            Section 8.2

          	
            Payment of Obligations

          	
            69

          
	
            Section 8.3

          	
            Maintenance of Existence and Rights

          	
            69

          
	
            Section 8.4

          	
            Operations and Properties

          	
            70

          
	
            Section 8.5

          	
            Books and Records; Access

          	
            70

          
	
            Section 8.6

          	
            Compliance with Law

          	
            70

          
	
            Section 8.7

          	
            Insurance

          	
            70

          
	
            Section 8.8

          	
            Authorizations and Approvals

          	
            70

          
	
            Section 8.9

          	
            Maintenance of Liens

          	
            70

          
	
            Section 8.10

          	
            Further Assurances

          	
            70

          
	
            Section 8.11

          	
            Maintenance of Independence

          	
            71

          
	
            Section 8.12

          	
            Taxes

          	
            71

          
	
            Section 8.13

          	
            Compliance with Constituent Documents

          	
            71

          
	
            Section 8.14

          	
            Investor Default

          	
            71

          
	
            Section 8.15

          	
            Collateral Account

          	
            71

          
	
            Section 8.16

          	
            Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws

          	
            71

          
	
            Section 8.17

          	
            Solvency

          	
            71

          
	
            Section 8.18

          	
            [Reserved]

          	
            71

          
	
            Section 8.19

          	
            [Reserved].

          	
            71

          
	
            Section 8.20

          	
            Compliance with Sanctions

          	
            72

          
	
            Section 8.21

          	
            Electronic Access to Collateral Account.

          	
            72

          

    

    

    
      -iii-

      
        

    

    

    

    

    

    ARTICLE IX

    

    

    NEGATIVE COVENANTS

    

    

    	
            Section 9.1

          	
            Credit Party Information

          	
            72

          
	
            Section 9.2

          	
            Mergers, Etc.

          	
            72

          
	
            Section 9.3

          	
            Limitation on Liens

          	
            72

          
	
            Section 9.4

          	
            Fiscal Year and Accounting Method

          	
            72

          
	
            Section 9.5

          	
            Transfer of Interests; Admission of Investors

          	
            72

          
	
            Section 9.6

          	
            Constituent Documents

          	
            73

          
	
            Section 9.7

          	
            [Reserved]

          	
            74

          
	
            Section 9.8

          	
            Limitation on Investor Withdrawals

          	
            74

          
	
            Section 9.9

          	
            Transfers of Capital Commitments

          	
            74

          
	
            Section 9.10

          	
            Limitation on Indebtedness

          	
            74

          
	
            Section 9.11

          	
            Capital Commitments

          	
            74

          
	
            Section 9.12

          	
            Drawdowns

          	
            74

          
	
            Section 9.13

          	
            ERISA Compliance

          	
            74

          
	
            Section 9.14

          	
            Dissolution

          	
            75

          
	
            Section 9.15

          	
            Environmental Matters

          	
            75

          
	
            Section 9.16

          	
            Limitations on Distributions

          	
            75

          
	
            Section 9.17

          	
            Limitation on Withdrawals of Funds

          	
            75

          
	
            Section 9.18

          	
            [Reserved]

          	
            75

          
	
            Section 9.19

          	
            Limitations of Use of Loan Proceeds

          	
            75

          
	
            Section 9.20

          	
            Transactions with Affiliates

          	
            75

          
	
            Section 9.21

          	
            Collateral Accounts

          	
            76

          
	
            Section 9.22

          	
            Deemed Capital Contributions

          	
            76

          
	
            Section 9.23

          	
            Sanctions

          	
            76

          
	
            Section 9.24

          	
            Exchange Listing

          	
            76

          
	
            Section 9.25

          	
            Drawdowns

          	
            76

          

    

    

    ARTICLE X

    

    

    EVENTS OF DEFAULT

    

    

    	
            Section 10.1

          	
            Events of Default

          	
            76

          
	
            Section 10.2

          	
            Remedies Upon Event of Default

          	
            79

          
	
            Section 10.3

          	
            Lender Offset

          	
            81

          
	
            Section 10.4

          	
            Performance by the Administrative Agent

          	
            81

          
	
            Section 10.5

          	
            Good Faith Duty to Cooperate

          	
            82

          

    

    

    ARTICLE XI

    

    

    AGENCY PROVISIONS

    

    

    	
            Section 11.1

          	
            Appointment and Authorization of Agents

          	
            82

          
	
            Section 11.2

          	
            Delegation of Duties

          	
            83

          

    

    

    
      -iv-

      
        

    

    

    

    

    

    	
            Section 11.3

          	
            Exculpatory Provisions

          	
            83

          
	
            Section 11.4

          	
            Reliance and Liability

          	
            83

          
	
            Section 11.5

          	
            Notice of Default

          	
            85

          
	
            Section 11.6

          	
            Non-Reliance on Agents and Other Lenders

          	
            85

          
	
            Section 11.7

          	
            Indemnification

          	
            85

          
	
            Section 11.8

          	
            Agents in Their Individual Capacity

          	
            86

          
	
            Section 11.9

          	
            Successor Agents

          	
            86

          
	
            Section 11.10

          	
            Reliance by the Borrowers

          	
            87

          
	
            Section 11.11

          	
            Administrative Agent May File Proofs of Claim

          	
            88

          

    

    

    ARTICLE XII

    

    

    MISCELLANEOUS

    

    

    	
            Section 12.1

          	
            Amendments

          	
            88

          
	
            Section 12.2

          	
            Right of Set-off

          	
            90

          
	
            Section 12.3

          	
            Sharing of Payments, Etc.

          	
            90

          
	
            Section 12.4

          	
            Waiver

          	
            91

          
	
            Section 12.5

          	
            Payment of Expenses; Indemnity

          	
            92

          
	
            Section 12.6

          	
            Notice

          	
            93

          
	
            Section 12.7

          	
            Governing Law

          	
            96

          
	
            Section 12.8

          	
            Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury

          	
            96

          
	
            Section 12.9

          	
            Severability; Independence of Provisions

          	
            97

          
	
            Section 12.10

          	
            Entire Agreement; Release; Survival

          	
            97

          
	
            Section 12.11

          	
            Binding Effect; Successors and Assigns; Participations

          	
            98

          
	
            Section 12.12

          	
            Defaulting Lenders

          	
            103

          
	
            Section 12.13

          	
            All Powers Coupled with Interest

          	
            104

          
	
            Section 12.14

          	
            Headings

          	
            104

          
	
            Section 12.15

          	
            Survival

          	
            105

          
	
            Section 12.16

          	
            Full Recourse

          	
            105

          
	
            Section 12.17

          	
            Availability of Records; Confidentiality

          	
            105

          
	
            Section 12.18

          	
            Marshalling; Payments Set Aside

          	
            105

          
	
            Section 12.19

          	
            Customer Identification Notice

          	
            106

          
	
            Section 12.20

          	
            Multiple Counterparts

          	
            106

          
	
            Section 12.21

          	
            Term of Agreement

          	
            106

          
	
            Section 12.22

          	
            Inconsistencies with Other Documents

          	
            106

          
	
            Section 12.23

          	
            Acknowledgement and Consent to Bail-In of EEA Financial Institutions

          	
            106

          

    

    

    

    

    
      -v-

      
        

    

    
    

    

    SCHEDULES

    

    

    	
            SCHEDULE I:

          	
            Credit Party Information

          
	
            SCHEDULE II:

          	
            Lender Commitments and Related Information

          
	
            SCHEDULE III:

          	
            Credit Party Organizational Structure

          

    

    

    EXHIBITS

    

    

    	
            EXHIBIT A:

          	
            Schedule of Investors/Form of Borrowing Base Certificate

          
	
            EXHIBIT B:

          	
            Form of Note

          
	
            EXHIBIT C:

          	
            Form of Security Agreement

          
	
            EXHIBIT D:

          	
            Form of Request for Borrowing

          
	
            EXHIBIT E:

          	
            [Reserved]

          
	
            EXHIBIT F:

          	
            Form of Conversion Notice

          
	
            EXHIBIT G:

          	
            Form of Lender Assignment and Assumption

          
	
            EXHIBIT H:

          	
            Form of Qualified Borrower Promissory Note

          
	
            EXHIBIT I:

          	
            Form of Qualified Borrower Guaranty

          
	
            EXHIBIT J:

          	
            [Reserved]

          
	
            EXHIBIT K:

          	
            [Reserved]

          
	
            EXHIBIT L:

          	
            Form of Responsible Officer’s Certificate

          
	
            EXHIBIT M:

          	
            Form of Compliance Certificate

          
	
            EXHIBIT N:

          	
            Form of Lender Joinder Agreement

          
	
            EXHIBIT O:

          	
            Form of Facility Extension/Increase Request

          
	
            EXHIBIT P:

          	
            [Reserved]

          
	
            EXHIBIT Q:

          	
            [Reserved]

          
	
            EXHIBIT R-1:

          	
            Form of U.S. Tax Compliance Certificate (Foreign Lenders That Are Not Partnerships)

          
	
            EXHIBIT R-2:

          	
            Form of U.S. Tax Compliance Certificate (Foreign Participants That Are Not Partnerships)

          
	
            EXHIBIT R-3:

          	
            Form of U.S. Tax Compliance Certificate (Foreign Participants That Are Partnerships)

          
	
            EXHIBIT R-4:

          	
            Form of U.S. Tax Compliance Certificate (Foreign Lenders That Are Partnerships)

          
	
            EXHIBIT S:

          	
            [Reserved]

          
	
            EXHIBIT T:

          	
            Form of Subscription Agreement

          
	
            EXHIBIT U:

          	
            [Reserved]

          

    

    

    
      -1-

      
        

    

    
    

    

    

    

    REVOLVING CREDIT AGREEMENT

    THIS REVOLVING CREDIT AGREEMENT, is dated as of December 29, 2020, by and among STONE
        POINT CREDIT CORPORATION, a Delaware corporation (the “Initial Borrower”, and collectively with any other Borrower becoming party hereto (including Qualified Borrowers), the “Borrowers”), the banks and financial institutions
      from time to time party hereto as Lenders, and CAPITAL ONE, NATIONAL ASSOCIATION (“Capital One”), as the Administrative Agent (as hereinafter defined) for the Secured Parties and Sole Lead Arranger.

    A. The Initial Borrower has requested that the Lenders make loans to provide working capital to the Initial Borrower and any other Borrower becoming a party hereto for purposes permitted under the Constituent Documents (as defined below) of the
        Credit Parties (as defined below).

    B. The Lenders are willing to make loans upon the terms and subject to the conditions set forth in this Credit Agreement.

    NOW, THEREFORE, in consideration of the mutual promises herein contained and for
      other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

    ARTICLE I

      

      DEFINITIONS

    Section 1.1  Defined Terms. For the purposes of the Loan Documents,
        unless otherwise expressly defined, the following terms shall have the meanings assigned to them below:

    “Account Bank” means (i) U.S. Bank, National Association or (ii) any Eligible Institution that enters into a Control Agreement in accordance with Section
        5.2(b).

    “Adequately Capitalized” means compliance with the capital standards for bank holding companies as described in the Bank Holding Company Act of 1956, as
      amended, and regulations promulgated thereunder.

    “Adjusted LIBOR” means, for any Loan, for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
      determined by the Administrative Agent to be equal to: (a) the quotient obtained by dividing: (i) LIBOR for such Loan for such Interest Period; by (ii) one (1) minus the LIBOR Reserve Requirement for such Loan for such Interest Period; plus
      (b) the Applicable Margin.  If the calculation of Adjusted LIBOR results in an Adjusted LIBOR rate of less than 25 basis points (0.25%), Adjusted LIBOR shall be deemed to be 25 basis points (0.25%) for all purposes of the Loan Documents.

    “Administrative Agent” means Capital One, or any successor thereto pursuant to Section 11.9.

    
      -1-

      
        

    

    

    

    

    

    “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

    “Affiliate” of any Person means any other Person that, at any time, directly or indirectly, controls or is controlled by, or is under common control with,
      such Person.  For the purpose of this definition, “control” and the correlative meanings of the terms “controlled by” and “under common control with” when used with respect to any specified Person means the possession, directly or indirectly, of the
      power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting shares, partnership interests, shareholder interests, membership interests or by contract or otherwise.  “Affiliate” and
      “Affiliated” shall have correlative meanings.

    “Affiliated Investor” means an Investor that is an Affiliate of a Credit Party.

    “Agency Services Address” means the address for the Administrative Agent set forth in Section 12.6, or such other address as may be identified by the
      Administrative Agent.

    “Agent-Related Person” has the meaning provided in Section 11.3.

    “Agents” means, collectively, the Administrative Agent and any successors and assigns in such capacities.

    “Annual Valuation Period” means the “annual valuation period” as defined in 29 C.F.R. §2510.3-101(d)(5) as
      determined for each Borrower.

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

    “Anti-Money Laundering Laws” means Applicable Law in any jurisdiction in which any Credit Party or any of its Subsidiaries is located or doing business that
      relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

    “Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
      interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.

    “Applicable Margin” means (a) with respect to LIBOR Rate Loans, 175 basis points (1.75%) per annum, and (b) with respect to Reference Rate Loans, 75 basis
      points (0.75%) per annum.

    “Applicable Requirement” means each of the following requirements:

    (a) such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, if applicable) shall be a Rated Investor, and such Investor (or such Investor’s

    
      -2-

      
        

    

    

    

    Sponsor, Responsible Party or Credit Provider, as applicable) shall have a Rating of BBB/Baa2 or higher; and

    (b) if such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, if applicable) is:

    (i) a Bank Holding Company, it shall have Adequately Capitalized status or better;

    (ii)        an insurance company, it shall have a Best’s Financial Strength Rating of A-
        or higher;

    (iii)      a Pension Plan Investor or Governmental Plan Investor, or the trustee or
        nominee of a Pension Plan Investor or a Governmental Plan Investor, such Pension Plan Investor or Governmental Plan Investor, as applicable, shall have a minimum Funding Ratio based on the Rating of its Sponsor or Responsible Party, as applicable,
        as follows:

    

    

    	
            
               

              Sponsor/Responsible Party

                Rating

            

          	
            
               

              Minimum

                Funding Ratio

            

          
	
            A-/A3 or higher

          	
            No minimum

          
	
            BBB/Baa2 or higher

          	
            90%

          

    The first Rating above is the S&P Rating and the second Rating above is the Moody’s Rating.  In the event that the S&P and Moody’s Ratings are not
      equivalent, the Applicable Requirement shall be based on the lower of the two.  If any such Person has only one Rating from either S&P or Moody’s, that Rating shall apply.

    “Assignee” has the meaning provided in Section 12.11(b).

    “Assignment and Assumption” means agreement substantially in the form of Exhibit G pursuant to which a Lender assigns all or a portion of its rights
      and obligations hereunder.

    “Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would
      appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or principal amount of the remaining lease payments under the relevant lease that would
      appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease.

    “Availability Period” means the period commencing on the Closing Date and ending on the Maturity Date.

    “Available Commitment” means the lesser of (a) the Maximum Commitment and (b) the Borrowing Base.

    “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA
      Financial Institution.

    
      -3-

      
        

    

    

    

    

    

    “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
      Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

    “Bank Holding Company” means a “bank holding company” as defined in Section 2(a) of the Bank Holding Company Act of
      1956, as amended from time to time and any successor statute or statutes, or a non-bank subsidiary of such bank holding company.

    “Beneficial Ownership Certification”: means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation, in a form as
      agreed to by the Administrative Agent.

    “Beneficial Ownership Regulation”: means 31 C.F.R. § 1010.230.

    “Best’s Financial Strength Rating” means a “Best’s Financial Strength Rating” by A.M. Best Company.

    “Borrower” and “Borrowers” have the meanings provided in the first paragraph hereof.

    “Borrower Party” has the meaning provided in Section 11.1(a).

    “Borrowing” means a disbursement made by the Lenders of any of the proceeds of the Loans, and “Borrowings” means the plural thereof.

    “Borrowing Base” means, at any time, the sum of (a) ninety percent (90%) of the aggregate Unfunded Capital Commitments of the Included Investors, and
      (b) sixty-five percent (65%) of the aggregate Unfunded Capital Commitments of the Designated Investors, in each case as such Unfunded Capital Commitments are first reduced by the amount in excess of all applicable Concentration Limits.

    “Borrowing Base Certificate” means the certification and spreadsheet setting forth the calculation of the Available Commitment in the form of Exhibit A.

    “Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day of the year except: a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Applicable Law to close; and (b) if such day relates to any
      interest rate settings as to a LIBOR Rate Loan, any fundings, disbursements, settlements and payments in respect of any LIBOR Rate Loan, or any other dealings to be carried out pursuant to this Credit Agreement or the other Loan Documents in respect
      of any such LIBOR Rate Loan (or any Reference Rate Loan as to which the interest rate is determined by reference to LIBOR), any day that is a Business Day described in clause (a) above and that is also a day for trading by and between banks
      in Dollar deposits in the London interbank market.

    “Bylaws” means the Bylaws of the Initial Borrower, as the same may be amended, restated, modified or supplemented in accordance with the terms hereof.

    
      -4-

      
        

    

    

    

    

    

     “Capital Commitment” means the capital commitment of the Investors to the Borrowers in the amount set forth in the applicable Subscription Agreement.  “Capital
        Commitments” means, where the context may require, all Capital Commitments, collectively.

    “Capital Contribution” means the amount of cash actually contributed by an Investor to the Borrowers in the form of a Drawdown Purchase with respect to its
      Capital Commitment.  “Capital Contributions” means, where the context may require, all Capital Contributions, collectively.

    “Capital Lease” means any lease of any property by any Person or any of its Subsidiaries, as lessee, that should, in accordance with GAAP, be classified and
      accounted for as a capital lease on a consolidated balance sheet of such Person and its Subsidiaries.

    “Capital One” has the meaning provided in the first paragraph hereof.

    “Cash Control Event” shall occur if (a) an Event of Default has occurred and is continuing; (b) a Potential Default has occurred and is continuing; or (c) a
      mandatory prepayment has been triggered pursuant to Section 3.5(b) and is yet to be repaid.

    “Certificate of Incorporation” means the Certificate of Incorporation of the Initial Borrower, filed with the Delaware Secretary of State on November 30,
      2020.

    “Change in Law” means the occurrence, after the date hereof, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or
      treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
      (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
      directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
      or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

    “Change of Control” means the Investment Manager ceases to be controlled or under common control with the Borrower.

    “Closing Date” means the date hereof; provided that all of the conditions precedent set forth in Section 6.1 shall be satisfied or waived by
      the Lenders in writing.

    “Collateral” means all of the collateral security for the Obligations pledged or granted pursuant to the Collateral Documents.

    “Collateral Account” means, for each Borrower that has Investors, the account listed on Schedule I which is used for receipt of Capital
      Contributions.  “Collateral Accounts” means, where the context requires, all Collateral Accounts, collectively.

    “Collateral Documents” has the meaning provided in Section 5.1.

    
      -5-

      
        

    

    

    

    

    

    “Commitment” means, for each Lender, the amount set forth on Schedule II or on its respective Assignment and Assumption or Lender Joinder Agreement,
      as the same may be reduced pursuant to Section 3.6 or by assignment pursuant to Section 12.11(b).

    “Compliance Certificate” has the meaning provided in Section 8.1(b).

    “Concentration Limit” means the limits on the aggregate amount of an Unfunded Capital Commitment set forth below, calculated for each Investor classification
      as a percentage of the aggregate Unfunded Capital Commitments of all Included Investors and Designated Investors:

    

    

    	
            Investor Classification

          	
            Concentration Limit

          
	
            Rated Included Investor (dependent on applicable Ratings below)1,2

          
	
            AAA/Aaa

          	
            25%

          
	
            AA+/Aa1 to AA-/Aa3

          	
            20%

          
	
            A+/A1 to A-/A3

          	
            15%

          
	
            BBB+/Baa1 to BBB/Baa2

          	
            15%

          
	
            Other Concentration Limits

          
	
            Unrated Included Investors

          	
            15%

          
	
            Designated Investors

          	
            7.5%

          
	
            Aggregate Designated Investors

          	
            35%

          

    provided, that, for purposes of calculating the above Concentration Limits for any Investor, each Investor and its investing Affiliates shall be treated as a single
      Investor.

    “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
      branch profits Taxes.

    “Constituent Documents” means: (a) for the Initial Borrower, the Operative Documents; and (b) for any other Person, its constituent or organizational
      documents and any governmental or other filings related thereto, including: (i) in the case of any limited partnership, exempted limited partnership, joint venture, trust or other form of business entity, the limited partnership agreement, exempted
      limited partnership agreement, joint venture agreement, articles of association or other applicable agreement of formation and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary
      of state or other department in the state or jurisdiction of its formation; (ii) in the case of any limited liability company, the articles of formation, limited liability company agreement and/or operating agreement for such Person; and (iii) in the
      case of a corporation or an exempted company, the certificate or articles of

    

    

    

    

    

    1 The Ratings for such Investor will be the lower of any Rating of such Investor.  If such
      Investor has only one Rating, that Rating shall apply.

    2 For any Investor that is an unrated subsidiary of a rated parent, acceptable Credit Link
      Documents from the Rated parent entity will be required to apply the Concentration Limit based on such parent’s Ratings.

    
      -6-

      
        

    

    

    

    incorporation or association and the bylaws for such Person, in each such case as it may be restated, modified, amended or supplemented from time to time.

    “Contractual Obligations” means, as to any Person, any provision of any security (whether in the nature of Stock, or otherwise) issued by such Person or of
      any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its
      property is subject.

    “Control Agreement” means each Control Agreement among a Borrower, the Administrative Agent and the Account Bank, as the same may be amended, amended and
      restated, supplemented or otherwise modified from time to time.

    “Controlled Group” means: (a) the controlled group of corporations as defined in Section 414(b) of the Internal Revenue Code; or (b) the group of trades or
      businesses under common control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code), in each case of
      which the applicable Credit Party is a member.

    “Conversion Notice” has the meaning provided in Section 2.3(f).

    “Convert,” “Conversion,” and “Converted” shall refer to a conversion pursuant to Section 2.3(f) or Article IV of one Type of
      Loan into another Type of Loan.

    “Credit Agreement” means this Revolving Credit Agreement, inclusive of this Section 1.1, as amended, restated, supplemented or otherwise modified
      from time to time.

    “Credit Facility” means the credit facility provided to the Borrowers by the Lenders under the terms and conditions of the Loan Documents.

    “Credit Link Documents” means such financial information and documents as may be requested by the Administrative Agent in its sole discretion to connect the
      relevant credit link or credit support of a Sponsor, Credit Provider or Responsible Party, as applicable, to the obligations of an Investor to make Capital Contributions, which may include a written guaranty or other acceptable instrument to enable
      the applicable Investor to satisfy the Applicable Requirement based on the Rating or other credit standard of its Sponsor, Credit Provider or Responsible Party, as applicable.

    “Credit Party” means a Borrower.  “Credit Parties” means the Borrowers, collectively.

    “Credit Party Direction” has the meaning provided in Section 10.1(d).

    “Credit Provider” means a Person providing Credit Link Documents of the obligations of an Investor to make Capital Contributions.

    “Daily LIBOR” means, with respect to any day, the rate of interest per annum determined by the Administrative Agent based on the London interbank offered
      rate administered by ICE Benchmark Administration Limited (or any other Person which takes over the administration of

    
      -7-

      
        

    

    

    

    such rate) for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) as
      published by a commercially available source providing quotations of such rate as selected by the Administrative Agent from time to time at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day,
      then the immediately preceding Business Day (rounded upward, if necessary, to the nearest whole 1/100 of 1%).  If the calculation of Daily LIBOR results in a Daily LIBOR rate of less than 25 basis points (0.25%), Daily LIBOR shall be deemed to be 25
      basis points (0.25%) for all purposes of this Credit Agreement.

    “Debt Limitations” means the limitations set forth in Section 9.10.

    “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the
      benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

    “Default Rate” means on any day the lesser of: (a) the Reference Rate in effect on such day plus two percent (2%)
      and (b) the Maximum Rate.

    “Defaulting Lender” means, subject to Section 12.12(b) and Section 4.8, any Lender that (a) has failed to (i) fund all or any portion of the
      Loans required to be funded by it hereunder within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of
      such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
      Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified any Credit Party or the Administrative Agent in writing that it does not intend to
      comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
      determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3)
      Business Days after written request by the Administrative Agent or the Credit Parties, to confirm in writing to the Administrative Agent and the Credit Parties that it will comply with its prospective funding obligations hereunder (provided
      that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Credit Parties), or (d) has, or has a direct or indirect parent company that has,
      (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
      liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue
      of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
      jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender

    
      -8-

      
        

    

    

    

    (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender, or (iii) become the subject of a Bail-in Action.  Any
      determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error,
      and such Lender shall be deemed to be a Defaulting Lender (subject to Section 12.12(b) and Section 4.8(b)) upon delivery of written notice of such determination to the Credit Parties and each other Lender.

    “Designated Investor” means an Investor (a) that has been approved in writing as a Designated Investor by the Lenders, in their sole discretion, and (b) in
      respect of which there has been delivered to the Administrative Agent:

    (a) a true and correct copy of the Subscription Agreement executed and delivered by such Investor substantially in the form of Exhibit T, together with the applicable Credit Party’s countersignature;

    (b) a true and correct copy of any Side Letter duly executed and delivered by such Investor, which shall be acceptable to the Administrative Agent in its sole discretion;

    (c) if such Investor’s Subscription Agreement or any Constituent Document of the applicable Credit Party, executed by such Investor was signed by the applicable Credit Party, or any Affiliate of any thereof as an
        attorney-in-fact on behalf of such Investor, the Administrative Agent shall have received authority documentation reasonably satisfactory to the Administrative Agent; and

    (d) such other information as requested by the Administrative Agent;

    provided that any Designated Investor in respect of which an Exclusion Event has occurred shall no longer be a Designated Investor until such time as all such Exclusion Events
      shall have been cured and such Investor shall have been restored as a Designated Investor in the sole discretion of the Lenders.  The Designated Investors as of the Closing Date are those specified as such on Exhibit A, and Designated
      Investors approved by the Lenders subsequent to the Closing Date will be evidenced by an updated Exhibit A provided by the Administrative Agent to the Borrowers.

    “Distribution” has the meaning provided in Section 9.16.

    “Dollars” and the sign “$” mean the lawful currency of the United States of America.

    “Drawdown” means the issuance of a Drawdown Notice to any or all of the Investors for payment of each Investor’s Drawdown Share Amount pursuant to and in
      accordance with the Subscription Agreements of the Investors.

    “Drawdown Notice” shall have the meaning given to such term in the Subscription Agreements.

    “Drawdown Purchase” shall have the meaning given to such term in the Subscription Agreements.

    
      -9-

      
        

    

    

    

    

    

    “Drawdown Share Amount” shall have the meaning given to such term in the Subscription Agreements.

    “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
      an EEA Resolution Authority; (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition; or (c) any financial institution established in an EEA Member Country that is a
      subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.

    “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

    “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
      (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

    “Electronic Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise
      made or communicated by e-mail or E-Fax, or otherwise to or from an E-System.

    “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 12.11(b)(i), (ii) and (iii) (subject
      to such consents, if any, as may be required under Section 12.11(b)(iii)).

    “Eligible Institution” means any depository institution, organized under the laws of the United States or any state, having capital and surplus in excess of
      $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by Applicable Law and which is subject to supervision and examination by federal or state banking authorities; provided
      that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody’s and at least A-1 from S&P.  If such depository institution publishes reports of condition at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

    “Endowment Fund Investor” means an Investor that is a wholly owned, tax exempt, public charity subsidiary of a Sponsor, the assets of which Investor are not
      wholly disbursable for the Sponsor’s purposes on a current basis under the specific terms of all applicable gift instruments, formed for the sole purpose of accepting charitable donations on behalf of such Sponsor and investing the proceeds thereof.

    “Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations,
      allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any kind) or proceedings relating in
      any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such

    
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    Environmental Law, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages,
      contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury to human health or the environment.

    “Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations,
      permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the environment, including, but not limited to, requirements pertaining to the manufacture, processing,
      distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.

    “Environmental Liability” means any claim, demand, liability (including strict liability) obligation, accusation or cause of action, or any order, violation,
      loss, damage (including, without limitation, to any Person, property or natural resources and including consequential damages), injury, judgment, penalty or fine, cost of enforcement, cost of remedial action, cleanup, restoration or any other cost or
      expense whatsoever (including reasonable fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories) and disbursements in connection with any Environmental Claims, violation or alleged violation of any Environmental
      Law, the imposition of any Environmental Lien or the failure to comply in all material respects with any Environmental Requirement.

    “Environmental Lien” means a Lien in favor of any Governmental Authority: (a) under any Environmental Law; or (b) for any liability or damages arising from,
      or costs incurred by, any Governmental Authority in response to the Release or threatened Release of any Hazardous Material.

    “Environmental Requirement” means any Environmental Law, agreement, or restriction, as the same now exists or may be changed, amended, or come into effect in
      the future, which pertains to health, safety, or the environment, including, but not limited to ground, air, water, or noise pollution, or underground or aboveground tanks.

    “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder, each as amended or modified
      from time to time.

    “ERISA Investor” means an Investor that is: (a) an “employee benefit plan” (as such term is defined in Section 3(3)
      of ERISA) subject to Title I of ERISA; (b) any “plan” defined in and subject to Section 4975 of the Internal Revenue Code; or (c) any entity or account whose assets include or are deemed to include the Plan
      Assets of one or more such employee benefit plans or plans pursuant to the Plan Asset Regulations or other relevant legal authority.

    “Event of Default” has the meaning provided in Section 10.1.

    “Exchange Listing” shall have the meaning given to such term in the Subscription Agreements.

    
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    “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
      Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or,
      in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal  withholding Taxes
      imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
      than pursuant to an assignment request by the Borrowers under Section 4.8(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 4.1, amounts with respect to such Taxes were
      payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.1(g)
      and (d) any U.S. federal withholding Taxes imposed under FATCA.

    “Exclusion Event” means, with respect to any Included Investor or Designated Investor (or, if applicable, the Sponsor, Responsible Party, or Credit Provider
      of such Included Investor or Designated Investor) any of the following events shall occur (whatever the reason for such event 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) if actually known to a Responsible Officer of the Borrower, such Investor shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, liquidator or other similar official of itself or
        of all or a substantial part of its assets; (ii) file a voluntary petition as debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a
        petition or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in
        any bankruptcy, reorganization, or insolvency proceeding; or (vi) take personal, partnership, limited liability company, corporate or trust action, as applicable, for the purpose of effecting any of the foregoing;

    (b) if actually known to a Responsible Officer of the Borrower, (A) an involuntary case or other proceeding shall be commenced against it, seeking liquidation, reorganization or other relief with respect to it or its debts
        under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary
        case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or (B) an order, order for relief, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority approving a
        petition seeking such Investor’s reorganization or appointing a receiver, custodian, trustee, intervenor, or liquidator of such Person or of all or substantially all of its assets and such order, judgment, or decree shall continue unstayed and in
        effect for a

    
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    period of sixty (60) days, or an order for relief shall be entered in respect of such Person in a proceeding under any Debtor Relief Law and such order, judgment,
      or decree shall continue unstayed and in effect for a period of sixty (60) days;

    (c) if actually known to a Responsible Officer of the Borrower, any final judgment or decree which in the aggregate exceeds ten percent (10%) of the net worth of such Investor (measured as of the date of its initial designation
        as an Included Investor or Designated Investor, as applicable) shall be rendered against such Person, and (i) any such judgment or decree shall not be discharged, paid, bonded or vacated within thirty (30) days of issuance or (ii) enforcement
        proceedings shall be commenced by any creditor on any such judgment or decree and such judgment or decree shall not otherwise be covered by insurance in an amount that would cause any uninsured potential liability not to exceed ten percent (10%) of
        the net worth of the Investor;

    (d) such Investor shall (i) repudiate, challenge, or declare unenforceable its obligation to make contributions pursuant to its Capital Commitment or a Drawdown or such obligation shall be or become unenforceable, (ii)
        otherwise disaffirm any material provision of its Subscription Agreement, the Constituent Documents of any Borrower or any Credit Link Document, or (iii) give any written notice of its intent to withdraw from the applicable Borrower or that it may
        not fund future contributions pursuant to a Drawdown or comply with the provisions of its Subscription Agreement, the Constituent Documents of any Borrower or any Credit Link Document;

    (e) such Investor shall fail to make a capital contribution when initially due pursuant to a Drawdown, without regard to any notice or cure period under the applicable Subscription Agreement, and such delinquency is not cured
        within five (5) Business Days;

    (f) such Investor shall become or be declared a “Defaulting Shareholder” under its Subscription Agreement or the Constituent Documents of any Borrower;

    (g) any representation, warranty, certification or statement made by such Investor under its Subscription Agreement (or related Side Letter) or Credit Link Document shall prove to be untrue, inaccurate or misleading in any
        material respect and would reasonably be expected to have a material adverse effect on the ability of such Investor to fund future Capital Contributions;

    (h) if actually known to a Responsible Officer of the Borrower, such Investor encumbers its interest in any Borrower;

    (i) a default shall occur in the performance by it of any of the covenants or agreements contained in its Subscription Agreement (or related Side Letter) or Credit Link Document (except as otherwise specifically addressed in
        this definition) and such default is not cured within five (5) Business Days;

    (j) in the case of each Investor that is an Included Investor described in clause (a)(i) of the first sentence of the definition of “Included Investor”, it shall fail to maintain the Applicable Requirement;

    
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    (k) the occurrence of any circumstance or event which, in the sole discretion of the Administrative Agent: (y) could reasonably be expected to have a material and adverse impact on the financial condition and/or operations of
        such Investor; or (z) could reasonably be expected to materially impair, impede or jeopardize the obligation and/or the ability of such Investor to fulfill its obligations under its Subscription Agreement of any Borrower or any Credit Link
        Document;

    (l) to the actual knowledge of a Responsible Officer of a Credit Party, in the case of an Investor that is a Designated Investor or an Included Investor described in clause (a)(ii) of the first sentence of the
        definition of “Included Investor,” such Investor shall fail to maintain a net worth (determined in accordance with GAAP), measured as of the end of the time period covered in such Person’s most recent financial report, of at least seventy-five
        percent (75%) of the net worth of such Investor, measured as of the date of its initial designation as an Included Investor;

    (m) such Investor shall withdraw, retire or resign from any Borrower, or its Subscribed Interest is redeemed, forfeited or otherwise repurchased by the Borrower;

    (n) such Investor shall Transfer its Subscribed Interest in any Borrower and be released from its obligation under the applicable Subscription Agreement to make contributions pursuant to a Drawdown with respect to such
        transferred interest, provided that, if such Investor shall Transfer less than all of its Subscribed Interest in any Borrower, only the Transferred portion shall be excluded from the Borrowing Base;

    (o) any Credit Party suspends, cancels, reduces, excuses, terminates or abates the Capital Commitment or any amounts due with respect to a Drawdown for such Included Investor or Designated Investor; provided, however,
        that to the extent such suspension, cancellation, reduction, excuse, termination or abatement relates solely to a portion of such Investor’s Uncalled Capital Commitment, only such suspended, cancelled, reduced, excused, terminated or abated portion
        shall be excluded from the Borrowing Base;

    (p) the Uncalled Capital Commitment of such Investor ceases to be Collateral subject to a first priority perfected Lien in favor of the Administrative Agent (subject to Permitted Liens) other than as a result of any action or
        inaction on the part of, or on behalf of, the Administrative Agent or any Lender;

    (q) in connection with any Borrowing, a Responsible Officer of any Credit Party has actual knowledge that such Investor will likely request to be excused from funding a Drawdown with respect to the investment being acquired by
        the Borrower or otherwise funded with the proceeds of the related Borrowing; provided that only the portion of such Investor’s Uncalled Capital Commitment which would otherwise be contributed to fund such investment or repay the related
        Borrowing shall be excluded from the Borrowing Base;

    (r) such Investor becomes a Sanctioned Entity, or, to the actual knowledge of a Responsible Officer of any Credit Party or the Administrative Agent, such Investor’s

    
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    funds to be used in connection with funding Drawdowns are derived from illegal or illicit activities;

    (s) if such Investor is an ERISA Investor, any failure by its Sponsor to pay any contractual or statutory obligations or make any other payment required by ERISA or the Internal Revenue Code with respect to such ERISA Investor;

    (t) in the case of an Included Investor or such Investor’s Credit Provider, as applicable, which does not have publicly available financial information, the Administrative Agent is unable (after giving the Borrowers ten (10)
        Business Days’ notice thereof) to obtain annual updated financial information for such Investor or such Investor’s Credit Provider, as applicable, within one-hundred twenty (120) days following the end of the applicable fiscal year of such
        Investor;

    (u) a Change of Control shall occur with respect to such Investor’s Sponsor, Responsible Party or Credit Provider, as applicable;

    (v) [reserved]; or

    (w) such Investor enters into a new Side Letter or amends its existing Side Letter (including any amendment via a ‘most favored nations’ clause) that would constitute a Material Amendment as determined by the Administrative
        Agent in its sole discretion.

    “Extension Fee” means a fee in the amount of 25 basis points (0.25%) on the Maximum Commitment with respect to any extension of the Stated Maturity Date in
      accordance with Section 2.14.

    “Extension Request” means a written request by the Borrowers substantially in the form of Exhibit O to extend the initial or extended Stated Maturity
      Date.

    “E-Fax” means any system used to receive or transmit faxes electronically.

    “E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature
      or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission.

    “E-System” means any electronic system approved by the Administrative Agent, including Syndtrak®, Intralinks® and ClearPar® and any other Internet or
      extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent, any of its Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

    “Facility Increase” has the meaning provided in Section 2.15(a).

    “Facility Increase Fee” means a fee in the amount of 25 basis points (0.25%), per annum, on the amount of increase of the Maximum Commitment in accordance
      with Section 2.15, pro-rated based on the remaining tenor of  the Credit Agreement.

    
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    “Facility Increase Request” means the notice in the form of Exhibit O pursuant to which the Borrowers request an increase of the Commitments in
      accordance with Section 2.15.

    “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Credit Agreement (or any amended or successor version that is
      substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.

    “Federal Funds Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by
      depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the
      federal funds effective rate.

    “Filings” means (a) UCC financing statements, UCC financing statement amendments and UCC financing statement terminations and (b) the substantial equivalent
      as reasonably determined to be necessary by the Administrative Agent in any other jurisdiction in which any Credit Party may be formed.

    “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S.
      Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the applicable Borrower is resident for tax purposes.

    “Funding Ratio” means: (a) for a Governmental Plan Investor or other plan not covered by clause (b) below, the total net fair market value of the
      assets of the plan over the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited financial statements; and (b) for a Pension Plan Investor that is subject to Form 5500 – series reporting
      requirements, the funding target attainment percentage reported on Schedule SB to the Form 5500 or the funded percentage for monitoring the plan’s status reported on Schedule MB to the Form 5500, as applicable, as reported on the most recently filed
      Form 5500 by such Pension Plan Investor with the United States Department of Labor.

    “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
      and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United
      States, that are applicable to the circumstances as of the date of determination, consistently applied.

    “Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to,
      all Governmental Authorities.

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

    
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    government (including any supra-national bodies such as the European Union or the European Central Bank).

    “Governmental Plan Investor” means an Investor that is a governmental plan as defined in Section 3(32) of ERISA.

    “Guaranty Obligations” means, with respect to the Borrowers and their Subsidiaries, without duplication, any obligation, contingent or otherwise, of any such
      Person pursuant to which such Person has directly or indirectly guaranteed any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of
      any such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods,
      securities or services, to take-or-pay, or to maintain financial statement condition or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to
      protect such obligee against loss in respect thereof (in whole or in part); provided, that the term Guaranty Obligations shall not include endorsements for collection or deposit in the ordinary course of business.

    “Hazardous Material” means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants,
      chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human health or the environment and are or
      become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any
      Environmental Law or other Governmental Approval, (e) which are deemed to constitute a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, (f) which consist of underground or aboveground storage tanks,
      whether empty, filled or partially filled with any substance, or (g) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil,
      nuclear fuel, natural gas or synthetic gas.

    “Hedge Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
      commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
      foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any
      of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are
      subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, all as
      amended, restated, supplemented or otherwise modified from time to time.

    
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    “Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting
      agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the
      date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
      Hedge Agreements (which may include a Lender or any Affiliate of a Lender).

    “HNW Investor” means each Investor that is a domestic or international individual investor (including a natural person, family office or family trust) or an
      entity owned or controlled or established by a domestic or international individual investor (including a natural person, family office or family trust).

    “Included Investor” means an Investor (a) that either (i) meets the Applicable Requirement (or whose Credit Provider, Sponsor or Responsible Party, as
      applicable, meets the Applicable Requirement) and has been approved as an Included Investor by the Administrative Agent, in its sole discretion, exercised in good faith, or (ii) does not meet the Applicable Requirement but has been approved as an
      Included Investor by the Administrative Agent, in its sole discretion, exercised in good faith, and (b) in respect of which there has been delivered to the Administrative Agent:

    (a) a true and correct copy of the Subscription Agreement executed and delivered by such Investor substantially in the form of Exhibit T, together with the applicable Credit Party’s countersignature;

    (b) any Constituent Documents of the applicable Borrower executed and delivered by such Investor;

    (c) a true and correct copy of each Side Letter executed by such Investor, which shall be acceptable to the Administrative Agent in its sole discretion;

    (d) if applicable, the Credit Link Documents of such Investor’s Sponsor, Credit Provider or Responsible Party, as applicable, executed and delivered by such Person; and

    (e) if such Investor’s Subscription Agreement or any Constituent Document of the applicable Credit Party executed by such Investor was signed by any Credit Party or any Affiliate of any Credit Party, as an attorney-in-fact on
        behalf of such Investor, the Administrative Agent shall have received evidence of such signatory’s authority documentation reasonably satisfactory to the Administrative Agent

    provided that any Investor in respect of which an Exclusion Event has occurred shall thereupon no longer be an Included Investor until such time as all such Exclusion Events
      shall have been cured and such Investor shall have been restored as an Included Investor in the sole discretion of all Lenders.  The Included Investors as of the Closing Date are those specified as such on Exhibit A, and Included Investors
      approved by the Administrative Agent or Lenders, as applicable, subsequent to the Closing Date will be evidenced by an updated Exhibit A provided by the Administrative Agent to the Borrowers. For the
      avoidance of doubt, unless otherwise agreed by

    
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    the Lenders in their sole discretion, no HNW Investor or Pooled Vehicle Investor shall be an Included Investor.

    “Increase Effective Date” has the meaning provided in Section 2.15(b).

    “Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following:

    (a) all liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person;

    (b) all obligations to pay the deferred purchase price of property or services of any such Person (including, without limitation, all obligations under non-competition, earn-out or similar agreements), except trade payables
        arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on
        the books of such Person;

    (c) the Attributable Indebtedness of such Person with respect to such Person’s obligations in respect of Capital Leases and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP);

    (d) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person to the extent of the value of such property (other than customary reservations or
        retentions of title under agreements with suppliers entered into in the ordinary course of business);

    (e) all Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements except trade payables
        arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

    (f) [reserved];

    (g) all obligations of any such Person to repurchase any securities which repurchase obligation is related to the issuance thereof;

    (h) all net obligations of such Person under Hedge Agreements; and

    (i) all Guaranty Obligations of any such Person with respect to any of the foregoing.

    For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
      itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation

    
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    under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date.

    “Indemnified Taxes” means (a) Taxes other than Excluded Taxes imposed on or with respect to any payment made by or on account of any obligation of any Credit
      Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

    “Indemnitee” has the meaning provided in Section 12.5(b).

    “Initial Borrower” has the meaning provided in the first paragraph hereof.

    “Interest Option” means LIBOR or the Reference Rate.

    “Interest Payment Date” means: (a) with respect to any Reference Rate Loan or any LIBOR Rate Loan based on Daily LIBOR, the first Business Day of each
      calendar month; (b) as to any LIBOR Rate Loan in respect of which the applicable Borrower has selected a one-, two- or three-month Interest Period, the last day of such Interest Period for such LIBOR Rate Loan;
      (c) as to any LIBOR Rate Loan in respect of which the applicable Borrower has selected a six month Interest Period, the first day of each fourth month during such Interest Period; (d) the date of any prepayment of any Loan made hereunder, as to the
      amount prepaid; and (e) the Maturity Date.

    “Interest Period” means, (a) initially the period commencing on (and including) the date of the initial funding of such Loan and ending on (but excluding)
      the next following Interest Payment Date and (b) thereafter, each period commencing on (and including) an Interest Payment Date and ending on (but excluding) the next following Interest Payment Date; provided that:

    (i)  any Interest Period with respect to any Loan which would otherwise end on a day
        which is not a Business Day shall be extended to the next succeeding Business Day; provided further that if interest in respect of such Interest Period is computed by reference to LIBOR, and such Interest Period would otherwise end
        on a day which is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Interest Period shall end on the next preceding Business Day;

    (ii)  if interest in respect of such Interest Period is computed by reference to LIBOR,
        and such Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the last Business Day of the calendar month at the end of
        such Interest Period; and

    (iii) in the case of any Interest Period for any Loan which commences before the Maturity
        Date and would otherwise end on a date occurring after the Maturity Date, such Interest Period shall end on (but exclude) such Maturity Date.

    “Internal Revenue Code” means the U.S. Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder, each as amended or modified from
      time to time.

    
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    “Investment Exclusion Event” means the exclusion or excuse of any Investor from participating in a particular Investment pursuant to the terms of the
      applicable Subscription Agreement or its Side Letter, where the Investor is entitled to such exclusion or excuse under its Side Letter as a matter of right (i.e. not in any Credit Party’s discretion).

    “Investment Manager” means Stone Point Credit Adviser LLC, a Delaware limited liability company.

    “Investor” means any Person that has a Subscribed Interest in a Borrower.

    “IRS” means the U.S. Internal Revenue Service.

    “ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590.

    “KYC Compliant” means any Person who has satisfied all requests for information from the Lenders for “know-your-customer” and other anti-terrorism,
      anti-money laundering and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with any such rules and regulations and related policies were such Person to enter into a banking relationship
      with such Lender including, but not limited to, any information required to be obtained by the Lender pursuant to the Beneficial Ownership Regulation.

    “Lender” means (a) Capital One, in its capacity as lender, and (b) each other lender that becomes party hereto in accordance with the terms hereof; and
      collectively, the “Lenders”.

    “Lender Joinder Agreement” means an agreement substantially in the form of Exhibit N pursuant to which a new Lender joins the Credit Facility.

    “Lender Party” has the meaning provided in Section 11.1(a).

    “Lending Office” means, as to any Lender, the office or offices of such Lender (or an Affiliate of such Lender) described as such in such Lender’s
      Administrative Questionnaire delivered to the Administrative Agent, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent.

    “LIBOR” means,

    (a) for any interest rate calculation with respect to any LIBOR Rate Loan, at the option of the Borrowers, either:

    (i)   Daily LIBOR (which, for the avoidance of doubt, shall be determined on each
        Business Day in accordance with the definition thereof and shall only be available for Loans denominated in Dollars), or

    (ii)  the rate of interest per annum determined by the Administrative Agent based on the
        London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person which takes over the administration of such rate) for deposits in Dollars for delivery on the first day of the applicable

    
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    Interest Period for a period approximately equal to such applicable Interest Period as published by a commercially available source providing quotations of such
      rate as selected by the Administrative Agent from time to time at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period (rounded upward, if necessary, to the nearest whole 1/100 of 1%);
      and

    (b) for any interest rate calculation with respect to a Reference Rate Loan, Daily LIBOR.

    Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.  If the calculation of LIBOR (or any
      applicable LIBOR Successor Rate adopted together with the LIBOR Successor Rate Conforming Changes pursuant to Section 4.10 hereof) results in a LIBOR rate of less than 25 basis points, LIBOR or such LIBOR Successor Rate, as applicable, shall be
      deemed to be 25 basis points (0.25%) for all purposes hereunder.

    “LIBOR Conversion Date” has the meaning provided in Section 2.3(f).

    “LIBOR Rate Loan” means a Loan (other than a Reference Rate Loan) that bears interest at a rate based on LIBOR.

    “LIBOR Reserve Requirement” means, at any time, the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or
      emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D).  Without limiting the effect of the foregoing, the LIBOR Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with
      respect to: (a) any category of liabilities which includes deposits by reference to which Adjusted LIBOR is to be determined; or (b) any category of extensions of credit or other assets which include LIBOR Rate Loans or Reference Rate Loans bearing
      interest based off LIBOR.  LIBOR shall be adjusted automatically on and as of the effective date of any change in the LIBOR Reserve Requirement.  Each determination by the Administrative Agent of the LIBOR Reserve Requirement shall, in the absence of
      manifest error, be conclusive and binding.

    “LIBOR Successor Rate” is defined in Section 4.10(a) hereof.

    “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Reference
      Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor
      Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not
      administratively feasible or that no market practice for the administration of such LIBOR

    
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    Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrowers).

    “Lien” means any lien, mortgage, security interest, charge, tax lien, pledge, encumbrance, or conditional sale or title retention arrangement, or any other
      interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under common law, any statute, law, contract, or otherwise.

    “Loan Documents” means this Credit Agreement, the Notes (including any renewals, extensions, re-issuances and refundings thereof), each of the Collateral
      Documents, each Assignment and Assumption, each Lender Joinder Agreement, each Request for Borrowing, each Facility Increase Request, all Credit Link Documents, each Qualified Borrower Guaranty, and such other agreements and documents, and any
      amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment,
      supplement or modification.

    “Loans” means the groups of LIBOR Rate Loans and Reference Rate Loans made by the Lenders to the Borrowers pursuant to the terms and conditions of this
      Credit Agreement, (and certain other related amounts specified in Section 2.9 shall be treated as Loans pursuant to Section 2.9).

    “Management Agreement” means that certain Investment Advisory Agreement, dated as of December 1, 2020, between the Borrowers and the Investment Manager.

    “Margin Stock” has the meaning assigned thereto in Regulation U.

    “Material Adverse Effect” means a material adverse effect on:  (a) the assets, operations, properties, liabilities (actual or contingent), financial
      condition or business of the Borrowers (taken as a whole); (b) the ability of any Borrower to perform its obligations under any of the Loan Documents; (c) the validity or enforceability of this Credit Agreement, any of the other Loan Documents, or
      the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; (d) the obligation or the ability of any Credit Party to fulfill its obligations under its Constituent Documents; or (e) the ability of the Investors (or
      applicable Sponsors, Responsible Parties or Credit Providers) to perform their obligations under the Operative Documents of the Borrowers, the Subscription Agreements, the Side Letters, or the Credit Link Documents, as applicable.

    “Material Amendment” has the meaning provided in Section 9.6.

    “Maturity Date” means the earliest of: (a) the Stated Maturity Date; (b) the date upon which the Administrative Agent declares the Obligations due and
      payable after the occurrence of an Event of Default; (c) 45 days prior to the termination of the Constituent Documents of the Borrowers; (d) 45 days prior to the date on which the Borrowers’ ability to call Capital Commitments for the purpose of
      repaying the Obligations is terminated, and (e) the date upon which the Borrowers terminate the Commitments pursuant to Section 3.6 or otherwise.

    
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    “Maximum Commitment” means $125,000,000, as it may be (a) reduced pursuant to Section 3.6 or (b) increased from time to time pursuant to Section
        2.15.

    “Maximum Rate” means, on any day, the highest rate of interest (if any) permitted by Applicable Law on such day.

    “Memorandum” means the Initial Borrower’s Confidential Private Placement Memorandum dated December 18, 2020 (together with any appendices and supplements
      thereto), as amended, amended and restated, supplemented or otherwise modified from time to time.

    “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

    “Non-Consenting Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of
      all Lenders or all affected Lenders in accordance with the terms of Section 12.1 and (b) has been approved by the Required Lenders.

    “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

    “Notes” means the promissory notes provided for in Section 3.1, and all promissory notes delivered in substitution or exchange therefor, as such
      notes may be amended, restated, reissued, extended or modified, and the Qualified Borrower Promissory Notes; and “Note” means any one of the Notes.

    “Obligations” means all present and future indebtedness, obligations, and liabilities of the Credit Parties to the Lenders and other Secured Parties, and all
      renewals and extensions thereof (including, without limitation, Loans), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the Notes and each Qualified
      Borrower Guaranty, and all interest accruing thereon, and attorneys’ fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint,
      several, or joint and several; together with all indebtedness, obligations and liabilities of the Credit Parties to the Lenders and other Secured Parties evidenced or arising pursuant to any of the other Loan Documents, and all renewals and
      extensions thereof, or any part thereof.

    “Operating Company” means an “operating company” within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset
      Regulations.

    “Operating Lease” means, as to any Person as determined in accordance with GAAP, any lease of property (whether real, personal or mixed) by such Person as
      lessee which is not a Capital Lease.

    “Operative Documents” means, with respect to the Initial Borrower, its Certificate of Incorporation and Bylaws, the Management Agreement, the Memorandum and
      the form Subscription Agreement attached as Exhibit T hereto.

    “Other Claims” has the meaning provided in Section 5.4.

    
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    “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the
      jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in
      any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

    “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under,
      from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
      with respect to an assignment (other than an assignment made pursuant to Section 4.8(b)).

    “Participant” has the meaning provided in Section 12.11(g).

    “Participant Register” has the meaning provided in Section 12.11(h).

    “Pending Drawdown” means any Drawdown that has been made upon the Investors and that has not yet been funded by the applicable Investor.

    “Pension Plan Investor” means an ERISA Investor that is an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA and is subject to
      Title IV of ERISA or Section 412 of the Internal Revenue Code.

    “Permitted Distributions” means, without duplication, (a) Distributions required to maintain the status of Borrower as a RIC and (b) Distributions required
      to avoid federal excise taxes imposed by Section 4982 of the Internal Revenue Code.

    “Permitted Liens” means (a) Liens under the Credit Facility, (b) Liens imposed by a Governmental Authority not yet delinquent or being contested in good
      faith by appropriate proceedings as long as such Person has set aside on its books adequate reserves with respect thereto in accordance with GAAP and in relation to an obligation not in excess of $500,000, and (c) Liens in favor of a banking or other
      financial institution arising as a matter of law or pursuant to a Control Agreement pursuant to which any Collateral Account is opened encumbering deposits or other funds maintained with a financial institution (including the right of setoff).

    “Person” means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, company, limited liability
      company, limited liability partnership, limited partnership, nonprofit corporation, partnership, group, sector, sovereign government or agency, instrumentality, or political subdivision thereof, territory, or any similar entity or organization.

    “Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), including any single-employer plan  or multiemployer
      plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or Section 412 of the Internal Revenue Code.

    
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    “Plan Asset Regulations” means 29 C.F.R. §2510.3-101, et seq, as modified by Section 3(42) of ERISA.

    “Plan Assets” means “plan assets” within the meaning of the Plan Asset Regulations.

    “Pooled Vehicle Investor” means an Investor that is an investment vehicle consisting of multiple HNW Investors.

    “Potential Default” means any condition, act or event which, with the giving of notice or lapse of time or both, would become an Event of Default.

    “Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.  Each
      change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or
      base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

    “Principal Obligations” means, at any time of determination, the aggregate outstanding principal amount of the Loans.

    “Pro Rata Share” means, with respect to each Lender, the percentage obtained from a fraction: (a)(i) the numerator of which is the Commitment of such Lender;
      and (ii) the denominator of which is the aggregate Commitments of all Lenders; or (b) in the event the Commitments of all Lenders have been terminated: (i) the numerator of which is the sum of the Principal Obligations (or, if no Principal
      Obligations are outstanding, the Obligations) owed to such Lender; and (ii) the denominator of which is the aggregate Principal Obligations (or if no Principal Obligations are outstanding, the Obligations) owed to all of the Lenders.

    “Proceedings” has the meaning provided in Section 7.9.

    “Proposed Amendment” has the meaning provided in Section 9.6.

    “Qualified Borrower” has the meaning provided in Section 6.3.

    “Qualified Borrower Guaranty” and “Qualified Borrower Guaranties” have the meanings provided in Section 6.3.

    “Qualified Borrower Promissory Note” has the meaning provided in Section 6.3.

    “Rated Investor” means any Investor that has a Rating (or that has a Credit Provider, Sponsor or Responsible Party that has a Rating).

    “Rating” means, for any Person, its senior unsecured debt rating (or equivalent thereof), such as, but not limited to, a corporate credit rating, issuer
      rating/insurance financial strength rating (for an insurance company), general obligation rating or credit enhancement program (for a governmental entity), or revenue bond rating (for an educational institution) from S&P or Moody’s.

    
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    “Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable.

    “Reference Rate” means the greatest of: (i) the Prime Rate plus the Applicable Margin, (ii) the Federal Funds Rate plus fifty basis points (0.50%) plus the
      Applicable Margin, and (iii) except during any period of time during which LIBOR is unavailable pursuant to Section 4.2 or 4.3, Daily LIBOR plus the Applicable Margin applicable for LIBOR Rate Loans.  Each change in the Reference Rate
      shall become effective without prior notice to any Credit Party automatically as of the opening of business on the day of such change in the Reference Rate.

    “Reference Rate Conversion Date” has the meaning provided in Section 2.3(f).

    “Reference Rate Loan” means a Loan denominated in Dollars made hereunder with respect to which the interest rate is calculated by reference to the Reference
      Rate.

    “Register” has the meaning provided in Section 12.11(f).

    “Regulation D,” “Regulation T,” “Regulation U,” and “Regulation X” means Regulation D, T, U, or X, as the case may be, of the Board of
      Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other regulation relating to reserve requirements or margin requirements, as the case may be, applicable to member banks of the Federal Reserve
      System.

    “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
      administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

    “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration of Hazardous
      Materials into the indoor or outdoor environment, or into or out of any real property investment of a Borrower, including the movement of any Hazardous Material through or in indoor or outdoor the air, soil, surface water or groundwater of any real
      property investment of a Borrower.

    “Removal Effective Date” has the meaning provided in Section 11.9(a)(ii).

    “Request for Borrowing” has the meaning provided in Section 2.3(a).

    “Required Lenders” means, at any time, the Administrative Agent and the Lenders holding an aggregate Pro Rata Share of greater than fifty percent (50%). The
      Commitments, Principal Obligations and Obligations of any Defaulting Lender shall be disregarded from both the numerator and the denominator in determining Required Lenders at any time.

    “Required Payment Time” means, (a) within two (2) Business Days, to the extent such funds are available in the Collateral Accounts or any other account
      maintained by the Borrowers; and (b) otherwise, to the extent that it is necessary for the Credit Parties to issue a Drawdown Notice to fund such required payment, within twelve (12) Business Days (but, in any event, the Credit Parties shall issue
      such Drawdown Notice and make such payment promptly after the related Capital Contributions are received).

    
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    “Resignation Effective Date” has the meaning provided in Section 11.9(a).

    “Responsible Officer” means:  (a) in the case of a corporation or company, its president or any vice president or any director or any other officer or the
      equivalent thereof (other than a secretary or assistant secretary), and, in any case where two Responsible Officers are acting on behalf of such corporation, the second such Responsible Officer may be any secretary or assistant secretary or the
      equivalent thereof; (b) in the case of a limited partnership or an exempted limited partnership, any officer or director of its general partner or ultimate general partner, as the case may be, or any officer or director of an entity that has
      authority to act on behalf of such general partner, acting on behalf of the general partner in its capacity as general partner of such limited partnership; (c) in the case of a limited liability company, any officer of such limited liability company
      or any manager, director or managing member, or the individual acting on behalf of such manager or managing member, in its capacity as manager or managing member of such limited liability company, and (d) in the case of an exempted company, any
      director or any other duly authorized officer of such exempted company, or in each case such other authorized officer or signatory who has the power to bind such corporation, limited partnership, exempted limited partnership, liability company,
      exempted company, any other Person who has provided documentation evidencing such authority or any other party acceptable to the Administrative Agent.  Any document delivered hereunder or under any other Loan Document that is signed by a Responsible
      Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of
      such Person.

    “Responsible Party” means, for any Governmental Plan Investor: (a) if the state under which the Governmental Plan Investor operates is obligated to fund the
      Governmental Plan Investor and is liable to fund any shortfalls, the state; and (b) otherwise, the Governmental Plan Investor itself.

    “RIC” means a Person qualifying for treatment as a “regulated investment company” under the Internal Revenue Code.

    “Rollover” means the renewal of all or any part of any LIBOR Rate Loan upon the expiration of the Interest Period with respect thereto, pursuant to Section
        2.3.

    “Rollover Notice” has the meaning provided in Section 2.3(e).

    “S&P” means Standard & Poor’s Financial Services, LLC, a subsidiary of the McGraw-Hill Companies, Inc. and any successor thereto.

    “Sanction” or “Sanctions” means individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions,
      secondary sanctions, trade embargoes and anti-terrorism laws imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury’s Office of Foreign Assets
      Control (“OFAC”), the U.S. Department of State or through any existing or future executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other relevant sanctions authority.

    
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    “Sanctioned Entity” means any Person that is the target of any Sanctions, including without limitation, (i) any Person that is deemed to be a target of
      Sanctions based on the direct or indirect ownership or control of such entity by any other Sanctioned Entity, or (ii) any Person that is located, organized or a resident in a country, territory or region that is the subject of comprehensive
      Sanctions.

    “Scheduled Unavailability Date” is defined in Section 4.10(a)(ii) hereof.

    “Secured Parties” means the Administrative Agent, the Lenders, and each Indemnitee.

    “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and any successor
      statute.

    “Security Agreements” means each Security Agreement, substantially in the form of Exhibit C, made by a Borrower in favor of the Administrative Agent,
      pursuant to which such Credit Parties grant to the Administrative Agent for the benefit of the Secured Parties a Lien in their respective Collateral, as the same may be amended, amended and restated, supplemented and otherwise modified from time to
      time.

    “Side Letter” means any side letter executed by an Investor with any Credit Party or the Investment Manager with respect to such Investor’s rights and/or
      obligations under its Subscription Agreement or other Constituent Documents of the applicable Borrower.

    “Solvent” means, with respect to any Credit Party, as of any date of determination, that as of such date:

    (a)  the fair value of the assets of such Credit Party and, with respect to the Borrowers,
        the aggregate Uncalled Capital Commitments, are greater than the total amount of liabilities, including contingent liabilities, of such Credit Party;

    (b)  the fair value of the assets of such Credit Party and, with respect to the Borrowers,
        the aggregate Uncalled Capital Commitments, are not less than the amount that will be required to pay the probable liability of the Credit Parties on their debts as they become absolute and matured;

    (c)  such Credit Party does not intend to, and does not believe that it will, incur debts or
        liabilities beyond its ability to pay as such debts or liabilities become absolute and matured; and

    (d)  such Credit Party is not engaged in a business or transaction, and is not about to
        engage in a business or transaction, for which its assets and, with respect to the Borrowers, the aggregate Uncalled Capital Commitments, would constitute unreasonably small capital.

    For the purposes of this definition, the amount of contingent liabilities (such as litigation, guarantees, and pension plan liabilities) at any time shall be
      computed as the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can be reasonably expected to become an actual or matured liability and are determined as contingent

    
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    liabilities in accordance with applicable federal and state laws governing determinations of insolvency.

    “Sponsor” means, (a) for any ERISA Investor, a sponsor as that term is understood under ERISA, specifically, the entity that established the plan and is
      responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to amend or terminate the plan, and in the case of an ERISA Investor that is an individual
      retirement account or individual retirement annuity, the owner of such account or annuity for whose benefit the account or annuity has been established, and (b) for any Endowment Fund Investor, the state chartered, “not-for-profit” university or
      college that has established such fund for its exclusive use and benefit.  As used herein, the term “not-for-profit” means an entity formed not for financial gain and for which no part of its assets, income or profit is distributable to, or inures to
      the benefit of, its members, directors or officers.

    “SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to the Administrative Agent.

    “Stated Maturity Date” means December 29, 2021, subject to the Borrowers’ extension of such date under Section
        2.14.

    “Stock” means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or
      membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting; and (b) all securities
      convertible into or exchangeable for any other Stock and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any other Stock, whether or not presently convertible, exchangeable or exercisable.

    “Subscribed Interest” means the obligation of an Investor to purchase Stock pursuant to its Subscription Agreement up to the amount of its Uncalled Capital
      Commitment.

    “Subscription Agreement” means a Subscription Agreement substantially in the form of Exhibit T executed by an Investor in connection with the
      subscription for Stock in the Initial Borrower, as amended, amended and restated, restated, supplemented or otherwise modified from time to time or with changes reasonably acceptable to the Administrative Agent.  References to terms of or as defined
      in “the Subscription Agreement” shall be deemed to be references to the form of Subscription Agreement attached Exhibit T hereto (as amended, amended and restated, supplemented or otherwise modified
      from time to time) or  with changes reasonably acceptable to the Administrative Agent.

    “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
      shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time
      beneficially owned, or the management of which is, at any time, otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless

    
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    otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Borrower.

    “Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such
      transaction is considered borrowed money indebtedness for tax purposes but is classified as an Operating Lease in accordance with GAAP.

    “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other
      charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto.

    “Threshold Amount” means the lesser of (i) $50,000,000, and (ii) 10% of the aggregate Uncalled Capital Commitments at such time.

    “Transfer” means to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose.

    “Type of Loan” means a Reference Rate Loan or a LIBOR Rate Loan.

    “UCC” means the Uniform Commercial Code as adopted in the State of New York and any other state from time to time, which governs creation or perfection (and
      the effect thereof) of security interests in any Collateral.

    “Uncalled Capital Commitment” means, with respect to any Investor at any time, such Investor’s uncalled Capital Commitment.

    “Unfunded Capital Commitment” means, with respect to any Investor at any time, such Investor’s Uncalled Capital Commitment minus any portion of such
      Investor’s Uncalled Capital Commitment that is subject to a Pending Drawdown.

    “Uniform Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007 International Chamber of Commerce
      Publication No. 600.

    “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code.

    “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 4.1(g).

    “Withholding Agent” means any Credit Party and the Administrative Agent.

    Section 1.2  Construction. With reference to this Credit Agreement and
        each other Loan Document, unless otherwise specified herein or in such other Loan Document:

    (a)  all terms defined in this Credit Agreement shall have the above-defined meanings when used in any other
        Loan Documents or any certificate, report or other document made or delivered pursuant hereto, unless otherwise defined in such other document;

    
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    (b)  the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined;

    (c)  whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
        neuter forms;

    (d)  the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
          limitation”;

    (e)  the word “will” shall be construed to have the same meaning and effect as the word “shall”;

    (f)  any reference herein to any Person shall be construed to include such Person’s successors and assigns;

    (g)  the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to
        this Credit Agreement in its entirety and not to any particular provision hereof;

    (h)  all references herein to Sections, Exhibits and Schedules shall be construed to refer to Sections of, and
        Exhibits and Schedules to, this Credit Agreement;

    (i)  the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
        any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights;

    (j)  the term “documents” includes any and all instruments, documents, agreements, certificates, indentures,
        notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form;

    (k)  in the computation of periods of time from a specified date to a later specified date, the word “from”
        means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including”;

    (l)  a Potential Default is “continuing” if it has not been remedied or waived and an Event of Default is
        “continuing” if it has not been waived;

    (m)  section headings herein and in the other Loan Documents are included for convenience of reference only and
        shall not affect the interpretation of this Credit Agreement or any other Loan Document; and

    (n)  the terms “actual knowledge” or “actually known” as used herein shall include any notice provided by the
        Administrative Agent to a Credit Party.

    “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
      from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

    
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    Section 1.3 Accounting Terms. All accounting terms not specifically or
        completely defined herein or in any other Loan Document shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall be
        prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 8.1(a), except as otherwise
        specifically prescribed herein.  No change in the accounting principles used in the preparation of any financial statement hereafter adopted by a Credit Party shall be given effect for purposes of measuring compliance with, or otherwise
        determining, any relevant ratios and baskets that govern whether any action is permitted hereunder unless the Borrowers, the Administrative Agent and the Required Lenders agree to modify such provisions to reflect such changes in GAAP and, unless
        such provisions are modified, all financial statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving
        effect to such change in GAAP.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
        without giving effect to any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness of any Person at “fair value” and (ii) any treatment of
        Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such
        Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

    Section 1.4  UCC Terms. Terms defined in the UCC in effect on the
        Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.  Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in
        effect.

    Section 1.5  References to Agreement and Laws. Unless otherwise
        expressly provided herein, (a) references to formation documents, governing documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
        supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include
        all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

    Section 1.6  Times of Day. Unless otherwise specified, all references
        herein to times of day shall be references to times of day in New York, New York.

    
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    ARTICLE II

      

      REVOLVING CREDIT LOANS

    Section 2.1  The Commitment.

    (a)  Committed Amount.  Subject to the terms and conditions herein set
        forth, each Lender agrees, during the Availability Period, to extend to the Borrowers a revolving line of credit in Dollars.

    (b)  Limitation on Borrowings and Re-borrowings.  Except as provided in
        Section 2.1(c) below, no Lender shall be required to advance any Borrowing, Rollover, or Conversion hereunder if:

    (i)  after giving effect to such Borrowing, Rollover, or Conversion: (A) the Principal
        Obligations would exceed the Available Commitment; or (B) the Principal Obligations owed to any Lender would exceed the Commitment of such Lender; or

    (ii)  the conditions precedent for such Borrowing in Section 6.2 have not been
        satisfied or waived, as applicable.

    (c)  Exceptions to Limitations.  Conversions to Reference Rate Loans
        shall be permitted notwithstanding Section 2.1(b)(i) and Section 2.1(b)(ii) above, in each case, unless the Administrative Agent has otherwise accelerated the Obligations or exercised other rights that terminate the Commitments
        under Section 10.2.

    Section 2.2  Revolving Credit Commitment. Subject to the terms and
        conditions herein set forth, each Lender severally agrees, on any Business Day during the Availability Period, to make Loans to the Borrowers from time to time in an aggregate principal amount up to such Lender’s Commitment at any such time. 
        Subject to the limitations and conditions set forth in Sections 2.1(b) and 6 and the other terms and conditions hereof, the Borrowers may borrow, repay without penalty or premium, and re-borrow hereunder, during the Availability
        Period.  No Lender shall be obligated to fund any Loan if the interest rate applicable thereto under Section 2.6(a) would exceed the Maximum Rate in effect with respect to such Loan.

    Section 2.3  Manner of Borrowing.

    (a)  Request for Borrowing.  The Borrowers shall give the
        Administrative Agent notice at the Agency Services Address of the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in writing, facsimile, electronic mail, or other written communication (a “Request for
          Borrowing”), in the form of Exhibit D, and which notice shall be irrevocable and effective upon receipt by the Administrative Agent.  Each Request for Borrowing: (i) shall be furnished to the Administrative Agent no later than 11:00
        a.m. (x) at least one (1) Business Day prior to the requested date of Borrowing in the case of a Reference Rate Loan and, (y) at least one (1) Business Day prior to the requested date of Borrowing in the case of a LIBOR Rate Loan; and (ii) must
        specify: (A) the amount of such Borrowing; (B) the Interest Option; (C) the Interest Period therefor, if applicable; and (D) the date of such Borrowing, which shall be a Business Day.  Any Request for Borrowing received by the Administrative Agent
        after

    

    

    
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    11:00 a.m. shall be deemed to have been given by the Borrowers on the next succeeding Business Day.  Each Request for Borrowing submitted by the Borrowers shall be deemed to be a
      representation and warranty that the conditions specified in Sections 6.1 and 6.2 and, to the extent applicable, Section 6.3 and/or 6.4, have been satisfied on and as of the date of the applicable Borrowing.  No
      Request for Borrowing shall be valid hereunder for any purpose unless it shall have been accompanied or preceded by the information required to be delivered pursuant to this Section 2.3.

    (b)  Further Information.  Each Request for Borrowing shall be
        accompanied or preceded by: (i) a duly executed Borrowing Base Certificate dated the date of such Request for Borrowing; and (ii) such documents as are required to satisfy any applicable conditions precedent as provided in Section 6.2.

    (c)  Request for Borrowing Irrevocable.  Each Request for Borrowing in
        accordance with Section 2.3(a) shall be irrevocable and binding on the Borrowers, and the Borrowers shall indemnify each Lender against any cost, loss or expense incurred by such Lender, either directly or indirectly, as a result of any
        failure by the Borrowers to complete such requested Borrowing, including any cost, loss or expense incurred by the Administrative Agent or any Lender, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by
        such Lender in order to fund such requested Borrowing except to the extent such cost, loss or expense is due to the gross negligence or willful misconduct of such Person.  A certificate of such Lender setting forth the amount of any such cost, loss
        or expense, and the basis for the determination thereof, shall be delivered to the Borrowers and shall, in the absence of a manifest error, be conclusive and binding.

    (d)  Lender Funding Shall be Proportional.  Each Lender shall make each
        requested Loan in accordance with its Pro Rata Share thereof.

    (e)  Rollovers.  No later than 11:00 a.m. at least one (1) Business Day
        prior to the termination of each Interest Period related to a LIBOR Rate Loan, the Borrowers shall give the Administrative Agent written notice at the Agency Services Address, which notice may be via facsimile, electronic mail or other written
        communication (each such notice, a “Rollover Notice”), whether the Borrowers desire to renew such LIBOR Rate Loan.  The Rollover Notice shall specify (i) the amount of the LIBOR Rate Loan and (ii) the length of the Interest Period, selected
        by the Borrowers with respect to such Rollover.  Each Rollover Notice shall be irrevocable and effective upon notification thereof to the Administrative Agent.  If the Borrowers fail to timely give the Administrative Agent the Rollover Notice, the
        Borrowers shall be deemed to have elected LIBOR as the Interest Option with respect to such Loan.

    (f)  Conversions.  The Borrowers shall have the right, with respect to:
        (i) any Reference Rate Loan, on any Business Day (a “LIBOR Conversion Date”), to convert such Reference Rate Loan to a LIBOR Rate Loan; and (ii) any LIBOR Rate Loan, on any Business Day (a “Reference Rate Conversion Date”) to convert
        such LIBOR Rate Loan to a Reference Rate Loan, provided that the Borrowers shall, on such LIBOR Conversion Date or Reference Rate Conversion Date, make the payments required by Section 4.5, if any, in either case, by giving the
        Administrative Agent written notice at the Agency Services Address in the form of Exhibit F (a “Conversion Notice”) of such selection no later than 11:00 a.m. at least either (x) three (3) Business

    
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    Days prior to such LIBOR Conversion Date or (y) one (1) Business Day prior to such Reference Rate Conversion Date, as applicable. Each Conversion Notice shall be irrevocable and
      effective upon notification thereof to the Administrative Agent.  A request of the Borrowers for a Conversion of a Reference Rate Loan to a LIBOR Rate Loan is subject to the condition that no Event of Default or Potential Default exists at the time
      of such request or after giving effect to such Conversion.

    (g)  Tranches.  No more than ten (10) LIBOR Rate Loans may be
        outstanding hereunder at any one time.

    (h)  Administrative Agent Notification of the Lenders.  The
        Administrative Agent shall promptly notify each Lender of the receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice, the amount of the Borrowing and the amount of such Lender’s Pro Rata Share of the applicable Loans, the date
        the Borrowing is to be made, the Interest Option selected, and the Interest Period selected, if applicable.

    Section 2.4  Minimum Loan Amounts. Each Loan shall be in an aggregate
        amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the Available Commitment.

    Section 2.5  Funding.

    (a)  Funding of Borrowings. Subject to the fulfillment of all
        applicable conditions set forth herein, each Lender shall make the proceeds of its Pro Rata Share of each Borrowing available to the Administrative Agent no later than 11:00 a.m. on the date specified in the Request for Borrowing as the borrowing
        date, in immediately available funds, and, upon fulfillment of all applicable conditions set forth herein, the Administrative Agent shall deposit such proceeds in immediately available funds in the applicable Borrower’s account maintained with the
        Administrative Agent not later than 1:00 p.m. on the borrowing date or, if requested by the Borrowers in the Request for Borrowing, shall wire-transfer such funds as requested on or before such time.  If a Lender fails to make its Pro Rata Share of
        any requested Borrowing available to the Administrative Agent on the applicable borrowing date, then the Administrative Agent may recover the applicable amount on demand: (i) from such Lender, together with interest at the Federal Funds Rate for
        the period commencing on the date the amount was made available to the Borrowers by the Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Lender; or (ii) if such Lender fails to pay
        its amount upon the Administrative Agent’s demand, then from the Borrowers by the Required Payment Time, together with interest at a rate per annum equal to the rate applicable to the requested Borrowing for the period commencing on the borrowing
        date and ending on (but excluding) the date the Administrative Agent recovers the amount from the Borrowers.

    (b)  Obligations of Lender Several. The liabilities and obligations of
        each Lender hereunder shall be several and not joint, and neither the Administrative Agent nor any Lender shall be responsible for the performance by any other Lender of its obligations hereunder.  The failure of any Lender to advance the proceeds
        of any Borrowing required to be advanced hereunder shall not relieve any other Lender of its obligation to advance the proceeds of its Pro

    
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    Rata Share of any Borrowing required to be advanced hereunder. Each Lender hereunder shall be liable to the Borrowers only for the amount of its respective Commitment.

    Section 2.6  Interest.

    (a)  Interest Rate.  Each Loan funded by the Lenders shall accrue
        interest at a rate per annum equal to: (i) with respect to LIBOR Rate Loans, Adjusted LIBOR for the applicable Interest Period; and (ii) with respect to Reference Rate Loans, the Reference Rate in effect from day to day. At any time, each Loan
        shall have only one Interest Period and one Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall the interest rate hereunder exceed the Maximum Rate.

    (b)  Change in Rate; Past Due Amounts; Calculations of Interest.  Each
        change in the rate of interest for any Borrowing consisting of Reference Rate Loans shall become effective, without prior notice to the Credit Parties, automatically as of the opening of business of the Administrative Agent on the date of said
        change.  Interest on the unpaid principal balance of (i) each LIBOR Rate Loan and Reference Rate Loan bearing interest based off LIBOR shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days and (ii) each
        Reference Rate Loan (other than when the Reference Rate is calculated based off LIBOR) shall be calculated on the basis of the actual days elapsed in a year consisting of 365 or 366 days, as the case may be.

    (c)  Default Rate.  If an Event of Default has occurred and is
        continuing, then (in lieu of the interest rate provided in Section 2.6(a) above) all Obligations shall bear interest, after as well as before judgment, at the Default Rate.

    Section 2.7  Determination of Rate. The Administrative Agent shall
        determine each interest rate applicable to the LIBOR Rate Loans and Reference Rate Loans hereunder. The Administrative Agent shall, upon request, give notice to the Borrowers and to the Lenders of each rate of interest so determined, and its
        determination thereof shall be conclusive and binding in the absence of manifest error.

    Section 2.8  [Reserved.]

    Section 2.9  Qualified Borrowers. In consideration of the Lenders’
        agreement to advance funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3 and to accept the Qualified Borrower Guaranties in support thereof, the Borrowers hereby authorize, empower, and direct
        the Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment, to disburse directly to the Lenders, with notice to the Borrowers, in immediately available funds, an amount equal to the amount due
        and owing under any Qualified Borrower Promissory Note or any Qualified Borrower Guaranty, together with all interest, costs and expenses and fees due to the Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent
        shall have not received payment of such Obligations when due.  The Administrative Agent will notify the Borrowers of any disbursement made to the Lenders pursuant to the terms hereof; provided that the failure to give such notice shall not
        affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof.  Any such disbursement made by the Administrative

    
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    Agent to the Lenders shall be deemed to be a Reference Rate Loan pursuant to Section 2.3 in the amount so paid, and the Borrowers shall be deemed to have given to the
      Administrative Agent in accordance with the terms and conditions of Section 2.3, a Request for Borrowing with respect thereto; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section
        2.4.  The Administrative Agent may conclusively rely on the Lenders as to the amount of any such Obligations due to the Lenders, absent manifest error. If any Qualified Borrower (a) shall (i) apply for or consent to the appointment of a
      receiver, trustee, custodian, intervenor, sequestrator, conservator, liquidator or similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its
      debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer
      admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any partnership, limited liability company or corporate action for the
      purpose of effecting any of the foregoing; or (b) an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking reorganization of any Qualified
      Borrower, or appointing a receiver, custodian, trustee, intervenor, sequestrator, conservator, liquidator or similar official of any Qualified Borrower, or of all or substantially all of such Person’s assets, any Loans to such Qualified Borrower
      shall be automatically converted to, and shall continue as, Loans to the Borrower that provided the Qualified Borrower Guaranty with respect to such Qualified Borrower.

    Section 2.10  Use of Proceeds and Qualified Borrower Guaranties. The
        proceeds of the Loans shall be used solely for purposes permitted under the Constituent Documents of each Credit Party.  Neither the Lenders nor the Administrative Agent shall have any liability, obligation, or responsibility whatsoever with
        respect to the Borrowers’ use of the proceeds of the Loans, or execution and delivery of the Qualified Borrower Guaranties, and neither the Lenders nor the Administrative Agent shall be obligated to determine whether or not the Borrowers’ use of
        the proceeds of the Loans are for purposes permitted under the Constituent Documents of any Credit Party.  Nothing, including, without limitation, any Borrowing, any Rollover, or acceptance of any Qualified Borrower Guaranty or other document or
        instrument, shall be construed as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to whether any investment by the Borrowers is permitted by the terms of the Constituent Documents of any
        Credit Party. Notwithstanding anything in this Credit Agreement to the contrary, no Borrower shall to its actual knowledge (i) use the proceeds of any Loan to purchase any asset or securities from, or (ii) otherwise transfer the proceeds of any
        Loan to or for the benefit of, a Lender’s “affiliate”, as such term is defined in 12 C.F.R. Part 223.

    Section 2.11  Fees. On the Closing Date, the Borrowers shall pay to the
        Administrative Agent, for the benefit of the Lenders, an upfront fee in the amount of 25 basis points (0.25%) of the Maximum Commitment.  Such fee shall be fully earned when paid and be nonrefundable.

    Section 2.12  Unused Commitment Fee. In addition to the payments
        provided for in Section 3, the Borrowers shall pay or cause to be paid to the Administrative Agent, for the account of each Lender, an unused commitment fee at the rate of 35 basis points (0.35%) per annum on the Commitment of the Lenders
        which was unused (through the extension of Loans),

    
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    calculated on the basis of actual days elapsed in a year consisting of 360 days and payable in arrears on the first Business Day of each calendar month for the preceding calendar
      month.  The Credit Parties acknowledge and agree that the unused commitment fees payable hereunder are bona fide unused commitment fees and are intended as reasonable compensation to the Lenders for
      committing to make funds available to the Borrowers as described herein and for no other purposes.

    Section 2.13  [Reserved.]

    Section 2.14  Extension of Maturity Date. The Borrowers shall have an
        option to extend the Stated Maturity Date then in effect for one (1) additional term, not longer than 364 days, subject to satisfaction of the following conditions precedent:

    (a)  each of the Lenders and the Administrative Agent consents to the extension in their sole discretion;

    (b)  as of the effective date of such extension and immediately after giving effect thereto, the
        representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations and
        warranties expressly relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be disregarded for the
        purposes of this condition;

    (c)  the Borrowers shall have paid an Extension Fee to the Administrative Agent for the benefit of the
        extending Lenders;

    (d) no Potential Default or Event of Default shall have occurred and be continuing on the date on which notice
        is given in accordance with the following clause (e) or on the initial Stated Maturity Date; and

    (e) the Borrowers shall have delivered an Extension Request with respect to the Stated Maturity Date to the
        Administrative Agent not less than thirty (30) days prior to the Stated Maturity Date then in effect (which shall be promptly forwarded by the Administrative Agent to each Lender).

    Section 2.15  Increase in the Maximum Commitment.

    (a)  Request for Increase. Subject to compliance with the terms of this
        Section 2.15, the Borrowers may increase the Maximum Commitment to an amount not exceeding $200,000,000.  Such increase may be done in one or more requested increases, in $10,000,000 increments, or such lesser amount to be determined by the
        Administrative Agent (each such increase, shall be referred to herein as a “Facility Increase”).

    (b)  Effective Date.  The Administrative Agent shall promptly determine
        the effective date of any Facility Increase (the “Increase Effective Date”) which (unless otherwise agreed by the Administrative Agent) shall be no less than ten (10) Business Days or more than

    
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    twenty-five (25) Business Days after receipt of a Facility Increase Request and shall notify the Borrowers and the Lenders of the Increase Effective Date.

    (c)  Conditions to Effectiveness of Increase.  The following are
        conditions precedent to such increase:

    (i)  the Borrowers shall deliver to Administrative Agent a Facility Increase Request and
        resolutions adopted by the Borrowers approving such increase, certified by a Responsible Officer of the Borrowers that such resolutions are true and correct and are in full force and effect;

    (ii)  the Borrowers shall have paid to the Administrative Agent the Facility Increase
        Fee;

    (iii) if applicable, the Borrowers shall execute replacement Notes payable to the
        Administrative Agent reflecting the Facility Increase;

    (iv) as of the effective date of such increase and immediately after giving effect
        thereto, the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such
        representations and warranties expressly relate to an earlier date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be
        disregarded for the purposes of this condition;

    (v) no Potential Default or Event of Default shall have occurred and be continuing on the
        date on which the Facility Increase Request is delivered or immediately after giving effect to the Facility Increase; and

    (vi) on the Increase Effective Date, (x) an existing Lender or Lenders shall increase its
        Commitment to support any Facility Increase, in its sole discretion, and/or (y) an additional Lender or Lenders shall have joined the Credit Facility in accordance with Section 12.11(j) and, after giving effect thereto, the aggregate
        Commitments of such increasing and additional Lenders shall be at least equal to the amount of such Facility Increase.  The Administrative Agent shall, if necessary, use reasonable efforts to cooperate with the Borrowers to identify and join to the
        Credit Facility any additional Lender(s) such that the aggregate Commitments of any increasing and such additional Lenders shall be at least equal to the amount of such Facility Increase.

    For the avoidance of doubt, any Facility Increase will be on the same terms as contained herein with respect to the Credit Facility.  No Lender will be required to
      commit, nor shall any Lender have any preemptive right, to provide any portion of any Facility Increase.

    (d) Reallocation Following Facility Increase.  On any Increase
        Effective Date (whether pursuant to a new Lender joining the Credit Facility or an existing Lender increasing its Commitment), the Administrative Agent will reallocate the outstanding Loans (including any Loans made by any new or increasing Lender
        pursuant to this Section 2.15) such that, after giving effect thereto, each Lender’s (including each new or increasing Lender’s) share of outstanding

    
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    Loans equals its Pro Rata Share.  For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender.  In
      connection with any such reallocation, the (i) Administrative Agent will give advance notice sufficient to comply with the applicable timing period in Section 2.3 to each Lender which is required to fund any amount or receive any partial
      repayment in connection therewith and (ii) applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans being reallocated and the Administrative Agent shall remit to any applicable Lenders its applicable portion of
      such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment is required), the Borrowers shall pay (i) all interest due on the
      amount repaid to the date of repayment on the immediately following Interest Payment Date, and (ii) any amounts due pursuant to Section 4.5 as a result of such reallocation occurring on any date other than an Interest Payment Date.

    Section 2.16  [Reserved.]

    ARTICLE III

      

      PAYMENT OF OBLIGATIONS

    Section 3.1 Revolving Credit Notes. Any Lender may request that its
        Loans be evidenced by a promissory note.  In such event, each Borrower shall execute and deliver a Note or Notes in the form of Exhibit B (with blanks appropriately completed in conformity herewith), in favor of such Lender. Each Borrower
        agrees, from time to time, upon the request of the Administrative Agent or any Lender, to reissue a new Note, in accordance with the terms and in the form heretofore provided, to the Administrative Agent or such Lender, in renewal of and
        substitution for the Note previously issued by such Borrower to the Administrative Agent or such Lender, and such previously issued Note shall be returned to such Borrower marked “replaced”.

    Section 3.2 Payment of Obligations. The Principal Obligations
        outstanding on the Maturity Date, together with all accrued but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity Date.

    Section 3.3 Payment of Interest.

    (a) Interest.  Interest on each Borrowing and any portion thereof shall
        commence to accrue in accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursement or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of Section
          2.6, notwithstanding whether the Borrowers received the benefit of such Borrowing as of such date and even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement.  When a Borrowing is disbursed by
        wire transfer pursuant to instructions from the Borrowers in accordance with a Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than the time of receipt thereof by the receiving
        bank.  With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds by the Administrative Agent in the
        Administrative Agent’s account described in Section 3.4, or any other

    
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    account of the Administrative Agent which the Administrative Agent designates in writing to the Borrowers.

    (b) Interest Payment Dates.  Accrued and unpaid interest on the
        Obligations shall be due and payable in arrears (i) on each Interest Payment Date, (ii) on each other date of any reduction of the Principal Obligations hereunder, and (iii) upon the occurrence and during the continuance of an Event of Default, at
        any time upon demand by the Administrative Agent.  Interest shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

    Section 3.4 Payments on the Obligations.

    (a)  Credit Party Payments. All payments of principal of, and interest
        on, the Obligations under this Credit Agreement by any Credit Party to or for the account of the Lenders, or any of them, shall be made without condition or deduction or counterclaim, set-off, defense or recoupment by the Borrowers for receipt by
        the Administrative Agent before 1:00 p.m. in federal or other immediately available funds to such account as directed by the Administrative Agent.  Funds received after 1:00 p.m. shall be treated for all purposes as having been received by the
        Administrative Agent on the first Business Day next following receipt of such funds.  All interest payments shall be made in Dollars.

    (b)  Lender Payments. Except as provided in Section 12.12, each
        Lender shall be entitled to receive its Pro Rata Share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations.  Each payment received by the Administrative Agent hereunder for the account of
        a Lender shall be promptly distributed by the Administrative Agent to such Lender.  The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by the Borrowers of principal of, and interest on, the Obligations
        by the Borrowers to or for the account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of the Borrowers’ obligations with respect to any such payments, and
        the Administrative Agent shall indemnify, and each Lender shall hold harmless, the Borrowers from any claims asserted by any Lender in connection with the Administrative Agent’s duty to distribute and apportion such payments to the Lenders in
        accordance with this Section 3.4.

    (c)  Application of Payments. So long as no Event of Default has
        occurred and is continuing, all payments made on the Obligations shall be applied as directed by the Borrowers. At all times when an Event of Default has occurred and is continuing, all payments made on the Obligations shall be credited, to the
        extent of the amount thereof, in the following manner: (i) first, against all costs, expenses and other fees (including attorneys' fees) arising under the terms hereof; (ii) second, against the amount of interest accrued and unpaid on the Obligations of such Borrower as of the date of such payment; (iii) third, against all principal due and owing on the
        Obligations as of the date of such payment; and (iv) fourth, to all other amounts constituting any portion of the Obligations.

    
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    Section 3.5  Prepayments.

    (a)  Voluntary Prepayments. The Borrowers may, upon written notice to
        the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty on any Business Day; provided that: (i) such notice must be received by the Administrative Agent not later
        than 11:00 a.m. (A) one (1) Business Day prior to any date of prepayment of LIBOR Rate Loans and (B) one (1) Business Day prior to any date of prepayment of Reference Rate Loans; and (ii) any prepayment of Loans shall be in a principal amount of
        $1,000,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date (which shall be a Business Day) and amount of such prepayment.  The
        Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment.  If such written notice is given by the Borrowers, the Borrowers shall make such
        prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment of a Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required
        pursuant to Section 4.

    (b)  Mandatory Prepayment.

    (i)  Excess Loans Outstanding.  If, on any day,
        the Principal Obligations exceed the Available Commitment (including, without limitation, as a result of an Exclusion Event), then the Borrowers shall pay upon written demand such excess to the Administrative Agent, for the benefit of the Lenders,
        in immediately available funds (except to the extent any such excess is addressed by Section 3.5(b)(ii)), by the Required Payment Time.  Each Credit Party hereby agrees that the Administrative Agent may withdraw from any Collateral Account
        any Capital Contributions deposited therein and apply the same to the Principal Obligations until such time as the payment obligations of this Section 3.5(b) have been satisfied in full.

    (ii) [Reserved.]

    Section 3.6  Reduction or Early Termination of Commitments. So long as
        no Request for Borrowing is outstanding, the Borrowers may terminate the Commitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction ten (10) Business Days
        prior to the requested effective date thereof (which date shall be specified in such notice and shall be a Business Day): (a) in the case of complete termination of the Commitments, upon prepayment of all of the outstanding Obligations, including,
        without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (b) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Principal Obligations exceed the reduced
        Available Commitment resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms of Section 3.3.  Notwithstanding the foregoing: (x) any reduction of the Maximum
        Commitment shall be in an amount equal to $10,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers reduce the Maximum Commitment below $10,000,000 (except for a termination of all the Commitments).  Promptly after
        receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same.

    
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    Any reduction of the Maximum Commitment shall reduce the Commitments of the Lenders according to their Pro Rata Share.

    Section 3.7  Lending Office. Each Lender may: (a) designate its
        principal office or a branch, subsidiary or Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any Loan and (b) change its Lending Office from time to time by notice to the
        Administrative Agent and the Borrowers.  Each Lender shall be entitled to fund all or any portion of its Commitment in any manner it deems appropriate, consistent with the provisions of Section 2.5.

    ARTICLE IV

      

      CHANGE IN CIRCUMSTANCES

    Section 4.1 Taxes.

    (a)  Defined Terms.  For purposes of this Section 4.1, the term
        “Applicable Law” includes FATCA.

    (b) Payments Free of Taxes.  Any and all payments by or on account of
        any obligation of any Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable
        Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then (i) the applicable Withholding Agent shall be entitled to make such deduction or withholding, (ii) the applicable Withholding
        Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be
        increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 4.1) the applicable Recipient receives an amount equal to
        the sum it would have received had no such deduction or withholding been made.

    (c) Payment of Other Taxes by the Credit Parties.  The Credit Parties
        shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

    (d) Indemnification by the Credit Parties.  The Credit Parties shall
        jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section
          4.1) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
        legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Credit Parties by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent
        on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

    
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    (e) Indemnification by the Lenders.  Without prejudice to, or
        duplication of, Section 11.7, each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (x) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit
        Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (y) any Taxes attributable to such Lender’s failure to comply with the provisions of Section
          12.11(h) relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable
        expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender
        by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Credit Agreement or any other Loan
        Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 4.1(e).

    (f) Evidence of Payments.  As soon as practicable after any payment of
        Taxes by a Credit Party to a Governmental Authority pursuant to this Section 4.1, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
        such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

    (g) Status of Lenders.

    (i)  Any Lender that is entitled to an exemption from or reduction of withholding Tax
        with respect to payments made under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested in writing by the Borrowers or the Administrative Agent, such properly completed and
        executed documentation reasonably requested in writing by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested
        in writing by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested in writing by the Borrowers or the Administrative Agent as will enable the Borrowers or the
        Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
        of such documentation (other than such documentation set forth in Sections 4.1(g)(ii)(A), (ii)(B) and (vi)(B) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
        subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

    (ii) Without limiting the generality of the foregoing, in the event that a Borrower is a
        U.S. Person,

    
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    (A) any Lender that is a U.S. Person shall deliver to such Borrower and the Administrative
        Agent on or prior to the date on which such Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the reasonable written request of such Borrower or the Administrative Agent), executed copies of IRS Form W-9
        certifying that such Lender is exempt from U.S. federal backup withholding tax;

    (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
        Borrowers and the Administrative Agent (in such number of copies as shall be requested in writing by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter
        upon the reasonable written request of the Borrowers or the Administrative Agent), whichever of the following is applicable:

    (iii) in the case of a Foreign Lender claiming the benefits of an income tax treaty to
        which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding
        Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S.
        federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

    (iv) executed copies of IRS Form W-8ECI;

    (v)  in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
        interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit R-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue
        Code, a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax
          Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

    (vi) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS
        Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit R-2 or Exhibit R-3, IRS Form W-9, and/or other certification documents from each
        beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S.
        Tax Compliance Certificate substantially in the form of Exhibit R-4 on behalf of each such direct and indirect partner;

    (A) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
        Borrowers and the Administrative Agent (in such number of copies as shall be requested in writing by the recipient) on or prior to the date on which

    
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    such Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the reasonable written request of the Borrowers or the
      Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
      prescribed by Applicable Law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

    (B) if a payment made to a Lender under any Loan Document would be subject to U.S. federal
        withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall
        deliver to such Borrowers and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by Applicable Law
        (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested in writing by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the
        Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of
        this Section 4.1(g)(vi)(B), “FATCA” shall include any amendments made to FATCA after the Closing Date.

    Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
      update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so.

    (h) Treatment of Certain Refunds.  If any party determines, in its sole
        discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.1 (including by the payment of additional amounts pursuant to this Section 4.1), it shall
        pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.1 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
        Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the written request of such indemnified party, shall repay to
        such indemnified party the amount paid over pursuant to this Section 4.1(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such
        refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 4.1(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.1(h)
        the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or
        otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

    
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    This Section 4.1(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
      confidential) to the indemnifying party or any other Person.

    (i) Survival.  Each party’s obligations under this Section 4.1
        shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any
        Loan Document.

    Section 4.2  Illegality. If any Lender reasonably determines that any
        Change in Law has made it unlawful, or that any Governmental Authority having jurisdiction over such Lender has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans or other Obligations, or materially
        restricts the authority of such Lender to (i) purchase or sell, or to take deposits of, the applicable currency or (ii) determine or charge interest rates based upon the LIBOR Rate, then, on notice thereof by such Lender to the Borrowers through
        the Administrative Agent, (A) in the case of any determination described in the foregoing clause (i), any obligation of such Lender to make or continue Loans or the Obligations in such currency shall be suspended until such Lender notifies
        the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist and, until such time, the Loans or Obligations of such Lender in such currency shall, at the option of the Borrower, be converted
        to, and shall continue, as Reference Rate Loans and Obligations denominated in Dollars in an amount equal to the aggregate Dollar equivalent of such Loans and Obligations immediately prior to such suspension, and (B) in the case of any
        determination described in the foregoing clause (ii), any obligation of such Lender to maintain Loans accruing interest at the LIBOR Rate, or to convert Loans accruing interest calculated by reference to the Reference Rate (unless the
        Reference Rate is also calculated off the LIBOR Rate in accordance with the definition thereof) to be Loans accruing interest calculated by reference to the LIBOR Rate, shall be suspended until such Lender notifies the Administrative Agent and the
        Borrowers that the circumstances giving rise to such determination no longer exist and, until such time, the Loans or Obligations of such Lender outstanding at the time of such suspension shall, at the option of the applicable Borrower, be
        continued as Reference Rate Loans.  Upon the prepayment of any such Loans, the applicable Borrower shall also pay accrued and unpaid interest on the amount so prepaid.  Each Lender agrees to designate a different Lending Office if such designation
        will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

    Section 4.3  Inability to Determine Rates. If the Administrative Agent
        determines, for any proposed Interest Period, that: (a) deposits in Dollars are not being offered to banks in the applicable offshore market for the applicable amount and Interest Period of any LIBOR Rate Loan; (b) adequate and reasonable means do
        not exist for determining LIBOR; or (c) LIBOR does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any LIBOR Rate Loan, then:  (i) the Administrative Agent shall forthwith notify the Lenders and the Borrowers; and
        (ii) while such circumstances exist, none of the Lenders shall allocate any Loans made during such period, or reallocate any Loans allocated to any then-existing Interest Period ending during such period, to an Interest Period with respect to which
        interest is calculated by reference to LIBOR.  If, with respect to any outstanding Interest Period, a Lender notifies the Administrative Agent that it is unable to obtain matching deposits in the London interbank market

    
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    to fund its purchase or maintenance of such Loans or that LIBOR applicable to such Loans will not adequately reflect the cost to the Person of funding or maintaining such Loans for
      such Interest Period, then:  (A) the Administrative Agent shall forthwith so notify the Borrowers and the Lenders; and (B) upon such notice and thereafter while such circumstances exist, the applicable Lender shall not make any LIBOR Rate Loans
      during such period or reallocate any Loans allocated to any Interest Period ending during such period, to an Interest Period with respect to which interest is calculated by reference to LIBOR; provided that, (x) if the forgoing notice relates
      to Loans that are outstanding as LIBOR Rate Loans, such Loans shall be Converted to Reference Rate Loans only on the last day of the then-current Interest Period, and (y) upon receipt of such notice, the
      Borrowers may revoke any outstanding Requests for Borrowing.

    Section 4.4  Increased Cost and Capital Adequacy.

    (a) Increased Costs Generally.  If any Change in Law shall:

    (i)  impose, modify or deem applicable any reserve, special deposit, compulsory loan,
        insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender (except any reserve requirement reflected in Adjusted LIBOR);

    (ii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
        described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
        attributable thereto; or

    (iii) impose on any Lender or the London interbank market any other condition, cost or
        expense (other than Taxes) affecting this Credit Agreement or Loans made by such Lender;

    and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any
      Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon written request
      of such Lender or other Recipient, the Borrowers shall promptly pay to any such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

    (b) Capital Requirements.  If any Lender determines that any Change in
        Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the
        capital of such Lender’s holding company, if any, as a consequence of this Credit Agreement, the Commitment of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved
        but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time upon written request of such Lender, the Borrowers shall
        promptly pay to such Lender

    
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    such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

    (c) Certificates for Reimbursement.  A certificate of a Lender setting
        forth the amount or amounts necessary to compensate such Lender as specified in Section 4.4(a) or Section 4.4(b) and delivered to the Borrowers, shall be conclusive absent manifest error.  The Borrowers shall pay such Lender the
        amount shown as due on any such certificate by the Required Payment Time.

    (d) Delay in Requests.  Failure or delay on the part of any Lender to
        demand compensation pursuant to this Article IV shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Article
          IV for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
        intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect
        thereof).

    Section 4.5  Funding Losses. Upon demand of any Lender (with a copy to
        the Administrative Agent) from time to time, the Borrowers shall promptly pay the Administrative Agent for the account of such Lender, such amount or amounts as shall compensate such Lender for, and hold such Lender harmless from, any loss, cost or
        expense incurred by such Lender in obtaining, liquidating or employing deposits or other funds from third parties as a result of (a) any failure or refusal of the Borrowers (for any reasons whatsoever other than a default by the Administrative
        Agent or any Lender) to accept a Loan after the Borrowers shall have requested such Loan under this Credit Agreement, (b) any prepayment or other payment of a LIBOR Rate Loan on a day other than the last day of the Interest Period applicable to
        such Loan, (c) any other prepayment of a Loan that is otherwise not made in compliance with the provisions of this Credit Agreement, or (d) the failure of the Borrowers to make a prepayment of a Loan after giving notice under this Credit Agreement,
        that such prepayment will be made.

    Section 4.6  Requests for Compensation. If requested by the Borrowers
        in connection with any demand for payment pursuant to this Article IV (other than Section 4.1), a Lender shall provide to the Borrowers, with a copy to the Administrative Agent, a certificate setting forth in reasonable detail the
        basis for such demand, the amount required to be paid by the Borrowers to such Lender and the computations made by such Lender to determine such amount, such certificate to be conclusive and binding in the absence of manifest error.  Any such
        amount payable by the Borrowers shall not be duplicative of any amounts (a) previously paid under this Section 4, or (b) included in the calculation of LIBOR.

    Section 4.7  Survival. Without prejudice to the survival of any other
        agreement of the Borrowers hereunder, all of the Borrowers’ obligations under this Article IV shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
        Loans, the expiration or termination of the Commitments or the termination of this Credit Agreement or any provision hereof.  Each Lender shall notify the

    
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    Borrowers of any event occurring after the termination of this Credit Agreement entitling such Lender to compensation under this Article IV as promptly as practicable.

    Section 4.8  Mitigation Obligations; Replacement of Lenders.

    (a) Designation of a Different Lending Office.  If any Lender requests
        compensation under Section 4.4, or requires any Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.1, then such Lender shall,
        at the request of the Borrowers, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in
        the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.4 or Section 4.1, as the case may be, in the future, and (ii) would not subject such Lender to any
        unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

    (b) Replacement of Lenders.  If any Lender requests compensation under
        Section 4.4, or if any Borrower is required to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.1, and, in each case, such Lender has declined or is unable to
        designate a different Lending Office in accordance with Section 4.8(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, so long as no Event of Default or
        Potential Default has occurred and is continuing, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
        required by, Section 12.11), all of its interests, rights (other than its existing rights to payments pursuant to Section 4.4 or Section 4.1) and obligations under this Credit Agreement and the related Loan Documents to an
        Eligible Assignee that shall assume such obligations (which Assignee may be another Lender, if a Lender accepts such assignment); provided that:

    (i)   the Borrowers shall have paid to the Administrative Agent the assignment fee (if
        any) specified in Section 12.11;

    (ii) such Lender shall have received payment of an amount equal to the outstanding
        principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this Section 4) from the Assignee (to the extent of such
        outstanding principal) or the Borrowers (in the case of accrued interest, fees and all other amounts);

    (iii) in the case of any such assignment resulting from a claim for compensation under Section
          4.4 or payments required to be made pursuant to Section 4.1, such assignment will result in a reduction in such compensation or payments thereafter;

    (iv)  such assignment does not conflict with Applicable Law; and

    
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    (v)  in the case of any assignment resulting from a Lender becoming a Non-Consenting
        Lender, the applicable Assignee shall have consented to the applicable amendment, waiver or consent.

    A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
      the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

    Section 4.9  [Reserved.]

    Section 4.10 LIBOR Successor Rate.

    (a) Notwithstanding anything to the contrary in this Credit Agreement or any other Loan Document, if the
        Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that the Required Lenders
        (as applicable) have determined, that:

    (i)  adequate and reasonable means do not exist for ascertaining LIBOR for any requested
        Interest Period, including, without limitation, because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; or

    (ii)  the administrator of LIBOR or a Governmental Authority having jurisdiction over the
        Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”);
        or

    (iii) syndicated loans currently being executed, or that include language similar to that
        contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR;

    then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
      Administrative Agent and the Borrowers may amend this Credit Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark, if any, incorporated therein), giving due consideration to any
      evolving or then existing convention for similar syndicated credit facilities denominated in Dollars for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming
      Changes and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to
      such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment.

    
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    (b) If no LIBOR Successor Rate has been determined and the circumstances under Section
          4.10(a)(i) exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent shall promptly so notify the Borrowers and the Lenders.  Thereafter, (i) the obligation of the Lenders to make or maintain LIBOR Rate
        Loans shall be suspended (to the extent of the affected LIBOR Rate Loans or Interest Periods) and (ii) the Adjusted LIBOR component shall no longer be utilized in determining the Reference Rate.  Upon receipt of such notice, the Borrowers may
        revoke any pending Request for Borrowing of, or Rollover Notice or Conversion Notice for the conversion to or Continuation of, LIBOR Rate Loans (to the extent of the affected LIBOR Rate Loans or Interest Periods) or, failing that, will be deemed to
        have converted each such LIBOR Rate Loan to a Reference Rate Loan pursuant to Section 2.3(f) (subject to the foregoing clause (ii)).

    Notwithstanding any other provision of this Credit Agreement, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate
      be less than 25 basis points (0.25%) for purposes of this Credit Agreement.

    ARTICLE V

      

      SECURITY

    Section 5.1  Liens.

    (a) Capital Commitments and Drawdowns.  To secure performance by the
        Borrowers of the payment and the performance of the Obligations, the Credit Parties, each to the extent of their respective interests therein, shall grant to the Administrative Agent, for the benefit of the Secured Parties, a first priority,
        exclusive, perfected security interest and Lien in and on the Collateral pursuant to the Security Agreements, the related financing statements and the other related documents, subject to Permitted Liens.

    (b) Reliance.  The Borrowers agree that the Administrative Agent and
        each Lender have entered into this Credit Agreement, extended credit hereunder and at the time of each Loan will make such Loan  in reasonable reliance on the obligations of the Investors to fund their respective Capital Commitments as shown in
        their Subscription Agreements delivered in connection herewith and accordingly, it is the intent of the parties that such Capital Commitments may be enforced by the Administrative Agent, on behalf of the Lenders and other Secured Parties, pursuant
        to the terms of the Loan Documents, directly against the Investors without further action by any Credit Party and notwithstanding any compromise of any such Capital Commitment by any Credit Party, as applicable, after the Closing Date as provided
        in 6 Del. C. §17-502(b)(1).

    The security agreements, financing statements, assignments, collateral assignments and any other documents and instruments from time to time executed and delivered
      pursuant to this Credit Agreement to grant, perfect and continue a Lien in the Collateral, including without limitation the Security Agreements, and the Control Agreements, and any documents or instruments amending or supplementing the same, shall be
      collectively referred to herein as the “Collateral Documents”.

    
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    Section 5.2  The Collateral Accounts; Drawdowns.

    (a) The Collateral Accounts.  In order to secure the Credit Party’s
        payment and performance of the Obligations and to effect and facilitate the right of the Secured Parties, each Borrower shall require that each of its Investors wire transfer to such Credit Party’s Collateral Account all monies or sums paid or to
        be paid by the Investors pursuant to Drawdowns.  In addition, the Borrower shall promptly deposit into its Collateral Account any payments and monies that such Credit Party receives directly from Investors as Capital Contributions.

    (b) Use of the Collateral Accounts.  The Credit Parties may withdraw
        funds from the Collateral Accounts only in compliance with Section 9.17.  Upon the occurrence of a Cash Control Event, the Administrative Agent is authorized to take exclusive control of the Collateral Accounts.  If the applicable Account
        Bank with respect to any Collateral Account ceases to be an Eligible Institution, each Borrower shall have thirty (30) days following notice from the Administrative Agent to move its Collateral Account to a replacement Account Bank that is an
        Eligible Institution.  If an Account Bank terminates a Control Agreement, the Borrower shall open a new collateral account that is subject to a new Control Agreement with a replacement Account Bank within thirty (30) days of the earlier of the
        terminating Account Bank providing notice of its intent to terminate such Control Agreement.

    (c) No Duty.  Notwithstanding anything to the contrary herein
        contained, it is expressly understood and agreed that neither the Administrative Agent nor any other Secured Party undertakes any duties, responsibilities, or liabilities with respect to the Drawdowns issued by the Borrowers.  None of them shall be
        required to refer to the Constituent Documents of any Credit Party, or a Subscription Agreement or any Side Letter, or take any other action with respect to any other matter that might arise in connection with the Constituent Documents of any
        Credit Party, a Subscription Agreement, a Side Letter or any Drawdown.  None of them shall have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance of any Credit Party or any of the
        Investors.  None of them shall have any duty to inquire into the use, purpose, or reasons for the making of any Drawdown by any Credit Party or the investment of a Borrower or use of the proceeds thereof.

    (d) Drawdowns and Disbursements from Collateral Accounts.  The Credit
        Parties will issue Drawdowns at such times as are necessary in order to ensure the timely payment of the Obligations hereunder.  Each Credit Party hereby irrevocably authorizes and directs the Secured Parties, acting through the Administrative
        Agent, to charge from time to time the Collateral Accounts, and any other accounts of any Credit Party maintained at any Secured Party, for amounts not paid when due (after the passage of any applicable grace period) to the Secured Parties or any
        of them hereunder and under the other Loan Documents; provided that promptly after any disbursement of funds from any such account to the Secured Parties, as contemplated in this Section 5.2(d), the Administrative Agent shall
        deliver a written notice of such disbursement to the Borrowers.

    Section 5.3  Agreement to Deliver Additional Collateral Documents. The
        Credit Parties shall deliver such security agreements, financing statements, assignments, and other collateral documents (all of which shall be deemed part of the Collateral Documents), in form and substance satisfactory to the Administrative
        Agent, as the Administrative Agent acting on behalf

    
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    of the Secured Parties may request from time to time for the purpose of granting to, or maintaining or perfecting in favor of the Secured Parties, first priority security interests in
      the Collateral (subject to Permitted Liens), together with other assurances of the enforceability and first priority of the Secured Parties’ Liens and assurances of due recording and documentation of the Collateral Documents or copies thereof, as the
      Administrative Agent may reasonably require to avoid material impairment of the first priority Liens and security interests granted or purported to be granted in accordance with this Section 5.

    Section 5.4  Subordination. During the continuance of a Cash Control
        Event, no Credit Party shall make any payments or advances of any kind, directly or indirectly, on any debts and liabilities to any other Credit Party, Investor or the Investment Manager whether now existing or hereafter arising and whether direct,
        indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the “Other Claims”); provided that so long as no Event of Default under Section 10.1(a),
        Section 10.1(h) or Section 10.1(i) has occurred and is continuing, the Investment Manager shall be entitled to
        receive management fees and other fees due and owed from the Borrowers in an aggregate amount not to exceed two million five hundred thousand dollars ($2,500,000) during any Cash Control Event.  All Other Claims, together with all Liens on assets
        securing the payment of all or any portion of the Other Claims shall, except as set forth herein, at all times during the continuance of a Cash Control Event be subordinated to and junior in right and in payment to the Obligations and all Liens on
        assets securing all or any portion of the Obligations, and each Credit Party agrees to take such actions as are necessary to provide for such subordination between it and any other Credit Party, inter se,
        including but not limited to including provisions for such subordination in the documents evidencing the Other Claims.  The Investment Manager acknowledges and agrees that at any time an Event of Default under Section 10.1(a), Section
          10.1(h) or Section 10.1(i) has occurred and is continuing, the payment of any and all management or other fees due
        and owing to it from any Credit Party shall be subordinated to and inferior in right and payment to the Obligations in all respects.

    ARTICLE VI

      

      CONDITIONS PRECEDENT TO LENDING.

    Section 6.1  Obligations of the Lenders. This Credit Agreement and the
        other Loan Documents shall not become effective until the date on which (i) the Administrative Agent shall have received each of the following documents and (ii) each of the other conditions listed below is satisfied in the reasonable determination
        of the Administrative Agent (and to the extent specified below, to each Lender) or waived by the Administrative Agent, as applicable:

    (a) Credit Agreement.  This Credit Agreement, duly executed and
        delivered by the Credit Parties;

    (b) Note.  A Note duly executed and delivered by each Borrower (if
        required) in accordance with Section 3.1;

    (c) Security Agreements.  Each Security Agreement, each duly executed
        and delivered by the parties thereto in favor of the Administrative Agent for the benefit of the Secured Parties;

    
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    (d) Control Agreements.  Each Control Agreement, each duly executed and
        delivered by the parties thereto;

    (e) Filings.

    (i)  Satisfactory reports of searches of Filings (or the equivalent in any applicable
        foreign jurisdiction, as applicable) in the jurisdiction of formation of each Credit Party, or where a filing has been or would need to be made in order to perfect the Administrative Agent’s Lien on behalf of the Secured Parties in the Collateral,
        copies of the financing statements on file in such jurisdictions and evidence that no Liens exist (other than any Permitted Liens), or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to
        terminate all Liens and other rights of any Person in any Collateral previously granted; and

    (ii)  Filings (or the equivalent in any applicable foreign jurisdiction, as applicable)
        satisfactory to the Administrative Agent with respect to the Collateral together with written evidence satisfactory to the Administrative Agent that the same have been filed, submitted for filing in the appropriate public filing office(s) in the
        Administrative Agent’s sole discretion, to perfect the Secured Parties’ Liens in the Collateral;

    (f) Responsible Officer Certificates.  A certificate from a Responsible
        Officer of each Credit Party, in the form of Exhibit L;

    (g) The Borrowers’ Operative Documents.  True and complete copies of
        the Operative Documents of the Borrowers, together with certificates of existence and good standing (or other similar instruments) and any partnership registers of the Borrowers, in each case certified by a Responsible Officer of the Borrowers to
        be correct and complete copies thereof and in effect on the date hereof and in each case satisfactory to the Administrative Agent;

    (h) [Reserved.];

    (i) Management Agreement.  A copy of the Management Agreement, duly
        executed by the parties thereto;

    (j) Authority Documents.  Resolutions of each Credit Party, authorizing
        the entry into the transactions contemplated by the Loan Documents, in each case certified by a Responsible Officer of such Person as correct and complete copies thereof and in effect on the date hereof;

    (k) Incumbency Certificate.  From each Credit Party, a signed certificate of a Responsible Officer, who shall certify the names of the Persons authorized, on the date hereof, to sign each of the Loan
        Documents and the other documents or certificates to be delivered pursuant to the Loan Documents on behalf of such Credit Party, together with the true signatures of each such Person; the Administrative Agent may conclusively rely on such
        certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of the Persons named in such further certificate;

    
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    (l) Opinions.  A favorable opinion of counsel to the Credit Parties in
        form and substance satisfactory to the Administrative Agent and its counsel, dated as of the Closing Date;

    (m) Investor Documents.  With respect to Investors: (i) a copy of each
        Investor’s duly executed Subscription Agreement, Side Letter (if applicable), and Credit Link Document, if applicable;

    (n) Fees; Costs and Expenses.  Payment of all fees and other amounts
        due and payable on or prior to the date hereof, including the upfront fee pursuant to Section 2.11, and payment of all the fees and disbursements of the Administrative Agent’s special counsel, Cadwalader, Wickersham & Taft LLP, which
        may be deducted from the proceeds of such initial Borrowing;

    (o) ERISA Status.  With respect to each Borrower, either (i) a
        favorable written opinion of counsel to such Credit Party, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Credit Party as an Operating Company (or a copy of such
        opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto,  addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured
        Parties, signed by a Responsible Officer of such Credit Party that the underlying assets of such Credit Party do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of each class of equity interests in such
        Credit Party is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA;

    (p) Collateral Accounts.  Evidence that the Collateral Accounts have
        been established;

    (q) “Know Your Customer” Information and Documents.  Such information
        and documentation as is requested by the Lenders so that each of the Credit Parties has become KYC Compliant; and

    (r) Beneficial Ownership.  The Administrative Agent shall have
        received, sufficiently in advance of (but in any event not less than three (3) Business Days prior to) the Closing Date a Beneficial Ownership Certification in relation to each Credit Party that qualifies as a “legal entity customer” under the
        Beneficial Ownership Regulation.

    Section 6.2  Conditions to all Loans. The obligation of the Lenders to
        advance each Borrowing (including without limitation the initial Borrowing) is subject to the conditions precedent that:

    (a) Representations and Warranties.  The representations and warranties
        of the Credit Parties set forth herein and in the other Loan Documents are true and correct in all material respects on and as of the date of the advance of such Borrowing, with the same force and effect as if made on and as of such date; provided
        that if any such representation and warranty is qualified as to materiality, with respect to such representation and warranty, the materiality qualifier set forth above shall be disregarded for the purposes of this condition;

    
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    (b) No Default.  No event shall have occurred and be continuing, or
        would result from the Borrowing, which constitutes an Event of Default or a Potential Default;

    (c) Request for Borrowing.  The Administrative Agent shall have
        received a Request for Borrowing, together with a Borrowing Base Certificate;

    (d) No Investor Excuses.  Other than as disclosed to the Administrative
        Agent in writing, the Credit Parties have no knowledge or reason to believe any Investor would be entitled to exercise any withdrawal, excuse or exemption right under the applicable Constituent Documents, its Subscription Agreement or any Side
        Letter with respect to any investment of a Borrower being acquired in whole or in part with any proceeds of the related Loan (provided, that if the Credit Parties have disclosed a potential excuse or exemption right to the Administrative Agent in
        writing, the excused, withdrawn or exempted portion of the applicable Investor’s Unfunded Capital Commitment shall be excluded from the calculation of the Borrowing Base, but the Borrowers shall not be prohibited from such credit extension upon
        satisfaction of the other conditions therefor);

    (e) [Reserved.];

    (f) Available Commitment.  After giving effect to the proposed
        Borrowing, the Principal Obligations will not exceed the Available Commitment;

    (g) [Reserved.]; and

    (h) Beneficial Ownership. At least three (3) Business Days prior to any
        Advance, unless there has been no material change to the Beneficial Ownership Certification previously provided by the Credit Party pursuant to Section 6.1(r), such Credit Party that qualifies as a “legal entity customer” under the
        Beneficial Ownership Regulation shall have delivered to Administrative Agent an updated Beneficial Ownership Certification.

    Section 6.3 Addition of Qualified Borrowers. The obligation of the
        Lenders to advance a Borrowing to a proposed Qualified Borrower is subject to the conditions that the Borrowers shall have given the Administrative Agent at least ten (10) Business Days prior written notice and each of the following:

    (a) Approval of Qualified Borrower.  In order for an entity to be
        approved as a Qualified Borrower (i) the Borrowers must obtain the written consent of each Lender in their sole discretion; (ii) such entity shall be one in which a Borrower owns a direct or indirect ownership interest, or through which a Borrower
        may acquire an investment, the indebtedness of which entity can be guaranteed by such Borrower  under its Constituent Documents (a “Qualified Borrower”); and (iii) the provisions of this Section 6.3 shall be satisfied;

    (b) Guaranty of Qualified Borrower Obligations.  The applicable
        Borrower shall provide to the Administrative Agent an unconditional guaranty of payment in the form of Exhibit I (the “Qualified Borrower Guaranty”, and such guaranties, collectively, the “Qualified Borrower Guaranties”),
        which shall be enforceable against the Borrower for the payment of a Qualified Borrower’s debts and obligations to the Secured Parties;

    
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    (c) Qualified Borrower Promissory Note.  Such Qualified Borrower shall
        execute and deliver a promissory note, in the form of Exhibit H (a “Qualified Borrower Promissory Note”), payable to the Administrative Agent, for the benefit of the Secured Parties;

    (d) Authorizations of Qualified Borrower.  The Administrative Agent
        shall have received from the Qualified Borrower appropriate evidence of the authorization of the Qualified Borrower approving the execution, delivery and performance of the Qualified Borrower Promissory Note, duly adopted by the Qualified Borrower,
        as required by Applicable Law or agreement, and accompanied by a certificate of an authorized Person stating that such authorizations are true and correct, have not been altered or repealed and are in full force and effect;

    (e) Incumbency Certificate.  The Administrative Agent shall have
        received from such Qualified Borrower a signed certificate of a Responsible Officer which shall certify the names of the Persons authorized to sign the Qualified Borrower Promissory Note and the other documents or certificates to be delivered
        pursuant to the terms hereof by such Qualified Borrower, together with the true signatures of each such Person.  The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending
        the prior certificate and submitting the authority and signatures of the Persons named in such further certificate;

    (f) Opinion of Counsel.  The Administrative Agent shall have received a
        favorable written opinion of counsel for such Qualified Borrower and for the Borrowers, in form and substance satisfactory to the Administrative Agent;

    (g) “Know Your Customer” Information and Documents. The Lenders shall
        have received all items required to make such Qualified Borrower KYC Compliant;

    (h) Fees, Costs and Expenses.  Payment of all fees and other invoiced
        amounts due and payable by any Credit Party on or prior to the date of such Qualified Borrower becomes a  Borrower hereunder and, to the extent invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by any Credit Party
        hereunder, which may be deducted from the proceeds of any related Borrowing;

    (i) Due Diligence Review. The Administrative Agent shall have completed
        to its satisfaction its due diligence review of such Qualified Borrower and its respective management, controlling owners, systems and operations;

    (j) ERISA Status.  Either (i) a favorable written opinion of counsel to
        such Qualified Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Qualified Borrower as an Operating Company (or a copy of such opinion addressed to the
        Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured Parties, signed by a Responsible
        Officer of such Qualified Borrower that the underlying assets of such Qualified Borrower do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of each class of equity

    
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    interests in such Qualified Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA; and

    (k) Additional Information.  The Administrative Agent shall have
        received such other information and documents in respect of such Qualified Borrower as may be required by the Administrative Agent.

    Upon the satisfaction of the requirements of this Section 6.3 described above, such Qualified Borrower shall be bound by the terms and conditions of this
      Credit Agreement as if it were a Borrower hereunder.

    Section 6.4 Addition of Borrowers. The obligation of the Lenders to
        advance a Borrowing to a proposed Borrower hereunder is subject to the conditions that the Borrowers shall have given the Administrative Agent at least fifteen (15) Business Days prior written notice and each of the following:

    (a) Approval.  In order for an entity to be approved as a Borrower, (i)
        the Borrowers must obtain the written consent of the Administrative Agent, in its sole discretion; and (ii) the provisions of this Section 6.4 shall be satisfied;

    (b) Joinder and Security of New Borrower Obligations.  The Borrower
        shall provide to the Administrative Agent duly executed documentation substantially similar, in the reasonable discretion of the Administrative Agent, to that executed by the Borrowers at the Closing Date, including but not limited to a joinder
        agreement to this Credit Agreement (pursuant to which it agrees to be jointly and severally liable for all Obligations), Collateral Documents and such other Loan Documents and Filings as the Administrative Agent may reasonably request, along with
        an updated Schedule III to the Credit Agreement depicting the fund structure;

    (c) Borrower Note.  Upon the request of the Administrative Agent, such
        Borrower shall execute and deliver a promissory note, in the form of Exhibit B;

    (d) Authorizations of Borrower.  The Administrative Agent shall have
        received from the Borrower, appropriate evidence of the authorization of such Borrower approving the execution, delivery and performance of the Loan Documents required of such Borrower, duly adopted by such Borrower, as required by Applicable Law
        or agreement, and accompanied by a certificate of an authorized Person stating that such authorizations are true and correct, have not been altered or repealed and are in full force and effect;

    (e) Responsible Officer Certificates.  A certificate from a Responsible
        Officer of each Borrower, as applicable, in the form of Exhibit L;

    (f) Constituent Documents.  True and complete copies of the Constituent
        Documents of such Borrower, together with certificates of existence and good standing (or other similar instruments), in each case certified by a Responsible Officer of such Person to be correct and complete copies thereof and in effect on the date
        such Borrower becomes a Borrower hereunder and in each case satisfactory to the Administrative Agent in its sole discretion;

    
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    (g) ERISA Status.  Either (i) a favorable written opinion of counsel to
        such  Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Borrower as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably
        acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured Parties, signed by a Responsible Officer of such
        Borrower that the underlying assets of such Credit Party do not constitute Plan Assets because less than twenty-five percent (25%) of the total value of each class of equity interests in such Credit Party is held by “benefit plan investors” within
        the meaning of Section 3(42) of ERISA;

    (h) Incumbency Certificate.  The Administrative Agent shall have
        received from the Borrower, as applicable, a signed certificate of a Responsible Officer of such Borrower which shall certify the names of the Persons authorized to sign the Loan Documents to be delivered by such Borrower, together with the true
        signatures of each such Person.  The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of the Persons
        named in such further certificate;

    (i) Opinion of Counsel.  The Administrative Agent shall have received a
        favorable written opinion of counsel for the Borrower, in form and substance satisfactory to the Administrative Agent;

    (j) “Know Your Customer” Information and Documents.  The Lenders shall
        have received all items required to make such Borrower KYC Compliant;

    (k) Fees, Costs and Expenses.  Payment of all fees and other invoiced
        amounts due and payable by any Credit Party on or prior to the date such Borrower becomes a Borrower hereunder and, to the extent invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by any Credit Party hereunder,
        which may be deducted from the proceeds of any related Borrowing;

    (l) Due Diligence Review. The Administrative Agent shall have completed
        to its satisfaction its due diligence review of such Borrower and its respective management, controlling owners, systems and operations; and

    (m) Additional Information.  The Administrative Agent shall have
        received such other information and documents in respect of such Borrower as may be required by the Administrative Agent and its counsel.

    Upon the satisfaction of the requirements of this Section 6.4 described above, the Borrower shall be bound by the terms and conditions of this Credit
      Agreement as a Borrower hereunder.

    
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    ARTICLE VII

      

      REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES

    To induce the Lenders to make the Loans hereunder, each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders as of the date
      hereof that:

    Section 7.1 Organization and Good Standing. Each Credit Party (a) is
        duly organized, formed or incorporated, as applicable, validly existing and in good standing under the laws of its jurisdiction of organization, formation or incorporation, as applicable; (b) has the requisite power and authority to own its
        properties and assets and to carry on its business as now conducted; and (c) is qualified to do business in each jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification except where the
        failure to be so qualified to do business would not have a Material Adverse Effect.

    Section 7.2 Authorization and Power. Each Credit Party has the
        partnership, limited liability company or corporate power, as applicable, and requisite authority to execute, deliver, and perform its respective obligations under the Loan Documents to be executed by it, its Constituent Documents, and its
        Subscription Agreements.  Each Credit Party is duly authorized to, and has taken all partnership, limited liability company or corporate action, as applicable, necessary to authorize it to execute, deliver, and perform its obligations under the
        Loan Documents, its Constituent Documents, and the Subscription Agreements, and is and will continue to be duly authorized to perform its obligations under the Loan Documents, its Constituent Documents and the Subscription Agreements.

    Section 7.3  No Conflicts or Consents. None of the execution and delivery of the Loan Documents, the consummation of any of the transactions herein or therein contemplated, or the compliance with
        the terms and provisions hereof or with the terms and provisions thereof, will contravene or conflict, in any material respect, with (a) any provision of law, statute or regulation to which any Credit Party is subject or any judgment, license,
        order or permit applicable to any Credit Party, (b) any indenture, mortgage, deed of trust or other agreement or instrument to which any Credit Party is a party or by which any Credit Party may be bound, or to which any Credit Party may be subject,
        or (c) such Credit Party’s Constituent Documents, its Subscription Agreement or any Side Letter.  No consent, approval, authorization or order of any court or Governmental Authority, Investor or third party is required in connection with the
        execution and delivery by any Credit Party of the Loan Documents or to consummate the transactions contemplated hereby or thereby, including its Constituent Documents, except, in each case, for that which has already been waived or obtained.

    Section 7.4 Enforceable Obligations. The Loan Documents to which any
        Credit Party is a party are the legal and binding obligations of such Credit Party, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity
        or at law).

    Section 7.5 Priority of Liens. The Collateral Documents create, as
        security for the Obligations, valid and enforceable, perfected first priority Lien on all of the Collateral in favor of the Administrative Agent for the benefit of the Secured Parties, subject to no other Liens, except

    
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    as enforceability may be limited by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law), in each case subject to Permitted
      Liens.  Such Liens on the Collateral shall be superior to and prior to the rights of all third parties in such Collateral (subject to Permitted Liens), and, other than in connection with any future Change in Law or in the applicable Credit Party’s
      name, identity or structure, or its jurisdiction of organization, formation or incorporation, as the case may be, no further recordings or Filings are or will be required in connection with the creation, perfection or enforcement of such security
      interests and Liens, other than the filing of continuation statements in accordance with Applicable Law.

    Section 7.6 Financial Condition. The Credit Parties have delivered to
        the Administrative Agent the most recently available copies of the financial statements and reports described in Section 8.1 and the related statement of income, in each case certified by a Responsible Officer of such Credit Party to be
        true and complete and to present fairly in all material respects the financial condition of such Credit Party as of the date set forth therein; such representation relating to the financial statements shall be without qualification, exception or
        any other statement which has the effect of modifying the opinions therein.

    Section 7.7 Full Disclosure. All information heretofore furnished by or
        on behalf of such Credit Party or the Investment Manager, in connection with the Loan Documents and the transactions contemplated hereby, is true and correct in all material respects on the date as of which such information was stated or deemed
        stated.

    Section 7.8 No Default. No event has occurred and is continuing which
        constitutes an Event of Default or a Potential Default.

    Section 7.9 No Litigation. (a) As of the Closing Date, there are no
        actions, suits, investigations or legal, equitable, arbitration or administrative proceedings in any court or before any arbitrator or Governmental Authority (“Proceedings”) pending or threatened, against any Credit Party, other than any
        such Proceeding that has been disclosed in writing by such Credit Party to the Administrative Agent, and (b) as of any date after the Closing Date, there are no such Proceedings pending or threatened, against such Credit Party, other than any such
        Proceeding that would not, if adversely determined, have a Material Adverse Effect.

    Section 7.10 Material Adverse Effect. No circumstances exist or changes
        to any Credit Party have occurred since the date of the most recent financial statements of such Credit Party delivered to the Administrative Agent which would reasonably be expected to result in a Material Adverse Effect.

    Section 7.11 Taxes. Each Credit Party has timely filed or caused to be
        filed all U.S. federal income and other material Tax returns, information statements and reports required to have been filed and has timely paid or caused to be paid all U.S. federal and other material Taxes required to be paid by such Credit
        Party, except for any such Taxes that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been established in accordance with GAAP.

    
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    Section 7.12 Principal Office; Jurisdiction of Formation. (a) Each of
        the principal office, chief executive office, and principal place of business of the Credit Parties is correctly listed on Schedule I, and each Credit Party has been at such location since its formation; and (b) the jurisdiction of
        formation of the Credit Parties is correctly listed on Schedule I, and each Credit Party is not organized under the laws of any other jurisdiction.

    Section 7.13 ERISA. Each Borrower satisfies an exception under the Plan
        Asset Regulations so that its underlying assets do not constitute Plan Assets.  The execution, delivery and performance of this Credit Agreement and the other Loan Documents, the enforcement of the Obligations directly against the Investors, and
        the borrowing and repayment of amounts under this Credit Agreement, do not and will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975(c)(1)(A) - (D) of the Internal Revenue Code.  No Credit Party or
        member of a Credit Party’s Controlled Group has established, maintains, contributes to, or has any liability (contingent or otherwise) with respect to any Plan.

    Section 7.14 Compliance with Law. Each Credit Party is in compliance
        with all laws, rules, regulations, orders, and decrees which are applicable to it or its properties, including, without limitation, Environmental Laws and ERISA, except where non-compliance would not be reasonably likely to have a Material Adverse
        Effect.

    Section 7.15 Environmental Matters. Each Credit Party (a) has not
        received any notice or other communication or otherwise learned of any Environmental Liability which could individually or in the aggregate be expected to have a Material Adverse Effect arising in connection with: (i) any actual or alleged
        non-compliance with or violation of any Environmental Requirements by such Credit Party or any permit issued under any Environmental Law to such Credit Party; or (ii) the Release or threatened Release of any Hazardous Material into the environment;
        and (b) has no actual liability or, threatened liability in connection with the Release or threatened Release of any Hazardous Material into the environment or any Environmental Requirements which could individually or in the aggregate reasonably
        be expected to have a Material Adverse Effect.

    Section 7.16 Capital Commitments and Contributions. All the Investors
        are correctly set forth on Exhibit A hereto (or on a revised Exhibit A delivered to the Administrative Agent in accordance with Sections 8.1(i) or Section 8.19), and the true and correct Capital Commitment and
        Uncalled Capital Commitment of each Investor is set forth on Exhibit A (or on any such revised Exhibit A).  No Drawdowns have been delivered other than any that have been disclosed in writing to the Administrative Agent.

    Section 7.17 Fiscal Year. The fiscal year of each Credit Party is the
        calendar year.

    Section 7.18 Investor Documents. Each Investor has executed a
        Subscription Agreement which has been provided to the Administrative Agent.  Each Side Letter that has been entered has been provided to the Administrative Agent.  For each Investor, its Subscription Agreement (and any related Side Letter) set
        forth its entire agreement regarding its Capital Commitment.

    
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    Section 7.19 Margin Stock. No Credit Party is engaged in the business
        of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Loan will be used: (a) to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin
        Stock; (b) to reduce or retire any Indebtedness which was originally incurred to purchase or carry any such Margin Stock; or (c) for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulations T,
        U, or X.  No Credit Party nor any Person acting on behalf of the Credit Parties has taken or will take any action which might cause any Loan Document to violate Regulations T, U or X or any other regulation of the Board of Governors of the Federal
        Reserve System or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same may hereafter be in effect.  No Loan will be secured at any time by, and no Collateral in which any Credit Party has granted to the
        Administrative Agent, for the benefit of each of the Secured Parties, will contain at any time, any Margin Stock.

    Section 7.20 Investment Company Status. Such Borrower is either: (i) an
        “investment company” that has elected to be regulated as a “business development company” within the meaning of the Investment Company Act of 1940, as amended or (ii) not required to be registered as  an “investment company” within the meaning of
        the Investment Company Act of 1940, as amended.

    Section 7.21 No Defenses. No Credit Party is in breach of any material
        obligation under its Constituent Documents, any Subscription Agreement or any Side Letter.  No Responsible Officer of any Credit Party knows of any occurrence or circumstance which with the passage of time and/or giving of notice, could constitute
        a defense to the obligations of the Investors to make Capital Contributions to a Borrower pursuant to a Drawdown in accordance with the Subscription Agreements, or has actual knowledge of any claims of offset or any other claims of the Investors
        against any Credit Party which would or could diminish or adversely affect the obligations of the Investors to make Capital Contributions and fund Drawdowns in accordance with the Subscription Agreements (and any related Side Letters) or Credit
        Link Document.

    Section 7.22 No Withdrawals Without Approval. No Investor is permitted
        to withdraw its interest in any Borrower without the prior approval of the Borrower.

    Section 7.23 Sanctions. No Credit Party and no Person directly or
        indirectly controlling a Credit Party, and, to the actual knowledge of any Responsible Officer of each Credit Party, no Person directly or indirectly controlled by a Credit Party or any Related Party of any of the foregoing, (a) is a Sanctioned
        Entity, (b) is controlled by or is acting on behalf of a Sanctioned Entity or (c) to each Credit Party’s knowledge is under investigation for an alleged breach of Sanction(s) by a governmental authority that enforces Sanctions.  To the actual
        knowledge of any Responsible Officer of each Credit Party, no Investor is a Sanctioned Entity.

    Section 7.24 Insider. No Credit Party is an “executive officer,”
        “director,” or “person who directly or indirectly or acting through or in concert with one or more persons owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities” (as those terms are defined in 12
        U.S.C. § 375b or in regulations promulgated pursuant thereto) of any Lender, of a bank holding company of which any Lender is a subsidiary, or of any subsidiary, of a bank holding company of which any Lender is a subsidiary, of any bank at which
        any Lender

    
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    maintains a correspondent account, or of any bank which maintains a correspondent account with any Lender.

    Section 7.25 Investors. The Borrowing Base Certificate, as it may be
        updated in writing from time to time by the Borrowers, is true and correct in all material respects (subject to any Transfer of an Investor’s Subscribed Interest not yet reported, as permitted by Section 9.5).

    Section 7.26 Organizational Structure. The structure of the Credit
        Parties is as depicted on Schedule III.  As of the date hereof, there are no Affiliates of the Credit Parties that have not been disclosed to Administrative Agent on Schedule III.

    Section 7.27 No Brokers. None of the Credit Parties or the Investment
        Manager has dealt with any broker, investment banker, agent or other Person (except for the Administrative Agent, the Lenders and any Affiliate of the foregoing) who may be entitled to any commission or compensation in connection with the Loan
        Documents, the Loans or a transaction under or pursuant to the Loan Documents.

    Section 7.28 Financial Condition. The Borrowers taken as a whole are
        Solvent.

    Section 7.29 Beneficial Ownership Certification.  As of the Closing
        Date, the information included in the Beneficial Ownership Certification provided pursuant to Section 6.1(r) is true and correct in all respects.

    ARTICLE VIII

      

      AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES

    So long as the Lenders have any commitment to lend hereunder, and until payment and performance in full of the Obligations under the Loan Documents, each Credit
      Party agrees that:

    Section 8.1 Financial Statements, Reports and Notices. The Credit
        Parties shall deliver to the Administrative Agent sufficient copies for each Lender of the following:

    (a) Financial Reports.

    (i)  Annual Reports.  As soon as available, but
        no later than one hundred (100) days after the end of the fiscal year for each of the Borrowers, the audited consolidated balance sheet and related statements of operations, income, partners’, members’ or shareholders’ equity and cash flows of the
        Borrowers as of the end of and for such year, setting forth in each case in comparative form (if applicable) the figures for the previous fiscal year, all reported on by a firm of nationally recognized independent certified public accountants of
        recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all
        material respects the financial condition and results of operations of the Borrowers on a consolidated basis in accordance with GAAP consistently applied.

    
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    (ii)  Quarterly Reports.  As soon as available,
        but no later than fifty-five (55) days after the end of each of the first three fiscal quarters of the Borrowers, the unaudited consolidated balance sheet and related statements of operations, income, partners’, members’ or shareholders’ equity and
        cash flows of the Borrowers as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the
        corresponding period or periods of the previous fiscal year, all certified in a Compliance Certificate by a Responsible Officer of the Borrowers, as presenting fairly in all material respects the financial condition and results of operations of the
        Borrowers on a consolidated basis in accordance with GAAP consistently applied, subject to normal year end audit adjustments and the absence of footnotes.

    (b) Compliance Certificate.  As soon as available, but no later than
        the date any financial statement are due pursuant to Section 8.1(a), a compliance certificate in the form of Exhibit M (the “Compliance Certificate”), certified by a Responsible Officer of the Borrowers to be true and
        correct, (i) stating whether any Event of Default or any Potential Default exists; (ii) stating whether the Borrowers are in compliance with the Debt Limitations contained in Section 9.10 and containing the calculations evidencing such
        compliance; (iii) stating that no Exclusion Event has occurred with respect to any Included Investor or Designated Investor (that has not previously been disclosed to the Administrative Agent in writing); and (iv) setting forth: (A) in the case of
        a Compliance Certificate delivered in connection with a fiscal quarter-end report by the Borrowers, a description of the investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal quarter; (B) in the case of a
        Compliance Certificate delivered in connection with a fiscal year-end report by the Borrowers, a description of the Investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal year, and a statement of the capital account
        of each Investor; (C) an updated Borrowing Base Certificate as of the date of delivery of such Compliance Certificate; and (D).

    (c) Drawdowns.  On the same Business Day of the issuance of each
        Drawdown Notice, the Borrowers shall notify the Administrative Agent of the making thereof and shall provide information as to the timing and amount of such Drawdown along with copies of each Drawdown Notice delivered to the Investors.

    (d) Notice of Default.  Within one (1) Business Day of becoming aware
        of the existence of any condition or event which constitutes an Event of Default or a Potential Default, the Credit Parties shall furnish to the Administrative Agent a written notice specifying the nature and period of existence thereof and the
        action which such Credit Party is taking or proposes to take with respect thereto.

    (e) Notice of Certain Withdrawals.  Promptly, but no later than the
        Business Day following receipt thereof, copies of any notice of withdrawal or request for excuse or exemption by any Investor pursuant to its Subscription Agreement or Side Letter.

    (f) Investor Events.  Promptly upon becoming aware of any of the
        following events, notice to the Administrative Agent if: (i) an Exclusion Event has occurred with respect to any Included Investor or Designated Investor or any other Investor has failed to timely fund a Drawdown; (ii) there has been any decline in
        the Rating of any Included Investor (or its Credit

    
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    Provider, Sponsor or Responsible Party) whether or not such change results in an Exclusion Event; or (iii) there has been a change in the name or notice information of any Investor.

    (g) [Reserved.]

    (h) ERISA Certification.  (i) For each Borrower that provided a
        certificate of a Responsible Officer pursuant to Section 6.1(o)(ii), Section 6.3(i)(ii) or Section 6.4(g)(ii), prior to admitting one or more ERISA Investors which would result in twenty-five percent (25%) of the total value
        of any class of equity interests in such Credit Party being held by “benefit plan investors” within the meaning of Section 3(42) of ERISA, such Credit Party shall deliver a favorable written opinion of counsel to such Credit Party addressed to the
        Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Credit Party as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably acceptable to the Administrative
        Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); and (ii) with respect to each Borrower, for so long as there is any ERISA Investor in such Credit Party, such Credit Party shall provide
        to the Administrative Agent, no later than sixty (60) days after the first day of each Annual Valuation Period in the case of clause (1) below or thirty (30) days after the end of such Credit Party’s fiscal year in the case of clause
          (2) below, a certificate signed by a Responsible Officer of such Credit Party that (1) such Credit Party has remained and still is an Operating Company or (2) the underlying assets of such Credit Party do not constitute Plan Assets because
        less than twenty-five percent (25%) of the total value of each class of equity interests in such Credit Party is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA.

    (i) Borrowing Base Certificate.  The Borrowers will provide an updated
        Borrowing Base Certificate certified by a Responsible Officer of the Borrowers to be true and correct in all material respects at each of the following times:  (i) on the first (1st) Business Day of each calendar month, (ii) concurrently
        with the delivery of each quarterly Compliance Certificate; (iii) in connection with any new Borrowing; (iv) within three (3) calendar days of the issuance of any Drawdowns to the Investors (together with copies of such Drawdowns in accordance
        within Section 8.1(c)); (v) within two (2) Business Days following any Exclusion Event or a Transfer of any Included Investor’s or Designated Investor’s Subscribed Interest; (vi) upon any Credit Party obtaining actual knowledge of any
        decline in the Rating of any Included Investor, where such change results in a lower Concentration Limit with respect to such Investor (it being understood that the Borrowers are not required to affirmatively monitor the Ratings of the Investors,
        but only to comply with the delivery obligation in this Section 8.1(i) in the event of a Credit Party obtaining actual knowledge of a decline in any such Rating); and (vii) within five (5) Business Days of any other event that reduces the
        Available Commitment (such as, by way of example, a deemed Capital Contribution).

    (j) Other Reporting.  Simultaneously with the delivery to any Investor,
        copies of all other material Investor reports, financial statements, appraisal reports, notices, and other matters at any time or from time to time furnished to the Investors.

    (k) [Reserved.]

    
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    (l) New Investors or Amended Investor Documents.  Within three (3)
        Business Days of execution thereof, copies of the Subscription Agreement (and any related Side Letter) or any transfer documentation of any new Investor or written evidence of an increase in the Capital Commitment of any Investor or any amendments
        to any Investor’s Side Letter, including but not limited to any documents related to an Investor’s election to opt into the provisions of any other Investor’s Side Letter pursuant to a ‘most favored nations’ clause.

    (m) Notice of Material Adverse Effect.  Each Credit Party shall,
        promptly upon a Responsible Officer obtaining actual knowledge thereof, notify the Administrative Agent of any event if such event could reasonably be expected to result in a Material Adverse Effect.

    (n) Beneficial Ownership.  With respect to any Credit Party that is
        “legal entity customer” under the Beneficial Ownership Regulation, such Credit Party shall promptly give notice to the Administrative Agent of any change in the information provided in any Beneficial Ownership Certification that would result in a
        change to the list of beneficial owners identified in parts (c) or (d) of such certification.

    (o) Other Information.  Such other information concerning the business,
        properties, or financial condition of the Credit Parties as the Administrative Agent shall reasonably request.

    Section 8.2 Payment of Obligations. Each Credit Party shall pay and
        discharge all Indebtedness and other obligations before any such obligation becomes delinquent, if in the case of Indebtedness such failure could reasonably be expected to result in a default in excess of the Threshold Amount.

    Section 8.3 Maintenance of Existence and Rights. Each Credit Party
        shall preserve and maintain its existence.  Each Credit Party shall further preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations and orders
        of any Governmental Authority the failure of which could reasonably be expected to result in a Material Adverse Effect.

    Section 8.4 Operations and Properties. Each Credit Party shall act
        prudently and in accordance with customary industry standards in managing or operating its assets, properties, business, and investments. Each Credit Party shall keep in good working order and condition, ordinary wear and tear excepted, all of its
        assets and properties which are necessary to the conduct of its business.

    Section 8.5 Books and Records; Access. Following ten (10) Business Days
        prior written notice, each Credit Party shall give the Administrative Agent access during ordinary business hours to, and permit such person to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of
        such Credit Party and relating to their affairs, and to inspect any of the offices of the Credit Party and to discuss its affairs, finances and condition with its officers.

    Section 8.6 Compliance with Law. Each Credit Party shall observe and
        comply with all Applicable Laws and all orders of any Governmental Authority, including without limitation, Environmental Laws and ERISA, and maintain in full force and effect all Governmental

    
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    Approvals applicable to the conduct of its business, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

    Section 8.7 Insurance. Each Credit Party shall maintain, with
        financially sound and reputable insurance companies, workmen’s compensation insurance, liability insurance, and insurance on its present and future properties, assets, and businesses against such casualties, risks, and contingencies, and in such
        types and amounts, as are consistent with customary practices and standards of its industry in the same or similar locations.

    Section 8.8 Authorizations and Approvals. Each Credit Party shall
        promptly obtain, from time to time at its own expense, all such governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Credit Party to comply with its obligations hereunder, under the other Loan
        Documents and its Constituent Documents and to conduct its business in the customary fashion.

    Section 8.9 Maintenance of Liens. Each Credit Party shall perform all
        such acts and execute all such documents as the Administrative Agent may reasonably request in order to enable the Administrative Agent and Secured Parties to file and record every instrument that the Administrative Agent may deem necessary in
        order to perfect and maintain the Secured Parties’ first priority security interests in (and Liens on) the Collateral (subject to Permitted Liens) and otherwise to preserve and protect the rights of the Secured Parties in respect of such first
        priority security interests and Liens.

    Section 8.10 Further Assurances. Each Credit Party shall make, execute
        or endorse, and acknowledge and deliver or file or cause the same to be done, all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances, transfers, assignments, financing statements, or other
        assurances, and shall take any and all such other action, as the Administrative Agent may, from time to time, deem necessary or desirable in connection with this Credit Agreement or any of the other Loan Documents, the obligations of the Credit
        Party hereunder or thereunder for better assuring and confirming unto the Secured Parties all or any part of the security for any of such obligations.

    Section 8.11 Maintenance of Independence. Each Credit Party shall at
        all times (a) conduct and present itself as a separate entity and maintain all business organization formalities, (b) maintain separate books and records, (c) conduct all transactions with Affiliates (i) in accordance with the provisions of the
        Operative Documents, or (ii) otherwise on an arm’s length basis, and (d) not commingle its funds with funds of other Persons, including Affiliates.

    Section 8.12 Taxes. Each Credit Party shall timely file all U.S.
        federal and other material Tax returns, information statements and reports required be filed and shall timely pay all U.S. federal and other material Taxes required to be paid by such Credit Party, except for any such Taxes that are being contested
        in good faith by appropriate proceedings and with respect to which adequate reserves have been established in accordance with GAAP.

    Section 8.13 Compliance with Constituent Documents. Each Credit Party
        shall comply with the provisions of its Constituent Documents in all material respects.

    
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    Section 8.14 Investor Default. At all times when an Event of Default
        has occurred and is continuing and any Investor has failed to fund any Capital Contribution when due or otherwise defaulted on any of its obligations to any Credit Party, then such Credit Party shall exercise its available remedies as to such
        Investor only with the written consent of the Administrative Agent, at the direction of the Required Lenders.

    Section 8.15 Collateral Account. Each Credit Party shall ensure that,
        at all times, the Administrative Agent shall have electronic monitoring access to each Collateral Account or such other reasonable access if electronic monitoring is not available.

    Section 8.16 Compliance with Anti-Money Laundering Laws and Anti-Corruption
          Laws. Each Credit Party, each Person directly or indirectly controlling a Credit Party, and, to each Credit Party’s actual knowledge, each Person directly or indirectly controlled by a Credit Party and each other Related Party of any of
        the foregoing shall, comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws.  Each Credit Party shall (a) maintain policies and procedures reasonably designed to ensure compliance with all applicable Anti-Money Laundering
        and Anti-Corruption Laws, (b) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with all applicable Anti-Money Laundering Laws, including with respect to the legitimacy of the
        applicable Investor and the origin of the assets used by such Investor to purchase the property in question, and shall maintain sufficient information to identify the applicable Investor for purposes of Anti-Money Laundering Laws, (c) ensure it
        does not use any of the proceeds of the Loan in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, and (d) ensure it does not fund any repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering
        Laws.

    Section 8.17 Solvency. The financial condition of each Borrower shall
        be such that such Person is Solvent.

    Section 8.18 [Reserved.]

    Section 8.19 [Reserved.]

    Section 8.20 Compliance with Sanctions. Each Credit Party, each Person
        directly or indirectly controlling a Credit Party, and to each Credit Party’s actual knowledge each Person directly or indirectly controlled by a Credit Party or any Related Party of the foregoing, shall comply with all applicable Sanctions in all
        material respects.  Each Credit Party shall maintain policies and procedures reasonably designed to ensure compliance with Sanctions.

    Section 8.21 Electronic Access to Collateral Account.  Borrower shall
        provide Administrative Agent with electronic monitoring access to the Collateral Account at all times.

    ARTICLE IX

      

      NEGATIVE COVENANTS

    So long as the Lenders have any commitment to lend hereunder, and until payment and performance in full of the Obligations, each Credit Party agrees that:

    
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    Section 9.1 Credit Party Information. No Credit Party shall change its
        name chief executive office and/or principal place of business without prior written notice to the Administrative Agent.  No Credit Party shall change its jurisdiction of formation without the prior written consent of the Administrative Agent.

    Section 9.2 Mergers, Etc. No Credit Party shall take any action (a) to
        merge or consolidate with or into any Person, unless such Credit Party is the surviving entity, or (b) that will dissolve or terminate such Credit Party.

    Section 9.3 Limitation on Liens. No Credit Party shall create, permit
        or suffer to exist any Lien (whether such interest is based on common law, statute, other law or contract and whether junior or equal or superior in priority to the Liens created by the Loan Documents) upon the Collateral, other than Permitted
        Liens.

    Section 9.4 Fiscal Year and Accounting Method. No Credit Party shall
        change its fiscal year or its method of accounting without the prior written consent of the Administrative Agent, unless otherwise required to do so by the Internal Revenue Code or GAAP (and if so required the Borrowers shall promptly notify the
        Administrative Agent in writing of such change).

    Section 9.5 Transfer of Interests; Admission of Investors.

    (a) Transfer by Investors.  The Credit Parties shall not permit any
        Transfer of an interest in a Borrower unless explicitly permitted pursuant to this Section 9.5.  The Borrowers shall notify the Administrative Agent of any such Transfer by any Investor of all or a portion of any interest in any Borrower at
        least five (5) Business Days before the proposed Transfer, and shall, promptly upon receipt thereof, deliver to the Administrative Agent copies of any proposed assignment agreement and other documentation delivered to, or required of such Investor
        by, the Borrower.  In order for a new Investor to be deemed to be an Included Investor or a Designated Investor, such new Investor must satisfy the criteria therefor as set out in this Credit Agreement.  If the transfer of an Investor interest to a
        new Investor would result in a mandatory prepayment pursuant to Section 3.5(b) (due to the transferee not being designated as an Included Investor or a Designated Investor or otherwise), such mandatory prepayment shall be calculated and
        paid to the Administrative Agent prior to the effectiveness of the transfer.  Subject to compliance with the preceding sentence and Section 9.5(b), any assignment by an Investor shall be permitted.

    (b) Transfers of Affiliated Investor Interests. No Borrower shall
        permit any Transfer by an Affiliated Investor of its Subscribed Interest without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed). Such Borrower shall notify the Administrative Agent of
        any Transfer by any Affiliated Investor of all or a portion of any Subscribed Interest in such Borrower at least five (5) Business Days before the proposed Transfer, and shall, promptly upon receipt thereof, deliver to the Administrative Agent
        copies of any executed assignment agreement and other documentation delivered to, or required of such Investor by such Borrower.  Notwithstanding the foregoing no consent shall be required if the Transfer by such Affiliated Investor is (a) made to
        (i) an Affiliate of such Affiliated Investor or (ii) a family-related entity or trust established by such Affiliated Investor and (b) otherwise complies with this Section 9.5.

    
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    (c) Sanctions Compliance. Any admission of an assignee of an interest
        in any Borrower or as a substitute Investor and any admission of a Person as a new Investor of any Borrower that constitutes more than 25% of the aggregate Capital Commitments shall be subject to such Person’s compliance with Sanctions and being
        KYC Compliant.

    Section 9.6 Constituent Documents. Except as hereinafter provided, no
        Credit Party shall alter, amend, modify, terminate, waive or change any provision of its Constituent Documents, any Subscription Agreement or, any Side Letter or enter any new Side Letter (each, a “Proposed Amendment”) if such Proposed
        Amendment would (a) remove or modify the Debt Limitations, (b) affect the Credit Party’s or any Investor’s (as applicable) debts, duties, obligations, and liabilities, or the rights, titles, security interests, Liens, powers and privileges of such
        Person (as applicable), in each case, relating to any Drawdowns, Capital Contributions, Capital Commitments, Uncalled Capital Commitments or any other Collateral or any time period applicable thereto, (c) except as permitted under Section 9.5,
        suspend, reduce, terminate or change any Investor’s Unfunded Capital Commitments or obligation to fund Drawdowns, or (d) otherwise have an adverse effect on the rights, titles, first priority security interests and Liens, and powers and privileges
        of any of the Secured Parties hereunder (each, a “Material Amendment”).  With respect to any Proposed Amendment, such Credit Party shall notify the Administrative Agent of such proposal.  The Administrative Agent shall within ten (10)
        Business Days of the date on which it has received such notification determine, in its sole discretion without the requirement of obtaining the input of the Lenders and on its good faith belief, whether or not such Proposed Amendment would
        constitute a Material Amendment and shall promptly notify such Credit Party of its determination.  In the event that the Administrative Agent determines that such Proposed Amendment is a Material Amendment, the approval of all Lenders shall be
        required, and the Administrative Agent shall promptly notify the Lenders of such request for such approval.  Subject to Section 12.1, the Lenders shall, within ten (10) Business Days from the date of such notice from the Administrative
        Agent, deliver their approval or denial thereof.  In the event that the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, such Credit Party may make such amendment without the consent of any Lender. Each
        Credit Party may, without the consent of the Administrative Agent or the Lenders, amend its Constituent Documents: (x) to admit new Investors to the extent permitted by, and in accordance with, this Credit Agreement; and (y) to reflect transfers of
        Subscribed Interests in the Borrowers permitted by, and in accordance with, this Credit Agreement.  In the event any Constituent Document of any Credit Party is altered, amended, modified or terminated in any respect whatsoever, such Credit Party
        shall provide the Administrative Agent with copies of each executed, filed or otherwise effective document relating thereto.

    Section 9.7 [Reserved.]

    Section 9.8 Limitation on Investor Withdrawals. No Credit Party shall
        permit any Investor to withdraw its Subscribed Interest in any Borrower without the prior written consent of all Lenders, other than in the limited instance in accordance with Section 9.5.

    
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    Section 9.9 Transfers of Capital Commitments.  No Borrower shall cause
        Capital Contributions to be made to any Affiliate of a Credit Party or to any other Person that is not a Credit Party hereunder or directly to any investment of a Borrower.

    Section 9.10 Limitation on Indebtedness. No Borrower shall incur
        Indebtedness which (a) does not fully comply with the requirements and limitations set forth in the applicable Operative Documents or (b) which exceeds 75% of the total Capital Commitments of Investors in the Borrowers (collectively, the “Debt
          Limitations”).

    Section 9.11 Capital Commitments. No Credit Party shall: (i) cancel,
        reduce, excuse, or abate the Capital Commitment of any Investor without the prior written consent of the Lenders which may be withheld in their sole discretion; or (ii) relieve, excuse, delay, postpone, compromise or abate any Investor from the
        making of any Capital Contribution (including, for the avoidance of doubt, in connection with any particular investment of such Credit Party), provided, however the Credit Parties may excuse any Investor from funding a Drawdown with respect
        to which an Investment Exclusion Event applies.

    Section 9.12 Drawdowns. No Credit Party shall make any contractual or
        other agreement with any Person which shall restrict, limit, penalize or control its ability to make Drawdowns or the timing thereof (excluding any limitations set forth in a Side Letter which has been delivered to the Administrative Agent prior to
        the Closing Date or concurrently with any Investor’s admission to a Fund; provided that any Investor admitted to a Fund following the Closing Date and such Investor has entered into a Side Letter shall not
        be an Included Investor without the Administrative Agent’s written consent, given in its sole discretion).

    Section 9.13 ERISA Compliance. No Credit Party or member of a Credit
        Party’s Controlled Group shall establish, maintain, contribute to, or have any liability (contingent or otherwise) with respect to any Plan.  No Borrower shall fail to satisfy an exception under the Plan Asset Regulations which failure causes the
        assets of such Credit Party to be deemed Plan Assets.  No Credit Party shall take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under Section 4975(c)(1)(A), (B), (C) or (D) of the Internal
        Revenue Code or Section 406(a) of ERISA that would subject the Administrative Agent or the Lenders to any tax, penalty, damages or any other claim or relief under the Internal Revenue Code or ERISA.

    Section 9.14 Dissolution. Without the prior written consent of all
        Lenders (in their sole discretion), no Credit Party shall take any action to terminate or dissolve.

    Section 9.15 Environmental Matters. Except for such conditions as are
        in compliance with relevant Environmental Laws or otherwise could not reasonably be expected to result in a Material Adverse Effect, no Credit Party shall: (a) cause or permit any Hazardous Material to be generated, placed, held, located or
        disposed of on, under or at, or transported to or from, any real property of such Credit Party; or (b) permit any real property of such Credit Party to ever be used as a dump site or storage site (whether permanent or temporary) for any Hazardous
        Material.

    Section 9.16 Limitations on Distributions. No Credit Party shall make,
        pay or declare any Distribution (as defined below) (a) at any time except as permitted pursuant to its

    
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    Constituent Documents or (b) at any time during the existence of a Cash Control Event, in each of the foregoing cases, other than Permitted Distributions, and the Administrative Agent
      shall determine if a Distribution constitutes a Permitted Distribution; provided such determination shall be made solely on the advice of Administrative Agent’s Investment Company Act of 1940 counsel.  Except
      as set forth in the previous sentence, Permitted Distributions may be made from any Collateral Account during a Cash Control Event if such amounts being distributed (i) were in the Collateral Account prior to the occurrence of the Cash Control Event
      (and such amounts are not proceeds of a call that triggered a mandatory prepayment hereunder) or (ii) were deposited into such Collateral Account pursuant to a Drawdown made after the occurrence of the Cash Control Event and the amount of such
      Drawdown (x) was less than two percent (2%) of the Initial Borrower’s assets and (y) did not trigger a mandatory prepayment hereunder.  “Distribution” means any distributions (whether or not in cash) on account of any Subscribed Interest or
      other equity interest in a Borrower, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such Subscribed Interest or other equity interest.

    Section 9.17 Limitation on Withdrawals of Funds. Without the prior
        written consent of all Lenders, no Credit Party shall make or cause the making of any withdrawal or transfer of funds from any Collateral Account if a Cash Control Event has occurred and is continuing, other than withdrawals for the purpose of
        repaying Obligations.

    Section 9.18 [Reserved.]

    Section 9.19 Limitations of Use of Loan Proceeds. The Credit Parties
        shall not use the proceeds of any Loan for the payment to any Investor of any Distribution.

    Section 9.20 Transactions with Affiliates. No Credit Party shall, nor
        shall it permit any of its Subsidiaries to, sell, lease or otherwise transfer any of its property or assets to, or purchase, lease or otherwise acquire any property or assets from, or make any contribution towards, or reimbursement for, any  taxes
        payable by any Person or any of its Subsidiaries in respect of income of such Credit Party, or otherwise engage in any other transactions with, any of its Affiliates, except transactions in the ordinary course of business at prices and on terms and
        conditions not less favorable to such Credit Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties.

    Section 9.21 Collateral Accounts.

    (a) No Credit Party shall direct, authorize or otherwise permit any proceeds, monies or sums paid by the
        Investors pursuant to any Drawdown to be deposited, credited or otherwise included in any account other than a Collateral Account.

    (b) No Credit Party shall, and shall not cause any of its Subsidiaries to, deposit or otherwise credit, or
        cause or permit to be so deposited or credited, to the Collateral Accounts cash or cash proceeds other than Capital Contributions.

    Section 9.22 Deemed Capital Contributions. The Borrowers shall not
        reinvest cash flow from investments and/or net proceeds from investment dispositions if (a) an Event of Default has occurred and is continuing or (b) such reinvestment would reduce the Unfunded

    
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    Capital Commitment of any Investor and cause the Principal Obligations to exceed the Available Commitment, unless with respect to this clause (b), prior to such reinvestment,
      the Borrowers shall first make any resulting prepayment required under Section 3.5(b).

    Section 9.23 Sanctions.  No Credit Party, no Person directly or
        indirectly controlling a Credit Party, and to the actual knowledge of any Responsible Officer of each Credit Party no Person directly or indirectly controlled by a Credit Party, and no other Related Party of any of the foregoing, in each case
        directly or indirectly, will use the proceeds of any Loan hereunder, or lend, contribute, or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person (i) to fund any activities or business of or with a
        Sanctioned Entity, or (ii) in any manner that would be prohibited by Sanctions or would otherwise cause a Lender to be in breach of any Sanctions.  No Credit Party will fund any repayment of the Obligations with proceeds derived directly, or to the
        actual knowledge of any Responsible Officer of each Credit Party, indirectly, from any transaction that would be prohibited by Sanctions or would otherwise cause the Lender or any other party to this Credit Agreement to be in breach of any
        Sanctions.

    Section 9.24 Exchange Listing.  No Borrower shall not take any action
        which could result in the Exchange Listing occurring prior to the Maturity Date.

    Section 9.25 Drawdowns.  Except as provided in its Constituent
        Documents, such Borrower shall not make any contractual or other agreement with any Person which shall restrict, limit, penalize or control its ability to make Drawdowns or the timing thereof.

    ARTICLE X

      

      EVENTS OF DEFAULT

    Section 10.1 Events of Default. An “Event of Default” shall
        occur if any one or more of the following events (herein collectively called “Events of Default”) shall occur (whatever the reason for such event 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)(i) the Borrowers shall fail to pay when due any Principal Obligations, including, without limitation, any
        failure to pay any amount required under Section 3.5(b); or (ii) the Borrowers shall fail to pay when due any interest on the Obligations or any fee, expense, indemnity or other payment required hereunder, or under any other Loan Document,
        and such failure under this clause (ii) shall continue for two (2) Business Days;

    (b) any representation or warranty made or deemed made by or on behalf of the Credit Parties (in each case, as
        applicable) under any of the Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Administrative Agent or Lenders or any one of them by the Credit Parties (in each case, as applicable)
        pursuant hereto, in connection herewith or with the Loans, or in connection with any of the Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date on which such representation or warranty is made and, with
        respect to any representation or warranty other than that contained in Section 7.23, the adverse effect of the failure of such representation or warranty shall not have

    
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    been cured within ten (10) days after the earlier of (i) notice of such failure by the Administrative Agent and (ii) any Responsible Officer of a Credit Party obtains notice or actual
      knowledge thereof;

    (c) default shall occur in the performance of: (i) any of the covenants or agreements contained herein (other
        than the covenants contained in Sections 3.5(b), 5.2(a), 8.1 or Sections 9.1 through 9.25) by the Credit Parties; or (ii) the covenants or agreements of the Credit Parties contained in any other Loan
        Documents executed by such Person, and, if such default is susceptible to cure, such default shall continue uncured to the satisfaction of the Administrative Agent for a period of thirty (30) days after a Responsible Officer of a Credit Party
        obtains actual knowledge thereof;

    (d) default shall occur in the performance of any of the covenants or agreements of any Credit Party contained
        in Section 3.5(b), 5.2(a) (except with respect to the first Drawdown following the Closing Date), 8.16, or any one of Sections 9.1 through 9.25 (provided, however, in respect of Section
        9.21(a), only with respect to a Credit Party directing any proceeds, monies or sums paid by the Investors pursuant to any Drawdown to be deposited, credited or otherwise included in any account other than a Collateral Account (a “Credit Party
          Direction”));

    (e) default shall occur in the performance of Sections 5.2(a) (only with respect to the first
        Drawdown following the Closing Date), 8.1, 8.21 or 9.21(a) (other than as a result of any Credit Party Direction) and such default shall continue uncured for three (3) Business Days after a Responsible Officer of a Credit
        Party obtains actual knowledge thereof;

    (f) any of the Loan Documents executed by the Credit Parties shall: (i) cease, in whole or in part, to be
        legal, valid, binding agreements enforceable against the Credit Parties, as the case may be, in accordance with the terms thereof; (ii) in any way be terminated or become or be declared ineffective or inoperative; or (iii) in any way whatsoever
        cease to give or provide the respective first priority Liens, security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby (subject to any Permitted Liens);

    (g) default shall occur with respect to the payment of any Indebtedness of any Credit Party in an amount equal
        to or in excess of the Threshold Amount or any such Indebtedness shall become due before its stated maturity by acceleration of the maturity thereof or shall become due by its terms and in either case shall not be promptly paid or extended;

    (h) any Credit Party or the Investment Manager shall: (i) apply for or consent to the appointment of a
        receiver, trustee, custodian, intervenor, sequestrator, conservator, liquidator or similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay
        its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer
        admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any partnership, limited liability company or corporate action for
        the purpose of effecting any of the foregoing;

    
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    (i) an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or
        other competent authority approving a petition seeking reorganization of any Credit Party or the Investment Manager, or appointing a receiver, custodian, trustee, intervenor, sequestrator, conservator, liquidator or similar official of any Credit
        Party or the Investment Manager, or of all or substantially all of such Person’s assets, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) days;

    (j) any final (i) judgment(s) for the payment of money equal to or in excess of the Threshold Amount in the
        aggregate or (ii) non-monetary judgment(s) that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, in either case shall be rendered against any Credit Party alone or against one or more of the Credit
        Parties and such judgment shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets
        of any Credit Party to enforce any such judgment, unless such judgment is covered by insurance in an amount that would cause any uninsured potential liability not to exceed the Threshold Amount or unless it is being appealed and such Credit Party
        has posted a bond or cash collateral;

    (k) the issuance to any Credit Party of (i) any administrative order by any Governmental Authority under any
        Environmental Law, which administrative order is not resolved by settlement within sixty (60) days, or a reasonable basis exists for the issuance to any Credit Party of any such administrative order, or (ii) any injunctive order by any court under
        any Environmental Law that is not resolved by settlement within sixty (60) days, which, in either case, in the Administrative Agent’s reasonable judgment, will result in a Material Adverse Effect;

    (l) [reserved];

    (m) Investors having Capital Commitments aggregating fifteen percent (15%) or greater of the total Capital
        Commitments of Investors in the Borrowers shall default in their obligation to fund Drawdowns (on a cumulative basis) when due and such failure shall not be cured within ten (10) Business Days (without regard to any cure or notice periods contained
        in the applicable Subscription Agreement);

    (n) any Credit Party, the Investment Manager or any affiliated Investor fails to fund any Drawdown when due and
        such failure shall not be cured within two (2) Business Days (without regard to any cure or notice periods contained in the applicable Subscription Agreement);

    (o) [reserved];

    (p) any Credit Party, the Investment Manager or its affiliated Investor shall repudiate, challenge, or declare
        unenforceable its Capital Commitment or its obligation to make Capital Contributions to the capital of the Borrowers pursuant to a Drawdown or shall otherwise disaffirm any material provision of any Credit Party’s Constituent Document, as
        applicable;

    (q) the Management Agreement shall cease to be in full force and effect or the Investment Manager resigns or is
        removed from said role and a successor Investment Manager acceptable to 100% of the Lenders in their sole discretion is not appointed within ten (10) days;

    
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    (r) an event shall occur that causes a dissolution or liquidation of any Credit Party or proceedings shall be
        commenced by any Person seeking the dissolution or liquidation of any Credit Party;

    (s) [reserved]; or

    (t) a Change of Control occurs.

    Section 10.2 Remedies Upon Event of Default. (a) If an Event of Default
        shall have occurred, then the Administrative Agent may (and shall at the direction of the Required Lenders): (i) suspend the Commitments of the Lenders; (ii) terminate the Commitments and declare the occurrence of the Maturity Date; (iii) declare
        the principal of, and all interest then accrued on, the Obligations to be forthwith due and payable, whereupon the same shall forthwith become due and payable without presentment, demand, protest, notice of default, notice of acceleration, or of
        intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Credit Parties hereby expressly waive, anything contained in any Loan Document to the contrary notwithstanding; (iv) exercise any right,
        privilege, or power set forth in Sections 5.2 or 5.3 or the Collateral Documents, including, but not limited to, the initiation of Drawdowns of the Uncalled Capital Commitments; and/or (v) without notice of default or demand, pursue
        and enforce any of the Secured Parties’ rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any Applicable Law or agreement; provided that if any Event of Default specified in Sections 10.1(h) or
        10.1(i) shall occur, the principal of, and all interest on, the Obligations shall thereupon become due and payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without
        presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Credit Parties hereby expressly waives.

    (b) Actions with Respect to the Collateral.  The Administrative Agent,
        on behalf of the Secured Parties, is hereby authorized, in the name of the Secured Parties or the name of any Credit Party, at any time or from time to time during the existence of an Event of Default, to: (i) initiate one or more Drawdowns in
        order to pay the Obligations then due and owing, (ii) notify the Investors to make all payments due or to become due with respect to their Capital Commitments directly to the Administrative Agent or to an account other than the Collateral Accounts,
        (iii) take or bring in any Credit Party’s name, or that of the Secured Parties, all steps, actions, suits, or proceedings deemed by the Administrative Agent necessary or desirable to effect possession or collection of payments of the Capital
        Commitments, (iv) complete any contract or agreement of any Credit Party in any way related to payment of any of the Capital Commitments, (v) make allowances or adjustments related to the Capital Commitments, (vi) compromise any claims related to
        the Capital Commitments, or (vii) exercise any other right, privilege, power, or remedy provided to any Credit Party under its respective Constituent Documents and the Subscription Agreements with respect to the Capital Commitments.  Regardless of
        any provision hereof, in the absence of gross negligence or willful misconduct by the Administrative Agent or the Secured Parties, neither the Administrative Agent nor the Secured Parties shall be liable for failure to collect or for failure to
        exercise diligence in the collection, possession, or any transaction concerning, all or part of the Drawdowns or the Capital Commitment or sums due or paid thereon, nor shall they be under any obligation whatsoever to anyone by virtue of the
        security interests and Liens relating to the Capital Commitment.  The Administrative Agent shall give the Borrowers

    
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    notice of actions taken pursuant to this Section 10.2(b) concurrently with, or promptly after, the taking of such action, but its failure to give such notice shall not affect
      the validity of such action, nor shall such failure give rise to defenses to the Credit Parties’ obligations hereunder.  Notwithstanding the above, during the continuance of an Event of Default, the Credit Parties shall be authorized to issue
      Drawdowns only with the consent of the Administrative Agent in its sole discretion.

    (c) Additional Action by the Administrative Agent.  After the
        occurrence and during the continuance of an Event of Default, issuance by the Administrative Agent on behalf of the Secured Parties of a receipt to any Person obligated to pay any capital contribution shall be a full and complete release,
        discharge, and acquittance to such Person to the extent of any amount so paid to the Administrative Agent for the benefit of the Secured Parties so long as such amounts shall not be invalidated, declared to be fraudulent or preferential, set aside
        or required to be repaid to a trustee, receiver or any other Person under any insolvency law, state or federal law, common law or equitable doctrine.  The Administrative Agent, on behalf of the Secured Parties, is hereby authorized and empowered,
        after the occurrence and during the continuance of an Event of Default, on behalf of any Credit Party, to endorse the name of any Credit Party upon any check, draft, instrument, receipt, instruction, or other document or items, including, but not
        limited to, all items evidencing payment upon a Capital Contribution of any Person to any Credit Party coming into the Administrative Agent’s possession, and to receive and apply the proceeds therefrom in accordance with the terms hereof.  After
        the occurrence and during the continuance of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, is hereby granted an irrevocable power of attorney, which is coupled with an interest, to execute all checks, drafts,
        receipts, instruments, instructions, or other documents, agreements, or items on behalf of any Credit Party, either before or after demand of payment of the Obligations, as shall be deemed by the Administrative Agent to be necessary or advisable,
        in the sole discretion of the Administrative Agent, to protect the first priority security interests and Liens in the Collateral (subject to Permitted Liens) or the repayment of the Obligations, and neither the Administrative Agent nor the Secured
        Parties, in the absence of gross negligence or willful misconduct, shall incur any liability in connection with or arising from its exercise of such power of attorney.

    The application by the Administrative Agent of such funds shall, unless the Lenders shall agree otherwise in writing, be the same as set forth in Section 3.4. 
      The Credit Parties acknowledge that all funds so transferred into the Collateral Accounts shall be the property of the Borrowers subject to the first priority, exclusive security interest of the Administrative Agent therein.

    Section 10.3 Lender Offset. If an Event of Default shall have occurred
        and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
        provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Borrower or any other Credit Party against
        any and all of the obligations of any Borrower or such Credit Party now or hereafter existing under this Credit Agreement or any other Loan Document to such Lender or any of its Affiliates, irrespective of whether or not such Lender or any such
        Affiliate shall have made any demand under this Credit Agreement or any other Loan Document and although such obligations of any Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender or

    
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    such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender
      shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 3.4(c) and, pending such payment, shall be
      segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in
      reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender and its Affiliates under this Section 10.3 are in addition to other rights and remedies (including
      other rights of setoff) that such Lender or its Affiliates may have.  Each Lender agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall
      not affect the validity of such setoff and application.

    Section 10.4 Performance by the Administrative Agent. Should any Credit
        Party fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents, and such failure continues beyond any applicable cure period, the Administrative Agent may, but shall not be obligated to, perform or attempt
        to perform such covenant, duty, or agreement on behalf of such Person.  In such event, the Credit Parties shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or
        attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid.  Notwithstanding the foregoing, it is expressly understood
        that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Credit Parties, or any related Person hereunder or under any of the Loan Documents or other control over the
        management and affairs of any Credit Party, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Credit Party, or any related Person.

    Section 10.5 Good Faith Duty to Cooperate. In the event that the
        Secured Parties elect to commence the exercise of remedies, the Credit Parties agree to cooperate in good faith with the Administrative Agent to enable the Administrative Agent to issue Drawdowns and enforce the payment thereof by the Investors,
        including but not limited to providing contact information for each Investor within three (3) Business Days of request.

    ARTICLE XI

      

      AGENCY PROVISIONS

    Section 11.1 Appointment and Authorization of Agents.

    (a) Authority.  Each Lender (including any Person that is an Assignee,
        Participant, secured party or other transferee with respect to the interest of such Lender in any Principal Obligation or otherwise under this Credit Agreement) (collectively with such Lender, a “Lender Party”) hereby irrevocably appoints,
        designates and authorizes each Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such other actions on its behalf and to exercise all rights, powers and remedies and
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    the duties as are expressly delegated to the Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto.  Notwithstanding any provision to the
      contrary elsewhere herein and in the other Loan Documents, the Agent (i) is acting solely on behalf of the Secured Parties (except to the limited extent provided in Section 12.11(f) with respect to the Register), with duties that are entirely
      administrative in nature, notwithstanding the use of the defined terms “Administrative Agent” and “Agent”, the terms “agent”, “Agent” and “collateral agent” and similar terms in any Loan Document to refer to the Administrative Agent or the Agent,
      which terms are used for title purposes only, and (ii) is not assuming and shall not have any actual or implied obligations, functions, responsibilities, duties, under any Loan Document other than as expressly set forth therein or any role as agent,
      fiduciary or trustee of or for any Secured Party or any other Person, and each Secured Party, by accepting the benefits of the Loan Documents, hereby waives and agrees not to assert any claim against the Agent based on the roles, duties and legal
      relationships expressly disclaimed in clauses (i) and (ii) above.  The provisions of this Section 11 are solely for the benefit of the Administrative Agent and the Lenders and none of the Credit Parties, any Investor, or any Affiliate of the
      foregoing (each, a “Borrower Party”) shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties in Section 11.10).

    (b) Release of Collateral.  The Secured Parties irrevocably authorize
        the Administrative Agent (without any further consent of the Secured Parties), at the Administrative Agent’s option and in its sole discretion, to release any security interest in or Lien on any Collateral granted to or held by the Administrative
        Agent: (i) upon termination of this Credit Agreement and the other Loan Documents, termination of the Commitments and payment in full of all of the Obligations (other than contingent obligations for which no claim has yet been made), including all
        fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan Documents; and (ii) if approved by the Lenders pursuant to the terms of Section 12.1.  Upon the request of the Administrative Agent, the
        Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section 11.1(b).

    Section 11.2 Delegation of Duties. Each Agent may, upon any term or
        condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee,
        attorney-in-fact and any other Person (including any Secured Party).  Any such Person shall benefit from this Article XI to the extent provided by such Agent.  No Agent shall be responsible to any Lender for the negligence or misconduct of any
        agents or attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such Persons.  The exculpatory provisions of this Section 11 shall
        apply to any such sub-agent of such Agent.

    Section 11.3 Exculpatory Provisions. No Agent nor any of its
        affiliates, nor any of their respective officers, directors, employees, agents or attorneys-in-fact (each such person, an “Agent-Related Person”), shall be liable for any action taken or omitted to be taken by it under or in connection
        herewith or in connection with any of the other Loan Documents (except for its own gross negligence or willful misconduct) or be responsible in any manner to any Lender Party for any recitals, statements, representations or warranties made by any
        of the Borrower Parties contained herein or in any of the other Loan Documents or in any certificate, report, document,

    
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    financial statement or other written or oral statement referred to or provided for in, or received by such Agent under or in connection herewith or in connection with the other Loan
      Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of any Borrower Party to perform its obligations hereunder or thereunder.  No Agent-Related Person shall be responsible to any Lender for the
      effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any
      Borrower Party in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by the Agent-Related Person to the Lenders or by
      or on behalf of the Borrower Parties to the Agent-Related Person or any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein
      or as to the use of the proceeds of the Loans or of the existence or possible existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties.  The Agents are not trustees for the Lenders
      and owe no fiduciary duty to the Lenders.  Each Lender Party recognizes and agrees that the Administrative Agent shall not be required to determine independently whether the conditions described in Sections 6.2(a) or 6.2(b) have been
      satisfied and, when the Administrative Agent disburses funds to Borrowers or accepts any Qualified Borrower Guaranties, it may rely fully upon statements contained in the relevant requests by a Borrower Party.

    Section 11.4 Reliance and Liability. Each Agent may, without incurring
        any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 12.11, (ii) rely on the Register to the extent set forth in Section 12.11(f), (iii) consult with any
        of its Agent-Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act upon any document and
        information (including those transmitted electronically) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.

    (a) No Agent and or its Agent-Related Persons shall be liable for any action taken or omitted to be taken by
        any of them under or in connection with any Loan Document, and each Secured Party, each Borrower and each other Credit Party hereby waives and shall not assert (and each Borrower shall cause each other Credit Party to waive and agree not to assert)
        any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of the Agent or, as the case may be, such Agent-Related Person (each as determined in a
        final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the foregoing, the Agent and each Agent-Related Person:

    (i)   shall not be responsible or otherwise incur liability for any action or omission
        taken in reliance upon the instructions of the Required Lenders or for the actions or omissions of any of its Agent-Related Persons selected with reasonable care (other than employees, officers and directors of the Agent, when acting on behalf of
        the Agent);

    (ii)  shall not be responsible to any Secured Party or other Person for the due
        execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or

    
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    value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;

    (iii) makes no warranty or representation, and shall not be responsible, to any Secured
        Party or other Person for any statement, document, information, representation or warranty made or furnished by or on behalf of any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or
        information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by the Agent, including as to completeness,
        accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by the Agent in connection with the Loan Documents; and

    (iv)  shall not have any duty to ascertain or to inquire as to the performance or
        observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or
        continuation of any Potential Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrowers or any Secured Party describing such Potential
        Default or Event of Default clearly labeled “notice of default” (in which case the Agent shall promptly give notice of such receipt to all Lenders);

    and, for each of the items set forth in clauses (i) through (iv) above, each Secured Party and each Borrower hereby waives and agrees not to assert (and each Borrower shall cause each
      other Credit Party to waive and agree not to assert) any right, claim or cause of action it might have against the Agent based thereon.

    Section 11.5 Notice of Default. No Agent shall be deemed to have
        knowledge or notice of the occurrence of any Potential Default or Event of Default hereunder unless such Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of
        Default and stating that such notice is a “notice of default.”  The Administrative Agent will notify the Lenders of its receipt of any such notice, and the Administrative Agent shall take such action with respect to such Potential Default or Event
        of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents.

    Section 11.6 Non-Reliance on Agents and Other Lenders. Each Lender
        acknowledges that it shall, independently and without reliance upon the Agent, any other Secured Party or any Agent-Related Person or upon any document (including any offering and disclosure materials in connection with the syndication of the
        Credit Facility) solely or in part because such document was transmitted by the Agent or any of its Agent-Related Persons, conduct its own independent investigation of the financial condition and affairs of each Credit Party and make and continue
        to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and
        information as it shall deem appropriate.  Except for documents expressly required by any Loan Document to be transmitted by an Agent to

    
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    the Lenders, such Agent shall not have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations,
      property, financial and other condition or creditworthiness of any Credit Party or any Affiliate of any Credit Party that may come in to the possession of such Agent or any of its Agent-Related Persons.

    Section 11.7 Indemnification. Whether or not the transactions
        contemplated hereby are consummated, the Lenders shall indemnify, upon demand, each Agent-Related Person (to the extent not reimbursed by a Borrower Party and without limiting any obligation of the Borrower Parties to do so), ratably in accordance
        with the applicable Lender’s respective Lender’s Pro Rata Share, and hold harmless each Agent-Related Person from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
        disbursements of any kind whatsoever which may at any time (including without limitation at any time following payment in full of the Obligations) be imposed on, incurred by or asserted against it in its capacity as such in any way relating to or
        arising out of this Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by it under or in connection with
        any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such
        Person’s gross negligence or willful misconduct, or related to another Lender; provided, further, that no action taken in accordance with the directions of the Required Lenders or all Lenders, as applicable, shall be deemed to
        constitute gross negligence or willful misconduct for purposes of this Section 11.7.  Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket
        expenses (including attorney costs) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
        advice in respect of rights or responsibilities under, this Credit Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the
        Borrower Parties.  The agreements in this Section 11.7 shall survive the termination of the Commitments, payment of all of the Obligations hereunder and under the other Loan Documents or any documents contemplated by or referred to herein
        or therein, as well as the resignation or replacement of any Agent.

    Section 11.8 Agents in Their Individual Capacity. Each Agent and its
        Affiliates may make loans and other extensions of credit to, acquire interests in, and engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as the Agent and may receive separate fees and other
        payments therefor.  To the extent such Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and
        liabilities as any other Lender and the terms “Lender”, “Required Lender” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include such Agent or such Affiliate, as the case may be, in its individual
        capacity as Lender or one of the Required Lenders, respectively.

    
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    Section 11.9 Successor Agents.

    (a) Resignation of Administrative Agent.  (i) The Administrative Agent
        may at any time give notice of its resignation to the Lenders and the Borrowers.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers and subject to the consent of the
        Borrowers (provided no Event of Default has occurred and is continuing at the time of such resignation), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
        United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day
        as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the
        qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

    (i)   If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
          (d) of the definition thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrowers and such Person, remove such Person as Administrative Agent and, in consultation with the Borrowers,
        appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
          Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

    (ii)  With effect from the Resignation Effective Date or the Removal Effective Date (as
        applicable), (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of
        the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments owed to the
        retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required
        Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
        privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all
        of its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers
        and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Section 11 and Section 12.5 shall continue in effect for the
        benefit of such retiring or

    
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    removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
      retiring or removed Administrative Agent was acting as Administrative Agent.

    (iii) [Reserved].

    (b) Resignation of Other Agents.  Any other Agent may, at any time,
        resign upon written notice to the Lenders and the Borrowers.  If no successor agent is appointed prior to the effective date of the resignation of the applicable Agent, then the retiring Agent may appoint, after consulting with the Lenders and the
        Borrowers, a successor Agent from any of the Lenders.  Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
        retiring Agent, and shall assume the duties and obligations of such retiring Agent, and the retiring Agent shall be discharged from its duties and obligations as Agent under this Credit Agreement and the other Loan Documents.  After any retiring
        Agent’s resignation hereunder as Agent, the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Credit Agreement.

    Section 11.10 Reliance by the Borrowers. The Borrowers shall be
        entitled to rely upon, and to act or refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by the Administrative Agent to the Borrowers, so long as the Administrative Agent is
        purporting to act in its respective capacity as the Administrative Agent pursuant to this Credit Agreement, and the Borrowers shall not be responsible or liable to any Lender (or to any Participant or to any Assignee), or as a result of any action
        or failure to act (including actions or omissions which would otherwise constitute defaults hereunder) which is based upon such reliance upon Administrative Agent.  The Borrowers shall be entitled to treat the Administrative Agent as the properly
        authorized Administrative Agent pursuant to this Credit Agreement until the Borrowers shall have received notice of resignation, and the Borrowers shall not be obligated to recognize any successor Administrative Agent until the Borrowers shall have
        received written notification satisfactory to them of the appointment of such successor.

    Section 11.11 Administrative Agent May File Proofs of Claim. In case of
        the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party, the Administrative Agent (irrespective of whether the principal
        of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower Parties) shall be entitled and empowered, by intervention
        in such proceeding or otherwise:

    (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of
        the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses,
        disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder) allowed in such judicial proceeding; and

    
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    (b) to collect and receive any monies or other property payable or deliverable on any such claims and to
        distribute the same;

    and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make
      such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Party, to pay to the Administrative Agent any amount due for the reasonable compensation,
      expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder.

    Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Secured Party any plan
      of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize the Administrative Agent to vote in respect of the claim of any Secured Party in any such proceeding.

    ARTICLE XII

      

      MISCELLANEOUS

    Section 12.1 Amendments. Neither this Credit Agreement (including the
        exhibits hereto) nor any other Loan Document to which any Credit Party is a party, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and
        signed by the Administrative Agent and Required Lenders, on the one hand, and such Credit Party on the other hand; provided that no such amendment, waiver, discharge, or termination shall, without the consent of:

    (a) each Lender affected thereby:

    (i)   reduce or increase the amount or alter the term of the Commitment of such Lender,
        alter the provisions relating to any fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing, as contemplated in Section 2.5;

    (ii)  change the application or terms of payments set forth in Section 3.4(b) or
        (c);

    (iii) extend the time for payment for the principal of or interest on the Obligations, or
        fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other than as a result of waiving the applicability of the
        Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs hereunder;

    (iv) release any Liens granted under the Collateral Documents, except as otherwise
        contemplated herein or therein; and

    
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    (b) all Lenders:

    (i)   except as otherwise provided by Section 9.5 or 9.11, permit the
        cancellation, excuse or reduction of the Uncalled Capital Commitment or Capital Commitment of any Included Investor or Designated Investor;

    (ii) amend the definition of “Applicable Requirement”, “Available Commitment”, “Borrowing
        Base”, “Concentration Limit”, “Debt Limitations”, “Designated Investor”, “Eligible Institution”, “Hedge Termination Value”, “HNW Investor”, “Included Investor”, “Material Amendment”, “Maturity Date”, “Pooled Vehicle Investor”, “Principal
        Obligations”, “Pro Rata Share”, or the definition of any of the defined terms used therein;

    (iii) change the percentages specified in the definition of Required Lenders herein or
        any other provision hereof specifying the number or percentage of the Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent hereunder;

    (iv) consent to the assignment or transfer by any Credit Party of any of its rights and
        obligations under (or in respect of) the Loan Documents; or

    (v)  amend the terms of Section 3.5(b) or this Section 12.1.

    The Administrative Agent agrees that it will notify the Lenders of any proposed amendment to any Loan Document, and deliver drafts of any such proposed amendment to
      the Lenders, prior to the effectiveness of such proposed amendment.  Notwithstanding the above: (A) no provisions of Section 11 may be amended without the consent of the Administrative Agent; and (B) any amendment to a provision of Section
        8 or Section 9 that changes the requirements for waivers of an affirmative covenant or negative covenant listed therein shall require the same consent of the Lenders and/or the Administrative Agent that are specified therein as required
      for a waiver of such affirmative covenant or negative covenant.

    Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such
      Lender sees fit on any reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersede the unanimous consent provisions set forth herein; (2) the
      Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding; and (3) the Administrative Agent may, in its sole discretion, agree to the modification or waiver of any of the other
      terms of this Credit Agreement or any other Loan Document or consent to any action or failure to act by any Credit Party, if such modification, waiver, or consent is of an administrative nature.

    If the Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination, consent or exercise of rights covered
      by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the Administrative Agent, as the case may be, such Lender shall be deemed to have denied its consent to
      the request.

    
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    Section 12.2 Right of Set-off. Each of the Administrative Agent, each
        Lender, and each Affiliate (including each branch office thereof) of any of them is hereby authorized, without notice or demand (each of which is hereby waived by each Credit Party), at any time and from time to time during the continuance of any
        Event of Default and to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other
        obligations at any time owing by the Administrative Agent, such Lender or any of their respective Affiliates to or for the credit or the account of the Borrowers or any other Credit Party against any Obligation of any Credit Party now or hereafter
        existing, whether or not any demand was made under any Loan Document with respect to such Obligation and even though such Obligation may be unmatured.  No Lender shall exercise any such right of setoff without the prior consent of the
        Administrative Agent or the Required Lenders.  Each of the Administrative Agent and each Lender agrees promptly to notify the Borrowers and the Administrative Agent after any such setoff and application made by such Lender or its Affiliates; provided,
        however, that the failure to give such notice shall not affect the validity of such setoff and application.  The rights under this Section 12.2 are in addition to any other rights and remedies (including other rights of setoff) that
        the Administrative Agent, the Lenders, their Affiliates and the other Secured Parties, may have.

    Section 12.3 Sharing of Payments, Etc.  If any Lender, directly or
        through an Affiliate or branch office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or any remedies under any Collateral Documents, or the receipt
        of any Collateral or “proceeds” (as defined under the UCC) of Collateral) (and other than pursuant to Section 4.8(b), Section 12.11 or Article IV) and such payment exceeds the amount such Lender would have been entitled to
        receive if all payments had gone to, and been distributed by, the Administrative Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as
        necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by the Administrative Agent and applied in accordance with this Credit Agreement (or, if such application
        would then be at the discretion of the Borrowers, applied to repay the Obligations in accordance herewith); provided, however, that (i) if such payment is rescinded or otherwise recovered from such Lender in whole or in part, such
        purchase shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (ii) such Lender shall, to the fullest extent permitted by Applicable Law, be able to exercise all its rights of payment (including
        the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the applicable Credit Party in the amount of such participation.  If a Defaulting Lender receives any such payment as described in the
        previous sentence, such Lender shall turn over such payments to the Administrative Agent in an amount that would satisfy the cash collateral requirements set forth in Section 12.12.  Each Lender hereby authorizes and directs the
        Administrative Agent to coordinate and implement the sharing of collateral contemplated by this Section 12.3 prior to the distribution of proceeds from Drawdowns or proceeds from the exercise of remedies under the Collateral Documents prior
        to making any distributions of such proceeds to each Lender.

    Section 12.4 Waiver. No failure to exercise and no delay in exercising,
        on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,

    
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    power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  No course of dealing between any Credit
      Party, any Affiliate of any Credit Party, the Administrative Agent or any Lender shall be effective to amend, modify or discharge any provision of this Credit Agreement or any of the other Loan Documents.  The rights and remedies of the Secured
      Parties hereunder and under the Loan Documents shall be in addition to all other rights provided by Applicable Law.  No modification or waiver of any provision of any of the Loan Documents, nor consent to departure therefrom, shall be effective
      unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved.  No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances
      without such notice or demand.  Subject to the terms of this Credit Agreement (including, without limitation, Section 12.1), the Administrative Agent acting on behalf of all Lenders, and the Credit Parties may from time to time enter into
      agreements amending or changing any provision of this Credit Agreement or the rights of the Lenders or the Credit Parties hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Credit Parties
      hereunder, any such agreement, waiver or consent made with such written consent of the Administrative Agent being effective to bind all the Lenders, except as provided in Section 12.1.  A waiver on any one or more occasions shall not be
      construed as a bar to or waiver of any right or remedy on any future occasion.

    Section 12.5 Payment of Expenses; Indemnity.

    (a) Cost and Expenses.  Any action taken by any Credit Party under or
        with respect to any Loan Document, even if required under any Loan Document or at the request of the Administrative Agent or Required Lenders, shall be at the expense of such Credit Party, and neither the Administrative Agent nor any other Secured
        Party shall be required under any Loan Document to reimburse any Credit Party therefor except as expressly provided therein.  The Borrowers, jointly and severally, shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the
        Administrative Agent (including the reasonable fees, charges and disbursements of one external counsel for the Administrative Agent, in connection with the preparation, negotiation, execution, delivery, syndication and administration of this Credit
        Agreement and the other Loan Documents and any amendments, modifications, addition of Investors, amendments to any Credit Party’s Constituent Documents, joinder of Borrowers, or waivers of the provisions hereof or thereof (whether or not the
        transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or
        any Lender in connection with the enforcement or protection of its rights (A) in connection with this Credit Agreement and the other Loan Documents, including its rights under this Section 12.5, or (B) in connection with the Loans made
        hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

    (b) Indemnification by the Borrowers.  The Borrowers shall indemnify
        the Administrative Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or
        reimburse any such Indemnitee for, any and all losses, claims (including, without limitation, any Environmental Claims), damages, liabilities and related expenses (including the documented fees, charges and disbursements of any counsel for any
        Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person

    
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    (including the Borrowers or any other Credit Party), other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or
      delivery of this Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the
      transactions contemplated hereby or thereby (including, without limitation, the Credit Facility), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from
      any property owned or operated by any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding relating
      to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, or (v) any claim (including,
      without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected
      with the Loans, this Credit Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without limitation, reasonable attorneys and consultant’s
      fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and
      nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Credit Party or any Subsidiary thereof against an Indemnitee for breach in bad faith of such
      Indemnitee’s obligations hereunder or under any other Loan Document, if such Credit Party or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This Section 12.5(b)
      shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, liabilities and related expenses arising from any non-Tax claim.

    (c) Reimbursement by the Lenders.  To the extent that the Borrowers for
        any reason fail to indefeasibly pay any amount required under Section 12.5(a) or Section 12.5(b) to be paid by it to the Administrative Agent or any Related Party thereof, each Lender severally agrees to pay to the Administrative
        Agent  or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share
        of the Principal Obligations at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
        related expense, as the case may be, was incurred by or asserted against the Administrative Agent or against any Related Party thereof acting for the Administrative Agent in connection with such capacity.

    (d) Waiver of Consequential Damages, Etc.  To the fullest extent
        permitted by Applicable Law, the Borrowers and each other Credit Party shall not assert, and hereby waives and releases and agrees not to sue upon, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential
        or punitive damages (including any loss of profits, business or anticipated savings) arising out of, in connection with, or as a result of, this Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the
        transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof, whether

    
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    or not accrued and whether or not known or suspected to exist in its favor.  No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use
      by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement or the other Loan Documents or the transactions
      contemplated hereby or thereby.

    (e) Payments.  All amounts due under this Section 12.5 shall be
        payable promptly after written demand therefor.

    (f) Survival.  Each party’s obligations under this Section 12.5
        shall survive the termination of the Loan Documents and payment of the Obligations hereunder.

    Section 12.6 Notice.

    (a) Notices Generally.  All notices and other communications required
        or expressly authorized to be made by this Credit Agreement shall be given in writing, unless otherwise expressly specified herein, and (i) addressed to the address set forth in this Section 12.6, (ii) posted to Syndtrak® (to the extent
        such system is available and set up by or at the direction of the Administrative Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.syndtrak.com or using such other
        means of posting to Syndtrak® as may be available and reasonably acceptable to the Administrative Agent prior to such posting, (iii) posted to any other E-System approved by or set up by or at the direction of the Administrative Agent or (iv)
        addressed to such other address as shall be notified in writing to the other parties hereto.  Transmissions made by electronic mail or E-Fax to the Administrative Agent shall be effective only (x) for notices where such transmission is specifically
        authorized by this Credit Agreement, (y) if such transmission is delivered in compliance with procedures of the Administrative Agent applicable at the time and previously communicated to the Borrowers, and (z) if receipt of such transmission is
        acknowledged by the Administrative Agent.

    If to the Credit Parties:

    At the address specified with respect thereto on Schedule I.

    If to Capital One as Administrative Agent or Lender:

    

    

    Capital One, National Association

      2 Bethesda Metro Center, 7th Floor

      Bethesda, MD 20814

      Attention:  FIG Portfolio Management/Archana Uppal

      Telephone: 203-543-8052

      Email:  archana.uppal@capitalone.com

    

    

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

      

      Cadwalader, Wickersham & Taft LLP

      227 West Trade Street

    
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    Charlotte, North Carolina 28202

      Attention:  Michael C. Mascia, Esq.

      Telephone:  (704) 348-5160

      Facsimile:  (704) 348-5200

      Email:  michael.mascia@cwt.com

      

      If to any other Lender:

    At the address and numbers set forth on Schedule II hereof or on the Assignment and Assumption or Lender Joinder Agreement of such Lender.

    Any party hereto may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this Section 12.6. 
      With respect to any notice received by the Administrative Agent from any Borrower or any Investor not otherwise addressed herein, the Administrative Agent shall notify the Lenders promptly of the receipt of such notice, and shall provide copies
      thereof to the Lenders.

    (b)  Effectiveness.

    (i)  All communications described in clause (a) above and all other notices, demands,
        requests and other communications made in connection with this Credit Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1)
        Business Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail, (iv) if delivered by facsimile (other than to post to an E-System pursuant to clause (a)(ii) or (a)(iii) above),
        upon sender’s receipt of confirmation of proper transmission, and (v) if delivered by posting to any E-System, on the later of the Business Day of such posting and the Business Day access to such posting is given to the recipient thereof in
        accordance with the standard procedures applicable to such E-System; provided, however, that no communications to the Administrative Agent pursuant to Article I shall be effective until received by the Administrative Agent.

    (ii) The posting, completion and/or submission by any Credit Party of any communication
        pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or made by a Credit Party
        in connection with any such communication is true, correct and complete except as expressly noted in such communication or E-System.

    (c) Electronic Transmissions.

    (i)   Authorization.  Subject to the provisions
        of Section 12.6(a), each of the Administrative Agent, the Lenders, each Credit Party and each of their Related Parties, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic
        Transmissions in connection with any Loan Document and the transactions contemplated therein.  Each Credit Party and each Secured Party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure

    
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    and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by
      hereby authorizing the transmission of Electronic Transmissions.

    (ii)  Signatures.  Subject to the provisions of Section

          12.6(a), (A)(1) no posting to any E-System shall be denied legal effect merely because it is made electronically, (2) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (3) each
        such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any Uniform Commercial Code, the federal Uniform Electronic Transactions Act, the
        Electronic Signatures in Global and National Commerce Act and any substantive or procedural Applicable Law governing such subject matter, (B) each such posting that is not readily capable of bearing either a signature or a reproduction of a
        signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which the Administrative Agent, each other Secured Party and each Credit Party may rely and assume the
        authenticity thereof, (C) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (D) each party hereto or
        beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any Applicable Law requiring certain documents to be in writing or signed; provided,
        however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission.

    (iii) Separate Agreements.  All uses of an
        E-System shall be governed by and subject to, in addition to this Section 12.6, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from
        time to time, including on such E-System) and related Contractual Obligations executed by the Administrative Agent and Credit Parties in connection with the use of such E-System.

    (iv) LIMITATION OF LIABILITY.  ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE
        PROVIDED “AS IS” AND “AS AVAILABLE”.  NONE OF THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OF THEIR RELATED PARTIES WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR
        OMISSIONS THEREIN.  NO WARRANTY OF ANY KIND IS MADE BY THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OF THEIR RELATED PARTIES IN CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
        PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS.  Each of the Borrowers, the other Credit Parties executing this Credit Agreement and the Secured Parties agrees that the Administrative Agent
        has no responsibility for maintaining or providing any equipment, software, services or any testing

    
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    required in connection with any Electronic Transmission or otherwise required for any E-System.

    Section 12.7 Governing Law. The Loan Documents and any claim,
        controversy or dispute arising under or related to or in connection therewith, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York
        without regard to any conflicts of law principles other than Section 5-1401 of the New York General Obligations Law.

    Section 12.8 Choice of Forum; Consent to Service of Process and Jurisdiction;
          Waiver of Trial by Jury. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Credit Agreement, including its validity, interpretation, construction, performance and enforcement
        (including any claims sounding in contract or tort law arising out of the subject matter hereof and any determinations with respect to post-judgment interest).  Any legal action or proceeding with respect to any Loan Document shall be brought
        exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America sitting in the Southern District of New York and, by execution and delivery of this Credit Agreement, each
        Borrower and each other Credit Party executing this Credit Agreement hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in this Credit
        Agreement shall limit the right of the Administrative Agent to commence any proceeding in the federal or state courts of any other jurisdiction to the extent the Administrative Agent determines that such action is necessary or appropriate to
        exercise its rights or remedies under the Loan Documents.  The parties hereto (and, to the extent set forth in any other Loan Document, each other Credit Party) hereby irrevocably waive any objection, including any objection to the laying of venue
        or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions.  Each Credit Party hereby irrevocably
        waives personal service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States with respect to or
        otherwise arising out of or in connection with any Loan Document by any means permitted by Applicable Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of the Borrowers specified herein (and
        shall be effective when such mailing shall be effective, as provided therein).  Each Credit Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
        or in any other manner provided by law.  Nothing contained in this Section 12.8 shall affect the right of the Administrative Agent or any Lender to serve process in any other manner permitted by Applicable Law or commence legal proceedings
        or otherwise proceed against any Credit Party in any other jurisdiction.  THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO,
        THIS CREDIT AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY.  THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.  EACH PARTY HERETO (A) CERTIFIES THAT
        NO OTHER PARTY AND NO RELATED PARTY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO

    
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    ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS, AS APPLICABLE, BY THE MUTUAL WAIVERS AND
      CERTIFICATIONS IN THIS SECTION.

    Section 12.9 Severability; Independence of Provisions. The illegality
        or unenforceability of any provision of this Credit Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Credit Agreement or any
        instrument or agreement required hereunder.  The parties hereto acknowledge that this Credit Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such
        limitations, tests and measurements are cumulative and must each be performed, except as expressly stated to the contrary in this Credit Agreement.

    Section 12.10 Entire Agreement; Release; Survival.

    (a) THE LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS AND
        UNDERSTANDINGS RELATING TO THE SUBJECT MATTER THEREOF AND ANY PRIOR LETTER OF INTEREST, COMMITMENT LETTER, CONFIDENTIALITY AND SIMILAR AGREEMENTS INVOLVING ANY CREDIT PARTY AND ANY LENDER OR ANY OF THEIR RESPECTIVE AFFILIATES RELATING TO A
        FINANCING OF SUBSTANTIALLY SIMILAR FORM, PURPOSE OR EFFECT OTHER THAN ANY FEE LETTER.  IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THIS CREDIT AGREEMENT AND ANY OTHER LOAN DOCUMENT, THE TERMS OF THIS CREDIT AGREEMENT SHALL GOVERN (UNLESS
        OTHERWISE EXPRESSLY STATED IN SUCH OTHER LOAN DOCUMENTS OR SUCH TERMS OF SUCH OTHER LOAN DOCUMENTS ARE NECESSARY TO COMPLY WITH APPLICABLE LAW, IN WHICH CASE SUCH TERMS SHALL GOVERN TO THE EXTENT NECESSARY TO COMPLY THEREWITH).

    (b) Execution of this Credit Agreement by the Credit Parties constitutes a full, complete and irrevocable
        release of any and all claims that each Credit Party may have at law or in equity in respect of all prior discussions and understandings, oral or written, relating to the subject matter of this Credit Agreement and the other Loan Documents.

    (c)(i) Any indemnification or other protection provided to any Indemnitee pursuant to this Section 12.10,
        Article IV (Change in Circumstances), Section 12.5 (Payment of Expenses; Indemnity) and Article XI (Agency Provisions), and (ii) the provisions of Section 8 of each Security Agreement, in each case, shall (x) survive
        the termination of the Commitments and the payment in full of all other Obligations and (y) with respect to clause (i) above, inure to the benefit of any Person that at any time held a right thereunder (as an Indemnitee or otherwise) and,
        thereafter, its successors and permitted assigns.

    Section 12.11 Binding Effect; Successors and Assigns; Participations.

    (a) Binding Effect; Successors and Assigns Generally.  This Credit
        Agreement shall become effective when it shall have been executed by the Borrowers, the other

    
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    Credit Parties signatory hereto and the Administrative Agent and when the Administrative Agent shall have been notified by each Lender that such Lender has executed this Credit
      Agreement.  Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of, the Borrowers, the other Credit Parties hereto (in each case except for Article X), the Administrative Agent and each Lender receiving the
      benefits of the Loan Documents and, to the extent provided in Section 12.11(g), each other Secured Party and, in each case, their respective successors and permitted assigns.  Except as expressly provided in any Loan Document (including in Section
        11.9), none of any Borrower, any other Credit Party, or the Administrative Agent shall have the right to assign any rights or obligations hereunder or any interest herein.

    (b) Assignments by Lenders.  Each Lender may sell, transfer, negotiate
        or assign (a “Sale”) all or a portion of its rights and obligations under this Credit Agreement to:

    (i)    any existing Lender (other than a Defaulting Lender);

    (ii)  any Affiliate of any existing Lender (other than a natural Person or a Defaulting
        Lender); or

    (iii) any other Person (other than a natural Person, a Defaulting Lender or any Borrower
        or any of any Borrower’s Affiliates or Subsidiaries) who is an “accredited investor” (as defined in Regulation D of the Securities Act of 1933) acceptable (which acceptances shall not be unreasonably withheld or delayed) to (x) the Administrative
        Agent, and (y) as long as no Potential Default or Event of Default is continuing, the Borrowers; provided that the acceptances of the Borrowers shall be deemed to have been given unless an objection is delivered to the Administrative Agent
        within five (5) Business Days after notice of a proposed Sale is delivered to the Borrowers (any such Person described in the preceding clauses (i) through (iii), an “Assignee”).  Notwithstanding any provision herein to the contrary:

    (A) each partial Sale shall be made as an assignment of a proportionate part of all the
        assigning Lender’s rights and obligations under this Credit Agreement with respect to the Loan or the Commitment assigned;

    (B)(1) in the case of an assignment of the entire remaining amount of the assigning Lender’s
        Commitment and/or the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, no minimum amount need be assigned; and (2) in any case not described in the preceding clause (1), the aggregate amount of
        the Commitment (which for this purpose includes Loans outstanding hereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined
        as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent shall not be less than $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
        continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed);

    
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    (C) interest accrued, other than any interest that is payable-in-kind, prior to and through
        the date of any such Sale may not be assigned; and

    (D) such Sales by Lenders who are Defaulting Lenders due to clause (a) of the definition of
        Defaulting Lender shall be subject to the Administrative Agent’s prior written consent in all instances, unless in connection with such Sale, such Defaulting Lender cures, or causes the cure of, its Defaulting Lender status as contemplated in Section
          12.12(b).

    The Administrative Agent’s refusal to accept a Sale to a Credit Party, a Subsidiary of a Credit Party or a Person that would be a Defaulting Lender, or the imposition of conditions or
      limitations (including limitations on voting) upon Sales to such Persons, shall not be deemed to be unreasonable.  Any purported assignment or transfer by a Lender of its rights or obligations under this Credit Agreement and the other Loan Documents
      to any Person not Affiliated with the Borrowers that does not comply with the terms hereof shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation of such rights and obligations in accordance with Section
        12.11(g), provided that such treatment shall not relieve any assigning Lender from any liabilities arising as a consequence of its breach of this Credit Agreement.

    (c) Procedure.  The parties to each Sale made in reliance on clause (b)
        above (other than those described in clause (g) or (i) below) shall execute and deliver to Agent an Assignment and Assumption via an electronic settlement system designated by the Administrative Agent (or, if previously agreed with the
        Administrative Agent, via a manual execution and delivery of the Assignment and Assumption) evidencing such Sale, together with (i) any existing Note subject to such Sale (or any affidavit of loss therefor acceptable to the Administrative Agent),
        (ii) any Tax forms required to be delivered pursuant to Section 4.1, (iii) if requested by the Administrative Agent, an Administrative Questionnaire if the Assignee is not a Lender, and (iv) payment of an assignment fee in the amount of
        $3,500 to the Administrative Agent, unless waived or reduced by the Administrative Agent; provided that (x) if a Sale by a Lender is made to an Affiliate of such assigning Lender, then no assignment fee shall be due in connection with such
        Sale, and (y) if a Sale by a Lender is made to an Assignee that is not an Affiliate of such assignor Lender, and concurrently to one or more Affiliates of such Assignee, then only one assignment fee of $3,500 shall be due in connection with such
        Sale (unless waived or reduced by the Administrative Agent).  Upon receipt of all the foregoing, and conditioned upon such receipt, from and after the effective date specified in such Assignment and Assumption, the Administrative Agent shall record
        or cause to be recorded in the Register the information contained in such Assignment and Assumption.

    (d) Effectiveness. Subject to the recording of an Assignment and
        Assumption by the Administrative Agent in the Register pursuant to Section 12.11(f), (i) the Assignee thereunder shall become a party hereto and, to the extent that rights and obligations under the Loan Documents have been assigned to such
        Assignee pursuant to such Assignment and Assumption, shall have the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to such Assignee through such entry and (iii) the assignor thereunder shall, to the extent that
        rights and obligations under this Credit Agreement have been assigned by it pursuant to such Assignment and Assumption, relinquish its rights (except for those surviving the termination of the Commitments and the payment in full of the Obligations)
        and be released from its obligations

    
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    under the Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment and Assumption covering all or the
      remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto); provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
      by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement
      that does not comply with this paragraph shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.11(g).

    (e) Certain Additional Payments.  In connection with any assignment of
        rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to
        the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the Assignee of participations or subparticipations, or other compensating actions, including funding,
        with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested, but not funded by, the Defaulting Lender, to each of which the applicable Assignee and assignor hereby irrevocably
        consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full
        share of all Loans in accordance with its Pro Rata Share.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance
        with the provisions of this paragraph, then the Assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Credit Agreement until such compliance occurs.

    (f) Register.  The Administrative Agent, acting solely for this purpose
        as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices, a copy of each Assignment and Assumption and each Lender Joinder Agreement delivered to it and a register for the recordation of the names and addresses of the
        Lenders, and the Commitment of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, absent
        manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Credit Agreement.  The Register
        shall be available for inspection by the Borrowers and any Lender , at any reasonable time and from time to time upon reasonable prior notice.

    (g) Participants and SPVs.  In addition to the other rights provided in
        this Section 12.11, each Lender may, (x) with notice to the Administrative Agent, grant to an SPV the option to make all or any part of any Loan that such Lender would otherwise be required to make hereunder (and the exercise of such option
        by such SPV and the making of Loans pursuant thereto shall satisfy the obligation of such Lender to make such Loans hereunder) and such SPV may assign to such Lender the right to receive payment with respect to any Obligation and (y) without notice
        to or consent from the Administrative Agent or the Borrowers, sell participations to one or more Persons (other than a natural Person, or a holding company, investment vehicle or trust for,

    
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    or owned and operated for the primary benefit of, a natural Person, or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in or to all
      or a portion of its rights and obligations under the Loan Documents (including all its rights and obligations with respect to the Loans); provided, however, that, whether as a result of any term of any Loan Document or of such grant
      or participation, (i) no such SPV or Participant shall have a commitment, or be deemed to have made an offer to commit, to make Loans hereunder, and, except as provided in the applicable option agreement, none shall be liable for any obligation of
      such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Credit Parties and the Secured Parties towards such Lender, under any Loan Document shall remain unchanged and each other party hereto shall
      continue to deal solely with such Lender, which shall remain the holder of the Obligations in the Register, except that (A) each such Participant and SPV shall be entitled to the benefit of Article IV, but, with respect to Section 4.1,
      only to the extent such Participant or SPV delivers the Tax forms such Lender is required to collect pursuant to Section 4.1 and then only to the extent of any amount to which such Lender would be entitled in the absence of any such grant or
      participation except to the extent such entitlement to receive a greater amount results from any change in, or in the interpretation of, any Applicable Law that occurs after the date such grant or participation is made (and in consideration of the
      foregoing, each such Participant and SPV shall be deemed to have acknowledged and agreed to be bound by the provisions of Section 4.8(b)) and (B) each such SPV may receive other payments that would otherwise be made to such Lender with
      respect to Loans funded by such SPV to the extent provided in the applicable option agreement and set forth in a notice provided to the Administrative Agent by such SPV and such Lender, provided, however, that in no case (including
      pursuant to clause (A) or (B) above) shall an SPV or Participant have the right to enforce any of the terms of any Loan Document, and (iii) the consent of such SPV or Participant shall not be required (either directly, as a restraint on such Lender’s
      ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain from exercising any powers or rights such Lender may have under or in respect of the Loan Documents
      (including the right to enforce or direct enforcement of the Obligations), except for those described in clauses (i) and (ii) of Section 12.1(a) with respect to amounts, or dates fixed for payment of amounts, to which such Participant or SPV
      would otherwise be entitled and, in the case of Participants, except for those described in clause (iii) of Section 12.1(a).  No party hereto shall institute (and each Borrower shall cause each other Credit Party not to institute) against any
      SPV grantee of an option pursuant to this clause (g) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper of such
      SPV; provided, however, that each Lender having designated an SPV as such agrees to indemnify each Indemnitee against any liability that may be incurred by, or asserted against, such Indemnitee as a result of failing to institute such
      proceeding (including a failure to be reimbursed by such SPV for any such liability).  The agreement in the preceding sentence shall survive the termination of the Commitments and the payment in full of the Obligations.

    (h) Participant Register.  Each Lender that sells a participation
        shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
        Loans or other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
        or any information relating to a Participant’s interest in any Commitments, Loans, or its other obligations under any

    
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    Loan Document) to any Person other than the Administrative Agent except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is
      in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
      Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent shall have no responsibility for maintaining a
      Participant Register.

    (i) Grant of Security Interests.  In addition to the other rights
        provided in this Section 12.11, each Lender may grant a security interest in, or otherwise assign as collateral, any of its rights under this Credit Agreement, whether now owned or hereafter acquired (including rights to payments of
        principal or interest on the Loans), to (A) any federal reserve bank (pursuant to Regulation A of the Federal Reserve Board), without notice to the Administrative Agent or (B) any holder of, or trustee for the benefit of the holders of, such
        Lender’s Indebtedness or equity securities, by notice to the Administrative Agent; provided, however, that no such holder or trustee, whether because of such grant or assignment or any foreclosure thereon (unless such foreclosure is
        made through an assignment in accordance with clause (b) above), shall be entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its obligations hereunder.

    (j) Addition of Lenders.  With the prior written consent of the
        Administrative Agent in its sole discretion, at the request of the Borrowers, a new lender may join the Credit Facility as a Lender by delivering a Lender Joinder Agreement to the Administrative Agent, and such new Lender shall assume all rights
        and obligations of a Lender under this Credit Agreement and the other Loan Documents; provided that:

    (i)   the Commitment of the new Lender shall be in addition to the Commitment of the
        existing Lenders in effect on the date of such new Lender’s entry into the Credit Facility and the Maximum Commitment shall be increased in a corresponding amount;

    (ii)  the Commitment of the new Lender shall be in a minimum amount of $5,000,000, or
        such lesser amount agreed to by the Administrative Agent; and

    (iii) the parties shall execute and deliver to the Administrative Agent a Lender Joinder
        Agreement, any amendment hereto determined necessary or appropriate by the Administrative Agent in connection with such Lender Joinder Agreement and the Borrowers shall execute such new Notes as the Administrative Agent or any Lender may request.

    (k) Disclosure of Information.  Any Lender may furnish any information
        concerning any Credit Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants), subject, however, to the provisions of Section 12.17.

    Section 12.12 Defaulting Lenders.

    (a) Defaulting Lender Adjustments.  Notwithstanding anything to the
        contrary contained in this Credit Agreement, if any Lender becomes a Defaulting Lender, then,

    
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    until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

    (i)   Waivers and Amendments.  Such Defaulting
        Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Credit Agreement shall be excluded as set forth in the definition of Required Lenders.

    (ii)  Defaulting Lender Waterfall.  Any payment
        of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 10 or otherwise) or received by the
        Administrative Agent from a Defaulting Lender pursuant to Section 12.2 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of
        any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrowers may request (so long as no Potential Default or Event of Default exists), to the funding of any
        Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by the Administrative Agent; third, if so
        determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect
        to Loans and funded participations under this Credit Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any
        Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; fifth, so long as no Potential Default or Event of Default exists, to the
        payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
        Credit Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any
        Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made or were issued at a time when the conditions set forth in Section 6.2 were satisfied or waived, such payment shall be
        applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the
        Lenders pro rata in accordance with their Commitments without giving effect to Section 12.12(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
        applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 12.12(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

    (iii) Certain Fees.  Each Defaulting Lender shall
        be entitled to receive interest for any period during which such Lender is a Defaulting Lender only to extent allocable to the sum of the outstanding principal amount of the Loans funded by it.

    (b) Defaulting Lender Cure.  If the Borrowers and the Administrative
        Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to

    
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    any conditions set forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
      Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with their Commitments (without giving effect to Section 12.12(a)(iv)), whereupon
      such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided,
      further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
      that Lender’s having been a Defaulting Lender.

    Section 12.13 All Powers Coupled with Interest. All powers of attorney
        and other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Credit Agreement or any of the other Loan Documents shall be deemed
        coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated.

    Section 12.14 Headings. The captions and headings of this Credit
        Agreement are for convenience of reference only and shall not affect the interpretation of this Credit Agreement.

    Section 12.15 Survival. All representations and warranties made by the
        Credit Parties herein shall survive delivery of the Notes and the making of the Loans.

    Section 12.16 Full Recourse. The payment and performance of the
        Obligations shall be fully recourse to the Borrowers and their properties and assets.

    Section 12.17 Availability of Records; Confidentiality. Each of the
        Administrative Agent and each Lender agrees to use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document, except that such information may be
        disclosed (i) with the Borrowers’ consent, (ii) to Related Parties of such Lender or the Administrative Agent, as the case may be, that are advised of the confidential nature of such information and are instructed to keep such information
        confidential in accordance with the terms hereof, (iii) to the extent such information presently is or hereafter becomes (A) publicly available other than as a result of a breach of this Section 12.17 or (B) available to or in the
        possession of such Lender or the Administrative Agent or any of their Related Parties, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions, (iv) to the extent disclosure is
        required by Applicable Law or other legal process or requested or demanded by any Governmental Authority or any other regulatory or self-regulatory authority having jurisdiction over such Person or its Affiliates, (v) to the extent necessary or
        customary for inclusion in league table measurements, (vi) (A) to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of
        general portfolio information that does not identify Credit Parties, (vii) to current or prospective Assignees, SPVs (including the investors or prospective investors therein) or Participants, financing sources, or insurers and to their respective
        Related Parties, in each case to the extent such Assignees, investors, Participants, financing sources, insurers or Related Parties agree to be

    
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    bound by provisions substantially similar to the provisions of this Section 12.17 (and such Person may disclose information to their respective Related Parties in accordance
      with clause (ii) above), (viii) to any other party hereto, and (ix) in connection with the exercise or enforcement of any right or remedy under any Loan Document, in connection with any litigation or other proceeding to which such Lender or the
      Administrative Agent or any of their Related Parties is a party or bound, or to the extent necessary to respond to public statements or disclosures by Credit Parties or their Related Parties referring to a Lender or the Administrative Agent or any of
      their Related Parties.  In addition, the Administrative Agent and the Lenders may disclose this Credit Agreement and information about this Credit Agreement to market data collectors, similar service providers to the lending industry and service
      providers to the Administrative Agent and the Lenders in connection with the administration of this Credit Agreement, the other Loan Documents, and the Commitments and for purposes of general portfolio, benchmarking and market data analysis.  In the
      event of any conflict between the terms of this Section 12.17 and those of any other Contractual Obligation entered into with any Credit Party (whether or not a Loan Document), the terms of this Section 12.17 shall govern.

    Section 12.18 Marshalling; Payments Set Aside. No Secured Party shall
        be under any obligation to marshal any property in favor of any Credit Party or any other Person or against or in payment of any Obligation.  To the extent that any Secured Party receives a payment from a Borrower or any other Credit Party, from
        the proceeds of the Collateral, from the exercise of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to
        be repaid to a trustee, receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force
        and effect as if such payment had not occurred.

    Section 12.19 Customer Identification Notice. Each Lender and the
        Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that U.S. law requires each U.S. Lender and the Administrative Agent to obtain, verify and record information that identifies each Credit Party (or,
        in certain situations, a Beneficial Owner of such Credit Party), which information includes the name and address of each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each
        Credit Party (or such Beneficial Owner).

    Section 12.20 Multiple Counterparts. This Credit Agreement may be
        executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages
        may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Credit Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a
        manually executed counterpart hereof.

    Section 12.21 Term of Agreement. This Credit Agreement shall remain in
        effect from the Closing Date through and including the date upon which all Obligations (other than contingent obligations not then due) arising under the Loan Documents shall have been indefeasibly and irrevocably paid and satisfied in full and all
        Commitments have been terminated.  No termination of this Credit Agreement shall affect the rights and obligations of the parties hereto

    
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    arising prior to such termination or in respect of any provision of this Credit Agreement which survives such termination.

    Section 12.22 Inconsistencies with Other Documents. In the event there
        is a conflict or inconsistency between this Credit Agreement and any other Loan Document, the terms of this Credit Agreement shall control; provided that any provision of the Collateral Documents which imposes additional burdens on any
        Credit Party or further restricts the rights of any Credit Party or any of its Affiliates or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Credit Agreement and shall be
        given full force and effect.

    Section 12.23 Acknowledgement and Consent to Bail-In of EEA Financial
          Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
        arising under any Loan Document, to the extent such liability is unsecured, may be subject to Write-Down and Conversion Powers and agrees and consents to, and acknowledges and agrees to be bound by:

    (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
        liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

    (b) the effects of any Bail-In Action on any such liability, including, if applicable:

    (i)    a reduction in full or in part or cancellation of any such liability;

    (ii)  a conversion of all, or a portion of, such liability into shares or other instruments
        of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any
        rights with respect to any such liability under this Agreement or any other Loan Document; or

    (iii) the variation of the terms of such liability in connection with the exercise of
        Write-Down and Conversion Powers.

    REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

      SIGNATURE PAGES FOLLOW.

    

    

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

    

    

    

    

    	 	
            BORROWER:

          
	 	 
	 	 
	 	
            STONE POINT CREDIT CORPORATION

          
	 	 
	 	 
	 	
            By:

          	 
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Stone Point Credit Corporation

      Revolving Credit Agreement

    

    
      
        

    

    

    

    Acknowledged and agreed to with respect to Section 5.4 only:

    

    

    

    

    	 	
            INVESTMENT MANAGER:

          
	 	 
	 	 
	 	
            STONE POINT CREDIT ADVISER LLC

          
	 	 
	 	 
	 	
            By:

          	 
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Stone Point Credit Corporation

      Revolving Credit Agreement

    

    
      
        

    

    

    

    

    

    	 	
            ADMINISTRATIVE AGENT AND

                 LENDERS:

          
	 	 
	 	 
	 	
            CAPITAL ONE, NATIONAL

                 ASSOCIATION,

          
	 	
                 as Administrative Agent, Sole Lead

                 Arranger and a Lender

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          
	 	
            Title:

          

    

    

    

    

    

    

    

    

    

      

      

      

      

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Stone Point Credit Corporation

      Revolving Credit Agreement

    

    
      
        

    

    

    

    SCHEDULE I

    Credit Party Information

    

    

    

    

    General Information

    

    

    	
            Credit Party

          	
            Type of Credit Party

          	
            Jurisdiction of Formation

          	
            Chief Executive Office /Principal Place of Business/Principal Office

          
	
            Stone Point Credit Corporation

          	
            Borrower

          	
            Delaware

          	
            20 Horseneck Lane, Greenwich, Connecticut 06830

          

    

    

    Collateral Account Information

    

    

    	
            Credit Party

          	
            Account Bank

          	
            ABA #

          	
            Account #

          
	
            Stone Point Credit Corporation

          	
            U.S. Bank National Association

          	
            075000022

          	
            182383579741

          

    

    

    

    

    Notice Address:

    

    

    Stone Point Credit Corporation

    20 Horseneck Lane

    Greenwich, Connecticut 06830

    Attn: Gene Basov, Chief Financial Officer

    Email: gbasov@stonepoint.com 

    Telephone: (203) 862-3141

    

    

    Attn: Sally DeVino, Vice President

    Email: sdevino@stonepoint.com

    Telephone: (203) 862-2954

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Schedule I

    

    
      
        

    

    

    

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

    

    

    Dechert LLP

    1095 Avenue of the Americas

    New York, New York 10036-6797

    Attn: Matthew K. Kerfoot

    Email: matthew.kerfoot@dechert.com

    Telephone: (212) 641-5694

    

    

    And a copy to (which shall not constitute a notice hereunder):

    

    

    Dechert LLP

    1900 K Street, NW

    Washington, DC 20006-1110

    Attn: William J. Bielefeld

    Email: william.bielefeld@dechert.com

    Telephone: (202) 261-3386

    

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        Schedule I

      

      

    

    
      
        

    

    

    

    SCHEDULE II

      

      Commitments

    

    

    	
            Lender Name

          	
            Commitment

          
	
            Capital One, National Association

          	
            $125,000,000

          

    

      
        

        

        

        

        

          

          

          

          

          

          

          

          

          

          

          

          

          

        

        

        

        

        

        

        
          Schedule II

        

        

      

      

    

    
      
        

    

    

    

    SCHEDULE III

    

    

    Credit Party Organizational Structure

    

    

  

   

  

   

  

  

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

   

  

   

  

   

  

   

  

   

  

  
    Schedule III

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